Company: IPSI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076595
Chunk: 228

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 228
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 in a significant increase or decrease in the derivative liability.

Results of Operations

Results of Operations for the Three Months Ended June 30, 2025 and
2024

Net revenue

We had no revenues for the
three months ended June 30, 2025 and 2024. We pivoted to focus our attention on the IPSIPay Express joint venture and potential payment
processing opportunities to generate revenues, however there can be no guarantees that we will be successful in our endeavors.

Cost of goods sold

We had no cost of goods sold
for the three months ended June 30, 2025 and 2024.

General and administrative expenses

General and administrative
expenses were $170,638 and $407,132 for the three months ended June 30, 2025 and 2024, respectively, a decrease of $236,494 or 58.1%.
The decrease is primarily due to the following:

    i)
    Salaries and wages were $73,119 and $204,990 for the three months ended June 30, 2025 and 2024, respectively, a decrease of $131,871 or 64.3%. The decrease is primarily due to the resignation of our CFO during the previous quarter, resulting in a saving of $49,500, a reduction in stock based compensation expense of $93,093 related to the amortization of stock options issued in the prior year, the reduction in administrative salaries by $20,500 offset by an increase in our CEO’s salary by $30,000 due to increased responsibilities assumed on the resignation of our CFO. 

    ii)
    Research and developments costs was $32,000 and $0 for the three months ended June 30, 2025 and 2024, respectively, an increase of $32,000 or 100.0%. The increase was due to a cost incurred on developing a new revenue source during the current period.

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    iii)
    Consulting fees was $21,695 and $17,000 for the three months ended June 30, 2025 and 2024, respectively, an increase of $4,695 or 27.6%. The increase is primarily due to additional administrative functions assumed by consultants.

    iv)
    Audit fees were $14,000 and $12,500 for the three months ended June 30, 2025 and 2024, a decrease of $1,500 or 12.0%. The increase represents an increase