Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 518

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 518
---
 principles (“GAAP”) requires us to make estimates
and assumptions that affect the reported amounts of certain assets, liabilities, revenues and expenses, as well as related disclosure
of contingent assets and liabilities. Significant accounting policies are fundamental to understanding our financial condition and results
as they require the use of estimates and assumptions which affect the financial statements and accompanying notes. See Note 2 - Summary
of Significant Accounting Policies of the Notes to the Consolidated Financial Statements included in Part II, Item 8 of this Form 10-
K for further information.

Recently Issued Accounting
Pronouncements

See Note 2 - Summary
of Significant Accounting Policies of the Notes to the Consolidated Financial Statements included in Part II, Item 8 of this Form 10-K
for information regarding recently issued accounting standards.

Contractual Obligations

We have contractual
obligations in the form of notes and convertible notes which are described in the financial statements included as part of this Report.

Inflation

The effect of inflation
on the Company’s operating results was not significant.

Interest rate sensitivity

We are not subject to
interest rate sensitivity; our debt consists primarily of fixed rate convertible debt.

Item 7A. Quantitative and Qualitative
Disclosures About Market Risk

Not applicable because
we are a smaller reporting company.

28

Item 8. Financial Statements and Supplemental
Data 

    Page
  
    Report of the Independent, Registered Public Accounting firm
     
    F-2
  
    Consolidated Balance Sheets as of December 31, 2024 and December 31, 2023
     
    F-3
  
    Consolidated Statements of Operations for the years ended December 31, 2024 and December 31, 2023
     
    F-4
  
    Consolidated Statements of Deficit for the years ended December 31, 2024 and December 31, 2023
     
    F-5
  
    Consolidated Statements of Cash Flows for the years ended December 31, 2024 and December 31, 2023
     
    F-6
  
    Notes to the Consolidated Financial Statements
     
    F-7

F-1

    New York Office:
     
    805 Third Avenue
    New York, NY 10022
    212.838.5100
    www.rbsmllp.com

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

To the Board