Company: IPSI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110820
Chunk: 8

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 8
---
     720,279 

    NET INCRERASE (DECREASE) IN CASH 
     6,519  
     (49,400)
  
    Cash and cash included in assets held for sale at the beginning of the period 
     526  
     50,433 
  
    CASH AT END OF PERIOD 
    $7,045  
    $1,033 
  
    CASH PAID FOR INTEREST AND TAXES: 

    Cash paid for income taxes 
    $-  
    $- 
  
    Cash paid for interest 
    $4,143  
    $41,096 
  
    NON-CASH INVESTING AND FINANCING ACTIVITIES 

    Fair value of warrants issued with convertible notes 
    $125,751  
    $87,676 
  
    Conversion of convertible debt to equity 
    $759,011  
    $198,716 

See notes to the unaudited
condensed financial statements.

4

INNOVATIVE PAYMENT SOLUTIONS, INC.

Notes to the Unaudited
Condensed Financial Statements

1ORGANIZATION
AND DESCRIPTION OF BUSINESS

a)Organizational
History

On May 12, 2016, Innovative Payment
Solutions, Inc., a Nevada corporation (“IPSI” or the “Company”) (originally formed on September 23, 2013 under
the name “Asiya Pearls, Inc.”), entered into an Agreement and Plan of Merger (the “Qpagos Merger Agreement”) with
Qpagos Corporation, a Delaware corporation (“Qpagos Corporation”), and Qpagos Merge, Inc., a Delaware corporation and wholly
owned subsidiary of the Company (“Merger Sub”). Pursuant to the Qpagos Merger Agreement, on May 12, 2016, the merger
was consummated, and Qpagos Corporation and Merger Sub merged (the Qpagos “Merger”), with Qpagos Corporation continuing as
the surviving corporation of the Merger. On May 27, 2016, the Company’s name was changed from “Asiya Pearls, Inc.”
to “QPAGOS”.

Pursuant to the Qpagos Merger Agreement,
upon consummation of the Qpagos Merger, each share of Qpagos Corporation’s capital stock issued and outstanding immediately prior
to the Merger was