Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 806

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 806
---
 and 2023, respectively, a decrease of $104,587 or 99.2%, primarily due to the cancellation of certain policies
    during the prior year.

    (vi)
    Consulting fees were $83,913 and $108,000 for
    the years ended December 31, 2024 and 2023, respectively, a decrease of $24,087 or 22.3%. The decrease is primarily due to the decrease
    in technical consulting expenses of $24,087 as we focus our attention on the IPSIPay Express joint venture.

    (vii)
    Directors’ fees were $36,000 and $52,500 for the
    years ended December 31, 2024 and 2023, respectively, a decrease of $16,500 or 31.4%, due to the resignation of a director, who was
    not replaced during the prior year.

    (viii)
    Other general and administrative expenses were $169,646and
    $180,769 for the years ended December 31, 2024 and 2023, respectively, a decrease of $11,173 or 6.2%. The decrease is made up of
    several individually insignificant balances, in line with management’s overall objective of decreasing operational expenditure
    during the 2024 fiscal year.  

Depreciation

Depreciation was $2,169
and $380,634 for the years ended December 31, 2024 and 2023, respectively, a decrease of $378,465 or 99.4%. The decrease is primarily
due to the depreciation of the software platform and purchased software of $374,298, prior to the novation of the platform to a third
party during the prior year.

Loss on convertible
notes

Loss on convertible
notes was $4,764,680 and $164,323 for the years ended December 31, 2024 and 2023, respectively, an increase of $4,600,357. The loss on
convertible notes during the current year related to; (i) a loss of $4,318,669 realized on an anti-dilution adjustment to the conversion
feature of certain convertible notes; (ii) a loss of $56,329 realized on the conversion feature of a convertible note which through a
no notice default clause, triggered a variable priced conversion liability; (iii) a loss of $170,246 realized on conversion of