Company: IPSI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110820
Chunk: 70

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 70
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Cost of goods sold

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

General and administrative expenses

General and administrative
expenses were $791,061 and $1,330,367 for the nine months ended September 30, 2025 and 2024, respectively, a decrease of $539,306 or 40.5%.
The decrease is primarily due to the following:

    i)
    Salaries and wages were $344,376 and $614,081 for the nine months ended September 30, 2025 and 2024, respectively, a decrease of $269,705 or 43.9%. The decrease is primarily due to the resignation of our CFO, resulting in a saving of $148,500, the resignation of our administrative personnel resulting in a saving of $40,821, offset by an increase in our CEO’s salary of $30,000 over the prior period, a reduction in stock based compensation of $199,859 due to the full amortization of options in the prior period, offset by a restricted stock expense of $92,500 for stock issued to our CEO on August 19, 2025..

    ii)
    Legal fees were $27,120 and $307,997 for the nine months ended September 30, 2025 and 2024, respectively, a decrease of $280,877 or 91.2%. The decrease is primarily due to the prior year legal fees related to unfair dismissal matters which were claimed in the prior year by several individuals.

    iii)
    Selling and marketing expenses were $325 and $154,864 for the nine months ended September 30, 2025 and 2024, respectively, a decrease of $154,539 or 99.8%. Selling and marketing costs related to an endorsement deal with a celebrity ceased during the prior year.

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    iv)
    Consulting fees was $184,207 and $49,803 for the nine months ended September 30, 2025 and 2024, respectively, an increase of $134,404 or 269.9%. The increase is primarily due to an increase in consulting fees of $10,000 due to administrative functions being performed by consultants and additional consulting fees settled by the issuance of restricted stock with a fair market value of $120,250 to consultants who have been advising the Company.

    v)
    Audit fees were $123,500 and $105,