Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 2301

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 2301
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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 of Directors and Stockholders of Innovative
Payment Solutions, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated
balance sheets of Innovative Payment Solutions, Inc. (the Company) as of December 31, 2024 and 2023, and the related consolidated statements
of operations, changes in stockholders’ equity (deficit) and cash flows for each of the years in the two-year period ended December
31, 2024, and the related notes (collectively referred to as the consolidated financial statements). In our opinion, the consolidated
financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023,
and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2024, in conformity
with accounting principles generally accepted in the United States of America.

The Company's Ability to Continue as a Going Concern

The accompanying consolidated financial
statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 3 to the accompanying consolidated
financial statements, the Company has suffered recurring losses from operations, generated negative cash flows from operating activities,
has an accumulated deficit, which raises substantial doubt about Company’s ability to continue as