Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 224

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 224
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, whether due to error or fraud, and performing procedures that
respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as
evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

Critical audit matters are matters
arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee
and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging,
subjective, or complex judgments. Based on the previous year’s audits and the reviews performed by RBSM during year ended December
31, 2024, RBSM determined there were no CAM’s for the audit of the year ended December 31, 2024.

    PCAOB ID 587  We have served as the Company’s auditor since 2014.  New York, NY  March 31, 2025 

F-2

INNOVATIVE PAYMENT
SOLUTIONS, INC.

CONSOLIDATED BALANCE
SHEETS

    December 31,

    December 31,

    2024

    2023

    Assets

    Current Assets

    Cash
     
    $
    526

    $
    50,433

    Other current assets

    7,894

    38,818

    Notes receivable – current portion

    371,170

    -

    Total Current Assets

    379,590

    89,251

    Non-current assets

    Plant and equipment

    4,858

    7,027

    Security deposit

    -

    5,000

    Equity method investment

    1

    703,938

    Total Non-Current Assets

    4,859

    715,965

    Total Assets
     
    $
    384,449

    $
    805,216

    Liabilities and Equity (Deficit)

    Current Liabilities

    Accounts payable
     
    $
    2,986,039

    $
    2,023,375

    Federal relief loans – current portion

    8,869

    9,369

    Notes payable,