Company: IPSI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076595
Chunk: 24

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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430   $186,771       8.0%  November 1, 2024   30,000    2,473    -    32,473    31,282       8.0%  January 1, 2025   35,000    2,493    -    37,493    36,105       8.0%  February 1, 2025   50,000    3,255    -    53,255    51,271       8.0%  February 1, 2025   15,000    963    -    15,963    15,368       8.0%  April 27, 2025   50,000    2,356    -    52,356    50,373   Total Notes receivable          $406,190   $11,540   $(20,760)  $396,970   $371,170  

Discount amortized
to income as deemed interest during the three months ended June 30, 2025 and 2024 was $9,603 and $7,925, respectively, and $18,658
and $11,207 for the six months ended June 30, 2025 and 2024, respectively.

Interest earned
for the three months ended June 30, 2025 and 2024 was $3,590 and $72, respectively and $7,141 and $72 for the six months ended June 30,
2025 and 2024, respectively.

14

INNOVATIVE PAYMENT SOLUTIONS, INC.

Notes to the Unaudited
Condensed Financial Statements

5EQUITY
METHOD INVESTMENT

On April 28, 2023, the Company formed
IPSIPay Express with OpenPath and EfinityPay (see note 1(b) above). As described in note 1(b), the Company has agreed to make the IPSI
Capital Contributions to IPSIPay Express. As of June 30, 2025, the initial Tranche of $500,000 and the second Tranche of