Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 78

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 78
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INUED OPERATIONS

Effective
May 12, 2023, the Company disposed of its investment in Beyond Fintech pursuant to the May 2023 Frictionless Agreement, as disclosed in
note 4 above.

The
statement of operations from discontinued operations is as follows:

    Year ended December 31, 

    2024  
    2023 
  
    Net Revenue 
    $   -  
    $- 
  
    Cost of Goods Sold 
     -  
     - 
  
    Gross loss 
     -  
     - 

    General and administrative 
     -  
     40,821 
  
    Total Expense 
     -  
     40,821 

    Loss from operations before income taxes 
     -  
     (40,821)
  
    Income Taxes 
     -  
     - 
  
    Loss from discontinued operations, net of taxation 
    $-  
    $(40,821)

F-15

INNOVATIVE PAYMENT
SOLUTIONS, INC.

NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS

7INTANGIBLES

On
August 26, 2021, the Company formed Beyond Fintech to acquire a product known as Beyond Wallet from a third party for gross proceeds of
$250,000, together with the logo, use of name and implementation of the product into the Company’s technology. The Company owned 51%
of Beyond Fintech with the other 49% owned by Frictionless. Up until the date of disposal, the Company invested a further $77,211
on the software to further enhance the Beyond Wallet product offering.  On May 12, 2023, Beyond Fintech was sold to Frictionless
(see note 4 above).

During
the year ended December 31, 2021, the Company paid gross proceeds of $375,000 to Frictionless for the development of the IPSIPay
wallet, and up until the date of novation, the Company invested a further $1,171,805 to facilitate the functioning of the IPSIPay software
in the cloud environment. On September 5, 2023, the Company novated all its rights and obligations to its IPSIPay wallet to a third
party (see note 5 above).

Amortization
expense was $0 and $