Company: IPSI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076595
Chunk: 175

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 175
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 is primarily related to certain administrative functions assumed by consultants during the current period.

    iv)
    Research and developments costs was $32,000 and $0 for the six months ended June 30, 2025 and 2024, respectively, an increase of $32,000 or 100.0%. The increase was due to a cost incurred on developing a new revenue source during the current period.

35

    v)
    Professional fees were $18,985 and $23,834 for the six months ended June 30, 2025 and 2024, respectively, a decrease of $4,849 or 20.3%. The decrease is primarily due to a reduction in solicitation fees incurred in the prior year. 

    vi)
    Legal fees were $7,805 and $218,664 for the six months ended June 30, 2025 and 2024, respectively, a decrease of $210,859 or 96.4%. 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.

    vii)
    Selling and marketing expenses were $0 and $148,874 for the six months ended June 30, 2025 and 2024, respectively, a decrease of $148,874 or 100.0%. Selling and marketing costs related to an endorsement deal with a celebrity ceased during the prior year.

    viii)
    The balance of the general and administrative expenses was $33,291
and $44,064 for the six months ended June 30, 2025 and 2024, respectively, a decrease of $10,773 or 24.4%. The decrease is made up of
several individually insignificant items.

Depreciation

Depreciation
was $1,084 and $1,084 for the six months ended June 30, 2025 and 2024, respectively. Depreciation is on small office related equipment.

Loss on settlement and repricing of convertible
notes

Loss
on convertible debt was $17,686,534 and $102,352 for the six months ended June 30, 2025 and 2024, respectively, an increase of $17,584,182
or 17,180.1%. The loss on convertible debt during the current year related to; (i) a loss of $16,925,718 realized on an anti-dilution
adjustment to the conversion feature