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Innovative Payment Solutions Inc (IPSI-5.73%). has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported no revenue for the year, compared to $410 in the previous year, as it shifted focus to its IPSIPay Express joint venture.
General and administrative expenses decreased to $1,883,257 from $3,576,352, primarily due to reductions in salaries, professional fees, and legal costs.
The company incurred a net loss of $4,126,341, down from $5,837,357 in the previous year, with the decrease attributed to reduced operating expenses and the absence of a loss on novation.
Innovative Payment Solutions reported a working capital deficit of $10.4 million, including a derivative liability of $1.1 million.
The company highlighted its participation in the IPSIPay Express joint venture, which focuses on developing a real-time payment platform for the online gaming and entertainment sectors.
The filing notes that the company has not yet generated revenue from IPSIPay Express and continues to face significant risks and uncertainties related to its business operations and financial condition.
Innovative Payment Solutions disclosed various legal proceedings, including a settlement agreement reached with former employees, requiring a payment of $500,000.
The company identified material weaknesses in its internal controls over financial reporting, citing insufficient segregation of duties and oversight in its accounting and finance function.
Innovative Payment Solutions does not anticipate paying dividends on its common stock in the foreseeable future, as it focuses on securing additional funding to support its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Innovative Payment Solutions Inc annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.