MeritValue

Innovative Payment Solutions, Inc.

IPSIdata completeness 63%13 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'

The thesis, from the filings

Innovative Payment Solutions, Inc. earns about -392% on equity, and has bought back 5% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—$8471$4102——
Net income−$14.5M3−$10.3M4−$5.84M5−$4.13M6−$4.39M6
Operating cash flow−$2.61M7−$3.06M8−$1.42M9−$648,07610−$787,72210
Capital expenditure$9,23411$43,04912———
Free cash flow (derived)−$2.62M7−$3.11M8———
Total debt—————
Cash & equivalents$5.45M13$374,76513$50,43314$52614$29,80414
Diluted shares334.3M12.4M12.8M15.1M317.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$0.24
your share of equity
Profit it earned you last year
−$0.14
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.24 of net worth that earned you −$0.14 last year.

iii. Is this a good business?
Moat signal · return on equity
-392% avg · 5y
FY21 -392%FY22 —FY23 —FY24 —FY25 —

It earned an average -392% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−5% shares · 5y

Share count is down 5% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K/A · period ending 2022-12-31 · accession 0001213900-24-033608 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001213900-25-026455 (Revenues)
  3. 10-K · period ending 2021-12-31 · accession 0001213900-23-025263 (NetIncomeLoss)
  4. 10-K/A · period ending 2022-12-31 · accession 0001213900-24-033608 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001213900-25-026455 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001213900-26-037405 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001213900-23-025263 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K/A · period ending 2022-12-31 · accession 0001213900-24-033608 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001213900-25-026455 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001213900-26-037405 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0001213900-23-025263 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K/A · period ending 2022-12-31 · accession 0001213900-24-033608 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001213900-23-025263 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001213900-26-037405 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)