Equity Method Investment

6 Months Ended

Jun. 30, 2023

Equity Method Investment [Abstract]

EQUITY METHOD INVESTMENT

7 EQUITY 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, 2023, $200,000 of the initial Tranche of such capital contributions was paid by the Company to or on behalf of IPSIPay Express.

The Company accounts for its investment in IPSIPay Express in accordance with ASC 323, Investments – Equity Method and Joint Ventures, The movement in equity method investments related to IPSIPay Express for the period ended June 30, 2023 is as follow:

	June 30, 2023
Cash contribution to IPSIPay Express	$	200,000
Fair value of warrants issued to third party joint venture partners		108,220
		308,220
Equity loss from joint venture		(1,381	)
	$	306,839