Equity Method Investment

9 Months Ended

Sep. 30, 2024

Equity Method Investment [Abstract]

EQUITY METHOD INVESTMENT

8 EQUITY METHOD INVESTMENT

On April 28, 2023, the Company formed IPSIPay Express with OpenPath and EFinityPay. As described in Note 1(b), the Company has agreed to make the IPSI Capital Contributions to IPSIPay Express. As of September 30, 2024, the initial Tranche of $500,000 and the second Tranche of $500,000 of 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 September 30, 2024 and December 31, 2023 is as follows:

	September 30, 2024			December 31, 2023
Cash contribution to IPSIPay Express	$	999,500		$	999,000
Fair value of warrants issued to third party joint venture partners		108,220			108,220
		1,107,720			1,107,220
Prior period equity loss from joint venture		(403,282	)		(403,282	)
Current period equity income (loss) from joint venture		(660	)		-
	$	703,778		$	703,938