Company: IPSI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044146
Chunk: 36

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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 2023 and November 27, 2023, the Company entered into Securities Purchase Agreements with 30 accredited investors to purchase
convertible notes (the “2023 Convertible Notes”), receiving an aggregate of $2,026,666 in gross proceeds from the 2023 convertible
notes. 

Between
February 6, 2024 and October 23, 2024, the Company entered into Securities Purchase Agreements with 9 accredited investors to
purchase convertible notes (the “2024 Convertible Notes”), receiving an aggregate of $575,002 in gross proceeds from the 2024
Convertible Notes.

Between
January 7, 2025 and February 20, 2025, the Company entered into Securities Purchase Agreements with 1 accredited investor to purchase
convertible notes (the “2025 Convertible Notes”), receiving an aggregate of $223,000 in gross proceeds from the 2025
Convertible Notes.

In
terms of the above private placements through the issuance of :

    ●
    the 2023 Convertible Notes, the 2024 Convertible Notes and the 2025 Convertible notes; and

    ● five-year warrants to purchase an aggregate 5,696,586 shares of Common Stock at an exercise price of $0.345 per share (as adjusted for stock splits, stock combinations, dilutive issuances and similar events), associated with the 2023 Convertible Notes (the “2023 Warrants”), five year warrants to purchase an aggregate of 579,711 shares of Common Stock at an exercise price of $0.345 per share (as adjusted for stock splits, stock combinations, dilutive issuances and similar events), associated with the 2024 Convertible Notes (the “2024 Warrants”), and five year warrants to purchase an aggregate of 2,654,761 shares of common stock at an exercise price of $0.084 per share (as adjusted for stock splits, stock combinations, dilutive issuances and similar events), associated with the 2025 Convertible Notes (the “2025 Warrants”). 

The
2023 Convertible Notes, the 2024 Convertible Notes, and the 2025 Convertible Notes bear interest at rates ranging from 8.0% to 12.0% per
annum, and are convertible into shares of common stock at a conversion price of $0.001105 to $0.345 per share (as adjusted for stock