Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 431

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 431
---
isable for 292,463 shares of common stock, the modification of the terms and the issue of the new warrants was
assessed as a debt extinguishment, resulting in a charge of $64,256 for the year ended December 31, 2023.

On
March 14, 2024, the Company extended the maturity date of 11 convertible notes which matured between February 13, 2024 and February 23,
2024 by six months and issued the note holders additional warrants exercisable for 387,673 shares of Common Stock, the modification
of the terms and the issue of the new warrants was assessed as a debt extinguishment.

On
May 4, 2024, the maturity date of two notes totaling $225,000 which originally matured on December 31, 2023 and which maturity
dates were extended to March 30, 2024, on May 4, 2024, the maturity date of the $200,000 note was further extended to June
14, 2024, and the maturity date of the $25,000 note was further extended to June 30, 2024. In exchange for the maturity date
extension, on June 14, 2024, the Company issued to note holders warrants exercisable for 292,463 shares of Common Stock, the
modification of the terms and the issue of the new warrants was assessed as a debt extinguishment.

The
debt extinguishments resulted in a charge of $102,352 for the year ended December 31, 2024

F-31

INNOVATIVE PAYMENT
SOLUTIONS, INC.

NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS

16LOSS ON CONVERTIBLE NOTES
(continued)

Loss
on conversion of convertible notes

During the
prior year an aggregate amount of $432,500 of convertible debt was converted into equity at a fixed conversion price of $0.345 per share,
realizing an aggregate loss on conversion of $90,761.

Between
August 6, 2024 and December 6, 2024, in terms of conversion notices received from 4 convertible note holders, the Company issued 5,261,557
shares of common stock for the conversion of an aggregate amount of $441,971 of convertible debt at a conversion price of $0.084 per
share, realizing an aggregate loss on