Company: IPSI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110820
Chunk: 62

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 62
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 into shares of common stock of the Company at a conversion
price of the lesser of $0.01 or 90% of the average of the two lowest volume weighted average prices (“VWAPS”) for the 20 consecutive
trading days prior to conversion (as adjusted for stock splits, stock combinations, and similar events). The Notes may be prepaid at any
time without penalty. The Note contains customary events of default. The Company is under no obligation to register the shares of Common
Stock underlying the Notes for public resale.

On October 1, 2025, the Company entered
into a securities purchase agreement pursuant to which the Company issued a convertible promissory note for $50,000 and a five year warrant
exercisable for 2,500,000 shares of common stock at an exercise price of $0.04 per share. The note is unsecured and matures on September
30, 2026, bearing interest at 8% per annum based on a 360 day trading-year, and are convertible into shares of common stock of the Company
at a conversion price of $0.01 (as adjusted for stock splits, stock combinations, and similar events), unless there is an event of default,
as defined in the agreement, whereby the conversion price will be 75% of the lowest volume weighted average prices for the 30 days prior
to conversion. The Notes may be prepaid at any time without penalty. The Note contains customary events of default. The Company is under
no obligation to register the shares of Common Stock underlying the Notes for public resale. The warrants are price protected and any
subsequent equity transaction at a lower exercise price will reduce the exercise price of the warrant, to that lower price.

On October 3, 2025, the Company entered
into a convertible promissory note agreement for $25,000. The note is unsecured and matures on October 3, 2026, bearing interest at 8%
per annum based on a 360 day trading-year, and are convertible into shares of common stock of the Company at a conversion price of $0.01
(as adjusted for stock splits, stock combinations, and similar events). The Note contains customary events of default. The Company is
under no obligation to register the shares of Common Stock underlying the Notes for public resale.

Temporary
modification of conversion price of convertible debt

On October
1, 2025, the Company entered into an agreement with certain convertible note holders and warrant holders whereby the