Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 998

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 998
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 $0.345 per share (as adjusted for stock splits, stock combinations, dilutive issuances and similar events).

The
2023 Convertible Notes and the 2024 Convertible Notes mature between 3.5 months and 12 months from the date of issuance, bear interest
at rates between 8% and 12% per annum and are convertible into shares of Common Stock at a conversion price of $0.345 per
share (as adjusted for stock splits, stock combinations, dilutive issuances and similar events). The 2023 Convertible Notes and 2024 Convertible
Notes may be prepaid at any time without penalty. The Company is under no obligation to register the shares of Common Stock underlying
the 2023 Convertible Notes and the 2024 Convertible Notes or the 2023 Warrants and the 2024 Warrants, for public resale.

F-23

INNOVATIVE PAYMENT
SOLUTIONS, INC.

NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS

13CONVERTIBLE NOTES PAYABLE
(continued)

2023
and 2024 Convertible Notes (continued)

The
2023 Convertible Notes, the 2024 Convertible Notes and the 2023 Warrants and the 2024 Warrants contain conversion limitations providing
that a holder thereof may not convert or exercise such securities to the extent that, if after giving effect to such conversion or exercise,
the holder or any of its affiliates would beneficially own in excess of 4.99% (the “Maximum Percentage”) of the outstanding
shares of the Common Stock immediately after giving effect to such conversion or exercise. A holder may increase or decrease its beneficial
ownership limitation upon notice to the Company provided that in no event such limitation exceeds 9.99%, and that any increase shall
not be effective until the 61st day after such notice.

On
December 14, 2023, two notes totaling $225,000 ($200,000 and $25,000, respectively) which matured on December 31, 2023
were extended for an additional 3 months to March 30, 2024. In exchange for the extension, the Company issued the note holders additional
warrants exercisable for 292,463 shares of Common Stock at an exercise price of $0.345 per share. On May 4, 2024, the maturity
date of the $200,000