Company: IPSI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110820
Chunk: 160

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 160
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 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 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, the Company issued to the note holders additional warrants exercisable
for 292,463 shares of Common Stock at an exercise price of $0.345 per share.

On
March 14, 2024, the Company extended the maturity date of 11 convertible notes maturing between February 13, 2024 and February 23, 2024
by an additional six months and as consideration for the extension, the note holders were issued additional warrants exercisable for 387,673 shares
of Common Stock at an exercise price of $0.345 per share. The modification was assessed in terms of ASC 470 and determined to be
a debt extinguishment, resulting in the warrant value of $66,047 being expensed as a loss on convertible debt.

The
Company attempted to extend the maturity date of the convertible debt to December 31, 2025, however this was not formally agreed to and
was not approved by the Board of Directors, the Company is still pursuing a global settlement with all convertible note holders and note
holders, no agreement has been reached as of the date of this report