Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 996

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 996
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IBLE NOTES PAYABLE
(continued)

Quick Capital,
LLC

    ●  On March 4, 2024, the Company closed a transaction with Quick Capital, LLC (“Quick Capital”) pursuant to which the Company received net proceeds of $94,000, after an original issue discount and fees of $20,286 in exchange for the issuance of a $114,286 Convertible Note (“Quick Cap Note 1”) , bearing interest at an effective interest rate of 11.12% per annum, which interest is earned on issuance of the note, and maturing on September 4, 2024. The Quick Cap Note 1 has monthly 30,875 commencing on May 4, 2024. The Note was convertible into shares of Common Stock at an adjusted conversion price of $0.084 per share, in addition, the Company issued a warrant exercisable for 357,764 shares of Common Stock at an initial exercise price of $0.345 per share. The warrant has full ratchet price protection which has resulted in the number of shares exercisable under the warrant increasing to 1,469,388 and the exercise price being amended to $0.084 per share.   The Company had repaid an aggregate of $92,523 of the principal and interest outstanding and between September 6, 2024 and September 17, 2024, Quick Capital converted an aggregate of $32,906, including a penalty of $2,000 into 391,736 shares of Common Stock at a conversion price of $0.084 per share, realizing a loss on conversion of $13,965, thereby extinguishing the note.           ●  On May 28, 2024, the Company closed a transaction with Quick Capital pursuant to which the Company received net proceeds of $46,500, after an original issue discount and fees of $10,644 in exchange for the issuance of a $57,144 Convertible Note (“Quick Cap Note 2”), bearing interest at an effective interest rate of 11.03% per annum, which interest is earned on issuance of the note, and maturing on November 28, 2024. The Quick Cap Note 2 has monthly 15,429 commencing on July 28, 2024. The Note is convertible into shares of Common Stock at an adjusted conversion price of $0.084 per share