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

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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 the average public closing price of the Common Stock for the three trading days immediately prior to the funding of the initial
Tranche. Simultaneously with the funding of the second Tranche, we are obligated to issue to each of OpenPath and EfinityPay an additional
IPEX Warrant to purchase 166,667 shares of Common Stock with an exercise price equal to the average public closing price of
the Common Stock for the three trading days immediately prior to the funding of the second Tranche. Should we decide to fund a third Tranche,
we will be obligated to issue to each of OpenPath and EfinityPay an additional IPEX Warrant to purchase 166,667 shares of Common
Stock with an exercise price equal to the average public closing price of the Common Stock for the three trading days immediately prior
to the funding of the third Tranche. If the full IPSI Capital Contribution is funded, OpenPath and EfinityPay will receive IPEX Warrants
to purchase an aggregate of 1,333,334 shares of Common Stock.

c)Merger
Agreement with Business Warrior

Business Warrior Corporation (“Business
Warrior”) is a publicly listed, revenue generating fintech company that offers PayPlan, a comprehensive lending software platform
that includes marketing services for lenders and businesses. We believed that a potential combination with a fintech company that generates
some revenue monthly would complement the development and commercial launch of our IPSIPay ExpressTM products and potentially
other product offerings.

On July 28, 2024, the Company entered
into an Agreement and Plan of Merger by and among the Company, IPSI Merger Sub, Inc., a Delaware corporation and a newly formed, wholly
owned subsidiary of the Company (“Merger Sub”) and Business Warrior.

On January 22, 2025, the Company and
Business Warrior mutually agreed to terminate the Agreement and Plan of Merger dated July 28, 2024. This decision reflects our shared
understanding and agreement that discontinuing the merger is in the best interest of both parties.  

 d)Corporate
                                            address

The Company terminated its lease at
56B 5th Street, Lot 1, #AT, Carmel by the Sea, California, 93921, on August 31, 2023 and no longer has access to this office.

On September 13, 2025, the Company
entered into a virtual premise lease agreement with Nevada Corporate Office