Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 718

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 718
---
X Warrants to purchase an aggregate of 1,333,334 shares of Common Stock.
See note 1(b) above. As of the date of this Report, it is not expected that the full IPSI Capital Contribution will be required to be
funded.

On
December 14, 2023, the maturity date of 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 maturity date extension, the Company issued the
note holders five-year 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 note holders warrants exercisable
for 292,463 shares of Common Stock at an exercise price of $0.345 per share.

During
2023, warrants exercisable for 33,334 shares expired as unexercised and an additional warrant exercisable for 1,000,000 shares
of Common Stock was forfeited on the disposal of Frictionless and Beyond Fintech.

F-27

INNOVATIVE PAYMENT
SOLUTIONS, INC.

NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS

15STOCKHOLDERS’ EQUITY
(continued)

d.Warrants (continued)

On
March 4, 2024, the Company entered into a Securities Purchase Agreement with an accredited investor, as disclosed in note 13 above. In
terms of the Securities Purchase Agreement, the Company issued a five-year warrant to purchase an aggregate of 357,764 shares
of the Common Stock at an exercise price of $0.345 per share (as adjusted for stock splits, stock combinations, dilutive issuances
and similar events). The Company is under no obligation to register the shares of Common Stock underlying the Note or the Warrant, for
public resale.

On
March 14, 2024, the Company extended the maturity date of 11 convertible notes maturing between