Company: IPSI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110820
Chunk: 180

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 180
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 of the Company
at a conversion price of $0.01 (as adjusted for stock splits, stock combinations, and similar events), unless there is an event of default,
as defined in the agreement, whereby the conversion price will be 75% of the lowest volume weighted average prices for the 30 days prior
to conversion. The Notes may be prepaid at any time without penalty. The Note contains customary events of default. The Company is under
no obligation to register the shares of Common Stock underlying the Notes for public resale. The warrants are price protected and any
subsequent equity transaction at a lower exercise price will reduce the exercise price of the warrant, to that lower price.

On October 3, 2025, the Company entered
into a convertible promissory note agreement for $25,000. The note is unsecured and matures on October 3, 2026, bearing interest at 8%
per annum based on a 360 day trading-year, and are convertible into shares of common stock of the Company at a conversion price of $0.01
(as adjusted for stock splits, stock combinations, and similar events). The Note contains customary events of default. The Company is
under no obligation to register the shares of Common Stock underlying the Notes for public resale.

Temporary
modification of conversion price of convertible debt

On October
1, 2025, the Company entered into an agreement with certain convertible note holders and warrant holders whereby the Company and the convertible
note holders agreed as follow:

●To
cancel all warrants currently issued, if any.

●To
modify the conversion price of certain convertible debt from $0.345 per share to a conversion price of $0.01 per share of common stock.
This is subject to certain conditions, including i) if the shares of common stock trade above $0.04 during the period expiring on December
31, 2025, the investors may convert up to 10% of the aggregate debt outstanding, ii) if the common stock trades below $0.01 and/or the
Company generates no revenue by December 31, 2025, then the conversion price reverts to the original conversion price per common stock,
iii) the Company has to produce revenues of at least $250,000 prior to December 31, 2025, and iv) the Company will seek approval to increase
it authorized common stock by October 31, 2025, this approval was obtained on October 3, 2025.

Increase
in