Company: IPSI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110820
Chunk: 155

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 155
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 common stock, thereby reducing the number of shares of common stock that the aggregate convertible debt at September 30, 2025 is convertible
into from 2,309,684,000 to 115,484,200 shares. 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, by a number to be determined
by the management of the Company, failing which the original terms of the convertible note would prevail. On October 3, 2025, the Company
increased its authorized shares of common stock to 1,500,000,000 shares.

The
balance of the Mercer Note plus accrued interest at September 30, 2025 was $1,154,842.

Red
Road Holdings Corporation

    ● On April 2, 2024, the Company closed a transaction with RRH pursuant to which the Company received net proceeds of $70,000, after an original issue discount and fees of $18,500 in exchange for the issuance of a $88,500 Convertible Note (“RRH Note 4”), bearing interest at 15%, which interest was earned on issuance of the note, an effective interest rate of 24.98%, and matured on December 30, 2024. The RRH Note 4 had mandatory repayments of $61,065 on September 30, 2024 and $13,570 per month on October 30, 2024, November 30, 2024 and December 30, 2024. The RRH Note 4 is convertible into shares of Common Stock at a variable conversion rate of 65% of the lowest trading price ten trading days before conversion.   During the quarter ended December 31, 2024, the Company repaid $88,385 of the principal and interest outstanding. The final instalment was not made