Company: IPSI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076595
Chunk: 57

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 57
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,134 for
the six months ended June 30, 2025 and 2024, respectively.

On April 18, 2025, the Company entered
into a convertible note agreement, whereby $240,000 of payroll accrued to Mr. Corbett was exchanged for a convertible note, bearing interest
at 8% per annum and maturing on January 6, 2026. The convertible note was convertible into shares of common stock at a conversion price
of $0.02 per share. On April 29, 2025, the board of directors approved an amendment to the exercise price to $0.005 per share.

As of June 30, 2025 and December 31,
2024, the company owed Mr. Corbett $5,106 and $0, respectively. Mr. Corbett paid certain operating expenses on behalf of the Company. 

Richard Rosenblum

An option expense for options still
vesting for Mr. Rosenblum was $0 and $27,877 for the three months ended June 30, 2025 and 2024, respectively and $0 and $55,754
for the six months ended June 30, 2025 and 2024, respectively.

On April 18, 2025, the Company entered
into a convertible note agreement, whereby $210,000 of payroll accrued to Mr. Rosenblum was exchanged for a convertible note, bearing
interest at 8% per annum and maturing on January 6, 2026. The convertible note was convertible into shares of common stock at a conversion
price of $0.02 per share. On April 29, 2025, the board of directors approved an amendment to the exercise price to $0.005 per share.

Mr. Rosenblum resigned all his positions
with the Company with effect from January 7, 2025.

30

INNOVATIVE PAYMENT SOLUTIONS, INC.

Notes to the Unaudited
Condensed Financial Statements

14COMMITMENTS
AND CONTINGENCIES

The Company has notes payable and convertible
debt, disclosed under Notes 7 and 8 above, which had and have already matured and are technically in default or mature by April 29, 2026. 
Should the convertible debt not be converted to Common Stock prior to their maturity dates, the Company may need to repay the principal
and interest outstanding on this convertible debt.

15SUB