Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 1145

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 5
Chunk 1145
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 1 for 30 reverse stock split effectuated on August 30, 2023.

On
August 31, 2023, in terms of a conversion notice received from a convertible note holder, the Company issued 144,928 shares
of Common Stock for the conversion of $50,000 of convertible debt.

On
November 8, 2023, in terms of a conversion notice received from a convertible note holder, the Company issued 289,855 shares
of Common Stock for the conversion of $100,000 of convertible debt.

On
November 20, 2023, in terms of a conversion notice received from a convertible note holder, the Company issued 500,000 shares
of Common Stock for the conversion of $172,500 of convertible debt.

On
August 6, 2024, the Company received a conversion notice from the holder of RRH Note 2 (see Note 13) pursuant to which $13,833 of
the remaining principal, interest and late payment penalty under the RRH 2 Note was converted into 164,679 shares of Common
Stock at a conversion price of $0.084 per share. As a result of the conversion of the RRH Note 2, a warrant, with full ratchet anti-dilution
price protection, exercise price was reduced from $0.345 per share to $0.084 per share and the number of shares exercisable
was increased from 3,145,342 shares to 12,918,370 shares, resulting in a deemed dividend charge and a credit to additional
paid in capital of $426,807.

Between
August 6, 2024 and December 6, 2024, in terms of conversion notices received from 4 convertible note holders, including the RRH Note 2
described above, the Company issued 5,261,557 shares of common stock for the conversion of $441,971 of convertible debt
at a conversion price of $0.084 per share, realizing an aggregate loss on conversion of $170,246.

b.Restricted stock awards

A
summary of restricted stock activity during the period January 1, 2023 to December 31, 2024 is as follows:

    Total restricted shares*  
    Weighted average fair market value per share*  
    Total unvested restricted shares*  
    Weighted average fair