Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 1568

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 1568
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per
share (as adjusted for stock splits, stock combinations, and similar events). 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. In terms of the Securities Purchase Agreement, the Company issued five-year warrants to purchase an aggregate of 2,654,761 shares
of the Common Stock at an exercise price of $0.084 per share (as adjusted for stock splits, stock combinations, 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.

Termination of merger plan with Business
Warrior

On January 22, 2025, the Company and
Business Warrior mutually agreed to terminate the Agreement and Plan of Merger dated July 28, 2024. This decision reflects our shared
understanding and agreement that discontinuing the merger is in the best interest of both parties.

Settlement
of legal dispute

On
March 4, 2025, the Company and Mr. Corbett, entered into a settlement agreement with Naum Voloshin, Andrey Novikov, Frank Perez, Yulia
Rey and Alexander Voloshin (the “Plaintiff Group”), whereby the Company agreed to pay $500,000 in settlement and full and
final resolution of all claims and causes of action that the Plaintiff Group, or any member thereof, holds or has asserted (or could have
asserted) against the Company and Mr. Corbett.

Within
5 days of March 4, 2025, the Company will pay $100,000 (the “First Payment”) and within 60 days the Company will pay a further
$100,000 including interest thereon at 10% per annum from March 5, 2025, and within 24 days, a final payment of $300,000, including interest
thereon at 10% per annum from March 5, 2025. The initial payment of $100,000 was made on March 24, 2025.

Any
breach of the terms of the settlement agreement will result in a payment to the Plaintiffs of liquidated damages of $25,000 for each event
of default.

In
order to secure the obligations to the Plaintiff Group, the Company executed two convertible promissory notes, the first note for $100