Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 117

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 117
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2023 (Shares) 
  
    Convertible debt 
     40,731,757  
     13,363,993 
  
    Stock options 
     1,513,335  
     1,520,002 
  
    Warrants to purchase shares of common stock 
     22,011,614  
     10,442,093 

     64,256,706  
     25,326,088 

19RELATED PARTY TRANSACTIONS

The
following transactions were entered into with related parties:

William
Corbett

The
option expense for Mr. Corbett was $155,369 and $266,346 for the years ended December 31, 2024 and 2023, respectively.

Richard
Rosenblum

The
option expense for Mr. Rosenblum was $65,047 and $111,510 for the years ended December 31, 2024 and 2023, respectively.

20COMMITMENTS AND CONTINGENCIES

The
Company has notes payable and convertible notes payable, disclosed under notes 12 and 13 above, which originally matured between May 22,
2024 and October 22, 2025, should the convertible notes not be converted to Common Stock prior to their maturity dates, the Company
may need to repay the principal and interest outstanding on these notes.

21SUBSEQUENT EVENTS

Resignation
of director and officer

With
effect from January 7, 2025, Mr. Rosenblum resigned his positions of President, Chief Financial Officer and director of the Company. Mr.
Corbett, the Company’s CEO has stepped into the role of Chief Financial Officer and President, temporarily.

Executive
employment agreement

On
January 7, 2025, the Company entered into an employment agreement with Mr. Corbett, as the Company’s chief executive officer with
compensation of $240,000 per annum and the award of options exercisable for 600,000 shares of common stock at an exercise price of $0.09
per share. The options vest as to 300,000 immediately and 300,000 over the next three years, on a monthly basis.

F-34

INNOVATIVE PAYMENT
SOLUTIONS, INC.

NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS

21SUBSEQUENT EVENTS (continued)

Conversion
of convertible notes

Between January 7