Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 1566

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 1566
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2023 all
warrants options and convertible debt securities were excluded from the computation of diluted net loss per share.

Dilutive
shares which could exist pursuant to the exercise of outstanding stock instruments and which were not included in the calculation because
their affect would have been anti-dilutive for the years ended December 31, 2024 and 2023 are as follows:

    Year ended December 31,  2024 (Shares)  
    Year ended December 31,  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