Company: IPSI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110820
Chunk: 29

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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 with a principal amount of $1,408,444 and interest thereon of $379,994 are technically in default.

16

INNOVATIVE PAYMENT SOLUTIONS, INC.

Notes to the Unaudited
Condensed Financial Statements

    8
    CONVERTIBLE DEBT

Convertible
debt payable consists of the following:

  Description   Interest Rate   Maturity date***  Principal   Accrued Interest   Unamortized debt discount   September 30, 2025 Amount, net   December 31, 2024 Amount, net   Cavalry Fund I LP   18.00%*  Matured  $819,371   $79,501   $-   $898,872   $836,942   Mercer Street Global Opportunity Fund, LLC   18.00%*  Matured   1,042,701    112,141    -    1,154,842    1,051,013   Red Road Holdings Corporation   24.98%**  Matured   -    -    -    -    20,085       24.51%**  Matured   -    -    -    -    173,798   Quick Capital LLC   11.03%**  Matured   -    -    -    -    64,171                                       2023, 2024 and 2025 convertible debt     8.00 to 12.00%  Matured to September 11, 2026   3,129,752    437,373    (73,818)   3,493,307    2,870,196   Total convertible debt          $4,991,824   $629,015   $(73,818)  $5,547,021   $5,016,205  

  * The Cavalry Fund LLP and Mercer Street Global Opportunity Fund, LLC, notes are accruing interest at the default interest rate of 18% with effect from November 27, 2024, prior to November