Company: IPSI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110820
Chunk: 175

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 175
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2024, respectively and $20,557 and $220,416 for the nine months ended September
30, 2025 and 2024, respectively.

28

INNOVATIVE PAYMENT SOLUTIONS, INC.

Notes to the Unaudited
Condensed Financial Statements

    11
    LOSS ON SETTLEMENT AND REPRICING OF CONVERTIBLE NOTES

The loss on
settlement and repricing of convertible notes consists of the following:

    Three months ended  
    Three months ended  
    Nine months ended  
    Nine months ended 

    September 30,  
    September 30,  
    September 30,  
    September 30, 

    2025  
    2024  
    2025  
    2024 
  
    Expense on extension of maturity date of convertible notes 
    $-  
    $-  
    $-  
    $(102,352)
  
    Penalty on convertible debt 
     -  
     (6,611) 
     (61,729) 
     (6,611)
  
    Loss on conversion of convertible debt 
     (236,312) 
     (159,493) 
     (935,399) 
     (159,493)
  
    Loss on no notice default convertible note 
     -  
     (56,329) 
     - 
     (56,329)
  
    Gain (Loss) on repriced convertible notes 
     11,955,877  
     (4,318,669) 
     (4,969,841) 
     (4,318,669)

    $11,719,565  
    $(4,541,102) 
    $(5,966,969) 
    $(4,643,454)

Expense
on extension of maturity date of convertible debt

On March 14,
2024, the Company extended the maturity date of 11 convertible notes which matured between February 13, 2024 and February 23, 2024 by
six months and issued the note holders additional warrants exercisable for 387,673 shares of Common Stock, the modification
of the terms and the issue of the new warrants was assessed as a debt extinguishment.

On May 4,
2024, the maturity date of two notes totaling $225,000