Company: IPSI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110820
Chunk: 202

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 202
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 events of default. The Company is under no obligation to register the shares of Common Stock underlying the Notes for public
resale.

41

On October 1, 2025, the Company
entered into a securities purchase agreement pursuant to which the Company issued a convertible promissory note for $50,000 and a five
year warrant exercisable for 2,500,000 shares of common stock at an exercise price of $0.04 per share. The note is unsecured and matures
on September 30, 2026, bearing interest at 8% per annum based on a 360 day trading-year, and are convertible into shares of common stock
of the Company at a conversion price of $0.01 (as adjusted for stock splits, stock combinations, and similar events), unless there is
an event of default, as defined in the agreement, whereby the conversion price will be 75% of the lowest volume weighted average prices
for the 30 days prior to conversion. 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. The warrants are price
protected and any subsequent equity transaction at a lower exercise price will reduce the exercise price of the warrant, to that lower
price.

On October 3, 2025, the Company
entered into a convertible promissory note agreement for $25,000. The note is unsecured and matures on October 3, 2026, bearing interest
at 8% per annum based on a 360 day trading-year, and are convertible into shares of common stock of the Company at a conversion price
of $0.01 (as adjusted for stock splits, stock combinations, and similar events). 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.

Use of Proceeds from Public Offering of Common
Stock

Not applicable.

Item 3. Defaults upon Senior Securities.

All of the convertible debt
and notes payable of the Company are technically in default, although no default has been declared, except for one investor with a balance
due of $18,812. Where the notes in default provide for default penalties or interest, these have been accrued.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None. 

Item 6. Exhibits

    Exhibit