Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 422

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 422
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 at an exercise price of $1.50 per share.

In
connection with the formation of IPSIPay Express, the Company issued to each of the other venture partners, OpenPath and EfinityPay, IPEX
Warrants to purchase an aggregate of 133,334 shares of Common Stock with an exercise of $0.45 per share. The Company is
obligated to issue each of OpenPath and EfinityPay additional IPEX Warrants to purchase 199,999 shares of Common Stock at a
price equal to the average public closing price of the Common Stock for the three trading days immediately prior to the funding of the
remaining initial Tranche. Simultaneously with the funding of the second Tranche in September 2023, the Company became obligated to issue
to each of OpenPath and EfinityPay an additional IPEX Warrant to purchase 166,667 shares of Common Stock with an exercise price
equal to the average public closing price of the Common Stock for the three trading days immediately prior to the funding of the second
Tranche. Simultaneously with the funding of the third Tranche, the Company will issue to each of OpenPath and EfinityPay an additional
IPEX warrant to purchase 166,667 shares of Common Stock with an exercise price equal to the average public closing price of
the Common Stock for the three trading days immediately prior to the funding of the third Tranche. If the full IPSI Capital Contribution
is funded, OpenPath and EfinityPay will receive IPEX Warrants to purchase an aggregate of 1,333,334 shares of Common Stock.
See note 1(b) above. As of the date of this Report, it is not expected that the full IPSI Capital Contribution will be required to be
funded.

On
December 14, 2023, the maturity date of two notes totaling $225,000 ($200,000 and $25,000, respectively) which matured on December
31, 2023 were extended for an additional 3 months to March 30, 2024. In exchange for the maturity date extension, the Company issued the
note holders five-year warrants exercisable for 292,463 shares of Common Stock at an exercise price of $0.345 per share.
On May 4, 2024, the maturity date of the $200,000 note was further extended to June 14,