Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 271

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 271
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914 shares
of Common Stock for the conversion of $60,000 of interest on convertible debt.

On
August 30, 2023, the Company effectuated a 1 for 30 reverse stock split, resulting in the issuance of an additional 2,838 shares
to existing stockholders due to rounding of existing shareholdings. All share amounts disclosed in the unaudited condensed consolidated
financial statements have been adjusted to reflect the Company’s 1 for 30 reverse stock split effectuated on August 30, 2023.

On
August 31, 2023, in terms of a conversion notice received from a convertible note holder, the Company issued 144,928 shares
of Common Stock for the conversion of $50,000 of convertible debt.

On
November 8, 2023, in terms of a conversion notice received from a convertible note holder, the Company issued 289,855 shares
of Common Stock for the conversion of $100,000 of convertible debt.

On
November 20, 2023, in terms of a conversion notice received from a convertible note holder, the Company issued 500,000 shares
of Common Stock for the conversion of $172,500 of convertible debt.

On
August 6, 2024, the Company received a conversion notice from the holder of RRH Note 2 (see Note 13) pursuant to which $13,833 of
the remaining principal, interest and late payment penalty under the RRH 2 Note was converted into 164,679 shares of Common
Stock at a conversion price of $0.084 per share. As a result of the conversion of the RRH Note 2, a warrant, with full ratchet anti-dilution
price protection, exercise price was reduced from $0.345 per share to $0.084 per share and the number of shares exercisable
was increased from 3,145,342 shares to 12,918,370 shares, resulting in a deemed dividend charge and a credit to additional
paid in capital of $426,807.

Between
August 6, 2024 and December 6, 2024, in terms of conversion notices received from 4 convertible note holders, including the RRH Note 2
described above, the Company issued 5,261,557 shares of common stock for the conversion of $441,971 of