Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 709

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 709
---
   On December 6, 2024, Quick Capital converted an aggregate of $29,400, including a penalty of $1,000 into 350,000 shares of Common Stock at a conversion price of $0.084 per share, realizing a loss on conversion of $280.   The balance of the Quick Capital note plus accrued interest at December 31, 2024 was $64,171. 

2023
and 2024 Convertible Notes

Between
February 13, 2023 and November 27, 2023, the Company entered into Securities Purchase Agreements with 30 accredited investors to purchase
convertible notes (the “2023 Convertible Notes”). Between February 6, 2024 and October 23, 2024, the Company entered into
Securities Purchase Agreements with 9 accredited investors to purchase convertible notes (the “2024 Convertible Notes”).
The Company received an aggregate of $2,026,666 from the 2023 Convertible Notes and $575,002 from the 2024 Convertible Notes,
in gross proceeds in private placements through the issuance of:

●the 2023 Convertible Notes and
the 2024 Convertible Notes; and

●five-year warrants to purchase
an aggregate 5,696,586 shares of Common Stock associated with the 2023 Convertible Notes (the “2023 Warrants”)
and an aggregate of 579,711 shares of Common Stock associated with the 2024 Convertible Notes (the “2024 Warrants”),
at an exercise price of $0.345 per share (as adjusted for stock splits, stock combinations, dilutive issuances and similar events).

The
2023 Convertible Notes and the 2024 Convertible Notes mature between 3.5 months and 12 months from the date of issuance, bear interest
at rates between 8% and 12% per annum and are convertible into shares of Common Stock at a conversion price of $0.345 per
share (as adjusted for stock splits, stock combinations, dilutive issuances and similar events). The 2023 Convertible Notes and 2024 Convertible
Notes may be prepaid at any time without penalty. The Company is under no obligation to register the shares of Common Stock underlying
the 2023 Convertible Notes and the 2024 Convertible Notes or the 2023 Warrants and the 2024 W