Company: IPSI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044146
Chunk: 26

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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 March 31, 2025  Amount, net   December 31, 2024 Amount, net   Cavalry Fund I LP   18.00%*   Matured   $819,371   $41,096   $-   $860,467   $836,942   Mercer Street Global  Opportunity Fund, LLC   18.00%*   Matured    1,042,701    55,936    -    1,098,637    1,051,013   Red Road Holdings Corporation   24.98%**   Matured    -    -    -    -    20,085       24.51%**   Matured    116,381    18,762    -    135,143    173,798   Quick Capital LLC   11.03%**   Matured    -    -    -    -    64,171                                         2023, 2024 and 2025 convertible debt     8.00 to 12.00 %   Matured to February 20, 2026    2,846,890    345,065    (61,845)   3,130,110    2,870,196   Total convertible debt            $4,825,343   $460,859   $(61,845)  $5,224,357   $5,016,205  

  * The Cavalry Fund LLP and Mercer Street Global Opportunity Fund, LLC, notes are accruing interest at the default interest rate of 18% with effect from November 27, 2024, prior to November 27, 2024, interest was accrued at 10% per annum.    ** The Red Road Holdings Corporation and Quick Capital LLC, interest rates are effective interest rates as these convertible notes have a fixed interest charge which is earned on the issuance date, regardless of when payments are made.

  *** All convertible debt is technically
in default due to the default on the outstanding Red Road Holdings Corporation convertible notes disclosed below. None of the convertible