Company: IPSI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110820
Chunk: 178

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 178
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icer and President of the Company.

The option expense for options still
vesting for Mr. Corbett was $1,371 and $22,196 for the three months ended September 30, 2025 and 2024, respectively and $20,557 and
$155,369 for the nine months ended September 30, 2025 and 2024, respectively.

On April 18, 2025, the Company entered
into a convertible note agreement, whereby $240,000 of payroll accrued to Mr. Corbett was exchanged for a convertible note, bearing interest
at 8% per annum and maturing on January 6, 2026. The convertible note was convertible into shares of common stock at a conversion price
of $0.02 per share. On April 29, 2025, the board of directors approved an amendment to the exercise price to $0.005 per share.

On August 19, 2025, the board of directors
granted Mr. Corbett 25,000,000 shares of common stock with a fair market value of $0.0037 per share, totaling $92,500.

As of September 30, 2025 and December
31, 2024, the company owed Mr. Corbett $7,832 and $0, respectively. Mr. Corbett paid certain operating expenses on behalf of the
Company. 

Richard Rosenblum

The option expense for options still
vesting for Mr. Rosenblum was $0 and $9,292 for the three months ended September 30, 2025 and 2024, respectively and $0 and
$65,047 for the nine months ended September 30, 2025 and 2024, respectively.

On April 18, 2025, the Company entered
into a convertible note agreement, whereby $210,000 of payroll accrued to Mr. Rosenblum was exchanged for a convertible note, bearing
interest at 8% per annum and maturing on January 6, 2026. The convertible note was convertible into shares of common stock at a conversion
price of $0.02 per share. On April 29, 2025, the board of directors approved an amendment to the exercise price to $0.005 per share.

Mr. Rosenblum resigned all his positions
with the Company with effect from January 7, 2025.

14COMMITMENTS