Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 551

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 551
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  197,001    16,840    (40,043)   173,798    -   Quick Capital LLC   11.12%**  -   -    -    -    -    -       11.03%**  Matured   64,171    -    -    64,171    -                                       2023 and 2024 convertible notes   8.00 to 12.00%  Matured to October 22, 2025   2,623,890    287,234    (40,928)   2,870,196    1,591,735                                       Total convertible notes payable          $4,716,006   $381,170   $(80,971)  $5,016,205   $3,704,280  

   * 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 notes payable
are technically in default due the default on the outstanding Red Road Holdings Corporation and the Quick Capital LLC convertible notes
disclosed below. None of the convertible note payable lenders have formally declared a default to the Company. 

Interest
expense totaled $476,207 and $319,543 for the years ended December 31, 2024 and 2023, respectively.

Amortization
of debt discount totaled $982,531 and $770,372 for the years ended December 31, 2024 and 2023, respectively.

The
Cavalry, Mercer, Red Road Holdings Corporation convertible notes have variable conversion prices based on a discount to market price of
trading activity over a specified period of time