Company: IPSI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110820
Chunk: 60

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 60
---
397 
  
    Stock options 
     1,555,001  
     1,513,335 
  
    Warrants to purchase shares of Common Stock 
     2,231,503,000  
     21,721,759 

     2,832,733,945  
     61,915,491 

13RELATED
PARTY TRANSACTIONS

The following transactions were entered
into with related parties:

William Corbett

In terms of an employment agreement
entered into on January 7, 2025, with Mr. Corbett, which is for a term expiring on December 31, 2025 at a base salary of $20,000 per
month, Mr. Corbett was awarded ten year options exercisable for 600,000 shares of common stock at an exercise price of $0.09 per
share. With the resignation of Mr. Rosenblum, disclosed below, Mr. Corbett assumed the role of Chief Executive Officer, Chief Financial
Officer 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