Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 437

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 437
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 share and certain warrants exercisable
for 12,918,370 shares of common stock that contain “full ratchet” anti-dilution price protection had the number of shares
exercisable for such warrants increased by the full ratchet provision and the exercise prices of such warrants adjusted to $0.001105 per
share. In addition, certain convertible notes with an aggregate balance outstanding of $1,968,434 on December 31, 2024, had their conversion
price reduced to $0.001105 as of March 21, 2025. Further conversions at conversion prices lower than $0.001105 subsequent to March 21,
2025, will impact the exercise price and the number of warrants outstanding and the conversion price of convertible
notes for subsequent reporting periods.

Convertible
note funding

Between
January 7, 2025 and February 20, 2025, the Company entered into Securities Purchase Agreements pursuant to which the Company issued
two convertible promissory notes and two warrants to one accredited investment entity for total
gross proceeds of $223,000. The notes are unsecured, mature 12 months from issuance date and bear interest at a rate of 8% per annum
based on a 360 day trading-year, and are convertible into shares of common stock of the Company at a conversion price of $0.084 per
share (as adjusted for stock splits, stock combinations, and similar events). The Notes may be prepaid at any time without penalty. The
Note contains customary events of default. The Company is under no obligation to register the shares of Common Stock underlying the Notes
for public resale. In terms of the Securities Purchase Agreement, the Company issued five-year warrants to purchase an aggregate of 2,654,761 shares
of the Common Stock at an exercise price of $0.084 per share (as adjusted for stock splits, stock combinations, and similar events).
The Company is under no obligation to register the shares of Common Stock underlying the Note or the Warrant, for public resale.

Termination of merger plan with Business
Warrior

On January 22, 2025, the Company and
Business Warrior mutually agreed to terminate the Agreement and Plan of Merger dated July 28, 2024. This decision reflects our shared
understanding and agreement that discontinuing the merger is in the best interest of both parties.

Settlement
of legal dispute

On
March 4, 2025, the Company