Company: IPSI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110820
Chunk: 147

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 147
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013   Red Road Holdings Corporation   24.98%**  Matured   -    -    -    -    20,085       24.51%**  Matured   -    -    -    -    173,798   Quick Capital LLC   11.03%**  Matured   -    -    -    -    64,171                                       2023, 2024 and 2025 convertible debt     8.00 to 12.00%  Matured to September 11, 2026   3,129,752    437,373    (73,818)   3,493,307    2,870,196   Total convertible debt          $4,991,824   $629,015   $(73,818)  $5,547,021   $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 a certain convertible note. None of the convertible debt lenders have formally declared a default to the Company, other than one investor with an aggregate balance outstanding of $19,195 

Interest
expense totaled $155,353 and $121,916 for the three months ended September 30, 2025 and 2024, respectively and $462,944 and $351,764 for
the nine months ended September 30, 2025 and 2024, respectively.

Amortization
of debt discount totaled $36,964 and $219,700 for the three months ended September 30, 2025 and 2024, respectively, and $138,