Company: IPSI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110820
Chunk: 144

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 144
---
    Three months ended  
    Three months ended  
    Nine months ended  
    Nine months ended 

    September 30,  
    September 30,  
    September 30,  
    September 30, 

     2025  
     2024  
     2025  
     2024 
  
    Loss from joint venture 
    $-  
    $(88) 
    $-  
    $(660)

6FEDERAL
RELIEF LOANS

Small Business Administration Disaster
Relief loan

On July 7, 2020, the Company received
a Small Business Economic Injury Disaster loan amounting to $150,000, bearing interest at 3.75% per annum and repayable in monthly
installments of $731 commencing twelve months after inception with the balance of interest and principal repayable on July 7, 2050.
The loan is secured by all tangible and intangible assets of the Company. The proceeds are to be used for working capital purposes to
alleviate economic injury caused by the COVID-19 pandemic.

The company has accrued interest of
$10,497 and $8,869 on this loan as of September 30, 2025 and December 31, 2024, respectively.

15

INNOVATIVE PAYMENT SOLUTIONS, INC.

Notes to the Unaudited
Condensed Financial Statements

7NOTES
PAYABLE

Notes payable
consists of the following:

  Description  Interest Rate   Maturity date  Principal   Accrued Interest   Unamortized debt discount   September 30, 2025 Amount, 
net   December 31, 2024 Amount, 
net   Cavalry Fund I LP   18.0%  Matured  $482,000   $167,441   $-   $649,441   $583,648   Mercer Street Global Opportunity Fund, LLC   18.0%  Matured   482,000    167,441    -    649,441    583,648   2024 notes     0.0 to 18.0%  February 28, 2025 to October 10, 2025   577,778    56,134    (942)   632,970