Company: IPSI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110820
Chunk: 47

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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, respectively.

23

INNOVATIVE PAYMENT SOLUTIONS, INC.

Notes to the Unaudited
Condensed Financial Statements

10STOCKHOLDERS’
EQUITY

On August 6, 2024, the Company received
a conversion notice from the holder of RRH Note 2 (see Note 12) pursuant to which $13,833 of the remaining principal, interest and
late payment penalty under the RRH 2 Note was converted into 164,679 shares of Common Stock at a conversion price of $0.084 per
share. As a result of the conversion of the RRH Note 2, a warrant, with full ratchet anti-dilution price protection, exercise price was
reduced from $0.345 per share to $0.084 per share and the number of shares exercisable was increased from 3,145,342 shares
to 12,918,370 shares, resulting in a deemed dividend charge and a credit to additional paid in capital of $426,807.

Between August 6, 2024 and September
17, 2024, in terms of conversion notices received from 4 convertible note holders, including the RRH Note 2 described above, the Company
issued 2,365,663 shares of common stock for the conversion of $198,716 of convertible debt at a conversion price of $0.084 per
share, realizing an aggregate loss on conversion of $159,493.

Between January 7, 2025 and September
30, 2025, in terms of conversion notices received from 5 convertible note holders, the Company issued 365,655,485 shares of
common stock for the conversion of $759,011 of convertible debt at a weighted average conversion price of $0.00208 (conversion
prices ranging from ($0.0325 to $0.0005) realizing an aggregate loss on conversion of $935,399.

On September 28, 2025, the Company
entered into a management consulting agreement and granted 2,000,000 shares to the consultant at a fair market price of $0.0235 per share,
totaling $47,000.

b.Restricted
stock awards

On August 19, 2025, The Board of Directors
authorized the issue of 67,500,000 shares of common stock to various parties, including 25,000,