Company: IPSI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044146
Chunk: 144

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 144
---
 9.78               325,000               9.78    $ 1.20       13,334          7.46               13,334                  7.46    $ 4.50       1,500,001       6.69               1,500,001               6.69              2,113,335       7.57     $      3.227       1,838,335     $ 3.696       7.24   

The options outstanding have an intrinsic
value of $0 as of March 31, 2025 and December 31, 2024.

The option expense was $17,815 and $94,464 for
the three months ended March 31, 2025 and 2024, respectively.

28

INNOVATIVE PAYMENT SOLUTIONS, INC.

Notes to the Unaudited
Condensed Financial Statements

11LOSS ON CONVERTIBLE DEBT

The loss on
convertible debt consists of the following:

    Three
months
 ended 
March 31,
 2025  
    Three
months
 ended 
March 31, 2024 
  
    Penalty on convertible debt 
    $39,229  
    $- 
  
    Expense on extension of maturity date of convertible debt 
     -  
     66,047 
  
    Loss on conversion of convertible debt 
     106,504  
     - 
  
    Loss on anti-dilution price protection adjustment 
     2,341,480  
     - 

    $2,487,213  
    $66,047 

Penalty
on convertible debt

Between January
7, 2025 and March 28, 2025, $39,229 of additional conversion penalties on convertible debt conversions were charged to the Company.

Expense
on extension of maturity date of convertible debt

On March 14,
2024, the Company extended the maturity date of 11 convertible notes which matured between February 13, 2024 and February 23, 2024 by
six months and issued the note holders additional warrants exercisable for 387,673 shares of Common Stock, the modification
of the terms and the issue of the new warrants was assessed as a debt extingu