Company: IPSI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110820
Chunk: 85

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 85
---
 $25,000. The note is unsecured and matures on October 3, 2026, bearing interest
at 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 $0.01 (as adjusted for stock splits, stock combinations, and similar events). 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.

Use of Proceeds from Public Offering of Common
Stock

Not applicable.

Item 3. Defaults upon Senior Securities.

All of the convertible debt
and notes payable of the Company are technically in default, although no default has been declared, except for one investor with a balance
due of $18,812. Where the notes in default provide for default penalties or interest, these have been accrued.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None. 

Item 6. Exhibits

    Exhibit No.
     
    Exhibit Description
  
    3.1
     
    Articles of Incorporation of the Company (Incorporated by reference to Exhibit 3.1 to the Registration Statement on Form S-1 (File No. 333-192877) filed with the Securities and Exchange Commission on December 16, 2013)
  
    3.2
     
    Amended and Restated Bylaws of the Company (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 6, 2021)
  
    3.3
     
    Certificate of Amendment to Articles of Incorporation of the Company (Incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on June 2, 2016)
  
    3.4
     
    Certificate of Amendment to Articles of Incorporation of the Company (Incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on March 6, 2018)
  
    3.5
     
    Certificate of Amendment to the Articles of Incorporation of the Company (Name Change) (Incorporated by reference to Exhibit 3.1 to the Current Report on Form