Company: IPSI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110820
Chunk: 264

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 264
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 underlying the Note or the Warrant, for public resale.

On October 1, 2025, the Company
entered into two convertible note agreements pursuant to which the Company issued 2 convertible promissory notes, each totaling $62,500,
each with an original issue discount of $12,500, for net proceeds of $50,000 each. The notes are unsecured and mature on July 2, 2026,
bearing interest at 10% 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 or 90% of the average of the two lowest volume weighted average prices for the 20 days prior to conversion (as
adjusted for stock splits, stock combinations, and similar events). The Notes may be prepaid at any time without penalty. 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.

41

On October 1, 2025, the Company
entered into a securities purchase agreement pursuant to which the Company issued a convertible promissory note for $50,000 and a five
year warrant exercisable for 2,500,000 shares of common stock at an exercise price of $0.04 per share. The note is unsecured and matures
on September 30, 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), unless there is
an event of default, as defined in the agreement, whereby the conversion price will be 75% of the lowest volume weighted average prices
for the 30 days prior to conversion. The Notes may be prepaid at any time without penalty. 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. The warrants are price
protected and any subsequent equity transaction at a lower exercise price will reduce the exercise price of the warrant, to that lower
price.

On October 3, 2025, the Company
entered into a convertible promissory note agreement for $25,000. The note is unsecured and matures on October 3, 2026, bearing interest
at 8% per annum based on a