Company: IPSI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044146
Chunk: 128

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 128
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 ten trading days before conversion.   During the
quarter ended December 31, 2024, the Company repaid $88,385 of the principal and interest outstanding. The final instalment was
not made and a penalty charge of 150% of the total balance outstanding, amounting to $6,695 was recorded by the Company on
December 30, 2024.   

  On January 7, 2025 and January 8, 2025, Red Road Holdings converted an aggregate of $20,085, into 652,654 shares
of Common Stock at a weighted average conversion price of $0.0308 (conversion prices ranging from $0.0325 to $0.02782), realizing a loss
on conversion of $13,363, thereby extinguishing the note. 

●On June 25, 2024, the Company closed a transaction with RRH pursuant to which the Company received net proceeds of $100,000, after an original issue discount and fees of $25,080 in exchange for the issuance of a $125,080 Convertible Note (“RRH Note 5”), bearing interest at 15%, which interest is earned on issuance of the note, an effective interest rate of 24.51%, and maturing on March 30, 2025. The RRH Note 5 has mandatory repayments of $93,498 on December 30, 2024 and $16,782 per month on January 30, 2025, February 28, 2025 and March 30, 2025. The RRH Note 5 is convertible into shares of Common Stock at a variable conversion rate of 65% of the lowest trading price ten trading days before conversion.     The first instalment was not made, automatically placing the note into default, with a penalty charge of 150% of the total balance outstanding of $71,921 recorded by the Company on December 30, 2024.    Between January 13, 2025 and March 21, 2025, RRH converted an aggregate of $112,120, including an aggregate penalty of $31,500 into 37,177,846 shares of common stock at a weighted average conversion price of $0.003 (conversion prices ranging from $0.02535 to $0.001105), realizing a loss on conversion of $63,868.    The balance owing on the RR