Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 508

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 508
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the Company entered into two Securities Purchase Agreements with accredited investors, pursuant to which the Company issued two senior
promissory notes each with a principal amount totaling $66,667 (totaling $133,334), for gross proceeds of $50,000 each (totaling
$100,000), including an aggregate original issuance discount of $16,667 (totaling $33,334), for each note. The notes mature on July
15, 2025 and bear interest at 0% per annum.

Between January 7, 2025 and February 20, 2025,
the Company entered into Securities Purchase Agreements pursuant to which the Company issued two convertible promissory notes and two
warrants to one accredited investment entity for total gross proceeds of $223,000. The notes are unsecured, mature 12 months from issuance
date and bear interest at a rate of 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 $0.084 per share (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. In terms of the Securities Purchase Agreement, the Company
issued five-year warrants to purchase an aggregate of 2,654,761 shares of the Common Stock at an exercise price of $0.084 per
share (as adjusted for stock splits, stock combinations, and similar events). The Company is under no obligation to register the shares
of Common Stock underlying the Note or the Warrant, for public resale.

Between January 7, 2025 and March 21, 2025, The
Company received conversion notices from convertible note holders converting an aggregate of $226,917 into 51,296,285 shares of common
stock at conversion prices ranging from $0.0325 to $0.001105 per share, resulting in a loss on conversion of $101,254.

Issuer Purchases
of Equity Securities

There were no issuer
purchases of equity securities during the fiscal year ended December 31, 2024.

Item 6.  Reserved

Item 7. Management’s Discussion
and Analysis of Financial Condition and Results of Operations

The following discussion
and analysis should be read in conjunction with, and is