Company: IPSI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110820
Chunk: 58

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 58
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 (56,329) 
     - 
     (56,329)
  
    Gain (Loss) on repriced convertible notes 
     11,955,877  
     (4,318,669) 
     (4,969,841) 
     (4,318,669)

    $11,719,565  
    $(4,541,102) 
    $(5,966,969) 
    $(4,643,454)

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 extinguishment.

On May 4,
2024, the maturity date of two notes totaling $225,000 which originally matured on December 31, 2023 and which maturity
dates were extended to March 30, 2024, on May 4, 2024, the maturity date of the $200,000 note was further extended to June
14, 2024, and the maturity date of the $25,000 note was further extended to June 30, 2024. In exchange for the maturity date
extension, on June 14, 2024, the Company issued to note holders warrants exercisable for 292,463 shares of Common Stock, the
modification of the terms and the issue of the new warrants was assessed as a debt extinguishment.

The debt extinguishments
resulted in a charge of $36,305 and $102,352 for the three and nine months ended September 30, 2024, respectively.

Penalty
on convertible debt

Between January
7, 2025 and September 30, 2025, $61,729 of additional conversion penalties on convertible debt conversions were charged to the Company.

Loss
on conversion of convertible debt

Between January 7, 2025 and September
30, 2025, in terms of conversion notices received from 6 convertible note holders, the Company issued 365,655,485 shares of
common stock for the conversion of $759,011 of convertible debt