Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 2341

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 2341
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 the lowest trading price twenty trading days before conversion.
  On August 6, 2024, RRH converted an aggregate of $13,833, including a penalty of $4,611 into 164,679 shares
of Common Stock at a conversion price of $0.084 per share, realizing a loss on conversion of $28,984, thereby extinguishing the
note.

●On December 20, 2023,
the Company closed a transaction with RRH pursuant to which the Company received net proceeds of $50,000, after an original issue discount
and fees of $13,250 in exchange for the issuance of a $63,250 Convertible Note (“RRH Note 3”), bearing interest
at 15%, which interest was earned on issuance of the note, an effective interest rate of 32.0%, and matured on September 30,
2024. The RRH Note 3 had mandatory monthly repayments of $8,082. The RRH Note 3 was convertible into shares of Common Stock at a variable
conversion rate of 60% of the lowest trading price twenty trading days before conversion.   The
RRH Note 3 was repaid in full during the quarter ended December 31, 2024.

●On April 2, 2024, the
Company closed a transaction with RRH pursuant to which the Company received net proceeds of $70,000, after an original issue discount
and fees of $18,500 in exchange for the issuance of a $88,500 Convertible Note (“RRH Note 4”), bearing interest
at 15%, which interest was earned on issuance of the note, an effective interest rate of 24.98%, and matured on December 30,
2024. The RRH Note 4 had mandatory repayments of $61,065 on September 30, 2024 and $13,570 per month on October 30, 2024, November
30, 2024 and December 30, 2024. The RRH Note 4 is convertible into shares of Common Stock at a variable conversion rate of 65% of
the lowest trading price 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, amount