Company: IPSI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110820
Chunk: 63

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 63
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 Company and the convertible
note holders agreed as follow:

●To
cancel all warrants currently issued, if any.

●To
modify the conversion price of certain convertible debt from $0.345 per share to a conversion price of $0.01 per share of common stock.
This is subject to certain conditions, including i) if the shares of common stock trade above $0.04 during the period expiring on December
31, 2025, the investors may convert up to 10% of the aggregate debt outstanding, ii) if the common stock trades below $0.01 and/or the
Company generates no revenue by December 31, 2025, then the conversion price reverts to the original conversion price per common stock,
iii) the Company has to produce revenues of at least $250,000 prior to December 31, 2025, and iv) the Company will seek approval to increase
it authorized common stock by October 31, 2025, this approval was obtained on October 3, 2025.

Increase
in authorized share capital

On October
3, 2025, the Company filed restated articles of incorporation with the Secretary of State of the State of Nevada, increasing the authorized
capital of the company to 1,600,000,000 shares, of which 1,500,000,000 are designated as common stock and 100,000,000 is designated as
preferred shares. The amendment to the articles of incorporation was approved by majority written consent of the shareholders in terms
of Nevada Revised Statutes and became immediately effective upon filing.

Joint Venture
Agreement

On October
29, 2025, the Company entered into a Limited Liability Company Operating Agreement with Brant Point Solutions, LLC to form a new Delaware
limited liability company, Jetties Partners, LLC (d/b/a IPSIPAY) (the “Joint Venture”).

The purpose
of the Joint Venture is to develop, market, distribute, and operate real-time financial technology merchant processing payment solutions
branded as IPSIPay or PayzliPlus, initially targeting gaming, sportsbook, and casino entertainment markets.

The Agreement outlines the parties’ respective contributions, governance structure, management rights, and other material terms
relating to the operation of the Joint Venture. The Company believes that this collaboration will expand its reach within the real-time
payments and gaming merchant processing industries through the integration of complementary technologies and market relationships.

Other than
the above, the Company has evaluated subsequent