Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 562

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 562
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026,666 from the 2023 Convertible Notes and $575,002 from the 2024 Convertible Notes,
in gross proceeds in private placements through the issuance of:

●the 2023 Convertible Notes and
the 2024 Convertible Notes; and

●five-year warrants to purchase
an aggregate 5,696,586 shares of Common Stock associated with the 2023 Convertible Notes (the “2023 Warrants”)
and an aggregate of 579,711 shares of Common Stock associated with the 2024 Convertible Notes (the “2024 Warrants”),
at an exercise price of $0.345 per share (as adjusted for stock splits, stock combinations, dilutive issuances and similar events).

The
2023 Convertible Notes and the 2024 Convertible Notes mature between 3.5 months and 12 months from the date of issuance, bear interest
at rates between 8% and 12% per annum and are convertible into shares of Common Stock at a conversion price of $0.345 per
share (as adjusted for stock splits, stock combinations, dilutive issuances and similar events). The 2023 Convertible Notes and 2024 Convertible
Notes may be prepaid at any time without penalty. The Company is under no obligation to register the shares of Common Stock underlying
the 2023 Convertible Notes and the 2024 Convertible Notes or the 2023 Warrants and the 2024 Warrants, for public resale.

F-23

INNOVATIVE PAYMENT
SOLUTIONS, INC.

NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS

13CONVERTIBLE NOTES PAYABLE
(continued)

2023
and 2024 Convertible Notes (continued)

The
2023 Convertible Notes, the 2024 Convertible Notes and the 2023 Warrants and the 2024 Warrants contain conversion limitations providing
that a holder thereof may not convert or exercise such securities to the extent that, if after giving effect to such conversion or exercise,
the holder or any of its affiliates would beneficially own in excess of 4.99% (the “Maximum Percentage”) of the outstanding
shares of the Common Stock immediately after giving effect to such conversion or exercise. A holder may increase or decrease its beneficial
ownership limitation upon notice to the Company provided that in no event such limitation exceeds 9.99%, and that any increase shall
not be