Company: IPSI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044146
Chunk: 136

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 136
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 $159,493.

Between January 7, 2025 and March 28,
2025, in terms of conversion notices received from 5 convertible note holders, the Company issued 54,807,989 shares of common
stock for the conversion of $230,798 of convertible debt at a weighted average conversion price of $0.004211 (conversion prices ranging
from ($0.0325 to $0.001105) realizing an aggregate loss on conversion of $106,504.

b.Restricted stock awards

The restricted stock granted, issued
and exercisable at March 31, 2025 is as follows:

    Restricted Stock Granted and Vested 
  
    Grant date Price  
    Number Granted  
    Weighted Average Fair Value per Share 
  
    $1.47  
     683,167  
    $1.47 
  
    $1.50  
     33,333  
     1.50 
  
    $1.65  
     66,667  
     1.65 

     783,167  
    $1.50 

The Company has recorded an expense of
$0 for the three ended March 31, 2025 and 2024. 

c.Preferred Stock

The Company
has authorized 25,000,000 shares of preferred stock with a par value of $0.0001 authorized. No preferred stock
was issued and outstanding as of March 31, 2025 and December 31, 2024.

d.Warrants

On March 4,
2024, the Company entered into a Securities Purchase Agreement with an accredited investor. In terms of the Securities Purchase Agreement,
the Company issued a five-year warrant to purchase an aggregate of 357,764 shares of the Common Stock at an exercise price
of $0.345 per share (as adjusted for stock splits, stock combinations, dilutive issuances 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.

On March 14,
2024, the Company extended the maturity date of 11 convertible notes maturing between February 13, 2024 and February 23, 2024 by an additional
six months and as compensation for the extension, the note holders were issued warrants exercisable for 387,673 shares of Common
Stock at