Company: IPSI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076595
Chunk: 148

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 148
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credited investors to
purchase convertible notes (the “2024 Convertible Notes”), receiving an aggregate of $575,002 in gross proceeds from
the 2024 Convertible Notes.

Between
January 7, 2025 and June 24, 2025, the Company entered into Securities Purchase Agreements with 2 accredited investors to purchase
convertible notes (the “2025 Convertible Notes”), receiving an aggregate of $417,000 in gross proceeds from the
2025 Convertible Notes, net of original issue discount of $6,000.

On
April 18, 2025, the Company entered into a debt exchange agreement with our previous CFO, Mr. Rosenblum, whereby $210,000 of accrued payroll
was exchanged for a convertible note with an exercise price of $0.02 per share, maturing on January 6, 2026. The note bears interest at
8% per annum. On April 29, 2025, the board of directors amended the exercise price to $0.005 per share. 

In
terms of the above private placements through the issuance of :

●the
2023 Convertible Notes, the 2024 Convertible Notes and the 2025 Convertible notes; and

●five-year
warrants to purchase an aggregate 5,696,586 shares of Common Stock at an exercise price of $0.345 per share (as adjusted
for stock splits, stock combinations, dilutive issuances and similar events), associated with the 2023 Convertible Notes (the “2023
Warrants”), five year warrants to purchase an aggregate of 579,711 shares of Common Stock at an exercise price of $0.345 per
share (as adjusted for stock splits, stock combinations, dilutive issuances and similar events), associated with the 2024 Convertible
Notes (the “2024 Warrants”), and five year warrants to purchase an aggregate of 42,654,761 shares of common stock
at exercise prices ranging from $0.0005 to $0.084 per share (as adjusted for stock splits, stock combinations, dilutive issuances
and similar events), associated with the 2025 Convertible Notes (the “2025 Warrants”). Warrants exercisable for 40,000,000
shares of common stock have price protection which reduces the exercise price of the warrant for any subsequent stock issuances lower
than the current exercise price