Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 111

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 111
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 FINANCIAL STATEMENTS

15STOCKHOLDERS’ EQUITY
(continued)

e.Stock options (continued)

The
options outstanding and exercisable at December 31, 2024 are as follows:

      Options Outstanding*   Options Exercisable*   Exercise  Price*   Number Outstanding*   Weighted Average Remaining Contractual life in years   Weighted Average Exercise Price*   Number Exercisable*   Weighted Average Exercise Price*   Weighted Average Remaining Contractual life in years   $        1.20    13,334    7.71         13,334         7.71   $4.50    1,500,001    6.94         1,500,001         6.94         1,513,335    6.94   $4.47    1,513,335   $4.47    6.94  

The
options outstanding have an intrinsic value of $0 as of December 31, 2024 and 2023.

The
option expense was $220,416 and $377,856 for the years ended December 31, 2024 and 2023, respectively.

16LOSS ON CONVERTIBLE NOTES

The
loss on convertible notes consists of the following:

    December 31, 2024  
    December 31, 2023 
  
    Penalty on convertible note 
    $117,083  
    $9,306 
  
    Expense on extension of maturity date of convertible notes 
     102,353  
     64,256 
  
    Loss on conversion of convertible notes 
     170,246  
     90,761 
  
    Loss on anti-dilution price protection adjustment 
     4,318,669  
     - 
  
    Loss on convertible note default conversion feature 
     56,329  
     - 

    $4,764,680  
    $164,323 

Penalty
on convertible note

On
August 3, 2023, the Company cash settled the outstanding balance of two convertible notes owing to 1800 Diagonal Street Lending LLC, including
an early settlement penalty thereon of $9,306.

Between
September 6, 2024