Company: IPSI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044146
Chunk: 146

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 146
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 15,232,285 
  
    Stock options 
     2,113,335  
     1,520,002 
  
    Warrants to purchase shares of Common Stock 
     993,777,942  
     11,187,530 

     2,974,782,565  
     27,939,817 

13RELATED PARTY TRANSACTIONS

The following transactions were entered
into with related parties:

William Corbett

In terms of an employment agreement
entered into on January 7, 2025, with Mr. Corbett, which is for a term expiring on December 31, 2025 at a base salary of $20,000 per month,
Mr. Corbett was awarded ten year options exercisable for 600,000 shares of common stock at an exercise price of $0.09 per share. With
the resignation of Mr. Rosenblum, disclosed below, Mr. Corbett assumed the role of Chief Executive Officer, Chief Financial Officer and
President of the Company.

The option expense for options still
vesting for Mr. Corbett was $17,815 and $66,587 for the three months ended March 31, 2025 and 2024, respectively.

As of March 31, 2025 and December 31,
2024, the company owed Mr. Corbett $5,106 and $0, respectively. Mr. Corbett paid certain operating expenses on behalf of the Company. 

Richard Rosenblum

An option expense for options still
vesting for Mr. Rosenblum was $0 and $27,877 for the three months ended March 31, 2025 and 2024, respectively.

Mr. Rosenblum resigned all his positions
with the Company with effect from January 7, 2025.

30

INNOVATIVE PAYMENT SOLUTIONS, INC.

Notes to the Unaudited
Condensed Financial Statements

    14
    COMMITMENTS AND CONTINGENCIES

The Company has notes payable and convertible
debt, disclosed under Notes 7 and 8 above, which had and have already matured and are technically in default or mature by February 20,
2026.  Should the convertible debt not be converted to Common Stock prior to their maturity dates, the Company may need to repay
the principal and interest outstanding on this convertible debt.

    15
    SUBSEQUENT EVENTS

Conversion