Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 254

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 254
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, 2025 and October 10, 2025 and bear interest at rates ranging from 0.0% to 8.5% per annum.

The
2024 Notes have restrictions relating to fundamental transactions which require the approval of the note holder, in addition the note
holder has an optional redemption right on subsequent transactions that may require the Company to redeem all or part of the Note, at
a premium of 120% of the cash amount of the Note, at the note holder’s discretion.

F-18

INNOVATIVE PAYMENT
SOLUTIONS, INC.

NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS

13CONVERTIBLE NOTES PAYABLE

Convertible
notes payable consists of the following:

  Description  Interest Rate   Maturity date***  Principal   Accrued Interest   Unamortized debt discount   December 31, 2024 Amount, net   December  31, 2023 Amount, net   Cavalry Fund I LP   18.00%*  Matured  $819,371   $17,571   $-   $836,942   $909,218   Mercer Street Global  Opportunity Fund, LLC   18.00%*  Matured   991,754    59,259    -    1,051,013    1,139,764   Red Road Holdings Corporation   29.32%**  -   -    -    -    -    41,771       27.77%**  -   -    -    -    -    18,683       32.04%**  -   -    -    -    -    3,109       24.98%**  Matured   19,819    266    -    20,085    -       24.51%**  March 30, 2025   197,001    16,840    (40,043)   173,798    -   Quick Capital LLC   11.12%**  -   -    -