{"schema_version":"secwatch.filing_event.v1","accession":"0001213900-23-001116","form_type":"8-K","ticker":"IPSI","cik":"0001591913","company_name":"Innovative Payment Solutions, Inc.","filed_at":"2023-01-05T23:59:59+00:00","discovered_at":"2026-05-14T18:03:45.740904+00:00","generated_at":"2026-06-20T19:38:08.996724+00:00","sec_items":["2.03","9.01"],"event_type":"debt","sentiment":"negative","materiality_score":0.8,"calibrated_materiality_score":0.8,"confidence":"high","headline":"Innovative Payment Solutions extends convertible notes to Dec 2023, cuts conversion price to $0.0115","bullets":["Maturity of 12.5% convertible notes to Cavalry and Mercer extended to Dec 30, 2023; conversion price slashed from $0.15 to $0.0115 per share.","Each note's underlying shares increase to 98,468,838 (based on $1,132,392 principal and accrued interest each).","Original warrants for 2,486,957 shares each exchanged for 12-month non-convertible promissory notes of $482,000 at 10% interest.","August 2022 extension warrants (3M shares each) now cover 39,130,435 shares at $0.0115 exercise price due to ratchet provisions.","Company must file registration statement for underlying shares by Jan 14, 2023, effective by Jan 29 or Mar 30, 2023."],"urls":{"canonical":"https://secwatch.observer/filing/0001213900-23-001116","json":"https://secwatch.observer/filing/0001213900-23-001116.json","markdown":"https://secwatch.observer/filing/0001213900-23-001116.md","text":"https://secwatch.observer/filing/0001213900-23-001116.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1591913/000121390023001116/0001213900-23-001116-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1591913/000121390023001116/ea171235-8k_innovative.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-20T19:38:08.996724+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"b1841c3d0f8e9e47e0d70fc7f8e7d1459e28e86a","claim":"Innovative Payment Solutions, Inc. incurred loan of $482,000 each with Cavalry Fund I LP and Mercer Street Global Opportunity Fund, LLC at ten percent (10%) maturing December 30, 2023.","evidence_excerpt":"the Original Warrants issued on February 16, 2021 were irrevocably exchanged for 12-month non-convertible promissory notes issued to each of Cavalry and Mercer in the amount of $482,000 each (the “Exchange Notes”). This exchange caused the cancellation of the Original Warrants for all purposes. The Exchange Notes have a maturity date of December 30, 2023 and carry an interest rate of ten percent (10%).","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1591913/000121390023001116/0001213900-23-001116-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"loan"},{"label":"Principal","value":"$482,000 each"},{"label":"Counterparty","value":"Cavalry Fund I LP and Mercer Street Global Opportunity Fund, LLC"},{"label":"Rate","value":"ten percent (10%)"},{"label":"Maturity","value":"December 30, 2023"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"b86e0b66301f654aaea1d378d20d08c80d63fdab","claim":"Innovative Payment Solutions, Inc. amended convertible notes of aggregate of $2,264,784, or $1,132,392 for each with Cavalry Fund I LP and Mercer Street Global Opportunity Fund, LLC maturing December 30, 2023.","evidence_excerpt":"or fully reviewed by the SEC). The parties also acknowledged that the principal and accrued interest under the Notes as of December 28, 2022 is equal to an aggregate of $2,264,784, or $1,132,392 for each of Cavalry and Mercer. In addition, as a result of the reduction in the conversion price of the Note, certain other warrants held by third parties will have","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1591913/000121390023001116/0001213900-23-001116-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"aggregate of $2,264,784, or $1,132,392 for each"},{"label":"Counterparty","value":"Cavalry Fund I LP and Mercer Street Global Opportunity Fund, LLC"},{"label":"Maturity","value":"December 30, 2023"},{"label":"Event","value":"amendment"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}