---
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"
generated_at: "2026-06-20T19:38:08.996724+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Innovative Payment Solutions extends convertible notes to Dec 2023, cuts conversion price to $0.0115

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.03, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-001116
- JSON: https://secwatch.observer/filing/0001213900-23-001116.json
- Plain text: https://secwatch.observer/filing/0001213900-23-001116.txt

## Key facts
- Debt Financings
  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.
  - Instrument: loan
  - Principal: $482,000 each
  - Counterparty: Cavalry Fund I LP and Mercer Street Global Opportunity Fund, LLC
  - Rate: ten percent (10%)
  - Maturity: December 30, 2023
  - Event: incurrence
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1591913/000121390023001116/0001213900-23-001116-index.htm
- Debt Financings
  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.
  - Instrument: convertible notes
  - Principal: aggregate of $2,264,784, or $1,132,392 for each
  - Counterparty: Cavalry Fund I LP and Mercer Street Global Opportunity Fund, LLC
  - Maturity: December 30, 2023
  - Event: amendment
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1591913/000121390023001116/0001213900-23-001116-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.