Innovative Payment Solutions, Inc. (IPSI): debt financing — IPSI issues ~$308k convertible notes, signs non-binding LOI to acquire BZWR

Innovative Payment Solutions, Inc.

Issued unsecured convertible notes to 4 accredited investors for $308k gross; 8% interest, 12-month maturity, conversion at $0.345/share.
Signed non-binding LOI to acquire Business Warrior (BZWR); consideration is 40% of IPSI post-closing common stock.
Note holders of both companies would exchange convertible debt for new Series A Convertible Preferred of IPSI prior to closing.
IPSI loaned BZWR $226,190 (with OID of $67,857) via secured promissory note, convertible at $0.0036/share, secured by receivables.
Transaction subject to due diligence, definitive agreements, and stockholder approvals; no assurance of consummation.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Innovative Payment Solutions, Inc. incurred convertible notes of total gross proceeds of approximately $308,000 with four (4) accredited investment entities at 8% per annum maturing 12 months from issuance.

Instrument: convertible notes
Principal: total gross proceeds of approximately $308,000
Counterparty: four (4) accredited investment entities
Rate: 8% per annum
Maturity: 12 months from issuance
Event: incurrence

Exact text from the filing

Between February 6 and February 21, 2024, Innovative Payment Solutions, Inc. (the “ Company ” or “ IPSI ”) entered into Securities Purchase Agreements pursuant to which the Company issued convertible promissory notes (the “ Notes ”) to four (4) accredited investment entities for total gross proceeds of approximately $308,000.

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Innovative Payment Solutions, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-24-016929

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