secwatch.observer — SEC 8-K summary
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Issuer:     Innovative Payment Solutions, Inc. (IPSI)
CIK:        0001591913
Form:       8-K
Filed at:   2024-02-26T23:59:59+00:00
Accession:  0001213900-24-016929
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 2.03, 8.01
LLM model:  deepseek-v4-flash:cloud@v2

IPSI issues ~$308k convertible notes, signs non-binding LOI to acquire BZWR
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1591913/000121390024016929/0001213900-24-016929-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1591913/000121390024016929/ea0200695-8k_innov.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-016929

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer