Loans Receivable

3 Months Ended

Mar. 31, 2024

Loans Receivable [Abstract]

LOANS RECEIVABLE

5 LOANS RECEIVABLE

On February 22, 2024, the Company (utilizing a portion of the proceeds from the issuance of convertible notes) loaned funds to Business Warrior Corporation (“BZWR”) in the principal amount of $226,190, which includes an original issue discount equal to $67,857, for net proceeds of $158,333. The loan is memorialized by a secured promissory note (the “BZWR Note”). The BZWR Note does not accrued interest, except in the case of an event of default, which case interest accrues at 15% per annum. The BZWR Note matures on the earlier to occur of December 31, 2025 and the date that BZWR’s securities are listed on a national securities exchange. The BZWR Note may be prepaid at any time for an amount equal to 110% of the then principal and accrued interest. IPSI shall have the right to exchange the BZWR Note for securities issued by BZWR in any subsequent private placement by BZWR. The principal and accrued interest under BZWR Note is convertible into common stock of BZWR at a price equal to $0.0036 per share, subject to certain adjustments and potential resets. BZWR’s obligations under the BZWR Note are guaranteed by BZWR’s subsidiaries and secured by a lien on BZWR’s accounts receivable.

The debt discount on the BZWR note is amortized as income utilizing the effective interest rate method.

Loans receivable consists of the following:

Description	Interest Rate			Maturity date	Principal		Unamortized discount			March 31, 2024 Amount, net
Business Warrior Corporation		0	%	December 31, 2025		226,190		(64,575	)		161,615

Discount amortized to income as deemed interest during the three months ended March 31, 2024 was $3,282.