Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 62

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 62
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 Company (the “Board”) changed the Company’s fiscal year end from October
31 to December 31.

On November
1, 2019, the Company changed its corporate name from “QPAGOS” to “Innovative Payment Solutions, Inc.” Additionally,
and immediately following the name change, the Company filed a Certificate of Change with the Secretary of State of the State of
Nevada to effect a reverse split of the then outstanding Common Stock at a ratio of 1-for-10, effective on November 1, 2019 (the
“Reverse Stock Split”). As a result of the Reverse Stock Split, each ten pre-split shares of Common Stock outstanding automatically
combined into one new share of Common Stock without any further action on the part of the holders, and the number of outstanding shares
of Common Stock was reduced from 320,477,867 shares to 32,047,817 after rounding for fractional shares.

On
December 31, 2019, the Company consummated the disposal of Qpagos Corporation, Qpagos Mexico and Redpag in exchange for 2,250,000 shares
(the “Vivi Shares”) of common stock of Vivi Holdings, Inc. (“Vivi. or “Vivi Holdings”) pursuant to a Stock
Purchase Agreement dated August 5, 2019 (the “SPA”). Of the 2,250,000 shares of Vivi, nine percent (9%) was allocated
as follows: Gaston Pereira (5%), Andrey Novikov (2.5%), and Joseph Abrams (1.5%). The transactions contemplated by the SPA closed
on December 31, 2019 after the satisfaction of customary conditions, the receipt of a final fairness opinion and the approval of the Company’s
shareholders. As a result, the Company no longer has any business operations in Mexico and has retained its U.S. operations, currently
based in Carmel By The Sea, California.

On
June 21, 2021, the Company acquired a 10% strategic interest in Frictionless Financial Technologies, Inc. (“Frictionless”).
Frictionless delivered to the Company, a live fully compliant financial payment Software as a Service solution for use by the Company
as a digital payment platform (which was subsequently branded as IPSIPay) that enabled payments within the United States and abroad, including
Mexico, together with a service agreement providing a full