Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 6

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 6
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os, S.A.P.I.
de C.V. (“Qpagos Mexico”) and Redpag Electrónicos S.A.P.I. de C.V. (“Redpag”). Each of the entities were
incorporated in November 2013 in Mexico. Qpagos Mexico was formed to process payment transactions for service providers it contracts
with, and Redpag was formed to deploy and operate kiosks as a distributor. 

On June 1, 2016, the
board of directors of the 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 “2019
Reverse Stock Split”). As a result of the 2019 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