Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 38

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 38
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Company and Mr. Corbett changed attorneys. The Law Offices of Jeffrey B. Neustadt replaced prior counsel. Mr. Neustadt’s office
submitted the cost bill and an attorneys’ fees motion that will be decided on September 10, 2024, by the trial court for the fees
incurred on the successful appeal. As with the Voloshin matter, we are contractually bound to proceed through arbitration and to that
end completed the process of selecting an arbitrator under the AAA rules. That appointment was made on August 7, 2024. Henceforth, the
Minkovich matter will track along the same lines as the Voloshin matter but on a smaller scale as there is only one plaintiff in the
Minkovich matter as opposed to five in the Voloshin matter. The arbitration hearing (“trial”) in the Minkovich matter was
set for June 30, 2025 to July 3, 2025 at the continued “preliminary conference” held on October 7, 2024. Before the arbitration
hearing, the parties will engage in discovery and some motion work which may (1) either dispose of all or some of the case, and/or (2)
result in the Minkovich matter being sent back to the Superior Court for final determination.

Item 4. Mine Safety Disclosures

Not applicable.

21

PART II

Item 5. Market
for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities

From November 3, 2014
to July 4, 2016, our common stock traded on the OTC Pink Markets under the symbol “ASYP” but no trading took place
during this time. Since July 5, 2016 our common stock has traded on the OTCQB Market, and our symbol was changed to “QPAG”
on June 2, 2016 and to “IPSI” on December 3, 2019.

The last reported sale
price of our common stock on the OTCQB on March 28, 2025, was $0.0026 per share. OTC market quotations reflect inter-dealer prices,
without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.

As of March 30, 2025,
there were approximately 67 holders of record of our common stock. 

Dividend Policy

We have not paid any
cash dividends