Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 964

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 964
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pagos Corporation’s former stockholders held 4,992,900 shares of Common Stock which represented approximately 91%
of the outstanding Common Stock.

The
Qpagos Merger was treated as a reverse acquisition of the Company, then a public shell company, for financial accounting and reporting
purposes. As such, Qpagos Corporation was treated as the acquirer for accounting and financial reporting purposes while the Company was
treated as the acquired entity for accounting and financial reporting purposes.

Qpagos
Corporation was incorporated on May 1, 2015 under the laws of the state of Delaware to effectuate a reverse merger transaction with Qpagos,
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
“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