Innovative Payment Solutions, Inc. Files Amendment to 2023 10-K

TL;DR

<b>Innovative Payment Solutions, Inc. has filed an amendment to its 2023 10-K report.</b>

AI Summary

Innovative Payment Solutions, Inc. (IPSI) filed a Amended Annual Report (10-K/A) with the SEC on April 17, 2024. Filing is an Amendment No. 1 to the Form 10-K for the fiscal year ended December 31, 2023. The company's principal executive offices are located at 56B 5th Avenue, Lot 1 #AT, Carmel by the Sea, CA 93921. Innovative Payment Solutions, Inc. is incorporated in Nevada. The company's common stock has a par value of $0.0001. The filing indicates the company is not a well-known seasoned issuer, accelerated filer, or large accelerated filer.

Why It Matters

For investors and stakeholders tracking Innovative Payment Solutions, Inc., this filing contains several important signals. This amendment suggests potential revisions or additions to the original 10-K filing, which could contain important updates for investors regarding the company's financial health, operations, or strategic direction. As a smaller reporting company, the detailed financial disclosures may be less extensive than for larger filers, requiring careful review of the available information.

Risk Assessment

Risk Level: low — Innovative Payment Solutions, Inc. shows low risk based on this filing. The filing is an amendment to a 10-K, indicating it's a routine update or correction rather than a significant new development. No specific financial or operational data is provided in this excerpt to suggest high risk.

Analyst Insight

Review the full amended 10-K filing for any substantive changes or new disclosures made by Innovative Payment Solutions, Inc. regarding its financial performance or business operations.

Key Numbers

• 20231231 — Fiscal Year End (Conformed Period of Report)
• 20240417 — Filing Date (Filed as of Date)
• 000-55648 — Commission File Number (SEC File Number)
• 0001591913 — Central Index Key (Company Central Index Key)

Key Players & Entities

• Innovative Payment Solutions, Inc. (company) — Registrant Name
• December 31, 2023 (date) — Fiscal period ended
• Nevada (jurisdiction) — State of Incorporation
• 56B 5th Avenue, Lot 1 #AT (address) — Business Address
• Carmel by the Sea (city) — Business Address City
• CA (state) — Business Address State
• 93921 (zip_code) — Business Address Zip
• $0.0001 (dollar_amount) — Par value of Common Stock

FAQ

Industry Context

The company operates within the retail catalog and mail-order houses industry (SIC 5961).

Regulatory Implications

The filing is a standard SEC report (10-K/A) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Obtain and review the complete amended 10-K filing to understand all disclosed information.
2. Analyze any changes or additions made in Amendment No. 1 compared to the original 10-K.
3. Assess the company's current operational status and financial position based on the filing's content.

Year-Over-Year Comparison

This is an amended filing (10-K/A), indicating updates or corrections to the previously submitted 10-K for the fiscal year ended December 31, 2023.

Key Financial Figures

• $0.0001 — ection 12 (g) of the Act: Common Stock, $0.0001 par value. Indicate by check mark if
• $0.42 — mmon stock reported on June 30, 2023 of $0.42 per share). This calculation excludes s

Filing Documents

• ea0203998-10ka1_innova.htm (10-K/A) — 1039KB
• ea020399801ex31-1_innova.htm (EX-31.1) — 13KB
• ea020399801ex31-2_innova.htm (EX-31.2) — 14KB
• ea020399801ex32-1_innova.htm (EX-32.1) — 5KB
• ea020399801ex32-2_innova.htm (EX-32.2) — 5KB
• image_001.jpg (GRAPHIC) — 5KB
• image_002.jpg (GRAPHIC) — 2KB
• 0001213900-24-033608.txt (&nbsp;) — 9089KB
• ipsi-20231231.xsd (EX-101.SCH) — 102KB
• ipsi-20231231_cal.xml (EX-101.CAL) — 63KB
• ipsi-20231231_def.xml (EX-101.DEF) — 512KB
• ipsi-20231231_lab.xml (EX-101.LAB) — 885KB
• ipsi-20231231_pre.xml (EX-101.PRE) — 528KB
• ea0203998-10ka1_innova_htm.xml (XML) — 1161KB

Financial Statements and Supplementary

Item 8. Financial Statements and Supplementary Data Page Report of the Independent, Registered Public Accounting firm F-2 Consolidated Balance Sheets as of December 31, 2023 and December 31, 2022 F-3 Consolidated Statements of Operations for the years ended December 31, 2023 and December 31, 2022 F-4 Consolidated Statements of Deficit for the years ended December 31, 2023 and December 31, 2022 F-5 Consolidated Statements of Cash Flows for the years ended December 31, 2023 and December 31, 2022 F-6 Notes to the Consolidated Financial Statements F-7 F-1 805 Third Avenue New York, NY 10022 Tel. 212.838.5100 Fax 212.838.2676 www.rbsmllp.com REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Stockholders of Innovative Payment Solutions, Inc. Opinion on the Financial We have audited the accompanying consolidated balance sheets of Innovative Payment Solutions, Inc. (the Company) as of December 31, 2023 and 2022, and the related consolidated ended December 31, 2023, and the related notes (collectively referred to as the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the two years in the two-year period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America. The Company's Ability to Continue as a Going Concern The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 3 to the accompanying consolidated financial statements, the Company has suffered recurring losses from operations, generated

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 1 ORGANIZATION AND DESCRIPTION OF BUSINESS a) Organization On May 12, 2016 , Innovative Payment Solutions, Inc., a Nevada corporation ("IPSI" or the "Company") (originally formed on September 23, 2013 under the name "Asiya Pearls, Inc."), entered into an Agreement and Plan of Merger (the "Merger Agreement") with Qpagos Corporation, a Delaware corporation ("Qpagos Corporation"), and Qpagos Merge, Inc., a Delaware corporation and wholly owned subsidiary of the Company ("Merger Sub"). Pursuant to the Merger Agreement, on May 12, 2016, the merger was consummated, and Qpagos Corporation and Merger Sub merged (the "Merger"), with Qpagos Corporation continuing as the surviving corporation of the Merger. On May 27, 2016, the Company's name was changed from "Asiya Pearls, Inc." to "QPAGOS". Pursuant to the Merger Agreement, upon consummation of the Merger, each share of Qpagos Corporation's capital stock issued and outstanding immediately prior to the Merger was converted into the right to receive two shares of the Company's common stock, par value $ 0.0001 per share (the "Common Stock"). Additionally, pursuant to the Merger Agreement, upon consummation of the Merger, the Company assumed all of Qpagos Corporation's warrants issued and outstanding immediately prior to the Merger, which were exercisable for an aggregate of approximately 621,920 shares of Common Stock as of the date of the Merger. Prior to and as a condition to the closing of the Merger, a then-current holder of 500,000 shares of Common Stock agreed to return 497,500 shares of Common Stock held by such holder to the Company and such holder retained an aggregate of 2,500 shares of Common Stock. The other then stockholders of the Company retained 500,000 shares of Common Stock. Therefore, immediately following the Merger, Qpagos Corporation's former stockholders held 4,992,900 shares of Common Stock which represented approximately 91 % of the outstanding Common Stock. The Merger was

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 1 ORGANIZATION AND DESCRIPTION OF BUSINESS (continued) b) Description of current business The Company is currently a fintech provider of digital payment solutions presently focused on, through its participation in IPSIPay Express (as defined below), developing a new account-to-account payment application called Instant Settlement in RealTime as well as traditional credit card processing services. The Company has in the past (under the name IPSIPay) and may in the future develop and operate "e-wallets" that enable consumers to deposit cash, convert it into a digital form and remit funds quickly and securely. IPSIPay Express On April 28, 2023, the Company formed a new company called IPSIPay Express LLC ("IPSIPay Express"). This entity was formed as a Delaware limited liability company joint venture with OpenPath, Inc. ("OpenPath") and EfinityPay, LLC ("EfinityPay", and the Company, collectively with OpenPath and EfinityPay, the "Members") to develop and market a proprietary consumer to merchant real-time payment platform initially focused on the fast-growing online gaming and entertainment sectors. On June 19, 2023, the Company entered into a Limited Liability Company Operating Agreement (the "Operating Agreement") with OpenPath and EfinityPay to jointly provide for the governance of and rights of the Members with respect to IPSIPay Express. The effective date of the Operating Agreement is April 28, 2023. IPSIPay Express was formed by the Members with the initial business purposes of providing credit card processing solutions and also a proprietary solution for real time bank-to-bank payment transactions in a manner that provides seamless and frictionless consumer and merchant experiences, with an initial focus on merchants operating in gaming and entertainment sectors. Such solutions are collectively referred to herein as "IPEX." Pursuant to the Operating Agreement, the Company agreed to contribute cash to or on behalf IPSIPay E

View Full Filing

View this 10-K/A filing on SEC EDGAR