Innovative Payment Solutions Reports Officer/Director Changes
Ticker: IPSI · Form: 8-K · Filed: Jan 10, 2025 · CIK: 1591913
| Field | Detail |
|---|---|
| Company | Innovative Payment Solutions, Inc. (IPSI) |
| Form Type | 8-K |
| Filed Date | Jan 10, 2025 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $210,500, $247,000, $125,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, corporate-governance
TL;DR
IPS board shakeup and new execs announced, check the details.
AI Summary
Innovative Payment Solutions, Inc. filed an 8-K on January 10, 2025, reporting on events that occurred on January 7, 2025. The filing pertains to the departure of directors or certain officers, the election of directors, and the appointment of certain officers, as well as compensatory arrangements for certain officers. The company, formerly known as QPAGOS and Asiya Pearls, Inc., is incorporated in Nevada and based in Carmel by the Sea, California.
Why It Matters
Changes in a company's board of directors and executive officers can signal shifts in strategy, governance, or operational focus.
Risk Assessment
Risk Level: medium — Changes in key leadership roles can introduce uncertainty regarding future company direction and performance.
Key Players & Entities
- Innovative Payment Solutions, Inc. (company) — Registrant
- QPAGOS (company) — Former Company Name
- Asiya Pearls, Inc. (company) — Former Company Name
- Nevada (jurisdiction) — State of Incorporation
- Carmel by the Sea, CA (location) — Business Address
FAQ
What specific events are detailed in the 8-K filing dated January 10, 2025?
The 8-K filing details the departure of directors or certain officers, the election of directors, the appointment of certain officers, and compensatory arrangements of certain officers.
When did the events reported in the 8-K filing occur?
The earliest event reported in the 8-K filing occurred on January 7, 2025.
What is the full legal name of the company filing the report?
The full legal name of the registrant is Innovative Payment Solutions, Inc.
In which state is Innovative Payment Solutions, Inc. incorporated?
Innovative Payment Solutions, Inc. is incorporated in Nevada.
What were the previous names of Innovative Payment Solutions, Inc.?
The company was formerly known as QPAGOS and Asiya Pearls, Inc.
Filing Stats: 619 words · 2 min read · ~2 pages · Grade level 12.3 · Accepted 2025-01-10 16:00:19
Key Financial Figures
- $210,500 — missory note in the principal amount of $210,500, representing accrued wages owed to Mr.
- $247,000 — missory note in the principal amount of $247,000, representing accrued wages owed to Mr.
- $125,000 — missory note in the principal amount of $125,000 with an institutional investor. 1 SIG
Filing Documents
- ea0227403-8k_innov.htm (8-K) — 24KB
- 0001213900-25-002628.txt ( ) — 187KB
- ipsi-20250107.xsd (EX-101.SCH) — 3KB
- ipsi-20250107_lab.xml (EX-101.LAB) — 33KB
- ipsi-20250107_pre.xml (EX-101.PRE) — 22KB
- ea0227403-8k_innov_htm.xml (XML) — 3KB
02 Departure of Directors or Certain
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On January 7, 2025, Richard Rosenblum provided written notice to the board of directors (the "Board") of Innovative Payment Solutions, Inc., a Nevada corporation (the "Company"), of his resignation as President, Chief Financial Officer, Secretary, and as a member of the Board, effective immediately. Also on January 7, 2025, the Board, pursuant to the powers of the Board provided for under applicable Nevada law and the Company's bylaws, appointed William D. Corbett, the current Executive Chairman of the Company, to the additional office of Chief Executive Officer of the Company. Accordingly, Mr. Corbett will serve as the Company "principal executive officer" for all general corporate purposes and for Securities and Exchange Commission reporting purposes. The Board also approved an extension of the term of Mr. Corbett's employment agreement with the Company by one year, with a term expiring on December 31, 2025. The Company has commenced as search for an individual to serve as the "principal accounting officer" of the Company for Securities and Exchange Commission reporting purposes. In connection with Mr. Rosenblum's resignation, the Board also approved the issuance to Mr. Rosenblum of a convertible promissory note in the principal amount of $210,500, representing accrued wages owed to Mr. Rosenblum. The Board also approved the issuance to Mr. Corbett of a convertible promissory note in the principal amount of $247,000, representing accrued wages owed to Mr. Corbett. The Company and Messrs. Rosenblum and Corbett are working to finalize and document the terms of such convertible promissory notes. The company also completed a round of financing with a convertible promissory note in the principal amount of $125,000 with an institutional investor. 1
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized. INNOVATIVE PAYMENT SOLUTIONS, INC. Dated: January 10, 2025 By: /s/ William Corbett Name: William Corbett Title: Chief Executive Officer 2