Sec Form 13G Filing - Gibbs Jimmy I filing for Innovative Payment Solutions Inc. (IPSI) - 2020-01-31

Innovative Payment Solutions, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

45783M 10 9

(CUSIP Number)

December 6, 2019

(Date of Event Which Requires Filing of this Statement)

CUSIP No.

45783M 10 9

1.

NAME OF REPORTING PERSON

Gibbs International, Inc.

2.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

(a) ☐ (b) ☐

3.

SEC USE ONLY

4.

CITIZENSHIP OR PLACE OF ORGANIZATION

South Carolina

NUMBER OF

SHARES

BENEFICIALLY

5.

SOLE VOTING POWER

0

OWNED BY

EACH

REPORTING

6.

SHARED VOTING POWER

19,614,391⁽¹⁾

PERSON

WITH:

7.

SOLE DISPOSITIVE POWER

0

8.

SHARED DISPOSITIVE POWER

19,614,391⁽¹⁾

9.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

19,614,391⁽¹⁾

10.

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES☐

11.

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

15.8%

12.

TYPE OF REPORTING PERSON

CO

CUSIP No.

45783M 10 9

1.

NAME OF REPORTING PERSON

Jimmy I. Gibbs

2.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

(a) ☐ (b) ☐

3.

SEC USE ONLY

4.

CITIZENSHIP OR PLACE OF ORGANIZATION

South Carolina

NUMBER OF

SHARES

BENEFICIALLY

5.

SOLE VOTING POWER

0

OWNED BY

EACH REPORTING

PERSON

6.

SHARED VOTING POWER

19,614,391⁽²⁾

WITH:

7.

SOLE DISPOSITIVE POWER

0

8.

SHARED DISPOSITIVE POWER

19,614,391⁽²⁾

9.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

19,614,391⁽²⁾

10.

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES☐

11.

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

15.8%

12.

TYPE OF REPORTING PERSON

IN

CUSIP No.

45783M 10 9

Item 1.

(a).

Name of Issuer:

Innovative Payment Solutions, Inc.

(b).

Address of issuer's principal executive offices:

4768 Park Granada
Suite 200
Calabasas, CA 91302

Item 2.

(a).

Names of persons filing:

This statement on Schedule 13G is being jointly filed by: (i) Gibbs International, Inc. and (ii) Jimmy I. Gibbs. Jimmy I. Gibbs is an officer, director and the sole shareholder of Gibbs International, Inc.

(b).

Address or principal business offices or, if none, residence:

The address of Jimmy I. Gibbs and the principal business office of Gibbs International, Inc. is:

9855 Warren H. Abernathy Highway

Spartanburg, South Carolina 29301

(c).

Citizenship:

Gibbs International, Inc. is a corporation organized under the laws of South Carolina. Jimmy I. Gibbs is an individual resident of South Carolina.

(d).

Title of class of securities:

Common Stock

(e).

CUSIP No.:

45783M 10 9

Item 3.

If this Statement is filed pursuant to §§.240.13d-1(b) or 240.13d-2(b), or (c), check whether the person filing is a

(a)

[_]

Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b)

[_]

Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c)

[_]

Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d)

[_]

Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e)

[_]

An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f)

[_]

An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g)

[_]

A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G);

(h)

[_]

A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C.1813);

(i)

[_]

A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j)

[_]

A non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J);

(k)

[_]

Group, in accordance with §240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J), please specify the type of institution:

Item 4.

Ownership.

Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.

(a)

Amount beneficially owned:

Gibbs International, Inc. - 19,614,391 shares

Jimmy I. Gibbs - 19,614,391 shares

(b)

Percent of class:

Gibbs International, Inc. - 15.8%

Jimmy I. Gibbs - 15.8%

Number of shares as to which such person has:

(i)

Sole power to vote or to direct the vote

Gibbs International, Inc. - 0

Jimmy I. Gibbs - 0

(ii)

Shared power to vote or to direct the vote

Gibbs International, Inc. - 19,614,391

Jimmy I. Gibbs - 19,614,391

(iii)

Sole power to dispose or to direct the disposition of

Gibbs International, Inc. - 0

Jimmy I. Gibbs – 0

(iv)

Shared power to dispose or to direct the disposition of

Gibbs International, Inc. - 19,614,391

Jimmy I. Gibbs - 19,614,391

Item 5.

Ownership of Five Percent or Less of a Class.

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ ].

Item 6.

Ownership of More Than Five Percent on Behalf of Another Person.

If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.

Not applicable

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

If a parent holding company or control person has filed this schedule pursuant to Rule 13d-1(b)(1)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company or control person has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.

Not applicable

Item 8.

Identification and Classification of Members of the Group.

If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identity of each member of the group.

Not applicable

Item 9.

Notice of Dissolution of Group.

Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5.

Not applicable

Item 10.

Certification.

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

List of Exhibits

Exhibit No.

Description

99.1

Joint Filing Agreement (incorporated by reference to Exhibit 99.1, Schedule 13G filed July 14, 2016 (File No. 005-89566))

GIBBS INTERNATIONAL, INC.

By:

Name:

Jimmy I. Gibbs

Title:

President and Chief Executive Officer

Jimmy I. Gibbs