Item 8.01 Other Events
KinerjaPay Corp (OTCBB: KPAY) is an Indonesian-based Delaware corporation
engaged in e-commerce and digital payment services, among other businesses,
principally in Indonesia and SE Asia. The Company's business aim is to build a
secure and convenient e-commerce ecosystem for use by our customers and
merchants by providing services and products including: (i) electronic payment
service; and (ii) virtual marketplace for the sale of a wide variety of products
and services, both of which are available on the portal, KinerjaPay.com. In
addition to access to the Portal, our Android and iPhone based mobile
application includes additional in-app services to mobile phone users such as
social engagement and digital entertainment. A virtual marketplace, powered by
our proprietary electronic payment service and gamified with in-app
entertainment features, creates a one-stop-shop e-commerce platform for users.
On December 14, 2020, the Company filed a Form 8-K with a press release attached
as Exhibit 99.1 hereto, announcing that the Company has signed a new Indonesian
bituminous coal contract with a China Construction Investment Group (Ningbo)
Trading Co., Ltd. for a contract to supply up to 2,000,000 Metric Tons (MT) in
or about 12 weeks.
The purpose of this Form 8-K, as referenced in the Explanatory Note above, is to
summarize the Company's operations in the United States, as follows: (i) the
Company only makes investments, whether in the form of convertible note or
convertible preferred stock transactions, in select U.S. public companies with
whom it has a strategic relations to market their products and services in SE
Asia (the "U.S. Strategic Partners"); (ii) the Company utilizes cash generated
from its investments in U.S. Strategic Partners to make additional equity and
debt investments either in the form of convertible preferred stock or
convertible notes. The proceeds generated from the conversion of the convertible
preferred stock or convertible notes from U.S. Strategic Partners is used almost
exclusively for reinvestment in existing U.S. Strategic Partners or new public
companies with whom the company is negotiating distribution and marketing
agreements for SE Asia and, to a far lesser extent, to advance funds to the
Company in Indonesia for its professional fees, such as audit and legal
expenses, or other administrative business expenses.
While the Company's Form 10-K for the year-ended December 31, 2019 disclosed
that in February 2018, the Company organized a new subsidiary under the laws of
Indonesia as a wholly-owned subsidiary of PT Kinerja Indonesia, the Company's
principal Indonesian operating subsidiary, for the purpose of developing and
managing a peer-to-peer lending platform focusing on micro-lending activities,
solely in Indonesia and in accordance with the Financial Service Authority
(Otoritas Jasa Keuangan) of Indonesia, the Company's U.S. investment operations
receive no funding whatsoever from its Indonesian operations, including the
peer-to-peer lending platform, nor does the Company's U.S. operations
participate in, fund, make collections on behalf of or receive any monies
related to the Indonesian lending platform.
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