Welcome to our dedicated page for INDEPENDENCE POWER SEC filings (Ticker: ITXP), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Independence Power Holdings, Inc. filings document the company’s public-reporting structure, material-event disclosures, auditor changes, and governance updates following its completed transition from TriUnity Business Services Limited. Recent 8-K and 8-K/A reports identify the registrant as a Nevada corporation and record changes in the independent registered accounting firm, including the former auditor letter process and disclosures tied to prior audit reports.
The filings also cover board composition, audit committee membership, formation of a compensation committee, and related corporate-governance actions. These records frame ITXP’s regulatory disclosure around reporting controls, certifying-accountant matters, committee oversight, and public-company risk references such as going-concern language in prior financial statements.
Independence Power Holdings, Inc. reported no revenue for the quarter ended March 31, 2026, reflecting its early stage as a software and services provider for battery energy storage systems. The company posted a net loss of $237,285, a substantial improvement from $3,006,255 a year earlier, mainly because prior-year research and development and management fees were much higher.
Results were driven by $868,567 of interest income from the $86.6 million secured GridCore Note, which is the company’s principal asset. Cash and cash equivalents were $1,552,375 as of March 31, 2026, supplemented by a related-party credit line of up to $4 million, of which $1.8 million was drawn.
The company has not yet generated recurring contract revenue; its DBD asset management agreement produced no fees this quarter because no battery units were deployed. Management expects future revenue to come mainly from software licenses, subscriptions and service fees tied to utilization of the BESS fleet. The quarter also highlights ongoing risks: a large deferred tax liability linked to the GridCore Note, dependence on collecting that note, and disclosure that internal control over financial reporting remains ineffective due to previously identified material weaknesses, even though a new CFO has been hired.
Independence Power Holdings, Inc. reports a major transition into an energy‑technology business focused on software-enabled control of large battery energy storage systems at unconventional oil and gas sites, especially in the Permian Basin. The company’s new model is asset‑light, relying on a rural electric cooperative to own a 101‑unit, 241‑megawatt BESS fleet while Independence Power supplies software and asset management services.
The 10‑K highlights that 2025 revenue of $97.2 million came almost entirely from a single GridCore installation project, mostly paid via an $86.6 million secured promissory note, creating collection and collateral risks. Near‑term cash needs are supported by a $4 million related‑party credit line and a March 2026 interest payment of about $1.7 million on the GridCore Note.
The filing stresses that ITXP is an early‑stage, highly speculative company with limited operating history, one active servicing contract, and heavy customer and shareholder concentration. Independence Investors and its affiliate Energizer Systems control about 94.33% of total common stock via 224,000,000 Class B and 26,600,000 of the 41,650,000 Class A shares, reinforcing governance and liquidity risks.
Independence Power Holdings, Inc. reported board and governance changes. The board of directors was expanded from five to seven members, and Brian L. Cantrell and Mathew Newfield were appointed as new directors effective February 13, 2026. Both bring long executive experience, in finance for energy and industrials in Mr. Cantrell’s case and in cybersecurity and technology infrastructure for Mr. Newfield.
The board appointed both new directors to the Audit Committee, naming Mr. Cantrell as its chair. It also created a new Compensation Committee, initially comprising Mr. Cantrell, Mr. Newfield and H. Nicholson Carter, with Mr. Newfield as chair. The filing notes standard independent director compensation and confirms there are no related-party transactions, family relationships or special arrangements tied to these appointments.
Independence Power Holdings, Inc. filed an amended current report to update its disclosure on a change in independent auditors and to confirm a previously authorized forward stock split. The board dismissed JP Centurion & Partners PLT on January 21, 2026 and engaged Whitley Penn LLP as the new independent registered accounting firm.
JP Centurion’s report on the year ended July 31, 2025 included a going concern explanatory paragraph but no adverse or qualified opinion, and the company reports no disagreements or reportable events. The amendment also notes that a seven-for-one forward split of Class A and Class B common stock has been approved by FINRA, with shareholders of record on January 26, 2026 receiving additional shares on February 4, 2026.
Independence Power Holdings, Inc. reported that its board dismissed JP Centurion & Partners PLT as independent registered public accounting firm on January 21, 2026 and, on the same date, engaged Whitley Penn LLP as the new independent auditor.
JP Centurion’s report on the company’s financial statements for the year ended December 31, 2024 included an explanatory paragraph about the company’s ability to continue as a going concern but did not contain an adverse opinion, disclaimer of opinion, or qualifications on scope or principles. The company states there were no disagreements or reportable events with JP Centurion for the fiscal years ended December 31, 2025 and 2024 through the engagement date, and it has requested a letter from JP Centurion to be filed as an amendment when available. The company also notes it did not consult Whitley Penn on accounting or audit issues before this engagement.