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Independence Power Holdings, Inc. (TYBB) filings document the company's completed reverse-merger transition from TriUnity Business Services Limited, including the business combination in which Independence Power, Inc. became a wholly owned subsidiary and the primary business for financial reporting purposes.
The filing record is led by Form 8-K and 8-K/A reports covering material agreements, changes in the independent registered accounting firm, auditor correspondence, going-concern language in the prior audit report, board expansion, Audit Committee and Compensation Committee organization, executive officer appointments, employment agreements and capital-structure disclosures involving common stock and Class B Common Stock.
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. 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. appointed Brian Dutton as its new Chief Financial Officer, effective April 13, 2026, succeeding Scott Stephenson, who will continue to serve on the Board. The move reflects a leadership transition in the company’s finance function.
Dutton brings prior senior finance experience from Crimson Energy Partners, Vine Energy Inc., Silver Creek Oil & Gas, Quicksilver Resources, and PricewaterhouseCoopers, and holds a finance and accounting degree plus a Texas CPA license. His executive employment agreement provides an initial base salary of $288,750 and a three-year term that automatically renews annually unless either party gives 60 days’ notice.
If terminated without cause or if he resigns for good reason, Dutton is eligible for 180 days of continued base salary in addition to accrued obligations, subject to a release. He receives indemnification protections, continued officers’ liability insurance for at least four years following any change in control, and is bound by confidentiality, non-solicitation, non-competition, and non-disparagement covenants generally lasting 24 months after employment.
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. 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. 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. 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.
Independence Power Holdings, Inc. (formerly TriUnity Business Services) reports a reverse merger in which Independence Power, Inc. became its wholly owned subsidiary and Independence Investors LLC received 32,000,000 shares of Class B Common Stock, resulting in Independence Investors and its affiliate Energizer Systems collectively owning about 94.33% of the outstanding common stock and gaining voting control through 10-vote-per-share Class B stock.
The company entered a warrant agreement granting BESS Rural Energy Cooperative warrants to buy up to 8,901,852 Class A shares, described as 19% of the common stock on a fully diluted basis, at an aggregate exercise price of $32,000,000. Before a planned 7‑for‑1 forward split, there were 5,950,000 Class A and 32,000,000 Class B shares outstanding; on a pro forma basis after the split there would be 41,650,000 Class A and 224,000,000 Class B shares outstanding, excluding warrant shares.
The filing also details a new dual‑class capital structure, governance terms favoring Class B holders, a fiscal year change to December 31, and an energy‑technology business focused on software‑driven control of battery energy storage systems serving oil and gas operations, supported by a 241‑MW BESS fleet owned by an affiliated cooperative under an asset‑light Power‑as‑a‑Service model.
TriUnity Business Services Limited reported a major change in ownership and a planned recapitalization. Energizer Systems, LLC bought 3,800,000 shares of common stock, the “Control Block,” from former CEO and sole director Jervey Choon for $575,000, giving Energizer about 63.8% of the company and resulting in a change in control on November 26, 2025.
The company agreed to amend its charter to raise authorized common stock to 400,000,000 shares and complete a 7‑for‑1 forward stock split. Subject to audited financials, TriUnity plans to acquire Independence Power from Energizer in a stock Merger after which Energizer would hold about 96% of outstanding equity. TriUnity also agreed to issue Warrants to future financing parties for shares equal to roughly 19% of fully diluted equity for a total cash exercise price of $28,000,000, conditioned on closing the Merger. Following the control change, Choon resigned and Todd Parkin became CEO, while Scott Stephenson became Chairman, President, Secretary, CFO, Treasurer, and sole director.
TriUnity Business Services Limited reported weak results for the three months ended October 31, 2025. Revenue was only $333, down sharply from $8,667 a year earlier, all from business services in Malaysia. The company swung from a prior net profit of $3,197 to a net loss of $10,206, driven mainly by higher general and administrative expenses of $11,139.
The balance sheet is strained: cash and cash equivalents were $5,927 and total assets $12,055 as of October 31, 2025, against current liabilities of $36,336. Shareholders’ equity was a deficit of $24,281, with an accumulated deficit of $56,911. Management discloses substantial doubt about the company’s ability to continue as a going concern and notes reliance on a potential public offering or support from the controlling shareholder. There were 5,950,000 common shares outstanding as of December 2, 2025.
TriUnity Business Services Ltd (TYBB) reports limited annual-report details showing its equity and a tax-asset valuation allowance. The company has 75,000,000 authorized shares with a par value of $0.0001. Shares issued and outstanding increased to 5,950,000 as of July 31, 2025 from 3,800,000 as of July 31, 2024, indicating new issuances or reclassifications during the year. Management recorded a $9,808 valuation allowance against deferred tax assets related to expected future tax benefits from net operating loss carryforwards because they believe it is more likely than not those tax benefits will not be realized.