IPMHIGH SIGNALOPERATIONAL10-K

IPM completed a transformational business pivot by acquiring Newtek Technology Solutions and divesting its consumer-focused Paltalk, Camfrog, and Vumber applications, fundamentally shifting from consumer software to enterprise IT services.

This represents a complete strategic transformation where IPM has exited the consumer video streaming and telecommunications business to focus entirely on managed IT services for enterprise clients. The company changed its name from Paltalk, Inc. to reflect this new identity, suggesting management views this as a permanent shift rather than a temporary expansion.

Comparing 2026-03-17 vs 2025-03-24View on EDGAR →
FINANCIAL ANALYSIS

The transformation significantly expanded IPM's balance sheet with total assets growing to $26.0M from $15.9M, while liabilities roughly doubled to $7.9M, likely reflecting the acquisition financing and operational changes. R&D expenses declined dramatically from $4.9M to $216K as the company moved away from software development, while net losses meaningfully improved from -$8.4M to -$2.0M, suggesting the new business model may offer better unit economics despite the substantial operational restructuring costs.

FINANCIAL STATEMENT CHANGES
Total Liabilities
Balance Sheet
+97.7%
$4.0M→$7.9M

Liabilities grew 97.7% — significant increase in debt or obligations, assess impact on financial flexibility.

R&D Expense
P&L
-95.6%
$4.9M→$216K

R&D spending cut 95.6% — could signal cost discipline or concerning reduction in innovation investment.

Net Income
P&L
+76.8%
-$8.4M→-$2.0M

Net income grew 76.8% — bottom-line growth signals improving overall business health.

Total Assets
Balance Sheet
+64.1%
$15.9M→$26.0M

Asset base grew 64.1% — expansion through organic growth, acquisitions, or capital deployment.

Stockholders Equity
Balance Sheet
+52.8%
$11.9M→$18.2M

Equity base grew 52.8% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Cash & Equivalents
Balance Sheet
-47.1%
$10.6M→$5.6M

Cash declined 47.1% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Capital Expenditure
Cash Flow
-28.4%
$391K→$280K

Capex reduced 28.4% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

LANGUAGE CHANGES
NEW — 2026-03-17
PRIOR — 2025-03-24
ADDED
As of March 13, 2026, the registrant had 9,085,729 * shares of common stock outstanding.
Form 10-K Summary 37 Signatures 38 Unless the context otherwise indicates, references to IPM, we, our, us and the Company refer to Intelligent Protection Management Corp.
BUSINESS Company Overview We provide a comprehensive range of IT-related services, including managed IT security services, secure private cloud hosting, managed backup and disaster recovery, professional services, procurement services, web hosting, and other related services including consulting and implementing technology solutions for large enterprise and commercial clients across the United States as well as small-and-medium sized businesses.
We also offer and support our ManyCam software, which is a live streaming software and virtual camera that allows users to deliver professional live videos on streaming platforms, video conferencing apps and distance learning tools.
On January 2, 2025 (the Closing Date ), we completed (i) the acquisition of Newtek Technology Solutions, Inc., a New York corporation ( NTS ), and such acquisition, the Acquisition ), and (ii) the sale of our telecommunications services provider, Vumber , as well as our Paltalk and Camfrog applications and certain assets and liabilities related to such services provider and applications (such sale, the Divestiture, and, together with the Acquisition, the Transactions ).
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REMOVED
As of March 14, 2025, the registrant had 9,236,987 * shares of common stock outstanding.
EXPLANATORY NOTE On January 2, 2025 (the Closing Date ), Intelligent Protection Management Corp.
(f/k/a Paltalk, Inc.) (the Company ) completed the acquisition of Newtek Technology Solutions, Inc., a New York corporation ( NTS ), pursuant to that certain Agreement and Plan of Merger (the Acquisition Agreement ), by and among the Company, PALT Merger Sub 1, Inc., a New York corporation and a direct and wholly owned subsidiary of the Company ( First Merger Sub ), PALT Merger Sub 2, LLC, a Delaware limited liability company and a direct and wholly owned subsidiary of the Company ( Second Merger Sub ), NTS and NewtekOne, Inc., a Maryland corporation and the sole stockholder of NTS.
Following the closing of the Acquisition (the Acquisition Closing ), the Company changed its name from Paltalk, Inc.
On the Closing Date and prior to the Acquisition Closing, the Company completed the sale to Meteor Mobile Holdings, Inc., a Delaware corporation ( Meteor Mobile ), of its telecommunications services provider, Vumber , as well as its Paltalk and Camfrog applications and certain assets and liabilities related to such services provider and applications (such sale, the Divestiture, and, together with the Acquisition, the Transactions ) pursuant to that certain Asset Purchase Agreement, by and among the Company, its wholly owned subsidiaries Paltalk Holdings, Inc.
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