That's how you interpreted the registration withdrawal?
Even though it clearly states its in reference to the S1 released on 11-2-18. That S1, if you read it, was created for the issue of Class C preferred shares.
~From the S1, Page 4: Use of Proceeds
We plan to use the net proceeds from this Offering for acquisitions (we have not entered into any agreement or commitment with respect to any acquisitions or investments at this time), to fund organic growth initiatives and general corporate purposes. We will place proceeds equal to 18 months of dividends ($1,237,500 based on an Offering of $7,500,000 or 100% of Series C Preferred, $829,125 based on an Offering of $5,025,000 or 67% of Series C Preferred or $408,376 based on an Offering of $2,475,000 or 33% of Series C Preferred ) into a separate bank account to be used to pay Series C Preferred Stock dividends, however. Please see the section entitled “Use of Proceeds.”
~Here it is spelled out for you in the last 10K, Page 32:
On October 4, 2018, we entered into a Preliminary Share Sale and Purchase Agreement between PT Kinerjapay Indonesia and PT Mitra Distribusi Utama (“PTMDU”) to acquire PTMDU for Rp40,000,000,000 or approximately $2,758,621. Depending on the amount raised in this Offering, we intend to use $2,500,000 to $3,000,000 for financing the acquisition of PTMDU.
PT. PTMDU has been providing as mobile prepaid data package to all telecommunications operators in Indonesia since 2007. PTMDU generated sales of exceeding $30 million in 2017, mainly by selling prepaid data plans for internet usage to Indonesia’s fast-growing mobile internet users. Depending on the amount raised in this Offering, we intend to use $2,500,000 to $3,000,000 for financing the acquisition of PTMDU.
~From the last 10Q, Page 34: As of June 30, 2019, there are no shares of the Series C Preferred Stock issued or outstanding.
They never sold any Class C shares, it never got listed as "KPAYP". The offering isn't needed anymore. Either means they aren't acquiring PT MDU, or they are financing the acquisition from other means.
