PREAXIA HEALTH CARE PYMNT (PAXH) Stock Price, News & Analysis

PreAxia Health Care Payment Systems Inc. (trading under the symbol PAXH) is a Nevada corporation that files reports with the U.S. Securities and Exchange Commission under file number 000-52365. The company’s name indicates a focus on health care payment systems, and its recent SEC filings describe activities around financial reporting, accounting oversight, and software development. Its principal executive offices are located in Dunedin, Florida.

According to its Form 12b-25 notifications of late filing, PreAxia Health Care Payment Systems Inc. prepares quarterly reports on Form 10-Q and works with independent registered public accounting firms to review its financial statements. The company has stated that it is compiling information for these filings so that its auditors can complete their review of the financial statements for specific fiscal periods.

In a more recent notification of late filing, the company disclosed that it has hired significant new contractors to design personal financial management software applications. In the same narrative, it reported that it has sold stock and converted debt. PreAxia Health Care Payment Systems Inc. explained that these activities have increased its assets, reduced its debt, and significantly increased expenses compared with the corresponding period in the prior fiscal year.

The company’s current reporting shows an emphasis on maintaining an independent audit function. In one Form 8-K, PreAxia Health Care Payment Systems Inc. reported a change in its certifying accountant, noting the dismissal of Fruci & Associates II, PLLC as its independent registered public accounting firm. The filing states that Fruci’s audit report for a prior year did not contain an adverse opinion, disclaimer of opinion, or qualification concerning the company’s financial statements, and that there were no disagreements with Fruci during its tenure as auditor.

The same Form 8-K also refers to the company’s prior auditors, GreenGrowth CPA’s, whose report for an earlier fiscal year likewise did not contain an adverse opinion, disclaimer of opinion, or qualification concerning the financial statements, and notes that there were no disagreements with that firm during its engagement. PreAxia Health Care Payment Systems Inc. reported that it provided its former auditor with a copy of the Form 8-K and requested a letter addressed to the SEC regarding agreement with the company’s disclosures, which was filed as an exhibit.

In a subsequent Form 8-K, PreAxia Health Care Payment Systems Inc. reported the engagement of Sadler Gibb and Associates as its new independent registered public accounting firm to audit its consolidated financial statements as of a future fiscal year-end. The filing notes that, during the past two fiscal years and any subsequent period prior to the engagement, the company did not consult with Sadler Gibb on the application of accounting principles to specified transactions, on any reportable events under Regulation S-K, or on the type of audit opinion that might be rendered.

Through these filings, investors can see that PreAxia Health Care Payment Systems Inc. focuses on preparing SEC reports, working with external auditors, and developing personal financial management software applications while managing its capital structure through stock sales and debt conversions. The company’s disclosures also highlight anticipated changes in results of operations related to these activities for certain reporting periods.