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Preaxia Health Care Payment Systems Inc. filed a current report stating that it has engaged Sadler Gibb and Associates as its independent registered public accounting firm. Sadler Gibb will audit Preaxia's consolidated financial statements as of May 31, 2026.
The company notes that during the past two fiscal years and up to the engagement date, it did not consult Sadler Gibb on the application of accounting principles to specific transactions, on any reportable events under SEC rules, or on the type of audit opinion that might be issued. The filing focuses solely on this auditor engagement and includes a technical exhibit for the cover page interactive data file.
PreAxia Health Care Payment Systems Inc. reported that on December 9, 2025 it dismissed Fruci & Associates II, PLLC as its independent registered public accounting firm, effective the same day. Fruci had audited the company’s financial statements from October 29, 2024 through December 9, 2025, and its report for the year ended May 31, 2025 contained no adverse opinion, disclaimer of opinion, or qualification.
The company also noted that there were no disagreements with Fruci during the most recent fiscal year or subsequent interim period. Similarly, prior auditor GreenGrowth CPA’s, whose report on the year ended May 31, 2024 was also unqualified, had no reported disagreements with the company during its tenure from August 2, 2023 through its resignation on October 25, 2024. PreAxia requested and filed letters from both firms agreeing with these disclosures as exhibits.
PreAxia Health Care Payment Systems (PAXH) filed a 10‑Q/A to correct its cover-page share count and a subsequent event. The amendment updates outstanding common shares to 54,314,782 as of October 15, 2025, and notes that 34,547,084 shares were issued to settle prior-quarter stock subscriptions.
For the quarter ended August 31, 2025, PreAxia reported $0 revenue and a net loss of $875,134. Operating expenses were driven by research and development $391,263, management $387,500, and consulting $65,000. Cash was $130,285 with a working capital deficit of $232,678. Management disclosed substantial doubt about the company’s ability to continue as a going concern.
Equity activity included $3,651,222 in stock subscriptions at quarter-end and a $200,000 private placement for 800,000 shares in August, with shares issued in October. Internal controls were deemed not effective as of the quarter end.
PreAxia Health Care Payment Systems Inc. filed its 10‑Q reporting no revenue and a net loss of
As of
Management disclosed “substantial doubt” about the company’s ability to continue as a going concern and reported disclosure controls and procedures were not effective as of
PreAxia Health Care Payment Systems Inc. (PAXH) filed a Notification of Late Filing (Form 12b-25) for its Form 10-Q for the period ended August 31, 2025. The company says it is still compiling information needed for its auditors to complete their review. Under Rule 12b-25(b), the 10-Q is expected to be filed on or before the fifth calendar day after the due date. The company indicates all other required periodic reports over the past 12 months have been filed and it does not anticipate a significant change in results of operations.
PREAXIA Health Care Payment Systems, Inc. (PAXH) amended its annual report with consolidated financials showing a stockholders' deficit of $2,341,169 and an accumulated deficit of $5,210,390 as of May 31, 2025. The company used cash in operating activities of $41,516 for the year and reports factors that raise substantial doubt about its ability to continue as a going concern within one year. Management reclassified $126,967 of previously withheld loan conversions to additional paid-in capital and reports convertible debt and notes payable to related parties convertible at $0.10 per share. The filing discloses material weaknesses in internal control, including insufficient technical accounting staff and failure to file corporate tax returns for 2008 through 2025.
Preaxia Health Care Payment Systems, Inc. filed an annual report that is unaudited and discloses material operational and financial weaknesses. The company markets products including a High-Interest Super Account claiming an average
Financially, the filing shows 43,024,000 shares outstanding with 10,800,000 treasury shares; related-party obligations include a
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