PreAxia Health Care Payment Systems Inc. filed its 10‑Q reporting no revenue and a net loss of $875,134 for the three months ended August 31, 2025. Operating expenses were $875,203, driven by research and development $391,263, management and labor $387,500, consulting $65,000, and professional fees $23,200. Basic and diluted loss per share was $(0.04) on a weighted average of 19,767,698 shares.
As of August 31, 2025, cash was $130,285 and working capital deficit was $232,678. Shareholders’ equity was $427,322 with an accumulated deficit of $6,085,524. The company recognized stock subscriptions for services and debt, including $1,800,000 for consulting and management (40% expensed at grant) and $1,643,397 to convert debt. Two related‑party notes were converted on June 30, 2025 at $0.10 per share for 4,668,170 and 10,587,600 shares, and a private placement brought in $200,000 for 800,000 shares in August 2025.
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 August 31, 2025.
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 10% APY, a Smart Debit Card, and a financial orchestration system called MoneyNet, and it reports Canadian HSA operations through Benecaid, Olympia Benefits, and QuickCard.
Financially, the filing shows 43,024,000 shares outstanding with 10,800,000 treasury shares; related-party obligations include a $466,817 promissory note, a $1,058,760 convertible note (convertible into 10,587,600 shares at $0.10 per share), officer compensation payable of $400,000, accounts payable-related party of $102,716, and loans payable–shareholders of $201,331. The company also states it failed to file corporate tax returns for 2008 through 2025 and lacks accounting staff with sufficient technical US GAAP and tax expertise. The report notes it will file an amendment once an audit is completed.