PREAXIA HEALTH CARE PAYMENT SYSTEMS INC. Files 10-Q for Period Ending 2024-02-29

AI Summary

PREAXIA HEALTH CARE PAYMENT SYSTEMS INC. (PAXH) filed a Quarterly Report (10-Q) with the SEC on April 17, 2024. Filing is a 10-Q for PREAXIA HEALTH CARE PAYMENT SYSTEMS INC. for the period ending February 29, 2024. The company was formerly known as SUN WORLD PARTNERS INC, with a name change on January 19, 2006. Incorporated in Nevada (NV) with a fiscal year end of May 31. Business address listed as #207, 1410 ? 11TH AVENUE SW, Calgary, A0, T3C 0M8. Mailing address is C/O LIZ?E GAUTHIER CGA, 202 ? 3550 TAYLOR STREET E, Saskatoon, A9, S7H 5H9.

Why It Matters

For investors and stakeholders tracking PREAXIA HEALTH CARE PAYMENT SYSTEMS INC., this filing contains several important signals. This filing provides an update on the company's financial performance and position for the most recent fiscal quarter, crucial for investors to assess ongoing business health. Understanding the company's current financial standing and operational details is essential for making informed investment decisions regarding PREAXIA HEALTH CARE PAYMENT SYSTEMS INC.

Risk Assessment

Risk Level: low — PREAXIA HEALTH CARE PAYMENT SYSTEMS INC. shows low risk based on this filing. The filing is a standard 10-Q, which typically contains routine financial information and does not indicate any immediate or significant risks.

Analyst Insight

Review the detailed financial statements within the 10-Q to understand revenue, expenses, and cash flow for the period ending February 29, 2024.

Key Numbers

• 2024-02-29 — Period End Date (Conformed period of report)
• 2024-04-17 — Filing Date (Filed as of date)
• 0531 — Fiscal Year End (Fiscal year end)
• 2006-01-19 — Name Change Date (Date of former company name change)

Key Players & Entities

• PREAXIA HEALTH CARE PAYMENT SYSTEMS INC. (company) — Filer name
• SUN WORLD PARTNERS INC (company) — Former company name
• 2024-02-29 (date) — Period of report
• 2024-04-17 (date) — Filing date
• NV (location) — State of incorporation
• Calgary (location) — Business address city
• Saskatoon (location) — Mailing address city
• LIZ?E GAUTHIER CGA (person) — Mailing address contact

FAQ

Industry Context

The company operates within the retail sector, specifically home furniture, furnishings & equipment stores, as indicated by its SIC code.

Regulatory Implications

This filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the balance sheet for assets, liabilities, and equity as of February 29, 2024.
2. Examine the income statement for revenue and net income during the reported period.
3. Review the cash flow statement to understand the company's cash generation and usage.

Year-Over-Year Comparison

This is the first 10-Q filing available in the provided data for PREAXIA HEALTH CARE PAYMENT SYSTEMS INC. for the period ending February 29, 2024.

Key Financial Figures

• $0.001 — ection 12(g) of the Act: Common Stock, $0.001 par value (Title of class) Indicate

Filing Documents

• paxh229202410q.htm (10-Q) — 402KB
• ex31.htm (EX-31) — 9KB
• ex32.htm (EX-32) — 6KB
• 0001262463-24-000052.txt ( ) — 1924KB
• paxh-20240229.xsd (EX-101.SCH) — 15KB
• paxh-20240229_cal.xml (EX-101.CAL) — 22KB
• paxh-20240229_def.xml (EX-101.DEF) — 37KB
• paxh-20240229_lab.xml (EX-101.LAB) — 124KB
• paxh-20240229_pre.xml (EX-101.PRE) — 96KB
• paxh229202410q_htm.xml (XML) — 196KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 4

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 4

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 5

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 9

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 9

– OTHER INFORMATION

PART II – OTHER INFORMATION 10

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 10

RISK FACTORS

ITEM 1A. RISK FACTORS 10

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 10

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 10

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 10

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 11

EXHIBITS

ITEM 6. EXHIBITS 11

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 210 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature. Operating results for the nine-month period ended February 29, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ended May 31, 2024. For further information refer to the consolidated financial statements and footnotes thereto included in Preaxia's Annual Report on Form 10-K for the year ended May 31, 2023. Page Unaudited Condensed Consolidated Financial Statements Unaudited Condensed Consolidated Balance Sheets as of February 29, 2024 and May 31, 2023 F-1 Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended February 29, 2024 and February 28, 2023 F-2 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Deficit for the three and nine months ended February 29, 2024 and February 28, 2023 F-3 Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended February 29, 2024 and February 28, 2023 F-4 Notes to Unaudited Condensed Consolidated Financial Statements F-5 4 PREAXIA HEALTHCARE PAYMENT SYSTEMS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) February 29, 2024 May 31, 2023 ASSETS Current assets Cash $ 1,194 $ 6 Total current assets 1,194 6 Total assets $ 1,194 $ 6 LIABILITIES Current liabilities Accounts payable and accrued liabilities $ 165,

Business

Business PreAxia Health Care Payment Systems Inc. (the "Company" or "PreAxia") was incorporated on April 3, 2000 in the State of Nevada. On May 31, 2005, the Company acquired all of the outstanding stock of Tiempo de Mexico Ltd. ("Tiempo") in exchange for 5,000,000 shares of the common stock of the Company with a par value of $ 0.001 . The Company had no operations prior to the date of the aforementioned acquisition. The business objective of the Company is the development, distribution, marketing and sale of health care payment processing services and products. The Company has realized only nominal revenues from its planned operations. The operations of the Company are expected to be primarily undertaken by its wholly owned subsidiary, PreAxia Health Care Payment Ltd. ("PreAxia Payment"), incorporated pursuant to the laws of the Province of Alberta on November 26, 2015. PreAxia Payment is in the process of developing an online access system creating a health spending account that will facilitate card payment and processing services to third-party administrators, insurance companies and others. Note 2 – Summary of Significant Accounting Policies Basis of presentation The unaudited condensed consolidated financial statements of the Company for the three and nine months ended February 29, 2024 and February 28, 2023 have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-K. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. However, such information reflects all adjustments (consisting solely of normal recurring adjustments), which are, in the opinion of management, necessary for the fair presentation of the financial position and the results of operations. Resu

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