Preaxia Health Care Payment Systems Inc. Q3 2024 10-Q Filed

TL;DR

PREAXIA HEALTH CARE PAYMENT SYSTEMS INC. (PAXH) filed its Q3 2024 10-Q. Financials for period ending 08/31/24.

AI Summary

Preaxia Health Care Payment Systems Inc. filed its 10-Q for the period ending August 31, 2024. The filing covers the third quarter of their fiscal year, which began on June 1, 2024. The company, formerly known as Sun World Partners Inc., is incorporated in Nevada and operates in the retail home furniture sector.

Why It Matters

This filing provides investors with an update on Preaxia Health Care Payment Systems Inc.'s financial performance and operational status for the third quarter of fiscal year 2024.

Risk Assessment

Risk Level: low — This filing is a routine quarterly report and does not appear to contain any immediately alarming information.

Key Numbers

• 2024-08-31 — Period End Date (The filing covers financial data up to this date.)
• 2024-06-01 — Quarter Start Date (This marks the beginning of the reporting period.)
• 2023-06-01 — Prior Year Quarter Start Date (For comparative analysis.)

Key Players & Entities

• PREAXIA HEALTH CARE PAYMENT SYSTEMS INC. (company) — Filer
• SUN WORLD PARTNERS INC (company) — Former company name
• 20240831 (date) — Period of report
• 20241122 (date) — Filing date

FAQ

Key Financial Figures

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

Filing Documents

• paxh8312410q.htm (10-Q) — 307KB
• ex31.htm (EX-31) — 9KB
• ex32.htm (EX-32) — 5KB
• 0001262463-24-000110.txt ( ) — 1899KB
• paxh-20240831.xsd (EX-101.SCH) — 15KB
• paxh-20240831_cal.xml (EX-101.CAL) — 23KB
• paxh-20240831_def.xml (EX-101.DEF) — 35KB
• paxh-20240831_lab.xml (EX-101.LAB) — 169KB
• paxh-20240831_pre.xml (EX-101.PRE) — 129KB
• paxh8312410q_htm.xml (XML) — 146KB

– 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 8

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 8

– OTHER INFORMATION

PART II – OTHER INFORMATION 9

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 9

RISK FACTORS

ITEM 1A. RISK FACTORS 9

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 9

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 9

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 9

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 9

EXHIBITS

ITEM 6. EXHIBITS 10

– 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 three-month period ended August 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ended May 31, 2025. 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, 2024. Page Unaudited Condensed Consolidated Financial Statements Condensed Consolidated Balance Sheets as of August 31, 2024 (unaudited) and May 31, 2024 F-1 Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended August 31, 2024 and 2023 F-2 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Deficit for the three months ended August 31, 2024 and 2023 F-3 Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended August 31, 2024 and 2023 F-4 Notes to Unaudited Condensed Consolidated Financial Statements F-5 4 PREAXIA HEALTHCARE PAYMENT SYSTEMS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) August 31, 2024 May 31, 2024 ASSETS Current assets Cash $ 1 $ 14 Total current assets 1 14 Total assets $ 1 $ 14 LIABILITIES Current liabilities Bank indebtedness $ 567 $ 398 Accounts payable and accrued liabilities 169,140 166,909 Accounts payable and accrued

Financial Statements

Financial Statements F-1 PREAXIA HEALTHCARE PAYMENT SYSTEMS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) Three months ended August 31, 2024 August 31, 2023 Revenue $ — $ — Operating expenses Consulting — 30,000 Professional 2,500 7,714 Office and administration 2,127 1,685 Research and development — 1,520 Total operating expenses 4,627 40,919 Loss from operations ( 4,627 ) ( 40,919 ) Net loss and comprehensive loss $ ( 4,627 ) $ ( 40,919 ) Net loss per share - basic and diluted $ ( 0.00 ) $ ( 0.00 ) Weighted average number of common shares outstanding - basic and diluted 19,767,698 19,767,698 See Accompanying Notes to the Unaudited Condensed Consolidated Financial Statements F-2 PREAXIA HEALTHCARE PAYMENT SYSTEMS INC. CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (Unaudited) Common Stock Additional Paid-in Accumulated Other Comprehensive Accumulated Total Stockholders' Shares Amount Capital Income Deficit Deficit Balance, May 31, 2024 19,767,698 $ 19,768 $ 2,655,236 $ 57,197 $ ( 5,128,380 ) $ ( 2,396,179 ) Net loss and comprehensive loss — — — — ( 4,627 ) ( 4,627 ) Balance, August 31, 2024 19,767,698 $ 19,768 $ 2,655,236 $ 57,197 $ ( 5,133,007 ) $ ( 2,400,806 ) Common Stock Additional Paid-in Accumulated Other Comprehensive Accumulated Total Stockholders' Shares Amount Capital Income Deficit Deficit Balance, May 31, 2023 19,767,698 $ 19,768 $ 2,655,236 $ 57,197 $ ( 5,028,931 ) $ ( 2,296,730 ) Net loss and comprehensive loss — — — — ( 40,919 ) ( 40,919 ) Balance, August 31, 2023 19,767,698 $ 19,768 $ 2,655,236 $ 57,197 $ ( 5,069,850 ) $ ( 2,337,649 ) See Accompanying Notes to the Unaudited Condensed Consolidated Financial Statements F-3 PREAXIA HEALTHCARE PAYMENT SYSTEMS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three months end

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 months ended August 31, 2024 and 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. Results shown for interim pe

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