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PreAxia Health Care Payment Systems Inc (PAXH0.00%). has submitted its 10-Q filing for the quarterly period ended August 31, 2024.
The filing includes financial statements for the quarter, showing no revenue for the period. The company earns a 10% commission on amounts reimbursed for eligible expenses.
Operating expenses for the quarter were $4,627, a decrease from $40,919 in the same quarter the previous year. The decrease is attributed to reduced consulting fees and professional fees.
The company reported a net loss of $4,627 for the quarter, compared to a net loss of $40,919 in the previous year.
Cash used in operating activities was $2,396, while cash provided by financing activities was $2,383.
PreAxia had a working capital deficit of $2,400,806 as of August 31, 2024, compared to a deficit of $2,396,179 as of May 31, 2024.
The company continues to face substantial doubt about its ability to continue as a going concern due to its financial position.
PreAxia plans to raise additional capital to fund operations and penetrate healthcare processing markets in Canada and the United States.
The company did not recognize any impairment losses during the quarter and has no off-balance sheet arrangements.
PreAxia's management concluded that its disclosure controls and procedures were not effective as of August 31, 2024.
No material legal proceedings are pending against the company, and there were no unregistered sales of equity securities during the quarter.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PreAxia Health Care Payment Systems Inc quarterly 10-Q report dated November 22, 2024. To report an error, please email earnings@qz.com.