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PreAxia Health Care Payment Systems Inc (PAXH0.00%). has submitted its 10-Q filing for the quarterly period ended November 30, 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 but reported no such revenue.
Operating expenses for the quarter were $13,666, compared to $45,109 in the same quarter the previous year. The decrease is attributed to reduced consulting fees and office expenses.
The company reported a net loss of $13,666 for the quarter, compared to a net loss of $45,109 in the previous year.
Cash provided by operating activities was $549, while cash used in financing activities was $398, resulting in a net increase in cash of $151 for the quarter.
PreAxia had a working capital deficit of $2,414,472 as of November 30, 2024, compared to $2,396,179 as of May 31, 2024.
The filing notes substantial doubt about the company's ability to continue as a going concern, highlighting the need for additional financing to meet obligations.
PreAxia's management plans to raise capital to fund operations and penetrate healthcare processing markets in Canada and the United States.
The company does not anticipate cash flow from operations as it is in the startup stage and will require significant capital to execute its business plan.
The filing also details related party transactions, including advances and loans from the CEO, which are non-interest bearing and payable on demand.
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 January 13, 2025. To report an error, please email earnings@qz.com.