Fri, Nov 22, 9:10 PM (56 days ago)
For the quarter ended August 31, 2024, Preaxia Health Care Payment Systems Inc. (Ticker: PRAX) reported no revenue, consistent with the same period in 2023. The company incurred a net loss of $4,627, significantly lower than the $40,919 loss in the prior year, reflecting reduced operating expenses of $4,627 compared to $40,919. This decline was primarily due to a decrease in consulting fees and professional services. As of August 31, 2024, Preaxia's cash balance was $1, down from $14 at the end of May 2024, with a working capital deficit of $2,400,806. Total liabilities increased slightly to $2,400,807, driven by stable accounts payable and related party transactions. The company's ability to continue operations is uncertain, hinging on securing additional capital estimated at $1,000,000 over the next year to meet operational and creditor obligations. Management emphasizes the need for strategic partnerships and funding to penetrate the healthcare processing market, particularly in Canada. The report highlights ongoing liquidity challenges and the significant risk of not being able to sustain operations without further financing.