10-Q Filing

PREAXIA HEALTH CARE PAYMENT SYSTEMS INC. CIK: 1350156 Q2 2020

Filing Information

Form Type	10-Q
Accession Number	`0001262463-20-000013`
Period End Date	20191130
Filing Date	20200114
Fiscal Year	2020
Fiscal Period	Q2
XBRL Instance	paxh-20191130.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 50 Income Statement 40 Cash Flow Statement 39 Stockholders Equity 23

Balance Sheet 50 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$3.99K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	19.77M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$17.94K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$7.61K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	19.67M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	19.67M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	19.77M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$17.94K	USD	Point-in-time
Total current assets	`AssetsCurrent`	-	USD	Point-in-time
Total assets	`Assets`	$17.94K	USD	Point-in-time
Total assets	`Assets`	-	USD	Point-in-time
Bank indebtedness	`DebtCurrent`	$66.00	USD	Point-in-time
Bank indebtedness	`DebtCurrent`	-	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$146.26K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$134.44K	USD	Point-in-time
Accounts payable and accrued liabilities - related party	`AccountsPayableRelatedPartiesCurrent`	$239.84K	USD	Point-in-time
Accounts payable and accrued liabilities - related party	`AccountsPayableRelatedPartiesCurrent`	$247.15K	USD	Point-in-time
Loans payable - shareholders	`LoansPayableCurrent`	$132.90K	USD	Point-in-time
Loans payable - shareholders	`LoansPayableCurrent`	$132.90K	USD	Point-in-time
Liability for unissued shares	`OtherLiabilitiesCurrent`	$126.97K	USD	Point-in-time
Liability for unissued shares	`OtherLiabilitiesCurrent`	$126.97K	USD	Point-in-time
Convertible note payable - related party	`ConvertibleNotesPayableCurrent`	$1.06M	USD	Point-in-time
Convertible note payable - related party	`ConvertibleNotesPayableCurrent`	$1.06M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.69M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.71M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.69M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.71M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Capital Stock, $0.001 par value, 75,000,000 shares of common stock authorized, 19,767,698 and 19,667,698 common shares issued and outstanding at November 30, 2019 and May 31, 2019, respectively	`CommonStockValue`	$19.67K	USD	Point-in-time
Capital Stock, $0.001 par value, 75,000,000 shares of common stock authorized, 19,767,698 and 19,667,698 common shares issued and outstanding at November 30, 2019 and May 31, 2019, respectively	`CommonStockValue`	$19.77K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.66M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.61M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$57.20K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$57.20K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.44M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.36M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-1.71M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-1.40M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-1.67M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-1.72M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-1.50M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-1.46M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	-	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$17.94K	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	-	USD	2 Qtrs
Revenue	`Revenues`	-	USD	1 Quarter
Revenue	`Revenues`	-	USD	1 Quarter
Revenue	`Revenues`	-	USD	2 Qtrs
Consulting	`ConsultingFees`	$30.00K	USD	1 Quarter
Consulting	`ConsultingFees`	$60.00K	USD	2 Qtrs
Consulting	`ConsultingFees`	$30.77K	USD	1 Quarter
Consulting	`ConsultingFees`	$61.91K	USD	2 Qtrs
Professional	`ProfessionalFees`	$12.48K	USD	2 Qtrs
Professional	`ProfessionalFees`	$3.11K	USD	1 Quarter
Professional	`ProfessionalFees`	$2.79K	USD	1 Quarter
Professional	`ProfessionalFees`	$10.12K	USD	2 Qtrs
Office and administration	`GeneralAndAdministrativeExpense`	$17.45K	USD	2 Qtrs
Office and administration	`GeneralAndAdministrativeExpense`	$8.77K	USD	2 Qtrs
Office and administration	`GeneralAndAdministrativeExpense`	$7.92K	USD	1 Quarter
Office and administration	`GeneralAndAdministrativeExpense`	$2.90K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$5.88K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$2.31K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$6.32K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$13.97K	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$103.46K	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$48.11K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$37.99K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$87.14K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-87.14K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-103.46K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-48.11K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-37.99K	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-87.14K	USD	2 Qtrs
Net loss and comprehensive loss	`NetIncomeLoss`	$-48.11K	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-37.99K	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-103.46K	USD	2 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	2 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	2 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Weighted average number of common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	19.69M	shares	2 Qtrs
Weighted average number of common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	19.70M	shares	1 Quarter
Weighted average number of common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	19.67M	shares	2 Qtrs
Weighted average number of common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	19.67M	shares	1 Quarter

Cash Flow Statement 39 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-87.14K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-48.11K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-37.99K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-103.46K	USD	2 Qtrs
Increase in accounts payable - related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$60.00K	USD	2 Qtrs
Increase in accounts payable - related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$60.00K	USD	2 Qtrs
Increase (decrease) in accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.89K	USD	2 Qtrs
Increase (decrease) in accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$11.82K	USD	2 Qtrs
Cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-45.35K	USD	2 Qtrs
Cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-15.32K	USD	2 Qtrs
Cash flows provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Cash flows provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Bank indebtedness	`DebtInstrumentDecreaseForgiveness`	$66.00	USD	2 Qtrs
Bank indebtedness	`DebtInstrumentDecreaseForgiveness`	-	USD	2 Qtrs
Advances - related party	`ProceedsFromRelatedPartyDebt`	$3.83K	USD	2 Qtrs
Advances - related party	`ProceedsFromRelatedPartyDebt`	$13.11K	USD	2 Qtrs
Repayment of advances - related party	`RepaymentsOfRelatedPartyDebt`	$11.71K	USD	2 Qtrs
Repayment of advances - related party	`RepaymentsOfRelatedPartyDebt`	$6.51K	USD	2 Qtrs
Proceeds from loans payable - shareholder	`ProceedsFromLoans`	$40.34K	USD	2 Qtrs
Proceeds from loans payable - shareholder	`ProceedsFromLoans`	-	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$41.73K	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.62K	USD	2 Qtrs
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-17.94K	USD	2 Qtrs
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-3.62K	USD	2 Qtrs
Cash, beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$3.99K	USD	Point-in-time
Cash, beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash, beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$17.94K	USD	Point-in-time
Cash, beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$7.61K	USD	Point-in-time
Cash, end of the period	`CashAndCashEquivalentsAtCarryingValue`	$3.99K	USD	Point-in-time
Cash, end of the period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash, end of the period	`CashAndCashEquivalentsAtCarryingValue`	$17.94K	USD	Point-in-time
Cash, end of the period	`CashAndCashEquivalentsAtCarryingValue`	$7.61K	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs
Cash paid for interest	`InterestPaidNet`	-	USD	2 Qtrs
Cash paid for interest	`InterestPaidNet`	-	USD	2 Qtrs
Issue shares to settle accounts payable and accrued liabilities - related party	`StockIssuedDuringPeriodValueOther`	$50.00K	USD	2 Qtrs
Issue shares to settle accounts payable and accrued liabilities - related party	`StockIssuedDuringPeriodValueOther`	$50.00K	USD	1 Quarter
Issue shares to settle accounts payable and accrued liabilities - related party	`StockIssuedDuringPeriodValueOther`	-	USD	2 Qtrs

Stockholders Equity 23 line items

Line Item	Tag	Value	Unit	Period
Balance, shares	`CommonStockSharesOutstanding`	19.67M	shares	Point-in-time
Balance, shares	`CommonStockSharesOutstanding`	19.77M	shares	Point-in-time
Balance, amount	`StockholdersEquity`	$-1.71M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-1.40M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-1.67M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-1.72M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-1.50M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-1.46M	USD	Point-in-time
Issue shares to settle accounts payable and accrued liabilities - related party, amount	`StockIssuedDuringPeriodValueOther`	$50.00K	USD	2 Qtrs
Issue shares to settle accounts payable and accrued liabilities - related party, amount	`StockIssuedDuringPeriodValueOther`	$50.00K	USD	1 Quarter
Issue shares to settle accounts payable and accrued liabilities - related party, amount	`StockIssuedDuringPeriodValueOther`	-	USD	2 Qtrs
Net loss and comprehensive loss	`NetIncomeLoss`	$-87.14K	USD	2 Qtrs
Net loss and comprehensive loss	`NetIncomeLoss`	$-48.11K	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-37.99K	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-103.46K	USD	2 Qtrs
Balance, shares	`CommonStockSharesOutstanding`	19.67M	shares	Point-in-time
Balance, shares	`CommonStockSharesOutstanding`	19.77M	shares	Point-in-time
Balance, amount	`StockholdersEquity`	$-1.71M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-1.40M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-1.67M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-1.72M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-1.50M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-1.46M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.