PreAxia Health Care Payment Systems Inc.

What they do

PreAxia was incorporated in Nevada on April 3, 2000, and operates primarily through its wholly owned Alberta subsidiary PreAxia Health Care Payment Ltd., which still manages the Calgary office. It describes a platform for processing and managing health spending accounts (HSAs) that is fully operational, enabling employers to deposit funds for employee medical expenses and eliminating paper account management. The company states its products are in the development stage and that its business objective is developing, distributing, marketing and selling health care payment processing services and personal financial management applications, websites and products.

Revenue drivers

• Health care payment processing / HSA services — The company describes PreAxia Payment as intending to deliver health spending account solutions and services to the emerging health payment market, with a platform for account management, reconciliation, settlement and reporting described as fully operational; no revenue has been reported from this line in any period presented.
• Personal financial management products — Zane Inc. CA, formed May 23, 2025, is tasked with developing and marketing personal financial management products and perfecting health care payment processing services; Zane Inc had no operations before June 30, 2025.
• U.S. market expansion — Zane Inc US, created in Nevada in September 2025, is intended to market the personal financial management and health care payment processing services in the United States; the company states it had no operations before October 20, 2025.
• Future instant issuing / card services — The company states it will over time evaluate virtual banking and PayPal-type services, including instant issuing so corporations can issue and fund pre-paid Interac or credit card services in real time, which would require developing new software systems; this is a stated consideration only, not a current revenue source.

Recent performance

Reported annual revenue was $368 in fiscal 2022 and $0 in each of fiscal 2023, 2024, 2025 and 2026. Net loss was $180,643 in 2022, $156,266 in 2023, $99,449 in 2024, $82,010 in 2025 and $1.2 million in 2026; diluted EPS was -$0.03 in 2026. Each of the four most recent quarters (August 2025 through May 2026) showed $0.00 revenue. Operating cash flow was negative each year, from -$63,971 in 2022 to -$121,155 in 2026, and at May 31, 2026 total assets were $583,613 against total liabilities of $967,180, leaving shareholders' equity of -$383,567 and cash of $1,003.

Strategy

The company's stated objective is the development, distribution, marketing and sale of health care payment processing services and personal financial management applications, websites and products. It formed Zane Inc. CA in Alberta in May 2025 and Zane Inc US in Nevada in September 2025 to pursue personal financial management products and to perfect and market health care payment processing in Canada and the United States. PreAxia Payment continues to manage the Calgary office activity. Management says it will over time evaluate additional forms of virtual banking and instant card issuing services, which would require building software systems for health payment cards and financial transaction processing.

Risks

• No revenue — Annual revenue has been $0 in every year since fiscal 2022 and $0 in each of the four most recent quarters, so the company funds operations without product sales.
• Going-concern / negative equity — At May 31, 2026, total liabilities of $967,180 exceeded total assets of $583,613, producing negative shareholders' equity of $383,567 and cash of just $1,003, with operating cash flow of -$121,155 for fiscal 2026.
• Development-stage products — The company states its products are in the development stage and that proposed instant issuing and virtual banking services would require development of software systems, so the offerings it describes are not yet proven commercial sources of revenue.
• Financial reporting and auditor turnover — Eight recent 8-K events include an April 21, 2026 notice that previously issued financials are not reliable and multiple accountant changes (October 2024, February 2025, March 2025, December 2025), and the company filed a 10-Q/A on September 11, 2026.

Outlook

Management states that PreAxia's platform for processing and managing accounts is fully operational and that it intends to serve the shift toward consumer-directed health care and health spending accounts. The company says it will over time evaluate virtual banking and instant card-issuing services for the health care market, which would require new software development. No revenue guidance or specific launch dates are provided in the excerpts. The filings also note that the company has not maintained current customer lists or sensitive data but will create procedures to assess and manage cybersecurity risks in the upcoming year.