PREAXIA HEALTH CARE PAYMENT SYSTEMS INC.

PAXHdata completeness 100%18 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

i. The business — what you’d actually own

Figure	FY 2022	FY 2023	FY 2024	FY 2025	FY 2026
Revenue	$368¹	$0²	$0³	$0⁴	$0⁴
Net income	−$180,643⁵	−$156,266⁶	−$99,449⁷	−$82,010⁸	−$1.16M⁸
Operating cash flow	−$63,971⁹	−$37,617¹⁰	−$30,888¹¹	−$41,516¹²	−$121,155¹²
Capital expenditure	—	—	—	$0¹³	$321,581¹³
Free cash flow (derived)	—	—	—	−$41,516¹²	−$442,736¹²
Total debt	—	—	$326,122¹⁴	$201,330¹⁵	$89,106¹⁵
Cash & equivalents	$259¹⁶	$6¹⁷	$14¹⁸	$0¹⁹	$1,003¹⁹
Diluted shares	19.8M	19.8M	19.8M	19.8M	41.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

−$0.09

your share of equity

Profit it earned you last year

−$0.28

Free cash flow it threw off

−$0.11

Debt you’d be carrying

$0.02

10 shares is a claim on −$0.09 of net worth that earned you −$0.28 and generated −$0.11 of cash last year, against $0.02 of debt.

iii. Is this a good business?

Moat signal · return on equity

— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →

Management signal · capital allocation

+112% shares · 5y

Share count is up 112% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 73% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0

DCF · Growth Exit 10Y

not applicable

only 2 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 2 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2022-05-31 · accession 0001262463-23-000074 (Revenues)
10-K · period ending 2023-05-31 · accession 0001262463-24-000089 (Revenues)
10-K/A · period ending 2024-05-31 · accession 0001079973-25-001523 (Revenues)
10-K · period ending 2025-05-31 · accession 0001350156-26-000010 (Revenues)
10-K · period ending 2022-05-31 · accession 0001262463-23-000074 (NetIncomeLoss)
10-K · period ending 2023-05-31 · accession 0001262463-24-000089 (NetIncomeLoss)
10-K/A · period ending 2024-05-31 · accession 0001079973-25-001523 (NetIncomeLoss)
10-K · period ending 2025-05-31 · accession 0001350156-26-000010 (NetIncomeLoss)
10-K · period ending 2022-05-31 · accession 0001262463-23-000074 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-05-31 · accession 0001262463-24-000089 (NetCashProvidedByUsedInOperatingActivities)
10-K/A · period ending 2024-05-31 · accession 0001079973-25-001523 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2025-05-31 · accession 0001350156-26-000010 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2025-05-31 · accession 0001350156-26-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K/A · period ending 2024-05-31 · accession 0001079973-25-001523 (ShortTermBorrowings)
10-K · period ending 2025-05-31 · accession 0001350156-26-000010 (ShortTermBorrowings)
10-K · period ending 2022-05-31 · accession 0001262463-23-000074 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-05-31 · accession 0001262463-24-000089 (CashAndCashEquivalentsAtCarryingValue)
10-K/A · period ending 2024-05-31 · accession 0001079973-25-001523 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2025-05-31 · accession 0001350156-26-000010 (CashAndCashEquivalentsAtCarryingValue)