Expect potential delisting risk if restatements are significant or if the company fails to regain compliance with SEC filing requirements.
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Executive Summary
PreAxia Health Care Payment Systems Inc. dismissed its auditor Sadler Gibb & Associates after the firm identified potential material misstatements in prior financial statements for the quarters ended August 31, 2025, and November 30, 2025, and communicated that those statements 'may not be reliable.' The company has engaged M&K CPAs as its new auditor. This constitutes a serious accounting red flag.
Key Facts
- Sadler Gibb & Associates was dismissed as auditor on February 19, 2026
- Sadler Gibb identified multiple errors in the Q3 2025 financial statements and was reviewing potential errors in the FY2025 statements
- Sadler Gibb stated that prior financial statements 'may not be reliable' due to lack of audit evidence
- The company missed a filing deadline and is in communication with the SEC Office of Chief Accountant
- M&K CPAs was engaged on February 20, 2026, to audit the FY2026 financial statements
Financial Impact
High risk of financial restatements for periods ending August 31, 2025, November 30, 2025, and May 31, 2025, which could materially impact reported revenue, expenses, and net income
Risk Factors
- Potential restatement of financial results for multiple periods
- SEC investigation or enforcement action due to unreliable financial statements
- Risk of delisting if the company fails to file timely, audited financial statements
- Further auditor changes or qualified audit opinions in the future
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K/A Filing (Primary) | 0001079973-26-000276 |
| Exhibit: ex16x1a.htm | 0001079973-26-000276 |
| Document: 0001079973-26-000276-index-headers.html | 0001079973-26-000276 |
| Document: 0001079973-26-000276-index.html | 0001079973-26-000276 |
| Document: 0001079973-26-000276.txt | 0001079973-26-000276 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 11, 2026 6w ago | 10-Q/A | $0.2200 $0.2200 | · 0.00% | ▲ +2.12% | $0.2200 (+0.00%) |
Apr 21, 2026 27w ago | 8-K | $0.2200 $0.2200 | · 0.00% | ▲ +3.17% | $0.2200 (+0.00%) |
Mar 5, 2026 33w ago | 8-K/A | $0.2200 $0.2200 | · 0.00% | ▼ −2.04% | $0.2200 (+0.00%) |
Feb 25, 2026 34w ago | 8-K | $0.2200 $0.2200 | · 0.00% | ▼ −6.40% | $0.2200 (+0.00%) |
US Market Status
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