Item 8.01 Other Events.
In addition, the Company's Board of Directors reviewed the interim results of
the ongoing internal audit led by
The Company has engaged counsel to pursue legal remedies against those clients and/or referrers who have misrepresented material facts to NuAxess and thereby caused damages to NuAxess business and its other clients. NuAxess has also instructed its counsel to commence collection actions for the uncollected staffing and late fees during the period from 2020-2022, among other remedies.
NuAxess will continue efforts to pay all valid, documented costs presented by clients who have truthfully responded to SRQs and otherwise acted in good faith. In order to protect the Company and its shareholders, NuAxess will not commit funds to cover any liabilities where misrepresentations were made to obtain the services of NuAxess.
The Company is resuming its self-funded plan for 2023 through a new third-party administrator to provide continued services for its clients and employees. With the completion of our onboarding technology, better authentication and compliance, the Company is focused on growing its staffing business at a more sustainable growth rate. In addition, the Company has identified and intends on making several strategic acquisitions over the coming months to realize additional revenue. This includes acquisitions of complementary services specifically targeted at providing security and verification methods in order to better insulate the Company going forward.
Reference is made to the full disclosure contained in the Press Release dated
Item 9.01 Financial Statements and Exhibits
(b) The following documents are filed as exhibits to this current report on Form
8-K or incorporated by reference herein. Any document incorporated by reference
is identified by a parenthetical reference to the
Exhibit No. Description 99.1 Quad M Solutions Press Release datedJanuary 9, 2023 , filed herewith. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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