UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 8-K/A

Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934



      Date of Report (Date of earliest event reported): September 25, 2007


                                    PHC, Inc.
             (Exact Name of Registrant as Specified in its Charter)

                                  Massachusetts
                    (State of Incorporation or Organization)

        1-33323                                             04-2601571
(Commission File Number)                    (I.R.S. Employer Identification No.)


200 Lake Street, Suite 102, Peabody, Massachusetts             01960
 (Address of Principal Executive Offices)                    (Zip Code)


Registrant's telephone number, including area code:  (978) 536-2777

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[  ] Written communications  pursuant to Rule 425 under the Securities Act (17
     CFR 230.425)

[  ] Soliciting  material  pursuant to Rule 14a-12 under the Exchange Act (17
     CFR 240.14a-12)

[  ] Pre-commencement  communications  pursuant  to Rule  14d-2(b)  under the
     Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement  communications  pursuant  to Rule  13e-4(c)  under the
     Exchange Act (17 CFR 240.13e-4c))

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Explanatory Note

The information in the attached exhibit corrects the information  issued inn the
press release,  dated September 25, 3007 and attached as Exhibit 99.1 to the 8-K
filed on September 26, 2007. The changes include a reclassification  of deferred
tax assets and liabilities and a change in the  presentation of debt discount as
deferred  financing  costs.  These  changes  resulted in a change in the current
ratio of the company from 2:1 to 1.96:1.

Item 9.01 Financial Statements and Exhibits.

      (d) The following exhibit is being furnished herewith:

Exhibit No.    Exhibit Description

     99.2 Information provided to correct the balance sheet information included
          in the Company press release dated September 25, 2007.


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                                                             SIGNATURE


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.


                                                       PHC, INC.


Date:  October 4, 2007                       By:  /s/ Bruce A. Shear
                                                  _______________________
                                                      Bruce A. Shear
                                                      President


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