Panacea Global 10QSB 2008 Q1 Quarterly report (small business)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-QSB

x	Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended February 29, 2008

o	Transition Report Under Section 13 or 15(d) of the Securities Exchange Act; For the transition period from _________ to __________

Commission File Number #000-1024048

MONEYLOGIX GROUP INC. F/K/A HOMELIFE, INC.

(Exact name of small business issuer as specified in its charter)

Nevada	33-0680443
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

1503 South Coast Drive, Suite 204, Costa Mesa, CA	92626
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code:

(714) 241-3030

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No x

The issuer had 12,371,886 common shares outstanding as of Feburary 29, 2008

Transitional Small Business Disclosure Format (check one):

Yes o No x

MONEYLOGIX GROUP INC. F/K/A HOMELIFE, INC.

INDEX

	PAGE NO.
PART I - FINANCIAL INFORMATION		1

Item 1. Financial Statements		1

Consolidated Balance Sheet at February 29, 2008 (Unaudited)		1

Consolidated Statements of Operations for the three months ended
February 29, 2008 and February 28, 2007 (Unaudited)		3

Consolidated Statements of Operations for the nine months ended
February 29, 2008 and February 28, 2007 (Unaudited)		4

Consolidated Statements of Cash Flows for the nine months ended
February 29, 2008 and February 28, 2007 (Unaudited)		5

Notes to Consolidated Financial Statements		6

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operation.		9

Item 3. Controls and Procedures.		13

PART II - OTHER INFORMATION		13

Item 1. Legal Proceedings.		13

Item 2. Changes in Securities and Use of Proceeds.		13

Item 3. Defaults Upon Senior Securities.		13

Item 4. Submission of Matters to a Vote of Security Holders.		13

Item 5. Other Information.		13

Item 6. Exhibits and Reports on Form 8-K.		14
(a) Exhibits
(b) Reports on Form 8-K

Signatures.		15

PART I - FINANCIAL INFORMATION

MONEYLOGIX GROUP INC. F/K/A HOMELIFE, INC.

Consolidated Balance Sheet

At February 29, 2008

(unaudited)

ASSETS
Current Assets
Cash	$	15,462
Marketable securities, at fair value		900
Accounts receivable, net		20,452
Prepaid expenses and deposits		15,525
Total Current Assets		52,339

Property and Equipment, net		72

Other Assets
Goodwill		100,000
Total Assets	$	152,411

MONEYLOGIX GROUP INC. F/K/A HOMELIFE, INC.

Consolidated Balance Sheet (Continued)

At February 29, 2008

(unaudited)

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities

Bank indebtedness	$	94,961
Accounts payable		229,293
Reserve for warranty		30,387
Deferred revenue		17,628
Total Current Liabilities		372,269

Other Liabilities

Due to Stockholder		908,835

Total Liabilities		1,281,104

Minority Interest		20,843

Stockholders’ Deficit

Capital Stock (Note 4)		1,037,372

Additional Paid in Capital		3,731,741

Accumulated Other Comprehensive Loss		(1,747	)

Accumulated Deficit		(5,916,902	)

Total Stockholders’ Deficit		(1,149,536	)
Total Liabilities and Stockholders’ Deficit	$	152,411

MONEYLOGIX GROUP INC. F/K/A HOMELIFE, INC.

Consolidated Statements of Operations

Three months ended February 29, 2008 and February 28, 2007

(unaudited)

	2008			2007
REVENUE
Royalty and franchise fees	$	106,612		$	84,962
Warranty fees		11,060			17,504
Other income		2,676			17,049

Total Revenue		120,348			119,515

DIRECT COSTS		3,248			3,702

GROSS PROFIT		117,100			115,813

EXPENSES

Salaries and fringe benefits		48,427			46,248
General and administrative		262,050			48,553
Occupancy		7,995			8,625
Financial		19,736			6,147
Amortization		-			12,963

Total Expenses		338,208			122,536

NET LOSS		(221,108	)		(6,723	)

BASIC AND FULLY DILUTED LOSS PER COMMON SHARE	$	(0.02	)	$	(0.00	)

WEIGHTED-AVERAGE NUMBER OF COMMON SHARES		12,371,886			12,371,886

MONEYLOGIX GROUP INC. F/K/A HOMELIFE, INC.

Consolidated Statements of Operations

Nine months ended February 29, 2008 and 2007

(unaudited)

	2008			2007
REVENUE

Royalty and franchise fees	$	279,084		$	261,493
Warranty fees		35,789			60,354
Other income		17,399			25,784

Total Revenue		332,272			347,631

DIRECT COSTS		15,748			24,256

GROSS PROFIT		316,524			323,375

EXPENSES

Salaries and fringe benefits		141,220			138,369
General and administrative		654,138			178,502
Occupancy		27,399			34,195
Financial		45,610			17,065
Depreciation		-			1,865
Amortization		1,000			38,887

Total Expenses		869,367			408,883

NET LOSS		(552,843	)		(85,508	)
BASIC AND FULLY DILUTED LOSS PER COMMON SHARE	$	(0.04	)	$	(0.01	)
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES		12,371,886			12,371,886

MONEYLOGIX GROUP INC. F/K/A HOMELIFE, INC.

Consolidated Statements of Cash Flows

Nine months ended February 29, 2008 and 2007

(unaudited)

	2008			2007
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(552,843	)	$	(85,508	)
Adjustments to reconcile net loss to net cash from operating activities
Depreciation		-			1,865
Amortization		1,000			38,887
Changes in assets and liabilities
Accounts receivable		1,957			(28,500	)
Prepaid expenses and deposits		-			501
Accounts payable		10,083			22,871
Reserve for warranty		(7,114	)		(9,452	)
Deferred revenue		(5,679	)		(13,959	)
Net Cash Flows from Operating Activities		(552,596	)		(73,295	)
CASH FLOWS FROM INVESTING ACTIVITIES		-			-
CASH FLOWS FROM FINANCING ACTIVITIES
Advances from lines of credit, net		6,907			23,700
Due to stockholder		544,474			52,353
Repayments on note payable		(4,759	)		(8,763	)
Net Cash Flows from Financing Activities		546,622			67,290
NET CHANGE IN CASH		(5,974	)		(6,005	)
Cash, beginning of period		21,436			53,376
CASH, END OF PERIOD	$	15,462		$	47,371
SUPPLEMENTAL DISCLOSURE OF CASH
FLOW INFORMATION
Interest paid	$	5,098		$	4,429
Income taxes paid	$	-		$	-

MONEYLOGIX GROUP INC. F/K/A HOMELIFE, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1. MANAGEMENT’S PLAN AND FUTURE OPERATIONS

At February 29, 2008, adverse principal conditions and events are prevalent that require necessary action by management to enable the Company to return to profitability and to reverse these adverse conditions and events. These conditions and events include recurring operating losses, working capital deficiencies, and adverse key financial ratios. Management’s plans to mitigate these adverse conditions and events include:

attempting to raise additional funding through private and public offering,

investigating and pursuing potential mergers/acquisitions,

the core business of franchising nationwide

making efforts to reduce unnecessary operating expenses on a monthly basis

The accompanying consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary in the event that the Company is unable to continue as a going concern.

Note 2. BASIS OF CONSOLIDATED FINANCIAL STATEMENTS PRESENTATION

The condensed consolidated financial statements of Moneylogix Group Inc. f/k/a Homelife, Inc. and Subsidiaries (the “Company”) included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in consolidated financial statements prepared in conjunction with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and the notes thereto included in the Company’s Form 10-KSB Annual Report, and other reports filed with the SEC.

The accompanying unaudited interim consolidated financial statements reflect all adjustments of a normal and recurring nature which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. The results of operations for these periods are not necessarily comparable to, or indicative of, results of any other interim period of or for the fiscal year taken as a whole. Certain financial information that is not required for interim financial reporting purposes has been omitted.

Company Name Change

On January 29, 2008, the Company formally changed its name from Homelife, Inc. to Moneylogix Group Inc.

Reclassifications

Certain amounts in the prior year consolidated financial statements have been reclassified to conform with the current year presentation. The reclassifications made to the prior year have no impact on the net income (loss), or overall presentation of the consolidated financial statements.

New Pronouncements

In February 2007, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standard (“SFAS”) No. 159, "The Fair Value Option for Financial Assets and Financial Liabilities, including an amendment of FASB Statement No. 115”. SFAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value at specified election dates. This Statement applies to all entities, including not-for-profit organizations. SFAS 159 is effective as of the beginning of an entity’s first fiscal year that begins after November 15, 2007. As such, the Company is required to adopt these provisions at the beginning of the fiscal year ending May 31, 2009. The Company is currently evaluating the impact of SFAS 159 on its financial statements, but does not expect this to have a material impact.

In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standard (“SFAS”) No. 157, "Fair Value Measurements”. SFAS 157 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. SFAS 157 is effective as of the beginning of the first fiscal year that begins after November 15, 2007. As such, the Company is required to adopt these provisions at the beginning of the fiscal year ending May 31, 2009. The Company is currently evaluating the impact of SFAS 157 on its financial statements, but does not expect this to have a material impact.

In June 2006, the FASB issued FIN 48, Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109. This interpretation clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. This interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This Interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. FIN 48 is effective for fiscal years beginning after December 15, 2006. As such, the Company is required to adopt these provisions at the beginning of the fiscal year ended May 31, 2008. The Company is currently evaluating the impact of FIN 48 on its financial statements, but does not expect this to have a material impact.

In December 2007, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards (“SFAS”) No. 141(R), “Business Combinations”. SFAS 141(R) establishes principles and requirements for how the acquirer recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, an any noncontrolling interest in the acquiree, recognizes and measures the goodwill acquired in the business combination or a gain from a bargain purchase, and determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination. SFAS 141(R) is effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2008. As such, the Company is required to adopt these provisions at the beginning of the fiscal year ended May 31, 2010. The Company is currently evaluating the impact that the adoption of SFAS 141(R) will have on its financial statements.

In December 2007, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards (“SFAS”) No. 160, “Noncontrolling Interests in Consolidated Financial Statements, an amendment of ARB No. 51”. SFAS 160 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. SFAS 160 is effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2008. As such, the Company is required to adopt these provisions at the beginning of the fiscal year ended May 31, 2010. The Company does not expect SFAS 160 to have a material effect on its financial statements.

In December 2007, the SEC issued Staff Accounting Bulletin No. 110 (“SAB 110”). SAB 110 permits companies to continue to use the simplified method, under certain circumstances, in estimating the expected term of “plain vanilla” options beyond December 31, 2007. SAB 110 updates guidance provided in SAB 107 that previously stated that the Staff would not expect a company to use the simplified method for share option grants after December 31, 2007. Adoption of SAB 110 is not expected to have a material impact on the Company’s financial statements.

In March 2008, FASB issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS 161”). SFAS 161 is intended to improve financial reporting about derivative instruments and hedging activities by requiring companies to enhance disclosure about how these instruments and activities affect their financial position, performance and cash flows. SFAS 161 also improves the transparency about the location and amounts of derivative instruments in a company’s financial statements and how they are accounted for under SFAS 133. SFAS 161 is effective for financial statements issued for fiscal years beginning after November 15, 2008 and interim periods beginning after that date. As such, the Company is required to adopt these provisions beginning with the quarter ending in February 2009. Adoption of SFAS 161 is not expected to have a material impact on the Company’s financial statements.

Note 3. COMMITMENTS AND CONTINGENCIES

The Company is currently a plaintiff in a lawsuit. Legal fees have been paid by a majority shareholder of the company and have been properly reflected in the financial statements.

Note 4. CAPITAL STOCK

a) Authorized

100,000 Class A Preferred shares of no par value, 6% non-cumulative dividend, voting, convertible to common shares at the option of the shareholder at a price equal to the face value of the Class A shares. Each Class A Preferred share carries 1,000 votes as compared with 1 vote for each Common share.

2,000 Class AA Preferred shares of $500 par value, 8% cumulative dividend, non-voting, redeemable at face value by the company, convertible after 12 months from the date of issuance, at the option of the shareholder, to Common shares at a price equal to the 125% of the face value of the Class AA shares as compared with the market price of the common stock.

100,000,000 Common shares of $0.001 par value

Issued

	2008		2007
10,000 Class A Preferred shares	$	1,000,000	$	1,000,000
50 Class AA Preferred shares		25,000		25,000
12,371,886 Common shares		12,372		12,372
	$	1,037,372	$	1,037,372

Note 5. SUBSEQUENT EVENT

On January 08, 2008 the Company entered into an Agreement and Plan of Merger with Agdas Financial Holdings and Moneylogix, Inc.. This agreement provides the following: (1) Moneylogix’s shareholders will exchange all of the issued and outstanding stock of Moneylogix in exchange for the transfer of 80,000,000 new issued shares of the common stock , par value $0.01 per share, that will constitute 98.70% of the issued and outstanding capital stock of the company (2) $250,000 payment to the Company to pay present liabilities; (3) Andrew Cimerman will receive 490,310 shares of the Company common stock after a 22 to 1 reverse stock split; Mr. Cimerman will transfer 458,000 of these restricted shares to the shareholders of the company. As part of the deal, 10,000 Class A Preferred Shares will be cancelled.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

The Company has experienced growth primarily through its acquisitions of and combinations with various other companies. This includes the acquisition in August 1996 of the Keim Group of Companies and MaxAmerica Home Warranty Company (Michigan) adding 60 real estate offices and a home warranty company in Michigan. In 1997, the Company purchased certain assets of S & S Acquisition Corp. providing the Company with Red Carpet Real Estate Services and National Real Estate Services adding 58 real estate offices. The acquisition of the real estate computer technology of House by Mouse and Virtual Assistant provided the Company with the ability to enhance its Internet communication services to its franchises. In July 1997, the Company acquired the licensing agreements, trademarks and franchise offices of Network Real Estate, Inc. This acquisition provided the Company with an additional 12 offices in Northern California and access to the “high-end” luxury division of “International Estates”. In February 1998, the Company acquired Builders Realty (Calgary) Ltd. providing access to the Alberta, Canada market in both retail real estate and mortgage loans. Certain assets of Builders Realty (Calgary) were sold during fiscal year 2002. On September 15, 1998, the Company purchased the stock of the investment banking firm of Aspen, Benson and May, LLC for common stock.

On January 29, 2008, the Company formally changed its name from Homelife, Inc. to Moneylogix Group Inc.

From time to time, the Company has entered into strategic alliances with various companies in order to explore the cross-marketing of their services to customers of the Company or its franchises. To date, these strategic alliances have not included any funding agreements or other liabilities on the part of the Company.

The following is management’s discussion and analysis of Moneylogix Group Inc’s financial condition and results of operations. Detailed information is contained in the financial statements included with this document. This section contains forward-looking statements that involve risks and uncertainties, such as statements of the Company’s plans, objectives, expectations and intentions. The cautionary statements made in this document should be read as being applicable to all related forward-looking statements wherever they appear in this document.

Three Months Ended February 29, 2008 (unaudited) compared to the Three Months Ended February 28, 2007 (unaudited).

Revenues. The Company generated gross sales of $120,348 for the quarter ended February 29, 2008 compared to gross sales of $119,515 for the quarter ended February 28, 2007. Revenue by business segment is shown below:

	February 29, 2008				February 28, 2007
	Amount		%		Amount		%
Royalty & franchise fees	$	106,612		89	$	84,962		71
Home warranty sales		11,060		9		17,504		15
Other		2,676		2		17,049		14
TOTAL	$	120,348		100	$	119,515		100

Royalty fees & franchise fees were higher in the current quarter due to the closing of more deals in the current period. The overall real estate market has slowed down from previous years, but this quarter garnered more sales than last year. Home warranty fees were lower in the current quarter compared to the prior year due to fewer contracts written and a lower per contract average than in the prior year. This has also been a result of the slow down in the real estate market.

Direct Costs. Direct costs on total revenue in the current quarter are were comparable to the same quarter last year and relate to lower warranty claims during the period.

Salaries and fringe benefits. Salaries and fringe benefits increased $2,179 or 5% from the third quarter last year. This results from one replaced employee at a higher salary.

General and administrative. General and administrative costs are higher in the current fiscal quarter compared to prior year mainly due to the legal fees paid by shareholder related to the existing lawsuit.

Occupancy. Occupancy costs are lower in the current quarter due to the relocation of the Michigan office.

Financial. Financial costs were higher for the quarter ended February 29, 2008 due to the accrued interest on the higher average outstanding amount due to shareholder.

Amortization. The intangibles became fully amortized earlier in the year. The intangibles became fully amortized in a prior quarter of the current fiscal quarter. Therefore there was no amortization expense in the current quarter.

Nine Months Ended February 29, 2008 (unaudited) compared to the Nine Months Ended Februrary 28, 2007 (unaudited).

Revenues. For the first half of the current fiscal year, the Company generated gross sales of $332,272 compared to $347,631 in the prior year same period. Revenue by business segment is shown below:

	February 29, 2008				February 28, 2007
	Amount		%		Amount		%
Royalty & franchise fees	$	279,084		84	$	261,493		75
Home warranty sales		35,789		11		60,354		17
Other		17,399		5		25,784		8
TOTAL	$	332,272		100	$	347,631		100

Royalty fees & franchise fees were up approximately $18,000 in the current period due to the better third quarter in the current year. The slow down in the market has largely affected the home warranty sales. Warranty fees were lower in the current three fourths of the year compared to the prior year due to fewer contracts written and a lower per contract average than in the prior year.

Direct Costs. Direct costs on total revenue in the current period are lower than the first nine months of last year due to lower warranty fees and related warranty claims in the current period.

Salaries and fringe benefits. Salaries and fringe benefits are slightly higher in the current period.

General and administrative. General and administrative costs are higher in the current fiscal year compared to prior year mainly due to the legal fees paid by shareholder related to the existing lawsuit.

Occupancy. Occupancy costs are lower in the current year first half due to the relocation of the Michigan office.

Financial. Financial costs were higher for the nine months ended February 29, 2008 due to the accrued interest on the higher average outstanding amount due to shareholder.

Depreciation. Depreciation expense was immaterial for the period.

Amortization. The intangibles became fully amortized in a prior quarter.

Liquidity and capital resources. The Company has lines of credit with two banks with available credit of $95,000 and a term loan of $25,000. The capital requirements of the Company are for operating expenses and to service and the use of its lines of credit. The Company has recorded significant operating losses in the prior two years. These losses are primarily due to increased direct costs and operating expenses. The Company does not have any derivative instruments or hedging activities, therefore, the Company believes that SFAS No. 133 will have no material impact on the Company’s financial statements or notes thereto.

The Company has experienced recurring operating losses and has a working capital deficiency of $319,930 as of February 29, 2008. Management has initiated changes in operational procedures, reduced staff and expenses and focused its efforts on its core business. Management believes that, despite the losses incurred and the deterioration in stockholders’ equity, it has developed a plan, which, if successfully implemented, can improve the operating results and financial condition of the Company. Furthermore, the Company continues its attempt to raise additional financing through private and public offerings.

Application of Critical Accounting Policies. The Company’s financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. These estimates and assumptions are affected by management’s application of accounting policies. Critical accounting policies for the Company includes revenue recognition, goodwill and accounting for income taxes.

The Company recognizes revenue in accordance with Staff Accounting Bulletin No. 101, “Revenue Recognition in Financial Statements”. The Company recognizes revenue when it is realized or realizable and earned. Income from the sale of franchises is recognized over a 5-year period. Master franchise agreement fees are recognized over 10 years. Royalty income stemming from the gross commissions on the sales of real estate by the franchise offices is recognized at the date of receipt; this is due to the complexity of attempting to forecast the actual closing date of the properties. Warranty income is recognized over the term of the contract which is usually 12 months; anticipated obligations which represent incurred but not reported losses (IBNR) under these warranties have been recorded as reserve for warranty and are based on past loss experience. Real estate brokerage income is recognized at the close of escrow. Loan fees are recognized as income when the loan is closed and funded at the close of escrow. Revenue received or receivable, from the sale of franchises, master franchises and warranties, which is not recognized as income is recorded on the balance sheet as deferred revenue.

The Company accounts for income tax under the provisions of Statement of Financial Accounting Standards No. 109, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Deferred income taxes are provided using the liability method. Under the liability method, deferred income taxes are recognized for all significant temporary differences between the tax and financial statement bases of assets and liabilities. In addition, the Company is required to record all deferred tax assets, including future tax benefits of capital losses carried forward, and to record a “valuation allowance” for any deferred tax assets where it is more likely than not that the asset will not be realized.

New Pronouncements

Item 3. Controls and Procedures

Based on the evaluation of the Company's disclosure controls and procedures by Andrew Cimerman, the Company's Chief Executive Officer and Marie M. May, the Company’s Chief Financial Officer, as of a date within 45 days of the filing date of this quarterly report, such officers have concluded that the Company's disclosure controls and procedures are effective in ensuring that information required to be disclosed by the Company in the reports that it files or submits under the Securities and Exchange Act of 1934, as amended, is recorded, processed, summarized and reported, within the time period specified by the Securities and Exchange Commission's rules and forms.

There were no significant changes in the Company's internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

On November 29, 2006, Homelife filed in Federal Court against MIT Holding, Inc. for breach of contract and is seeking $2 Million in damages.

On March 22, 2007, both parties agreed to terminate the agreement with the payment of $27,500 from MIT Holding, Inc. to Homelife.

The company is involved in a lawsuit with a company named HomeLife Communities for illegally using the HomeLife name. HomeLife Communities has agreed to change its name but has not yet done so. HomeLife Inc. is suing for royalties.

At the time of filing, there is no determinable outcome of the lawsuit. Legal fees have been paid by a majority shareholder of the company and have been properly reflected in the financial statements.

Item 2. Changes in Securities and use of proceeds.

None.

Item 3. Defaults upon senior securities.

None.

Item 4. Submission of matters to a vote of security holders.

None.

Item 5. Other Information.

None.

Item 6. Exhibits and Reports on Form 8-K.

(a) Exhibits:

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

(b) Reports on Form 8-K:

Entry into a Material Definitive Agreement, Financial Statements and Exhibits - filed September 15, 2006

SIGNATURES

In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

MONEYLOGIX GROUP INC. F/K/A HOMELIFE, INC.

Registrant

By:	/s/ Andrew Cimerman			Date: April 21, 2008
	Chief Executive Officer, President, Director

In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Andrew Cimerman			Date: April 21, 2008
	Chief Executive Officer, President, Director

Panacea Global (HOML) Inactive 10QSB2008 Q1 Quarterly report (small business)