Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Apr. 30, 2017 | Aug. 12, 2017 | Oct. 31, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | PREVENTION INSURANCE COM INC | ||
Entity Central Index Key | 1,134,982 | ||
Amendment Flag | false | ||
Trading Symbol | PVNC | ||
Current Fiscal Year End Date | --04-30 | ||
Document Type | 10-K | ||
Document Period End Date | Apr. 30, 2017 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,017 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 1,541,459 | ||
Entity Common Stock, Shares Outstanding | 22,340,081 |
Balance Sheets
Balance Sheets - USD ($) | Apr. 30, 2017 | Apr. 30, 2016 |
Current assets | ||
Cash | ||
Total current assets | ||
Total assets | ||
Current liabilities | ||
Accounts payable | 519 | 5,242 |
Due to related party | 141,677 | 11,697 |
Total current liabilities | 142,196 | 16,939 |
Total liabilities | 142,196 | 16,939 |
Commitments and contingencies | ||
Stockholders' deficit | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; zero shares issued and outstanding | ||
Common stock, $0.0001 par value; 100,000,000 shares authorized; 22,340,083 shares issued and 22,340,081 shares outstanding | 2,234 | 2,234 |
Additional paid-in capital | 4,640,351 | 4,640,351 |
Treasury stock, 2 shares, at cost | (52,954) | (52,954) |
Accumulated deficit | (4,731,827) | (4,606,570) |
Total stockholders' deficit | (142,196) | (16,939) |
Total liabilities and stockholders' deficit |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Apr. 30, 2017 | Apr. 30, 2016 |
Balance Sheets [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 22,340,083 | 22,340,083 |
Common stock, shares outstanding | 22,340,081 | 22,340,081 |
Treasury stock, shares | 2 | 2 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Statements of Operations [Abstract] | ||
Revenue | ||
Cost of goods sold | ||
Gross profit | ||
General and administrative | 125,257 | 69,603 |
Operating loss | (125,257) | (69,603) |
Interest expense | 202,913 | |
Net loss | $ (125,257) | $ (272,516) |
Loss per common share - basic and dilutive | $ (0.01) | $ (0.03) |
Weighted average number of common shares outstanding - basic and dilutive | 22,340,081 | 10,293,770 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Deficit - USD ($) | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Deficit |
Balance at Apr. 30, 2015 | $ (140,552) | $ 239 | $ 4,246,217 | $ (52,954) | $ (4,334,054) | |
Balance, shares at Apr. 30, 2015 | 2,390,083 | |||||
Discount on related party convertible note payable | 182,000 | 182,000 | ||||
Conversion of related party convertible notes payable | 199,500 | $ 1,995 | 197,505 | |||
Conversion of related party convertible notes payable, shares | 19,950,000 | |||||
Forgiveness of accrued interest on related party convertible notes payable | 3,413 | 3,413 | ||||
Transfer of cash balance to related party | (228) | (228) | ||||
Forgiveness of balance due to related party | 11,444 | 11,444 | ||||
Net loss | (272,516) | (272,516) | ||||
Balance at Apr. 30, 2016 | (16,939) | $ 2,234 | 4,640,351 | (52,954) | (4,606,570) | |
Balance, shares at Apr. 30, 2016 | 22,340,083 | |||||
Net loss | (125,257) | (125,257) | ||||
Balance at Apr. 30, 2017 | $ (142,196) | $ 2,234 | $ 4,640,351 | $ (52,954) | $ (4,731,827) | |
Balance, shares at Apr. 30, 2017 | 22,340,083 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (125,257) | $ (272,516) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Amortization of debt discount | 199,500 | |
Changes in operating assets and liabilities: | ||
Accounts payable | (4,723) | (8,826) |
Accrued expenses - related party | 3,413 | |
Net cash flows used in operating activities | (129,980) | (78,429) |
Cash flows from financing activities: | ||
Proceeds from advances from related party | 129,980 | 23,141 |
Repayment of advances from related parties | (228) | |
Proceeds from convertible notes payable - related party | 55,000 | |
Net cash flows provided by financing activities | 129,980 | 77,913 |
Net change in cash | (516) | |
Cash and cash equivalents, beginning of year | 516 | |
Cash and cash equivalents, end of year | ||
Supplemental cash flow disclosures: | ||
Interest paid | ||
Income taxes paid | ||
Non-Cash Financing Activities | ||
Conversion of $127,000 advance from related party to $127,000 convertible debenture, related party | 127,000 | |
Discount from beneficial conversion feature on convertible notes | 182,000 | |
Conversion of $199,500 convertible debentures, related party into 19,950,000 shares of common stock | 199,500 | |
Forgiveness of accrued interest on convertible debentures, related party | 3,413 | |
Forgiveness of advances from related party | $ 11,444 |
Statements of Cash Flows (Paren
Statements of Cash Flows (Parenthetical) | 12 Months Ended |
Apr. 30, 2017USD ($)shares | |
Statement Of Cash Flows [Abstract] | |
Conversion of related party advance | $ 127,000 |
Convertible debenture, related party | 127,000 |
Conversion of convertible debentures, value | $ 199,500 |
Conversion of convertible debentures, shares | shares | 19,950,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Basis of Presentation | 12 Months Ended |
Apr. 30, 2017 | |
Summary of Significant Accounting Policies and Basis of Presentation [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION | NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION Nature of Business Prevention Insurance.Com (the “Company”) was incorporated under the laws of the State of Nevada in 1975 as Vita Plus Industries, Inc. In March 1999, the Company sold its remaining inventory and changed its name to Prevention Insurance.Com. In 2005, the Company added a second line of business and had been focused on its development of its ATM machine sale operations. On December 28, 2007, the Company entered into an agreement wherein the Company had a change in control which resulted in the divestiture of the ATM division “Quick Pay”. The Company divested itself of the ATM machine sales operations on October 31, 2008. The Company’s business is to pursue a business combination through acquisition, or merger with, an existing company. No assurances can be given that the Company will be successful in locating or negotiating with any target company. Effective December 8, 2015, a change of control occurred with respect to the Company. Pursuant to a Securities Purchase Agreement entered into by and among the Company, Paragon Capital LP (“Seller”), and Yik Kei Ong (“Buyer”, as nominee for certain third parties), Seller assigned, transferred and conveyed to Buyer, as nominee, 2,109,286 shares of common stock of Company and convertible notes of the Company totaling $199,500. The convertible notes were convertible into common stock of the Company at $0.01 per share for a total of 19,950,000 shares of common stock. On the closing of the above transaction, Mr. Alan Donenfeld, the then sole officer of Seller, resigned in all officer capacities from the Company and Yik Kei Ong was appointed interim Chief Executive Officer and Chief Financial Officer of the Company. Immediately following the closing of the transaction, the convertible notes ($199,500 in principal amount) were converted into 19,950,000 shares of common stock of the Company. After giving effect to the above described transaction, the controlling shareholders of the Company are Wooi Huat Teow, Chee Chow Teow and Ee Meng Teow. On March 9, 2016, the Board of Directors appointed Mr. Chee Chau Ng to the Company’s Board of Directors. In addition, on that same date, the Board of Directors appointed Mr. Ng as its President (Chief Executive Officer), Treasurer (Chief Financial Officer) and Secretary, replacing Mr. Yik Kei Ong who had resigned in all capacities as an officer of the Company on that date. As President of the Company, Mr. Ng will assume the role of Chairman of the Company Board of Directors. Effective May 24, 2016, Mr. Yik Kei Ong resigned as a member of the Company’s Board of Directors. Mr. Ong did not resign as a result of any disagreement with the Company over any matter related to its operations, policies or practices. On September 19, 2016, three of our shareholders, owning 15,638,084 shares of common stock, or approximately 70% of the total outstanding shares, approved an amendment to our articles of incorporation to change our corporate name from Prevention Insurance.com to AIM BIG Resources, Ltd. (the “Charter Amendment”). On November 18, 2016, we filed a Definitive Information Statement with the Securities and Exchange Commission. We mailed the Definitive Information Statement to our shareholders on November 21, 2016. In connection with the Charter Amendment, we filed an Issuer Company-Related Action Notification Form with FINRA to receive approval of the name change. FINRA denied the corporate action request due to the prior regulatory history of two of the principal shareholders which occurred in Malaysia. Management of the Company is actively seeking a change of control transaction pursuant to which the current controlling shareholders would assign to a third party or surrender their equity interest in the Company. Basis of Presentation The summary of significant accounting policies is presented to assist in the understanding of the financial statements. These policies conform to accounting principles generally accepted in the United States of America and have been consistently applied. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company maintains cash balances in a non-interest bearing account that currently does not exceed federally insured limits. For the purpose of the statements of cash flows, all highly liquid investments with a maturity of three months or less are considered to be cash equivalents. Fair Value of Financial Instruments The fair value of cash and cash equivalents and accounts payable approximates the carrying amount of these financial instruments due to their short maturity. Beneficial Conversion Feature If the conversion features of conventional convertible debt provides for a rate of conversion that is below market value at issuance, this feature is characterized as a beneficial conversion feature (“BCF”). A BCF is recorded by the Company as a debt discount. In those circumstances, the convertible debt is recorded net of the discount related to the BCF, and the Company amortizes the discount to interest expense, over the life of the debt using the effective interest method. Net Loss per Share Calculation Basic net loss per common share (“EPS”) is computed by dividing loss available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average shares outstanding, assuming all dilutive potential common shares were issued. Revenue Recognition Four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on our management’s judgments regarding the fixed nature of the selling prices of the products and services delivered and the collectability of those amounts. For the years ended April 30, 2017 and 2016, the Company did not realize any revenue. Stock-Based Compensation The Company recognizes compensation cost based upon the fair value of stock options at the grant date using the Black-Scholes pricing model. During the years ended April 30, 2017 and 2016, the Company did not issue any shares for services nor did the Company issue any options as stock based compensation to any officers, directors, or non-employees. Income Taxes The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. The Company evaluates tax positions in a two-step process. The Company first determines whether it is more likely than not that a tax position will be sustained upon examination, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold it is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company classifies gross interest and penalties and unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year as long term liabilities in the financial statements.. Subsequent Events The Company has evaluated all transactions from April 30, 2017 through the financial statement issuance date for subsequent event disclosure consideration. Recently Issued Accounting Pronouncements As of April 30, 2017, the Company is an “emerging growth company” under the federal securities laws and will be subject to reduced public company reporting requirements. In addition, Section 107 of the JOBS Act also provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company is choosing to take advantage of the extended transition period for complying with new or revised accounting standards. |
Going Concern
Going Concern | 12 Months Ended |
Apr. 30, 2017 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 2. GOING CONCERN The Company’s financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. For the year ended April 30, 2017, the Company reported a net loss of $125,257 and has reported an accumulated deficit of $4,731,827 as of April 30, 2017. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of these uncertainties. The Company’s ability to continue as a going concern is dependent upon its ability to develop additional sources of capital, locate and complete a merger with another company and ultimately achieve profitable operations. No assurances can be given that the Company will be successful in locating or negotiating with any target company. |
Advances Due to Related Party
Advances Due to Related Party | 12 Months Ended |
Apr. 30, 2017 | |
Advances Due to Related Party [Abstract] | |
ADVANCES DUE TO RELATED PARTY | NOTE 3. ADVANCES DUE TO RELATED PARTY As of April 30, 2015, the Company had an aggregate of $127,000 non-interest bearing demand notes payable to Paragon Capital LP, at that time, the Company’s controlling shareholder. On August 31, 2015, the Company exchanged the aggregate $127,000 non-interest bearing demand notes payable to Paragon Capital LP for a new promissory note in the aggregate amount of $127,000. The note was due on August 31, 2017 and bore an interest rate of 6% per annum. While the note was outstanding, the outstanding principal amount of and all unpaid accrued interest under the note was convertible into shares of Common Stock of the Company at $0.01 per share. Effective December 8, 2015, the $127,000 principal balance of the convertible note payable was converted into 12,700,000 shares of our common stock, the unamortized balance of $124,762 debt discount was expensed in full and accrued interest of $2,066 was forgiven. As the accrued interest was with a related party, the gain on forgiveness of the interest has been recognized in additional paid-in capital. Effective December 10, 2015, we made a payment to the former controlling shareholder of $228 upon closure of the Company’s previous bank account. As the payment was to a related party, the loss on payment has been recognized in additional paid-in capital. Following the change of control of the Company effective December 8, 2015 through March 9, 2016, an entity related to the Company’s then sole officer and director advanced funds totaling $11,444 to the Company to meet its working capital requirements. The advances were unsecured, interest free and due on demand. Effective March 9, 2016, the full $11,444 balance of the loan was forgiven. As the loan was with a related party, the forgiveness of the loan has been recognized in additional paid in capital. From March 9, 2016 through April 30, 2016, an entity related to the Company’s controlling shareholder has advanced funds totaling $11,697 to the Company to meet its working capital requirements. The advances were unsecured, interest free and due on demand. During the year ended April 30, 2017, an entity related to the Company’s controlling shareholder has advanced funds totaling $129,980 to the Company to meet its working capital requirements. The advances were unsecured, interest free and due on demand. Subsequent to April 30, 2017, through the date these financial statements were issued, the entity related to the Company’s controlling shareholder advanced further funds totaling $21,328 to the Company to meet its working capital requirements. |
Convertible Note Payable_Relate
Convertible Note Payable/Related Party | 12 Months Ended |
Apr. 30, 2017 | |
Convertible Note Payable/Related Party [Abstract] | |
CONVERTIBLE NOTE PAYABLE/RELATED PARTY | NOTE 4. CONVERTIBLE NOTE PAYABLE/RELATED PARTY On April 22, 2015, the Company entered into a Convertible Note Agreement with Paragon Capital, LP, at that time, the Company’s controlling shareholder, in the amount of $17,500. The note was due on August 31, 2017, bore an interest rate of 6% per annum, compounded and to be paid at August 31, 2017. While the note was outstanding, the outstanding principal amount and all unpaid accrued interest under the note were convertible into shares of Common Stock of the Company at $0.01 per share. The Company assessed the embedded conversion feature and determined that the intrinsic value of the beneficial conversion feature at inception exceeded the face value of this note and accordingly recorded at beneficial conversion feature (capped at the face value of the of the note) of $17,500. Such beneficial conversion feature was accounted for as a debt discount, which was amortized to interest expense using the effective interest rate method over the life of the note. Effective December 8, 2015, the $17,500 principal balance of the loan was converted into 1,750,000 shares of our common stock, the unamortized balance of $16,559 debt discount was expensed in full and accrued interest of $662 was forgiven. As the accrued interest was with a related party, the gain on forgiveness of the interest has been recognized in additional paid in capital. On August 31, 2015, the Company exchanged the aggregate $127,000 non-interest bearing demand notes payable to Paragon Capital LP, at that time, the Company’s controlling shareholder, for a new promissory note in the aggregate amount of $127,000. The note was due on August 31, 2017 and bore an interest rate of 6% per annum. While the note was outstanding, the outstanding principal amount and all unpaid accrued interest under the note were convertible into shares of Common Stock of the Company at $0.01 per share. The Company assessed the embedded conversion feature and determined that the intrinsic value of the beneficial conversion feature at inception exceeded the face value of this note and accordingly recorded at beneficial conversion feature (capped at the face value of the of the note) of $127,000. Such beneficial conversion feature was accounted for as a debt discount, which was amortized to interest expense using the effective interest rate method over the life of the note. Effective December 8, 2015, the $127,000 principal balance of the loan was converted into 12,700,000 shares of our common stock, the unamortized balance of $124,762 debt discount was expensed in full and accrued interest of $2,066 was forgiven. As the accrued interest was with a related party, the gain on forgiveness of the interest has been recognized in additional paid in capital. On August 31, 2015, the Company entered into a Convertible Note Agreement with Paragon Capital, LP, at that time, the Company’s controlling shareholder, in the amount of $35,000. The note is due on August 31, 2017, and bore interest at 6% per annum. While the note was outstanding, the outstanding principal amount and all unpaid accrued interest under the note were convertible into shares of Common Stock of the Company at $0.01 per share. The Company assessed the embedded conversion feature and determined that the intrinsic value of the beneficial conversion feature at inception exceeded the face value of this note and accordingly recorded at beneficial conversion feature (capped at the face value of the of the note) of $35,000. Such beneficial conversion feature was accounted for as a debt discount, which was amortized to interest expense using the effective interest rate method over the life of the note. Effective December 8, 2015, the $35,000 principal balance of the loan was converted into 3,500,000 shares of our common stock, the unamortized balance of $34,383 debt discount was expensed in full and accrued interest of $570 was forgiven. As the accrued interest was with a related party, the gain on forgiveness of the interest has been recognized in additional paid in capital. On November 3, 2015, the Company entered into a Convertible Note Agreement with Paragon Capital, LP, at that time, the Company’s controlling shareholder, in the amount of $20,000. The note was due on August 31, 2017, and bore interest at 6% per annum. While the note was outstanding, the outstanding principal amount and all unpaid accrued interest under the note were convertible into shares of Common Stock of the Company at $0.01 per share. The Company assessed the embedded conversion feature and determined that the intrinsic value of the beneficial conversion feature at inception exceeded the face value of this note and accordingly recorded at beneficial conversion feature (capped at the face value of the of the note) of $20,000. Such beneficial conversion feature was accounted for as a debt discount, which was amortized to interest expense using the effective interest rate method over the life of the note. Effective December 8, 2015, the $20,000 principal balance of the loan was converted into 2,000,000 shares of our common stock, the unamortized balance of $19,897 debt discount was expensed in full and accrued interest of 115 was forgiven. As the accrued interest was with a related party, the gain on forgiveness of the interest has been recognized in additional paid in capital. Following the conversion of these convertible notes payable effective December 8, 2015, no convertible notes payable remained issued or outstanding. |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 30, 2017 | |
Income Taxes [Abstract] | |
INCOME TAXES | NOTE 5. INCOME TAXES As of April 30, 2017, the Company had a federal net operating loss carryforward of approximately $1,265,000, which expires beginning in 2018 and through 2037. This carryforward is limited due to the changes in control that took place in the years ended April 30, 2008 and April 30, 2016 and maybe further limited in the future upon change(s) in control of the Company in accordance with the provisions under Internal Revenue Code Section 381. In assessing the recovery of the deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in the periods in which those temporary differences become deductible. As of April 30, 2017, the Company determined it was more likely than not the deferred tax assets would not be realized and recorded a full valuation allowance. The following table reconciles the provision (benefit) for taxes to the U.S. Federal statutory tax rates: Year Ended April 30, 2017 2016 Statutory U.S. Federal Income Tax Rate 35 % 35 % State Income Taxes 5 % 5 % Change in Valuation Allowance (40 %) (40 %) Effective Income Tax Rate 0 % 0 % |
Commitments & Contingencies
Commitments & Contingencies | 12 Months Ended |
Apr. 30, 2017 | |
Commitments & Contingencies [Abstract] | |
COMMITMENTS & CONTINGENCIES | NOTE 6. COMMITMENTS & CONTINGENCIES Corporate Office Space During the period from May 1, 2015 through December 8, 2015, the Company maintained office space in New York, New York with the Company’s then majority shareholder at no cost to the Company. Effective December 8, 2015 through March 8, 2016, the Company maintained office space in Kuala Lumpor, Malaysia with the Company’s then sole officer and director also at no cost to the Company. Effective from March 9, 2016 to July 19, 2017, the Company has maintained office space in Kuala Lumpor, Malaysia provided by the Company’s controlling shareholder also at no cost to the Company. Since July 19, 2017, the Company has maintained office space in Kuala Lumpur provided by the Company’s sole officer. Accordingly, for the years ended April 30, 2017 and 2016, the Company recognized no rent expense. |
Stockholders' Deficit
Stockholders' Deficit | 12 Months Ended |
Apr. 30, 2017 | |
Stockholders' Deficit [Abstract] | |
STOCKHOLDERS' DEFICIT | NOTE 7. STOCKHOLDERS’ DEFICIT Preferred Stock As of April 30, 2017, the Company was authorized to issue 10,000,000 shares of preferred stock with a par value of $0.0001. No shares of preferred stock were issued or outstanding during the years ended April 30, 2017 and 2016. Common Stock As of April 30, 2017, the Company was authorized to issue 100,000,000 shares of common stock with a par value of $0.0001. During the year ended April 30, 2016, effective December 8, 2015, Convertible Notes Payable with principal balances totaling $199,500 were converted into 19,950,000 shares of our common stock. |
Summary of Significant Accoun15
Summary of Significant Accounting Policies and Basis of Presentation (Policies) | 12 Months Ended |
Apr. 30, 2017 | |
Summary of Significant Accounting Policies and Basis of Presentation [Abstract] | |
Nature of Business | Nature of Business Prevention Insurance.Com (the “Company”) was incorporated under the laws of the State of Nevada in 1975 as Vita Plus Industries, Inc. In March 1999, the Company sold its remaining inventory and changed its name to Prevention Insurance.Com. In 2005, the Company added a second line of business and had been focused on its development of its ATM machine sale operations. On December 28, 2007, the Company entered into an agreement wherein the Company had a change in control which resulted in the divestiture of the ATM division “Quick Pay”. The Company divested itself of the ATM machine sales operations on October 31, 2008. The Company’s business is to pursue a business combination through acquisition, or merger with, an existing company. No assurances can be given that the Company will be successful in locating or negotiating with any target company. Effective December 8, 2015, a change of control occurred with respect to the Company. Pursuant to a Securities Purchase Agreement entered into by and among the Company, Paragon Capital LP (“Seller”), and Yik Kei Ong (“Buyer”, as nominee for certain third parties), Seller assigned, transferred and conveyed to Buyer, as nominee, 2,109,286 shares of common stock of Company and convertible notes of the Company totaling $199,500. The convertible notes were convertible into common stock of the Company at $0.01 per share for a total of 19,950,000 shares of common stock. On the closing of the above transaction, Mr. Alan Donenfeld, the then sole officer of Seller, resigned in all officer capacities from the Company and Yik Kei Ong was appointed interim Chief Executive Officer and Chief Financial Officer of the Company. Immediately following the closing of the transaction, the convertible notes ($199,500 in principal amount) were converted into 19,950,000 shares of common stock of the Company. After giving effect to the above described transaction, the controlling shareholders of the Company are Wooi Huat Teow, Chee Chow Teow and Ee Meng Teow. On March 9, 2016, the Board of Directors appointed Mr. Chee Chau Ng to the Company’s Board of Directors. In addition, on that same date, the Board of Directors appointed Mr. Ng as its President (Chief Executive Officer), Treasurer (Chief Financial Officer) and Secretary, replacing Mr. Yik Kei Ong who had resigned in all capacities as an officer of the Company on that date. As President of the Company, Mr. Ng will assume the role of Chairman of the Company Board of Directors. Effective May 24, 2016, Mr. Yik Kei Ong resigned as a member of the Company’s Board of Directors. Mr. Ong did not resign as a result of any disagreement with the Company over any matter related to its operations, policies or practices. On September 19, 2016, three of our shareholders, owning 15,638,084 shares of common stock, or approximately 70% of the total outstanding shares, approved an amendment to our articles of incorporation to change our corporate name from Prevention Insurance.com to AIM BIG Resources, Ltd. (the “Charter Amendment”). On November 18, 2016, we filed a Definitive Information Statement with the Securities and Exchange Commission. We mailed the Definitive Information Statement to our shareholders on November 21, 2016. In connection with the Charter Amendment, we filed an Issuer Company-Related Action Notification Form with FINRA to receive approval of the name change. FINRA denied the corporate action request due to the prior regulatory history of two of the principal shareholders which occurred in Malaysia. Management of the Company is actively seeking a change of control transaction pursuant to which the current controlling shareholders would assign to a third party or surrender their equity interest in the Company. |
Basis of Presentation | Basis of Presentation The summary of significant accounting policies is presented to assist in the understanding of the financial statements. These policies conform to accounting principles generally accepted in the United States of America and have been consistently applied. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company maintains cash balances in a non-interest bearing account that currently does not exceed federally insured limits. For the purpose of the statements of cash flows, all highly liquid investments with a maturity of three months or less are considered to be cash equivalents. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of cash and cash equivalents and accounts payable approximates the carrying amount of these financial instruments due to their short maturity. |
Beneficial Conversion Feature | Beneficial Conversion Feature If the conversion features of conventional convertible debt provides for a rate of conversion that is below market value at issuance, this feature is characterized as a beneficial conversion feature (“BCF”). A BCF is recorded by the Company as a debt discount. In those circumstances, the convertible debt is recorded net of the discount related to the BCF, and the Company amortizes the discount to interest expense, over the life of the debt using the effective interest method. |
Net Loss per Share Calculation | Net Loss per Share Calculation Basic net loss per common share (“EPS”) is computed by dividing loss available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average shares outstanding, assuming all dilutive potential common shares were issued. |
Revenue Recognition | Revenue Recognition Four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on our management’s judgments regarding the fixed nature of the selling prices of the products and services delivered and the collectability of those amounts. For the years ended April 30, 2017 and 2016, the Company did not realize any revenue. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes compensation cost based upon the fair value of stock options at the grant date using the Black-Scholes pricing model. During the years ended April 30, 2017 and 2016, the Company did not issue any shares for services nor did the Company issue any options as stock based compensation to any officers, directors, or non-employees. |
Income Taxes | Income Taxes The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. The Company evaluates tax positions in a two-step process. The Company first determines whether it is more likely than not that a tax position will be sustained upon examination, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold it is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company classifies gross interest and penalties and unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year as long term liabilities in the financial statements.. |
Subsequent Events | Subsequent Events The Company has evaluated all transactions from April 30, 2017 through the financial statement issuance date for subsequent event disclosure consideration. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements As of April 30, 2017, the Company is an “emerging growth company” under the federal securities laws and will be subject to reduced public company reporting requirements. In addition, Section 107 of the JOBS Act also provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company is choosing to take advantage of the extended transition period for complying with new or revised accounting standards. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2017 | |
Income Taxes [Abstract] | |
Schedule of provision (benefit) for taxes to the U.S. Federal statutory tax rates | Year Ended April 30, 2017 2016 Statutory U.S. Federal Income Tax Rate 35 % 35 % State Income Taxes 5 % 5 % Change in Valuation Allowance (40 %) (40 %) Effective Income Tax Rate 0 % 0 % |
Summary of Significant Accoun17
Summary of Significant Accounting Policies and Basis of Presentation (Details) - USD ($) | Dec. 08, 2015 | Apr. 30, 2017 | Aug. 31, 2015 |
Summary of Significant Accounting Policies and Basis of Presentation (Textual) | |||
Convertible note conversion price per share | $ 0.01 | ||
Income tax benefits recognized percentage | 50.00% | ||
Common stock description | On September 19, 2016, three of our shareholders, owning 15,638,084 shares of common stock, or approximately 70% of the total outstanding shares, approved an amendment to our articles of incorporation to change our corporate name from Prevention Insurance.com to AIM BIG Resources, Ltd. (the "Charter Amendment"). | ||
Description of revenue recognition | (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on our management's judgments regarding the fixed nature of the selling prices of the products and services delivered and the collectability of those amounts. | ||
Securities Purchase Agreement [Member] | |||
Summary of Significant Accounting Policies and Basis of Presentation (Textual) | |||
Conversion of common stock | 2,109,286 | ||
Convertible note total | $ 199,500 | ||
Convertible note conversion price per share | $ 0.01 | ||
Conversion of shares of common stock | 19,950,000 |
Going Concern (Details)
Going Concern (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Going Concern (Textual) | ||
Net loss | $ (125,257) | $ (272,516) |
Accumulated deficit | $ (4,731,827) | $ (4,606,570) |
Advances Due to Related Party (
Advances Due to Related Party (Details) - USD ($) | Mar. 09, 2016 | Dec. 10, 2015 | Dec. 08, 2015 | Aug. 31, 2015 | Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 |
Advances Due to Related Party (Textual) | |||||||
Demand notes payable to Paragon Capital LP | $ 127,000 | $ 141,677 | $ 11,697 | $ 127,000 | |||
Notes payable due date | Aug. 31, 2017 | ||||||
Notes payable interest rate | 6.00% | ||||||
Convertible note conversion price per share | $ 0.01 | ||||||
Unamortized debt discount | $ 124,762 | ||||||
Interest expense | 2,066 | $ 202,913 | |||||
Payment to former controlling shareholder | $ 228 | ||||||
Sole officer and director advanced funds | 11,444 | ||||||
Gain on forgiveness of loan | $ 11,444 | ||||||
Shareholder advances total | 129,980 | ||||||
Shareholder [Member] | |||||||
Advances Due to Related Party (Textual) | |||||||
Shareholder advances total | $ 11,697 | $ 21,328 | |||||
Common Stock [Member] | |||||||
Advances Due to Related Party (Textual) | |||||||
Convertible note payable | $ 127,000 | ||||||
Conversion of shares of common stock | 12,700,000 |
Convertible Note Payable_Rela20
Convertible Note Payable/Related Party (Details) - USD ($) | Dec. 08, 2015 | Nov. 03, 2015 | Aug. 31, 2015 | Apr. 22, 2015 | Apr. 30, 2016 |
Convertible Note Payable (Textual) | |||||
Convertible notes payable due date | Aug. 31, 2017 | ||||
Interest rate | 6.00% | ||||
Convertible note conversion price per share | $ 0.01 | ||||
Principal balance of loan converted into common stock | 19,950,000 | 19,950,000 | |||
Unamortized debt discount | $ 124,762 | ||||
Paragon Capital LP [Member] | Convertible Note Agreement [Member] | |||||
Convertible Note Payable (Textual) | |||||
Convertible note total | $ 17,500 | ||||
Convertible notes payable due date | Aug. 31, 2017 | ||||
Interest rate | 6.00% | ||||
Convertible note conversion price per share | $ 0.01 | ||||
Debt instrument convertible beneficial conversion feature | $ 17,500 | ||||
Principal balance of loan converted | $ 17,500 | ||||
Principal balance of loan converted into common stock | 1,750,000 | ||||
Unamortized debt discount | $ 16,559 | ||||
Accrued interest | 662 | ||||
Paragon Capital LP [Member] | Exchange Aggregate [Member] | |||||
Convertible Note Payable (Textual) | |||||
Convertible notes payable due date | Aug. 31, 2017 | ||||
Interest rate | 6.00% | ||||
Convertible note conversion price per share | $ 0.01 | ||||
Debt instrument convertible beneficial conversion feature | $ 127,000 | ||||
Principal balance of loan converted | $ 127,000 | ||||
Principal balance of loan converted into common stock | 12,700,000 | ||||
Aggregate amount of non-interest bearing demand notes payable | 127,000 | ||||
Aggregate amount of promissory note | 127,000 | ||||
Unamortized debt discount | $ 124,762 | ||||
Accrued interest | 2,066 | ||||
Paragon Capital LP [Member] | Convertible Note Agreement One [Member] | |||||
Convertible Note Payable (Textual) | |||||
Convertible note total | $ 35,000 | ||||
Convertible notes payable due date | Aug. 31, 2017 | ||||
Interest rate | 6.00% | ||||
Convertible note conversion price per share | $ 0.01 | ||||
Debt instrument convertible beneficial conversion feature | $ 35,000 | ||||
Principal balance of loan converted | $ 35,000 | ||||
Principal balance of loan converted into common stock | 3,500,000 | ||||
Unamortized debt discount | $ 34,383 | ||||
Accrued interest | 570 | ||||
Paragon Capital LP [Member] | Convertible Note Agreement Two [Member] | |||||
Convertible Note Payable (Textual) | |||||
Convertible note total | $ 20,000 | ||||
Convertible notes payable due date | Aug. 31, 2017 | ||||
Interest rate | 6.00% | ||||
Convertible note conversion price per share | $ 0.01 | ||||
Debt instrument convertible beneficial conversion feature | $ 20,000 | ||||
Principal balance of loan converted | $ 20,000 | ||||
Principal balance of loan converted into common stock | 2,000,000 | ||||
Unamortized debt discount | $ 19,897 | ||||
Accrued interest | $ 115 |
Income Taxes (Details)
Income Taxes (Details) | 12 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Schedule of provision (benefit) for taxes to the U.S federal statutory tax rates | ||
Statutory U.S. Federal Income Tax Rate | 35.00% | 35.00% |
State Income Taxes | 5.00% | 5.00% |
Change in Valuation Allowance | (40.00%) | (40.00%) |
Effective Income Tax Rate | 0.00% | 0.00% |
Income Taxes (Details Textual)
Income Taxes (Details Textual) | 12 Months Ended |
Apr. 30, 2017USD ($) | |
Income Taxes (Textual) | |
Net operating loss carryforward | $ 1,265,000 |
Net operating loss carryforward, expiration period | Beginning in 2018 and through 2037. |
Commitments & Contingencies (De
Commitments & Contingencies (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Commitments & Contingencies (Textual) | ||
Rent expense |
Stockholders' Deficit (Details)
Stockholders' Deficit (Details) - USD ($) | Dec. 08, 2015 | Apr. 30, 2016 | Apr. 30, 2017 |
Equity (Textual) | |||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | |
Common stock, par value | $ 0.0001 | $ 0.0001 | |
Common stock, shares authorized | 100,000,000 | 100,000,000 | |
Convertible notes converted to common stock, value | $ 199,500 | $ 199,500 | |
Convertible debentures converted to common stock, shares | 19,950,000 | 19,950,000 |