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SEC POTENTIAL PERSONS WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION
2334 (6 CONTAINED IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM
00) DISPLAYS A CURRENTLY VALID OMB CONTROL NUMBER.
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UNITED STATES OMB
SECURITIES AND EXCHANGE COMMISSION APPROVAL
WASHINGTON D.C. 20549 OMB NUMBER: 3235-0416
EXPIRES: APRIL 30, 2005
FORM 10-QSB ESTIMATED AVERAGE BURDEN
HOURS PER RESPONSE: 32.00
(Mark One)
[ ] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended 1/31/04
-------
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from to
------ -------
Commission file number _______________________
PREVENTION INSURANCE.COM
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(EXACT NAME OF SMALL BUSINESS ISSUER AS SPECIFIED IN ITS CHARTER)
NEVADA 88-0126444
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(STATE OR OTHER JURISDICTION OF (IRS EMPLOYER IDENTIFICATION NO.)
INCORPORATION OR ORGANIZATION)
2770 So. Maryland Pkwy. #416, Las Vegas, NV 89109
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
(702) 732-2758
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(ISSUER'S TELEPHONE NUMBER)
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(FORMER NAME, FORMER ADDRESS AND FORMER FISCAL YEAR,
IF CHANGED SINCE LAST REPORT)
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan conformed by a court. Yes [ ] No [ ]
MANAGEMENT DISCUSSIONS
QUARTER NOVEMBER 1, 2003 -- JANUARY 31, 2004
We are still working on raising $10 million dollars from SBIC investment
companies or venture capital firms to finance acquisitions we have identified
in the annuity and life insurance sector. We are in the process of developing
a syndication to handle this transaction and cement the relationship for future
acquisitions.
MANAGEMENT DISCUSSION OF OPERATIONS:
Quick Pay Company, our ATM division, continues to grow and pay most of the bills
and overhead for Prevention Insurance and Quick Pay. ATM sales generated
$33,144.91 in income for the quarter ending January 31, 2004, however it was not
enough to generate a profit. The loss for last quarter was $8,518.49.
DISCUSSION OF FINANCIAL CONDITION & RESULTS OF OPERATIONS:
We remain under-capitalized and our top priority is to raise working capital for
2004 and to secure financing for our acquisitions. We received a small amount of
seed capital ($8750.00) through stock sales. We are seeking to raise additional
$100,000 working capital.
We have put together a low cost hospital indemnity, accident and health policy
with a prescription benefit. That will allow us to provide low cost coverage of
under $100.00 per month premium to up to age 55 individals and family. That will
have a 24-hour doctor on call service attached to it. We plan on launching it
May 1st of this year.
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PREVENTION INSURANCE.COM
BALANCE SHEETS
UNAUDITED
JANUARY 31, April 30,
ASSETS 2004 2003
==============================================================================
Current assets:
Cash $ -- $ --
-----------------------------
TOTAL CURRENT ASSETS $ -- $ --
$ -- $ --
=============================
LIABILITIES AND STOCKHOLDERS' (DEFICIT)
==============================================================================
Current liabilities:
Accounts payable $ 9,471 $ 7,187
Advance from officer/shareholder 24,715 23,509
-----------------------------
TOTAL CURRENT LIABILITIES 34,186 30,696
Stockholders' (deficit):
Common stock 94,286 92,408
Additional paid in capital 3,473,892 3,453,019
Accumulated (deficit) (3,549,409) (3,523,169)
-----------------------------
18,768 22,258
Less: Treasury stock, at cost (52,954) (52,954)
-----------------------------
(34,186) (30,696)
-----------------------------
$ -- $ --
=============================
PREVENTION INSURANCE. COM
SUMMARY STATEMENTS OF OPERATIONS
UNAUDITED
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Nine months ended Three months ended
January 31, January 31,
---------------------------------------------------------
2004 2003 2004 2003
---------------------------------------------------------
Commission income $ 95,807 $ 54,544 $ 33,145 $ 12,937
General and administrative expenses 122,048 118,755 41,616 18,972
---------------------------------------------------------
Net (loss) $(26,241) $(64,211) $ (8,471) $ (6,035)
=========================================================
Net income (loss) per share ($0.01) ($0.01) ($0.01) ($0.01)
=========================================================
PREVENTION INSURANCE.COM
STATEMENT OF CASH FLOWS
UNAUDITED
============================================================================================================
Nine months ended Three months ended
January 31, January 31,
--------------------------------------------------
2004 2003 2004 2003
--------------------------------------------------
Cash applied to operating activities
Net (loss) $ (26,241) $ (64,491) $ (8,471) $ (6,035)
Adjustments to reconcile net income to net cash
provided by operations
Decrease (increase) in accounts receivable -- -- -- --
Increase (decrease) in accounts payable and
accrued expenses 2,285 12,570 2,221 --
Increase (decrease) in advance
from officer/shareholder 1,206 -- -- --
--------------------------------------------------
NET CASH (USED IN) OPERATIONS (22,750) (51,921) (6,250) (6,035)
Cash provided by investing activities -- -- -- --
Cash provided by financing activities
Proceeds from issuance of common stock 22,750 53,900 6,250 6,500
--------------------------------------------------
NET CASH PROVIDED BY FINANCING ACTIVITIES 22,750 53,900 6,250 6,500
Increase (decrease) in cash -- 1,979 -- 465
Cash at beginning of period -- 544 -- 2,058
--------------------------------------------------
Cash at January 31, $ -- $ 2,523 $ -- $ 2,523
==================================================
PREVENTION INSURANCE.COM
STATEMENTS OF CHANGES IN STOCKHOLDERS' (DEFICIT)
NINE MONTHS ENDED JANUARY 31, 2004
UNAUDITED
===============================================================================================================================
Preferred Stock Common Stock Additional
--------------------- ------------------- paid in Accumulated Treasury
Number Par value Number Par value capital deficit stock Total
-----------------------------------------------------------------------------------------------
Balance April 30, 2003 -- $ -- 9,240,817 $ 92,408 $ 3,453,019 $ (3,523,169) $ (52,954) $ (30,696)
Shares issued for cash -- -- 1,115,000 1,115 6,885 -- -- 8,000
Net (loss), three month ended
July 31, 2003 (12,305) (12,305)
-----------------------------------------------------------------------------------------------
Balance July 31, 2003 -- -- 10,355,817 93,523 3,459,904 (3,535,474) (52,954) (35,001)
Shares issued for cash -- -- 700,000 700 7,800 -- -- 8,500
Net (loss), three month ended (5,464) (5,464)
-----------------------------------------------------------------------------------------------
Balance October 31, 2003 -- $ -- 11,055,817 $ 94,223 $ 3,467,704 $ (3,540,938) $ (52,954) $ (31,965)
Shares issued for cash -- -- 62,500 63 6,188 -- -- 6,250
Net (loss), three month ended (8,471) (8,471)
-----------------------------------------------------------------------------------------------
January 31, 2004
Balance January 31, 2004 -- $ -- 11,118,317 $ 94,286 $ 3,473,892 $(3,549,409) $(52,954) $ (34,186)
================================================================================================
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
Prevention Insurance.com Date: March 9, 2004
/s/ Scott Goldsmith
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Name: Scott Goldsmith
Title: President