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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/A ESTIMATED AVERAGE BURDEN
HOURS PER RESPONSE: 32.00
(Mark One)
(X) QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended: 10-31-05
------------------
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from 08-01-2004 to 10-31-05
---------- -----------
Commission File Number:
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PREVENTION INSURANCE.COM
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(Exact name of small business issuer as specified in its charter)
NEVADA 88-0126444
------ ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2770 So. Maryland Pkwy. 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 [ ]
PREVENTION INSURANCE.COM
FINANCIAL STATEMENTS
OCTOBER 31, 2005
(Unaudited)
PREVENTION INSURANCE.COM
BALANCE SHEETS
(UNAUDITED)
For the Six Months Ended For the Year Ended
October 31, April 30,
ASSETS 2005 2005
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Current assets:
Cash $ 3,688 $ 2,330
----------- ------------
----------- ------------
TOTAL CURRENT ASSETS $ 3,688 $ 2,330
=========== ============
LIABILITIES AND STOCKHOLDERS' (DEFICIT)
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Current liabilities:
Accounts payable $ 18,646 $ 3,428
Bank Overdraft - -
Advance from Officer / Shareholder 15,000 -
----------- ------------
TOTAL CURRENT LIABILITIES 33,646 3,428
Commitments
Stockholders' (deficit):
Preferred stock, par value $ .01, 2,000,000 shares authorized,
no shares issued or outstanding -
Common stock, $.01 par value, 100,000,000 shares authorized,
18,794,918 shares issued and outstanding 187,964 179,714
Additional paid in capital 3,570,811 3,537,811
Accumulated (deficit) (3,734,279) (3,664,169)
----------- ------------
24,496 53,356
Less: Treasury stock, at cost (52,954) (52,954)
Less: Stock Subscriptions Receivable (1,500) (1,500)
----------- ------------
Total Stockholder's (Deficit) (29,958) (1,098)
----------- ------------
Total Liabilities and Stockholder's Equity $ 3,688 $ 2,330
=========== ============
SEE NOTES TO FINANCIAL STATEMENTS
1
PREVENTION INSURANCE.COM
STATEMENTS OF OPERATIONS
Six Months Ended Three Months Ended
October 31, October 31,
---------------------------------- ----------------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
2005 2004 2005 2004
---------------------------------- ----------------------------------
Commission income $ 62,868 $ 62,662 $ 33,012 $ 33,337
General and administrative expenses 132,969 80,432 52,111 43,482
-------- -------- -------- --------
-
-
-
(Loss) from operations (70,101) (17,770) (19,099) (10,145)
-
Interest expense 9 - 9 -
-------- -------- -------- --------
-
-
(Loss) before income taxes (70,110) (17,770) (19,108) (10,145)
-
Income taxes - - -
-------- -------- -------- --------
-
-
Net (loss) $(70,110) $(17,770) $(19,108) $(10,145)
======== ======== ======== ========
-
-
(Loss) per share $ (0.01) $ (0.01) $ (0.01) $ (0.01)
======== ======== ======== ========
SEE NOTES TO FINANCIAL STATEMENTS
2
PREVENTION INSURANCE.COM
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED OCTOBER 31,
2005 2004
-------------------------------------------------
Cash flows from operating activities:
Net loss $ (70,110) $ (28,103)
Adjustments to reconcile net loss to
net cash used by operating activities:
Changes in operating assets and liabilities:
Stock issued for services and to settle debt 11,500
Increase / (Decrease) in accounts payable 15,218 (3,756)
Increase / (Decrease) in accounts payable - related party -
Increase / (Decrease) in advances from officer/shareholder - (641)
-------------------------------------------------
Net cash used by operating activities (54,892) (21,000)
Cash flows from investing activities:
Purchase of property and equipment - -
-------------------------------------------------
Net cash used by investing activities - -
Cash flows from financing activities:
Proceeds from issuance of common stock 41,250 21,000
Advance from Officer / Shareholder 15,000 -
Bank Overdraft - -
-------------------------------------------------
Net cash provided by financing activities 56,250 21,000
-------------------------------------------------
Net increase in cash 1,358 -
Cash, beginning of period 2,330 -
-------------------------------------------------
Cash, end of period 3,688 -
=================================================
SEE NOTES TO FINANCIAL STATEMENTS
3
PREVENTION INSURANCE.COM
NOTES TO FINANCIAL STATEMENTS
1. FINANCIAL STATEMENT PRESENTATION
The financial statements have been prepared in accordance with Securities and
Exchange Commission requirements for interim financial statements. Therefore,
they do not include all of the information and footnotes required by accounting
principles generally accepted in the United States for complete financial
statements. These financial statements should be read in conjunction with the
financial statements and notes thereto contained in the Company's Annual Report
on Form 10-K for the year ended April 30, 2005 as filed with the Securities and
Exchange Commission on July 27, 2005.
The results of operations for the interim periods shown in this report are not
necessarily indicative of results to be expected for the full year. In the
opinion of management, the information contained herein reflects all adjustments
necessary to make the results of operations for the interim periods a fair
statement of such operations. All such adjustments are of a normal recurring
nature.
2. Stockholder's Equity
During the three months ended October 31, 2005, the Company received cash of
$25,375 for 525,000 shares of common stock (an average of approximately $.05 per
share).
3. RELATED PARTY TRANSACTIONS
During the three months ended July 31, 2005, the Company's founder advanced the
Company cash of $15,000. There were no changes during the three months ended
October 31, 2005.
Officer Compensation for the three months ended October 31, 2005 totaled
$28,784.
MANAGEMENT DISCUSSION
AUGUST 1, 05 _____________ NOVEMBER 30, 05
We are currently evaluating the LOI entered into with Health
Imaging to merge. We are reviewing the Financials, Stock
Structure, and the Lender of the financing to determine if it
meets our requirements, and if the deal is sufficient for our
shareholders. We are exploring all financing and merger
options available to secure the best possible combination for
our shareholders. We are unable to give a definitive
projection of when a transaction might be completed until more
information is provided to us by the Bankers involved.
PREVENTION INSURANCE
Management Discussion of Prevention Insurance Operations
Preventions Ins Cash needs are being covered by periodic
investments and our ATM sales. Insurance Division is looking
to launch a new Low cost Health Insurance plan in the first
Quarter of the year provided we get the State approvals
necessary and funding is secured for the TV Marketing costs
involved, if all is in place we feel we, will have a unique
low cost value added new health Insurance to offer consumers
who cannot afford the regular priced health Insurance being
offered today.
QUICK PAY ATM
Our financial condition is at present under capitalized. We
have been able to pay all of our payables as agreed due to the
ATM sales revenue and periodic shareholder investments. We are
planning to improve capital structure through a merger or by
raising additional capital.
FINANCIAL CONDITION
Our condition is at present under capitalized. We have been
able to pay all of our payables on an as agreed basis from
revenue generated by the ATM division and share holder
investments. We intend to improve our Capitalization structure
through a merger or raising additional capital this coming
year.