- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------
UNITED STATES OMB
SECURITIES AND EXCHANGE COMMISSION APPROVAL
WASHINGTON, D.C. 20549 OMB NUMBER: 3235-0416
EXPIRES: APRIL 30, 2003
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: January 31, 2006
--------------------
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
EXCHANGE ACT
For the transition period from Nov. 1 2005 to Jan. 31, 2006
----------- -------------
Commission File Number
----------------
PREVENTION INSURANCE.COM
- --------------------------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
NEVADA 88-0126444
------ ----------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
2770 So. Maryland Pkwy. Las Vegas, NV 89109
- --------------------------------------------------------------------------------
(Address of principal executive offices)
(702) 732-2758
- --------------------------------------------------------------------------------
(Issuer's telephone number)
- --------------------------------------------------------------------------------
(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 confirmed by a court. Yes [ ] No [ ]
PREVENTION INSURANCE.COM
BALANCE SHEETS
(UNAUDITED) Audited
For the Nine Months Ended For the Year Ended
January 31, April 30,
ASSETS 2005 2005
- ------
Current assets:
Cash $ 10,354 $ 2,330
----------- -----------
TOTAL CURRENT ASSETS $ 10,354 $ 2,330
=========== ===========
LIABILITIES AND STOCKHOLDERS' (DEFICIT)
- ---------------------------------------
Current liabilities:
Accounts payable $ 20,391 $ 3,428
Bank Overdraft -
Advance from Officer / Shareholder 15,000 -
----------- -----------
TOTAL CURRENT LIABILITIES 35,391 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 192,408 179,714
Additional paid in capital 3,595,367 3,537,811
Accumulated (deficit) (3,759,858) (3,664,169)
----------- -----------
27,917 53,356
Less: Treasury stock, at cost (52,954) (52,954)
Less: Stock Subscriptions Receivable - (1,500)
----------- -----------
Total Stockholder's (Deficit) (25,037) (1,098)
----------- -----------
Total Liabilities and Stockholder's Equity $ 10,354 $ 2,330
=========== ===========
See Notes to Financial Statements
1
PREVENTION INSURANCE.COM
STATEMENTS OF OPERATIONS
Nine Months Ended Three Months Ended
January 31, January 31,
---------------------------- ----------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
2006 2005 2006 2005
----------- ----------- ----------- -----------
Commission income $ 98,408 $ 127,128 $ 35,540 $ 42,173
General and administrative expenses 194,087 217,215 61,118 77,107
-------- --------- -------- --------
(Loss) from operations (95,679) (90,087) (25,579) (34,934)
Interest expense 9 - - -
-------- --------- -------- --------
(Loss) before income taxes (95,688) (90,087) (25,579) (34,934)
Income taxes - - -
-------- --------- -------- --------
Net (loss) $(95,688) $ (90,087) $(25,579) $(34,934)
======== ========= ======== ========
-
-
(Loss) per share $ (0.01) $ (0.01) $ (0.01) $ (0.01)
======== ========= ======== ========
See Notes to Financial Statements
2
PREVENTION INSURANCE.COM
STATEMENTS OF CASH FLOWS
9 months ended
January 31,
2006 2005
--------- ---------
Cash flows from operating activities:
Net loss $ (95,688) $ (53,345)
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 -
Increase / (Decrease) in accounts payable 16,963
Increase / (Decrease) in accounts payable - related party -
Increase / (Decrease) in advances from officer/shareholder -
--------- ---------
Net cash used by operating activities (78,726) (53,345)
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 70,250 55,740
Proceeds from stock subscription receivable 1,500
Advance from Officer / Shareholder 15,000
Bank Overdraft -
--------- ---------
Net cash provided by financing activities 86,750 55,740
--------- ---------
Net increase in cash 8,024 2,395
Cash, beginning of period 2,330
--------- ---------
Cash, end of period 10,354 2,395
========= =========
See Notes to Financial Statements
3
PREVENTION INSURANCE.COM
STATEMENTS OF CHANGES IN STOCKHOLDERS' (DEFICIT)
FOR THE THREE MONTHS ENDED JANUARY 31, 2006
Preferred Common Additional
Stock Par Stock Par paid in Accumulated Treasury Stock
Number value Number value capital deficit stock Subscriptions Total
------------------------------------------------------------------------------------------------
Before October 31, 2005 $ - $ - 18,794,918 187,964 3,570,811 (3,734,279) (52,954) (1,500) (28,458)
================================================================================================
Shares issued for cash 444,444 4,444 24,556
Payment of stock subscription
receivable 1,500
Net (loss) (25,579)
------------------------------------------------------------------------------------------------
Balance January 31, 2005 $ - $ - 19,239,362 192,408 3,595,367 (3,759,858) (52,954) - (25,037)
================================================================================================
0.07
See Notes to Financial Statements
4
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. STOCKHOLDERS' EQUITY
--------------------
During the three months ended January 31, 2006, the Company received cash of
$29,000 for 444,444 shares of common stock (an average of approximately $.07
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 January 31, 2006.
Officer Compensation for the three months ended January 31, 2006, totaled
$17,399.
5
MANAGEMENT DISCUSSION
November 1, 05 _____________ Jan 31, 06
We have past our deadline on receiving the final documents
finacial information on the proposed merger with Health
Imaging group. Since there original proposal much has changed,
government reimbursments on PET and MRI will be reduced
starting in 2007 effecting profits. We will need to factor in
those cuts and the impact on the project and the shareholders
before we make a final decition on this proposal. We have
other options to consider should this merger with Health
Imaging not finalize.
PREVENTION INSURANCE
Prevention is preparing to test selling Mini Health insurance
Plans directly to the public on Television. The value added
policies are strucrtured to give a policy holder less coverage
but much lower premiums, hospitalization, ambulance, doctor
visits, and prescription benefits are included along with
preventative features like 24 hr.Doctor on call and Vitamin
packs. Annual low costs check ups may also be added in the
future. All for apporox. $99.00 per mo for a 50 yr. old non
smoker. The test market will tell us more about the response
to these policies and if rolling them out would be a benefit
to Pevention Insurance.
QUICK PAY ATM
Quick Pay revenues are increasing due to a new marketing
program that incorporates a mailout of a enticing offer to get
either a large floor model ATM machine that dispenses cash or
a New compact ATM that dispenses a coupon and is redeemed at
the cashier. The mail piece is followed up by a phone call
with a trained sales rep. although the program is new it is
already bearing friut and sales have increased 25% the
increasing sales should have apositive impact over the next
few quarters.
FINANCIAL CONDITION
We are presently still under capitalized as we have not
ventured out to secure any meaningful capital infusians until
we see the out come of the merger proposals and the test
marketing of our Mini health policies. Due to increasing ATM
revenues and some small sales of stock under the 144
restrictions we are current on all payables and will seek to
improve our cash flow and profitability in the next few
quarters.
6