10QSB 1 form10qsb.txt FORM 10QSB [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 31, 2003 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from ___________ to __________ Commission file number ______________________________ PREVENTION INSURANCE.COM (Exact name of small business issuer as specified in its charter) NEVADA (State of other jurisdiction of (IRS Employer Identification No.) incorporation or organization) 2770 So. Maryland PKWY. #403A, 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 SUMMARY BALANCE SHEET JANUARY 31, UNAUDITED 2003 2002 ------ ------ ASSETS Current assets Cash 2,523 4,289 Accounts receivable 5,427 ---------------------------- Total current assets 2,523 9,716 Other assets -- 25,687 ---------------------------- $ 2,523 $ 35,403 ============================ LIABILITIES & EQUITY Current liabilities Accounts payable $ 27,149 $ 18,958 ---------------------------- Total current liabilities 27,149 18,958 Equity Common stock 83,658 96,156 Additional paid in capital 3,451,769 3,364,283 Retained Earnings (3,507,099) (3,391,039) ---------------------------- 28,328 69,400 Less: cost of treasury stock (52,954) (52,954) ---------------------------- (24,626) 16,446 ---------------------------- $ 2,523 $ 35,404 ============================ PREVENTION INSURANCE.COM SUMMARY STATEMENTS OF OPERATIONS UNAUDITED

Nine months ended Three months ended January 31, January 31, ------------------------------------------------ 2003 2002 2003 2002 ------------------------------------------------ Commission income $ 54,543 $ 18,298 $ 12,938 $ 16,997 Cost of goods sold 4,854 -- -- -- ------------------------------------------------ GROSS PROFIT 49,689 18,298 12,938 16,997 General and administrative expenses 114,180 45,769 18,973 16,460 ------------------------------------------------ Net (loss) $ (64,491) $ (27,471) $ (6,035) $ 537 ================================================ Net (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, -------------------------------------------------- 2003 2002 2003 2002 -------------------------------------------------- Cash applied to operating activities Net (loss) $(64,491) $(27,471) $ (6,035) $ 537 Adjustments to reconcile net income to net cash provided by operations Decrease (increase) in accounts receivable -- (23,733) -- (11,304) Increase (decrease) in accounts payable and 12,570 4,500.00 -- 8,500.00 accrued expenses -- -- -------------------------------------------------- NET CASH PROVIDED BY OPERATIONS (51,921) (46,704) (6,035) (2,267) Cash provided by investing activities -- -- -- -- Cash provided by financing activities Proceeds from issuance of common stock 53,900 50,912 6,500 5,000 -------------------------------------------------- NET CASH PROVIDED BY FINANCING ACTIVITIES 53,900 50,912 6,500 5,000 Increase (decrease) in cash 1,979 4,208 465 2,733 Cash at beginning of period 544 80 2,058 1,555 -------------------------------------------------- Cash at January 31, $ 2,523 $ 4,288 $ 2,523 $ 4,288 ==================================================

PREVENTION INSURANCE.COM STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY NINE MONTHS ENDED JANUARY 31, 2003 UNAUDITED

TOTAL COMMON STOCK ADD'TL PAID IN RETAINED TREASURY STOCKHOLDERS # OF SHARES PAR VALUE CAPITAL EARNINGS STOCK EQUITY ------------------------------------------------------------------------------------------ BALANCE, April 30, 2002 6,407,951 $ 64,079 $ 3,417,448 $(3,442,608) $ (52,954) $ (14,035) SHARES ISSUED 537,866 5,379 22,121 27,499.66 NET LOSS, THREE MONTHS ENDED JULY 31, 2002 (12,925) (12,925.00) ------------------------------------------------------------------------------------------ BALANCE, July 31, 2002 6,945,817 69,458 3,439,569 (3,455,533) (52,954) 540 SHARES ISSUED 840,000 8,400 11,500 (3,455,533) 19,900 NET LOSS, THREE MONTHS ENDED OCTOBER 31, 2002 (45,531) (45,531) ------------------------------------------------------------------------------------------ BALANCE, October 31, 2002 7,785,817 $ 77,858 $ 3,451,069 $(3,501,064) (52,954) $ (25,091) SHARES ISSUED 580,000 5,800 700 6,500 NET LOSS, THREE MONTHS ENDED JANUARY 31, 2003 (6,035) (6,035) ------------------------------------------------------------------------------------------ BALANCE, JANUARY 31, 2003 8,365,817 83,658 3,451,769 (3,507,099) (52,954) (24,626) ==========================================================================================

MANAGEMENT DISCUSSIONS PERIOD NOVEMBER 1, 2002 - JANUARY 31, 2003 We have made good progress in completing our marketing plan. We will utilize this plan to acquire agencies. We plan to finalize our first acquisition in the next quarter then we will begin to assemble the sales force on a regional basis. We are going to capitalize the company's marketing effort for two years through a mezzanine round of financing. We are trading on the NASDAQ Bulletin Board. Our symbol is PVNC. MANAGEMENT DISCUSSION OF OPERATIONS: Prevention Insurance's primary focus will be to merger with or acquire or enroll as many insurance agencies as possible. Our goal is to merge or enroll a minimum 14 agencies by the end of our fiscal year of April 30, 2004. Prevention Insurance's cash needs will be covered by the service fees, however, we still intend to raise working capital of $1,000,000 for sufficient working capital on hand to cover any expansion plans. Our plan is to have one year's total operating expenses on hand and for any acquisitions that may require cash as well as stock. DISCUSSION OF FINANCIAL CONDITION & RESULTS OF OPERATIONS: Our condition is at present under capitalized. We have basically been able to pay off all of our payables as agreed. Revenue to date has been provided by our equipment sales division, Quick Pay Co., that is selling ATM machines to retail outlets around the U.S. We have also received a small amount of seed capital ($6,500.00) from existing shareholders through stock sales. We will also be seeking our venture capital or strategic partners as possible sources of financing. 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. Date: March 10, 2003 Prevention Insurance.com By: /s/ Scott Goldsmith ------------------------ Scott Goldsmith President CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350 In connection with the Form 10-Q of Prevention Insurance.com for the quarter ended January 31, 2003, I, Scott Goldsmith, President of Prevention Insurance.com, hereby certify pursuant to 18 U.S.C. ss1350 as adopted pursuant to ss.906 of the Sarbanes-Oxley Act of 2002 to the best of my knowledge and believe that: (1) Such form 10-Q for the quarter ended January 31, 2003, fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934: and (2) The information contained is such Form 10-Q for the quarter ended January 31, 2003, fairly presents, in all material respects, the financial condition and results of operations of Prevention Insurance.com. Prevention Insurance.com By: /s/ Scott Goldsmith ------------------------ Scott Goldsmith President SIGNATURE PAGE 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: By: /s/ Scott Goldsmith --------------------- Name: Scott Goldsmith Title: President