10QSB 1 form10qsb.txt FORM 10-QSB -------------------------------------------------------------------------------- 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, 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 October 31, 2003 ------------- [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from 8/1/03 to 10/31/03 ------ ------- 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 IDENTIFICATION NO.) INCORPORATION OR ORGANIZATION) 2770 So. Maryland Pkwy. #416, 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 conformed by a court. Yes [ ] No [ ] MANAGEMENT DISCUSSIONS QUARTER AUGUST 31 - OCTOBER 31, 2003 PREVENTION INSURANCE.COM We have identified a couple of companies in the insurance sector that we would like to acquire. One is a national annuity marketing company making excellent profits. The other is a group of amalgamated insurance agencies that have been turned into a financial service center. We are seeking $6 to $10 million dollars from SBIC investment companies or venture capital firms to finance these acquisitions. We are in the process of searching out potential financial institutions that may want to finance these deals. 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. Income increased to $62,000. A nice move forward. 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 ($11,000) through stock sales. We are seeking out strategic or venture partners as sources of additional capital. 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: November 21, 2003 /s/ Scott Goldsmith ---------------------- Name: Scott Goldsmith Title: President PREVENTION INSURANCE.COM BALANCE SHEETS UNAUDITED

OCTOBER 31, April 30, ASSETS 2003 2003 ----------------------------------------------------------------------------------- Current assets: Cash $ -- $ -- TOTAL CURRENT ASSETS -- -- -------------------------------- $ -- $ -- ================================ LIABILITIES AND STOCKHOLDERS' (DEFICIT) ----------------------------------------------------------------------------------- Current liabilities Accounts payable $ 7,250 $ 7,187 Advance from officer/shareholder 24,715 23,509 -------------------------------- TOTAL CURRENT LIABILIIIES 31,965 30,696 Stockholders' (deficit): Common stock 94,223 92,408 Additional paid in capital 3,467,704 3,453,019 Accumulated (deficit) (3,540,938) (3,523,169) -------------------------------- 20,989 22,258 Less: Treasury stock, at cost (52,954) (52,954) -------------------------------- (31,965) (30,696) -------------------------------- $ -- $ -- ================================

PREVENTION INSURANCE.COM SUMMARY STATEMENTS OF OPERATIONS UNAUDITED

----------------------------------------------------------------------------------------------------- Six months ended Three months ended October 31, October 31, --------------------------------------------------------- 2003 2002 2003 2002 --------------------------------------------------------- Commission income $ 62,662 $ 41,606 $ 30,440 $ 22,889 General and administrative expenses 80,432 100,062 35,904 68,420 --------------------------------------------------------- Net(loss) $(17,770) $(58,456) $ (5,464) $(45,531) ========================================================= Net income (loss) per share $ (0.01) $ (0.01) $ (0.01) $ (0.01) =========================================================

PREVENTION INSURANCE.COM STATEMENT OF CASH FLOWS UNAUDITED

--------------------------------------------------------------------------------------------------------------------- Six months ended Three months ended October 31, October 31, ------------------------------------------------------- 2003 2002 2003 2002 ------------------------------------------------------- Cash applied to operating activities Net (loss) $(17,770) $(58,456) $ 5,464 $(45,531) Adjustments to reconcile net income to net cash provided by operations Decrease (increase) in accounts receivable -- 27,149 -- 27,149 Increase (decrease) in accounts payable and accrued expenses 64 (14,579) (854) -- Increase (decrease) in advance from officer/shareholder 1,206 (14,579) (2,182) -- ------------------------------------------------------- NET CASH PROVIDED BY OPERATIONS (16,500) (60,465) (8,500) (18,382) Cash provided by investing activities -- -- -- -- Cash provided by financing activities Proceeds from issuance of common stock 16,500 47,400 8,500 19,990 ------------------------------------------------------- NET CASH PROVIDED BY FINANCING ACTIVITIES 16,500 47,400 8,500 19,990 Increase (decrease) in cash -- (13,065) -- 1,518 Cash at beginning of period -- 544 -- 540 ------------------------------------------------------- Cash at October 31, $ -- $(12,521) $ -- $ 2,058 =======================================================

PREVENTION INSURANCE.COM STATEMENTS OF CHANGES IN STOCKHOLDERS' (DEFICIT) SIX MONTHS ENDED OCTOBER 31, 2003 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 6,886 -- -- 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 October 31, 2003 (5,464) (5,464) ------------------------------------------------------------------------------------------------ Balance October 31, 2003 -- $ -- 11,055,817 $ 94,223 $ 3,467,704 $ (3,540,938) $ (52,954) $ (31,965) ================================================================================================