10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☒     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended January 31, 2021

OR

☐     TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to _________

Commission File Number: 000-32389

PREVENTION INSURANCE.COM

(Exact name of registrant as specified in its charter)

Nevada	88-0126444
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)
552 Lonsdale Street Melbourne, Australia	3000
(Address of Principal Executive Offices)	(Zip Code)

+61 3 8393 1459

(Registrant’s telephone number, including area code)

n/a n/a

(Former Name, former address and former fiscal year, if changed since last report)

Securities registered under Section 12(b) of the Exchange Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐     No ☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐     No ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer, ” ”non-accelerated filer ,”  ” smaller reporting company, ” and ” emerging growth company ” in Rule 12b-2 of the Exchange Act. (Check all that apply):

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒     No ☐

As of August 23, 2021, there were 7,642,211 shares of common stock, $0.0001 par value per share, outstanding.

TABLE OF CONTENTS

		Page
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	12
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	16
Item 4.	Controls and Procedures	16
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	17
Item 1A.	Risk Factors	17
Item 2.	Unregistered Sale of Equity Securities and Use of Proceeds	17
Item 3.	Defaults Upon Senior Securities	17
Item 4.	Mine Safety Disclosures	17
Item 5.	Other Information	17
Item 6.	Exhibits	18
SIGNATURES		19

2

Part I

Item 1. Financial Statements.

PREVENTION INSURANCE.COM

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

	January 31,			April 30,
	2021			2020
ASSETS
Current Assets
Cash	$	2,441		$	-
Total Current Assets		2,441			-
Other Assets
Marketable security		100			100
Total Assets	$	2,541		$	100
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities
Fees drawn in excess of bank balance	$	-		$	16
Accounts payable		29,450			36,701
Due to related parties		63,752			43,757
Total Current Liabilities		93,202			80,474
Total Liabilities		93,202			80,474
Stockholders' Deficit
Preferred Stock, $0.0001 par value, 10,000,000 authorized none issued and outstanding		-			-
Common Stock, $0.0001 par value, 200,000,000 authorized; 7,642,211 and 7,234,474 shares issued and 7,642,210 and 7,234,473 shares outstanding, respectively		764			723
Additional paid in capital		5,050,769			5,020,835
Treasury stock, 1 share, at cost		(52,954	)		(52,954	)
Accumulated deficit		(5,089,240	)		(5,048,978	)
Total Stockholders' Deficit		(90,661	)		(80,374	)
Total Liabilities and Stockholders' Deficit	$	2,541		$	100

The accompanying notes are an integral part of these consolidated unaudited financial statements

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PREVENTION INSURANCE.COM

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	For the Three Months Ended						For the Nine Months Ended
	January 31						January 31
	2021			2020			2021			2020
REVENUE	$	-		$	-		$	-		$	-
EXPENSES
General and administrative		2,989			32,723			40,262			102,808
OPERATING LOSS		(2,989	)		(32,723	)		(40,262	)		(102,808	)
NET LOSS		(2,989	)		(32,723	)		(40,262	)		(102,808	)
Net Loss per Common Share: Basic and Diluted	$	(0.00	)	$	(0.00	)	$	(0.01	)	$	(0.02	)
Weighted Average Common Shares Outstanding: Basic and Diluted		7,642,211			7,234,466			7,566,066			4,553,306

The accompanying notes are an integral part of these consolidated unaudited financial statements

4

PREVENTION INSURANCE.COM

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT

(UNAUDITED)

									Additional
	Preferred Stock				Common Shares				Paid-In		Treasury			Accumulated
	Shares		Amount		Shares		Amount		Capital		Stock			Deficit			Total
Balance at April 30, 2019		-	$	-		2,234,466	$	223	$	4,642,362	$	(52,954	)	$	(4,937,052	)	$	(347,421	)
Capital contributions by previous principal shareholder		-		-		-		-		6,150		-			-			6,150
Net loss for the period		-		-		-		-		-		-			(31,086	)		(31,086	)
Balance at July 31, 2019		-		-		2,234,466		223		4,648,512		(52,954	)		(4,968,138	)		(372,357	)
Shares issued in settlement of related party debt		-		-		5,000,000		500		372,323		-			-			372,823
Net loss for the period		-		-		-		-		-		-			(38,999	)		(38,999	)
Balance at October 31, 2019		-		-		7,234,466		723		5,020,835		(52,954	)		(5,007,137	)		(38,533	)
Net loss for the period		-		-		-		-		-		-			(32,723	)		(32,723	)
Balance at January 31, 2020		-	$	-		7,234,466	$	723	$	5,020,835	$	(52,954	)	$	(5,039,860	)	$	(71,256	)
Balance at April 30, 2020		-	$	-		7,234,474	$	723	$	5,020,835	$	(52,954	)	$	(5,048,978	)	$	(80,374	)
Issuance of common stock for cash - related party		-		-		407,737		41		29,934		-			-			29,975
Net loss for the period		-		-		-		-		-		-			(13,798	)		(13,798	)
Balance at July 31, 2020		-		-		7,642,211		764		5,050,769		(52,954	)		(5,062,776	)		(64,197	)
Net loss for the period		-		-		-		-		-		-			(23,475	)		(23,475	)
Balance at October 31, 2020		-		-		7,642,211		764		5,050,769		(52,954	)		(5,086,251	)		(87,672	)
Net loss for the period		-		-		-		-		-		-			(2,989	)		(2,989	)
Balance at January 31, 2021		-	$	-		7,642,211	$	764	$	5,050,769	$	(52,954	)	$	(5,089,240	)	$	(90,661	)

The accompanying notes are an integral part of these consolidated unaudited financial statements

5

PREVENTION INSURANCE.COM

CONDENSED UNAUDITED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	For the Nine Months Ended
	January 31
	2021			2020
Cash Flows from Operating Activities:
Net Loss	$	(40,262	)	$	(102,808	)
Adjustments to reconcile net loss to net cash used in operating activities:		-			-
Changes in operating assets and liabilities:
Prepaid expenses		-			4,000
Accounts payable		(7,251	)		27,150
Net Cash Used In Operating Activities		(47,513	)		(71,658	)
Cash Flows Used In Investing Activities:
Subscription for equity investment		-			(100	)
Net Cash Used In Investing Activities		-			(100	)
Cash Flows From Financing Activities:
Fees drawn in excess of bank balance		(16	)		-
Proceeds from advances from related parties		19,995			67,660
Capital contribution from previous principal shareholder		-			6,150
Common shares issued for cash - related party		29,975			-
Net Cash From Investing Activities		49,954			73,810
Net Change in Cash:		2,441			2,052
Beginning Cash		-			-
Ending Cash	$	2,441		$	2,052
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest:	$	-		$	-
Cash paid for tax:	$	-		$	-
Supplemental Disclosures of Non-Cash Financing Activities
Issuance of shares in settlement of related party debt	$	-		$	372,823

The accompanying notes are an integral part of these  consolidated unaudited financial statements

6

PREVENTION INSURANCE.COM

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JANUARY 31, 2021

(Unaudited)

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION

Nature of Business

Prevention Insurance.Com (the” Company”) was incorporated under the laws of the State of Nevada in 1975 as Vita Plus Industries, Inc. In March 1999, the Company sold its remaining inventory and changed its name to Prevention Insurance.Com.

The Company’s business is to pursue a business combination through acquisition, or merger with, an existing company. No assurances can be given that the Company will be successful in locating or negotiating with any target company.

Effective June 28, 2019 (“Closing Date”), a change of control occurred with respect to the Company. Pursuant to a Securities Purchase Agreement entered into by and among the Company, Metrowork Equity Sdn. Bhd (“Seller” or “Metrowork”), and Copper Hill Assets Inc., a British Virgin Island corporation (“Buyer” or “Copper Hill”) (the “Purchase Agreement”), Seller assigned, transferred and conveyed to Buyer (i) 1,563,809 shares of common stock of Company (“Common Stock”) and (ii) a promissory note of the Company totaling $355,323 (“Promissory Note”). The total consideration paid by Buyer was $375,000, and Seller assumed all of the liabilities of the Company as of the Closing Date.

On the closing of the above transaction, Mr. Chee Chau Ng, the sole officer of Seller, resigned in all officer capacities from the Company and Anthony Lococo was appointed Chief Executive Officer and Chief Financial Officer of the Company. In addition, Mr. Lococo was appointed a director of the Company.

Basis of Presentation

The summary of significant accounting policies is presented to assist in the understanding of the financial statements. These policies conform to accounting principles generally accepted in the United States of America (“GAAP”) and have been consistently applied.

Consolidated Financial Statements

The consolidated statements include the accounts of the Company and its subsidiary company, Paramount Capital Inc, a Wyoming corporation, from the date of its incorporation on September 20, 2019. All intercompany balances and transactions have been eliminated in consolidation.

Interim Financial Statements

The accompanying unaudited interim condensed financial statements have been prepared in accordance with GAAP for interim financial information in accordance with Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. While we believe that the disclosures presented herein are adequate and not misleading, these interim condensed financial statements should be read in conjunction with the audited financial statements and the footnotes thereto for the year ended April 30, 2020 included our Form 10-K filed on August 13, 2020. Operating results for the interim period presented are not necessarily indicative of the results for the full year.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

7

Fair Value of Financial Instruments

The fair value of cash, prepaid expenses, accounts payable and balance due to related parties approximates the carrying amount of these financial instruments due to their short maturity.

Related Party Transactions

A related party is generally defined as (i) any person that holds 10% or more of our membership interests including such person’s immediate families, (ii) our management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with us, or (iv) anyone who can significantly influence our financial and operating decisions. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. See Notes 4 and 5 below for details of related party transactions in the period presented.

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) as assets, operating lease non-current liabilities, and operating lease current liabilities in the Company’s balance sheet. Finance leases are property and equipment, other current liabilities, and other non-current liabilities in the balance sheet.

ROU assets represent the right to use an asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over lease term. As most of the leases don’t provide an implicit rate, the Company generally uses the incremental borrowing rate on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at the commencement date. The operating ROU asset also includes any lease payments made and exclude lease incentives. Lease expense for lease payment is recognized on a straight-line basis over the lease term.

The Company is not party to any lease transactions during the three and nine months ended January 31, 2021 or 2020.

Income Taxes

The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carry-forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.

Uncertain Tax Positions

The Company evaluates tax positions in a two-step process. The Company first determine whether it is more likely than not that a tax position will be sustained upon examination, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold, it is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company classifies gross interest and penalties and unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year as long-term liabilities in the financial statements.

8

Revenue Recognition:

Revenues are recognized when control of promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:

Step 1: Identify the contract(s) with customers

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to performance obligations

Step 5: Recognize revenue when the entity satisfies a performance obligation

At this time, the Company has not identified specific planned revenue streams.

During the three and nine months ended January 31, 2021 and 2020, the Company did not recognize any revenue.

Advertising Costs

The Company expenses advertising costs when advertisements occur. No advertising costs were incurred during the three and nine months ended January 31, 2021 and 2020.

Stock-Based Compensation

The cost of equity instruments issued to non-employees in return for goods and services is measured by the grant date fair value of the equity instruments issued. The cost of employee services received in exchange for equity instruments is based on the grant date fair value of the equity instruments issued. The related expense is recognized as services are rendered, goods are received, or vesting periods elapse.

Net Loss per Share Calculation

Basic net loss per common share (“EPS”) is computed by dividing loss available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average shares outstanding, assuming all dilutive potential common shares were issued. Diluted earnings per share is not presented when their effect is anti-dilutive. No potential dilutive securities were issued and outstanding during the three and nine months ended January 31, 2021 or 2020.

COVID-19 Uncertainties

The COVID-19 pandemic could have an impact on our ability to obtain financing to fund the operations. The Company is unable to predict the ultimate impact at this time.

Recently Accounting Pronouncements

There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows due to our status as a shell corporation.

NOTE 2. GOING CONCERN

The Company’s consolidated financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplate the realization of assets and the liquidation of liabilities in the normal course of business. For the nine months ended January 31, 2021, the Company reported a net loss of $40,262, negative working capital of $90,761 and an accumulated deficit of $5,089,240 as of January 31, 2021. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of these uncertainties. The Company’s ability to continue as a going concern is dependent upon its ability to develop additional sources of capital, locate and complete a merger with another company and ultimately achieve profitable operations. In the interim, the Company intends to rely upon continued advances form the Company’s majority shareholder to funds its working capital needs. No assurances can be given that the Company will be successful in locating or negotiating with any target company or that the majority shareholder will continue to fund the Company’s working capital needs. As a result, there is substantial doubt about the Company’s ability to continue as a going concern.

9

NOTE 3. MARKETABLE SECURITY

On August 26, 2019, the Company acquired 33.33% of the issued and outstanding common shares of Australian Gold Commodities Ltd (“ACG”), an Australian company, for $100. At the time, the remaining 66.67% of the issued and outstanding common shares of ACG were beneficially owned by our principal shareholder, Copper Hill. Mr. Anthony Lococo, our sole director, was appointed as a director of ACG. ACG has not commenced operations as of April 30, 2020.

Effective June 30, 2020, ACG completed a fund raising after which the Company’s ownership interest was diluted to less than 1%.

As of January 31, 2021, it was determined that the historic cost of the marketable security equated to its fair market value as ACG has not commenced trading activities as yet.

NOTE 4. ADVANCES DUE TO RELATED PARTIES

As of April 30, 2020, balances totaling $43,757 were owed to related party companies: $13,349 to Copper Hill and $30,408 to Apple ISports.

Mr. Anthony Lococo, our current sole officer and director, is a controlling party of Copper Hill.

Apple ISports, Inc. is a wholly-owned subsidiary of Copper Hill.

During the nine months ended January 31, 2021, the Company received a further advance of $19,995 from Copper Hill to fund its working capital requirements.

As of January 31, 2021, the Company owed a total of $63,752 to related party companies: $30,408 to Apple iSports and $33,344 to Copper Hill.

These advances where made to the Company to meet its working capital requirements and are unsecured, interest free and due on demand.

NOTE 5. STOCKHOLDERS’ DEFICIT

Preferred Stock

As of January 31, 2021, the Company was authorized to issue 10,000,000 shares of preferred stock with a par value of $0.0001.

No shares of preferred stock were issued or outstanding during the three and nine months ended January 31, 2021 and 2020.

Common Stock

As of January 31, 2020, the Company was authorized to issue 200,000,000 shares of common stock with a par value of $0.0001.

10

During the nine months ended January 31, 2021, we made the following sales of common stock for cash:

On May 5, 2020, Locman Superannuation Fund (“Fund”) paid the Company the sum of $14,975 to acquire 200,737 shares of common stock of the Company pursuant to a subscription agreement between the parties. Anthony Lococo, the Company’s controlling shareholder and sole officer and director, is the control person of the Fund.

On July 27, 2020, the Fund paid the Company the sum of $15,000 to acquire 207,000 shares of common stock of the Company pursuant to a subscription agreement between the parties.

As of January 31, 2021, 7,642,211 shares of common stock were issued, and 7,642,210 shares of common stock were outstanding. As of April 30, 2020, 7,234,474 shares of common stock were issued, and 7,234,473 shares of common stock were outstanding.

Additional Paid in Capital

Under the terms of the Securities Purchase Agreement described in Note 1 above, the Company’s former principal shareholder, Metrowork, paid off all of the Company’s outstanding liabilities at June 28, 2019, totaling $6,150. As these payments did not represent either a loan to the Company or an equity investment in the Company, they have been accounted for as a capital contribution by Metrowork to the Company.

Treasury Stock

The Company’s treasury stock comprised one share of common stock acquired at a cost of $52,954.

NOTE 6. SUBSEQUENT EVENTS

The Company evaluated subsequent events after January 31, 2021, in accordance with FASB ASC 855 Subsequent Events, through the date of the issuance of these financial statements and has determined there have been no subsequent events for which disclosure is required.

11

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward-Looking Statements

Certain statements made in this quarterly report on Form 10-Q are “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995) in regard to the plans and objectives of management for future operations. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the registrant to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties. The Company’s plans and objectives are based, in part, on assumptions involving the continued expansion of business. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company. Although the Company believes its assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance the forward-looking statements included in this quarterly report will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the registrant or any other person that the objectives and plans of the registrant will be achieved.

Substantial risks exist with respect to an investment in the Company. These risks include but are not limited to, those factors discussed in our Annual Report on Form 10-K for the fiscal year ended April 30, 2020, filed with the Securities and Exchange Commission (“Commission”) on August 13, 2020. More broadly, these factors include, but are not limited to:

● We have incurred significant losses and expect to incur future losses;

● Our current financial condition and immediate need for capital;

● Potential significant dilution resulting from the issuance of new securities for any funding, debt conversion or any business combination; and

● We are a “penny stock” company.

Description of Business

Prevention Insurance.com (“we,” “us,” “our,” or the “Company”) was incorporated in the State of Nevada on May 7, 1975, under the name Vita Plus, Inc. The name was later changed to Vita Plus Industries, Inc. and in 2000 the Company’s name was changed to its current name Prevention Insurance.com.

Effective June 28, 2019 (“Closing Date”), a further change of control occurred with respect to the Company. Pursuant to a Securities Purchase Agreement entered into by and among the Company, Metrowork Equity Sdn. Bhd (“Seller”), and Copper Hill Assets Inc., a British Virgin Island corporation (“Buyer”) (the “Purchase Agreement”), Seller assigned, transferred and conveyed to Buyer (i) 1,563,809 shares of common stock of Company (“Common Stock”) and (ii) a promissory note of the Company totaling $355,323.48 (“Promissory Note”). The total consideration paid by Buyer was $375,000, and Seller assumed all of the liabilities of the Company as of the closing date.

On the closing of the above transaction, Mr. Chee Chau Ng, the sole officer of Seller, resigned in all officer capacities from the Company and Anthony Lococo was appointed Chief Executive Officer and Chief Financial Officer of the Company. In addition, Mr. Lococo was appointed a director of the Company. Effective upon the 10th day after the mailing of the Company’s information statement on Schedule 14f-1 (the “Schedule 14f-1”) to the Company’s stockholders (the “Appointment Date”), Mr. Ng resigned as a director of the Company. On that same date, Mr. Lococo was appointed as the Company’s Chairman of the Board of the Company.

The Company is a shell company as defined in Rule 12b-2 of the Securities Exchange Act of 1934 (the “Exchange Act”). Our principal business objective for the next 12 months and beyond such time will be to achieve long-term growth potential through a combination with a business rather than immediate, short-term earnings. The Company will not restrict our potential candidate target companies to any specific business, industry or geographical location and, thus, may acquire any type of business.

12

The Company currently does not engage in any business activities that provide cash flow. During the next twelve months we anticipate incurring costs related to:

(i)	filing Exchange Act reports, and
(ii)	investigating, analyzing and consummating an acquisition.

We believe we will be able to meet these costs through deferral of fees by certain service providers and additional amounts, as necessary, to be loaned to or invested in us by our stockholders, management or other investors. As of January 31, 2021, the Company has $2,441 in cash. There are no assurances that the Company will be able to secure any additional funding as needed. Currently, our ability to continue as a going concern is dependent upon our ability to generate future profitable operations and/or to obtain the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they come due. Our ability to continue as a going concern is also dependent on our ability to find a suitable target company and enter into a possible reverse merger with such company. Management’s plan includes obtaining additional funds by equity financing through a reverse merger transaction and/or related party advances; however there is no assurance of additional funding being available.

The Company may consider acquiring a business which has recently commenced operations, is a developing company in need of additional funds for expansion into new products or markets, is seeking to develop a new product or service, or is an established business which may be experiencing financial or operating difficulties and is in need of additional capital. In the alternative, a business combination may involve the acquisition of, or merger with, a company which does not need substantial additional capital but which desires to establish a public trading market for its shares while avoiding, among other things, the time delays, significant expense, and loss of voting control which may occur in a public offering.

Our management has not entered into any agreements with any party regarding a business combination. Any target business that is selected may be a financially unstable company or an entity in its early stages of development or growth, including entities without established records of sales or earnings. In that event, we will be subject to numerous risks inherent in the business and operations of financially unstable and early stage or potential emerging growth companies. In addition, we may effect a business combination with an entity in an industry characterized by a high level of risk, and, although our management will endeavor to evaluate the risks inherent in a particular target business, there can be no assurance that we will properly ascertain or assess all significant risks. Our management anticipates that it will likely be able to effect only one business combination, due primarily to our limited financing and the dilution of interest for present and prospective stockholders, which is likely to occur as a result of our management’s plan to offer a controlling interest to a target business in order to achieve a tax-free reorganization. This lack of diversification should be considered a substantial risk in investing in us, because it will not permit us to offset potential losses from one venture against gains from another.

We will not acquire or merge with any entity which cannot provide audited financial statements at or within a reasonable period of time after closing of the proposed transaction. We are subject to all the reporting requirements included in the Exchange Act. Included in these requirements is our duty to file audited financial statements as part of our Form 8-K to be filed with the Securities and Exchange Commission upon consummation of a merger or acquisition, as well as our audited financial statements included in our annual report on Form 10-K. If such audited financial statements are not available at closing, or within time parameters necessary to ensure our compliance with the requirements of the Exchange Act, or if the audited financial statements provided do not conform to the representations made by the target business, the closing documents may provide that the proposed transaction will be voidable at the discretion of our present management.

A business combination with a target business will normally involve the transfer to the target business of the majority of our common stock, and the substitution by the target business of its own management and board of directors.

The Company anticipates that the selection of a business combination will be complex and extremely risky. Because of general economic conditions, rapid technological advances being made in some industries and shortages of available capital, our management believes that there are numerous firms seeking the perceived benefits of becoming a publicly traded corporation. Such perceived benefits of becoming a publicly traded corporation include, among other things, facilitating or improving the terms on which additional equity financing may be obtained, providing liquidity for the principals of and investors in a business, creating a means for providing incentive stock options or similar benefits to key employees, and offering greater flexibility in structuring acquisitions, joint ventures and the like through the issuance of stock. Potentially available business combinations may occur in many different industries and at various stages of development, all of which will make the task of comparative investigation and analysis of such business opportunities extremely difficult and complex.

13

The Company’s ability to continue as a going concern is dependent upon its ability to develop additional sources of capital, locate and complete a merger with another company and ultimately achieve profitable operations. No assurances can be given that the Company will be successful in locating or negotiating with any target company.

Results of Operations

No revenue has been generated by the Company during the nine months ended January 31, 2021 and 2020. It is unlikely the Company will have any revenues unless it is able to effect an acquisition or merger with an operating company, of which there can be no assurance. It is management’ s assertion that these circumstances may hinder the Company’s ability to continue as a going concern. The Company’s plan of operation for the next twelve months shall be to continue its efforts to locate suitable acquisition candidates.

For the three months ended January 31, 2021 and 2020

During the three months ended January 31, 2021 and 2020, the Company incurred a net loss of $2,989 and $32,723, respectively, comprised solely of general and administrative expenses, including consulting fees to implement our business plan, accounting and other professional service fees incurred in relation to the preparation and filing of the Company’s periodic reports on Form 10-K, Form 10-Q and other reporting requirements.

General and administrative expenses during the three months ended January 31, 2021 were $29,734 lower than during the three months ended January 31, 2020. During the three months ended January 31, 2021, we incurred $20,166 less in consulting fees relating to the implementation of our business plan, $3,274 less in legal fees, $2,203 less in SEC filing fees, $2,000 less in accounting fees, $2,000 less in audit fees and $91 less in other expenses than we did during the three months ended January 31, 2020. These reductions occurred as we did not have the working capital available to pursue our business plan during the period.

For the nine months ended January 31, 2021 and 2020

During the nine months ended January 31, 2021 and 2020, the Company incurred a net loss of $40,262 and $102,808, respectively, comprised solely of general and administrative expenses, including consulting fees to implement our business plan, accounting and other professional service fees incurred in relation to the preparation and filing of the Company’s periodic reports on Form 10-K, Form 10-Q and other reporting requirements.

General and administrative expenses during the nine months ended January 31, 2021 were $62,546 lower than during the nine months ended January 31, 2020. During the nine months ended January 31, 2021, we incurred $43,186 less in consulting fees relating to the implementation of our business plan, $7,875 less in SEC filing fees, $4,000 less in accounting fees, $3,656 less in legal fees, $2,707 less in audit fees and $1,122 less in other expenses than during the nine months ended January 30, 2020. These reductions occurred as we did not have the working capital available to pursue our business plan during the period.

Liquidity and Capital Resources

As of January 31, 2021, the Company had current assets of $2,441 comprised solely of cash. This compares to $0 current assets as of April 30, 2020. The Company’s current liabilities as of January 31, 2021 totaled $93,202: $29,450 relating to accounts payable and $63,752 of advances from related parties. This compares with current liabilities of $80,474 as of April 30, 2020, comprising $16 fees paid in excess of our bank balance, $36,701 of accounts payable and $43,757 due to related parties. The Company can provide no assurance that it can continue to satisfy its cash requirements for at least the next twelve months.

14

The following is a summary of the Company’s cash flows provided by (used in) operating, investing, and financing activities for the nine months ended January 31, 2021 and 2020:

	Nine Months Ended January 31, 2021			Nine Months Ended January 31, 2020
Net Cash Used in Operating Activities	$	(47,513	)	$	(71,658	)
Net Cash Used in Investing Activities		-			(100	)
Net Cash Provided by Financing Activities		49,954			73,810
Net Change in Cash	$	2,441		$	2,052

Operating Activities

During the nine months ended January 31, 2021, the Company incurred a net loss of $40,262 which, after adjusting for a decrease in accounts payable of $7,251, resulted in net cash of $47,513 being used in operating activities during the period. By comparison, during the nine months ended January 31, 2020, the Company incurred a net loss of $102,808 which, after adjusting for a decrease in prepaid expenses of $4,000 and an increase in accounts payable of $27,150, resulted in net cash of $71,658 being used in operating activities during the period.

Investing Activities

During the nine months ended January 31, 2021, the Company neither generated nor used funds in investing activities. By comparison, during the nine months ended January 31, 2020, the Company subscribed $100 to acquire 33.33% of the issued and outstanding common shares of Australian Gold Commodities Ltd.

Financing Activities

During the nine months ended January 31, 2021, the Company received $49,954 from financing activities; $29,975 from the sale of shares for cash to a related party (Copper Hill), $19,995 by way of a loan from a related party (Copper Hill), less a payment of $16 of fees incurred in excess of our bank balance. By comparison, during the nine months ended January 31, 2020, the Company received a total of $73,810 from financing activities: $67,660 by way of advances from related party entities ($6,403 from Metrowork, $31,015 from Copper Hill and $30,242 from Apple iSports, Inc.), and $6,150 by way of capital contribution from the Company’s former controlling shareholder, Metrowork.

Supplemental Disclosures of Non-Cash Financing Activities

During the nine months ended January 31, 2021, the Company was not party to any non-cash financing activities. By comparison, during the nine months ended January 31, 2020, the Company entered into a Loan Conversion Agreement with its principal shareholder, Copper Hill, under which Copper Hill converted its outstanding debt of $372,823 with the Company into 5,000,000 shares of the Company’s common stock.

The Company is dependent upon the receipt of capital investment or other financing to fund its ongoing operations and to execute its business plan of seeking a combination with a private operating company. In addition, the Company is dependent upon certain related parties to provide continued funding and capital resources. No assurances can be given that the Company will be successful in locating or negotiating with any target company or that the related parties will continue to fund the Company’s working capital needs. As a result, there is substantial doubt about the Company’s ability to continue as a going concern.

15

Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

Contractual Obligations

None.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

In connection with the preparation of this quarterly report, an evaluation was carried out by the Company’s management, with the participation of the principal executive officer and the principal financial officer, of the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act (“Exchange Act”) as of January 31, 2021. Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Commission’s rules and forms, and that such information is accumulated and communicated to management, including the principal executive officer and the principal financial officer, to allow timely decisions regarding required disclosures.

Based on that evaluation, the Company’s management concluded, as of the end of the period covered by this report, that the Company’s disclosure controls and procedures were not effective in recording, processing, summarizing, and reporting information required to be disclosed, within the time periods specified in the Commission’s rules and forms, and that such information was not accumulated and communicated to management, including the principal executive officer and the principal financial officer, to allow timely decisions regarding required disclosures.

Changes in Internal Controls over Financial Reporting

During the quarter ended January 31, 2021, there has been no change in internal control over financial reporting that has materially affected or is reasonably likely to materially affect our internal control over financial reporting.

16

PART II

OTHER INFORMATION

Item 1. Legal Proceedings.

There are presently no material pending legal proceedings to which the Company, any executive officer, any owner of record or beneficially of more than five percent of any class of voting securities is a party or as to which any of its property is subject, and no such proceedings are known to the Company to be threatened or contemplated against it.

Item 1A. Risk Factors.

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

Item 2. Unregistered Sale of Equity Securities and Use of Proceeds.

None

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable to our Company.

Item 5. Other Information.

None

17

Item 6. Exhibits.

Exhibit	Description
31.1	Certification of the Company’s Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
32.1	Certification of the Company’s Principal Executive Officer and Principal Financial pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002+
101.INS	XBRL INSTANCE DOCUMENT*
101.SCH	XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT*
101.CAL	XBRL TAXONOMY CALCULATION LINKBASE DOCUMENT*
101.DEF	XBRL TAXONOMY DEFINITION LINKBASE DOCUMENT*
101.LAB	XBRL TAXONOMY LABEL LINKBASE DOCUMENT*
101.PRE	XBRL TAXONOMY PRESENTATION LINKBASE DOCUMENT*

+ In accordance with SEC Release 33-8238, Exhibit 32.1 is being furnished and not filed.

* Filed herewith.

18

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	PREVENTION INSURANCE.COM
Date: August 23, 2021	/s/ Anthony Lococo
	Anthony Lococo President and CEO (Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer)

19

EX-31.1

EXHIBIT 31.1

Certification of the Company’s Principal Executive Officer and Principal Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

and Securities and Exchange Commission Release 34-46427

I, Anthony Lococo, certify that:

1.	I have reviewed this report on Form 10-Q of Prevention Insurance.com;
2.	Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;
3.	Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods present in this annual report;
4.	As the registrant’s sole certifying officer, I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. As the registrant’s sole certifying officer, I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 23, 2021	/s/ Anthony Lococo
	Anthony Lococo President and CEO (Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer)

EX-32.1

EXHIBIT 32.1

Certification of Principal Executive Officer and Principal Financial Officer

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of Prevention Insurance.com (the “Company”) on Form 10-Q for the period ended January 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Anthony Lococo, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 23, 2021	/s/ Anthony Lococo
	Anthony Lococo
	President and CEO (Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer)

XML

Cover - shares	9 Months Ended
	Jan. 31, 2021	Aug. 23, 2021
Cover [Abstract]
Entity Registrant Name	PREVENTION INSURANCE COM INC
Entity Central Index Key	0001134982
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Entity Small Business	true
Entity Shell Company	true
Entity Emerging Growth Company	false
Entity Current Reporting Status	No
Document Period End Date	Jan. 31, 2021
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Entity Common Stock Shares Outstanding		7,642,211
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	No

XML

CONSOLIDATED BALANCE SHEETS - USD ($)	Jan. 31, 2021	Apr. 30, 2020
Current Assets
Cash	$ 2,441	$ 0
Total Current Assets	2,441	0
Other Assets
Marketable security	100	100
Total Assets	2,541	100
Current Liabilities
Fees drawn in excess of bank balance	0	16
Accounts payable	29,450	36,701
Due to related parties	63,752	43,757
Total Current Liabilities	93,202	80,474
Total Liabilities	93,202	80,474
Stockholders' Deficit
Preferred Stock, $0.0001 par value, 10,000,000 authorized none issued and outstanding	0	0
Common Stock, $0.0001 par value, 200,000,000 authorized; 7,642,211 and 7,234,474 shares issued and 7,642,210 and 7,234,473 shares outstanding, respectively	764	723
Additional paid in capital	5,050,769	5,020,835
Treasury stock, 1 share, at cost	(52,954)	(52,954)
Accumulated deficit	(5,089,240)	(5,048,978)
Total Stockholders' Deficit	(90,661)	(80,374)
Total Liabilities and Stockholders' Deficit	$ 2,541	$ 100

XML

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jan. 31, 2021	Apr. 30, 2020
Stockholders' Deficit
Preferred stock, shares par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	7,642,211	7,234,474
Common stock, shares outstanding	7,642,210	7,234,473
Treasury stock, shares	1	1

XML

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
REVENUE	$ 0	$ 0	$ 0	$ 0
EXPENSES
General and administrative	2,989	32,723	40,262	102,808
OPERATING LOSS	(2,989)	(32,723)	(40,262)	(102,808)
NET LOSS	$ (2,989)	$ (32,723)	$ (40,262)	$ (102,808)
Net Loss per Common Share: Basic and Diluted	$ (0.00)	$ (0.00)	$ (0.01)	$ (0.02)
Weighted Average Common Shares Outstanding: Basic and Diluted	7,642,211	7,234,466	7,566,066	4,553,306

XML

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (Unaudited) - USD ($)	Total	Preferred Stock [Member]	Common Shares [Member]	Additional Paid-In Capital	Treasury Stock [Member]	Accumulated Deficit [Member]
Balance, shares at Apr. 30, 2019			2,234,466
Balance, amount at Apr. 30, 2019	$ (347,421)	$ 0	$ 223	$ 4,642,362	$ (52,954)	$ (4,937,052)
Capital contributions by previous principal shareholder	6,150	0	0	6,150	0	0
Net loss for the period	(31,086)	$ 0	$ 0	0	0	(31,086)
Balance, shares at Jul. 31, 2019			2,234,466
Balance, amount at Jul. 31, 2019	(372,357)	$ 0	$ 223	4,648,512	(52,954)	(4,968,138)
Balance, shares at Apr. 30, 2019			2,234,466
Balance, amount at Apr. 30, 2019	(347,421)	$ 0	$ 223	4,642,362	(52,954)	(4,937,052)
Net loss for the period	(102,808)
Balance, shares at Jan. 31, 2020			7,234,466
Balance, amount at Jan. 31, 2020	(71,256)	$ 0	$ 723	5,020,835	(52,954)	(5,039,860)
Balance, shares at Jul. 31, 2019			2,234,466
Balance, amount at Jul. 31, 2019	(372,357)	$ 0	$ 223	4,648,512	(52,954)	(4,968,138)
Net loss for the period	(38,999)	$ 0	$ 0	0	0	(38,999)
Shares issued in settlement of related party debt, shares			5,000,000
Shares issued in settlement of related party debt, amount	372,823	$ 0	$ 500	372,323	0	0
Balance, shares at Oct. 31, 2019			7,234,466
Balance, amount at Oct. 31, 2019	(38,533)	$ 0	$ 723	5,020,835	(52,954)	(5,007,137)
Net loss for the period	(32,723)	$ 0	$ 0	0	0	(32,723)
Balance, shares at Jan. 31, 2020			7,234,466
Balance, amount at Jan. 31, 2020	(71,256)	$ 0	$ 723	5,020,835	(52,954)	(5,039,860)
Balance, shares at Apr. 30, 2020			7,234,474
Balance, amount at Apr. 30, 2020	(80,374)	$ 0	$ 723	5,020,835	(52,954)	(5,048,978)
Net loss for the period	(13,798)	$ 0	$ 0	0	0	(13,798)
Issuance of common stock for cash - related party, shares			407,737
Issuance of common stock for cash - related party, amount	29,975	$ 0	$ 41	29,934	0	0
Balance, shares at Jul. 31, 2020			7,642,211
Balance, amount at Jul. 31, 2020	(64,197)	$ 0	$ 764	5,050,769	(52,954)	(5,062,776)
Balance, shares at Apr. 30, 2020			7,234,474
Balance, amount at Apr. 30, 2020	(80,374)	$ 0	$ 723	5,020,835	(52,954)	(5,048,978)
Net loss for the period	(40,262)
Balance, shares at Jan. 31, 2021			7,642,211
Balance, amount at Jan. 31, 2021	(90,661)	0	$ 764	5,050,769	(52,954)	(5,089,240)
Balance, shares at Jul. 31, 2020			7,642,211
Balance, amount at Jul. 31, 2020	(64,197)	0	$ 764	5,050,769	(52,954)	(5,062,776)
Net loss for the period	(23,475)	0	$ 0	0	0	(23,475)
Balance, shares at Oct. 31, 2020			7,642,211
Balance, amount at Oct. 31, 2020	(87,672)	0	$ 764	5,050,769	(52,954)	(5,086,251)
Net loss for the period	(2,989)	0	$ 0	0	0	(2,989)
Balance, shares at Jan. 31, 2021			7,642,211
Balance, amount at Jan. 31, 2021	$ (90,661)	$ 0	$ 764	$ 5,050,769	$ (52,954)	$ (5,089,240)

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
Cash Flows from Operating Activities:
Net Loss	$ (40,262)	$ (102,808)
Changes in operating assets and liabilities:
Prepaid expenses	0	4,000
Accounts payable	(7,251)	27,150
Net Cash Used In Operating Activities	(47,513)	(71,658)
Cash Flows Used In Investing Activities:
Subscription for equity investment	0	(100)
Net Cash Used In Investing Activities	0	(100)
Cash Flows From Financing Activities:
Fees drawn in excess of bank balance	(16)	0
Proceeds from advances from related parties	19,995	67,660
Capital contribution from previous principal shareholder	0	6,150
Common shares issued for cash - related party	29,975	0
Net Cash From Financing Activities	49,954	73,810
Net Change in Cash:	2,441	2,052
Beginning Cash	0	0
Ending Cash	2,441	2,052
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest:	0	0
Cash paid for tax:	$ 0	$ 0
Supplemental Disclosures of Non-Cash Financing Activities
Issuance of shares in settlement of related party debt		372,823

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION

9 Months Ended

Jan. 31, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION

Nature of Business

Prevention Insurance.Com (the” Company”) was incorporated under the laws of the State of Nevada in 1975 as Vita Plus Industries, Inc. In March 1999, the Company sold its remaining inventory and changed its name to Prevention Insurance.Com.

The Company’s business is to pursue a business combination through acquisition, or merger with, an existing company. No assurances can be given that the Company will be successful in locating or negotiating with any target company.

Effective June 28, 2019 (“Closing Date”), a change of control occurred with respect to the Company. Pursuant to a Securities Purchase Agreement entered into by and among the Company, Metrowork Equity Sdn. Bhd (“Seller” or “Metrowork”), and Copper Hill Assets Inc., a British Virgin Island corporation (“Buyer” or “Copper Hill”) (the “Purchase Agreement”), Seller assigned, transferred and conveyed to Buyer (i) 1,563,809 shares of common stock of Company (“Common Stock”) and (ii) a promissory note of the Company totaling $355,323 (“Promissory Note”). The total consideration paid by Buyer was $375,000, and Seller assumed all of the liabilities of the Company as of the Closing Date.

On the closing of the above transaction, Mr. Chee Chau Ng, the sole officer of Seller, resigned in all officer capacities from the Company and Anthony Lococo was appointed Chief Executive Officer and Chief Financial Officer of the Company. In addition, Mr. Lococo was appointed a director of the Company.

Basis of Presentation

The summary of significant accounting policies is presented to assist in the understanding of the financial statements. These policies conform to accounting principles generally accepted in the United States of America (“GAAP”) and have been consistently applied.

Consolidated Financial Statements

The consolidated statements include the accounts of the Company and its subsidiary company, Paramount Capital Inc, a Wyoming corporation, from the date of its incorporation on September 20, 2019. All intercompany balances and transactions have been eliminated in consolidation.

Interim Financial Statements

The accompanying unaudited interim condensed financial statements have been prepared in accordance with GAAP for interim financial information in accordance with Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. While we believe that the disclosures presented herein are adequate and not misleading, these interim condensed financial statements should be read in conjunction with the audited financial statements and the footnotes thereto for the year ended April 30, 2020 included our Form 10-K filed on August 13, 2020. Operating results for the interim period presented are not necessarily indicative of the results for the full year.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Fair Value of Financial Instruments

The fair value of cash, prepaid expenses, accounts payable and balance due to related parties approximates the carrying amount of these financial instruments due to their short maturity.

Related Party Transactions

A related party is generally defined as (i) any person that holds 10% or more of our membership interests including such person’s immediate families, (ii) our management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with us, or (iv) anyone who can significantly influence our financial and operating decisions. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. See Notes 4 and 5 below for details of related party transactions in the period presented.

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) as assets, operating lease non-current liabilities, and operating lease current liabilities in the Company’s balance sheet. Finance leases are property and equipment, other current liabilities, and other non-current liabilities in the balance sheet.

ROU assets represent the right to use an asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over lease term. As most of the leases don’t provide an implicit rate, the Company generally uses the incremental borrowing rate on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at the commencement date. The operating ROU asset also includes any lease payments made and exclude lease incentives. Lease expense for lease payment is recognized on a straight-line basis over the lease term.

The Company is not party to any lease transactions during the three and nine months ended January 31, 2021 or 2020.

Income Taxes

The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carry-forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.

Uncertain Tax Positions

The Company evaluates tax positions in a two-step process. The Company first determine whether it is more likely than not that a tax position will be sustained upon examination, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold, it is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company classifies gross interest and penalties and unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year as long-term liabilities in the financial statements.

Revenue Recognition:

Revenues are recognized when control of promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:

Step 1: Identify the contract(s) with customers

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to performance obligations

Step 5: Recognize revenue when the entity satisfies a performance obligation

At this time, the Company has not identified specific planned revenue streams.

During the three and nine months ended January 31, 2021 and 2020, the Company did not recognize any revenue.

Advertising Costs

The Company expenses advertising costs when advertisements occur. No advertising costs were incurred during the three and nine months ended January 31, 2021 and 2020.

Stock-Based Compensation

The cost of equity instruments issued to non-employees in return for goods and services is measured by the grant date fair value of the equity instruments issued. The cost of employee services received in exchange for equity instruments is based on the grant date fair value of the equity instruments issued. The related expense is recognized as services are rendered, goods are received, or vesting periods elapse.

Net Loss per Share Calculation

Basic net loss per common share (“EPS”) is computed by dividing loss available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average shares outstanding, assuming all dilutive potential common shares were issued. Diluted earnings per share is not presented when their effect is anti-dilutive. No potential dilutive securities were issued and outstanding during the three and nine months ended January 31, 2021 or 2020.

COVID-19 Uncertainties

The COVID-19 pandemic could have an impact on our ability to obtain financing to fund the operations. The Company is unable to predict the ultimate impact at this time.

Recently Accounting Pronouncements

There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows due to our status as a shell corporation.

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GOING CONCERN

9 Months Ended

Jan. 31, 2021

GOING CONCERN

NOTE 2. GOING CONCERN

The Company’s consolidated financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplate the realization of assets and the liquidation of liabilities in the normal course of business. For the nine months ended January 31, 2021, the Company reported a net loss of $40,262, negative working capital of $90,761 and an accumulated deficit of $5,089,240 as of January 31, 2021. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of these uncertainties. The Company’s ability to continue as a going concern is dependent upon its ability to develop additional sources of capital, locate and complete a merger with another company and ultimately achieve profitable operations. In the interim, the Company intends to rely upon continued advances form the Company’s majority shareholder to funds its working capital needs. No assurances can be given that the Company will be successful in locating or negotiating with any target company or that the majority shareholder will continue to fund the Company’s working capital needs. As a result, there is substantial doubt about the Company’s ability to continue as a going concern.

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MARKETABLE SECURITY

9 Months Ended

Jan. 31, 2021

MARKETABLE SECURITY

NOTE 3. MARKETABLE SECURITY

On August 26, 2019, the Company acquired 33.33% of the issued and outstanding common shares of Australian Gold Commodities Ltd (“ACG”), an Australian company, for $100. At the time, the remaining 66.67% of the issued and outstanding common shares of ACG were beneficially owned by our principal shareholder, Copper Hill. Mr. Anthony Lococo, our sole director, was appointed as a director of ACG. ACG has not commenced operations as of April 30, 2020.

Effective June 30, 2020, ACG completed a fund raising after which the Company’s ownership interest was diluted to less than 1%.

As of January 31, 2021, it was determined that the historic cost of the marketable security equated to its fair market value as ACG has not commenced trading activities as yet.

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ADVANCES DUE TO RELATED PARTIES

9 Months Ended

Jan. 31, 2021

ADVANCES DUE TO RELATED PARTIES

NOTE 4. ADVANCES DUE TO RELATED PARTIES

As of April 30, 2020, balances totaling $43,757 were owed to related party companies: $13,349 to Copper Hill and $30,408 to Apple ISports.

Mr. Anthony Lococo, our current sole officer and director, is a controlling party of Copper Hill.

Apple ISports, Inc. is a wholly-owned subsidiary of Copper Hill.

During the nine months ended January 31, 2021, the Company received a further advance of $19,995 from Copper Hill to fund its working capital requirements.

As of January 31, 2021, the Company owed a total of $63,752 to related party companies: $30,408 to Apple iSports and $33,344 to Copper Hill.

These advances where made to the Company to meet its working capital requirements and are unsecured, interest free and due on demand.

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STOCKHOLDERS DEFICIT

9 Months Ended

Jan. 31, 2021

STOCKHOLDERS DEFICIT

NOTE 5. STOCKHOLDERS DEFICIT

Preferred Stock

As of January 31, 2021, the Company was authorized to issue 10,000,000 shares of preferred stock with a par value of $0.0001.

No shares of preferred stock were issued or outstanding during the three and nine months ended January 31, 2021 and 2020.

Common Stock

As of January 31, 2020, the Company was authorized to issue 200,000,000 shares of common stock with a par value of $0.0001.

During the nine months ended January 31, 2021, we made the following sales of common stock for cash:

On May 5, 2020, Locman Superannuation Fund (“Fund”) paid the Company the sum of $14,975 to acquire 200,737 shares of common stock of the Company pursuant to a subscription agreement between the parties. Anthony Lococo, the Company’s controlling shareholder and sole officer and director, is the control person of the Fund.

On July 27, 2020, the Fund paid the Company the sum of $15,000 to acquire 207,000 shares of common stock of the Company pursuant to a subscription agreement between the parties.

As of January 31, 2021, 7,642,211 shares of common stock were issued, and 7,642,210 shares of common stock were outstanding. As of April 30, 2020, 7,234,474 shares of common stock were issued, and 7,234,473 shares of common stock were outstanding.

Additional Paid in Capital

Under the terms of the Securities Purchase Agreement described in Note 1 above, the Company’s former principal shareholder, Metrowork, paid off all of the Company’s outstanding liabilities at June 28, 2019, totaling $6,150. As these payments did not represent either a loan to the Company or an equity investment in the Company, they have been accounted for as a capital contribution by Metrowork to the Company.

Treasury Stock

The Company’s treasury stock comprised one share of common stock acquired at a cost of $52,954.

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SUBSEQUENT EVENTS

9 Months Ended

Jan. 31, 2021

SUBSEQUENT EVENTS

NOTE 6. SUBSEQUENT EVENTS

The Company evaluated subsequent events after January 31, 2021, in accordance with FASB ASC 855 Subsequent Events, through the date of the issuance of these financial statements and has determined there have been no subsequent events for which disclosure is required.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Policies)

9 Months Ended

Jan. 31, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION

Nature of Business

Prevention Insurance.Com (the” Company”) was incorporated under the laws of the State of Nevada in 1975 as Vita Plus Industries, Inc. In March 1999, the Company sold its remaining inventory and changed its name to Prevention Insurance.Com.

The Company’s business is to pursue a business combination through acquisition, or merger with, an existing company. No assurances can be given that the Company will be successful in locating or negotiating with any target company.

Effective June 28, 2019 (“Closing Date”), a change of control occurred with respect to the Company. Pursuant to a Securities Purchase Agreement entered into by and among the Company, Metrowork Equity Sdn. Bhd (“Seller” or “Metrowork”), and Copper Hill Assets Inc., a British Virgin Island corporation (“Buyer” or “Copper Hill”) (the “Purchase Agreement”), Seller assigned, transferred and conveyed to Buyer (i) 1,563,809 shares of common stock of Company (“Common Stock”) and (ii) a promissory note of the Company totaling $355,323 (“Promissory Note”). The total consideration paid by Buyer was $375,000, and Seller assumed all of the liabilities of the Company as of the Closing Date.

On the closing of the above transaction, Mr. Chee Chau Ng, the sole officer of Seller, resigned in all officer capacities from the Company and Anthony Lococo was appointed Chief Executive Officer and Chief Financial Officer of the Company. In addition, Mr. Lococo was appointed a director of the Company.

Basis of Presentation

The summary of significant accounting policies is presented to assist in the understanding of the financial statements. These policies conform to accounting principles generally accepted in the United States of America (“GAAP”) and have been consistently applied.

Consolidated Financial Statements

The consolidated statements include the accounts of the Company and its subsidiary company, Paramount Capital Inc, a Wyoming corporation, from the date of its incorporation on September 20, 2019. All intercompany balances and transactions have been eliminated in consolidation.

Interim Financial Statements

The accompanying unaudited interim condensed financial statements have been prepared in accordance with GAAP for interim financial information in accordance with Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. While we believe that the disclosures presented herein are adequate and not misleading, these interim condensed financial statements should be read in conjunction with the audited financial statements and the footnotes thereto for the year ended April 30, 2020 included our Form 10-K filed on August 13, 2020. Operating results for the interim period presented are not necessarily indicative of the results for the full year.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Fair Values of Financial Instruments

The fair value of cash, prepaid expenses, accounts payable and balance due to related parties approximates the carrying amount of these financial instruments due to their short maturity.

Related Party Transactions

A related party is generally defined as (i) any person that holds 10% or more of our membership interests including such person’s immediate families, (ii) our management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with us, or (iv) anyone who can significantly influence our financial and operating decisions. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. See Notes 4 and 5 below for details of related party transactions in the period presented.

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) as assets, operating lease non-current liabilities, and operating lease current liabilities in the Company’s balance sheet. Finance leases are property and equipment, other current liabilities, and other non-current liabilities in the balance sheet.

ROU assets represent the right to use an asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over lease term. As most of the leases don’t provide an implicit rate, the Company generally uses the incremental borrowing rate on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at the commencement date. The operating ROU asset also includes any lease payments made and exclude lease incentives. Lease expense for lease payment is recognized on a straight-line basis over the lease term.

The Company is not party to any lease transactions during the three and nine months ended January 31, 2021 or 2020.

Income Taxes

The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carry-forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.

Uncertain Tax Position

The Company evaluates tax positions in a two-step process. The Company first determine whether it is more likely than not that a tax position will be sustained upon examination, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold, it is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company classifies gross interest and penalties and unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year as long-term liabilities in the financial statements.

Revenue Recognition

Revenues are recognized when control of promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:

Step 1: Identify the contract(s) with customers

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to performance obligations

Step 5: Recognize revenue when the entity satisfies a performance obligation

At this time, the Company has not identified specific planned revenue streams.

During the three and nine months ended January 31, 2021 and 2020, the Company did not recognize any revenue.

Advertising Costs

The Company expenses advertising costs when advertisements occur. No advertising costs were incurred during the three and nine months ended January 31, 2021 and 2020.

Stock-Based Compensation

The cost of equity instruments issued to non-employees in return for goods and services is measured by the grant date fair value of the equity instruments issued. The cost of employee services received in exchange for equity instruments is based on the grant date fair value of the equity instruments issued. The related expense is recognized as services are rendered, goods are received, or vesting periods elapse.

Net Loss per Share Calculation

Basic net loss per common share (“EPS”) is computed by dividing loss available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average shares outstanding, assuming all dilutive potential common shares were issued. Diluted earnings per share is not presented when their effect is anti-dilutive. No potential dilutive securities were issued and outstanding during the three and nine months ended January 31, 2021 or 2020.

COVID-19 Uncertainties

The COVID-19 pandemic could have an impact on our ability to obtain financing to fund the operations. The Company is unable to predict the ultimate impact at this time.

Recently Accounting Pronouncements

There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows due to our status as a shell corporation.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Details Narrative)) - USD ($)	1 Months Ended
	Jun. 28, 2019	Jan. 31, 2021	Apr. 30, 2020
Common stock shares issued		7,642,211	7,234,474
Securities Purchase Agreement [Member]
Common stock shares issued	1,563,809
Prommisory note issued	$ 355,323
Consideration transferred to related parties	$ 375,000

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GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended						9 Months Ended
	Jan. 31, 2021	Oct. 31, 2020	Jul. 31, 2020	Jan. 31, 2020	Oct. 31, 2019	Jul. 31, 2019	Jan. 31, 2021	Jan. 31, 2020	Apr. 30, 2020
GOING CONCERN
Net Loss	$ (2,989)	$ (23,475)	$ (13,798)	$ (32,723)	$ (38,999)	$ (31,086)	$ (40,262)	$ (102,808)
Working capital deficit	(90,761)						(90,761)
Accumulated deficit	$ (5,089,240)						$ (5,089,240)		$ (5,048,978)

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MARKETABLE SECURITY (Details Narrative) - Australian Gold Commodities Ltd [Member] - USD ($)	1 Months Ended
	Jun. 30, 2020	Aug. 26, 2019
Common stock shares owned by shareholder, percentage		66.67%
Business acquisition, shares acquired, percentage		33.33%
Percentage of ownership diluted, description	ACG completed a fund raising after which the Company’s ownership interest was diluted to less than 1%.
Acquisition costs , shares price		$ 100

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ADVANCES DUE TO RELATED PARTIES (Details Narrative) - USD ($)	9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Apr. 30, 2020
Due to related parties	$ 63,752		$ 43,757
Proceeds from related party advances	19,995	$ 67,660
Apple ISports Inc [Member]
Due to related parties	30,408		30,408
Copper Hill [Member]
Due to related parties	33,344		$ 13,349
Proceeds from related party advances	$ 19,995

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STOCKHOLDERS DEFICIT (Details Narrative) - USD ($)		1 Months Ended		9 Months Ended
	May 05, 2020	Jul. 27, 2020	Jun. 28, 2019	Jan. 31, 2021	Jan. 31, 2020	Apr. 30, 2020
Preferred stock, par value				$ 0.0001		$ 0.0001
Preferred stock, shares authorized				10,000,000		10,000,000
Preferred stock, shares outstanding				0		0
Preferred stock, shares issued				0		0
Common stock, shares par value				$ 0.0001	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized				200,000,000	20,000,000	200,000,000
Common stock, shares issued				7,642,211		7,234,474
Common stock, shares outstanding				7,642,210		7,234,473
Capital contribution from previous principal shareholder			$ 6,150	$ 0	$ 6,150
Treasury cost value				$ 52,954
Subscription Agreement [Member]
Issuance of common stock for cash - related party, amount	$ 14,975	$ 15,000
Issuance of common stock for cash - related party, shares	200,737	207,000