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 July 31, 2022

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 September 30, 2022, there were 7,642,210 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	11
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	14
Item 4.	Controls and Procedures	14
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	15
Item 1A.	Risk Factors	15
Item 2.	Unregistered Sale of Equity Securities and Use of Proceeds	15
Item 3.	Defaults Upon Senior Securities	15
Item 4.	Mine Safety Disclosures	15
Item 5.	Other Information	15
Item 6.	Exhibits	16
SIGNATURES		17

2

Part I

Item 1. Financial Statements.

PREVENTION INSURANCE.COM

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

	July 31,			April 30,
	2022			2022
ASSETS
Current Assets
Cash	$	3,467		$	5,161
Total Current Assets		3,467			5,161
Other Assets
Marketable security		100			100
Total Assets	$	3,567		$	5,261
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities
Accounts payable and accrued liabilities	$	37,290		$	30,914
Due to related parties		122,302			122,302
Total Current Liabilities		159,592			153,216
Total Liabilities		159,592			153,216
Stockholders’ Deficit
Preferred Stock, $0.0001 par value, 50,000,000 and 10,000,000 authorized, respectively: none issued		-			-
Common Stock, $0.0001 par value, 500,000,000 and 500,000,000 shares authorized, respectively: 7,642,211 shares issued and 7,642,210 shares outstanding		764			764
Additional paid in capital		5,050,769			5,050,769
Treasury stock, 1 share, at cost		(52,954	)		(52,954	)
Accumulated deficit		(5,154,604	)		(5,146,534	)
Total Stockholders’ Deficit		(156,025	)		(147,955	)
Total Liabilities and Stockholders’ Deficit	$	3,567		$	5,261

See accompanying notes to these condensed consolidated unaudited financial statements

3

PREVENTION INSURANCE.COM

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	For the Three Months Ended
	July 31
	2022			2021
REVENUE	$	-		$	-
General and administrative expenses		8,070			10,679
OPERATING LOSS		(8,070	)		(10,679	)
NET LOSS	$	(8,070	)	$	(10,679	)
Net Loss per Common Share: Basic and Diluted	$	(0.00	)	$	(0.00	)
Weighted Average Common Shares Outstanding: Basic and Diluted		7,642,210			7,642,210

See accompanying notes to these condensed consolidated unaudited financial statements

4

PREVENTION INSURANCE.COM

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

FOR THE THREE MONTHS ENDED JULY 31, 2022 AND 2021

(UNAUDITED)

									Additional								Total
	Preferred				Common				Paid in		Treasury			Accumulated			Stockholders’
	Shares		Amount		Shares		Amount		Capital		Stock			Deficit			Deficit
Balance at April 30,2021		—	$	—		7,642,211	$	764	$	5,050,769	$	(52,954	)	$	(5,090,539	)	$	(91,960	)
Net loss for the period		—		—		—		—		—		—			(10,679	)	$	(10,679	)
Balance at July 31, 2021		—	$	—		7,642,211	$	764	$	5,050,769	$	(52,954	)	$	(5,101,218	)	$	(102,639	)
Balance at April 30, 2022		—	$	—		7,642,211	$	764	$	5,050,769	$	(52,954	)	$	(5,146,534	)	$	(147,955	)
Net loss for the period		—		—		—		—		—		—			(8,070	)	$	(8,070	)
Balance at July 31, 2022		—	$	—		7,642,211	$	764	$	5,050,769	$	(52,954	)	$	(5,154,604	)	$	(156,025	)

See accompanying notes to these condensed consolidated unaudited financial statements

5

PREVENTION INSURANCE.COM

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	For the Three Months Ended
	July 31
	2022			2021
Cash Flows from Operating Activities:
Net Loss	$	(8,070	)	$	(10,679	)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities		6,376			(500	)
Net Cash Used in Operating Activities		(1,694	)		(11,179	)
Cash Flows from Financing Activities:
Proceeds from loans - related parties		-			31,000
Net Cash Provided by Financing Activities		-			31,000
Net Change in Cash:	$	(1,694	)	$	19,821
Cash and cash equivalents, beginning of period	$	5,161		$	342
Cash and cash equivalents, end of period	$	3,467		$	20,163
Supplemental Disclosures of Cash Flow Information:
Income taxes paid	$	-		$	-
Interest paid	$	-		$	-

See accompanying notes to these condensed consolidated unaudited financial statements

6

PREVENTION INSURANCE.COM

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JULY 31, 2022

(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.

On May 5, 2022, the Company amended its Articles of Incorporation by filing a Certificate of Amendment with the Nevada Secretary of State which;

(a). Increased the authorized shares of common stock of the Company, par value $0.0001, from 200,000,000 shares to 500,000,000 shares, and

(b). Increased the authorized shares of preferred stock of the Company, par value $0.0001, from 10,000,000 shares to 50,000,000 shares and all such shares be deemed “blank check” preferred shares in accordance with Article Seventeen of the Company’s Amended and Restated Articles of Incorporation (filed with the Nevada Secretary of State on or about February 20, 2001);

(collectively, the corporate actions provided in paragraphs (a) and (b) are hereby referred to as the “Corporate Actions”).

The Corporate Actions were adopted at a meeting of our Board of Directors on February 28, 2022, and the Board of Directors recommended that the Corporate Actions be presented to our shareholders for approval. The record date of the Corporate Actions was March 1, 2022, whereby our majority stockholder, holding 85% of our outstanding voting securities, executed written consent approving Corporate Actions.

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

These consolidated statements include the financial statements of the Company and its subsidiary company, Paramount Capital, Inc. All intercompany balances and transactions have been eliminated in consolidation.

Interim Financial Statements

The accompanying unaudited interim condensed consolidated 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 unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and the footnotes thereto for the year ended April 30, 2022 included our Form 10-K filed on September 16, 2022. Operating results for the interim period presented are not necessarily indicative of the results for the full year.

7

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, accounts payable and accrued liabilities 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 Note 4 below for details of related party transactions in the period presented.

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

8

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

During the three months ended July 31, 2022 and July 31, 2021, respectively, the Company did not recognize any revenue.

Stock-Based Compensation

The cost of equity instruments issued to employees and non-employees in return for goods and services is measured by the grant date fair value of the equity instruments issued in accordance with ASC 718, Compensation – Stock Compensation. The related expense is recognized as services are rendered or vesting periods elapse.

Net Loss per Share Calculation

Basic net loss per common share 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 months ended July 31, 2022 nor July 31, 2021.

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 financial statements are prepared using GAAP applicable to a going concern, which contemplate the realization of assets and the liquidation of liabilities in the normal course of business. For the three months ended July 31, 2022, the Company reported a net loss of $8,070, negative working capital of $156,125, and an accumulated deficit of $5,154,604 as of July 31, 2022. 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 from the Company’s majority shareholder and affiliates 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 and affiliates 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.

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.

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

As of July 31, 2022, 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.

9

NOTE 4. ADVANCES DUE TO RELATED PARTIES

As of April 30, 2022, the Company owed a total of $122,302 to related party companies: $30,408 to Apple iSports, $70,344 to Copper Hill and $21,550 to Mt. Wills.

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

Mr. Anthony Lococo, our current sole officer and director, is an officer of Copper Hill.

Apple iSports, Inc. is an entity controlled by Copper Hill.

Mr. Anthony Lococo, our sole officer and director, is a director of Mt. Wills.

During the three months ended July 31, 2022, the Company did not receive any further advance funds from any of the related parties.

As further disclose in Note 6 Subsequent Events below, during the month of August 2022, the Company received $28,500 by way of a loan from a related party to fund its working capital requirements.

NOTE 5. STOCKHOLDERS’ DEFICIT

Preferred Stock

As of July 31, 2022, the Company was authorized to issue 50,000,000 shares of preferred stock with a par value of $0.0001.

On May 5, 2022, the Company amended its Articles of Incorporation by filing a Certificate of Amendment with the Nevada Secretary to increase the authorized shares of preferred stock of the Company, par value $0.0001, from 10,000,000 shares to 50,000,000 shares and all such shares be deemed “blank check” preferred shares in accordance with Article Seventeen of the Company’s Amended and Restated Articles of Incorporation (filed with the Nevada Secretary of State on or about February 20, 2001).

No shares of preferred stock were issued or outstanding during the three months ended July 31, 2022 and 2021.

Common Stock

As of July 31, 2022, the Company was authorized to issue 500,000,000 shares of common stock with a par value of $0.0001.

On May 5, 2022, the Company amended its Articles of Incorporation by filing a Certificate of Amendment with the Nevada Secretary of State which increased the authorized shares of common stock of the Company, par value $0.0001, from 200,000,000 shares to 500,000,000 shares.

During the three months ended July 31, 2022 and 2021, no shares of common stock were issued.

As of July 31, 2022 and April 30, 2022, 7,642,211 shares of common stock were issued and 7,642,210 shares were outstanding, respectively.

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 July 31, 2022, 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 other than as set out below:

During the month of August 2022, the Company received $28,500 by way of a loan from a related party to fund its working capital requirements.

10

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, 2022, filed with the Securities and Exchange Commission (“Commission”) on September 16, 2022. 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

The Company is a shell company as defined in Rule 12b-2 of 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.

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.

11

We believe we will be able to meet these costs through use of funds in our treasury, 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 the date of the period covered by this report, the Company has $3,467 in cash. There are no assurances that the Company will be able to secure any additional funding as needed. Currently, however 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 even the limited additional capital which we will have and/or 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.

12

We do not currently intend to retain any entity to act as a “finder” to identify and analyze the merits of potential target businesses.

Results of Operations

No revenue has been generated by the Company during the three months ended July 31, 2022 and 2021. 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 July 31, 2022 and 2021

During the three months ended July 31, 2022 and 2021, the Company incurred a net loss of $8,070 and $10,679, 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.

The $2,609 decrease in general and administrative expenses between the two periods was principally due a decrease of $4,250 in accounting fees, a $1,500 decrease in SEC filing fees partially offset by a $3,000 increase in consulting fees and a $141 increase in other expenses incurred in the three months ended July 31, 2022 as compared to the three months ended July 31, 2021.

Liquidity and Capital Resources

As of July 31, 2022, the Company had current assets of $3,467 consisting of all cash. This compares with current assets of $5,161 consisting of all cash as of April 30, 2022. The Company’s current liabilities as of July 31, 2022 totaled $159,592: $37,290 relating to accounts payable and accrued liabilities and $122,302 due to related parties. This compares with current liabilities of $153,216 as of April 30, 2022, comprised of $30,914 of accounts payable and accrued liabilities and $122,302 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.

The following is a summary of the Company’s cash flows provided by (used in) operating, investing, and financing activities for the three months ended July 31, 2022 and 2021:

	Three Months Ended July 31, 2022			Three Months Ended July 31, 2021
Net Cash Used in Operating Activities	$	(1,694	)	$	(11,179	)
Net Cash Used in Investing Activities		-			-
Net Cash Provided by Financing Activities		-			31,000
Net Change in Cash	$	(1,694	)	$	19,821

Operating Activities

During the three months ended July 31, 2022, the Company incurred a net loss of $8,070 which, after adjusting for an increase in accounts payable of $6,376, resulted in net cash of $1,694 being used in operating activities during the period. By comparison, during the three months ended July 31, 2021, the Company incurred a net loss of $10,679 which, after adjusting for a decrease in accounts payable of $500, resulted in net cash of $11,179 being used in operating activities during the period

13

Investing Activities

The Company neither generated nor used funds in investing activities during the three months ended July 31, 2022 and 2021.

Financing Activities

During the three months ended July 31, 2022, the Company neither generated nor used funds in financing activity. By comparison, during the three months ended July 31, 2021, we received $31,000 from financing activities by way of a loan from related parties

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.

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 July 31, 2022. 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 July 31, 2022, 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.

14

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

15

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	INLINE XBRL INSTANCE DOCUMENT (THE INSTANCE DOCUMENT DOES NOT APPEAR IN THE INTERACTIVE DATA FILE BECAUSE ITS XBRL TAGS ARE EMBEDDED WITHIN THE INLINE XBRL DOCUMENT)*
101.SCH	INLINE XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT*
101.CAL	INLINE XBRL TAXONOMY CALCULATION LINKBASE DOCUMENT*
101.DEF	INLINE XBRL TAXONOMY DEFINITION LINKBASE DOCUMENT*
101.LAB	INLINE XBRL TAXONOMY LABEL LINKBASE DOCUMENT*
101.PRE	INLINE XBRL TAXONOMY PRESENTATION LINKBASE DOCUMENT*
104	COVER PAGE INTERACTIVE DATA FILE (FORMATTED AS INLINE XBRL AND CONTAINED IN EXHIBIT 101)

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

* Filed herewith.

16

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: October 6, 2022	/s/ Anthony Lococo
	Anthony Lococo
	President and CEO
	(Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer)

17

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: October 6, 2022	/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 July 31, 2022 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: October 6, 2022	/s/ Anthony Lococo
	Anthony Lococo
	President and CEO
	(Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer)

XML

Cover - shares	3 Months Ended
	Jul. 31, 2022	Sep. 30, 2022
Cover [Abstract]
Entity Registrant Name	PREVENTION INSURANCE.COM
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	Yes
Document Period End Date	Jul. 31, 2022
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Entity Common Stock Shares Outstanding		7,642,210
Document Quarterly Report	true
Entity File Number	000-32389
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	88-0126444
Entity Interactive Data Current	Yes
Entity Address Address Line 1	552 Lonsdale Street
Entity Address City Or Town	Melbourne
Entity Address Country	AU
Entity Address Postal Zip Code	3000
City Area Code	61
Local Phone Number	3 8393 1459
Document Transition Report	false

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)	Jul. 31, 2022	Apr. 30, 2022
Current Assets
Cash	$ 3,467	$ 5,161
Total Current Assets	3,467	5,161
Other Assets
Marketable security	100	100
Total Assets	3,567	5,261
Current Liabilities
Accounts payable and accrued liabilities	37,290	30,914
Due to related parties	122,302	122,302
Total Current Liabilities	159,592	153,216
Total Liabilities	159,592	153,216
Stockholders' Deficit
Preferred Stock, $0.0001 par value, 50,000,000 and 10,000,000 authorized, respectively: none issued	0	0
Common Stock, $0.0001 par value, 500,000,000 and 500,000,000 shares authorized, respectively: 7,642,211 shares issued and 7,642,210 shares outstanding	764	764
Additional paid in capital	5,050,769	5,050,769
Treasury stock, 1 share, at cost	(52,954)	(52,954)
Accumulated deficit	(5,154,604)	(5,146,534)
Total Stockholders' Deficit	(156,025)	(147,955)
Total Liabilities and Stockholders' Deficit	$ 3,567	$ 5,261

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jul. 31, 2022	Apr. 30, 2022
Stockholders' Deficit
Preferred stock, shares par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	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	500,000,000	500,000,000
Common stock, shares issued	7,642,211	7,642,211
Common stock, shares outstanding	7,642,210	7,642,210
Treasury stock, shares	1	1

XML

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
REVENUE	$ 0	$ 0
General and administrative expenses	8,070	10,679
OPERATING LOSS	(8,070)	(10,679)
NET LOSS	$ (8,070)	$ (10,679)
Net Loss per Common Share: Basic and Diluted	$ (0.00)	$ (0.00)
Weighted Average Common Shares Outstanding: Basic and Diluted	7,642,210	7,642,210

XML

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS DEFICIT (UNAUDITED) - USD ($)	Total	Common Shares [Member]	Preferred Stock [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Accumulated Deficit [Member]
Balance, shares at Apr. 30, 2021		7,642,211
Balance, amount at Apr. 30, 2021	$ (91,960)	$ 764	$ 0	$ 5,050,769	$ (52,954)	$ (5,090,539)
Net loss for the period	(10,679)	$ 0	0	0	0	(10,679)
Balance, shares at Jul. 31, 2021		7,642,211
Balance, amount at Jul. 31, 2021	(102,639)	$ 764	0	5,050,769	(52,954)	(5,101,218)
Balance, shares at Apr. 30, 2022		7,642,211
Balance, amount at Apr. 30, 2022	(147,955)	$ 764	0	5,050,769	(52,954)	(5,146,534)
Net loss for the period	(8,070)	$ 0	0	0	0	(8,070)
Balance, shares at Jul. 31, 2022		7,642,211
Balance, amount at Jul. 31, 2022	$ (156,025)	$ 764	$ 0	$ 5,050,769	$ (52,954)	$ (5,154,604)

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Cash Flows from Operating Activities:
Net Loss	$ (8,070)	$ (10,679)
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities	6,376	(500)
Net Cash Used in Operating Activities	(1,694)	(11,179)
Cash Flows from Financing Activities:
Proceeds from loans - related parties	0	31,000
Net Cash Provided by Financing Activities	0	31,000
Net Change in Cash:	(1,694)	19,821
Cash and cash equivalents, beginning of period	5,161	342
Cash and cash equivalents, end of period	3,467	20,163
Supplemental Disclosures of Cash Flow Information:
Income taxes paid	0	0
Interest paid	$ 0	$ 0

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION

3 Months Ended

Jul. 31, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION

NOTE 1. 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.

On May 5, 2022, the Company amended its Articles of Incorporation by filing a Certificate of Amendment with the Nevada Secretary of State which;

(a). Increased the authorized shares of common stock of the Company, par value $0.0001, from 200,000,000 shares to 500,000,000 shares, and

(b). Increased the authorized shares of preferred stock of the Company, par value $0.0001, from 10,000,000 shares to 50,000,000 shares and all such shares be deemed “blank check” preferred shares in accordance with Article Seventeen of the Company’s Amended and Restated Articles of Incorporation (filed with the Nevada Secretary of State on or about February 20, 2001);

(collectively, the corporate actions provided in paragraphs (a) and (b) are hereby referred to as the “Corporate Actions”).

The Corporate Actions were adopted at a meeting of our Board of Directors on February 28, 2022, and the Board of Directors recommended that the Corporate Actions be presented to our shareholders for approval. The record date of the Corporate Actions was March 1, 2022, whereby our majority stockholder, holding 85% of our outstanding voting securities, executed written consent approving Corporate Actions.

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

These consolidated statements include the financial statements of the Company and its subsidiary company, Paramount Capital, Inc. All intercompany balances and transactions have been eliminated in consolidation.

Interim Financial Statements

The accompanying unaudited interim condensed consolidated 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 unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and the footnotes thereto for the year ended April 30, 2022 included our Form 10-K filed on September 16, 2022. 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, accounts payable and accrued liabilities 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 Note 4 below for details of related party transactions in the period presented.

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 months ended July 31, 2022 and July 31, 2021, respectively, the Company did not recognize any revenue.

Stock-Based Compensation

The cost of equity instruments issued to employees and non-employees in return for goods and services is measured by the grant date fair value of the equity instruments issued in accordance with ASC 718, Compensation – Stock Compensation. The related expense is recognized as services are rendered or vesting periods elapse.

Net Loss per Share Calculation

Basic net loss per common share 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 months ended July 31, 2022 nor July 31, 2021.

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.

XML

GOING CONCERN

3 Months Ended

Jul. 31, 2022

GOING CONCERN

NOTE 2. GOING CONCERN

NOTE 2. GOING CONCERN

The Company’s financial statements are prepared using GAAP applicable to a going concern, which contemplate the realization of assets and the liquidation of liabilities in the normal course of business. For the three months ended July 31, 2022, the Company reported a net loss of $8,070, negative working capital of $156,125, and an accumulated deficit of $5,154,604 as of July 31, 2022. 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 from the Company’s majority shareholder and affiliates 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 and affiliates 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.

XML

MARKETABLE SECURITY

3 Months Ended

Jul. 31, 2022

MARKETABLE SECURITY

NOTE 3. 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.

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

As of July 31, 2022, 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.

XML

ADVANCES DUE TO RELATED PARTIES

3 Months Ended

Jul. 31, 2022

ADVANCES DUE TO RELATED PARTIES

NOTE 4. ADVANCES DUE TO RELATED PARTIES

NOTE 4. ADVANCES DUE TO RELATED PARTIES

As of April 30, 2022, the Company owed a total of $122,302 to related party companies: $30,408 to Apple iSports, $70,344 to Copper Hill and $21,550 to Mt. Wills.

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

Mr. Anthony Lococo, our current sole officer and director, is an officer of Copper Hill.

Apple iSports, Inc. is an entity controlled by Copper Hill.

Mr. Anthony Lococo, our sole officer and director, is a director of Mt. Wills.

During the three months ended July 31, 2022, the Company did not receive any further advance funds from any of the related parties.

As further disclose in Note 6 Subsequent Events below, during the month of August 2022, the Company received $28,500 by way of a loan from a related party to fund its working capital requirements.

XML

STOCKHOLDERS DEFICIT

3 Months Ended

Jul. 31, 2022

STOCKHOLDERS DEFICIT

NOTE 5. STOCKHOLDERS DEFICIT

NOTE 5. STOCKHOLDERS’ DEFICIT

Preferred Stock

As of July 31, 2022, the Company was authorized to issue 50,000,000 shares of preferred stock with a par value of $0.0001.

On May 5, 2022, the Company amended its Articles of Incorporation by filing a Certificate of Amendment with the Nevada Secretary to increase the authorized shares of preferred stock of the Company, par value $0.0001, from 10,000,000 shares to 50,000,000 shares and all such shares be deemed “blank check” preferred shares in accordance with Article Seventeen of the Company’s Amended and Restated Articles of Incorporation (filed with the Nevada Secretary of State on or about February 20, 2001).

No shares of preferred stock were issued or outstanding during the three months ended July 31, 2022 and 2021.

Common Stock

As of July 31, 2022, the Company was authorized to issue 500,000,000 shares of common stock with a par value of $0.0001.

On May 5, 2022, the Company amended its Articles of Incorporation by filing a Certificate of Amendment with the Nevada Secretary of State which increased the authorized shares of common stock of the Company, par value $0.0001, from 200,000,000 shares to 500,000,000 shares.

During the three months ended July 31, 2022 and 2021, no shares of common stock were issued.

As of July 31, 2022 and April 30, 2022, 7,642,211 shares of common stock were issued and 7,642,210 shares were outstanding, respectively.

Treasury Stock

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

XML

SUBSEQUENT EVENTS

3 Months Ended

Jul. 31, 2022

SUBSEQUENT EVENTS

NOTE 6. SUBSEQUENT EVENTS

The Company evaluated subsequent events after July 31, 2022, 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 other than as set out below:

During the month of August 2022, the Company received $28,500 by way of a loan from a related party to fund its working capital requirements.

XML

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

3 Months Ended

Jul. 31, 2022

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.

On May 5, 2022, the Company amended its Articles of Incorporation by filing a Certificate of Amendment with the Nevada Secretary of State which;

(a). Increased the authorized shares of common stock of the Company, par value $0.0001, from 200,000,000 shares to 500,000,000 shares, and

(b). Increased the authorized shares of preferred stock of the Company, par value $0.0001, from 10,000,000 shares to 50,000,000 shares and all such shares be deemed “blank check” preferred shares in accordance with Article Seventeen of the Company’s Amended and Restated Articles of Incorporation (filed with the Nevada Secretary of State on or about February 20, 2001);

(collectively, the corporate actions provided in paragraphs (a) and (b) are hereby referred to as the “Corporate Actions”).

The Corporate Actions were adopted at a meeting of our Board of Directors on February 28, 2022, and the Board of Directors recommended that the Corporate Actions be presented to our shareholders for approval. The record date of the Corporate Actions was March 1, 2022, whereby our majority stockholder, holding 85% of our outstanding voting securities, executed written consent approving Corporate Actions.

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

These consolidated statements include the financial statements of the Company and its subsidiary company, Paramount Capital, Inc. All intercompany balances and transactions have been eliminated in consolidation.

Interim Financial Statements

The accompanying unaudited interim condensed consolidated 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 unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and the footnotes thereto for the year ended April 30, 2022 included our Form 10-K filed on September 16, 2022. 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, accounts payable and accrued liabilities 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 Note 4 below for details of related party transactions in the period presented.

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 months ended July 31, 2022 and July 31, 2021, respectively, the Company did not recognize any revenue.

Stock-Based Compensation

The cost of equity instruments issued to employees and non-employees in return for goods and services is measured by the grant date fair value of the equity instruments issued in accordance with ASC 718, Compensation – Stock Compensation. The related expense is recognized as services are rendered or vesting periods elapse.

Net Loss per Share Calculation

Basic net loss per common share 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 months ended July 31, 2022 nor July 31, 2021.

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)) - $ / shares		3 Months Ended
	Mar. 01, 2022	Jul. 31, 2022	May 05, 2022	Apr. 30, 2022	Jul. 31, 2021
Common stock, shares authorized		500,000,000		500,000,000	200,000,000
Preferred stock, shares authorized		50,000,000		10,000,000	10,000,000
Corporate actions description	The record date of the Corporate Actions was March 1, 2022, whereby our majority stockholder, holding 85% of our outstanding voting securities, executed written consent approving Corporate Actions
Membership percentage		10.00%
Common stock, shares par value		$ 0.0001		$ 0.0001	$ 0.0001
Preferred stock, shares par value		$ 0.0001		$ 0.0001	$ 0.0001
Certificate of Amendment [Member]
Common stock, shares authorized			500,000,000
Preferred stock, shares authorized			50,000,000
Common stock, shares par value			$ 0.0001
Preferred stock, shares par value			$ 0.0001

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GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Apr. 30, 2022
GOING CONCERN (Details Narrative)
Working capital deficit	$ (156,125)
Accumulated deficit	(5,154,604)		$ (5,146,534)
Net loss	$ (8,070)	$ (10,679)

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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 ($)	Aug. 31, 2022	Jul. 31, 2022	Apr. 30, 2022
Due to related parties		$ 122,302	$ 122,302
Apple ISports Inc [Member]
Due to related parties			30,408
Copper Hill [Member]
Due to related parties			70,344
Wills Gold Mines Pt Ltd [Member]
Due to related parties			$ 21,550
Subsequent Event [Member]
Due to related parties	$ 28,500

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STOCKHOLDERS DEFICIT (Details Narrative) - USD ($)	Jul. 31, 2022	May 05, 2022	Apr. 30, 2022	Jul. 31, 2021
Preferred stock, par value	$ 0.0001		$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000		10,000,000	10,000,000
Preferred stock, shares outstanding	0		0	0
Preferred stock, shares issued	0		0	0
Common stock, shares par value	$ 0.0001		$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	500,000,000		500,000,000	200,000,000
Common stock, shares issued	7,642,211		7,642,211
Common stock, shares outstanding	7,642,210		7,642,210
Treasury cost value	$ 52,954		$ 52,954
Certificate of Amendment [Member]
Preferred stock, par value		$ 0.0001
Preferred stock, shares authorized		50,000,000
Common stock, shares par value		$ 0.0001
Common Stock, Shares Authorized		500,000,000

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SUBSEQUENT EVENTS (Details Narrative) - USD ($)	Aug. 31, 2022	Jul. 31, 2022	Apr. 30, 2022
Due to related parties		$ 122,302	$ 122,302
Subsequent Event [Member]
Due to related parties	$ 28,500