0001551163-19-000046.txt : 20190314 0001551163-19-000046.hdr.sgml : 20190314 20190314162335 ACCESSION NUMBER: 0001551163-19-000046 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 22 CONFORMED PERIOD OF REPORT: 20190131 FILED AS OF DATE: 20190314 DATE AS OF CHANGE: 20190314 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PREVENTION INSURANCE COM INC CENTRAL INDEX KEY: 0001134982 STANDARD INDUSTRIAL CLASSIFICATION: INSURANCE AGENTS BROKERS & SERVICES [6411] IRS NUMBER: 880126444 FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-32389 FILM NUMBER: 19681370 BUSINESS ADDRESS: STREET 1: UNIT 604, UPTOWN 1, NO.1 JALAN SS21/58, STREET 2: DAMANSARA UPTOWN, 47400 PETALING JAYA CITY: SELENGOR STATE: N8 ZIP: 47400 BUSINESS PHONE: 60 3 6258 5887 MAIL ADDRESS: STREET 1: UNIT 604, UPTOWN 1, NO.1 JALAN SS21/58, STREET 2: DAMANSARA UPTOWN, 47400 PETALING JAYA CITY: SELENGOR STATE: N8 ZIP: 47400 FORMER COMPANY: FORMER CONFORMED NAME: PREVENTION INSURANCE COM DATE OF NAME CHANGE: 20010214 10-Q 1 q-3final.htm Converted by EDGARwiz

 

 

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, 2019

 

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.)

 

 

 

Unit 604, Uptown 1, No. 1
Jalan SS21/58, Damansara

Uptown, 47400 Tealing
Jaya, Selangor, Malaysia

 

47400

(Address of Principal Executive Offices)

 

(Zip Code)

 

+60 3 7611 9238

(Registrants telephone number, including area code)

 

n/a

 

n/a

 

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


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 one):


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 March 14, 2019, there were 2,234,465 shares of common stock, $0.0001 par value per share, outstanding. 

 

 

 

 


































 

 

TABLE OF CONTENTS

 

 

 

Page

PART I FINANCIAL INFORMATION

 

Item 1.

Financial Statements

1

Item 2.

Managements Discussion and Analysis of Financial Condition and Results of Operations

7

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

10

Item 4.

Controls and Procedures

10

 

 

 

PART II OTHER INFORMATION

 

Item 1.

Legal Proceedings

11

Item 1A.

Risk Factors

11

Item 2.

Unregistered Sale of Equity Securities and Use of Proceeds

11

Item 3.

Defaults Upon Senior Securities

11

Item 4.

Mine Safety Disclosures

11

Item 5.

Other Information

11

Item 6.

Exhibits

11

 

 

 

SIGNATURES

12

 

 



 Part I

 

Item 1. Financial Statements.

 

PREVENTION INSURANCE.COM

BALANCE SHEETS

(Unaudited)

 

 

 

January 31, 2019

 

 

April 30,
2018

 

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash

 

$

-

 

 

$

-

 

Prepayments and deposits



7,000




3,333


Total current assets

 

 

7,000

 

 

 

3,333

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

7,000

 

 

$

3,333

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS DEFICIT

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

1,850

 

 

$

8,720

 

Due to related parties

 

 

335,937

 

 

 

255,025

 

Total current liabilities

 

 

337,787

 

 

 

263,745

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

337,787

 

 

 

263,745

 

 

 

 

 

 

 

 

 

 

Stockholders deficit

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value, authorized 10,000,000 shares, none issued

 

 

-

 

 

 

-

 

Common stock, $0.0001 par value, authorized 200,000,000 shares and 100,000,000; 2,234,466 shares issued and 2,234,465 shares outstanding at both December 31, 2018 and 2017*

 

 

223

 

 

 

223

Additional paid-in capital

 

 

4,642,362

 

 

 

4,642,362

 *

Treasury stock, 1 share*, at cost

 

 

(52,954

)

 

 

(52,954

)

Accumulated deficit

 

 

(4,920,418

)

 

 

(4,850,043

)

Total stockholders deficit

 

 

(330,787

)

 

 

(260,412

)

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders deficit

 

$

7,000

 

 

$

3,333

 


* as retrospectively restated for the 10:1 reverse stock split effective October 4, 2018


See accompanying notes to unaudited financial statements.

 

 

1

 



 

 

PREVENTION INSURANCE.COM

STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

For the three months ended

 

 

For the nine months ended

 

 

 

January 31,

 

 

January 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

 

8,607

 

 

 

27,810

 

 

 

70,375

 

 

 

87,271

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss

 

 

(8,607

)

 

 

(27,810

)

 

 

(70,375

)

 

 

(87,271

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(8,607

)

 

$

(27,810

)

 

$

(70,375

)

 

$

(87,271

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per common share - basic and diluted

 

$

(0.00)

*

 

$

(0.01)*


 

$

(0.03)*



$

(0.04)*



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding - basic and diluted

 

 

2,234,465

 

 

 

2,234,465*

 

 

 

2,234,465*

 

 

 

2,234,465*

 

 

* as retrospectively restated for the 10:1 reverse stock split effective October 4, 2018


See accompanying notes to unaudited financial statements.

 

 

2

 



 

PREVENTION INSURANCE.COM

STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

For the nine months ended

 

 

 

January 31,

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

 

Net loss

 

$

(70,375

)

 

$

(87,271

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Prepayments and deposit

 

 

(3,667

 

 

(5,833)


Accounts payable and accrued expenses

 

 

(6,870)

 

 

 

5,381


Net cash used in operating activities

 

 

(80,912

)

 

 

(87,723

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

Proceeds from advances from related parties

 

 

80,912

 

 

 

87,723

 

Net cash provided by financing activities

 

 

80,912

 

 

 

87,723

 

 

 

 

 

 

 

 

 

 

Net change in cash

 

 

-

 

 

 

-


 

 

 

 

 

 

 

 

 

Cash and cash equivalents, beginning of period

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end of period

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Income taxes paid

 

$

-

 

 

$

-

 

Interest paid

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to unaudited financial statements.

 

 

3

 



PREVENTION INSURANCE.COM

NOTES TO FINANCIAL STATEMENTS

JANUARY 31, 2019

(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 May 30, 2018, a change of control occurred with respect to the Company. Pursuant to a Stock Purchase Agreement entered into by and among Chee Chow Teow, EE Meng Teow and Wooi Huat Teow (Sellers) and Metrowork Equity Sdn. Bhd., a Malaysian company ("Metrowork "), Metrowork acquired from Sellers all of the shares of common stock held by the Sellers in the Company totaling 15,638,084 shares (representing 70% of the Company s issued and outstanding shares of common stock). Our sole officer and director, Mr. Chee Chau Ng, is the sole shareholder and officer of Metrowork.

 

On October 4, 2018, the Company filed a Certificate of Amendment to Articles of Incorporation with the Nevada Secretary of State (the Amendment) which effectuated the following corporate actions (Corporate Actions):

 





a reverse split of our outstanding common stock, $0.0001 par value, on a one (1) post-split share for ten (10)

pre-split shares basis, and

 





    

increased our authorized shares of common stock, $0.0001 par value, from 100,000,000 to 200,000,000.

 

The Corporate Actions became effective on October 4, 2018 (the Effective Date).


As it relates to the reverse stock split, on the Effective Date, every 10 shares of issued and outstanding common stock were converted into one share of common stock. No fractional shares were issued in connection with the reverse stock split. Instead, a holder of record of common stock on the Effective Date who would otherwise be entitled to a fraction of a share was, in lieu thereof, entitled to receive a whole share of common stock.

 

As a result of the reverse stock split, the number of issued and outstanding shares of the Company s common stock was reduced from 22,340,081 to 2,234,465. All share numbers in this Form 10-Q have been retrospectively restated to reflect the impact of this reverse stock split.




 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.


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 consolidated financial statements should be read in conjunction with the audited financial statements and the footnotes thereto



contained for the year ended April 30, 2018 included our Form 10-K filed on July 30, 2018. Operating results for the interim periods 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 and cash equivalents and accounts payable approximates the carrying amount of these financial instruments due to their short maturity. 


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 nine months ended January 31, 2019 or 2018.

   

Subsequent Events

 

Subsequent to January 31, 2019, through the date these financial statements were issued, a related party advanced funds totaling $3,850 to the Company to meet its working capital requirements.


The Company has evaluated all transactions from January 31, 2019, through the financial statement issuance date for subsequent event disclosure consideration and determined there were no additional significant events requiring disclosure.  


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 Companys financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. For the nine months ended January 31, 2019, the Company reported a net loss of $70,375, negative working capital of $330,787 and an accumulated deficit of $4,920,418 as of January 31, 2019. These conditions raise substantial doubt about the Companys 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 Companys 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 Companys 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 Companys working capital needs. As a result, there is substantial doubt about the Companys ability to continue as a going concern. 


NOTE 3. PREPAYMENTS AND DEPOSITS




As of January 31, 2019, and April 30, 2018, the balance of prepayments and deposits was $7,000 and $3,333, respectively, which related to the annual membership fee for OTC Markets which is amortized monthly over the course of the year.


NOTE 4. ADVANCES DUE TO RELATED PARTIES

 

As of April 30, 2018, Haspro Holdings Sdn. Bhd., an entity related to the Companys then controlling shareholders (Former Affiliate) had advanced funds totaling $159,505 to the Company to meet its working capital requirements. The advances were unsecured, interest free and due on demand.

 

As of April 30, 2018, Metrowork, a company owned by the Companys current sole officer and director had advanced funds totaling $95,520 to the Company to meet its working capital requirements. The advances were unsecured, interest free and due on demand. 

 

On June 25, 2018, the Former Affiliate assigned to Metrowork all of its rights to its loan to the Company in the amount of $159,505 and in addition, on that date, forever waived and discharged any and all claims that it has or may have against the Company.

 

During the nine months ended January 31, 2019, Metrowork advanced a further $80,912 to the Company to meet its working capital requirements, resulting in amounts owed to related parties totaling $335,937 and $255,025 at January 31, 2019 and April 31, 2018, respectively 


NOTE 5. STOCKHOLDERS DEFICIT

 

Preferred Stock

 

As of January 31, 2019, 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, 2019 and 2018.

 

Common Stock

 

Effective October 4, 2018, the Company:


-

 increased the number of its authorized shares of $0.0001 par value common stock from 100,000,000 to 200,000,000, and


-

effected a reverse split of its outstanding shares of common stock, $0.0001 par value, on a one (1) post-split share for ten (10) pre-split shares basis


As it relates to the reverse stock split, effective October 4, 2018 every 10 shares of issued and outstanding common stock were converted into one share of common stock. No fractional shares were issued in connection with the reverse stock split. Instead, a holder of record of common stock on October 4, 2018 who would otherwise have been entitled to a fraction of a share, received a whole share of common stock.

 

As a result of the reverse stock split, the number of issued and outstanding shares of the Companys common stock was reduced from 22,340,081 to 2,234,465.


All share numbers in this Form 10Q have been retrospectively restated to reflect the impact of this reverse stock split.

 

Other than adjustments arising from the reverse stock split, no shares of common stock were issued during the three and nine months ended January 31, 2019 and 2018.

 

Treasury Stock


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



Item 2. Managements 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 Companys 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, 2018, filed with the Securities and Exchange Commission (Commission) on July 30, 2018. 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 Companys name was changed to its current name Prevention Insurance.com. 

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. 

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, 2019, the Company has $0 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. Managements 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 managements 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 insure 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.

 

The Companys 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.

 

Liquidity and Capital Resources

 

As of January 31, 2019, the Company had assets of $7,000 in respect of certain prepaid expenses. This compares with current assets of $3,333 in respect of certain prepaid expenses as of April 30, 2018. The Companys current liabilities as of January 31, 2019 totaled $337,787, $1,850 relating to accounts payable and accruals and $335,937 of advances from related parties. This compares with current liabilities of $263,745 as of April 30, 2018, comprising $8,720 of accounts payable and $255,025 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 Companys cash flows provided by (used in) operating, investing, and financing activities for the nine months ended January 31, 2019 and 2018

 

 

 

 

 

Nine Months Ended
January 31,
2019

 

 

Nine Months Ended
January 31,
2018

 

Net Cash Used in Operating Activities

 

$

(80,912

)

 

$

(87,723

)

Net Cash Used in Investing Activities

 

 

-

 

 

 

-

 

Net Cash Provided in Financing Activities

 

 

80,912

 

 

 

87,723

 

Net Change in Cash

 

$

-

 

 

$

-


 

Operating Activities

 

During the nine months ended January 31, 2019, the Company incurred a net loss of $70,375 which, after adjusting for an increase in prepaid expenses of $3,667 and a decrease in accounts payable of $6,870, resulted in net cash of $80,912 being used in operating activities during the period. By comparison, during the nine months ended January 31, 2018, the Company incurred a net loss of $87,271 which, after adjusting for an increase in prepayments of $5,833 and an increase in accounts payable of $5,381 resulted in net cash of $87,723 being used in operating activities during the period.


Investing Activities

 

The Company neither generated nor used funds in investing activities during the nine months ended January 31, 2019 and 2018.

 

Financing Activities

 

During the nine months ended January 31, 2019, the Company received $80,912 by way of advances from a related party entity. By comparison, during the nine months ended January 31, 2018, the Company received $87,723 by way of advances from two related party entities.


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 Companys working capital needs. As a result, there is substantial doubt about the Companys ability to continue as a going concern.

   

Results of Operations

 

No revenue has been generated by the Company during the three and nine months ended January 31, 2019 and 2018. 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 Companys ability to continue as a going concern.  The Companys 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, 2019 and 2018


During the three months ended January 31, 2019, the Company incurred a net loss of $8,607, comprised of general and administrative expenses, including accounting, and other professional service fees incurred in relation to the preparation and filing of the Companys periodic reports on Form 10-Q and other reporting requirements.


During the three months ended January 31, 2018, the Company incurred a net loss of $27,810, comprised of general and administrative expenses, including legal, accounting, and other professional service fees incurred in relation to the preparation and filing of the Companys periodic reports on Form 10-K and Form 10-Q and other reporting requirements.

  



General and administrative expenses were $19,203 lower in the three months ended January 31, 2019 as compared to the three months ended January 31, 2018 largely due to reductions in legal and audit fees between the two periods.


For the nine months ended January 31, 2019 and 2018

 

During the nine months ended January 31, 2019, the Company incurred a net loss of $70,375, comprised of general and administrative expenses, including legal, accounting, and other professional service fees incurred in relation to the preparation and filing of the Companys periodic reports on Form 10-K and Form 10-Q and other reporting requirements.

 

During the nine months ended January 31, 2018, the Company incurred a net loss of $87,271, comprised of general and administrative expenses, including legal, accounting, and other professional service fees incurred in relation to the preparation and filing of the Companys periodic reports on Form 10-K and Form 10-Q and other reporting requirements.

  

General and administrative expenses were $16,896 lower in the nine months ended January 31, 2019 as compared to the nine months ended January 31, 2018. The principal reason for this variance a substantial reduction in legal fees incurred in the nine months ended January 31, 2019 as compared to the nine months ended January 31, 2018, partially offset by increases in SEC filing fees.


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 Companys 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 Companys management, with the participation of the principal executive officer and the principal financial officer, of the effectiveness of the Companys 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, 2019. 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 Commissions 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 Companys management concluded, as of the end of the period covered by this report, that the Companys 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 Commissions 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. 

 Managements Report on Internal Control over Financial Reporting

 



The management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting. The Companys internal control over financial reporting is a process, under the supervision of the principal executive officer and the principal financial officer, designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Companys financial statements for external purposes in accordance with United States generally accepted accounting principles (GAAP). Internal control over financial reporting includes those policies and procedures that:

 


i)

Pertain to the maintenance of records that is in reasonable detail accurately and fairly reflect the transactions

and dispositions of the Companys assets;

 


ii)

Provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial

statements in accordance with generally accepted accounting principles, and that receipts and expenditures

are being made only in accordance with the authorizations of management and the board of directors; and

  


iii)

Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or

disposition of the Companys assets that could have a material effect on the financial statements.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate. 

 

The Companys management conducted an assessment of the effectiveness of our internal control over financial reporting as of January 31, 2019, based on criteria established in Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission, which assessment identified material weaknesses in internal control over financial reporting. A material weakness is a control deficiency, or a combination of deficiencies in internal control over financial reporting that creates a reasonable possibility that a material misstatement in annual or interim financial statements will not be prevented or detected on a timely basis. Since the assessment of the effectiveness of our internal control over financial reporting did identify a material weakness, management considers its internal control over financial reporting to be ineffective.

  

Management has concluded that our internal control over financial reporting had the following material deficiencies:

 


i)

We were unable to maintain segregation of duties within our business operations due to our reliance on a

single individual fulfilling the role of sole officer and director.

 


ii)

Lack of a functioning audit committee due to a lack of a majority of independent members and a lack of a

majority of outside directors on our Board of Directors, resulting in ineffective oversight in the establishment

and monitoring of required internal controls and procedures. 

   

While these control deficiencies did not result in any audit adjustments to our 2019 or 2018 interim or annual financial statements, it could have resulted in a material misstatement that might have been prevented or detected by a segregation of duties. Accordingly, we have determined that this control deficiency constitutes a material weakness.

 

To the extent reasonably possible, given our limited resources, our goal is, upon consummation of a merger with a private operating company, to separate the responsibilities of principal executive officer and principal financial officer, intending to rely on two or more individuals. We will also seek to expand our current board of directors to include additional individuals willing to perform directorial functions. Since the recited remedial actions will require that we hire or engage additional personnel, this material weakness may not be overcome in the near term due to our limited financial resources. Until such remedial actions can be realized, we will continue to rely on the advice of outside professionals and consultants.

 

This quarterly report does not include an attestation report of our registered public accounting firm regarding our internal controls over financial reporting.  Managements report was not subject to attestation by our registered public accounting firm pursuant to Section 404(c) of the Sarbanes-Oxley Act that permit us to provide only managements report in this annual report.

 

Changes in Internal Controls over Financial Reporting



 

During the quarter ended January 31, 2019, 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.


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

 

Item 6. Exhibits.

 

Exhibit

 

Description

31.1

 

Certification of the Companys 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 Companys 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.

 



 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.

 

Date: March 14, 2019

PREVENTION INSURANCE.COM

 

 

 

/s/ Chee Chau Ng

 

Chee Chau Ng

President and CEO

(Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer)













 



















EX-31 2 f311.htm Converted by EDGARwiz

Exhibit 31.1

 

Certification of the Companys 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, Chee Chau Ng, 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 registrants 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and

5.

As the registrants sole certifying officer, I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting.

Date: March 14, 2019

 

 

/s/ Chee Chau Ng

 

Chee Chau Ng

President and CEO

(Principal Executive Officer, Principal

Financial Officer, and Principal Accounting Officer)




EX-32 3 f321.htm Converted by EDGARwiz


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, 2019 as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Chee Chau Ng, 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: March 14, 2019 

 

/s/ Chee Chau Ng

 

Chee Chau Ng

 

President and CEO

(Principal Executive Officer, Principal

Financial Officer, and Principal Accounting Officer)



 




EX-101.INS 4 pici-20190131.xml 7000 3333 7000 3333 7000 3333 1850 8720 335937 255025 337787 263745 337787 263745 223 223 4642362 4642362 -52954 -52954 -4920418 -4850043 -330787 -260412 7000 3333 8607 27810 87271 -8607 -27810 -87271 -8607 -27810 -87271 -0.00 -0.01 -0.04 2234465 2234465 2234465 -70375 -87271 -3667 -5833 -6870 5381 -80912 -87723 80912 87723 80912 87723 <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION</b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><i><u>Nature of Business</u></i></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>Prevention Insurance.Com (the&nbsp;&#147;Company&#148;) 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.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>The Company&#146;&nbsp;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.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;&nbsp;&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>Effective May 30, 2018, a change of control occurred with respect to the Company. Pursuant to a Stock Purchase Agreement entered into by and among Chee Chow Teow, EE Meng Teow and Wooi Huat Teow (&#147;Sellers&#148;) and Metrowork Equity Sdn. Bhd., a Malaysian company (&quot;Metrowork&nbsp;&quot;), Metrowork acquired from Sellers all of the shares of common stock held by the Sellers in the Company totaling 15,638,084 shares (representing 70% of the Company&#146;&nbsp;s issued and outstanding shares of common stock). Our sole officer and director, Mr. Chee Chau Ng, is the sole shareholder and officer of Metrowork.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>On October 4, 2018, the Company filed a Certificate of Amendment to Articles of Incorporation with the Nevada Secretary of State (the&nbsp;&#147;Amendment&#148;) which effectuated the following corporate actions (&#147;Corporate Actions&#148;):</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0"> <tr align="left"> <td width="63" style='width:47.25pt;padding:0'></td> <td width="8" style='width:6.0pt;padding:0'></td> <td width="1368" style='width:14.25in;padding:0'></td> </tr> <tr align="left"> <td width="63" valign="top" style='width:47.25pt;padding:0'></td> <td width="8" valign="top" style='width:6.0pt;padding:0'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'> </p> </td> <td width="1368" valign="top" style='width:14.25in;padding:0'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>a reverse split of our outstanding common stock, $0.0001 par value, on a one (1) post-split share for ten (10)</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>pre-split shares basis, and</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0"> <tr align="left"> <td width="48" style='width:.5in;padding:0'></td> <td width="24" style='width:.25in;padding:0'></td> <td width="1368" style='width:14.25in;padding:0'></td> </tr> <tr align="left"> <td width="48" valign="top" style='width:.5in;padding:0'></td> <td width="24" valign="top" style='width:.25in;padding:0'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;&nbsp;&nbsp;&nbsp; </p> </td> <td width="1368" valign="top" style='width:14.25in;padding:0'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>increased our authorized shares of common stock, $0.0001 par value, from 100,000,000 to 200,000,000.</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>The Corporate Actions became effective on October 4, 2018 (the&nbsp;&#147;Effective Date&#148;).</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>As it relates to the reverse stock split, on the Effective Date, every 10 shares of issued and outstanding common stock were converted into one share of common stock. No fractional shares were issued in connection with the reverse stock split. Instead, a holder of record of common stock on the Effective Date who would otherwise be entitled to a fraction of a share was, in lieu thereof, entitled to receive a whole share of common stock.</p> <p style='margin:0in;margin-bottom:.0001pt;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>As a result of the reverse stock split, the number of issued and outstanding shares of the Company&#146;&nbsp;s common stock was reduced from&nbsp;22,340,081&nbsp;to&nbsp;2,234,465. All share numbers in this Form 10-Q have been retrospectively restated to reflect the impact of this reverse stock split.</p> <table border="0" cellspacing="0" cellpadding="0" width="1440" style='width:15.0in'> <tr align="left"> <td width="64" valign="top" style='width:47.95pt;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="8" valign="top" style='width:6.05pt;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="top" style='padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;<i><u>Basis of Presentation</u></i></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><font style='background:white'>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 (&#147;GAAP&#148;) and have been consistently applied.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><i><u>Interim Financial Statements</u></i></p> <p style='margin:0in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>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 consolidated financial statements should be read in conjunction with the audited financial statements and the footnotes thereto contained for the year ended April 30, 2018 included our Form 10-K filed on July 30, 2018. Operating results for the interim periods presented are not necessarily indicative of the results for the full year.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><i><u>Use of Estimates</u></i></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><font style='background:white'>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.</font>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><i><u>Fair Value of Financial Instruments</u></i></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><font style='background:white'>The fair value of cash and cash equivalents and accounts payable approximates the carrying amount of these financial instruments due to their short maturity.</font>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><i><u>Net Loss per Share Calculation</u></i></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font style='background:white'>Basic net loss per common share (&#147;EPS&#148;) is computed by dividing&nbsp;loss available to common stockholders by the weighted-average number of common shares outstanding for the period.&nbsp;&nbsp;&nbsp;Diluted earnings per share is computed by dividing net income by the weighted average shares outstanding, assuming all dilutive potential common shares were issued.&nbsp;&nbsp;Diluted earnings per share is not presented when their effect is anti-dilutive. &nbsp;No potential dilutive securities were issued and outstanding during the nine months ended January 31, 2019 or 2018.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;&nbsp;<i>&nbsp;</i></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><i><u>Subsequent Events</u></i></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font style='background:white'>Subsequent to January 31, 2019,&nbsp;through the date these financial statements were issued,&nbsp;a related party advanced funds totaling $3,850&nbsp;to the Company to meet its working capital requirements.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font style='background:white'>The Company has evaluated all transactions from January 31, 2019, through the financial statement issuance date for subsequent event disclosure consideration and determined there were no additional significant events requiring disclosure.&nbsp;&nbsp;</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><i><u>Recently Accounting Pronouncements</u></i></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font style='background:white'>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.</font></p> <p style='margin:0in;margin-bottom:.0001pt;background:white'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;background:white'><b>NOTE 3. PREPAYMENTS AND DEPOSITS</b></p> <p style='margin:0in;margin-bottom:.0001pt;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><font style='background:white'>As of January 31, 2019, and April 30, 2018, the balance of prepayments and deposits was $7,000 and $3,333, respectively,&nbsp;which related to the annual membership fee for OTC Markets which is amortized monthly over the course of the year.</font></p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;background:white'><b>NOTE 4. ADVANCES DUE TO RELATED PARTIES</b></p> <p style='margin:0in;margin-bottom:.0001pt;background:white'><b>&nbsp;</b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>As of April 30, 2018, Haspro Holdings Sdn. Bhd., an entity related to the Company&#146;s then controlling shareholders (&#147;Former Affiliate&#148;) had advanced funds totaling $159,505 to the Company to meet its working capital requirements. The advances were unsecured, interest free and due on demand.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>As of April 30, 2018, Metrowork, a company owned by the Company&#146;s current sole officer and director had advanced funds totaling $95,520 to the Company to meet its working capital requirements. The advances were unsecured, interest free and due on demand.&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>On June 25, 2018, the Former Affiliate assigned to Metrowork all of its rights to its loan to the Company in the amount of $159,505 and in addition, on that date, forever waived and discharged any and all claims that it has or may have against the Company.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>During the&nbsp;nine months ended January&nbsp;31, 2019, Metrowork advanced a further $80,912 to the Company to meet its working capital requirements, resulting in amounts owed to related parties totaling $335,937 and $255,025 at January 31, 2019 and April 31, 2018, respectively.&nbsp;&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b>NOTE 5. STOCKHOLDERS&#146; DEFICIT</b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><i><u>Preferred Stock</u></i></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>As of January 31, 2019, the Company was authorized to issue 10,000,000 shares of preferred stock with a par value of $0.0001.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>No shares of preferred stock were issued or outstanding during the three and nine months ended January 31, 2019 and 2018.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><i><u>Common Stock</u></i></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>Effective October 4, 2018, the Company:</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;margin-top:6.0pt;margin-right:0in;margin-bottom:12.0pt;margin-left:.75in;text-align:justify;text-indent:-.25in;background:white'>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#160;increased the number of its authorized shares of $0.0001 par value common stock from 100,000,000 to 200,000,000, and</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;margin-top:6.0pt;margin-right:0in;margin-bottom:12.0pt;margin-left:.75in;text-align:justify;background:white'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;margin-top:6.0pt;margin-right:0in;margin-bottom:12.0pt;margin-left:.75in;text-align:justify;text-indent:-.25in;background:white'>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; effected a reverse split of its outstanding shares of common stock, $0.0001 par value, on a one (1) post-split share for ten (10) pre-split shares basis</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>As it relates to the reverse stock split, effective October 4, 2018 every 10 shares of issued and outstanding common stock were converted into one share of common stock. No fractional shares were issued in connection with the reverse stock split. Instead, a holder of record of common stock on October 4, 2018 who would otherwise have been entitled to a fraction of a share, received a whole share of common stock.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><font style='background:white'>As a result of the reverse stock split, the number of issued and outstanding shares of the Company&#146;s common stock was reduced from&nbsp;</font>22,340,081&nbsp;<font style='background:white'>to&nbsp;</font>2,234,465<font style='background:white'>. </font></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><font style='background:white'>All share numbers in this Form 10Q have been retrospectively restated to reflect the impact of this reverse stock split. </font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>Other than adjustments arising from the reverse stock split, no shares of common stock were issued during the three and nine months ended January 31, 2019 and 2018.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><i><u>Treasury Stock</u></i></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>The Company&#146;s treasury stock comprised one share of common stock acquired at a cost of $52,954.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> 10-Q 2019-01-31 false PREVENTION INSURANCE COM INC 0001134982 pici --04-30 2234465 2234465 Non-accelerated Filer No No No 2019 Q3 0001134982 2018-05-01 2019-01-31 0001134982 2019-01-31 0001134982 2018-10-31 0001134982 2018-04-30 0001134982 2018-11-01 2019-01-31 0001134982 2017-11-01 2018-01-31 0001134982 2017-05-01 2018-01-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares EX-101.SCH 5 pici-20190131.xsd 000030 - Statement - STATEMENTS OF CASH FLOWS link:presentationLink link:definitionLink link:calculationLink 000020 - Statement - STATEMENTS OF OPERATIONS link:presentationLink link:definitionLink link:calculationLink 000010 - Statement - BALANCE SHEETS link:presentationLink link:definitionLink link:calculationLink 000050 - Disclosure - Note 3. Prepayments and Deposits link:presentationLink link:definitionLink link:calculationLink 000060 - Disclosure - Note 4. Advances Due To Related Parties link:presentationLink link:definitionLink link:calculationLink 000000 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 000070 - Disclosure - Note 5. Stockholders' Deficit link:presentationLink link:definitionLink link:calculationLink 000040 - Disclosure - Note 1. Summary of Significant Accounting Policies and Basis of Presentation link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 6 pici-20190131_cal.xml EX-101.DEF 7 pici-20190131_def.xml EX-101.LAB 8 pici-20190131_lab.xml Cash flows from financing activities Document and Entity Information: Note 5. Stockholders' Deficit Note 3. Prepayments and Deposits Total liabilities and stockholders' deficit Total liabilities and stockholders' deficit Total liabilities Total liabilities Entity Central Index Key Total current assets Total current assets Cash flows from operating activities Accumulated deficit Common stock, $0.0001 par value, authorized 200,000,000 shares and 100,000,000 2,234,466 shares issued and 2,234,465 shares outstanding at both December 31, 2018 and 2017* Current liabilities Document Fiscal Period Focus Entity Common Stock, Shares Outstanding Current Fiscal Year End Date Net loss General and administrative expenses Revenue Additional paid-in capital Total assets Total assets Current assets Entity Public Float Total stockholders' deficit Total stockholders' deficit Total current liabilities Total current liabilities Entity Voluntary Filers Prepayments and deposit LIABILITIES AND STOCKHOLDERS' DEFICIT Cash Note 4. Advances Due To Related Parties Net cash used in operating activities Net cash used in operating activities Stockholders' deficit Document Fiscal Year Focus Net Income (loss) Operating loss Operating loss Treasury stock, 1 share*, at cost ASSETS Amendment Flag Note 1. Summary of Significant Accounting Policies and Basis of Presentation Loss per common share - basic and diluted Document Period End Date Weighted average number of common shares outstanding - basic and diluted Entity Well-known Seasoned Issuer Document Type Trading Symbol Notes Proceeds from advances from related parties Accounts payable and accrued liabilities Entity Registrant Name Adjustments to reconcile net loss to net cash used in operating activities: Due to related parties Entity Filer Category Net cash provided by financing activities Net cash provided by financing activities Entity Current Reporting Status Accounts payable and accrued expenses Prepayments and deposits Other income (expense) Revenue {1} Revenue EX-101.PRE 9 pici-20190131_pre.xml XML 10 R1.htm IDEA: XBRL DOCUMENT v3.19.1
Document and Entity Information - USD ($)
9 Months Ended
Jan. 31, 2019
Oct. 31, 2018
Document and Entity Information:    
Entity Registrant Name PREVENTION INSURANCE COM INC  
Document Type 10-Q  
Document Period End Date Jan. 31, 2019  
Trading Symbol pici  
Amendment Flag false  
Entity Central Index Key 0001134982  
Current Fiscal Year End Date --04-30  
Entity Common Stock, Shares Outstanding 2,234,465  
Entity Public Float   $ 2,234,465
Entity Filer Category Non-accelerated Filer  
Entity Current Reporting Status No  
Entity Voluntary Filers No  
Entity Well-known Seasoned Issuer No  
Document Fiscal Year Focus 2019  
Document Fiscal Period Focus Q3  
XML 11 R2.htm IDEA: XBRL DOCUMENT v3.19.1
BALANCE SHEETS - USD ($)
Jan. 31, 2019
Apr. 30, 2018
Current assets    
Prepayments and deposits $ 7,000 $ 3,333
Total current assets 7,000 3,333
Total assets 7,000 3,333
Current liabilities    
Accounts payable and accrued liabilities 1,850 8,720
Due to related parties 335,937 255,025
Total current liabilities 337,787 263,745
Total liabilities 337,787 263,745
Stockholders' deficit    
Common stock, $0.0001 par value, authorized 200,000,000 shares and 100,000,000 2,234,466 shares issued and 2,234,465 shares outstanding at both December 31, 2018 and 2017* 223 223
Additional paid-in capital 4,642,362 4,642,362
Treasury stock, 1 share*, at cost (52,954) (52,954)
Accumulated deficit (4,920,418) (4,850,043)
Total stockholders' deficit (330,787) (260,412)
Total liabilities and stockholders' deficit $ 7,000 $ 3,333
XML 12 R3.htm IDEA: XBRL DOCUMENT v3.19.1
STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Jan. 31, 2019
Jan. 31, 2018
Jan. 31, 2018
Revenue      
General and administrative expenses $ 8,607 $ 27,810 $ 87,271
Operating loss (8,607) (27,810) (87,271)
Net Income (loss) $ (8,607) $ (27,810) $ (87,271)
Loss per common share - basic and diluted $ (0.00) $ (0.01) $ (0.04)
Weighted average number of common shares outstanding - basic and diluted 2,234,465 2,234,465 2,234,465
XML 13 R4.htm IDEA: XBRL DOCUMENT v3.19.1
STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Jan. 31, 2019
Jan. 31, 2018
Cash flows from operating activities    
Net loss $ (70,375) $ (87,271)
Adjustments to reconcile net loss to net cash used in operating activities:    
Prepayments and deposit (3,667) (5,833)
Accounts payable and accrued expenses (6,870) 5,381
Net cash used in operating activities (80,912) (87,723)
Cash flows from financing activities    
Proceeds from advances from related parties 80,912 87,723
Net cash provided by financing activities $ 80,912 $ 87,723
XML 14 R5.htm IDEA: XBRL DOCUMENT v3.19.1
Note 1. Summary of Significant Accounting Policies and Basis of Presentation
9 Months Ended
Jan. 31, 2019
Notes  
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.

   

Effective May 30, 2018, a change of control occurred with respect to the Company. Pursuant to a Stock Purchase Agreement entered into by and among Chee Chow Teow, EE Meng Teow and Wooi Huat Teow (“Sellers”) and Metrowork Equity Sdn. Bhd., a Malaysian company ("Metrowork "), Metrowork acquired from Sellers all of the shares of common stock held by the Sellers in the Company totaling 15,638,084 shares (representing 70% of the Company’ s issued and outstanding shares of common stock). Our sole officer and director, Mr. Chee Chau Ng, is the sole shareholder and officer of Metrowork.

 

On October 4, 2018, the Company filed a Certificate of Amendment to Articles of Incorporation with the Nevada Secretary of State (the “Amendment”) which effectuated the following corporate actions (“Corporate Actions”):

 

a reverse split of our outstanding common stock, $0.0001 par value, on a one (1) post-split share for ten (10)

pre-split shares basis, and

 

    

increased our authorized shares of common stock, $0.0001 par value, from 100,000,000 to 200,000,000.

 

The Corporate Actions became effective on October 4, 2018 (the “Effective Date”).

 

As it relates to the reverse stock split, on the Effective Date, every 10 shares of issued and outstanding common stock were converted into one share of common stock. No fractional shares were issued in connection with the reverse stock split. Instead, a holder of record of common stock on the Effective Date who would otherwise be entitled to a fraction of a share was, in lieu thereof, entitled to receive a whole share of common stock.

 

As a result of the reverse stock split, the number of issued and outstanding shares of the Company’ s common stock was reduced from 22,340,081 to 2,234,465. All share numbers in this Form 10-Q have been retrospectively restated to reflect the impact of this reverse stock split.

 

 

 

 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.

 

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 consolidated financial statements should be read in conjunction with the audited financial statements and the footnotes thereto contained for the year ended April 30, 2018 included our Form 10-K filed on July 30, 2018. Operating results for the interim periods 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 and cash equivalents and accounts payable approximates the carrying amount of these financial instruments due to their short maturity. 

 

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 nine months ended January 31, 2019 or 2018.

   

Subsequent Events

 

Subsequent to January 31, 2019, through the date these financial statements were issued, a related party advanced funds totaling $3,850 to the Company to meet its working capital requirements.

 

The Company has evaluated all transactions from January 31, 2019, through the financial statement issuance date for subsequent event disclosure consideration and determined there were no additional significant events requiring disclosure.  

 

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 15 R6.htm IDEA: XBRL DOCUMENT v3.19.1
Note 3. Prepayments and Deposits
9 Months Ended
Jan. 31, 2019
Notes  
Note 3. Prepayments and Deposits

NOTE 3. PREPAYMENTS AND DEPOSITS

 

As of January 31, 2019, and April 30, 2018, the balance of prepayments and deposits was $7,000 and $3,333, respectively, which related to the annual membership fee for OTC Markets which is amortized monthly over the course of the year.

XML 16 R7.htm IDEA: XBRL DOCUMENT v3.19.1
Note 4. Advances Due To Related Parties
9 Months Ended
Jan. 31, 2019
Notes  
Note 4. Advances Due To Related Parties

NOTE 4. ADVANCES DUE TO RELATED PARTIES

 

As of April 30, 2018, Haspro Holdings Sdn. Bhd., an entity related to the Company’s then controlling shareholders (“Former Affiliate”) had advanced funds totaling $159,505 to the Company to meet its working capital requirements. The advances were unsecured, interest free and due on demand.

 

As of April 30, 2018, Metrowork, a company owned by the Company’s current sole officer and director had advanced funds totaling $95,520 to the Company to meet its working capital requirements. The advances were unsecured, interest free and due on demand. 

 

On June 25, 2018, the Former Affiliate assigned to Metrowork all of its rights to its loan to the Company in the amount of $159,505 and in addition, on that date, forever waived and discharged any and all claims that it has or may have against the Company.

 

During the nine months ended January 31, 2019, Metrowork advanced a further $80,912 to the Company to meet its working capital requirements, resulting in amounts owed to related parties totaling $335,937 and $255,025 at January 31, 2019 and April 31, 2018, respectively.  

XML 17 R8.htm IDEA: XBRL DOCUMENT v3.19.1
Note 5. Stockholders' Deficit
9 Months Ended
Jan. 31, 2019
Notes  
Note 5. Stockholders' Deficit

NOTE 5. STOCKHOLDERS’ DEFICIT

 

Preferred Stock

 

As of January 31, 2019, 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, 2019 and 2018.

 

Common Stock

 

Effective October 4, 2018, the Company:

 

-           increased the number of its authorized shares of $0.0001 par value common stock from 100,000,000 to 200,000,000, and

 

-          effected a reverse split of its outstanding shares of common stock, $0.0001 par value, on a one (1) post-split share for ten (10) pre-split shares basis

 

As it relates to the reverse stock split, effective October 4, 2018 every 10 shares of issued and outstanding common stock were converted into one share of common stock. No fractional shares were issued in connection with the reverse stock split. Instead, a holder of record of common stock on October 4, 2018 who would otherwise have been entitled to a fraction of a share, received a whole share of common stock.

 

As a result of the reverse stock split, the number of issued and outstanding shares of the Company’s common stock was reduced from 22,340,081 to 2,234,465.

 

All share numbers in this Form 10Q have been retrospectively restated to reflect the impact of this reverse stock split.

 

Other than adjustments arising from the reverse stock split, no shares of common stock were issued during the three and nine months ended January 31, 2019 and 2018.

 

Treasury Stock

 

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

 

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