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| x ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| ¨ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
Nevada
|
88-0126444
|
|
|
(State or other jurisdiction of
|
(I.R.S. employer
|
|
|
incorporation or formation)
|
identification number)
|
|
Issuer’s telephone number:
|
(212) 593-1600
|
|
Issuer’s facsimile number:
|
(212) 202-5022
|
|
Large accelerated filer
|
¨
|
Accelerated filer
|
¨
|
||
|
Non-accelerated filer
|
¨
|
Smaller reporting company
|
x
|
|
PAGE
|
|||
|
PART I
|
|||
|
Item 1.
|
Description of Business.
|
1
|
|
|
Item 1A.
|
Risk Factors
|
7
|
|
|
Item 1B
|
Unresolved Staff Comments
|
7
|
|
|
Item 2.
|
Description of Property.
|
7
|
|
|
Item 3.
|
Legal Proceedings.
|
7
|
|
|
Item 4.
|
Mine Safety Disclosures.
|
7
|
|
|
PART II
|
|||
|
Item 5.
|
Market for Common Equity, Related Stockholder Matters and Small Business Issuer Purchases of Equity Securities.
|
7
|
|
|
Item 6
|
Selected Financial Data
|
8
|
|
|
Item 7.
|
Management’s Discussion and Analysis or Plan of Operation.
|
8
|
|
|
Item 7A.
|
Quantitative and Qualitative Disclosures About Market Risk
|
11
|
|
|
Item 8.
|
Financial Statements.
|
11
|
|
|
Item 9.
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
|
12
|
|
|
Item 9A.
|
Controls and Procedures.
|
12
|
|
|
Item 9B.
|
Other Information.
|
13
|
|
|
PART III
|
|||
|
Item 10.
|
Directors, Executive Officers, Promoters, Control Persons and Corporate Governance; Compliance with Section 16(a) of the Exchange Act.
|
13
|
|
|
Item 11.
|
Executive Compensation.
|
15
|
|
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
|
15
|
|
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence.
|
16
|
|
|
Item 14.
|
Principal Accountant Fees and Services.
|
16
|
|
|
Item 15.
|
Exhibits and Reports on Form 10-K
|
18
|
|
|
SIGNATURES
|
19 | ||
|
●
|
discuss our future expectations;
|
|
●
|
contain projections of our future results of operations or of our financial condition; and
|
|
●
|
state other "forward-looking" information.
|
|
Fiscal Year
Ended
April 30, 2013
|
Fiscal Year
Ended
April 30, 2012
|
|||||||
|
Net Cash (Used in) Operating Activities
|
$ | (30,126 | ) | $ | (23,465 | ) | ||
|
Net Cash (Used in) Investing Activities
|
- | - | ||||||
|
Net Cash Provided by Financing Activities
|
$ | 35,000 | $ | 20,000 | ||||
|
Net Increase (Decrease) in Cash and Cash Equivalents
|
$ | 4,874 | $ | ( 3,465 | ) | |||
|
Page
|
|
| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS | F-2 |
| BALANCE SHEETS | F-4 |
| STATEMENTS OF OPERATIONS | F-5 |
| STATEMENTS OF CHANGES IN STOCKHOLDERS' (DEFICIT) | F-6 |
| STATEMENTS OF CASH FLOWS | F-7 |
| NOTES TO THE FINANCIAL STATEMENTS | F-8 |
|
PREVENTION INSURANCE.COM
|
||||||||
|
(A DEVELOPMENT STAGE COMPANY)
|
||||||||
|
BALANCE SHEETS
|
||||||||
|
ASSETS
|
||||||||
|
April 30, 2013
|
April 30, 2012
|
|||||||
|
Current assets
|
||||||||
|
Cash
|
$ | 9,218 | $ | 4,343 | ||||
|
Total current assets
|
9,218 | 4,343 | ||||||
|
Total assets
|
$ | 9,218 | $ | 4,343 | ||||
|
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
||||||||
|
Current liabilities
|
||||||||
|
Accounts payable
|
$ | 18,861 | $ | 14,044 | ||||
|
Due to related party
|
75,000 | 40,000 | ||||||
|
Total current liabilities
|
93,861 | 54,044 | ||||||
|
Total liabilities
|
93,861 | 54,044 | ||||||
|
Commitments and contingencies
|
- | - | ||||||
|
Stockholders' deficit
|
||||||||
|
Preferred stock, par value $0.0001; 10,000,000 shares authorized;
|
||||||||
|
zero shares issued
|
- | - | ||||||
|
Common stock, $0.0001 par value; 100,000,000 shares authorized;
|
||||||||
|
2,390,083 shares issued and outstanding
|
239 | 239 | ||||||
|
Additional paid in capital
|
4,228,717 | 4,228,717 | ||||||
|
Treasury stock, 24,142 shares, at cost
|
(52,954 | ) | (52,954 | ) | ||||
|
Accumulated deficit
|
(4,050,503 | ) | (4,050,503 | ) | ||||
|
Accumulated deficit during development stage
|
(210,143 | ) | (175,200 | ) | ||||
|
Total stockholders' deficit
|
(84,644 | ) | (49,701 | ) | ||||
|
Total liabilities and stockholders' deficit
|
$ | 9,218 | $ | 4,343 | ||||
|
PREVENTION INSURANCE.COM
|
||||||||||||
|
(A DEVELOPMENT STAGE COMPANY)
|
||||||||||||
|
STATEMENTS OF OPERATIONS
|
||||||||||||
|
From May 1, 2009
|
||||||||||||
|
For the Year Ended
April 30,
|
(re-entrance into
development stage)
|
|||||||||||
|
2013
|
2012
|
April 30, 2013
|
||||||||||
|
(unaudited)
|
||||||||||||
|
Revenue
|
$ | - | $ | - | $ | - | ||||||
|
Cost of Sales
|
- | - | - | |||||||||
|
Gross Profit
|
- | - | - | |||||||||
|
Operating expenses
|
||||||||||||
|
General and administrative
|
34,943 | 26,559 | 210,143 | |||||||||
|
Total operating expenses
|
34,943 | 26,559 | 210,143 | |||||||||
|
Loss from operations
|
(34,943 | ) | (26,559 | ) | (210,143 | ) | ||||||
|
Provision for income taxes
|
- | - | - | |||||||||
|
Net loss
|
$ | (34,943 | ) | $ | (26,559 | ) | $ | (210,143 | ) | |||
|
Earnings per common shares -
|
||||||||||||
|
basic and dilutive net loss
|
$ | (0.01 | ) | $ | (0.01 | ) | ||||||
|
Weighted average common shares
|
||||||||||||
|
outstanding - basic and dilutive
|
2,390,083 | 1,848,853 | ||||||||||
|
PREVENTION INSURANCE.COM
|
||||||||||||||||||||||||||||||||||||
|
(A DEVELOPMENT STAGE COMPANY)
|
||||||||||||||||||||||||||||||||||||
|
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
|
||||||||||||||||||||||||||||||||||||
|
Accumulated
Deficit
|
||||||||||||||||||||||||||||||||||||
|
Additional
|
During
|
Stockholders'
|
||||||||||||||||||||||||||||||||||
|
Preferred Stock
|
Common Stock
|
Paid-In
|
Treasury
|
Accumulated
|
Development
|
Equity
|
||||||||||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Stock
|
Deficit
|
Stage
|
(Deficit)
|
||||||||||||||||||||||||||||
|
Balance, May 1, 2009 (unaudited)
|
- | $ | - | 978,729 | $ | 98 | $ | 3,698,858 | $ | (52,954 | ) | $ | (4,050,503 | ) | $ | - | $ | (404,501 | ) | |||||||||||||||||
|
Issuance of warrants for cash to shareholder
|
- | - | - | - | 90,000 | - | - | - | 90,000 | |||||||||||||||||||||||||||
|
Stock issued for conversino of note
|
- | - | 16,000 | 2 | 399,998 | - | - | - | 400,000 | |||||||||||||||||||||||||||
|
Net loss
|
- | - | - | - | - | - | - | (103,350 | ) | (103,350 | ) | |||||||||||||||||||||||||
|
Balance, April 30, 2010 (unaudited)
|
- | $ | - | 994,729 | $ | 100 | $ | 4,188,856 | $ | (52,954 | ) | $ | (4,050,503 | ) | $ | (103,350 | ) | $ | (17,851 | ) | ||||||||||||||||
|
Issuance of warrants for cash to shareholder
|
- | - | - | - | 40,000 | - | - | - | 40,000 | |||||||||||||||||||||||||||
|
Common stock - rounding of fractional shares
due to reverse stock split
|
- | - | 345 | - | - | - | - | - | - | |||||||||||||||||||||||||||
|
Net loss
|
- | - | - | - | - | - | - | (45,291 | ) | (45,291 | ) | |||||||||||||||||||||||||
|
Balance, April 30, 2011 (unaudited)
|
- | $ | - | 995,074 | $ | 100 | $ | 4,228,856 | $ | (52,954 | ) | $ | (4,050,503 | ) | $ | (148,641 | ) | $ | (23,142 | ) | ||||||||||||||||
|
Common stock-rounding of fractional shares
due to reverse split
|
- | - | 9 | - | - | - | - | - | - | |||||||||||||||||||||||||||
|
Conversion of warrants
|
- | - | 1,395,000 | 139 | (139 | ) | - | |||||||||||||||||||||||||||||
|
Net loss
|
- | - | - | - | - | - | (26,559 | ) | (26,559 | ) | ||||||||||||||||||||||||||
|
Balance, April 30, 2012
|
- | $ | - | 2,390,083 | $ | 239 | $ | 4,228,717 | $ | (52,954 | ) | $ | (4,050,503 | ) | $ | (175,200 | ) | $ | (49,701 | ) | ||||||||||||||||
|
Net loss
|
- | - | - | - | - | - | (34,943 | ) | (34,943 | ) | ||||||||||||||||||||||||||
|
Balance, April 30, 2013
|
- | $ | - | 2,390,083 | $ | 239 | $ | 4,228,717 | $ | (52,954 | ) | $ | (4,050,503 | ) | $ | (210,143 | ) | $ | (84,644 | ) | ||||||||||||||||
|
PREVENTION INSURANCE.COM
|
||||||||||||
|
(A DEVELOPMENT STAGE COMPANY)
|
||||||||||||
|
STATEMENTS OF CASH FLOWS
|
||||||||||||
|
From May 1, 2009
|
||||||||||||
|
For the Year Ended
April 30,
|
(re-entrance into
development stage)
|
|||||||||||
|
2013
|
2012
|
April 30, 2013
|
||||||||||
|
(unaudited)
|
||||||||||||
|
Cash flows from operating activities:
|
||||||||||||
|
Net loss
|
$ | (34,943 | ) | $ | (26,559 | ) | $ | (210,143 | ) | |||
|
Adjustments to reconcile net loss
|
||||||||||||
|
to net cash (used in) operating activities:
|
||||||||||||
|
Change in operating assets and liabilities:
|
||||||||||||
|
Accounts payable
|
4,817 | 3,094 | 10,108 | |||||||||
|
Net cash flows used in operating activities
|
(30,126 | ) | (23,465 | ) | (200,035 | ) | ||||||
|
Cash flows from financing activities:
|
||||||||||||
|
Proceeds from advances from related party
|
35,000 | 20,000 | 75,000 | |||||||||
|
Proceeds from issaunce of warants
|
- | - | 130,000 | |||||||||
|
Net cash flows provided by financing activities
|
35,000 | 20,000 | 205,000 | |||||||||
|
Net change in cash
|
4,874 | (3,465 | ) | 4,965 | ||||||||
|
Cash and cash equivalents, beginning of period
|
4,344 | 7,808 | 4,253 | |||||||||
|
Cash and cash equivalents, end of period
|
$ | 9,218 | $ | 4,343 | $ | 9,218 | ||||||
|
Supplemental cash flow disclosures:
|
||||||||||||
|
Interest paid
|
$ | - | $ | - | $ | - | ||||||
|
Income taxes paid
|
$ | - | $ | - | $ | - | ||||||
|
Supplemental non-cash investing and financing activities:
|
||||||||||||
|
Issuance of 1,395,000 shares of common stock for the exercise of warrants
|
$ | - | $ | 155,000 | $ | 155,000 | ||||||
|
Conversino of note payable for shares of common stock
|
$ | - | $ | - | $ | 400,000 | ||||||
|
Year Ended April 30,
|
||||||||
|
2013
|
2012
|
|||||||
|
Statutory U.S. Federal Income Tax Rate
|
35
|
%
|
35
|
%
|
||||
|
State Income Taxes
|
5
|
%
|
5
|
%
|
||||
|
Change in Valuation Allowance
|
(40
|
%)
|
(40
|
%)
|
||||
|
Effective Income Tax Rate
|
0
|
%
|
0
|
%
|
||||
|
o
|
Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the Company’s assets;
|
|
o
|
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 authorizations of management and the board of directors; and
|
|
o
|
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements.
|
|
|
●
|
We were unable to maintain any segregation of duties within our business operations due to our reliance on a single individual fulfilling the role of sole officer and director. While this control deficiency did not result in any audit adjustments to our 2013 or 2012 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.
|
|
Name
|
Age
|
Position
|
||
|
Alan P. Donenfeld
|
56
|
President, CEO and Director
|
|
Name and Position
|
Year
|
Salary
|
Bonus
|
Option Awards
|
All Other Compensation
|
Total
|
||||||
|
Alan P. Donenfeld
|
2013
|
None
|
None |
None
|
None
|
None | ||||||
|
President, CEO and Director
|
2012
|
None
|
None
|
None
|
None
|
None
|
|
Name of
Beneficial Owner
|
Amount and Nature
of Beneficial Owner
|
Percent of Class
|
||||||
|
Alan P. Donenfeld
(1)
|
2,109,286 | (2) | 89.78 | % | ||||
|
Paragon Capital LP
|
2,109,286 | 89.78 | % | |||||
|
All officers and directors as a group
(1 individual)
|
2,464,286 | 89.78 | % | |||||
|
(1)
|
Alan Donenfeld serves as the Company’s sole officer and director.
|
|
(2)
|
Represents 2,109,286 shares of Common Stock owned of record by Paragon Capital LP (“Paragon”). Alan P. Donenfeld, our sole officer and director, is the Managing Member of Paragon Capital Advisors LLC, which is the General Partner of Paragon. Therefore, Mr. Donenfeld may be deemed to be the beneficial owner of the securities held by Paragon since he has sole voting and investment control over these securities.
|
|
2013
|
$
$
|
6,000
9,000
|
|
GBH, CPAs, PC
Santora CPA Group
|
|
2012
|
$ |
8,000
|
|
Santora CPA Group
|
|
2013
|
$ | 0 |
|
GBH, CPAs, PC
|
|
2012
|
$ | 0 |
|
Santora CPA Group
|
|
2013
|
$ | 0 |
|
GBH, CPAs, PC
|
|
2012
|
$ | 0 |
Santora CPA Group
|
|
2013
|
$ | 0 |
GBH, CPAs, PC
|
|
|
2012
|
$ | 0 |
Santora CPA Group
|
|
Statement
|
Page*
|
|
|
Index to Financial Statements
|
F-1
|
|
|
Report of Independent Registered Public Accounting Firms
|
F-2
|
|
|
Balance Sheets
|
F-4
|
|
|
Statements of Operations
|
F-5
|
|
|
Statement of Changes in Stockholders' Equity (Deficit)
|
F-6
|
|
|
Statements of Cash Flows
|
F-7
|
|
|
Notes to Financial Statements
|
F-8
|
|
Exhibit
|
|
Description
|
|
| * |
3.1
|
|
Certificate of Amendment of Articles of Incorporation, filed with the State of Nevada on April 27, 2011
|
| ** |
3.2
|
Bylaws
|
|
| *** |
10.1
|
Demand Promissory Note issued to Paragon Capital LP on June 5, 2012
|
|
| 23.1 |
Consent of Santora CPA Group
|
||
|
31.1
|
|
Certification of the Company’s Principal Executive Officer pursuant to 15d-15(e), under the Securities and Exchange Act of 1934, as amended, with respect to the registrant’s Annual Report on Form 10-K for the year ended April 30, 2013.
|
|
|
|
|
|
|
|
31.2
|
|
Certification of the Company’s Principal Financial Officer pursuant to 15d-15(e), under the Securities and Exchange Act of 1934, as amended, with respect to the registrant’s Annual Report on Form 10-K for the year ended April 30, 2013.
|
|
|
32.1
|
Certification of the Company’s Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
||
|
32.2
|
Certification of the Company’s Chief Financial Officer 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
|
||
| * | Filed as an exhibit to the Company's Current Report on Form 8-K, as filed with the Securities and Exchange Commission on April 28, 2011 and incorporated herein by this reference. | |
| ** | Filed as an exhibit to the Company's registration statement on Form 10-SB, as filed with the Securities and Exchange Commission on July 31, 2002 and incorporated herein by this reference. | |
| *** | Filed as an exhibit to the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on July 27, 2012 and incorporated herein by this reference. | |
|
PREVENTION INSURANCE.COM
|
|||
|
|
|
||
|
Dated: August 1, 2013
|
By:
|
/s/ ALAN P. DONENFELD
|
|
|
Alan P. Donenfeld
|
|||
|
President, CEO and Director
(Principal Executive Officer,
Principal Financial Officer, and Principal
Accounting Officer)
|
|||
|
Signature
|
Title
|
Date
|
||
|
/s/ ALAN P. DONENFELD
|
President, CEO and Director
|
August 1, 2013
|
||
|
Alan P. Donenfeld
|
(Principal Executive Officer, Principal Financial Officer
and Principal Accounting Officer)
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|