Unassociated Document
 
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended January 31, 2012

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

For the transition period from

Commission File No. 000-53078
 

AFH ACQUISITION X, INC.
(Name of registrant in its charter)

Delaware
  
42-1743430
(State or other jurisdiction of incorporation or formation)
   
(I.R.S. employer identification number)

9595 Wilshire Blvd.
Suite 700
Beverly Hills, CA 90212
(Address of principal executive offices)
 
Issuer’s telephone number:  (310) 492-9898
 
N/A
(Former name, former address and former fiscal year, if changed since last report)
 
Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
x  Yes ¨  No
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
o  Yes ¨  No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in rule 12b-2 of the Exchange Act.
 
Large accelerated filer   
¨
Accelerated filer
¨
Non-accelerated filer
¨
Smaller reporting company   
x
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
x  Yes ¨  No

State the number of shares outstanding of each of the issuer’s classes of common equity, as of March 16, 2012:  5,000,000 shares of common stock.

 
 
 
 
 
AFH ACQUISITION X, Inc.
- INDEX -

   
Page
PART I – FINANCIAL INFORMATION:
  
     
Item 1.  
Financial Statements
1
     
 
Balance Sheets at January 31, 2012 (Unaudited) and October 31, 2011
F-1
     
 
Statements of Stockholder’s Deficit for the Cumulative Period from October 18, 2007 (Inception) to January 31, 2012 (Unaudited)
F-2
     
 
Statements of Operations for the Three Months Ended January 31, 2012 and 2011 and for the Cumulative Period from October 18, 2007 (Inception) to January 31, 2012 (Unaudited)
F-3
     
 
Statements of Cash Flows for the Three Months Ended January 31, 2012 and 2011 and for the Period from Date of Inception (October 18, 2007) through January 31, 2012 (Unaudited)
F-4
     
 
Notes to Financial Statements
F-5 - F-8
     
Item 2.
Management’s Discussion and Analysis or Plan of Operation
2
     
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
3
     
Item 4.
Controls and Procedures
3
     
PART II – OTHER INFORMATION:
  
     
Item 1.
Legal Proceedings
4
     
Item 1A.
Risk Factors
4
     
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
4
     
Item 3.
Defaults Upon Senior Securities
4
     
Item 4.
Mine Safety Disclosures
4
     
  None  
     
Item 5.
Other Information
4
     
Item 6.
Exhibits
4
     
Signatures
5
 
 
 
 
 
 
AFH ACQUISITION X, INC.
(A DEVELOPMENT STAGE COMPANY)
(A DELAWARE CORPORATION)
Beverly Hills, CA

FINANCIAL REPORTS
AT
JANUARY 31, 2012
 
 
 
 
 
 
AFH ACQUISITION X INC.
(A DEVELOPMENT STAGE COMPANY)
(A DELAWARE CORPORATION)
Beverly Hills, CA


TABLE OF CONTENTS

Balance Sheets at January 31, 2012 (Unaudited) and October 31, 2011
1
   
Statement of Changes in Stockholder’s Deficit for the Period from Date of Inception (October 18, 2007) through January 31, 2012 (Unaudited)
 2
   
Statements of Operations for the Three Months Ended January 31, 2012 and 2011 and for the Period from Date of Inception (October 18, 2007) through January 31, 2012 (Unaudited)
3
   
Statements of Cash Flows for the Three Months Ended January 31, 2012 and 2011 and for the Period from Date of Inception (October 18, 2007) through January 31, 2012 (Unaudited)
4
   
Notes to Financial Statements
5-9
 
 
 
 
 
AFH ACQUISITION X, INC.
            
(A DEVELOPMENT STAGE COMPANY)
            
(A DELAWARE CORPORATION)
            
Beverly Hills, CA
            
             
             
BALANCE SHEETS
            
             
   
(Unaudited)
        
   
January 31,
    
October 31,
  
   
2012
    
2011
  
             
ASSETS
            
Cash and Cash Equivalents
     —       —  
                 
Total Assets
   $ —     $ —  
                 
LIABILITIES AND STOCKHOLDER'S DEFICIT
                
                 
Liabilities
                
Accrued Expenses
   $ 6,276     $ 4,920  
Due to Parent
     24,048       24,048  
                 
Total Liabilities
     30,324       28,968  
                 
Stockholder's Deficit
                
Preferred Stock:  $.001 Par; 20,000,000 Shares Authorized,
                
                            -0- Issued and Outstanding
     —       —  
Common Stock:  $.001 Par; 100,000,000 Shares Authorized;
                
                            5,000,000 Issued and Outstanding
     5,000       5,000  
Additional Paid-In-Capital
     20,000       20,000  
Deficit Accumulated During Development Stage
     (55,324 )     (53,968 )
                 
Total Stockholder's Deficit
     (30,324 )     (28,968 )
                 
Total Liabilities and Stockholder's Deficit
   $ —     $ —  
 
 
 
 
 
AFH ACQUISITION X, INC.
                                    
(A DEVELOPMENT STAGE COMPANY)
                                
(A DELAWARE CORPORATION)
                                    
Beverly Hills, CA
                                    
                                     
                                     
STATEMENTS OF CHANGES IN STOCKHOLDER'S DEFICIT FOR THE PERIOD FROM
              
DATE OF INCEPTION (OCTOBER 18, 2007) THROUGH JANUARY 31, 2012
                    
                                     
                           
Deficit
        
                           
Accumulated
        
   
Common Stock
    
Additional
    
Stock
    
During
    
Total
  
   
Number
    
 
    
Paid-In
    
Subscription
    
Development
    
Stockholder's
  
   
of Shares
    
Value
    
Capital
    
Receivable
    
Stage
    
Deficit
  
                                     
Balance - October 18, 2007
     —     $ —     $ —     $ —     $ —     $ —  
                                                 
Common Stock Issued for Cash
     5,000,000       5,000       20,000       (12,900 )     —       12,100  
                                                 
Net Loss for the Period
     —       —       —       —       (21,823 )     (21,823 )
                                                 
Balance - October 31, 2007
     5,000,000       5,000       20,000       (12,900 )     (21,823 )     (9,723 )
                                                 
Cash Received for Stock Subscriptions
     —       —       —       12,900       —       12,900  
                                                 
Net Loss for the Period
     —       —       —       —       (13,343 )     (13,343 )
                                                 
Balance - October 31, 2008
     5,000,000       5,000       20,000       —       (35,166 )     (10,166 )
                                                 
Net Loss for the Period
     —       —       —       —       (10,285 )     (10,285 )
                                                 
Balance - October 31, 2009
     5,000,000     $ 5,000     $ 20,000     $ —     $ (45,451 )   $ (20,451 )
                                                 
Net Loss for the Period
     —       —       —       —       (3,597 )     (3,597 )
                                                 
Balance - October 31, 2010
     5,000,000     $ 5,000     $ 20,000     $ —     $ (49,048 )   $ (24,048 )
                                                 
Net Loss for the Period
     —       —       —       —       (4,920 )     (4,920 )
                                                 
Balance - October 31, 2011
     5,000,000     $ 5,000     $ 20,000     $ —     $ (53,968 )   $ (28,968 )
                                                 
Net Loss for the Period
     —       —       —       —       (1,356 )     (1,356 )
                                                 
Balance - January 31, 2012
     5,000,000     $ 5,000     $ 20,000     $ —     $ (55,324 )   $ (30,324 )
 
 
 
 
 
AFH ACQUISITION X, INC.
                  
(A DEVELOPMENT STAGE COMPANY)
                  
(A DELAWARE CORPORATION)
                  
Beverly Hills, CA
                  
                   
                   
STATEMENTS OF OPERATIONS
                  
                   
               
Period From
  
               
Date of Inception
  
   
For the Three Months Ended
    
(October 18, 2007)
  
   
January 31,
    
Through
  
   
2012
    
2011
    
January 31, 2012
  
                   
                   
Revenues
   $ —     $ —     $ —  
                         
Expenses
                        
Consulting
   $ —     $ —     $ 1,719  
Interest
     —       —       15  
Legal and Professional
     1,356       1,275       47,488  
Office Expenses
     —       —       1,500  
Organizational Costs
     —       —       1,002  
Rent
     —       —       3,000  
                         
Total Expenses
   $ 1,356     $ 1,275     $ 54,724  
                         
Net Loss for the Period Before Taxes
   $ (1,356 )   $ (1,275 )   $ (54,724 )
                         
Franchise Tax
     —       —       600  
                         
Net Loss for the Period After Taxes
   $ (1,356 )   $ (1,275 )   $ (55,324 )
                         
Loss per Share - Basic and Diluted
   $ (0.00 )   $ (0.00 )   $ (0.01 )
                         
Weighted Average Common Shares Outstanding
     5,000,000       5,000,000       5,000,000  
 
 
 
 
 
AFH ACQUISITION X, INC.
                  
(A DEVELOPMENT STAGE COMPANY)
                  
(A DELAWARE CORPORATION)
                  
Beverly Hills, CA
                  
                   
                   
STATEMENTS OF CASH FLOWS
                  
                   
               
Period From
  
               
Date of Inception
  
   
For the Three Months Ended
    
(October 18, 2007)
  
   
January 31,
    
Through
  
   
2012
    
2011
    
January 31, 2012
  
                   
Cash Flows from Operating Activities
                  
Net Loss for the Period
   $ (1,356 )   $ (1,275 )   $ (55,324 )
                         
Changes in Assets and Liabilities:
                        
Prepaid Expenses
     —       —       —  
Accrued Expenses
     1,356       1,275       6,276  
                         
Net Cash Flows from Operating Activities
     —       —       (49,048 )
                         
Net Cash Flows from Investing Activities
     —       —       —  
                         
Cash Flows from Financing Activities
                        
Cash Advance by (Repayment to) Parent
     —       —       24,048  
Cash Proceeds from Stock Subscriptions
     —       —       12,900  
Cash Proceeds from Sale of Stock
     —       —       12,100  
                         
Net Cash Flows from Financing Activities
     —       —       49,048  
                         
Net Change in Cash and Cash Equivalents
     —       —       —  
                         
Cash and Cash Equivalents - Beginning of Period
     —       —       —  
                         
Cash and Cash Equivalents - End of Period
   $ —     $ —     $ —  
                         
Cash Paid During the Period for:
                        
Interest
   $ —     $ —     $ —  
Income Taxes
   $ —     $ —     $ —  
 
 
 
 
 
AFH ACQUISITION X, INC.
(A DEVELOPMENT STAGE COMPANY)
(A DELAWARE CORPORATION)
Beverly Hills, CA


NOTES TO FINANCIAL STATEMENTS


Note A -
The Company
 
AFH Acquisition X, Inc., a development stage company (the “Company”), was incorporated under the laws of the State of Delaware on October 18, 2007.  The Company is 100% owned by AFH Holding & Advisory, LLC (the “Parent”).  The financial statements presented represent only those transactions of AFH Acquisition X, Inc.  The Company is looking to acquire an existing company or acquire the technology to begin operations.

 
As a blank check company, the Company’s business is to pursue a business combinationthrough acquisition, or merger with, an existing company. As of the date of the financial statements, the Company is not conducting negotiations with any target business. No assurances can be given that the Company will be successful in locating or negotiating with any target company.

 
Since inception, the Company has been engaged in organizational efforts.

 
The condensed financial statements of AFH Acquisition X, Inc., (the “Company”) included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”).  Certain information and footnote disclosures normally included in financial statements prepared in conjunction with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These condensed financial statements should be read in conjunction with the annual audited financial statements and the notes thereto included in the Company’s registration statement on Form 10-K, and other reports filed with the SEC.

 
The accompanying unaudited interim financial statements reflect all adjustments of a normal and recurring nature which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented.  The results of operations for these periods are not necessarily comparable to, or indicative of, results of any other interim period or for the fiscal year taken as a whole.  Certain information that is not required for interim financial reporting purposes has been omitted.


Note B -
Summary of Significant Accounting Policies
 
Method of Accounting
 
The Company maintains its books and prepares its financial statements on the accrual basis of accounting.
 
.
 
- continued -
 
 
 
 
 
AFH ACQUISITION X, INC.
(A DEVELOPMENT STAGE COMPANY)
(A DELAWARE CORPORATION)
Beverly Hills, CA


NOTES TO FINANCIAL STATEMENTS

Note B -
Summary of Significant Accounting Policies – continued
 
Development Stage
 
The Company has operated as a development stage enterprise since its inception by devoting substantially all of its efforts to financial planning, raising capital, research and development, and developing markets for its services.  The Company prepares its financial statements in accordance with the requirements of FASB ASC 915.

 
Cash and Cash Equivalents
 
Cash and cash equivalents include time deposits, certificates of deposit, and all highly liquid debt instruments with original maturities of three months or less.  The Company maintains cash and cash equivalents at financial institutions, which periodically may exceed federally insured amounts.

 
Loss Per Common Share
 
Loss per common share is computed in accordance with FASB ASC 260-10, by dividing income (loss) available to common stockholders by weighted average number of common shares outstanding for each period

 
Use of Estimates
 
The preparation of financial statements in conformity with generally accepted accounting principles 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 can differ from those estimates.

Organizational Costs
Organizational costs represent management, consulting, legal, accounting, and filing fees incurred to date in the formation of the company.  Organizational costs are expensed as incurred in accordance with FASB ASC 720-15.

 
Income Taxes
The Company accounts for income taxes in accordance with FASB ASC 740-10, using the asset and liability approach, which requires recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of such assets and liabilities.  This method utilizes enacted statutory tax rates in effect for the year in which the temporary differences are expected to reverse and gives immediate effect to changes in income tax rates upon enactment.  Deferred tax assets are recognized, net of any valuation allowance, for temporary differences and net operating loss and tax credit carry forwards.  Deferred income tax expense represents the change in net deferred assets and liability balances.

 
 
 

AFH ACQUISITION X, INC.
(A DEVELOPMENT STAGE COMPANY)
(A DELAWARE CORPORATION)
Beverly Hills, CA


NOTES TO FINANCIAL STATEMENTS

Note B -
Summary of Significant Accounting Policies – continued
Financial Instruments
The Company’s financial instruments consist of cash and due to parent. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments.  The fair value of these financial instruments approximates their carrying value, unless otherwise noted.

Recent Pronouncements
The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position, or cash flow.

Note C -     Equity Securities
Holders of shares of common stock shall be entitled to cast one vote for each common share held at all stockholder’s meetings for all purposes, including the election of directors.  The common stock does not have cumulative voting rights.

The preferred stock of the Company shall be issued by the Board of Directors of the Company in one or more classes or one or more series within any class and such classes or series shall have such voting powers, full or limited, or no voting powers, and such designations, preferences, limitations or restrictions as the Board of Directors of the Company may determine, from time to time.

No holder of shares of stock of any class shall be entitled as a matter of right to subscribe for or purchase or receive any part of any new or additional issue of shares of stock of any class, or of securities convertible into shares of stock or any class, whether now hereafter authorized or whether issued for money, for consideration other than money, or by way of dividend.

Note D -     Going Concern
The Company’s financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has reportedrecurring losses from operations.  As a result, there is an accumulated deficit of $55,324 at January 31, 2012.

 
The Company’s continued existence is dependent upon its ability to raise capital or acquire a marketable company. The financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.
 
Note E –
Due to Parent
 
Due to parent represents cash advances from AFH Holding & Advisory LLC.  AFH Holding & Advisory LLC is the sole shareholder of the Company. There are no repayment terms.

 
 
 
PART I – FINANCIAL INFORMATION
   
Item 2.    
Management’s Discussion and Analysis or Plan of Operation.

Plan of Operation

The Company has not restricted its search for any specific kind of businesses, and it may acquire a business which is in its preliminary or development stage, which is already in operation, or in essentially any stage of its business life. It is impossible to predict the status of any business in which the Company may become engaged, in that such business may need to seek additional capital, may desire to have its shares publicly traded, or may seek other perceived advantages which the Company may offer.
 
In implementing a structure for a particular business acquisition, the Company may become a party to a merger, consolidation, reorganization, joint venture, or licensing agreement with another corporation or entity.
 
It is anticipated that any securities issued in any such business combination would be issued in reliance upon exemption from registration under applicable federal and state securities laws. In some circumstances, however, as a negotiated element of its transaction, the Company may agree to register all or a part of such securities immediately after the transaction is consummated or at specified times thereafter. If such registration occurs, it will be undertaken by the surviving entity after the Company has entered into an agreement for a business combination or has consummated a business combination. The issuance of additional securities and their potential sale into any trading market which may develop in the Company's securities may depress the market value of the Company's securities in the future if such a market develops, of which there is no assurance. However, if the Company cannot effect a non-cash acquisition, the Company may have to raise funds from a private offering of its securities under Rule 506 of Regulation D. There is no assurance the Company would obtain any such equity funding.
 
The Company will participate in a business combination only after the negotiation and execution of appropriate agreements. Negotiations with a target company will likely focus on the percentage of the Company which the target company shareholders would acquire in exchange for their shareholdings.
 
Although the terms of such agreements cannot be predicted, generally such agreements will require certain representations and warranties of the parties thereto, will specify certain events of default, will detail the terms of closing and the conditions which must be satisfied by the parties prior to and after such closing and will include miscellaneous other terms. Any merger or acquisition effected by the Company can be expected to have a significant dilutive effect on the percentage of shares held by the Company's shareholders at such time.

Results of Operations

The Company has not conducted any active operations since inception, except for its efforts to locate suitable acquisition candidates. No revenue has been generated by the Company from October 18, 2007 (inception) to January 31, 2012. 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.

Expenses incurred since inception are primarily due to legal, accounting, and other professional service fees.

Liquidity and Capital Resources
 
At January 31, 2012, the Company had no capital resources and will rely upon the issuance of common stock and additional capital contributions from shareholders to fund administrative expenses pending acquisition of an operating company.

Management anticipates seeking out a target company through solicitation. Such solicitation may include newspaper or magazine advertisements, mailings and other distributions to law firms, accounting firms, investment bankers, financial advisors and similar persons, the use of one or more World Wide Web sites and similar methods. No estimate can be made as to the number of persons who will be contacted or solicited. Management may engage in such solicitation directly or may employ one or more other entities to conduct or assist in such solicitation. Management and its affiliates will pay referral fees to consultants and others who refer target businesses for mergers into public companies in which management and its affiliates have an interest. Payments are made if a business combination occurs, and may consist of cash or a portion of the stock in the Company retained by management and its affiliates, or both.

 
 
 
 
The Company and/or shareholders will supervise the search for target companies as potential candidates for a business combination. The Company and/or shareholders may pay as their own expenses any costs incurred in supervising the search for a target company. The Company and/or shareholders may enter into agreements with other consultants to assist in locating a target company and may share stock received by it or cash resulting from the sale of its securities with such other consultants.
 
Off-Balance Sheet Arrangements
 
The Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.
   
Item 3.    
Quantitative and Qualitative Disclosures About Market Risk

Not applicable.
   
Item 4.    
Controls and Procedures.
 
Evaluation of Disclosure Controls and Procedures
 
Our Principal Executive Officer and Principal Financial Officer evaluated the effectiveness of our disclosure controls and procedures as of January 31, 2012. Based on that evaluation, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures as of the end of the period covered by this report were effective such that the information required to be disclosed by us in reports filed under the Securities Exchange Act of 1934 is (i) recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and (ii) accumulated and communicated to the Principal Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding disclosure.

Changes in Internal Controls.

There have been no significant changes to the Company’s internal controls over financial reporting that occurred during our last fiscal quarter ended January 31, 2012, that materially affected, or were reasonably likely to materially affect, our internal controls over financial reporting. 

 
 
 

 
PART II – OTHER INFORMATION
   
Item 1.    
Legal Proceedings.
 
None

Item 1A.   
Risk Factors.
 
As a smaller reporting company we are not required to provide this information
  
Item 2.    
Unregistered Sales of Equity Securities and Use of Proceeds.
 
None
  
Item 3.    
Defaults Upon Senior Securities.
 
None
  
Item 4.    
Mine Safety Disclosures
  
None
 
Item 5.    
Other Information.
 
None
  
Item 6.    
Exhibits.
 
(a)  Exhibits required by Item 601 of Regulation S-K.
 
Exhibit
  
Description
     
 
     
 

101.INS
  
XBRL Instance Document
   
101.SCH
  
XBRL Taxonomy Extension Schema Document
   
101.CAL
  
XBRL Taxonomy Extension Calculation Linkbase Document
   
101.DEF
  
XBRL Taxonomy Extension Definition Linkbase Document
   
101.LAB
  
XBRL Taxonomy Extension Label Linkbase Document
   
101.PRE
  
XBRL Taxonomy Extension Presentation Linkbase Document
 
* Filed Herewith

 
 
 
 
SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, there unto duly authorized.

Dated: March 16, 2012

     
AFH ACQUISITION X, INC.
     
(Registrant)
       
     
/s/ Amir F. Heshmatpour
     
Amir F. Heshmatpour, President, CEO and Principal Financial Officer
 
 
 
ex-31_1.htm
AFH Acquisition X, Inc. 10-Q
 
Exhibit 31.1
 
 
Certification of 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, Amir F. Heshmatpour, certify that:

1. I have reviewed this report on Form 10-Q of AFH Acquisition X, Inc.

2. Based on my knowledge, this 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 report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. As the registrant’s Principal Executive officer and Principal Financial Officer, I am  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 I have:
 
a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me 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 my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my 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 registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
 
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
 
 
/s/ Amir F. Heshmatpour
  
Date: March 16, 2012
Amir F. Heshmatpour
Principal Executive Officer
Principal Financial Officer
  
 
 
 
ex-32_1.htm
AFH Acquisition X, Inc. 10-Q
 
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 Report of AFH Acquisition X, Inc. (the "Company") on Form 10-Q for the period ended January 31, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Amir F. Heshmatpour, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(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.
 
 
 
/s/ Amir F. Heshmatpour
  
 
Amir F. Heshmatpour
Principal Executive Officer
Principal Financial Officer
March 16, 2012