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Document and Entity Information

v2.4.0.8
Document and Entity Information
6 Months Ended
Apr. 30, 2014
Jun. 23, 2014
Document and Entity Information:    
Entity Registrant Name AFH ACQUISITION X, INC.  
Document Type 10-Q  
Document Period End Date Apr. 30, 2014  
Amendment Flag false  
Entity Central Index Key 0001419554  
Current Fiscal Year End Date --10-31  
Entity Common Stock, Shares Outstanding   5,000,000
Entity Filer Category Smaller Reporting Company  
Entity Current Reporting Status Yes  
Entity Voluntary Filers No  
Entity Well-known Seasoned Issuer No  
Document Fiscal Year Focus 2014  
Document Fiscal Period Focus Q2  

Balance Sheets

v2.4.0.8
Balance Sheets (USD $)
Apr. 30, 2014
Oct. 31, 2013
ASSETS    
Cash and Cash Equivalents $ 58 $ 380
Total Assets 58 380
Liabilities    
Accrued Expenses 4,454 3,584
Due to Parent 39,173 36,601
Total Liabilities 43,627 40,185
Stockholder's Equity    
Preferred Stock    [1]    [1]
Common Stock 5,000 [2] 5,000 [2]
Additional Paid-In-Capital 20,000 20,000
Deficit Accumulated During Development Stage (68,569) (64,805)
Total Stockholder's Equity (43,569) (39,805)
Total Liabilities and Stockholder's Equity $ 58 $ 380
[1] Preferred Stock: $.001 Par; 20,000,000 Shares Authorized, -0- Issued and Outstanding.
[2] Common Stock: $.001 Par; 100,000,000 Shares Authorized; 5,000,000 Issued and Outstanding.

Balance Sheets (Parenthetical)

v2.4.0.8
Balance Sheets (Parenthetical) (USD $)
Apr. 30, 2014
Oct. 31, 2013
Statement of Financial Position    
Preferred Stock, Par Value $ 0.001 $ 0.001
Preferred Stock, Shares Authorized 20,000,000 20,000,000
Preferred Stock, Shares Issued 0 0
Preferred Stock, Shares Outstanding $ 0 $ 0
Common Stock, Par Value $ 0.001 $ 0.001
Common Stock, Shares Authorized 100,000,000 100,000,000
Common Stock, Shares Issued 5,000,000 5,000,000
Common Stock, Shares Outstanding 5,000,000 5,000,000

Statements of Operations

v2.4.0.8
Statements of Operations (USD $)
3 Months Ended 6 Months Ended 78 Months Ended
Apr. 30, 2014
Apr. 30, 2013
Apr. 30, 2014
Apr. 30, 2013
Apr. 30, 2014
Income Statement          
Revenues               
Expenses          
Consulting         1,719
Interest         15
Legal and Professional 1,349 1,043 3,292 2,631 59,341
Office Expenses 36 30 72 60 1,692
Organizational Costs         1,002
Rent         3,000
Total Expenses 1,385 1,073 3,364 2,691 66,769
Net Loss for the Period Before Taxes (1,385) (1,073) (3,364) (2,691) (66,769)
Franchise Tax 400 400 400 400 1,800
Net Loss for the Period After Taxes $ (1,785) $ (1,473) $ (3,764) $ (3,091) $ (68,569)
Loss per Share - Basic and Diluted $ 0.00 $ 0.00 $ 0.00 $ 0.00  
Weighted Average Common Shares Outstanding 5,000,000 5,000,000 5,000,000 5,000,000  

Statements of Changes in Stockholder's Equity

v2.4.0.8
Statements of Changes in Stockholder's Equity (USD $)
Common Stock
Additional Paid-In Capital
Stock Subscription Receivable
Accumulated Deficit during Development Stage
Total
Balance at Oct. 17, 2007 $ 0 $ 0   $ 0 $ 0
Balance, shares at Oct. 17, 2007 0        
Common Stock Issued for Cash 5,000 20,000 (12,900)   12,100
Common Stock Issued for Cash, shares 5,000,000        
Net Loss for the Period       (21,823) (21,823)
Balance at Oct. 31, 2007 5,000 20,000 (12,900) (21,823) (9,723)
Balance, shares at Oct. 31, 2007 5,000,000        
Net Loss for the Period       (13,343) (13,343)
Cash Received for Stock Subscriptions     12,900   12,900
Balance at Oct. 31, 2008 5,000 20,000   (35,166) (10,166)
Balance, shares at Oct. 31, 2008 5,000,000        
Net Loss for the Period       (10,285) (10,285)
Balance at Oct. 31, 2009 5,000 20,000   (45,451) (20,451)
Balance, shares at Oct. 31, 2009 5,000,000        
Net Loss for the Period       (3,597) (3,597)
Balance at Oct. 31, 2010 5,000 20,000   (49,048) (24,048)
Balance, shares at Oct. 31, 2010 5,000,000        
Net Loss for the Period       (4,920) (4,920)
Balance at Oct. 31, 2011 5,000 20,000   (53,968) (28,968)
Balance, shares at Oct. 31, 2011 5,000,000        
Net Loss for the Period       (5,631) (5,631)
Balance at Oct. 31, 2012 5,000 20,000   (59,599) (34,599)
Balance, shares at Oct. 31, 2012 5,000,000        
Net Loss for the Period       (5,206) (5,206)
Balance at Oct. 31, 2013 5,000 20,000   (64,805) (39,805)
Balance, shares at Oct. 31, 2013 5,000,000        
Net Loss for the Period       (3,764) (3,764)
Balance at Apr. 30, 2014 $ 5,000 $ 20,000   $ (68,569) $ (43,569)
Balance, shares at Apr. 30, 2014 5,000,000        

Statements of Cash Flows

v2.4.0.8
Statements of Cash Flows (USD $)
6 Months Ended 78 Months Ended
Apr. 30, 2014
Apr. 30, 2013
Apr. 30, 2014
Cash Flows from Operating Activities      
Net Loss $ (3,764) $ (3,091) $ (68,569)
Changes in Assets and Liabilities:      
Accrued Expenses 870 2,631 4,454
Net Cash Flows from Operating Activities (2,894) (460) (64,115)
Cash Flows from Financing Activities      
Cash Advance by Parent 2,572 400 39,173
Cash Received for Stock Subscriptions     12,900
Cash Proceeds from Sale of Stock     12,100
Net Cash Flows from Financing Activities 2,572 400 64,173
Net Change in Cash and Cash Equivalents (322) (60) 58
Cash and Cash Equivalents - Beginning of Period 380 500  
Cash and Cash Equivalents - End of Period $ 58 $ 440 $ 58

Note A - The Company

v2.4.0.8
Note A - The Company
6 Months Ended
Apr. 30, 2014
Notes  
Note A - The Company

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 majority 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 combination through 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. The condensed balance sheet information as of October 31, 2013 was derived from the audited financial statements included in Form 10-K. These condensed financial statements should be read in conjunction with the annual audited financial statements and the notes thereto included in the Company’s annual report on Form 10-K for the year ended October 31, 2013, 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

v2.4.0.8
Note B - Summary of Significant Accounting Policies
6 Months Ended
Apr. 30, 2014
Notes  
Note B - Summary of Significant Accounting Policies

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.

 

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.

 

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

v2.4.0.8
Note C - Equity Securities
6 Months Ended
Apr. 30, 2014
Notes  
Note C - Equity Securities

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

v2.4.0.8
Note D - Going Concern
6 Months Ended
Apr. 30, 2014
Notes  
Note D - Going Concern

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 reported recurring losses from operations.  As a result, there is an accumulated deficit of $68,569 at April 30, 2014.

 

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

v2.4.0.8
Note E - Due To Parent
6 Months Ended
Apr. 30, 2014
Notes  
Note E - Due To Parent

Note E – Due to Parent

 

Due to parent represents cash advances from AFH Holding & Advisory LLC.  AFH Holding & Advisory LLC is the majority shareholder of the Company. There are no repayment terms.

Note B - Summary of Significant Accounting Policies: Method of Accounting (Policies)

v2.4.0.8
Note B - Summary of Significant Accounting Policies: Method of Accounting (Policies)
6 Months Ended
Apr. 30, 2014
Policies  
Method of Accounting

Method of Accounting

The Company maintains its books and prepares its financial statements on the accrual basis of accounting.

Note B - Summary of Significant Accounting Policies: Development Stage (Policies)

v2.4.0.8
Note B - Summary of Significant Accounting Policies: Development Stage (Policies)
6 Months Ended
Apr. 30, 2014
Policies  
Development Stage

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.

Note B - Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies)

v2.4.0.8
Note B - Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies)
6 Months Ended
Apr. 30, 2014
Policies  
Cash and Cash Equivalents

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.

Note B - Summary of Significant Accounting Policies: Loss Per Common Share (Policies)

v2.4.0.8
Note B - Summary of Significant Accounting Policies: Loss Per Common Share (Policies)
6 Months Ended
Apr. 30, 2014
Policies  
Loss Per Common Share

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.

Note B - Summary of Significant Accounting Policies: Use of Estimates (Policies)

v2.4.0.8
Note B - Summary of Significant Accounting Policies: Use of Estimates (Policies)
6 Months Ended
Apr. 30, 2014
Policies  
Use of Estimates

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.

Note B - Summary of Significant Accounting Policies: Organizational Costs (Policies)

v2.4.0.8
Note B - Summary of Significant Accounting Policies: Organizational Costs (Policies)
6 Months Ended
Apr. 30, 2014
Policies  
Organizational Costs

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.

Note B - Summary of Significant Accounting Policies: Income Taxes (Policies)

v2.4.0.8
Note B - Summary of Significant Accounting Policies: Income Taxes (Policies)
6 Months Ended
Apr. 30, 2014
Policies  
Income Taxes

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.

Note B - Summary of Significant Accounting Policies: Financial Instruments (Policies)

v2.4.0.8
Note B - Summary of Significant Accounting Policies: Financial Instruments (Policies)
6 Months Ended
Apr. 30, 2014
Policies  
Financial Instruments

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.

Note B - Summary of Significant Accounting Policies: Recent Pronouncements (Policies)

v2.4.0.8
Note B - Summary of Significant Accounting Policies: Recent Pronouncements (Policies)
6 Months Ended
Apr. 30, 2014
Policies  
Recent Pronouncements

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.