Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Jan. 31, 2014 | Mar. 17, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'AFH ACQUISITION V, INC. | ' |
Entity Central Index Key | '0001420033 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Jan-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--10-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 5,000,000 |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
Condensed_Balance_Sheets_Unaud
Condensed Balance Sheets (Unaudited) (USD $) | Jan. 31, 2014 | Oct. 31, 2013 |
ASSETS | ' | ' |
Cash and Cash Equivalents | ' | ' |
Total Assets | 0 | 0 |
Liabilities | ' | ' |
Accrued Expenses | 4,029 | 3,586 |
Due to Parent | 29,097 | 27,596 |
Total Liabilities | 33,126 | 31,182 |
Stockholders' 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 | -58,126 | -56,182 |
Total Stockholders' Deficit | -33,126 | -31,182 |
Total Liabilities and Stockholders' Deficit | $0 | $0 |
Condensed_Balance_Sheets_Unaud1
Condensed Balance Sheets (Unaudited) (Parenthetical) (USD $) | Jan. 31, 2014 | Oct. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred Stock, Par Value | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Issued | ' | ' |
Preferred Stock, Shares Outstanding | ' | ' |
Common Stock, Par Value | $0.00 | $0.00 |
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 |
Condensed_Statements_of_Operat
Condensed Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 76 Months Ended | |
Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | |
Income Statement [Abstract] | ' | ' | ' |
Revenues | ' | ' | ' |
Expenses | ' | ' | ' |
Consulting | ' | ' | 1,696 |
Interest | ' | ' | 15 |
Legal and Professional | 1,944 | 1,588 | 53,255 |
Office Expenses | ' | ' | 798 |
Organizational Costs | ' | ' | 962 |
Total Expenses | 1,944 | 1,588 | 56,726 |
Net Loss for the Period Before Taxes | -1,944 | -1,588 | -56,726 |
Franchise Tax | ' | ' | 1,400 |
Net Loss for the Period After Taxes | ($1,944) | ($1,588) | ($58,126) |
Loss per Share - Basic and Diluted | $0 | $0 | ($0.01) |
Weighted Average Common Shares Outstanding | 5,000,000 | 5,000,000 | 5,000,000 |
Condensed_Statements_of_Change
Condensed Statements of Changes in Stockholders' Deficit (USD $) | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-In Capital [Member] | Stock Subscription Receivable [Member] | Deficit Accumulated During Development Stage [Member] | Total |
Balance at Sep. 24, 2007 | ' | ' | ' | ' | ' | ' |
Balance, shares at Sep. 24, 2007 | ' | ' | ' | ' | ' | ' |
Common Stock Issued for Cash | 5,000 | ' | 20,000 | -4,900 | ' | 20,100 |
Common Stock Issued for Cash, shares | 5,000,000 | ' | ' | ' | ' | ' |
Net Loss for the Period | ' | ' | ' | ' | -21,853 | -21,853 |
Balance at Oct. 31, 2007 | 5,000 | ' | 20,000 | -4,900 | ' | 4,900 |
Balance, shares at Oct. 31, 2007 | 5,000,000 | ' | ' | ' | ' | ' |
Cash Received for Stock Subscriptions | ' | ' | ' | 4,900 | ' | 4,900 |
Net Loss for the Period | ' | ' | ' | ' | -7,546 | -7,546 |
Balance at Oct. 31, 2008 | 5,000 | ' | 20,000 | ' | -29,399 | -4,399 |
Balance, shares at Oct. 31, 2008 | 5,000,000 | ' | ' | ' | ' | ' |
Net Loss for the Period | ' | ' | ' | ' | -7,242 | -7,242 |
Balance at Oct. 31, 2009 | 5,000 | ' | 20,000 | ' | -36,641 | -11,641 |
Balance, shares at Oct. 31, 2009 | 5,000,000 | ' | ' | ' | ' | ' |
Net Loss for the Period | ' | ' | ' | ' | -3,834 | -3,834 |
Balance at Oct. 31, 2010 | 5,000 | ' | 20,000 | ' | -40,475 | -15,475 |
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 | ' | -45,395 | -20,395 |
Balance, shares at Oct. 31, 2011 | 5,000,000 | ' | ' | ' | ' | ' |
Treasury Stock | ' | -100,000 | ' | ' | ' | -100,000 |
Retirement of Treasury Stock | -2,500 | 100,000 | -97,500 | ' | ' | ' |
Retirement of Treasury Stock, shares | -2,500,000 | ' | ' | ' | ' | ' |
Issuance of Shares for Cash Held by Parent | 2,500 | ' | 97,500 | ' | ' | 100,000 |
Issuance of Shares for Cash Held by Parent, shares | 2,500,000 | ' | ' | ' | ' | ' |
Net Loss for the Period | ' | ' | ' | ' | -5,701 | -5,701 |
Balance at Oct. 31, 2012 | 5,000 | ' | 20,000 | ' | -51,096 | -26,096 |
Balance, shares at Oct. 31, 2012 | 5,000,000 | ' | ' | ' | ' | ' |
Net Loss for the Period | ' | ' | ' | ' | -5,086 | -5,086 |
Balance at Oct. 31, 2013 | 5,000 | ' | 20,000 | ' | -56,182 | -31,182 |
Balance, shares at Oct. 31, 2013 | 5,000,000 | ' | ' | ' | ' | ' |
Cash Received for Stock Subscriptions | ' | ' | ' | ' | ' | ' |
Net Loss for the Period | ' | ' | ' | ' | -1,944 | -1,944 |
Balance at Jan. 31, 2014 | $5,000 | ' | $20,000 | ' | ($58,126) | ($33,126) |
Balance, shares at Jan. 31, 2014 | 5,000,000 | ' | ' | ' | ' | ' |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | 76 Months Ended | |
Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | |
Cash Flows from Operating Activities | ' | ' | ' |
Net Loss for the Period | ($1,944) | ($1,588) | ($58,126) |
Changes in Assets and Liabilities: | ' | ' | ' |
Prepaid Expenses | ' | ' | ' |
Accrued Expenses | 443 | 1,588 | 4,029 |
Net Cash Flows from Operating Activities | -1,501 | 0 | -54,097 |
Net Cash Flows from Investing Activities | ' | ' | ' |
Cash Flows from Financing Activities | ' | ' | ' |
Cash Advance by (Repayment to) Parent | 1,501 | ' | 29,097 |
Cash Proceeds from Stock Subscriptions | ' | ' | 4,900 |
Cash Proceeds from Sale of Stock | ' | ' | 20,100 |
Net Cash Flows from Financing Activities | 1,501 | 0 | 54,097 |
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 | ' | ' | ' |
The_Company
The Company | 3 Months Ended | |
Jan. 31, 2014 | ||
Company | ' | |
The Company | ' | |
Note A - | The Company | |
AFH Acquisition V, Inc., a development stage company (the “Company”), was incorporated under the laws of the State of Delaware on September 24, 2007. The Company is majority owned by AFH Holding & Advisory, LLC (the “Parent”). The financial statements presented represent only those transactions of AFH Acquisition V, 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 V, 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 condensed financial statements included in Form 10-K. These condensed financial statements should be read in conjunction with the annual audited condensed 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 indicvative 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. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |
Jan. 31, 2014 | ||
Accounting Policies [Abstract] | ' | |
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. |
Equity_Securities
Equity Securities | 3 Months Ended | |
Jan. 31, 2014 | ||
Equity [Abstract] | ' | |
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. |
Going_Concern
Going Concern | 3 Months Ended | |
Jan. 31, 2014 | ||
Going Concern | ' | |
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 $58,126 at January 31, 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. |
Due_to_Parent
Due to Parent | 3 Months Ended | |
Jan. 31, 2014 | ||
Related Party Transactions [Abstract] | ' | |
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. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Jan. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Method of Accounting | ' |
Method of Accounting | |
The Company maintains its books and prepares its financial statements on the accrual basis of accounting. | |
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. | |
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. | |
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. | |
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. | |
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. | |
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. | |
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. | |
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. |
Going_Concern_Details_Narrativ
Going Concern (Details Narrative) (USD $) | Jan. 31, 2014 |
Going Concern | ' |
Accumulated deficit | $58,126 |