Document_and_Entity_Informatio
Document and Entity Information (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Document and Entity Information: | ' |
Entity Registrant Name | 'Twentyfour/seven Ventures, Inc. |
Document Type | '10-Q |
Document Period End Date | 30-Sep-13 |
Amendment Flag | 'false |
Entity Central Index Key | '0001565700 |
Current Fiscal Year End Date | '--12-31 |
Entity Common Stock, Shares Outstanding | 10,000,000 |
Entity Public Float | $0 |
Entity Filer Category | 'Smaller Reporting Company |
Entity Current Reporting Status | 'Yes |
Entity Voluntary Filers | 'Yes |
Entity Well-known Seasoned Issuer | 'No |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Twentyfourseven_Ventures_Inc_C
Twentyfour/seven Ventures, Inc. - Condensed Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Current assets | ' | ' |
Cash | $24,468 | $24,579 |
Accounts receivable | 27,551 | 3,858 |
Customer deposits - held | 37,048 | 23,100 |
Total current assets | 89,067 | 51,537 |
Fixed assets | 24,534 | 23,862 |
Accumulated depreciation | -22,184 | -20,670 |
Restricted cash reserves | 198,445 | 184,253 |
Other assets | 3,324 | 650 |
Total other assets | 204,119 | 188,095 |
Total assets | 293,186 | 239,632 |
Current liabilities | ' | ' |
Accounts Payable | 9,569 | 10,379 |
Related party payables | 28,479 | 479 |
Interest payable | 14,977 | 10,477 |
Taxes payable | 1,832 | 1,210 |
Customer deposits - owed | 37,048 | 23,100 |
Notes payable - current portion | 75,000 | 75,000 |
Total current liabilities | 166,905 | 120,645 |
Notes payable | 0 | 0 |
Total Liabilities | 166,905 | 120,645 |
Stockholders' Equity | ' | ' |
Common stock, $.001 par value; 100,000,000 shares authorized; 9,990,000 shares issued and outstanding | 9,990 | 9,990 |
Additional paid-in capital | 73,219 | 73,219 |
Retained earnings | 43,072 | 35,778 |
Total stockholders' equity | 126,281 | 118,987 |
Total liabilities and stockholders' equity | $293,186 | $239,632 |
Twentyfourseven_Ventures_Inc_C1
Twentyfour/seven Ventures, Inc. - Consolidated Statement of Operations - For the Three and Nine Months Ended September 30, 2013 and 2012 - (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Revenues | $144,760 | $136,503 | $447,533 | $372,345 |
Cost of sales | 84,970 | 50,544 | 319,746 | 247,989 |
Gross profit | 59,790 | 85,959 | 127,787 | 124,356 |
Operating expenses: | ' | ' | ' | ' |
Amortization & depreciation | 264 | 680 | 1,514 | 1,928 |
General and administrative | 40,024 | 37,302 | 112,647 | 99,150 |
Total operating expenses | 40,288 | 37,982 | 114,161 | 101,078 |
Gain (loss) from operations | 19,502 | 47,977 | 13,626 | 23,278 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -1,500 | -1,144 | -4,500 | -2,144 |
Income (loss) before provision for income taxes | 18,002 | 46,833 | 9,126 | 21,134 |
Provision for income tax | 11,832 | 6,780 | 1,832 | 3,460 |
Net income (loss) | $6,170 | $40,053 | $7,294 | $17,674 |
Net income (loss) per share (basic and fully diluted) | $0 | $0 | $0 | $0 |
Weighted average number of common shares outstanding | 9,990,000 | 9,982,222 | 9,990,000 | 9,982,222 |
Twentyfourseven_Ventures_Inc_C2
Twentyfour/seven Ventures, Inc. - Consolidated Statement of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Cash flows from operating activities | ' | ' |
Net income (loss) | $7,294 | $17,674 |
Adjustments to reconcile net loss to net cash provided by (used for) operating activities: | ' | ' |
Amortization & depreciation | 1,514 | 1,928 |
Accounts receivable | -23,693 | -6,608 |
Accounts payable | -810 | 859 |
Interest payable | 4,500 | 2,144 |
Taxes payable | 622 | 3,460 |
Compensatory stock issuances | 0 | 150 |
Deposits | -2,674 | 0 |
Net cash provided by (used for) operating activities | -13,247 | 19,607 |
Cash flows from investing activities | ' | ' |
Fixed asset purchases | -672 | -2,115 |
Restricted cash reserves | -14,192 | -34,545 |
Net cash provided by (used for) investing activities | -14,864 | -36,660 |
Cash flows from financing activities | ' | ' |
Related party payables | 28,000 | 2,091 |
Notes payable - borrowings | 0 | 50,000 |
Net cash provided by financing activities | 28,000 | 52,091 |
Net increase in cash | -111 | 35,038 |
Cash at the Beginning of the Period | 24,579 | 2,641 |
Cash at the End of the Period | 24,468 | 37,679 |
Supplementary information: | ' | ' |
Cash paid for Interest | 0 | 0 |
Cash paid for Income taxes | $0 | $0 |
Note_1_Organization_Operations
Note 1. Organization, Operations and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
Note 1. Organization, Operations and Summary of Significant Accounting Policies | ' |
NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Twentyfour/seven Ventures, Inc. (the “Company”) was incorporated in the State of Colorado on March 8, 2007. The Company is engaged in the bail bond business. | |
Principles of consolidation | |
The accompanying consolidated financial statements include the accounts of Twentyfour/seven Ventures, Inc. and its wholly owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. | |
Basis of Presentation | |
The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year. | |
Use of Estimates | |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect 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. | |
Cash and cash equivalents | |
The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents. | |
Accounts receivable | |
The Company reviews accounts receivable periodically for collectability and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary. | |
Property and equipment | |
Property and equipment are recorded at cost and depreciated under accelerated or straight line methods over each item's estimated useful life. | |
Revenue recognition | |
Revenue is recognized on an accrual basis after services have been performed under contract terms, the service price to the client is fixed or determinable, and collectibility is reasonably assured. | |
Income tax | |
The Company accounts for income taxes pursuant to ASC 740. Under ASC 740 deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. | |
Net income (loss) per share | |
The net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share. | |
Financial Instruments | |
The carrying value of the Company’s financial instruments, as reported in the accompanying balance sheets, approximates fair value. | |
Long-Lived Assets | |
In accordance with ASC 350, the Company regularly reviews the carrying value of intangible and other long-lived assets for the existence of facts or circumstances, both internally and externally, that suggest impairment. If impairment testing indicates a lack of recoverability, an impairment loss is recognized by the Company if the carrying amount of a long-lived asset exceeds its fair value. |
Note_1_Organization_Operations1
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Business Description (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Business Description | ' |
Twentyfour/seven Ventures, Inc. (the “Company”) was incorporated in the State of Colorado on March 8, 2007. The Company is engaged in the bail bond business. |
Note_1_Organization_Operations2
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Principles of Consolidation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Principles of Consolidation | ' |
Principles of consolidation | |
The accompanying consolidated financial statements include the accounts of Twentyfour/seven Ventures, Inc. and its wholly owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. |
Note_1_Organization_Operations3
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year. |
Note_1_Organization_Operations4
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Use of Estimates (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
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 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. |
Note_1_Organization_Operations5
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Cash and Cash Equivalents | ' |
Cash and cash equivalents | |
The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents. |
Note_1_Organization_Operations6
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Accounts Receivable (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Accounts Receivable | ' |
Accounts receivable | |
The Company reviews accounts receivable periodically for collectability and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary. |
Note_1_Organization_Operations7
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Property and Equipment (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Property and Equipment | ' |
Property and equipment | |
Property and equipment are recorded at cost and depreciated under accelerated or straight line methods over each item's estimated useful life. |
Note_1_Organization_Operations8
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Revenue Recognition (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Revenue Recognition | ' |
Revenue recognition | |
Revenue is recognized on an accrual basis after services have been performed under contract terms, the service price to the client is fixed or determinable, and collectibility is reasonably assured. |
Note_1_Organization_Operations9
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Income Tax (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Income Tax | ' |
Income tax | |
The Company accounts for income taxes pursuant to ASC 740. Under ASC 740 deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. |
Recovered_Sheet1
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Net Income (loss) Per Share (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Net Income (loss) Per Share | ' |
Net income (loss) per share | |
The net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share. |
Recovered_Sheet2
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Financial Instruments (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Financial Instruments | ' |
Financial Instruments | |
The carrying value of the Company’s financial instruments, as reported in the accompanying balance sheets, approximates fair value. |
Recovered_Sheet3
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Long-lived Assets (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Long-lived Assets | ' |
Long-Lived Assets | |
In accordance with ASC 350, the Company regularly reviews the carrying value of intangible and other long-lived assets for the existence of facts or circumstances, both internally and externally, that suggest impairment. If impairment testing indicates a lack of recoverability, an impairment loss is recognized by the Company if the carrying amount of a long-lived asset exceeds its fair value. |