HUTN (HUTN) 10-Q 15 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	3 Months Ended
	Mar. 31, 2014	15-May-14
Document and Entity Information:	'	'
Entity Registrant Name	'Twentyfour/seven Ventures, Inc.	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
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	'2014	'
Document Fiscal Period Focus	'Q1	'

Twentyfourseven_Ventures_Inc_C

Twentyfour/seven Ventures, Inc. - Condensed Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
Current assets	'	'
Cash	$24,467	$16,913
Accounts receivable, net of allowance for bad debt	9,364	18,764
Customer deposits - held	59,189	82,459
Total current assets	93,020	118,136
Fixed assets	3,309	2,850
Accumulated depreciation	-2,769	-2,565
Restricted cash reserves	216,582	220,444
Other assets	650	650
Total other assets	217,772	221,379
Total assets	310,792	339,515
Current liabilities	'	'
Accounts Payable	1,189	5,069
Accrued interest payable, related parties	19,533	16,873
Income taxes payable	790	1,030
Customer deposits - owed	59,189	82,459
Notes payable, related parties	123,000	108,000
Total current liabilities	203,701	213,431
Stockholders' Equity	'	'
Common stock, $.001 par value; 100,000,000 shares authorized; 10,000,000 shares issued and outstanding	10,000	10,000
Additional paid-in capital	73,209	73,209
Retained earnings	23,882	42,875
Total stockholders' equity	107,091	126,084
Total liabilities and stockholders' equity	$310,792	$339,515

Twentyfourseven_Ventures_Inc_C1

Twentyfour/seven Ventures, Inc. - Consolidated Statement of Operations - For the Three Months Ended March 31, 2014 and 2013 - (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Income Statement	'	'
Revenues	$119,057	$146,142
Cost of sales	81,190	92,203
Gross profit	37,867	53,939
Operating expenses:	'	'
Depreciation	204	668
Professional fees	7,128	700
Rent	3,750	2,576
Other operating expense	43,118	29,283
Total operating expenses	54,200	33,227
Income (loss) from operations	-16,333	20,712
Other income (expense):	'	'
Interest expense	-2,660	-1,500
Income (loss) before provision for income taxes	-18,993	19,212
Provision for income tax	0	3,811
Net income (loss)	($18,993)	$15,401
Net income (loss) per share (basic and fully diluted)	$0	$0
Weighted average number of common shares outstanding	10,000,000	10,000,000

Twentyfourseven_Ventures_Inc_C2

Twentyfour/seven Ventures, Inc. - Consolidated Statement of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities	'	'
Net income (loss)	($18,993)	$15,401
Adjustments to reconcile net loss to net cash provided by (used for) operating activities:	'	'
Amortization & depreciation	204	668
Increase in allowance for bad debt	9,400	0
Changes in current assets and liabilities:	'	'
Accounts receivable	0	-10,555
Accounts payable	-3,880	91
Accrued interest payable, related parties	2,660	1,500
Income taxes payable	-240	2,601
Net cash provided by (used for) operating activities	-10,849	9,706
Cash flows from investing activities	'	'
Fixed asset purchases	-459	-672
Restricted cash reserves	3,862	-17,437
Net cash provided by (used for) investing activities	3,403	-18,109
Cash flows from financing activities	'	'
Notes payable, related parties	15,000	0
Net cash provided by financing activities	15,000	0
Net increase (decrease) in cash	7,554	-8,403
Cash at the Beginning of the Period	16,913	24,579
Cash at the End of the Period	24,467	16,176
Supplementary information:	'	'
Cash paid for Interest	0	0
Cash paid for Income taxes	$240	$1,210

Note_1_Basis_of_Presentation

Note 1. Basis of Presentation	3 Months Ended
	Mar. 31, 2014
Notes	'
Note 1. Basis of Presentation	'
	NOTE 1. BASIS OF PRESENTATION
	The interim consolidated financial statements of Twentyfour/seven Ventures, Inc. (“we”, “us”, “our”, “Twentyfour/seven”, or the “Company”) are unaudited and contain all adjustments (consisting primarily of normal recurring accruals) necessary for a fair statement of the results for the interim periods presented. Results for interim periods are not necessarily indicative of results to be expected for a full year or for previously reported periods. These interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in Twentyfour/seven's Annual Report on Form 10-K for the year ended December 31, 2013 as filed with the Securities and Exchange Commission (“SEC”) on April 10, 2014. The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America.
	The consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q and in accordance with US GAAP. Accordingly, these consolidated financial statements do not include all of the information and footnotes required by US GAAP for annual consolidated financial statements.
	The consolidated financial statements are unaudited, but, in management's opinion, include all adjustments (which, unless otherwise noted, include only normal recurring adjustments) necessary for a fair presentation of such consolidated financial statements. The results of operations for the three months ended March 31, 2014 and 2013 are not necessarily indicative of the entire fiscal year for any other period.

Note_2_Organization_Operations

Note 2. Organization, Operations and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
Notes	'
Note 2. Organization, Operations and Summary of Significant Accounting Policies	'
	NOTE 2. 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.
	Use of Estimates
	The preparation of consolidated 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 consolidated 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.
	Restricted cash deposits
	The Company is required by regulation to place 1% of the face amount of any bond written into a cash reserve account, called a "buildup fund", as a hedge against potential bond forfeitures. The cash deposited into the buildup fund on any given bond may be released to the Company upon bond release by a court, or after the passing of a statutory time frame, generally 36 months.  The balance in the buildup fund at March 31, 2014 and December 31, 2013 was $216,582 and $220,444.
	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.  As of March 31, 2014, the Company had an allowance for bad debt of $9,400.
	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. During the three months ended March 31, 2014, the Company purchased office equipment in the amount of $459.
	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 collectability 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 Company computes net loss per share in accordance with ASC Topic 260, “Earnings per Share,” Under the provisions of the standard, basic and diluted net loss per share is computed by dividing the net income (loss) by the weighted average number of shares of common outstanding during the period.  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.
	Recent Accounting Pronouncements
	The Company does not believe that any recently issued accounting pronouncements will have a material impact on its financial position, results of operations or cash flows.

Note_3_Notes_Payable_Related_P

Note. 3 Notes Payable, Related Parties	3 Months Ended
	Mar. 31, 2014
Notes	'
Note. 3 Notes Payable, Related Parties	'
	NOTE. 3 NOTES PAYABLE, RELATED PARTIES
	Effective January 30, 2014, an affiliate of a shareholder entered into a note payable agreement with the Company in the amount of $30,000, bearing interest at the rate of $6,000, due in a balloon payment on or before January 30, 2015.  On January 30, 2014, $15,000 was advanced on this note payable.  The loan is guaranteed by the manager of A Alpha Bail Bonds, LLC, a fully owned subsidiary of the Company, and a shareholder of the Company.  The remaining $15,000 has not been drawn on this note.

Note_4_Convertible_Debt

Note 4. Convertible Debt	3 Months Ended
	Mar. 31, 2014
Notes	'
Note 4. Convertible Debt	'
	NOTE 4. CONVERTIBLE DEBT
	On March 27, 2014, the Company entered into a Securities Purchase Agreement with an unaffiliated entity.  No amounts have been recorded under this agreement as the loan was not funded until April 11, 2014.
	Under this agreement, the Company will sell a convertible note to the entity in the aggregate principal amount of $53,000, which is convertible into common shares of the Company.  This convertible note is due nine months after its issuance.  After 180 days have passed since the issuance of the note and the release of funds to the Company, the note will be convertible into common shares.  The conversion price is 58% of the Company’s market price, which is the average of the lowest three closing bid prices of the Company during the last ten trading days.  The note holder may not convert more than 4.99% of the issued and outstanding common shares at any one time.
	The Company has the right to repay the prepay the note, together with accrued and unpaid interest, at any time within the first 180 days from receipt of funds by paying between 115% and  140% of the outstanding principal amount of the note together with the accrued and unpaid interest. After the initial 180 day period, there is no further right of prepayment.
	In addition, there is a sum of $3,000 to be paid by the Company to the note holder's counsel for the preparation of documentation related to the transaction.
	Should the Company default on the repayment of the note, it is immediately due and payable.  The minimum amount due is 150% times the outstanding principal and unpaid interest.

Note_5_Subsequent_Events

Note 5. Subsequent Events	3 Months Ended
	Mar. 31, 2014
Notes	'
Note 5. Subsequent Events	'
	NOTE 5.  SUBSEQUENT EVENTS
	As described in Note 4 above, the Company received net proceeds of $50,000 from the convertible debt agreement on April 11, 2014.
	The Company has evaluated subsequent events through the date these financial statements were available to be issued of May 15, 2014, and determined that there are no other reportable subsequent events.

Use_of_Estimates_Policies

Use of Estimates (Policies)	3 Months Ended
	Mar. 31, 2014
Policies	'
Use of Estimates	'
	Use of Estimates
	The preparation of consolidated 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 consolidated 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_Poli

Cash and Cash Equivalents (Policies)	3 Months Ended
	Mar. 31, 2014
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.

Restricted_Cash_Deposits_Polic

Restricted Cash Deposits (Policies)	3 Months Ended
	Mar. 31, 2014
Policies	'
Restricted Cash Deposits	'
	Restricted cash deposits
	The Company is required by regulation to place 1% of the face amount of any bond written into a cash reserve account, called a "buildup fund", as a hedge against potential bond forfeitures. The cash deposited into the buildup fund on any given bond may be released to the Company upon bond release by a court, or after the passing of a statutory time frame, generally 36 months.  The balance in the buildup fund at March 31, 2014 and December 31, 2013 was $216,582 and $220,444.

Accounts_Receivable_Policies

Accounts Receivable (Policies)	3 Months Ended
	Mar. 31, 2014
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.  As of March 31, 2014, the Company had an allowance for bad debt of $9,400.

Property_and_Equipment_Policie

Property and Equipment (Policies)	3 Months Ended
	Mar. 31, 2014
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. During the three months ended March 31, 2014, the Company purchased office equipment in the amount of $459.

Revenue_Recognition_Policies

Revenue Recognition (Policies)	3 Months Ended
	Mar. 31, 2014
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 collectability is reasonably assured.

Income_Tax_Policies

Income Tax (Policies)	3 Months Ended
	Mar. 31, 2014
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.

Net_Income_loss_Per_Share_Poli

Net Income (loss) Per Share (Policies)	3 Months Ended
	Mar. 31, 2014
Policies	'
Net Income (loss) Per Share	'
	Net income (loss) per share
	The Company computes net loss per share in accordance with ASC Topic 260, “Earnings per Share,” Under the provisions of the standard, basic and diluted net loss per share is computed by dividing the net income (loss) by the weighted average number of shares of common outstanding during the period.  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_Policies

Financial Instruments (Policies)	3 Months Ended
	Mar. 31, 2014
Policies	'
Financial Instruments	'
	Financial Instruments
	The carrying value of the Company's financial instruments, as reported in the accompanying balance sheets, approximates fair value.

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2014
Policies	'
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	The Company does not believe that any recently issued accounting pronouncements will have a material impact on its financial position, results of operations or cash flows.

Restricted_Cash_Deposits_Detai

Restricted Cash Deposits (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Details	'	'
Buildup fund balance	$216,582	$220,444

Accounts_Receivable_Details

Accounts Receivable (Details) (USD $)	Dec. 31, 2013
Details	'
Allowance for bad debt	$9,400

Property_and_Equipment_Details

Property and Equipment (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
Details	'
Property, Plant and Equipment, Additions	$459

Note_3_Notes_Payable_Related_P1

Note. 3 Notes Payable, Related Parties (Details) (USD $)	Mar. 31, 2014	Jan. 30, 2014	Dec. 31, 2013
Details	'	'	'
Notes Payable	'	$30,000	'
Accrued interest payable, related parties	$19,533	$6,000	$16,873

Note_4_Convertible_Debt_Detail

Note 4. Convertible Debt (Details) (USD $)	Mar. 27, 2014
Details	'
Aggregate principal amount	$53,000

Note_5_Subsequent_Events_Detai

Note 5. Subsequent Events (Details) (USD $)	Apr. 11, 2014
Details	'
Net proceeds from convertible debt agreement	$50,000