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 |