Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Apr. 15, 2015 | Jun. 30, 2014 | |
Document and Entity Information: | |||
Entity Registrant Name | EFH Group, Inc. | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 1565700 | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 53,220,173 | ||
Entity Public Float | $680,662 | ||
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 | FY |
EFH_Group_Inc_Balance_Sheets
EFH Group, Inc. - Balance Sheets (USD $) | Dec. 31, 2014 |
Current assets | |
Due from shareholder | $6,500 |
Total current assets | 6,500 |
Other assets: | |
Brand assets | 157,500,000 |
Total other assets | 157,500,000 |
Total Assets | 157,506,500 |
Current liabilities: | |
Advances from related party | 13,991 |
Accrued expenses | 15,530 |
Total current liabilities | 29,521 |
Total liabilities | 29,521 |
Stockholders' equity: | |
Common stock, $0.001 par value; 90,000,000 shares authorized; 52,982,199 shares issued & outstanding | 52,982 |
Class B common stock, $0.001 par value, 10,000,000 shares authorized, 5,797,000 issued and outstanding | 5,797 |
Additional paid-in capital | 157,441,221 |
Accumulated deficit | -23,021 |
Total stockholders' equity | 157,476,979 |
Total Liabilities and Stockholders' Equity | $157,506,500 |
EFH_Group_Inc_Balance_Sheets_P
EFH Group, Inc. - Balance Sheets (Parantheticals)(USD $) (USD $) | Dec. 31, 2014 |
Statement of Financial Position | |
Common stock, par value (in dollars per share) | $0.00 |
Common stock, shares authorized | 90,000,000 |
Common stock, shares issued | 52,982,199 |
Common stock, shares outstanding | 52,982,199 |
Class B common stock, par value (in dollars per share) | $0.00 |
Class B common stock, shares authorized | 10,000,000 |
Class B common stock, shares issued | 5,797,000 |
Class B common stock, shares outstanding | 5,797,000 |
EFH_Group_Inc_Statements_of_Op
EFH Group, Inc. - Statements of Operations (USD $) | 1 Months Ended |
Dec. 31, 2014 | |
Income Statement | |
Revenue | $0 |
Operating expenses | |
General and administrative | 23,021 |
Total operating expenses | 23,021 |
Income (loss) from operations | -23,021 |
Provision for income tax | 0 |
Net loss | ($23,021) |
Net loss per share - basic and diluted | $0 |
Weighted average number of common shares outstanding - basic and diluted | 6,524,985 |
EFH_Group_Inc_Statement_of_Cha
EFH Group, Inc. - Statement of Changes in Stockholders' Equity (USD $) | Common Stock | Class B Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders' Equity |
Balance at beginning of period, Shares at Nov. 23, 2014 | 809,199 | 0 | |||
Balance at beginning of period at Nov. 23, 2014 | $809 | $0 | ($809) | $0 | $0 |
Asset purchase issuances, shares | 52,173,000 | 5,797,000 | |||
Asset purchase issuances, monetary | 52,173 | 5,797 | 157,442,030 | 0 | 157,500,000 |
Net loss for the period | 0 | 0 | -23,021 | -23,021 | |
Balance at end of period, shares at Dec. 31, 2014 | 52,982,199 | 5,797,000 | |||
Balances at end of period at Dec. 31, 2014 | $52,982 | $5,797 | $157,441,221 | ($23,021) | $157,476,979 |
EFH_Group_Inc_Statement_of_Cas
EFH Group, Inc. - Statement of Cash Flows (USD $) | 1 Months Ended |
Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
Net loss | ($23,021) |
Changes in operating assets and liabilities: | |
Accounts receivable | 0 |
Accrued expenses | 15,530 |
Net Cash Used In Operating Activities | -7,491 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
Net cash provided by (used for) investing activities | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
Advance from related party | 13,991 |
Due from shareholder | -6,500 |
Net Cash Provided By Financing Activities | 7,491 |
Net increase (decrease) in cash | 0 |
Cash - Beginning of Period | 0 |
Cash - End of Period | 0 |
SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |
Purchase of intangible assets in exchange for common shares and Class B common shares | 157,500,000 |
Supplemental Disclosure | |
Cash paid for interest | 0 |
Cash paid for income taxes | $0 |
Note_1_Nature_of_Operations
Note 1 - Nature of Operations | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 1 - Nature of Operations | Note 1 – Nature of Operations |
Nature of Operations | |
EFH Group, Inc. (the “Company”) was incorporated in the State of Colorado on March 8, 2007 under the name of Twentyfour/seven Ventures, Inc. The name of the Company was changed to EFH Group, Inc. on October 28, 2014. | |
EF Hutton Financial Corp., a wholly owned subsidiary of the registrant, operates an internet marketplace that connects consumers with a network of financial providers across a range of financial products and services, including, but not limited to insurance, tax, real estate and financial planning. The marketplace, Gateway, connects consumers with a wide range of financial providers and solutions. Gateway makes independent provides a viable choice for consumers by eliminating barriers that impede consumers from using independent providers, primarily through marketing to raise awareness of the independent sector and by standardizing and streamlining the process of selecting and engaging independent financial professionals. Financial providers who register with Gateway benefit by generating new client relationships. In addition to operating Gateway, our subsidiary intends to offer specialty financial services through its institution division. | |
Through its wholly owned subsidiary, the Company is a national provider of financial services to individuals, corporations and institutions. These services include financial planning, investment advice, asset management and private equity. The Company delivers services through a network of affiliates who are independent professional financial advisors and agents. | |
On November 25, 2014, the Company purchased certain assets of EFH Group, Inc., a Wyoming corporation (“EFH Wyoming”). The assets consist of various trademarks and license rights, rights to computer programming code and other intellectual property. Prior to the purchase, the Company engaged an independent expert to appraise the assets. Based on the asset appraisal, the assets will be held on the balance sheet at value of $157,500,000. The Company issued a total of 52,173,000 restricted common shares and 5,797,000 restricted Class B common shares as consideration for the EFH Wyoming asset purchase. | |
On November 23, 2014, the assets and liabilities of the Company were contributed at book value to Liberty Ventures, Inc., a wholly owned subsidiary of the Company. The common shares of EF Hutton Financial Corp., a wholly owned subsidiary of the Company were not included in the spin-off. Effective on November 25, 2014, the Company spun off Liberty Ventures, Inc. to its shareholders as of November 24, 2014. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 2 - Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires the Company to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of expenses during the periods presented. | |
The Company makes the estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements are prepared. Changes in estimates are recognized in accordance with the accounting rules for the estimate, which is typically in the period when new information becomes available. The Company believes that significant estimates, assumptions and judgments are reasonable, based upon information available at the time they are made. Actual results could differ from these estimates, making it possible that a change in these estimates could occur in the near term. | |
Cash and cash equivalents | |
The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents. | |
Property and equipment | |
Property and equipment are recorded at cost and depreciated under straight line methods over each item's estimated useful life, generally seven years for furniture and fixtures and five years for office equipment. | |
Revenue recognition | |
The Company recognizes revenue when upon receipt of the fees received for services rendered through its Gateway system. | |
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. | |
Financial Instruments | |
The carrying value of the Company's financial instruments, as reported in the accompanying balance sheet, approximates fair value due to their short term maturities. | |
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. | |
New Accounting Standards | |
From time to time, the Financial Accounting Standards Board ("FASB") or other standards setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification ("ASC") are communicated through issuance of an Accounting Standards Update ("ASU"). Unless otherwise discussed, the Company believes that the impact of recently issued guidance, whether adopted or to be adopted in the future, is not expected to have a material impact on the condensed financial statements upon adoption. |
Note_3_Going_Concern
Note 3 - Going Concern | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 3 - Going Concern | Note 3 – Going Concern |
The Company’s financial statements have been prepared on a going concern basis that assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company’s ability to continue as a going concern depends on its ability to generate profitable operations in the future and, or, obtaining the necessary financing to meet its obligations and repay its liabilities when they come due. There is no assurance that these events will be satisfactorily completed. |
Note_4_Income_Taxes
Note 4 - Income Taxes | 12 Months Ended | ||
Dec. 31, 2014 | |||
Notes | |||
Note 4 - Income Taxes | Note 4 - Income Taxes | ||
Deferred income taxes arise from the temporary differences between financial statement and income tax recognition of net operating losses and other items. Loss carryovers are limited under the Internal Revenue Code should a significant change in ownership occur. The Company accounts for income taxes pursuant to ASC 740. | |||
Income taxes at federal and state statutory rates are reconciled to the Company’s actual income taxes as follows: | |||
31-Dec-14 | |||
Tax at federal statutory rate (15%) | $ 0 | ||
State income tax (5%) | 0 | ||
Book/tax permanent differences: | |||
Revenue estimates | 0 | ||
Expense estimates | -23,021 | ||
Tax rate estimate | 0 | ||
Income tax before operating loss carryforwards | -23,021 | ||
Net operating loss carryforward | 0 | ||
Income tax, net | ($23,021) |
Note_5_Fair_Value_of_Financial
Note 5 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 5 - Fair Value of Financial Instruments | Note 5 – Fair Value of Financial Instruments |
The Company has adopted the guidance of ASC 820, “Fair Value Measurement” which clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: | |
Level 1-Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. | |
Level 2-Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. | |
Level 3-Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information. | |
ASC 825, “Financial Instruments”, allows entities to voluntarily choose to measure certain financial assets and liabilities at fair value (fair value option). The fair value option may be elected on an instrument-by-instrument basis and is irrevocable, unless a new election date occurs. If the fair value option is elected for an instrument, unrealized gains and losses for that instrument should be reported in earnings at each subsequent reporting date. The Company has not elected to apply the fair value option to any outstanding instruments. | |
The Company’s financial instruments primarily consist of cash, accounts receivable, prepaid rent, customer deposits held, accounts and income taxes payable, accrued liabilities, customer deposits owed, deferred purchase agreement, derivative liabilities, and notes payable. Fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The carrying amount of cash, accounts receivable, prepaid rent, customer deposits held, accounts and income taxes payable, accrued liabilities, customer deposits owed and deferred purchase agreement approximate fair value because of the short-term nature of these financial instruments. The carrying amounts of its notes payable approximates fair value as of the condensed balance sheets dates presented, because interest rates on these instruments approximate market interest rates after consideration of stated interest rates. | |
The Company did not have any liabilities carried at fair value measured on a recurring basis as of December 31, 2014. |
Note_6_Intangible_Assets
Note 6 - Intangible Assets | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 6 - Intangible Assets | Note 6 – Intangible Assets |
On November 25, 2014, the Company purchased certain assets of EFH Group, Inc., a Wyoming corporation. The assets consist of various trademarks and license rights, rights to computer programming code and other intellectual property. | |
Prior to the purchase, the Company engaged an independent expert to appraise the assets as of July 31, 2014. Based on the asset appraisal, the assets will be held on the balance sheet at value of $157,500,000. The Company issued a total of 52,173,000 restricted common shares and 5,797,000 restricted Class B common shares as consideration for the EFH Wyoming asset purchase. |
Note_7_Stockholders_Equity
Note 7 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 7 - Stockholders' Equity | Note 7 – Stockholders’ Equity |
Common stock | |
Pursuant to the asset purchase agreement, the Company issued the 52,173,000 common shares and 5,797,000 Class B common shares to EFH Wyoming, a company controlled by an officer and director of the registrant. | |
The Class B common shares have the following rights and privileges: | |
Dividend rights - Fifty percent (50%) of the standard common share dividend | |
Liquidation rights - Fifty percent (50%) of standard common share liquidation rights | |
Exchange privileges - Exchangeable for standard common shares on a one for one basis | |
with thirty (30) days prior notice to the Company |
Note_8_Related_Party_Advances
Note 8 - Related Party Advances | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 8 - Related Party Advances | Note 8 – Related Party Advances |
EFH Group Inc., a Wyoming corporation, the majority shareholder of the registrant, advanced the registrant $13,991 during the year ended December 31, 2014. The advance is repayable upon demand and is without interest. |
Note_9_Subsequent_Events
Note 9 - Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 9 - Subsequent Events | Note 9 – Subsequent Events |
The Company launched Gateway, an internet service, on March 16, 2015. Gateway is a marketplace for independent financial services and, as such, it connects consumers with a network of financial providers across a range of financial products and services, including: insurance, tax, real estate, financial planning. Gateway operates the network and does not directly provide financial services to consumers, such services are provided by the independent financial providers that register on Gateway. | |
The Company has evaluated subsequent events through the date these condensed financial statements were available to be issued of April 14, 2015, and determined that there are no other reportable subsequent events. |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies: Use of Estimates (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Policies | |
Use of Estimates | Use of Estimates |
The preparation of financial statements in conformity with GAAP requires the Company to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of expenses during the periods presented. | |
The Company makes the estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements are prepared. Changes in estimates are recognized in accordance with the accounting rules for the estimate, which is typically in the period when new information becomes available. The Company believes that significant estimates, assumptions and judgments are reasonable, based upon information available at the time they are made. Actual results could differ from these estimates, making it possible that a change in these estimates could occur in the near term. |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies) | 12 Months Ended |
Dec. 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. |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies: Property and Equipment (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Policies | |
Property and Equipment | Property and equipment |
Property and equipment are recorded at cost and depreciated under straight line methods over each item's estimated useful life, generally seven years for furniture and fixtures and five years for office equipment. |
Note_2_Summary_of_Significant_4
Note 2 - Summary of Significant Accounting Policies: Revenue Recognition (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Policies | |
Revenue Recognition | Revenue recognition |
The Company recognizes revenue when upon receipt of the fees received for services rendered through its Gateway system. |
Note_2_Summary_of_Significant_5
Note 2 - Summary of Significant Accounting Policies: Income Tax (Policies) | 12 Months Ended |
Dec. 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. |
Note_2_Summary_of_Significant_6
Note 2 - Summary of Significant Accounting Policies: Net Income (loss) Per Share (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
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. |
Note_2_Summary_of_Significant_7
Note 2 - Summary of Significant Accounting Policies: Financial Instruments (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Policies | |
Financial Instruments | Financial Instruments |
The carrying value of the Company's financial instruments, as reported in the accompanying balance sheet, approximates fair value due to their short term maturities. |
Note_2_Summary_of_Significant_8
Note 2 - Summary of Significant Accounting Policies: Long-lived Assets (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
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. |
Note_2_Summary_of_Significant_9
Note 2 - Summary of Significant Accounting Policies: New Accounting Standards (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Policies | |
New Accounting Standards | New Accounting Standards |
From time to time, the Financial Accounting Standards Board ("FASB") or other standards setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification ("ASC") are communicated through issuance of an Accounting Standards Update ("ASU"). Unless otherwise discussed, the Company believes that the impact of recently issued guidance, whether adopted or to be adopted in the future, is not expected to have a material impact on the condensed financial statements upon adoption. |
Note_4_Income_Taxes_Schedule_o
Note 4 - Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Tables/Schedules | |||
Schedule of Components of Income Tax Expense (Benefit) | |||
31-Dec-14 | |||
Tax at federal statutory rate (15%) | $ 0 | ||
State income tax (5%) | 0 | ||
Book/tax permanent differences: | |||
Revenue estimates | 0 | ||
Expense estimates | -23,021 | ||
Tax rate estimate | 0 | ||
Income tax before operating loss carryforwards | -23,021 | ||
Net operating loss carryforward | 0 | ||
Income tax, net | ($23,021) |
Note_1_Nature_of_Operations_De
Note 1 - Nature of Operations (Details) (USD $) | Nov. 26, 2014 |
Details | |
Assets purchased value | $157,500,000 |
Common shares issued for asset purchase | 52,173,000 |
Class B common shares issued for asset purchase | 5,797,000 |
Note_4_Income_Taxes_Schedule_o1
Note 4 - Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Details) (USD $) | Dec. 31, 2014 |
Details | |
Tax at federal statutory rate (15%) | $0 |
State income tax (5%) | 0 |
Revenue estimates | 0 |
Expense estimates | -23,021 |
Tax rate estimate | 0 |
Income tax before operating loss carryforwards | -23,021 |
Unrecognized Tax Benefits Resulting in Net Operating Loss Carryforward | 0 |
Income tax, net | ($23,021) |
Note_6_Intangible_Assets_Detai
Note 6 - Intangible Assets (Details) (USD $) | Nov. 26, 2014 |
Details | |
Assets purchased value | $157,500,000 |
Common shares issued for asset purchase | 52,173,000 |
Class B common shares issued for asset purchase | 5,797,000 |
Note_7_Stockholders_Equity_Det
Note 7 - Stockholders' Equity (Details) | Nov. 26, 2014 |
Details | |
Common shares issued for asset purchase | 52,173,000 |
Class B common shares issued for asset purchase | 5,797,000 |
Note_8_Related_Party_Advances_
Note 8 - Related Party Advances (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Details | |
Proceeds from Related Party Debt | $13,991 |