0001493152-13-001183.txt : 20130614 0001493152-13-001183.hdr.sgml : 20130614 20130614162840 ACCESSION NUMBER: 0001493152-13-001183 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20130430 FILED AS OF DATE: 20130614 DATE AS OF CHANGE: 20130614 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AFH ACQUISITION VI, INC. CENTRAL INDEX KEY: 0001420034 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 383766185 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-53074 FILM NUMBER: 13914565 BUSINESS ADDRESS: STREET 1: C/O AMIR FARROKH HESHMATPOUR STREET 2: 9595 WILSHIRE BLVD., SUITE 900 CITY: BEVERLY HILLS STATE: CA ZIP: 90212 BUSINESS PHONE: 310-300-3431 MAIL ADDRESS: STREET 1: C/O AMIR FARROKH HESHMATPOUR STREET 2: 9595 WILSHIRE BLVD., SUITE 900 CITY: BEVERLY HILLS STATE: CA ZIP: 90212 10-Q 1 form10q.htm QUARTERLY REPORT Form 10Q

 

 

 

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended April 30, 2013

 

OR

 

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ________ to ________

 

Commission file number 000-53074

 

AFH ACQUISITION VI, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware   38-3766185
(State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification Number)

 

9595 Wilshire Blvd., Suite 700, Beverly Hills, CA 90212

(Address of principal executive offices)

 

(310) 492-9898

(Registrant’s telephone number, including area code)

 

No change

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [  ].

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

[X] Yes [  ] No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

  Large accelerated filer [  ] Accelerated filer [  ]
  Non-accelerated filer [  ] Smaller reporting company [X]
  (Do not check if a smaller reporting company)  

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [X] No [  ].

 

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING

THE PRECEDING FIVE YEARS:

 

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes [  ] No [  ].

 

APPLICABLE ONLY TO CORPORATE ISSUERS:

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 5,000,000 shares of common stock, par value $.001 per share, outstanding as of June 14, 2013.

 

 

  

 
 

 

AFH ACQUISITION VI, Inc.

- INDEX -

 

        Page
         
PART I – FINANCIAL INFORMATION:    
         
Item 1.   Financial Statements:   3
         
    Condensed Balance Sheets at April 30, 2013 and October 31, 2012 (Unaudited)   F-1
         
    Condensed Statements of Changes in Stockholder’s Deficit for the Period from Date of Inception (September 24, 2007) through April 30, 2013 (Unaudited)   F-2
         
    Condensed Statements of Operations for the Three and Six Months Ended April 30, 2013 and 2012 and for the Period from Date of Inception (September 24, 2007)  through April 30, 2013 (Unaudited)   F-3
         
    Condensed Statements of Cash Flows for the Six Months Ended April 30, 2013 and 2012 and for the Period from Date of Inception (September 24, 2007) through April 30, 2013 (Unaudited)   F-4
         
    Notes to Condensed Financial Statements (Unaudited)   F-5 - F8
         
Item 2.   Management’s Discussion and Analysis of Financial Condition and Results of Operations   5
         
Item 3.   Quantitative and Qualitative Disclosures about Market Risk   6
         
Item 4.   Controls and Procedures   6
         
PART II – OTHER INFORMATION:    
         
Item 1.   Legal Proceedings   7
         
Item 1A.   Risk Factors   7
         
Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds   7
         
Item 3.   Defaults Upon Senior Securities   7
         
Item 4.   Mine Safety Disclosures   7
         
Item 5.   Other Information   7
         
Item 6.   Exhibits   7
         
Signatures     8

 

2
 

 

PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements.

 

AFH ACQUISITION VI, INC.

(A DEVELOPMENT STAGE COMPANY)

(A DELAWARE CORPORATION)

Beverly Hills, CA

 

FINANCIAL REPORTS
AT
APRIL 30, 2013

 

3
 

 

AFH ACQUISITION vI INC.

(A Development Stage Company)

(A DELAWARE Corporation)

Beverly Hills, CA

 

TABLE OF CONTENTS   Page
     
Condensed Balance Sheets at April 30, 2013 and October 31, 2012 (Unaudited)   F-1
     
Condensed Statements of Changes in Stockholder’s Deficit for the Period from Date of Inception (September 24, 2007) through April 30, 2013 (Unaudited)   F-2
     
Condensed Statements of Operations for the Three and Six Months Ended April 30, 2013 and 2012 and for the Period from Date of Inception (September 24, 2007)  through April 30, 2013 (Unaudited)   F-3
     
Condensed Statements of Cash Flows for the Six Months Ended April 30, 2013 and 2012 and for the Period from Date of Inception (September 24, 2007) through April 30, 2013 (Unaudited)   F-4
     
Notes to Condensed Financial Statements (Unaudited)   F-5 - F8

 

4
 

 

AFH ACQUISITION VI, INC.

(A DEVELOPMENT STAGE COMPANY)

(A DELAWARE CORPORATION)

Beverly Hills, CA

 

Condensed Balance Sheets at April 30, 2013 and October 31, 2012 (Unaudited)

 

 

   April 30, 2013  October 31, 2012
       
ASSETS          
Cash and Cash Equivalents   —      —   
           
Total Assets  $—     $—   
           
LIABILITIES AND STOCKHOLDER’S DEFICIT          
           
Liabilities          
Accrued Expenses  $7,125   $4,494 
Due to Parent   21,840    21,440 
           
Total Liabilities   28,965    25,934 
           
Stockholder’s 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   (53,965)   (50,934)
           
Total Stockholder’s Deficit   (28,965)   (25,934)
           
Total Liabilities and Stockholder’s Deficit  $—     $—   

 

The accompanying notes are an integral part of these condensed financial statements.

 

F-1
 

  

AFH ACQUISITION VI, INC.

(A DEVELOPMENT STAGE COMPANY)

(A DELAWARE CORPORATION)

Beverly Hills, CA

 

Condensed Statement of Changes in Stockholder’s Deficit for the Period from
Date of Inception (September 24, 2007) through April 30, 2013 (Unaudited)

 

 

               Deficit   
               Accumulated   
   Common Stock  Additional  Stock  During  Total
   Number     Paid-In  Subscription  Development  Stockholder’s
   of Shares  Value  Capital  Receivable  Stage  Deficit
                   
Balance - September 24, 2007   —     $—     $—     $—     $—     $—   
                               
Common Stock Issued for Cash   5,000,000    5,000    20,000    (4,900)   —      20,100 
                               
Net Loss for the Period   —      —      —      —      (21,853)   (21,853)
                               
Balance - October 31, 2007   5,000,000    5,000    20,000    (4,900)   (21,853)   (1,753)
                               
Cash Received for Stock Subscriptions   —      —      —      4,900    —      4,900 
                               
Net Loss for the Period   —      —      —      —      (7,592)   (7,592)
                               
Balance - October 31, 2008   5,000,000    5,000    20,000    —      (29,445)   (4,445)
                               
Net Loss for the Period   —      —      —      —      (7,467)   (7,467)
                               
Balance - October 31, 2009   5,000,000    5,000    20,000    —      (36,912)   (11,912)
                               
Net Loss for the Period   —      —      —      —      (3,571)   (3,571)
                               
Balance - October 31, 2010   5,000,000    5,000    20,000    —      (40,483)   (15,483)
                               
Net Loss for the Period   —      —      —      —      (4,820)   (4,820)
                               
Balance - October 31, 2011   5,000,000    5,000    20,000    —      (45,303)   (20,303)
                               
Net Loss for the Period   —      —      —      —      (5,631)   (5,631)
                               
Balance - October 31, 2012   5,000,000    5,000    20,000    —      (50,934)   (25,934)
                               
Net Loss for the Period   —      —      —      —      (3,031)   (3,031)
                               
Balance - April 30, 2013   5,000,000   $5,000   $20,000   $—     $(53,965)  $(28,965)

 

The accompanying notes are an integral part of these condensed financial statements.

 

F-2
 

 

AFH ACQUISITION VI, INC.

(A DEVELOPMENT STAGE COMPANY)

(A DELAWARE CORPORATION)

Beverly Hills, CA

 

Condensed Statements of Operations for the Three and Six Months Ended April 30, 2013 and
2012 and for the Period from Date of Inception (September 24, 2007)  through April 30, 2013 (Unaudited)

 

 

               Period From
               Date of Inception
   For the Three Months Ended  For the Six Months Ended  (September 24, 2007)
   April 30,  April 30,  Through
   2013  2012  2013  2012  April 30, 2013
                
Revenues  $—     $—     $—     $—     $—   
                          
Expenses                         
Consulting  $—     $—     $—     $—     $1,704 
Interest   —      —      —      —      15 
Legal and Professional   1,043    1,750    2,631    3,106    49,073 
Office Expenses   —      —      —      —      811 
Organizational Costs   —      —      —      —      962 
                          
Total Expenses  $1,043   $1,750   $2,631   $3,106   $52,565 
                          
Net Loss for the Period Before Taxes  $(1,043)  $(1,750)  $(2,631)  $(3,106)  $(52,565)
                          
Franchise Tax   400    400    400    400    1,400 
                          
Net Loss for the Period After Taxes  $(1,443)  $(2,150)  $(3,031)  $(3,506)  $(53,965)
                          
Loss per Share - Basic and Diluted  $(0.00)  $(0.00)  $(0.00)  $(0.00)  $(0.01)
                          
Weighted Average Common Shares Outstanding   5,000,000    5,000,000    5,000,000    5,000,000    5,000,000 

 

The accompanying notes are an integral part of these condensed financial statements.

 

F-3
 

 

AFH ACQUISITION VI, INC.

(A DEVELOPMENT STAGE COMPANY)

(A DELAWARE CORPORATION)

Beverly Hills, CA

 

Condensed Statements of Cash Flows for the Six Months Ended April 30, 2013 and
2012 and for the Period from Date of Inception (September 24, 2007) through April 30, 2013 (Unaudited)

 

 

         Period From
         Date of Inception
   For the Six Months Ended  (September 24, 2007)
   April 30,  Through
   2013  2012  April 30, 2013
          
Cash Flows from Operating Activities               
Net Loss for the Period  $(3,031)  $(3,506)  $(53,965)
                
Changes in Assets and Liabilities:               
Accrued Expenses   2,631    3,506    7,125 
                
Net Cash Flows from Operating Activities   (400)   —      (46,840)
                
Net Cash Flows from Investing Activities   —      —      —   
                
Cash Flows from Financing Activities               
Cash Advance by (Repayment to) Parent   400    —      21,840 
Cash Proceeds from Stock Subscriptions   —      —      4,900 
Cash Proceeds from Sale of Stock   —      —      20,100 
                
Net Cash Flows from Financing Activities   400    —      46,840 
                
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 accompanying notes are an integral part of these condensed financial statements.

  

F-4
 

 

AFH ACQUISITION VI, INC.

(A Development Stage Company)

(A DELAWARE Corporation)

Beverly Hills, CA

 

NOTES TO Condensed FINANCIAL STATEMENTS (UNAUDITED)

 

Note A -   The Company
     
    AFH Acquisition VI, Inc., a development stage company (the “Company”), was incorporated under the laws of the State of Delaware on September 24, 2007. The Company is 100% owned by AFH Holding & Advisory, LLC (the “Parent”). The financial statements presented represent only those transactions of AFH Acquisition VI, 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 VI, 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 consolidated balance sheet information as of October 31, 2012 was derived from the audited consolidated financial statements included in Form 10-K. These condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and the notes thereto included in the Company’s annual report on Form 10-K for the year ended October 31, 2012, 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 indicative 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.
     
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.

 

- continued -

 

F-5
 

 

AFH ACQUISITION VI, INC.

(A Development Stage Company)

(A DELAWARE Corporation)

Beverly Hills, CA

 

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

 

Note B -   Summary of Significant Accounting Policies – continued
     
    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.

 

F-6
 

 

AFH ACQUISITION VI, INC.

(A Development Stage Company)

(A DELAWARE Corporation)

Beverly Hills, CA

 

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

 

Note B -   Summary of Significant Accounting Policies – continued
     
    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.
     
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.
     
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 $53,965 at April 30, 2013.
     
    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.

 

F-7
 

 

AFH ACQUISITION VI, INC.

(A Development Stage Company)

(A DELAWARE Corporation)

Beverly Hills, CA

 

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

 

Note E -   Due to Parent
     
    Due to parent represents cash advances from AFH Holding & Advisory LLC. AFH Holding & Advisory LLC is the sole shareholder of the Company. There are no repayment terms.

 

F-8
 

 

Item 2. Management’s Discussion and Analysis or Plan of Operation.

 

Plan of Operation

 

The Company has not restricted its search for any specific kind of businesses, and it may acquire a business which is in its preliminary or development stage, which is already in operation, or in essentially any stage of its business life. It is impossible to predict the status of any business in which the Company may become engaged, in that such business may need to seek additional capital, may desire to have its shares publicly traded, or may seek other perceived advantages which the Company may offer.

 

In implementing a structure for a particular business acquisition, the Company may become a party to a merger, consolidation, reorganization, joint venture, or licensing agreement with another corporation or entity.

 

It is anticipated that any securities issued in any such business combination would be issued in reliance upon exemption from registration under applicable federal and state securities laws. In some circumstances, however, as a negotiated element of its transaction, the Company may agree to register all or a part of such securities immediately after the transaction is consummated or at specified times thereafter. If such registration occurs, it will be undertaken by the surviving entity after the Company has entered into an agreement for a business combination or has consummated a business combination. The issuance of additional securities and their potential sale into any trading market which may develop in the Company’s securities may depress the market value of the Company’s securities in the future if such a market develops, of which there is no assurance. However, if the Company cannot effect a non-cash acquisition, the Company may have to raise funds from a private offering of its securities under Rule 506 of Regulation D. There is no assurance the Company would obtain any such equity funding.

 

The Company will participate in a business combination only after the negotiation and execution of appropriate agreements. Negotiations with a target company will likely focus on the percentage of the Company which the target company shareholders would acquire in exchange for their shareholdings.

 

Although the terms of such agreements cannot be predicted, generally such agreements will require certain representations and warranties of the parties thereto, will specify certain events of default, will detail the terms of closing and the conditions which must be satisfied by the parties prior to and after such closing and will include miscellaneous other terms. Any merger or acquisition effected by the Company can be expected to have a significant dilutive effect on the percentage of shares held by the Company’s shareholders at such time.

 

Results of Operations

 

The Company has not conducted any active operations since inception, except for its efforts to locate suitable acquisition candidates. No revenue has been generated by the Company from September 24, 2007 (inception) to April 30, 2013. It is unlikely the Company will have any revenues unless it is able to effect an acquisition or merger with an operating company, of which there can be no assurance.

 

Expenses incurred since inception are primarily due to legal, accounting, and other professional service fees.

 

Liquidity and Capital Resources

 

At April 30, 2013, the Company had no capital resources and will rely upon the issuance of common stock and additional capital contributions from shareholders to fund administrative expenses pending acquisition of an operating company.

 

5
 

 

Management anticipates seeking out a target company through solicitation. Such solicitation may include newspaper or magazine advertisements, mailings and other distributions to law firms, accounting firms, investment bankers, financial advisors and similar persons, the use of one or more World Wide Web sites and similar methods. No estimate can be made as to the number of persons who will be contacted or solicited. Management may engage in such solicitation directly or may employ one or more other entities to conduct or assist in such solicitation. Management and its affiliates will pay referral fees to consultants and others who refer target businesses for mergers into public companies in which management and its affiliates have an interest. Payments are made if a business combination occurs, and may consist of cash or a portion of the stock in the Company retained by management and its affiliates, or both.

 

The Company and/or shareholders will supervise the search for target companies as potential candidates for a business combination. The Company and/or shareholders may pay as their own expenses any costs incurred in supervising the search for a target company. The Company and/or shareholders may enter into agreements with other consultants to assist in locating a target company and may share stock received by it or cash resulting from the sale of its securities with such other consultants.

 

Due to the uncertainty of our ability to meet our operational expenses, in their report on our audited financial statements as of and for the years ended October 31, 2012 and 2011, our independent auditors included an explanatory paragraph regarding concerns about our ability to continue as a going concern. Our financial statements contain additional note disclosures describing the circumstances that led to this disclosure by our independent auditors. There is substantial doubt about our ability to continue as a going concern as we have losses for the six months ended April 30, 2013 totaling $3,031 as well as an accumulated deficit since inception amounting to $53,965 and negative working capital of $53,965.

 

Off-Balance Sheet Arrangements

 

The Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

 

Item 3. Quantitative and qualitative Disclosures About Market Risk

 

Not applicable.

 

Item 4. Controls and Procedures.

 

Evaluation of Disclosure Controls and Procedures

 

Our Principal Executive Officer and Principal Financial Officer evaluated the effectiveness of our disclosure controls and procedures as of April 30, 2013. Based on that evaluation, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures as of the end of the period covered by this report were effective such that the information required to be disclosed by us in reports filed under the Securities Exchange Act of 1934 is (i) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) accumulated and communicated to the Principal Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding disclosure.

 

Changes in Internal Controls.

 

There have been no significant changes to the Company’s internal controls over financial reporting that occurred during our last fiscal quarter ended April 30, 2013, that materially affected, or were reasonably likely to materially affect, our internal controls over financial reporting.

 

6
 

 

PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

None

 

Item 1A. Risk Factors

 

As a smaller reporting company we are not required to provide this information.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

None

 

Item 3. Defaults Upon Senior Securities.

 

None

 

Item 4. Mine Safety Disclosures.

 

Not Applicable

 

Item 5. Other Information.

 

None

 

Item 6. Exhibits.

 

(a) Exhibits required by Item 601 of Regulation S-K.

 

Exhibit   Description
     
*3.1   Certificate of Incorporation, as filed with the Delaware Secretary of State on September 24, 2007 .
     
*3.2   By-Laws.
     
31.1   Certification of the Company’s Principal Executive and Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, with respect to the registrant’s Report on Form 10-Q for the quarter ended April 30, 2013.
     
32.1   Certification of the Company’s Principal Executive and Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
101.INS   XBRL Instance Document
     
101.SCH   XBRL Taxonomy Extension Schema Document
     
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document
     
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document
     
101.LAB   XBRL Taxonomy Extension Label Linkbase Document
     
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document

 

* Filed as an exhibit to the Company’s Registration Statement on Form 10-SB , as filed with the SEC on February 1, 2008, and incorporated herein by this reference.

 

7
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Dated: June 14, 2013 AFH Acquisition VI, Inc.
     
  By: /s/ Amir F. Heshmatpour
    Amir F. Heshmatpour
    President and Sole Director
    Principal Executive Officer
    Principal Financial Officer

 

8
 

 

 

EX-31.1 2 ex31-1.htm Exhibit 31.1

 

Exhibit 31.1

 

Certification of Principal Executive Officer and Principal Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

and Securities and Exchange Commission Release 34-46427

 

I, Amir F. Heshmatpour, certify that:

 

1. I have reviewed this report on Form 10-Q of AFH Acquisition VI, Inc.

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. As the registrant’s Principal Executive officer and Principal Financial Officer, I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and I have:.

 

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

 

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d) disclosed in this report any change in registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

 

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

  /s/ Amir F. Heshmatpour
Date: June 14, 2013 Amir F. Heshmatpour
  Principal Executive Officer
  Principal Financial Officer

 

 
 

 

EX-32.1 3 ex32-1.htm Exhibit 32.1

 

Exhibit 32.1

 

Certification of Principal Executive Officer and Principal Financial Officer

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

 

In connection with the Report of AFH Acquisition VI, Inc. (the “Company”) on Form 10-Q for the period ended April 30, 2013 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Amir F. Heshmatpour, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

  /s/ Amir F. Heshmatpour
  Amir F. Heshmatpour
  Principal Executive Officer
  Principal Financial Officer
  June 14, 2013

 

 
 

 

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Balance at Sep. 23, 2007               
Balance, shares at Sep. 23, 2007           
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Common Stock Issued for Cash, shares 5,000,000        
Net Loss for the Period        (21,853) (21,853)
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Balance, shares at Oct. 31, 2007 5,000,000        
Cash Received for Stock Subscriptions     4,900    4,900
Net Loss for the Period        (7,592) (7,592)
Balance at Oct. 31, 2008 5,000 20,000    (29,445) (4,445)
Balance, shares at Oct. 31, 2008 5,000,000        
Net Loss for the Period        (7,467) (7,467)
Balance at Oct. 31, 2009 5,000 20,000    (36,912) (11,912)
Balance, shares at Oct. 31, 2009 5,000,000        
Net Loss for the Period        (3,571) (3,571)
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Balance, shares at Oct. 31, 2010 5,000,000        
Net Loss for the Period        (4,820) (4,820)
Balance at Oct. 31, 2011 5,000 20,000    (45,303) (20,303)
Balance, shares at Oct. 31, 2011 5,000,000        
Net Loss for the Period       (5,631) (5,631)
Balance at Oct. 31, 2012 5,000 20,000    (50,934) (25,934)
Balance, shares at Oct. 31, 2012 5,000,000        
Cash Received for Stock Subscriptions           
Net Loss for the Period          (3,031) (3,031)
Balance at Apr. 30, 2013 $ 5,000 $ 20,000    $ (53,965) $ (28,965)
Balance, shares at Apr. 30, 2013 5,000,000        
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Going Concern
6 Months Ended
Apr. 30, 2013
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 $53,965 at April 30, 2013.
     
    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.

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XML 13 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Statement of Cash Flows (Unaudited) (USD $)
6 Months Ended 67 Months Ended
Apr. 30, 2013
Apr. 30, 2012
Apr. 30, 2013
Cash Flows from Operating Activities      
Net Loss for the Period $ (3,031) $ (3,506) $ (53,965)
Changes in Assets and Liabilities:      
Accrued Expenses 2,631 3,506 7,125
Net Cash Flows from Operating Activities (400) 0 (46,840)
Net Cash Flows from Investing Activities 0 0 0
Cash Flows from Financing Activities      
Cash Advance by (Repayment to) Parent 400    21,840
Cash Proceeds from Stock Subscriptions       4,900
Cash Proceeds from Sale of Stock       20,100
Net Cash Flows from Financing Activities 400 0 46,840
Net Change in Cash and Cash Equivalents 0 0 0
Cash and Cash Equivalents - Beginning of Period 0 0 0
Cash and Cash Equivalents - End of Period 0 0 0
Cash Paid During the Period for:      
Interest         
Income Taxes         
XML 14 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary of Significant Accounting Policies
6 Months Ended
Apr. 30, 2013
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.

XML 15 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Due to Parent
6 Months Ended
Apr. 30, 2013
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 sole shareholder of the Company. There are no repayment terms.

XML 16 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Equity Securities
6 Months Ended
Apr. 30, 2013
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.

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(Policies) false false R13.htm 0013 - Disclosure - Going Concern (Details Narrative) Sheet http://AFHACQVI/role/GoingConcernDetailsNarrative Going Concern (Details Narrative) false false All Reports Book All Reports Process Flow-Through: 0002 - Statement - Condensed Balance Sheets (Unaudited) Process Flow-Through: Removing column 'Apr. 30, 2012' Process Flow-Through: Removing column 'Oct. 31, 2011' Process Flow-Through: Removing column 'Oct. 31, 2010' Process Flow-Through: Removing column 'Oct. 31, 2009' Process Flow-Through: Removing column 'Oct. 31, 2008' Process Flow-Through: Removing column 'Oct. 31, 2007' Process Flow-Through: Removing column 'Sep. 23, 2007' Process Flow-Through: 0003 - Statement - Condensed Balance Sheets (Unaudited) (Parenthetical) Process Flow-Through: 0005 - Statement - Condensed Statements of Operations (Unaudited) Process Flow-Through: Removing column '1 Months Ended Oct. 31, 2007' Process Flow-Through: Removing column '12 Months Ended Oct. 31, 2012' Process Flow-Through: Removing column '12 Months Ended Oct. 31, 2011' Process Flow-Through: Removing column '12 Months Ended Oct. 31, 2010' Process Flow-Through: Removing column '12 Months Ended Oct. 31, 2009' Process Flow-Through: Removing column '12 Months Ended Oct. 31, 2008' Process Flow-Through: 0006 - Statement - Condensed Statement of Cash Flows (Unaudited) Process Flow-Through: Removing column '12 Months Ended Oct. 31, 2012' afhacqvi-20130430.xml afhacqvi-20130430.xsd afhacqvi-20130430_cal.xml afhacqvi-20130430_def.xml afhacqvi-20130430_lab.xml afhacqvi-20130430_pre.xml true true XML 20 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Balance Sheets (Unaudited) (Parenthetical) (USD $)
Apr. 30, 2013
Oct. 31, 2012
Statement of Financial Position [Abstract]    
Preferred Stock, par value $ 0.001 $ 0.001
Preferred Stock, shares authorized 20,000,000 20,000,000
Preferred Stock, shares issued 0 0
Preferred Stock, shares outstanding 0 0
Common Stock, par value $ 0.001 $ 0.001
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
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Condensed Statements of Operations (Unaudited) (USD $)
3 Months Ended 6 Months Ended 67 Months Ended
Apr. 30, 2013
Apr. 30, 2012
Apr. 30, 2013
Apr. 30, 2012
Apr. 30, 2013
Income Statement [Abstract]          
Revenues               
Expenses          
Consulting             1,704
Interest             15
Legal and Professional 1,043 1,750 2,631 3,106 49,073
Office Expenses             811
Organizational Costs             962
Total Expenses 1,043 1,750 2,631 3,106 52,565
Net Loss for the Period Before Taxes (1,043) (1,750) (2,631) (3,106) (52,565)
Franchise Tax 400 400 400 400 1,400
Net Loss for the Period After Taxes $ (1,443) $ (2,150) $ (3,031) $ (3,506) $ (53,965)
Loss per Share - Basic and Diluted $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ (0.01)
Weighted Average Common Shares Outstanding 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000
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Condensed Balance Sheets (Unaudited) (USD $)
Apr. 30, 2013
Oct. 31, 2012
ASSETS    
Cash and Cash Equivalents $ 0 $ 0
Total Assets 0 0
Liabilities    
Accrued Expenses 7,125 4,494
Due to Parent 21,840 21,440
Total Liabilities 28,965 25,934
Stockholder's 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 (53,965) (50,934)
Total Stockholder's Deficit (28,965) (25,934)
Total Liabilities and Stockholder's Deficit $ 0 $ 0
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Going Concern (Details Narrative) (USD $)
Apr. 30, 2013
Going Concern  
Accumulated deficit $ 53,965
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Summary of Significant Accounting Policies (Policies)
6 Months Ended
Apr. 30, 2013
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.

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The Company
6 Months Ended
Apr. 30, 2013
Company  
The Company

Note A -   The Company
     
    AFH Acquisition VI, Inc., a development stage company (the “Company”), was incorporated under the laws of the State of Delaware on September 24, 2007. The Company is 100% owned by AFH Holding & Advisory, LLC (the “Parent”). The financial statements presented represent only those transactions of AFH Acquisition VI, 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 VI, 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 consolidated balance sheet information as of October 31, 2012 was derived from the audited consolidated financial statements included in Form 10-K. These condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and the notes thereto included in the Company’s annual report on Form 10-K for the year ended October 31, 2012, 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 indicative 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.

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Document and Entity Information
6 Months Ended
Apr. 30, 2013
Jun. 14, 2013
Document And Entity Information    
Entity Registrant Name AFH ACQUISITION VI, INC.  
Entity Central Index Key 0001420034  
Document Type 10-Q  
Document Period End Date Apr. 30, 2013  
Amendment Flag false  
Current Fiscal Year End Date --10-31  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   5,000,000
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2013