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Document and Entity Information
6 Months Ended
Apr. 30, 2012
Jun. 14, 2012
Document And Entity Information
Entity Registrant Name AFH Acquisition V, Inc.
Entity Central Index Key 0001420033
Document Type 10-Q
Document Period End Date Apr 30, 2012
Amendment Flag false
Current Fiscal Year End Date --10-31
Is Entity a Well-known Seasoned Issuer? No
Is Entity a Voluntary Filer? No
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 2012
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BALANCE SHEETS (Unaudited) (USD $)
Apr. 30, 2012
Oct. 31, 2011
ASSETS
Cash and Cash Equivalents $ 0 $ 0
Total Assets 0 0
Liabilities
Accrued Expenses 8,396 4,920
Due to Parent 15,575 15,475
Total Liabilities 23,971 20,395
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 (48,971) (45,395)
Total Stockholder's Deficit (23,971) (20,395)
Total Liabilities and Stockholder's Deficit $ 0 $ 0
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BALANCE SHEETS (Parenthetical) (USD $)
Apr. 30, 2012
Oct. 31, 2011
Balance Sheets
Preferred Stock, par value $ 0.001 $ 0.001
Preferred Stock, shares authorized 20,000,000 20,000,000
Preferred Stock, shares issued      
Preferred Stock, shares outstanding      
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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STATEMENTS OF CHANGES IN STOCKHOLDER'S DEFICIT (Unaudited) (USD $)
Common Stock
Treasury Stock
Additional Paid-In Capital
Stock Subscripton Receivable
Deficit Accumulated During Development Stage
Total
Balance - Beginning at Sep. 24, 2007
Common Stock Issued for Cash $ 5,000 $ 20,000 $ (4,900)    $ 20,100
Common Stock Issued for Cash shares 5,000,000
Net Loss (21,853) (21,853)
Balance - Ending at Oct. 31, 2007 5,000 20,000 (4,900) (21,853) (1,753)
Balance - Ending, shares at Oct. 31, 2007 5,000,000
Cash Received for Stock Subscriptions 4,900 4,900
Net Loss (7,546) (7,546)
Balance - Ending at Oct. 31, 2008 5,000 20,000    (29,399) (4,399)
Balance - Ending, shares at Oct. 31, 2008 5,000,000
Net Loss (7,242) (7,242)
Balance - Ending at Oct. 31, 2009 5,000 20,000    (36,641) (11,641)
Balance - Ending, shares at Oct. 31, 2009 5,000,000
Net Loss (3,834) (3,834)
Balance - Ending at Oct. 31, 2010 5,000 20,000    (40,475) (15,475)
Balance - Ending, shares at Oct. 31, 2010 5,000,000 5,000,000
Net Loss (4,920) (4,920)
Balance - Ending at Oct. 31, 2011 5,000 20,000    (45,395) (20,395)
Balance - Ending, shares at Oct. 31, 2011 5,000,000 5,000,000
Treasury Stock (100,000)
Retirement of Treasury Stock (2,500) 100,000 (97,500)
Retirement of Treasury Stock, shares (2,500,000)
Issuance of Shares for Cash Held by Parent 2,500 97,500
Issuance of Shares for Cash Held by Parent, shares 2,500,000
Net Loss (3,576) (3,576)
Balance - Ending at Apr. 30, 2012 $ 5,000    $ 20,000    $ (48,971) $ (23,971)
Balance - Ending, shares at Apr. 30, 2012 5,000,000 5,000,000
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STATEMENTS OF OPERATIONS (USD $)
3 Months Ended 6 Months Ended 55 Months Ended
Apr. 30, 2012
Apr. 30, 2011
Apr. 30, 2012
Apr. 30, 2011
Apr. 30, 2012
Income Statement [Abstract]
Revenues               
Expenses
Consulting             1,696
Interest             15
Legal and Professional 1,700 802 3,056 2,077 44,500
Office Expenses 100    120    798
Organizational Costs             962
Total Expenses 1,800 802 3,176 2,077 47,971
Net Loss for the Period Before Taxes (1,800) (802) (3,176) (2,077) (47,971)
Franchise Tax 400 400 400 400 1,000
Net Loss for the Period After Taxes $ (2,200) $ (1,202) $ (3,576) $ (2,477) $ (48,971)
Loss per Share - Basic and Diluted $ 0 $ 0 $ 0 $ 0 $ (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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STATEMENTS OF CASH FLOWS (USD $)
6 Months Ended 55 Months Ended
Apr. 30, 2012
Apr. 30, 2012
Statement of Cash Flows [Abstract]
Net Loss for the Period $ (3,576) $ (48,971)
Prepaid Expenses      
Accrued Expenses 3,476 8,396
Net Cash Flows from Operating Activities (100) (40,575)
Net Cash Flows from Investing Activities      
Cash Advance by (Repayment to) Parent 100 15,575
Cash Proceeds from Stock Subscriptions    4,900
Cash Proceeds from Sale of Stock    20,100
Net Cash Flows from Financing Activities 100 40,575
Net Change in Cash and Cash Equivalents      
Cash and Cash Equivalents - Beginning of Period 0   
Cash and Cash Equivalents - End of Period 0 0
Interest      
Income Taxes      
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The Company
6 Months Ended
Apr. 30, 2012
Company
The Company
Note A -
The Company
 
AFH Acquisition V, 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 V, 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 combinationthrough 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 V, 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. These condensed financial statements should be read in conjunction with the annual audited financial statements and the notes thereto included in the Company’s registration statement on Form 10-K, 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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Summary of Significant Accounting Policies
6 Months Ended
Apr. 30, 2012
Summary Of Significant Accounting Policies
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.
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Equity Securities
6 Months Ended
Apr. 30, 2012
Equity Securities
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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Going Concern
6 Months Ended
Apr. 30, 2012
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 $48,971 at April 30, 2012.
   
 
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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Due to Parent
6 Months Ended
Apr. 30, 2012
Due To Parent
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.
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