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Note 1 - The Company
9 Months Ended
Jul. 31, 2014
Notes  
Note 1 - The Company

NOTE 1 -THE COMPANY

 

AFH Acquisition X, Inc., a development stage company (the “Company”), was incorporated under the laws of the State of Delaware on October 18, 2007.  The Company is majority owned by AFH Holding & Advisory, LLC (the “Parent”).  The unaudited condensed financial statements presented represent only those transactions of AFH Acquisition X, 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 unaudited condensed financial statements of AFH Acquisition X, 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 balance sheet information as of October 31, 2013 was derived from the audited financial statements included in Form 10-K. These condensed financial statements should be read in conjunction with the annual audited financial statements and the notes thereto included in the Company’s annual report on Form 10-K for the year ended October 31, 2013, 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.

 

In August of 2012, the Company’s majority shareholder, AFH Holding & Advisory, LLC, entered into a Letter of Intent (“LOI”) with Bone Biologics, Inc. to consummate a business combination through a share exchange, reverse merger, or other similar transaction. In August, 2013, the LOI was amended and restated, and on May 7, 2014, the LOI was again amended and restated. AFH Holding & Advisory, LLC has identified AFH Acquisition X, Inc. as the entity for the business combination.

 

Under the amended LOI, it is contemplated that AFH Acquisition X, Inc. (the “Company”) will enter into an Agreement and Plan of Merger, (the “Merger Agreement”), by and among (i) the Company, (ii) Bone Biologics, Inc. (“Bone”), and (iii) a merger subsidiary.  It is contemplated that Bone will merge with the merger subsidiary, with Bone as the surviving entity, in exchange for all the issued and outstanding shares of the Company’s common stock, to the stockholders of Bone. After the Merger, the Company will cease to be a shell company, as defined in the rules of the SEC, and the Company is expected to change its name to “Bone Biologics, Corp.”  The 5,000,000 outstanding shares of Common Stock of the Company prior to the Merger will be consolidated into 3,853,600 shares of Common Stock and the remaining shares will be cancelled.