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--01-31
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<div></div>
<div>
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<tr style="vertical-align: top">
<td style="width: 45pt">
<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: bold 10pt Times New Roman">Note B -</font></div>
</td>
<td>
<div style="text-align: justify"><font style="display: inline; font: bold 10pt Times New Roman">Summary of Significant Accounting Policies</font></div>
</td>
</tr></table>
</div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" style="font: 10pt times new roman; width: 100%; font-size: 10pt; font-family: times new roman">
<tr style="vertical-align: top">
<td style="width: 44.6pt">
<div><font style="display: inline; font: 10pt Times New Roman">  </font></div>
</td>
<td>
<div style="text-align: justify"><font style="display: inline; font: bold 10pt Times New Roman">Method of Accounting</font></div>
</td>
</tr></table>
</div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" style="font: 10pt times new roman; width: 100%; font-size: 10pt; font-family: times new roman">
<tr style="vertical-align: top">
<td style="width: 44.6pt">
<div><font style="display: inline; font: 10pt Times New Roman">  </font></div>
</td>
<td>
<div style="text-align: justify"><font style="display: inline; font: 10pt Times New Roman">The Company maintains its books and prepares its financial statements on the accrual basis of accounting.</font></div>
<div style="text-align: justify"> </div></td></tr></table></div>
<div><div style="text-indent: 0pt; display: block"><div><table align="center" border="0" cellpadding="0" cellspacing="0" style="font: 10pt times new roman; width: 100%; font-size: 10pt; font-family: times new roman"><tr style="vertical-align: top"><td><div style="text-align: justify"><font style="display: inline; font: bold 10pt Times New Roman"></font></div>
</td>
</tr></table>
</div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" style="font: 10pt times new roman; width: 100%; font-size: 10pt; font-family: times new roman">
<tr style="vertical-align: top">
<td style="width: 44.6pt">
<div><font style="display: inline; font: 10pt Times New Roman">  </font></div>
</td>
<td>
<div style="text-align: justify"><font style="display: inline; font: bold 10pt Times New Roman">Development Stage</font></div>
</td>
</tr></table>
</div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" style="font: 10pt times new roman; width: 100%; font-size: 10pt; font-family: times new roman">
<tr style="vertical-align: top">
<td style="width: 44.6pt">
<div><font style="display: inline; font: 10pt Times New Roman">  </font></div>
</td>
<td>
<div style="text-align: justify"><font style="display: inline; font: 10pt Times New Roman">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.</font></div>
</td>
</tr></table>
</div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" style="font: 10pt times new roman; width: 100%; font-size: 10pt; font-family: times new roman">
<tr style="vertical-align: top">
<td style="width: 44.6pt">
<div><font style="display: inline; font: 10pt Times New Roman">  </font></div>
</td>
<td>
<div style="text-align: justify"><font style="display: inline; font: bold 10pt Times New Roman">Cash and Cash Equivalents</font></div>
</td>
</tr></table>
</div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" style="font: 10pt times new roman; width: 100%; font-size: 10pt; font-family: times new roman">
<tr style="vertical-align: top">
<td style="width: 44.6pt">
<div><font style="display: inline; font: 10pt Times New Roman">  </font></div>
</td>
<td>
<div style="text-align: justify"><font style="display: inline; font: 10pt Times New Roman">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.</font></div>
</td>
</tr></table>
</div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" style="font: 10pt times new roman; width: 100%">
<tr style="vertical-align: top">
<td style="width: 44.6pt">
<div><font style="display: inline; font: 10pt Times New Roman">  </font></div>
</td>
<td>
<div style="text-align: justify"><font style="display: inline; font: bold 10pt Times New Roman">Loss Per Common Share</font></div>
</td>
</tr></table>
</div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" style="font: 10pt times new roman; width: 100%; font-size: 10pt; font-family: times new roman">
<tr style="vertical-align: top">
<td style="width: 44.6pt">
<div><font style="display: inline; font: 10pt Times New Roman">  </font></div>
</td>
<td>
<div style="text-align: justify"><font style="display: inline; font: 10pt Times New Roman">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</font></div>
</td>
</tr></table>
</div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" style="font: 10pt times new roman; width: 100%; font-size: 10pt; font-family: times new roman">
<tr style="vertical-align: top">
<td style="width: 44.6pt">
<div><font style="display: inline; font: 10pt Times New Roman">  </font></div>
</td>
<td>
<div style="text-align: justify"><font style="display: inline; font: bold 10pt Times New Roman">Use of Estimates</font></div>
</td>
</tr></table>
</div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" style="font: 10pt times new roman; width: 100%; font-size: 10pt; font-family: times new roman">
<tr style="vertical-align: top">
<td style="width: 44.6pt">
<div><font style="display: inline; font: 10pt Times New Roman">  </font></div>
</td>
<td>
<div style="text-align: justify"><font style="display: inline; font: 10pt Times New Roman">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.</font></div>
<div style="text-align: justify"> </div>
</td>
</tr></table>
</div>
<div style="text-indent: 0pt; display: block"></div></div></div>
<table cellpadding="0" cellspacing="0" style="width: 100%">
<tr style="vertical-align: bottom; text-align: center">
<th></th>
<th></th></tr>
<tr style="vertical-align: top; text-align: left">
<td style="width: 44.6pt"> </td>
<td><font style="font-size: 10pt"><b>Organizational Costs</b></font> </td></tr>
<tr style="vertical-align: top; text-align: left">
<td> </td>
<td><font style="font-size: 10pt">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. </font></td></tr>
</table>
<div></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"></div>
<div style="text-indent: 0pt; display: block; margin-left: 45pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman"></font></div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" style="font: 10pt times new roman; width: 100%; font-size: 10pt; font-family: times new roman">
<tr style="vertical-align: top">
<td style="width: 45pt">
<div><font style="display: inline; font: 10pt Times New Roman">  </font></div>
</td>
<td>
<div style="text-align: left"><font style="display: inline; font: bold 10pt Times New Roman">Income Taxes</font></div>
</td>
</tr></table>
</div>
<div style="text-indent: 0pt; display: block; margin-left: 45pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">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.</font></div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div></div>
<div><div style="text-indent: 0pt; display: block"><div><table align="center" border="0" cellpadding="0" cellspacing="0" style="font: 10pt times new roman; width: 100%; font-size: 10pt; font-family: times new roman"><tr style="vertical-align: top"><td><div style="text-align: justify"><font style="display: inline; font: bold 10pt Times New Roman"></font></div>
</td>
</tr></table>
</div>
<div>
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 45pt; margin-right: 0pt"><font style="display: inline; font: bold 10pt Times New Roman">Financial Instruments</font></div>
</div>
<div style="text-indent: 0pt; display: block; margin-left: 45pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">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.</font></div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div style="text-indent: 0pt; display: block; margin-left: 45pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: bold 10pt Times New Roman">Recent Pronouncements</font></div>
<div style="text-indent: 0pt; display: block; margin-left: 45pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">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.</font></div></div></div>
<div></div>
20243
21599
<div></div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman">
<tr style="vertical-align: top">
<td style="width: 45pt">
<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: bold 10pt Times New Roman">Note A -</font></div>
</td>
<td>
<div style="text-align: justify"><font style="display: inline; font: bold 10pt Times New Roman">The Company</font></div>
</td>
</tr></table>
</div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" style="font: 10pt times new roman; width: 100%; font-size: 10pt; font-family: times new roman">
<tr style="vertical-align: top">
<td style="width: 44.6pt">
<div><font style="display: inline; font: 10pt Times New Roman">  </font></div>
</td>
<td>
<div style="text-align: justify"><font style="display: inline; font: 10pt Times New Roman">AFH Acquisition VII, 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 VII, Inc.  The Company is looking to acquire an existing company or acquire the technology to begin operations.</font></div>
</td>
</tr></table>
</div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" style="font: 10pt times new roman; width: 100%; font-size: 10pt; font-family: times new roman">
<tr style="vertical-align: top">
<td style="width: 44.65pt">
<div><font style="display: inline; font: 10pt Times New Roman">  </font></div>
</td>
<td>
<div style="text-align: justify"><font style="display: inline; font: 10pt Times New Roman">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.</font></div>
</td>
</tr></table>
</div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" style="font: 10pt times new roman; width: 100%; font-size: 10pt; font-family: times new roman">
<tr style="vertical-align: top">
<td style="width: 44.65pt">
<div><font style="display: inline; font: 10pt Times New Roman">  </font></div>
</td>
<td>
<div style="text-align: justify"><font style="display: inline; font: 10pt Times New Roman">Since inception, the Company has been engaged in organizational efforts.</font></div>
</td>
</tr></table>
</div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" style="font: 10pt times new roman; width: 100%; font-size: 10pt; font-family: times new roman">
<tr style="vertical-align: top">
<td style="width: 44.65pt">
<div><font style="display: inline; font: 10pt Times New Roman">  </font></div>
</td>
<td>
<div style="text-align: justify"><font style="display: inline; font: 10pt Times New Roman">The condensed financial statements of AFH Acquisition VII, 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.</font></div>
</td>
</tr></table>
</div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" style="font: 10pt times new roman; width: 100%; font-size: 10pt; font-family: times new roman">
<tr style="vertical-align: top">
<td style="width: 44.65pt">
<div><font style="display: inline; font: 10pt Times New Roman">  </font></div>
</td>
<td>
<div style="text-align: justify"><font style="display: inline; font: 10pt Times New Roman">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.</font></div></td></tr></table></div>
<div></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman">
<tr style="vertical-align: top">
<td style="text-align: right; width: 45pt">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: bold 10pt Times New Roman">Note C - </font></div>
</td>
<td style="text-align: left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: bold 10pt Times New Roman">Equity Securities</font></div>
</td>
</tr></table>
</div>
<div style="text-indent: 0pt; display: block; margin-left: 45pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">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.</font></div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div style="text-indent: 0pt; display: block; margin-left: 45pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">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.</font></div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div style="text-indent: 0pt; display: block; margin-left: 45pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">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.</font></div>
<div style="text-indent: 0pt; display: block"></div>
<div></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman">
<tr style="vertical-align: top">
<td style="text-align: right; width: 45pt">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: bold 10pt Times New Roman">Note D -</font></div>
</td>
<td style="text-align: left">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: bold 10pt Times New Roman">Going Concern</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 45pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">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<font id="TAB1" style="margin-left: 12pt"></font>recurring losses from operations.  As a result, there is an accumulated deficit of $46,599 at January 31, 2012.</font></div>
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<div style="text-align: justify"><font style="display: inline; font: 10pt Times New Roman">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.</font></div></td></tr></table></div>
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<div style="text-align: justify"><font style="display: inline; font: bold 10pt Times New Roman">Due to Parent</font></div>
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<div style="text-align: justify"><font style="display: inline; font: 10pt Times New Roman">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.</font></div></td></tr></table></div></div></div>
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