Yummies (YUMM) 10-Q 2016 Q3 Quarterly report

UNITED STATES 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  June 30, 2016

(  )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                         000-32361

YUMMIES,  INC.

(Exact name of registrant as specified in charter)

Nevada	87-0615629
(State or other jurisdiction ofincorporation or organization)	(I.R.S. Employer  Identification No.)

1981 East Murray Holiday Rd,  Salt Lake City, Utah	84117
(Address of principal executive offices)	(Zip Code)

801-272-9294

Registrant's telephone number, including area code

___________________________________

(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 (§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).  Yes [ x] No [  ]

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. Se the definitions of "large accelerated filer", "accelerated filer", and "smaller reporting company" in Rule 12b-2 of the Exchange Act

Large Accelerated Filer [  ]	Accelerated Filer [  ]
Non-Accelerated filer [  ]	Smaller Reporting Company [ x ]

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 CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the last practicable date

Class	Outstanding as of June 30,  2016
Common  Stock, $0.001	2,505,000

INDEX

		Page
		Number
PART I.
ITEM 1.	Financial Statements (unaudited)	3
	Balance Sheets	4
	June 30, 2016 and September 30, 2015
	Statements of Operations
	For the three and nine months ended June 30, 2016 and 2015	5
	Statements of Cash Flows
	For the nine  months ended June 30, 2016 and 2015	6
	Notes to Financial Statements	7
ITEM 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	10
ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	11
ITEM 4T.	Controls and Procedures	11
PART II.
ITEM 6.	Exhibits	12
	Signatures	12

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PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

The accompanying balance sheets of Yummies, Inc. ( development stage company) at June 30, 2016 and September 30, 2015, and the related  statements of operations for the three and nine months ended June 30, 2016 and 2015 and statements of cash flows for the nine months ended June 30, 2016 and 2015 have been prepared by the Company's management in conformity with accounting principles generally accepted in the United States of America.  In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature.

Operating results for the quarter ended June 30, 2016, are not necessarily indicative of the results that can be expected for the year ending September 30, 2016.

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YUMMIES, INC.
(A Development Stage Company)
BALANCE SHEETS
JUNE 30, 2016 AND SEPTEMBER 30, 2015
	June 30,			September 30,
	2016			2015
Assets
Current Assets:
Cash	$	242		$	359
Prepaid expenses		5,833			3,333
Total current assets		6,075			3,692
Total Assets	$	6,075		$	3,692
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable	$	5,200		$	5,550
Interest payable		2,590			2,364
Interest payable, stockholders		14,613			13,107
Notes payable		3,774			3,774
Notes payable, stockholders		25,100			25,100
Total current liabilities		51,277			49,895
Stockholders' Equity:
Common stock, $.001 par value 50,000,000 shares authorized,2,505,000 issued and outstanding		2,505			2,505
Additional paid-in capital		80,462			60,972
Accumulated deficit		(128,169	)		(109,680	)
Total Stockholders' Equity		(45,202	)		(46,203	)
Total Liabilities and Stockholders'  Equity	$	6,075		$	3,692

The accompanying notes are an integral part of the financial statements.

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YUMMIES, INC.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
	For the				For the				For the				For the
	Three Months				Three Months				Nine Months				Nine Months
	Ended				Ended				Ended				Ended
	June 30,				June 30,				June 30,				June 30,
	2016				2015				2016				2015
Revenues		$	--			$	--			$	--			$	--
Expenses, general and administrative			5,039				4,469				16,757				12,764
Operating loss			(5,039	)			(4,469	)			(16,757	)			(12,764	)
Other income (expense):
Interest expense			(578	)			(578	)			(1,733	)			(1,733	)
Net loss		$	(5,617	)		$	(5,047	)		$	(18,490	)		$	(14,497	)
Net loss per share		$	(0.01	)		$	--			$	(0.01	)		$	(0.01	)
Weighted average shares outstanding			2,505,000				2,505,000				2,505,000				2,505,000

The accompanying notes are an integral part of the financial statements.

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YUMMIES, INC.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
	For the				For the
	Nine Months				Nine Months
	Ended				Ended
	June 30,				June 30,
	2016				2015
Cash flows from operating activities:
Net loss		$	(18,490	)		$	(14,497	)
Adjustment to reconcile net loss to cash provided by operating activities:
Increase in prepaid expenses			(2,500	)			(5,833	)
Increase in accounts payable and interest payable			1,383				633
Expenses paid directly by shareholder			19,490				19,625
Net cash used by operating activities			(117	)			(72	)
Cash flows from investing activities			--				--
Cash flows from financing activities:			--				--
Net decrease in cash			(117	)			(72	)
Cash, beginning of period			359				470
Cash, end of period		$	242			$	398
Interest paid		$	--			$	--
Income taxes paid		$	--			$	--

The accompanying notes are an integral part of the financial statements.

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YUMMIES, INC.

(A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS

1.Summary of Business and Significant Accounting Policies

a.Summary of Business

The Company was incorporated under the laws of the State of Nevada on June 10, 1998.  The Company was formed to pursue business opportunities.  The Company has not commenced principal operations and is considered a "Development Stage Company" as defined by FASB ASC 915.

b.         Basis of Presentation

The accompanying financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") as promulgated in the United States of America.

c.Cash Flows

For purposes of the statement of cash flows, the Company considers all highly liquid investments purchased with a maturity of three months or less to be cash or cash equivalents.

d.Net Loss Per Share

The net loss per share calculation is based on the weighted average number of shares outstanding during the period.

e.Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures.  Accordingly, actual results could differ from those estimates.

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Notes to Financial Statements - Continued

f.Fair Value of Financial Instruments

ASC 820-10 requires entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized on the balance sheet, for which it is practicable to estimate fair value. ASC 820-10 defines the fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. As of June 30, 2016 and September 30, 2015, the carrying value of certain financial instruments approximates fair value due to the short-term nature of such instruments.

2.             Notes Payable

On January 10, 2007, and May 22, 2009 the Company converted $2,105 and $1,669 of accounts payable from its transfer agent into a one-year notes payable.  The note balance of $3,774 at June 30, 2016 and September 30, 2015 bears interest at 8% and both principal and accrued interest is convertible into common stock at $.025 per share. The first note payable was due on January 10, 2008. The second note payable was due on May 22, 2010.

3.             Notes Payable, Stockholders

Stockholder notes payable consist of the following at June 30, 2016 and September 30, 2015:

	June 30,		September 30,
	2016		2015
Note payable to an individual, also a stockholder of the Company, interest is being charged at 8%, the note is unsecured and due on February 9, 2008. The note principal and accrued interest is convertible into common stock at $.025 per share.	$	6,000	$	6,000
Notes payable to an individual also a stockholder and director of the Company, interest is being charged at 8%, the notes are unsecured and all are due one year from issuance.  The notes principal and accrued Interest are convertible into common stock at $.025 per share.		19,100		19,100
	$	25,100	$	25,100

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Notes to Financial Statements - Continued

4.Issuance of Common Stock

On August 13, 1998, the Company issued 1,000,000 shares of its $.001 par value common stock for an aggregate price of $1,000. 

In February 1999, pursuant to Rule 504 of Regulation D of the Securities and Exchange Commission, the Company sold 17,500 shares of its common stock at a price of $1.00 per share. Costs of $6,471 associated directly with the offering were offset against the proceeds.

On December 15, 2000, an officer and stockholder of the Company returned 600,000 shares of common stock to authorized but unissued shares.

On February 5, 2001, the Company authorized a 6 for 1 forward split of its common shares. The forward split has been retroactively applied in the accompanying financial statements.

5.Warrants and Options

No options or warrants are outstanding to acquire the Company's common stock.

6.Income Taxes

The Company has had no taxable income under Federal or State tax laws. The Company has loss carryforwards totaling $109,680 that may be offset against future federal income taxes. If not used, the carryforwards will expire between 2021 and 2035. Due to the Company being in the development stage and incurring net operating losses, a valuation allowance has been provided to reduce the deferred tax assets from the net operating losses to zero. Therefore, there are no tax benefits recognized in the accompanying statement of operations.

7.             Going Concern

As shown in the accompanying financial statements, the Company incurred a net loss of $18,490 during the nine months ended June 30, 2016 and accumulated losses of $128,169 since inception at June 10, 1998. The Company's current liabilities exceed its current assets by $45,202 at June 30, 2016. These factors create an uncertainty as to the Company's ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon the success of raising additional capital through the issuance of common stock and the ability to generate sufficient operating revenue. 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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ITEM 2.   Management's Discussion and Analysis of Financial Condition and Results of Operations

The Company's management is seeking and intends to acquire interests in various business opportunities which, in the opinion of management, will provide a profit to the Company but it does not have the working capital to be successful in this effort. The Company is not currently engaging in any substantive business activity and has no plans to engage in any such activity in the foreseeable future.  In its present form, the Company may be deemed to be a vehicle to acquire or merge with a business or company.  The Company does not intend to restrict its search to any particular business or industry, and the areas in which it will seek out acquisitions, reorganizations  or mergers may include,  but will not be limited to, the fields of high technology,  manufacturing,  natural resources,  service, research and development, communications,  transportation, insurance, brokerage, finance and all medically related fields,  among others. Although the Company has had discussions with various parties as to possible acquisitions, no definitive agreements have been reached with any such party, at this time.

Three and nine month Period Ended June 30, 2016 and 2015

The Company did not generate any revenue during the three and nine months ended June 30, 2016 and 2015.

General and administrative expenses were $5,039 and $16,757  for the three and nine months ended June 30, 2016, respectively, compared to general and administrative expenses of $4,469 and $12,764 for the same periods in 2015.  Interest expense was $578 and $1,733 for the three and nine months ended June 30, 2016, respectively, compared to $578 and $1,733 for the same period in 2015. As a result of the foregoing, the Company realized net losses of $5,617 and $18,490 for the three and nine months ended June 30, 2016, respectively, compared to $5,047 and $14,497 for the same periods in 2015.  The Company's increased net loss is attributable to a lack of business, increased ongoing professional costs associated with preparing the Company's public reports, and timing differences.

Liquidity and Capital Resources

At June 30, 2016, assets consisted of $242 in cash and $5,833 in prepaid expenses.  Liabilities consisted of $5200 in accounts payable, $17,203 in accrued interest, a note payable of $3,774, and  $25,100 notes payable to two stockholders, for total liabilities of $51,277, leaving the Company without any working capital.  

Since 2007, the Company has borrowed money from two stockholders of the Company.  At June 30, 2016 the outstanding balance is $25,100.  The notes are unsecured, bear interest at 8% and are convertible into common stock at $.025 per share.

Currently, the Company has no material commitments for capital expenditures.  Management anticipates that operating expenses for the next twelve months will be approximately $5,000 to $10,000.  Management understands that it does not have sufficient cash to meet its immediate operational needs and will require additional capital to cover ongoing operating expenses. Management may attempt to raise additional capital for its current operational needs through loans from its officers or shareholders, debt financing, equity financing or a combination of financing options.  However, there are no existing understandings, commitments or agreements for such an infusion; nor can there be assurances to that effect.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not Required by smaller reporting companies.

ITEM 4T. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures. Our management, with the participation of our president/chief financial officer, carried out an evaluation of the effectiveness of our "disclosure controls and procedures" (as defined in the Securities Exchange Act of 1934 (the "Exchange Act") Rules 13a-15(e) and 15-d-15(e)) as of the end of our last fiscal quarter, June 30, 2016, (the "Evaluation Date"). Based upon that evaluation, our president/chief financial officer concluded that, as of the Evaluation Date, our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act (i) is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms and (ii) is accumulated and communicated to our management, including our president and our chief financial officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting. There were no changes in our internal controls over financial reporting that occurred during our last fiscal quarter (ended June 30, 2016) that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART 2 - OTHER  INFORMATION

(a) Exhibits

Exhibit 31.1	Rule 13a-14(a)/15d-14(a) Certification.
Exhibit 32.1	Certification by the Chief Executive Officer/Acting Chief Financial Officer Relating to a Periodic Report Containing Financial Statements.*
101.INS	XBRL Instance*
101.SCH	XBRL Schema*
101.CAL	XBRL Calculation*
101.DEF	XBRL Definition*
101.LAB	XBRL Label*
101.PRE	XBRL Presentation*

* The Exhibit attached to this Form 10-Q shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to liability under that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

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 there unto duly authorized.

Yummies, Inc.

[Registrant]

/s/ Susan Santage

Susan Santage, President & Treasurer

August 4, 2016

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