Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jun. 30, 2018 | Aug. 01, 2018 | |
Details | ||
Registrant Name | YUMMIES INC | |
Registrant CIK | 1,073,748 | |
SEC Form | 10-Q | |
Period End date | Jun. 30, 2018 | |
Fiscal Year End | --09-30 | |
Trading Symbol | yumm | |
Tax Identification Number (TIN) | 870,615,629 | |
Number of common stock shares outstanding | 2,505,000 | |
Filer Category | Smaller Reporting Company | |
Current with reporting | Yes | |
Voluntary filer | No | |
Well-known Seasoned Issuer | No | |
Emerging Growth Company | false | |
Ex Transition Period | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Entity Incorporation, State Country Name | Nevada | |
Entity Address, Address Line One | 1981 East Murray Holiday Rd | |
Entity Address, City or Town | Salt Lake City | |
Entity Address, State or Province | Utah | |
Entity Address, Postal Zip Code | 84,117 | |
City Area Code | 801 | |
Local Phone Number | 272-9294 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2018 | Sep. 30, 2017 |
Current Assets | ||
Cash | $ 0 | $ 46 |
Prepaid expenses | 7,000 | 3,333 |
Total current assets | 7,000 | 3,379 |
Total Assets | 7,000 | 3,379 |
Current Liabilities: | ||
Accounts payable | 10,545 | 1,200 |
Interest Payable, Current | 3,194 | 2,968 |
Interest Payable, Stockholders | 18,629 | 17,122 |
Notes Payable | 3,774 | 3,774 |
Notes payable, stockholders | 25,100 | 25,100 |
Total current liabilities | 61,242 | 50,164 |
Stockholders' Equity: | ||
Common shares | 2,505 | 2,505 |
Additional paid-in capital | 121,672 | 109,672 |
Accumulated deficit | (178,419) | (158,962) |
Total Stockholders' Equity | (54,242) | (46,785) |
Total Liabilities and Stockholders' Equity | $ 7,000 | $ 3,379 |
Consolidated Balance Sheets - P
Consolidated Balance Sheets - Parenthetical - $ / shares | Jun. 30, 2018 | Sep. 30, 2017 |
Details | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares, Outstanding | 2,505,000 | 2,505,000 |
Common Stock, Shares, Issued | 2,505,000 | 2,505,000 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Details | ||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Expenses, general and administrative | 5,275 | 4,799 | 17,725 | 19,197 |
Operating loss | (5,275) | (4,799) | (17,725) | (19,197) |
Other Nonoperating Income (Expense) | ||||
Interest expense | (578) | (578) | (1,733) | (1,733) |
Net Loss | $ (5,853) | $ (5,377) | $ (19,458) | $ (20,930) |
Net loss per share | $ 0 | $ 0 | $ (0.01) | $ (0.01) |
Weighted-average shares outstanding | 2,505,000 | 2,505,000 | 2,505,000 | 2,505,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||
Net Loss | $ (19,458) | $ (20,930) |
Adjustment to reconcile net loss to cash provided by operating activities: | ||
Increase in prepaid expenses | (3,667) | (2,500) |
Increase (decrease) in accounts payable and interest payable | 11,079 | (4,067) |
Expenses paid directly by shareholder | 12,000 | 27,380 |
Net cash used by operating activities | (46) | (117) |
Net cash used by investing activities | 0 | 0 |
Net cash used by financing activities | 0 | 0 |
Net decrease in cash | (46) | (117) |
Cash and cash equivalents | 46 | 203 |
Cash and cash equivalents | 0 | 86 |
Interest paid | 0 | 0 |
Income taxes paid | $ 0 | $ 0 |
1. Summary of Business and Sign
1. Summary of Business and Significant Accounting Policies | 9 Months Ended |
Jun. 30, 2018 | |
Notes | |
1. Summary of Business and Significant Accounting Policies | 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. Planned principal operations have not yet commenced. The Company was formed to pursue business opportunities. 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. 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, 2018 and September 30, 2017, the carrying value of certain financial instruments approximates fair value due to the short-term nature of such instruments. |
2. Notes Payable
2. Notes Payable | 9 Months Ended |
Jun. 30, 2018 | |
Notes | |
2. Notes Payable | 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, 2018 and September 30, 2017 bears interest at 8% and both principal and accrued interest is convertible into common stock at $.01 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
3. Notes Payable, Stockholders | 9 Months Ended |
Jun. 30, 2018 | |
Notes | |
3. Notes Payable, Stockholders | 3. Notes Payable, Stockholders Stockholder notes payable consist of the following at June 30, 2018 and September 30, 2017: June 30, September 30, 2018 2017 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 |
4. Issuance of Common Stock
4. Issuance of Common Stock | 9 Months Ended |
Jun. 30, 2018 | |
Notes | |
4. Issuance of Common Stock | 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 Stock Options
5. Warrants and Stock Options | 9 Months Ended |
Jun. 30, 2018 | |
Notes | |
5. Warrants and Stock Options | 5. Warrants and Stock Options No options or warrants are outstanding to acquire the Company's common stock. |
6. Income Taxes
6. Income Taxes | 9 Months Ended |
Jun. 30, 2018 | |
Notes | |
6. Income Taxes | 6. Income Taxes Company has had no taxable income under Federal or State tax laws. The Company has loss carryforwards totaling $158,962 that may be offset against future federal income taxes if not used, the carryforwards will expire between 2021 and 2037. 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
7. Going Concern | 9 Months Ended |
Jun. 30, 2018 | |
Notes | |
7. Going Concern | 7. Going Concern As shown in the accompanying financial statements, the Company incurred a net loss of $19,458 during the nine months ended June 30, 2018 and accumulated losses of $178,419 since inception at June 10, 1998. The Companys current liabilities exceed its current assets by $54,242 at June 30, 2018. These factors create an uncertainty as to the Companys 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. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Jun. 30, 2018 | |
Notes | |
Subsequent Events | 8. Subsequent Event On July 19, 2018, the Company converted $10,545 of accounts payable into a note payable with a shareholder. The note is due one year from issuance and interest is being charged at 8%. The note and any unpaid interest are convertible into common stock at $.01 per share. In addition, the board of directors approved to change the conversion rate from $.025 per share to $.01 per share on all prior notes. |
1. Summary of Business and Si14
1. Summary of Business and Significant Accounting Policies: B. Basis of Presentation (Policies) | 9 Months Ended |
Jun. 30, 2018 | |
Policies | |
B. Basis of Presentation | 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. |
1. Summary of Business and Si15
1. Summary of Business and Significant Accounting Policies: C. Cash Flows (Policies) | 9 Months Ended |
Jun. 30, 2018 | |
Policies | |
C. Cash Flows | 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. |
1. Summary of Business and Si16
1. Summary of Business and Significant Accounting Policies: D. Net Loss Per Share (Policies) | 9 Months Ended |
Jun. 30, 2018 | |
Policies | |
D. Net Loss Per Share | d. Net Loss Per Share The net loss per share calculation is based on the weighted average number of shares outstanding during the period. |
1. Summary of Business and Si17
1. Summary of Business and Significant Accounting Policies: E. Use of Estimates (Policies) | 9 Months Ended |
Jun. 30, 2018 | |
Policies | |
E. Use of Estimates | 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. |
1. Summary of Business and Si18
1. Summary of Business and Significant Accounting Policies: F. Fair Value of Financial Instruments (Policies) | 9 Months Ended |
Jun. 30, 2018 | |
Policies | |
F. Fair Value of Financial Instruments | 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, 2018 and September 30, 2017, the carrying value of certain financial instruments approximates fair value due to the short-term nature of such instruments. |
3. Notes Payable, Stockholders_
3. Notes Payable, Stockholders: Schedule Of Stockholders Notes Payable (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Tables/Schedules | |
Schedule Of Stockholders Notes Payable | June 30, September 30, 2018 2017 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 |
1. Summary of Business and Si20
1. Summary of Business and Significant Accounting Policies (Details) | 9 Months Ended |
Jun. 30, 2018 | |
Details | |
Entity Incorporation, State Country Name | Nevada |
Entity Incorporation, Date of Incorporation | Jun. 10, 1998 |
2. Notes Payable (Details)
2. Notes Payable (Details) - USD ($) | Jun. 30, 2018 | Sep. 30, 2017 | May 22, 2009 | Jan. 10, 2007 | |
Details | |||||
Accounts payable converted to note payable | [1] | $ 3,774 | $ 3,774 | $ 1,669 | $ 2,105 |
[1] | 8% Interest. Convertible into common stock at $.025 per share. |
3. Notes Payable, Stockholder22
3. Notes Payable, Stockholders: Schedule Of Stockholders Notes Payable (Details) - USD ($) | Jun. 30, 2018 | Sep. 30, 2017 | |
Details | |||
Note payable to an individual, also a stockholder of the Company | [1] | $ 6,000 | $ 6,000 |
Notes payable to an individual also a stockholder and director | [1] | 19,100 | 19,100 |
Notes payable, stockholders | $ 25,100 | $ 25,100 | |
[1] | 8% interest. Convertible into common stock at $.025 per share. |
4. Issuance of Common Stock (De
4. Issuance of Common Stock (Details) - USD ($) | 1 Months Ended | |||
Feb. 28, 2001 | Feb. 28, 1999 | Dec. 15, 2000 | Aug. 13, 1998 | |
Details | ||||
Common Stock Issued for Cash at $0.001/Share on August 13, 1998 - Shares | 1,000,000 | |||
Common Stock Issue For Cash On August 13 1998 PerShare | $ 0.001 | |||
Common Stock Issued for Cash at $.001/share on August 13, 1998 | $ 1,000 | |||
Common stock issued for cash in February, 1999, Net of offering costs of $6,471 - shares | 17,500 | |||
Sale of Stock, Price Per Share | $ 1 | |||
Payments of Stock Issuance Costs | $ 6,471 | |||
Common Stock Returned | 600,000 | |||
Stockholders' Equity Note, Stock Split | the Company authorized a 6 for 1 forward split of its common shares |
6. Income Taxes (Details)
6. Income Taxes (Details) | Jun. 30, 2018USD ($) |
Details | |
Operating Loss Carryforward | $ 158,962 |
7. Going Concern (Details)
7. Going Concern (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Sep. 30, 2017 | |
Details | |||||
Net loss | $ 5,853 | $ 5,377 | $ 19,458 | $ 20,930 | |
Accumulated deficit | 178,419 | 178,419 | $ 158,962 | ||
Total Stockholders' Equity | $ 54,242 | $ 54,242 | $ 46,785 |
Subsequent Events (Details)
Subsequent Events (Details) | 9 Months Ended |
Jun. 30, 2018 | |
Details | |
Subsequent Event, Description | On July 19, 2018, the Company converted $10,545 of accounts payable into a note payable with a shareholder. The note is due one year from issuance and interest is being charged at 8%. The note and any unpaid interest are convertible into common stock at $.01 per share. In addition, the board of directors approved to change the conversion rate from $.025 per share to $.01 per share on all prior notes. |