Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 24, 2018 | Mar. 31, 2018 | |
Document And Entity Information | |||
Entity Registrant Name | YUMMIES INC | ||
Entity Central Index Key | 1,073,748 | ||
Trading Symbol | yumm | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --09-30 | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2018 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,018 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | true | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 2,505,000 |
Balance Sheets
Balance Sheets - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
Current Assets: | ||
Cash | $ 46 | |
Prepaid expenses | 4,000 | 3,333 |
Total current assets | 4,000 | 3,379 |
Total Assets | 4,000 | 3,379 |
Current Liabilities: | ||
Accounts payable | 1,200 | |
Interest payable | 2,968 | |
Interest payable, stockholders | 17,122 | |
Notes payable | 3,774 | |
Notes payable, stockholders | 25,100 | |
Total current liabilities | 50,164 | |
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 | 127,346 | 109,672 |
Accumulated deficit | (125,851) | (158,962) |
Total Stockholders' Equity | 4,000 | (46,785) |
Total Liabilities and Stockholders' Equity | $ 4,000 | $ 3,379 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2018 | Sep. 30, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 2,505,000 | 2,505,000 |
Common stock, shares outstanding | 2,505,000 | 2,505,000 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | ||
Revenues | ||
Expenses, general and administrative | 22,624 | 23,816 |
Operating loss | (22,624) | (23,816) |
Other income (expense): | ||
Forgiveness of debt income | 57,871 | |
Interest expense | (2,136) | (2,310) |
Income (loss) before provision for income taxes | 33,111 | (26,126) |
Provision for income taxes | ||
Net income (loss) | $ 33,111 | $ (26,126) |
Net income (loss) per share | $ 0.01 | $ (0.01) |
Weighted average shares outstanding | 2,505,000 | 2,505,000 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity - USD ($) | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Balance at Sep. 30, 2016 | $ 2,505 | $ 81,412 | $ (132,836) |
Balance, shares at Sep. 30, 2016 | 2,505,000 | ||
Contribution by shareholder for company expenses paid directly by shareholder | 28,260 | ||
Contribution by shareholder for company expenses paid directly by shareholder, shares | |||
Net income (loss) for the year ended | (26,126) | ||
Balance at Sep. 30, 2017 | $ 2,505 | 109,672 | (158,962) |
Balance, shares at Sep. 30, 2017 | 2,505,000 | ||
Contribution by shareholder for company expenses paid directly by shareholder | 17,674 | ||
Contribution by shareholder for company expenses paid directly by shareholder, shares | |||
Net income (loss) for the year ended | 33,111 | ||
Balance at Sep. 30, 2018 | $ 2,505 | $ 127,346 | $ (125,851) |
Balance, shares at Sep. 30, 2018 | 2,505,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 33,111 | $ (26,126) |
Adjustments to reconcile net loss to cash provided by operating activities: | ||
Forgiveness of debt income | (25,100) | |
Increase in prepaid expenses | (667) | |
Contribution from shareholder | 17,674 | 28,259 |
Decrease in accounts payable | (1,200) | (4,600) |
Increase (decrease) in interest payable | (20,090) | 2,310 |
Net cash provided (used) by operating activities | 3,728 | (157) |
Cash flows from investing activities | ||
Cash flows from financing activities: | ||
Repayment of note payable | (3,774) | |
Net decrease in cash | (46) | (157) |
Cash, beginning of period | 46 | 203 |
Cash, end of period | 46 | |
Supplemental disclosure of cash flow information: | ||
Interest paid | ||
Income taxes paid | ||
Note payable and interest payable forgiven by stockholders | 54,651 | |
Interest payable forgiven by transfer agent | $ 3,220 |
Summary of Business and Signifi
Summary of Business and Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
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 September 30, 2017 and 2016, the carrying value of certain financial instruments approximates fair value due to the short-term nature of such instruments. |
Notes Payable
Notes Payable | 12 Months Ended |
Sep. 30, 2018 | |
Payables and Accruals [Abstract] | |
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 $-0- and $3,774 at September 30, 2018 and 2017, respectively, bears interest at 8% and both principal and accrued interest is convertible into common stock at $.025 per share. In August 2018 the $3,774 note was repaid. Interest payable of $3,220 was forgiven by the transfer agent. The forgiveness of debt income has been recorded as other income in the accompanying financial statements. |
Notes Payable, Stockholders
Notes Payable, Stockholders | 12 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Notes Payable, Stockholders | 3. Notes Payable, Stockholders Stockholder notes payable consist of the following at September 30, 2018 and 2017: 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 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 $ $ 25,100 On July 19, 2018, the Company converted $10,545 of accounts payable into a one year note payable with its director and stockholder. The note bears interest at 8% and both interest and accrued interest are convertible into common stock at $.025 per share. On August 23, 2018 $35,645 of notes payable and $19,006 of interest payable were forgiven by the stockholders of the Company. The forgiveness of debt income has been recorded as other income in the accompanying financial statements. |
Issuance of Common Stock
Issuance of Common Stock | 12 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
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. |
Warrants and Stock Options
Warrants and Stock Options | 12 Months Ended |
Sep. 30, 2018 | |
Warrants And Stock Options | |
Warrants and Stock Options | 5. Warrants and Stock Options No options or warrants are outstanding to acquire the Companys common stock |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes At September 30, 2018, and 2017, the Company had net deferred tax assets of $26,429 and $54,047, respectively. Due to uncertainties surrounding the Companys ability to generate future taxable income to realize these assets, a full valuation allowance has been established to offset the net deferred tax asset. The income tax effects of the Tax Cuts and Jobs Act have been completed in accordance with FASB ASC 740. The provision for income tax consists of the following components at September 30, 2018 and 2017: 2018 2017 Current: Federal income taxes $ 6,457 $ -- State income taxes -- Deferred Benefit from net operating loss (6,457 ) -- $ -- $ -- The following reconciles income taxes reported in the financial statements to taxes that would be obtained by applying regular tax rates to income before taxes: 2018 2017 Expected tax benefit using regular rates $ 6,457 $ (8,883 ) State minimum tax -- Valuation allowance (6,457 ) 8,883 Tax Provision $ -- $ -- The Company has loss carry forwards totaling $125,851 that may be offset against future federal income taxes. If not used, the carry forwards will expire between 2021 and 2038. As a result of the implementation of certain provisions of ASC 740, Income Taxes, the Company performed an analysis of its previous tax filings and determined that there were no positions taken that it considered uncertain. Therefore, there was no provision for uncertain tax positions for the years ended September 30, 2018 and 2017. Future changes in uncertain tax positions are not expected to have an impact on the effective tax rate due to the existence of the valuation allowance. The Company will continue to classify income tax penalties and interest, if any, as part of interest and other expenses in its statements of operations. The Company has incurred no interest or penalties as of September 30, 2018 and 2017. The federal income tax returns of the Company for 2017, 2016 and 2015 are subject to examination by the IRS, generally for three years after they were filed. |
Going Concern
Going Concern | 12 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Going Concern | 7. Going Concern As shown in the accompanying financial statements, the Company incurred net income of $33,111 during year ended September 30, 2018 due to forgiveness of debt income for notes payable and interest payable of $57,871 and accumulated losses of $125,851 since inception at June 10, 1998. The Companys current assets exceed its current liabilities by $4,000 at September 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 - Date of Man
Subsequent Events - Date of Management Evaluation | 12 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events - Date of Management Evaluation | 8. Subsequent Events - Date of Management Evaluation Management has evaluated subsequent events through November 20, 2018 the date on which the financial statements were available to be issued. |
Summary of Business and Signi_2
Summary of Business and Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Business | 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. |
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. |
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. |
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. |
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. |
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 September 30, 2017 and 2016, the carrying value of certain financial instruments approximates fair value due to the short-term nature of such instruments. |
Notes Payable, Stockholders (Ta
Notes Payable, Stockholders (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of stockholder notes payable | 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 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 $ $ 25,100 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for income tax | 2018 2017 Current: Federal income taxes $ 6,457 $ -- State income taxes -- Deferred Benefit from net operating loss (6,457 ) -- $ -- $ -- |
Schedule of regular tax rates to income before taxes | 2018 2017 Expected tax benefit using regular rates $ 6,457 $ (8,883 ) State minimum tax -- Valuation allowance (6,457 ) 8,883 Tax Provision $ -- $ -- |
Notes Payable (Details)
Notes Payable (Details) - USD ($) | Jan. 10, 2007 | Aug. 31, 2018 | May 22, 2009 | Sep. 30, 2018 | Sep. 30, 2017 |
Notes Payable (Textual) | |||||
Note balance | $ 3,774 | ||||
Bears interest | 8.00% | 8.00% | |||
Principal and accrued interest is convertible into common stock | $ 0.025 | $ 0.025 | |||
Repayment of note | $ 3,774 | ||||
Interest payable was forgiven by the transfer agent | $ 3,220 | ||||
Transfer Agent [Member] | |||||
Notes Payable (Textual) | |||||
Converted of accounts payable | $ 2,105 | $ 1,669 | |||
Transfer agent into notes payable | 1 year | 1 year |
Notes Payable, Stockholders (De
Notes Payable, Stockholders (Details) - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
Total | $ 25,100 | |
Note payable to an individual, also a stockholder [Member] | ||
Total | 6,000 | |
Note payable to an individual, also a stockholder one [Member] | ||
Total | $ 19,100 |
Notes Payable, Stockholders (_2
Notes Payable, Stockholders (Details Textual) - USD ($) | Jul. 19, 2018 | Sep. 30, 2018 | Aug. 23, 2018 |
Notes Payable, Stockholders (Textual) | |||
Converted debt, description | The Company converted $10,545 of accounts payable into a one year note payable with its director and stockholder. The note bears interest at 8% and both interest and accrued interest are convertible into common stock at $.025 per share. | ||
Notes payable | $ 35,645 | ||
Interest payable | $ 19,006 | ||
Note payable to an individual, also a stockholder [Member] | |||
Notes Payable, Stockholders (Textual) | |||
Percentage of interest | 8.00% | ||
Unsecured debt, description | The note is unsecured and due on February 9, 2008. | ||
Convertible into common stock, description | The note principal and accrued interest is convertible into common stock at $.025 per share. | ||
Note payable to an individual, also a stockholder [Member] | |||
Notes Payable, Stockholders (Textual) | |||
Percentage of interest | 8.00% | ||
Unsecured debt, description | The notes are unsecured and all are due one year from issuance. | ||
Convertible into common stock, description | The notes principal and accrued interest are convertible into common stock at $.025 per share. |
Issuance of Common Stock (Detai
Issuance of Common Stock (Details) - USD ($) | Dec. 15, 2000 | Apr. 13, 1998 | Feb. 05, 2001 | Feb. 28, 1999 | Sep. 30, 2018 | Sep. 30, 2017 |
Issuance of Common Stock (Textual) | ||||||
Common stock, shares issued | 1,000,000 | 17,500 | ||||
Common stock, par value | $ 0.001 | $ 1 | $ 0.001 | $ 0.001 | ||
Common stock, value issued | $ 1,000 | $ 6,471 | ||||
Common stock forward split | The Company authorized a 6 for 1 forward split of its common shares. | |||||
Officer and stockholder[ Member] | ||||||
Issuance of Common Stock (Textual) | ||||||
Returned shares of common stock authorized but unissued, shares | 600,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Current: | ||
Federal income taxes | $ 6,457 | |
State income taxes | ||
Deferred Benefit from net operating loss | (6,457) | |
Provision for income tax |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||
Expected tax benefit using regular rates | $ 6,457 | $ (8,883) |
State minimum tax | ||
Valuation allowance | (6,457) | 8,883 |
Tax Provision |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Income Taxes (Textual) | ||
Net deferred tax assets | $ 26,429 | $ 54,047 |
Loss carry forwards | $ 125,851 | |
Carry forwards expiration | The carry forwards will expire between 2021 and 2038. |
Going Concern (Details)
Going Concern (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Going Concern (Textual) | ||
Incurred net income | $ 33,111 | $ (26,126) |
Notes payable and interest payable | 57,871 | |
Accumulated losses | (125,851) | $ (158,962) |
Working capital deficit | $ 4,000 |