Wally World Media (WLYW) 10-Q 15 Aug 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Jun. 30, 2022	Aug. 08, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--09-30
Entity File Number	333-185694
Entity Registrant Name	WALLY WORLD MEDIA, INC.
Entity Central Index Key	0001555214
Entity Tax Identification Number	45-5370930
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	7121 West Craig Road
Entity Address, Address Line Two	#113-38
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89129
City Area Code	(702)
Local Phone Number	890-5299
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		330,483,033

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2022	Sep. 30, 2021
Current Assets:
Prepaid expense	$ 849	$ 2,257
Total current assets	849	2,257
Total Assets	849	2,257
Current Liabilities:
Accounts payable	2,723
Advances from related parties	51,696	14,336
Total current liabilities	54,419	14,336
Total Liabilities	54,419	14,336
Commitments and Contingencies (Note 6)
Stockholders’ (Deficit):
Preferred Stock, $0.0001 par value; 50,000,000 shares authorized, 0 and 0 issued and outstanding with liquidation preference of $0 and $0 as of March 31, 2022 and September 30, 2021, respectively.
Common stock, $0.0001 par value; 500,000,000 shares authorized, 330,483,033 and 330,483,033 shares issued and outstanding as of March 31, 2022 and September 30, 2021, respectively.	33,048	33,048
Additional paid-in capital	15,705,814	15,705,814
Accumulated deficit	(15,792,432)	(15,750,941)
Total stockholders’ (deficit)	(53,570)	(12,079)
Total Liabilities and Stockholders’ (Deficit)	$ 849	$ 2,257

Balance Sheets (Unaudited) (Par

Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Jun. 30, 2022	Sep. 30, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Preferred stock, liquidation preference, value	$ 0	$ 0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	330,483,033	330,483,033
Common stock, shares outstanding	330,483,033	330,483,033

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenue
Operating Expenses:
General and administrative expenses	10,202	7,236	41,491	7,236
Total operating expenses	10,202	7,236	41,491	7,236
(Loss) from Operations	(10,202)	(7,236)	(41,491)	(7,236)
Other Expense:
Other (expense) net
Income (loss) before provision for income taxes	(10,202)	(7,236)	(41,491)	(7,236)
Tax provision
Net (Loss)	$ (10,202)	$ (7,236)	$ (41,491)	$ (7,236)
Net Loss per share (basic and diluted)	$ 0	$ 0	$ 0	$ 0
Weighted Average Shares Outstanding	330,483,033	40,413,033	330,483,033	40,413,033

Statement of Stockholders' Equi

Statement of Stockholders' Equity (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Sep. 30, 2020		$ 4,041	$ 2,681,671	$ (2,685,712)
Beginning balance, shares at Sep. 30, 2020		40,413,033
Net (loss)				(7,236)	(7,236)
Ending balance, value at Jun. 30, 2021		$ 4,041	2,681,671	(2,692,948)	(7,236)
Ending balance, shares at Jun. 30, 2021		40,413,033
Beginning balance, value at Mar. 31, 2021		$ 4,041	2,681,671	(2,685,712)
Beginning balance, shares at Mar. 31, 2021		40,413,033
Net (loss)				(7,236)	(7,236)
Ending balance, value at Jun. 30, 2021		$ 4,041	2,681,671	(2,692,948)	(7,236)
Ending balance, shares at Jun. 30, 2021		40,413,033
Beginning balance, value at Sep. 30, 2021		$ 33,048	15,705,814	(15,750,941)	(12,079)
Beginning balance, shares at Sep. 30, 2021		330,483,033
Net (loss)				(41,491)	(41,491)
Ending balance, value at Jun. 30, 2022		$ 33,048	15,705,814	(15,792,432)	(53,570)
Ending balance, shares at Jun. 30, 2022		330,483,033
Beginning balance, value at Mar. 31, 2022		$ 33,048	15,705,814	(15,782,230)	(43,368)
Beginning balance, shares at Mar. 31, 2022		330,483,033
Net (loss)				(10,202)	(10,202)
Ending balance, value at Jun. 30, 2022		$ 33,048	$ 15,705,814	$ (15,792,432)	$ (53,570)
Ending balance, shares at Jun. 30, 2022		330,483,033

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash Flows from Operating Activities
Net (Loss)	$ (41,491)	$ (7,236)
Changes in operating assets and liabilities:
Prepaid expense	1,408
Accounts payable	2,723
Net cash (used for) operating activities	(37,360)	(7,236)
Cash Flows from Investing Activities
Net cash (used for) investing activities
Cash Flows from Financing Activities
Advances from related parties	37,360	7,236
Net cash provided by financing activities	37,360	7,236
Net increase (decrease) in cash
Cash at the beginning of the period
Cash at the end of the period
Supplemental Disclosure of Cash Flow Information
Cash paid for interest
Cash paid for taxes
Supplemental Disclosure of Non-Cash Financing Activities
Conversion of related party advances to common stock

Organization and Description of

Organization and Description of Business	9 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Note 1. Organization and Description of Business Wally World Media, Inc. (“the Company”, “WLYW”, “we” “us”) was incorporated in the State of Nevada on May 17, 2012. The Company was initially a start-up business, engaged primarily in social media software and mobile app development. The Company developed a social media website that we refer to as “YouPop.” Our “YouPop” platform launched for public use in April 2013. On March 19, 2014, we launched reShoot™, a free mobile video camera app for Apple’s iPhone and iPad. reShoot featured patent-pending “on the fly” video editing technology to rewind and re-shoot unwanted portions of video. On July 31, 2014, we launched the Emoji Cam Photo & Video Camera app for Apple’s iPhone and iPad. The Company has been dormant since December 2015. On June 29, 2021, as the result of a custodianship proceeding in the Eighth Judicial District Court of Clark County, Nevada, Case Number: A-21-834721-P, Shareholders First LLC (“Custodian”) was appointed custodian of Wally World Media, Inc. On the same date, Custodian appointed Grant Casey as the Company’s President, Chief Executive Officer, Treasurer, Secretary, Chief Financial Officer and Chairman of the Board of Directors, and appointed Geoffrey Chan as a Director for the Company. On June 30, 2022, the Eighth Judicial District Court of Nevada approved the actions taken by Shareholders First LLC during the custodianship proceeding, and issued Order Discharging Custodian and Terminating Custodianship of Wally World Media, Inc. The Company’s fiscal year-end is September 30. Critical accounting policies and estimates Our unaudited financial statements are prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities, 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. We continually evaluate our estimates and judgments, our commitments to strategic alliance partners and the timing of the achievement of collaboration milestones. We base our estimates and judgments on historical experience and other factors that we believe to be reasonable under the circumstances. All estimates, whether or not deemed critical, affect reported amounts of assets, liabilities, revenues and expenses, as well as disclosures of contingent assets and liabilities. These estimates and judgments are also based on historical experience and other factors that are believed to be reasonable under the circumstances. Materially different results can occur as circumstances change and additional information becomes known, even for estimates and judgments that are not deemed critical. The accompanying financial statements are prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”). The Company is a development stage enterprise devoting substantial efforts to establishing a new business, financial planning, raising capital, and research into products which may become part of the Company’s product portfolio. The Company has not realized significant sales through since inception. A development stage company is defined as one in which all efforts are devoted substantially to establishing a new business and, even if planned principal operations have commenced, revenues are insignificant. The accompanying financial statements have been prepared assuming the continuation of the Company as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and is dependent on debt and equity financing to fund its operations. Management of the Company is making efforts to raise additional funding until a registration statement relating to an equity funding facility is in effect. While management of the Company believes that it will be successful in its capital formation and planned operating activities, there can be no assurance that the Company will be able to raise additional equity capital or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

Summary of significant Accounti

Summary of significant Accounting Policies	9 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of significant Accounting Policies	Note 2. Summary of significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (“ FASB Codification GAAP Management’s Representation of Interim Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Company uses the same accounting policies in preparing quarterly and annual financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto at September 30, 2021 as presented in the Company’s Annual Report on Form 10-K. Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve months following the date of these financial statements. As of June 30, 2022, the Company had no cash and an accumulated deficit of $ 15,792,432 Because the Company does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this raises substantial doubt about the Company’s ability to continue as a going concern. Therefore, the Company will need to raise additional funds and is currently exploring alternative sources of financing. Recently the Company being funded by Grant Casey who extended interest-free demand loans to the Company. Historically, the Company raised capital through private placements, to finance working capital needs and may attempt to raise capital through the sale of common stock or other securities and obtaining some short-term loans. The Company will be required to continue to so until its operations become profitable. Also, the Company has, in the past, paid for consulting services with its common stock to maximize working capital, and intends to continue this practice where feasible. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of 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. The most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends, and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates. Cash and cash equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. As of June 30, 2022 and September 30, 2021, the Company had no Income taxes The Company accounts for income taxes under FASB ASC 740, “Accounting for Income Taxes” “Accounting for Uncertainty in Income Taxes” The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen that might cause it to change its judgment regarding the likelihood of a tax position’s sustainability under audit. Net Loss per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. Recent Accounting Pronouncements There are no recent accounting pronouncements that impact the Company’s operations.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Note 3. Related Party Transactions During the nine months ended June 30, 2022, the Company’s Chief Executive Officer advanced $ 37,360 51,696 14,336

Prepaid Expense

Prepaid Expense	9 Months Ended
	Jun. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expense	Note 4. Prepaid Expense During the nine months ended June 30, 2022, the Company prepaid $ 2,498 2,498 1,379 3,906 849 2,257

Stockholders_ Equity (Deficit)

Stockholders’ Equity (Deficit)	9 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Stockholders’ Equity (Deficit)	Note 5. Stockholders’ Equity (Deficit) Preferred stock The Company authorized 50,000,000 0.0001 Common stock The Company has authorized 500,000,000 0.0001 330,483,033

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 6. Commitments and Contingencies The Company did not have any outstanding contractual commitments or obligations as of June 30, 2022 and September 30, 2021.

Subsequent Events

Subsequent Events	9 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 7. Subsequent Events Management has evaluated significant events through the date of these financial statements and determined that none require disclosure.

Summary of significant Accoun_2

Summary of significant Accounting Policies (Policies)	9 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (“ FASB Codification GAAP
Management’s Representation of Interim Financial Statements	Management’s Representation of Interim Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Company uses the same accounting policies in preparing quarterly and annual financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto at September 30, 2021 as presented in the Company’s Annual Report on Form 10-K.
Going Concern	Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve months following the date of these financial statements. As of June 30, 2022, the Company had no cash and an accumulated deficit of $ 15,792,432 Because the Company does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this raises substantial doubt about the Company’s ability to continue as a going concern. Therefore, the Company will need to raise additional funds and is currently exploring alternative sources of financing. Recently the Company being funded by Grant Casey who extended interest-free demand loans to the Company. Historically, the Company raised capital through private placements, to finance working capital needs and may attempt to raise capital through the sale of common stock or other securities and obtaining some short-term loans. The Company will be required to continue to so until its operations become profitable. Also, the Company has, in the past, paid for consulting services with its common stock to maximize working capital, and intends to continue this practice where feasible.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of 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. The most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends, and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates.
Cash and cash equivalents	Cash and cash equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. As of June 30, 2022 and September 30, 2021, the Company had no
Income taxes	Income taxes The Company accounts for income taxes under FASB ASC 740, “Accounting for Income Taxes” “Accounting for Uncertainty in Income Taxes” The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen that might cause it to change its judgment regarding the likelihood of a tax position’s sustainability under audit.
Net Loss per Share	Net Loss per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding.
Recent Accounting Pronouncements	Recent Accounting Pronouncements There are no recent accounting pronouncements that impact the Company’s operations.

Summary of significant Accoun_3

Summary of significant Accounting Policies (Details Narrative) - USD ($)	Jun. 30, 2022	Sep. 30, 2021
Accounting Policies [Abstract]
Accumulated deficit	$ 15,792,432	$ 15,750,941
Cash	$ 0	$ 0

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	Jun. 30, 2022	Sep. 30, 2021
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Advances from related parties	$ 51,696	$ 14,336
Chief Executive Officer [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Advances from related parties	$ 37,360

Prepaid Expense (Details Narrat

Prepaid Expense (Details Narrative) - USD ($)	3 Months Ended	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Sep. 30, 2021
Prepaid expense	$ 849	$ 849	$ 2,257
General and Administrative Expense [Member]
Prepaid expense	2,498	2,498	$ 2,498
Amortized prepaid expense to general and administrative expenses	$ 1,379	$ 3,906

Stockholders_ Equity (Deficit)

Stockholders’ Equity (Deficit) (Details Narrative) - $ / shares	Jun. 30, 2022	Sep. 30, 2021
Equity [Abstract]
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares issued	330,483,033	330,483,033
Common stock, shares outstanding	330,483,033	330,483,033