Yumba Records Storage 10-Q 22 Jul 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	May 31, 2019	Jul. 22, 2019
Document And Entity Information
Entity Registrant Name	YUMBA RECORDS STORAGE, INC.
Entity Central Index Key	0001750398
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 31, 2019
Current Fiscal Year End Date	--08-31
Entity Current Reporting Status	Yes
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 Common Stock, Shares Outstanding		6,000,000
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Interactive Data Current	No
Entity Incorporation State Country Name	Nevada
Entity File Number	333-226981
Entity Shell Company	true

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	May 31, 2019	Aug. 31, 2018
Current assets
Cash	$ 3,100	$ 10,290
Total current assets	3,100	10,290
Total assets	3,100	10,290
Current liabilities
Accounts payable and accrued liabilities	979	1,057
Due to related party	700
Total current liabilities	1,679	1,057
Advances from related party	15,170	15,170
Total liabilities	16,849	16,227
STOCKHOLDER'S DEFICIT
Common stock: $0.001 par value, 200,000,000 authorized, 6,000,000 issued and outstanding as of May 31, 2019 and August 31, 2018	6,000	6,000
Additional paid-in capital
Accumulated deficit	(19,749)	(11,937)
Total stockholder's deficit	(13,749)	(5,937)
Total liabilities and stockholder's deficit	$ 3,100	$ 10,290

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	May 31, 2019	Aug. 31, 2018
STOCKHOLDER'S DEFICIT
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	6,000,000	6,000,000
Common stock, shares outstanding	6,000,000	6,000,000

Consolidated Statements of Oper

Consolidated Statements of Operations (unaudited) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Expenses
General and administrative	$ 1,496	$ 700	$ 1,562	$ 700
Professional fees	1,750		6,250	6,250
Loss from operations Net loss	(3,246)	(700)	(7,812)	(6,950)
Provision for income taxes
Net loss	$ (3,246)	$ (700)	$ (7,812)	$ (6,950)
Net loss per share - basic and diluted	$ 0	$ 0	$ 0	$ 0
Weighted average shares outstanding - basic and diluted	6,000,000	6,000,000	6,000,000	6,000,000

Consolidated Statement of Stock

Consolidated Statement of Stockholders’ Deficit (Unaudited) - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income / Loss	Accumulated Deficit	Total
Beginning Balance, Shares at Aug. 31, 2017	6,000,000
Beginning Balance, Amount at Aug. 31, 2017	$ 6,000			$ (1,280)	$ 4,720
Net loss				(4,500)	(4,500)
Ending Balance, Shares at Nov. 30, 2017	6,000,000
Ending Balance, Amount at Nov. 30, 2017	$ 6,000			(5,780)	220
Beginning Balance, Shares at Aug. 31, 2017	6,000,000
Beginning Balance, Amount at Aug. 31, 2017	$ 6,000			(1,280)	4,720
Net loss					(6,950)
Ending Balance, Shares at May. 31, 2018	6,000,000
Ending Balance, Amount at May. 31, 2018	$ 6,000			(8,230)	(2,230)
Beginning Balance, Shares at Nov. 30, 2017	6,000,000
Beginning Balance, Amount at Nov. 30, 2017	$ 6,000			(5,780)	220
Net loss				(1,750)	(1,750)
Ending Balance, Shares at Feb. 28, 2018	6,000,000
Ending Balance, Amount at Feb. 28, 2018	$ 6,000			(7,530)	(1,530)
Net loss				(700)	(700)
Ending Balance, Shares at May. 31, 2018	6,000,000
Ending Balance, Amount at May. 31, 2018	$ 6,000			(8,230)	(2,230)
Net loss
Ending Balance, Shares at Aug. 31, 2018	6,000,000
Ending Balance, Amount at Aug. 31, 2018	$ 6,000			(11,937)	(5,937)
Net loss				(4,566)	(4,566)
Ending Balance, Shares at Nov. 30, 2018	6,000,000
Ending Balance, Amount at Nov. 30, 2018	$ 6,000			(16,503)	(10,503)
Beginning Balance, Shares at Aug. 31, 2018	6,000,000
Beginning Balance, Amount at Aug. 31, 2018	$ 6,000			(11,937)	(5,937)
Net loss					(7,812)
Ending Balance, Shares at May. 31, 2019	6,000,000
Ending Balance, Amount at May. 31, 2019	$ 6,000			(19,749)	(13,749)
Beginning Balance, Shares at Nov. 30, 2018	6,000,000
Beginning Balance, Amount at Nov. 30, 2018	$ 6,000			(16,503)	(10,503)
Net loss
Ending Balance, Shares at Feb. 28, 2019	6,000,000
Ending Balance, Amount at Feb. 28, 2019	$ 6,000			(16,503)	(10,503)
Net loss				(3,246)	(3,246)
Ending Balance, Shares at May. 31, 2019	6,000,000
Ending Balance, Amount at May. 31, 2019	$ 6,000			$ (19,749)	$ (13,749)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	May 31, 2019	May 31, 2018
Cash flows from operating activities
Net loss	$ (7,812)	$ (6,950)
Change in operating assets and liabilities
Accounts payables and accrued liabilities	(78)
Due to related parties	700
Net cash used in operating activities	(7,190)	(6,950)
Cash flows from financing activities
Advances from related party		14,520
Net cash provided by financing activities		14,520
Change in cash	(7,190)	7,570
Cash - beginning of period	10,290	6,000
Cash - end of period	3,100	13,570
Supplemental cash flow disclosures
Interest
Income tax

NATURE AND CONTINUANCE OF OPERA

NATURE AND CONTINUANCE OF OPERATIONS	9 Months Ended
	May 31, 2019
Notes to Financial Statements
Note 1 - NATURE AND CONTINUANCE OF OPERATIONS	Yumba Records Storage, Inc. (the "Company") was incorporated in the state of Nevada on July 21, 2017 ("Inception"). The Company plans to be a physical record storage and retrieval company .The Company's corporate headquarters are located in Margao, India and its fiscal year-end is August 31. The Company presently is not providing any services. All activities of the Company relate to its organization, initial funding, and share issuances. The Company believes there are no significant risks or uncertainties related to these activities.

GOING CONCERN

GOING CONCERN	9 Months Ended
	May 31, 2019
Notes to Financial Statements
Note 2 - GOING CONCERN	These unaudited financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. During the nine-month period ending May 31, 2019, the Company recognized no sales revenue and incurred a net loss of $7,812. As of May 31, 2019, the Company had an accumulated deficit of $19,749. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking third party equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.These unaudited financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	May 31, 2019
Notes to Financial Statements
Note 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Consolidated Financial Information: The accompanying unaudited financial statements have been prepared by management without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These unaudited financial statements include all of the adjustments, which, in the opinion of management, are necessary to a fair presentation of financial position and result of operations. As such, all adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year. The unaudited financial statement information including footnotes as of May 31, 2019 was derived from and should be read in conjunction with the Company’s financial statements for the year ended August 31, 2018 included in the Company’s Form S-1. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and have been consistently applied in the preparation of the financial statements for the nine months ended May 31, 2019 and the audited financial statements for the year ended August 31, 2018. Unaudited consolidated financial statements The unaudited consolidated financial statements include the accounts of Yumba Records Storage, Inc. and its wholly owned Canadian subsidiary, Yumba Records Storage Inc. All significant intercompany balances and transactions have been eliminated upon consolidation. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. The Company maintains cash balances at one financial institution that is insured by the FDIC. As of May 31, 2019, the Company had $3,100 in cash. Foreign Currency Translation The Company's functional and reporting currency is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate expenses. Revenue and expenses are translated at average rates of exchange during the year. The assets and liabilities of foreign operations are translated to US dollars at exchange rates at the reporting date. The income and expenses of foreign operations are translated into US dollars at exchange rates at the dates of the transactions. Foreign currency adjustments are recognized in other comprehensive income in the accumulated other comprehensive income (loss). Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of net income (loss). The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. Use of Estimates and Assumptions The preparation of consolidated financial statements in conformity with US 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 consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern. Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, Accounting for Income Taxes. The asset and liability method provide that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company will measure and record a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. Financial Instruments The Company’s financial instruments consist of cash, accounts payables and due to shareholder. The carrying amount of such approximate their fair value due to the short maturity of the instrument. Income (Loss) Per Share Basic earnings per share is computed by dividing net income (or loss) by the weighted- average number of shares outstanding during the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of the Company, assuming the issuance of an equivalent number of common shares pursuant to options, warrants, or convertible debt arrangements. Diluted earnings per share is not shown for periods in which the Company incurs a loss because it would be anti-dilutive. Similarly, potential common stock equivalents are not included in the calculation if the effect would be anti-dilutive. No potentially dilutive debt or equity securities were issued or outstanding during the three-months and nine-month period ended May 31, 2019 and 2018. Fair Value of Financial Instruments The Company follows ASC 820, Fair Value Measurements and Disclosures, for all financial instruments and non-financial instruments accounted for at fair value on a recurring basis. This accounting standard establishes a single definition of fair value and a framework for measuring fair value, sets out a fair value hierarchy to be used to classify the source of information used in fair value measurement and expands disclosures about fair value measurements required under other accounting pronouncements. It does not change existing guidance as to whether or not an instrument is carried at fair value. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. AS topic 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: Defined as observable inputs such as quoted prices in active markets; Level 2: Defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; Level 3: Defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company has adopted ASC 825, Financial Instruments, which allows companies to choose to measure eligible financial instruments and certain other items at fair value that are not required to be measured at fair value. The Company has not elected the fair value option for any eligible financial instruments. Recent Accounting Pronouncements Leases Stock Compensation fiscal Credit Losses –

COMMON STOCK

COMMON STOCK	9 Months Ended
	May 31, 2019
Notes to Financial Statements
Note 4 - COMMON STOCK	The total number of common shares authorized that may be issued by the Company is 200,000,000 shares with a par value of $0.001 per share. During the period ended August 31, 2017, the Company issued 6,000,000 shares of common stock for total cash proceeds of $6,000 to the Company's director. As at May 31, 2019, there were no issued and outstanding stock options or warrants.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	May 31, 2019
Notes to Financial Statements
Note 5 - RELATED PARTY TRANSACTIONS	The Company neither owns nor leases any real or personal property. Ms. Chasma Mulla, officer and director of the Company, is currently providing the Company with use of office space and services at no charge. The Company’s officer and director is involved in other business activities and may face a conflict in selecting between the Company and her other business interests.

RELATED PARTY ADVANCE PAYABLES

RELATED PARTY ADVANCE PAYABLES	9 Months Ended
	May 31, 2019
Notes to Financial Statements
Note 6 - RELATED PARTY ADVANCE PAYABLES	As of May 31, 2019, the Company has received $15,170 from a party related to the Company’s president. This advance is unsecured and non-interest bearing and may not be due before August 31, 2020.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	May 31, 2019
Notes to Financial Statements
Note 7 - SUBSEQUENT EVENTS	In accordance with ASC 855-10, the Company has analyzed its operations from July 16, 2019 through to the date the financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	May 31, 2019
Summary Of Significant Accounting Policies
Consolidated Financial Information:	The accompanying unaudited financial statements have been prepared by management without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These unaudited financial statements include all of the adjustments, which, in the opinion of management, are necessary to a fair presentation of financial position and result of operations. As such, all adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year. The unaudited financial statement information including footnotes as of May 31, 2019 was derived from and should be read in conjunction with the Company’s financial statements for the year ended August 31, 2018 included in the Company’s Form S-1. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and have been consistently applied in the preparation of the financial statements for the nine months ended May 31, 2019 and the audited financial statements for the year ended August 31, 2018.
Unaudited consolidated financial statements	The unaudited consolidated financial statements include the accounts of Yumba Records Storage, Inc. and its wholly owned Canadian subsidiary, Yumba Records Storage Inc. All significant intercompany balances and transactions have been eliminated upon consolidation.
Cash and Cash Equivalents	The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. The Company maintains cash balances at one financial institution that is insured by the FDIC. As of May 31, 2019, the Company had $3,100 in cash.
Foreign Currency Translation	The Company's functional and reporting currency is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate expenses. Revenue and expenses are translated at average rates of exchange during the year. The assets and liabilities of foreign operations are translated to US dollars at exchange rates at the reporting date. The income and expenses of foreign operations are translated into US dollars at exchange rates at the dates of the transactions. Foreign currency adjustments are recognized in other comprehensive income in the accumulated other comprehensive income (loss). Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of net income (loss). The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.
Use of Estimates and Assumptions	The preparation of consolidated financial statements in conformity with US 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 consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern.
Income Taxes
Financial Instruments	The Company’s financial instruments consist of cash, accounts payables and due to shareholder. The carrying amount of such approximate their fair value due to the short maturity of the instrument.
Income (Loss) Per Share
Fair Value of Financial Instruments	The Company follows ASC 820, Fair Value Measurements and Disclosures, for all financial instruments and non-financial instruments accounted for at fair value on a recurring basis. This accounting standard establishes a single definition of fair value and a framework for measuring fair value, sets out a fair value hierarchy to be used to classify the source of information used in fair value measurement and expands disclosures about fair value measurements required under other accounting pronouncements. It does not change existing guidance as to whether or not an instrument is carried at fair value. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. AS topic 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: Defined as observable inputs such as quoted prices in active markets; Level 2: Defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; Level 3: Defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company has adopted ASC 825, Financial Instruments, which allows companies to choose to measure eligible financial instruments and certain other items at fair value that are not required to be measured at fair value. The Company has not elected the fair value option for any eligible financial instruments.
Recent Accounting Pronouncements	Leases Stock Compensation fiscal Credit Losses –

NATURE AND CONTINUANCE OF OPE_2

NATURE AND CONTINUANCE OF OPERATIONS (Details Narrative)	9 Months Ended
	May 31, 2019
Nature And Continuance Of Operations
State of incorporation	Nevada
Date of Incorporation	Jul. 21, 2017

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended							9 Months Ended
	May 31, 2019	Feb. 28, 2019	Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Feb. 28, 2018	Nov. 30, 2017	May 31, 2019	May 31, 2018
Going Concern
Net loss	$ (3,246)		$ (4,566)		$ (700)	$ (1,750)	$ (4,500)	$ (7,812)	$ (6,950)
Accumulated deficit	$ (19,749)			$ (11,937)				$ (19,749)

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative0 - USD ($)	May 31, 2019	Aug. 31, 2018	May 31, 2018	Aug. 31, 2017
Summary Of Significant Accounting Policies Details Narrative0
Cash	$ 3,100	$ 10,290	$ 13,570	$ 6,000

COMMON STOCK (Details Narrative

COMMON STOCK (Details Narrative) - USD ($)	12 Months Ended
	Aug. 31, 2017	May 31, 2019	Aug. 31, 2018
Common stock, par value		$ 0.001	$ 0.001
Common stock, shares authorized		200,000,000	200,000,000
Common stock, shares issued		6,000,000	6,000,000
Common stock, shares outstanding		6,000,000	6,000,000
Director [Member]
Common stock issued shares during period, Shares	6,000,000
Common stock issued shares during period, Amount	$ 6,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	May 31, 2019	Aug. 31, 2018
Advances from related party	$ 15,170	$ 15,170
President [Member]
Advances from related party	$ 15,170