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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Yummies Inc (CE) | USOTC:YUMM | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.75 | 0.00 | 01:00:00 |
Nevada
|
87-0615629
|
(State or other jurisdiction of Employer incorporation or organization)
|
(I.R.S. IdentificationNo.) |
1981 East Murray Holiday Rd, Salt Lake City, Utah
|
84117
|
(Address of principal executive offices)
|
(Zip Code)
|
Large Accelerated Filer [ ]
|
Accelerated Filer [ ]
|
Non-Accelerated filer [ ]
|
Smaller Reporting Company [ x ]
|
Class
|
Outstanding as of May 1, 2017
|
Common Stock, $0.001
|
2,505,000
|
Page | |||
Number | |||
PART I.
|
|||
ITEM 1.
|
Financial Statements (unaudited)
|
3
|
|
Balance Sheets March 31, 2017 and September 30, 2016
|
4 | ||
Statements of Operations For the three and six months ended March 31, 2017 and 2016
|
5 | ||
Statements of Cash Flows For the six months ended March 31, 2017 and 2016
|
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
|
11 | |
Signatures
|
12
|
YUMMIES, INC.
|
||||||||
BALANCE SHEETS
|
||||||||
MARCH 31, 2017 AND SEPTEMBER 30, 2016
|
||||||||
March 31,
|
September 30,
|
|||||||
2017
|
2016
|
|||||||
Assets
|
||||||||
Current Assets:
|
||||||||
Cash
|
$
|
125
|
$
|
203
|
||||
Prepaid expenses
|
8,333
|
3,333
|
||||||
Total current assets
|
8,458
|
3,536
|
||||||
Total Assets
|
$
|
8,458
|
$
|
3,536
|
||||
Liabilities and Stockholders' Equity
|
||||||||
Current Liabilities:
|
||||||||
Accounts payable
|
$
|
4,600
|
$
|
5,800
|
||||
Interest payable
|
2,817
|
2,666
|
||||||
Interest payable, stockholders
|
16,119
|
15,115
|
||||||
Notes payable
|
3,774
|
3,774
|
||||||
Notes payable, stockholders
|
25,100
|
25,100
|
||||||
Total current liabilities
|
52,410
|
52,455
|
||||||
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
|
101,932
|
81,412
|
||||||
Accumulated deficit
|
(148,389
|
)
|
(132,836
|
)
|
||||
Total Stockholders' Equity
|
(43,952
|
)
|
(48,919
|
)
|
||||
Total Liabilities and Stockholders' Equity
|
$
|
8,458
|
$
|
3,536
|
YUMMIES, INC.
|
||||||||||||||||
STATEMENTS OF OPERATIONS
|
||||||||||||||||
For the
|
For the
|
For the
|
For the
|
|||||||||||||
Three Months
|
Three Months
|
Six Months
|
Six Months
|
|||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
|||||||||||||
March 31,
|
March 31,
|
March 31,
|
March 31,
|
|||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Revenues
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
||||||||
Expenses, general and administrative
|
3,519
|
4,269
|
14,398
|
11,718
|
||||||||||||
Operating loss
|
(3,519
|
)
|
(4,269
|
)
|
(14,398
|
)
|
(11,718
|
)
|
||||||||
Other income (expense):
|
||||||||||||||||
Interest expense
|
(578
|
)
|
(578
|
)
|
(1,155
|
)
|
(1,155
|
)
|
||||||||
Net loss
|
$
|
(4,097
|
)
|
$
|
(4,847
|
)
|
$
|
(15,553
|
)
|
$
|
(12,873
|
)
|
||||
Net loss per share
|
$
|
--
|
$
|
--
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
||||||
Weighted average shares outstanding
|
2,505,000
|
2,505,000
|
2,505,000
|
2,505,000
|
STATEMENTS OF CASH FLOWS
|
||||||||
For the
|
For the
|
|||||||
Six Months
|
Six Months
|
|||||||
Ended
|
Ended
|
|||||||
March 31,
|
March 31,
|
|||||||
2017
|
2016
|
|||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$
|
(15,553
|
)
|
$
|
(12,873
|
)
|
||
Adjustment to reconcile net loss to cash provided by operating activities:
|
||||||||
Increase in prepaid expenses
|
(5,000
|
)
|
(5,000
|
)
|
||||
(Decrease) in accounts payable and interest payable
|
(45
|
)
|
(45
|
)
|
||||
Expenses paid directly by shareholder
|
20,520
|
17,840
|
||||||
Net cash used by operating activities
|
(78
|
)
|
(78
|
)
|
||||
Cash flows from investing activities
|
--
|
--
|
||||||
Cash flows from financing activities:
|
--
|
--
|
||||||
Net decrease in cash
|
(78
|
)
|
(78
|
)
|
||||
Cash, beginning of period
|
203
|
359
|
||||||
Cash, end of period
|
$
|
125
|
$
|
281
|
||||
Interest paid
|
$
|
--
|
$
|
--
|
||||
Income taxes paid
|
$
|
--
|
$
|
--
|
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 March 31 2017 and September 30, 2016, 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 March 31, 2017 and September 30, 2016 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 March 31, 2017 and September 30, 2016:
|
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
|
No options or warrants are outstanding to acquire the Company's common stock.
|
|
6.
|
Income Taxes
|
Company has had no taxable income under Federal or State tax laws. The Company has loss carryforwards totaling $132,832 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 $15,553 during year ended March 31, 2017 and accumulated losses of $148,389 since inception at June 10, 1998. The Company's current liabilities exceed its current assets by $43,952 at March 31, 2017. 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.
|
Yummies, Inc.
|
|
[Registrant]
|
|
S/ Susan Santage
|
|
Susan Santage, President & Treasurer
|
|
May 9, 2017
|
1 Year Yummies (CE) Chart |
1 Month Yummies (CE) Chart |
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