0001096906-14-000601.txt : 20140507 0001096906-14-000601.hdr.sgml : 20140507 20140507130014 ACCESSION NUMBER: 0001096906-14-000601 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20140331 FILED AS OF DATE: 20140507 DATE AS OF CHANGE: 20140507 FILER: COMPANY DATA: COMPANY CONFORMED NAME: YUMMIES INC CENTRAL INDEX KEY: 0001073748 STANDARD INDUSTRIAL CLASSIFICATION: [9995] IRS NUMBER: 870615629 STATE OF INCORPORATION: NV FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-32361 FILM NUMBER: 14819890 BUSINESS ADDRESS: STREET 1: 1981 EAST MURRAY HOLLADAY ROAD STREET 2: SUITE 100 CITY: SALT LAKE CITY STATE: UT ZIP: 84117 BUSINESS PHONE: 8012729294 MAIL ADDRESS: STREET 1: 1981 EAST MURRAY HOLLADAY ROAD STREET 2: SUITE 100 CITY: SALT LAKE CITY STATE: UT ZIP: 84117 10-Q 1 yummies.htm YUMMIES, INC. 10Q 2014-03-31 yummies.htm


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
 
FORM 10-Q


(x ) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended        March 31, 2014

(  ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from                to _________
 
Commission File number    000-32361

YUMMIES,  INC.
(Exact name of registrant as specified in charter)

Nevada
87-0615629 
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)

 1981 East Murray Holiday Rd,  Salt Lake City, Utah
 84117
(Address of principal executive offices)
(Zip Code)

801-272-9294
Registrant’s telephone number, including area code

___________________________________
(Former name, former address, and former fiscal year, if changed since last report.)


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),  and (2) has been subject to such filing requirements for the past 90 days.  Yes [x ]   No  [  ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes [ x] No [  ]

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. Se the definitions of “large accelerated filer”, ”accelerated filer”, and “smaller reporting company” in Rule 12b-2 of the Exchange Act

Large Accelerated Filer [  ]
Accelerated Filer [  ]
   
Non-Accelerated filer [  ]
Smaller Reporting Company [ x ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)           Yes [X]      No [ ]

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the last practicable date

Class 
Outstanding as of May 1, 2014
Common  Stock, $0.001
2,505,000
 
 

 

INDEX
 
     Page
Number
     
PART I.
 
     
ITEM 1.
Financial Statements (unaudited)
3
     
 
Balance Sheets
4
  March 31, 2014 and September 30, 2013  
     
 
Statements of Operations
5
 
For the three and six months ended March 31, 2014 and 2013 and the period June 10, 1998 to March 31, 2014
 
 
   
  Statements of Cash Flows 6
 
For the six months ended March 31, 2014 and 2013 and the period June 10, 1998 to March 31, 2014
 
 
   
 
Notes to Financial Statements
7
     
ITEM 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
11
     
ITEM 3.
Quantitative and Qualitative Disclosures about Market Risk
12
     
ITEM 4T.
Controls and Procedures
12
     
PART II.
   
     
ITEM 6.
Exhibits
13
     
 
Signatures
13
 
2

 

PART I - FINANCIAL INFORMATION
 


ITEM 1. FINANCIAL STATEMENTS



The accompanying balance sheets of Yummies, Inc. ( development stage company) at March 31, 2014 and September 30, 2013, and the related  statements of operations for the three and six months ended March 31, 2014 and 2013 and the period June 10, 1998  to March 31, 2014 , and statements of cash flows for the six months ended March 31, 2014 and 2013 and the period June 10, 1998  to March 31, 2014 have been prepared by the Company’s management in conformity with accounting principles generally accepted in the United States of America.  In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature.

Operating results for the quarter ended March 31, 2014, are not necessarily indicative of the results that can be expected for the year ending September 30, 2014.
 
3

 
 
YUMMIES, INC.
 
(A Development Stage Company)
 
   
BALANCE SHEETS
 
   
MARCH 31, 2014 AND SEPTEMBER 30, 2013
 
             
   
March 31,
   
September 30,
 
   
2014
   
2013
 
Assets
           
             
Current Assets:
           
Cash
  $ 518     $ 565  
                 
Total current assets
    518       565  
                 
Total Assets
  $ 518     $ 565  
                 
Liabilities and Stockholders' Equity
               
                 
Current Liabilities:
               
Accounts payable
  $ 4,250     $ 5,250  
Interest  payable
    1,911       1,760  
Interest payable, stockholders
    10,095       9,090  
Notes payable
    3,774       3,774  
Notes payable, stockholders
    25,100       25,100  
                 
Total current liabilities
    45,130       44,974  
                 
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
    38,277       30,787  
Deficit accumulated during the development stage
    (85,394 )     (77,701 )
                 
Total Stockholders' Equity
    (44,612 )     (44,409 )
                 
Total Liabilities and Stockholders' Equity
  $ 518     $ 565  
 
The accompanying notes are an integral part of the financial statements.
 
 
4

 
YUMMIES, INC.
 
(A Development Stage Company)
 
   
STATEMENTS OF OPERATIONS
 
                               
                           
For the
 
                           
Period
 
   
For the
   
For the
   
For the
   
For the
   
June 10, 1998
 
   
Three Months
   
Three Months
   
Six Months
   
Six Months
   
(Inception)
 
   
Ended
   
Ended
   
Ended
   
Ended
   
Through
 
   
March 31,
   
March 31,
   
March 31,
   
March 31,
   
March 31,
 
   
2014
   
2013
   
2014
   
2013
   
2014
 
                               
Revenues
  $ --     $ --     $ --     $ --     $ --  
                                         
Expenses, general and administrative
    1,534       1,444       6,538       5,498       73,389  
                                         
Operating loss
    (1,534 )     (1,444 )     (6,538 )     (5,498 )     (73,389 )
                                         
Other income (expense):
                                       
   Interest expense
    (578 )     (578 )     (1,155 )     (1,155 )     (12,005 )
                                         
Net loss
  $ (2,112 )   $ (2,022 )   $ (7,693 )   $ (6,653 )   $ (85,394 )
                                         
Net loss per share
  $ --     $ --     $ --     $ --     $ (0.03 )
                                         
Weighted average shares outstanding
    2,505,000       2,505,000       2,505,000       2,505,000       2,462,131  

The accompanying notes are an integral part of the financial statements.
 
5

 

YUMMIES, INC.
 
(A Development Stage Company)
 
   
STATEMENTS OF CASH FLOWS
 
                   
               
For the
 
               
Period
 
   
For the
   
For the
   
June 10, 1998
 
   
Six Months
   
Six Months
   
(Inception)
 
   
Ended
   
Ended
   
Through
 
   
March 31,
   
March 31,
   
March 31,
 
   
2014
   
2013
   
2014
 
                   
Cash flows from operating activities:
                 
Net loss
  $ (7,693 )   $ (6,653 )   $ (85,394 )
Adjustment to reconcile net loss to cash provided by operating activities:
                       
Increase (decrease) in accounts payable andinterest payable
    156       1,075       16,256  
Expenses paid directly by shareholder
    7,490       5,530       27,752  
Accounts payable converted into note payable
    --       --       7,875  
                         
Net cash used by operating activities
    (47 )     (48 )     (33,511 )
                         
Cash flows from investing activities
    --       --       --  
                         
Cash flows from financing activities:
                       
Cash contributed by shareholder
    --       --       1,000  
Issuance of common stock
    --       --       12,029  
Proceeds from note payable
    --       --       21,000  
                         
Net cash provided by financing activities
    --       --       34,029  
                         
Net increase (decrease) in cash
    (47 )     (48 )     518  
                         
Cash, beginning of period
    565       662       --  
                         
Cash, end of period
  $ 518     $ 614     $ 518  
Interest paid
  $ --     $ --     $ --  
Income taxes paid
  $ --     $ --     $ --  
 
The accompanying notes are an integral part of the financial statements.
 
6

 
 
YUMMIES, INC.

(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS

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.  The Company was formed to pursue business opportunities.  The Company has not commenced principal operations and is considered a "Development Stage Company" as defined by FASB ASC 915 (formerly Statement of Financial Accounting Standards (SFAS) No. 7).

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.

 
In July 2009, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) 105-10, formerly Statement of Financial Accounting Standards (“SFAS”) No. 168, The FASB Accounting Standards Codification and Hierarchy of Generally Accepted Accounting Principles, which became the single source of authoritative GAAP recognized by the FASB. ASC 105-10 does not change current U.S. GAAP, but on the effective date, the FASB ASC superseded all then existing non-SEC accounting and reporting standards.

 
The Company adopted ASC 105-10 during the year ended September 30, 2010 and revised its referencing of GAAP accounting standards in these financial statements to reflect the new standards.

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 equivalent

 
7

 

  Notes to Financial Statements - Continued


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 (formerly SFAS No. 157, Fair Value Measurements) 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, 2014 and September 30, 2013, 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 one-year notes payable.  The note balance of $3,774 at March 31, 2014 and September 30, 2013 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.
 
 
8

 

Notes to Financial Statements - Continued


3.              Notes Payable, Stockholders

Stockholder notes payable consist of the following at March 31, 2014 and September 30, 2013:
 
 
 
March 31,
   
September 30,
 
 
 
 2014
   
 2013
 
             
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 commonstock 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

    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.
 
-  -
 
9

 

Notes to Financial Statements - Continued


5.              Warrants and Options

No options or warrants are outstanding to acquire the Company's common stock.

6.              Income Taxes

The Company has had no taxable income under Federal or State tax laws. The Company has loss carryforwards totaling $77,701 that may be offset against future federal income taxes. If not used, the carryforwards will expire between 2021 and 2033. 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 $7,693 during the six months ended March 31, 2014 and accumulated losses of $85,394 since inception at June 10, 1998. The Company’s current liabilities exceed its current assets by $44,612 at March 31, 2014. 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.
 
 
10

 


 
 ITEM 2.   Management’s Discussion and Analysis of Financial Condition and Results of Operations
 


The Company’s management is seeking and intends to acquire interests in various business opportunities which, in the opinion of management, will provide a profit to the Company but it does not have the working capital to be successful in this effort. The Company is not currently engaging in any substantive business activity and has no plans to engage in any such activity in the foreseeable future.  In its present form, the Company may be deemed to be a vehicle to acquire or merge with a business or company.  The Company does not intend to restrict its search to any particular business or industry, and the areas in which it will seek out acquisitions, reorganizations  or mergers may include,  but will not be limited to, the fields of high technology,  manufacturing,  natural resources,  service, research and development, communications,  transportation, insurance, brokerage, finance and all medically related fields,  among others. Although the Company has had discussions with various parties as to possible acquisitions, no definitive agreements have been reached with any such party, at this time.

Three and six month Period Ended March 31, 2014 and 2013

The Company did not generate any revenue during the three and six months ended March 31, 2014 and 2013.

General and administrative expenses were $1,534 and $6,538  for the three and six months ended March 31, 2014, respectively, compared to general and administrative expenses of $1,444 and $5,498 for the same periods in 2013.  Interest expense was $578 and $1,155 for the three and six months ended March 31, 2014, respectively, compared to $578 and $1,155 for the same period in 2013. As a result of the foregoing, the Company realized net losses of $2,112 and $7,693 for the three and six months ended March 31, 2014, respectively, compared to $2,022 and $6,653 for the same periods in 2013.  The Company’s increased net loss is attributable to a lack of business, ongoing professional costs associated with preparing the Company’s public reports, and timing differences.

Liquidity and Capital Resources

At March 31, 2014, assets consisted of $518 in cash.  Liabilities consisted of $4,250 in accounts payable, $12,006 in accrued interest, a note payable of $3,774, and  $25,100 notes payable to two stockholders, for total liabilities of $45,130, leaving the Company without any working capital.  

Since 2007, the Company has borrowed money from two stockholders of the Company.  At March 31, 2014 the outstanding balance is $25,100.  The notes are unsecured, bear interest at 8% and are convertible into common stock at $.025 per share.

Currently, the Company has no material commitments for capital expenditures.  Management anticipates that operating expenses for the next twelve months will be approximately $5,000 to $10,000.  Management understands that it does not have sufficient cash to meet its immediate operational needs and will require additional capital to cover ongoing operating expenses. Management may attempt to raise additional capital for its current operational needs through loans from its officers or shareholders, debt financing, equity financing or a combination of financing options.  However, there are no existing understandings, commitments or agreements for such an infusion; nor can there be assurances to that effect.
 
 
11

 
 

 
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK



Not Required by smaller reporting companies.

[


ITEM 4T. CONTROLS AND PROCEDURES
 


Evaluation of Disclosure Controls and Procedures. Our management, with the participation of our president/chief financial officer, carried out an evaluation of the effectiveness of our "disclosure controls and procedures" (as defined in the Securities Exchange Act of 1934 (the "Exchange Act") Rules 13a-15(e) and 15-d-15(e)) as of the end of our last fiscal quarter, March 31, 2014, (the "Evaluation Date"). Based upon that evaluation, our president/chief financial officer concluded that, as of the Evaluation Date, our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act (i) is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms and (ii) is accumulated and communicated to our management, including our president and our chief financial officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting. There were no changes in our internal controls over financial reporting that occurred during our last fiscal quarter (ended March 31, 2014) that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
 
 
12

 

PART 2 - OTHER  INFORMATION

(a) Exhibits
 
   
Exhibit 31.1
Rule 13a-14(a)/15d-14(a) Certification.
   
Exhibit 32.1
Certification by the Chief Executive Officer/Acting Chief Financial Officer Relating to a Periodic Report Containing Financial Statements.*
   
101.INS
XBRL Instance*
   
101.SCH
 XBRL Schema*
   
101.CAL
XBRL Calculation*
   
101.DEF
XBRL Definition*
   
101.LAB
XBRL Label*
   
101.PRE
XBRL Presentation*

* The Exhibit attached to this Form 10-Q shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to liability under that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.


 
SIGNATURES




Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned there unto duly authorized.

 
Yummies, Inc.
 
 [Registrant]
   
 
S/ Susan Santage
 
Susan Santage, President & Treasurer
May 6, 2014
 
 
 
13

 
EX-31.1 2 yummiesexh311.htm RULE 13A-14(A)/15D-14(A) CERTIFICATION yummiesexh311.htm
Exhibit 31.1


CERTIFICATION

 I, Susan Santage, certify that:

 1. I have reviewed this quarterly report on Form 10-Q of Yummies, Inc.;

 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect the period covered by this  report;

 3. Based on my knowledge, the financial statements, and other financial information included in this  report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report;

 4. The registrant's other certifying officers  and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15e and 15d-15e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the small business issuer and  have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this  report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the small business issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the small business issuer=s internal control over financial reporting that occurred during the small business issuer=s most recent fiscal quarter (the small business issuer=s fourth fiscal quarter in the case of an annual report) that has materially affected, or is likely to materially affect, the small business issuer=s internal control over financial reporting; and

 5. The small business issuer=s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer's auditors and the audit committee of small business issuer=s board of directors (or persons performing the equivalent function:
 
(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the small business issuer's ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer=s internal control over financial reporting.


Date:  May 6, 2014
/s/ Susan Santage
 
Susan Santage, CEO & CFO

 
 

 
EX-32.1 3 yummiesexh321.htm CERTIFICATION BY THE CHIEF EXECUTIVE OFFICER/ACTING CHIEF FINANCIAL OFFICER RELATING TO A PERIODIC REPORT CONTAINING FINANCIAL STATEMENTS.* yummiesexh321.htm
EXHIBIT 32.1


CERTIFICATION

 Pursuant to Section 906 of the Public Company Accounting Reform and Investor Protection Act of 2002 (18 U.S.C.ss. 1350, as adopted), I, Susan Santage, Chief Executive Officer and  Chief Financial Officer of the Company, hereby certifies that, to the best of his or her knowledge:

 1. The Company's Quarterly Report on Form 10-Q for the period ended March 31, 2014 and to which this Certification is attached as Exhibit 32.1 (the "PERIODIC REPORT") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 2. The information contained in the Periodic Report fairly presents, in all material respects, the financial condition of the Company at the end of the period covered by the Periodic Report and results of operations of the Company for the period covered by the Periodic Report.

Dated: May 6, 2014


 /s/ Susan Santage
Susan Santage
CEO & CFO

A signed original of this written statement required by Section 906 has been provided to Yummies, Inc. and will be retained by Yummies, Inc. and furnished to the Securities and Exchange Commission or its staff upon request

THIS CERTIFICATION ACCOMPANIES THIS REPORT PURSUANT TO SS. 906 OF THE SARBANES-OXLEY ACT OF 2002 AND SHALL NOT BE DEEMED "FILED" BY THE COMPANY FOR PURPOSES OF SECTION 18 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
 

 


 
EX-101.INS 4 yumm-20140331.xml XBRL INSTANCE 518 565 518 565 4250 5250 1911 1760 10095 9090 3774 3774 45130 44974 2505 2505 38277 30787 77701 -44409 518 565 0.001 0.001 50000000 50000000 2505000 2505000 2505000 2505000 1534 1444 6538 5498 73389 -1534 -1444 -6538 -5498 -73389 578 578 1155 1155 12005 -2112 -2022 -0.03 2505000 2505000 2505000 2505000 2462131 -6653 -85394 156 1075 16256 -7490 -5530 -27752 -7875 -47 -48 -33511 -1000 12029 21000 34029 -47 -48 518 565 662 614 518 10-Q 2014-03-31 false YUMMIES INC 0001073748 --09-30 2505000 Smaller Reporting Company Yes No No 2014 Q2 <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>1.&#160;&#160; <u>Summary of Business and Significant Accounting Policies</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>&#160;&#160;&#160;&#160; a.&#160;&#160; <u>Summary of Business</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:1.0in;text-align:justify;text-indent:-1.0in'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company was incorporated under the laws of the State of Nevada on June 10, 1998.&#160; The Company was formed to pursue business opportunities.&#160; The Company has not commenced principal operations and is considered a &quot;Development Stage Company&quot; as defined by FASB ASC 915 (formerly Statement of Financial Accounting Standards (SFAS) No. 7).</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:1.0in;text-align:justify;text-indent:-1.0in'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:1.0in;text-align:justify;text-indent:-1.0in'>&#160;&#160;&#160;&#160; b.&#160;&#160; <u>Basis of Presentation</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:1.0in;text-align:justify;text-indent:-1.0in'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The accompanying financial statements have been prepared in accordance with generally accepted accounting principles (&#147;GAAP&#148;) as promulgated in the United States of America.</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:1.0in;text-align:justify;text-indent:-1.0in'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:1.0in;text-align:justify;text-indent:-1.0in'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In July 2009, the Financial Accounting Standards Board (&#147;FASB&#148;) issued Accounting Standards Codification (&#147;ASC&#148;) 105-10, formerly Statement of Financial Accounting Standards (&#147;SFAS&#148;) No. 168, The FASB Accounting Standards Codification and Hierarchy of Generally Accepted Accounting Principles, which became the single source of authoritative GAAP recognized by the FASB. ASC 105-10 does not change current U.S. GAAP, but on the effective date, the FASB ASC superseded all then existing non-SEC accounting and reporting standards.</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:1.0in;text-align:justify;text-indent:-1.0in'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:1.0in;text-align:justify;text-indent:-1.0in'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company adopted ASC 105-10 during the year ended September 30, 2010 and revised its referencing of GAAP accounting standards in these financial statements to reflect the new standards.</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>&#160;&#160;&#160;&#160; c.&#160;&#160; <u>Cash Flows</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:1.0in;text-align:justify;text-indent:-1.0in'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 equivalent</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>&#160;&#160;&#160;&#160; d.&#160;&#160; <u>Net Loss Per Share</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:1.0in;text-align:justify;text-indent:-1.0in'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The net loss per share calculation is based on the weighted average number of shares outstanding during the period.</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>&#160;&#160;&#160;&#160; e.&#160;&#160; <u>Use of Estimates</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:1.0in;text-align:justify;text-indent:-1.0in'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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.&#160; Accordingly, actual results could differ from those estimates.</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:1.0in;text-align:justify;text-indent:-1.0in'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.5in;text-autospace:none;margin-left:0in;text-indent:0in'>&#160;&#160;&#160;&#160; f.&#160;&#160; <u>Fair Value of Financial Instruments</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:1.0in;text-align:justify;text-indent:-1.0in'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160; ASC 820-10 (formerly SFAS No. 157, Fair Value Measurements) 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, 2014 and September 30, 2013, the carrying value of certain financial instruments approximates fair value due to the short-term nature of such instruments.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>2.&#160;&#160; <u>Notes Payable</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:.5in;text-align:justify;text-indent:-.5in'>&#160;&#160;&#160;&#160; On January 10, 2007, and May 22, 2009 the Company converted $2,105 and $1,669 of accounts payable from its transfer agent into one-year notes payable.&#160; The note balance of $3,774 at March 31, 2014 and September 30, 2013 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.</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>&#160;&#160;&#160;&#160; </p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>3.&#160;&#160; <u>Notes Payable, Stockholders</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>&#160;&#160;&#160;&#160; </p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:.5in;text-indent:-.5in'>&#160;&#160;&#160; Stockholder notes payable consist of the following at March 31, 2014 and September 30, 2013:</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:.5in;text-indent:-.5in'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%;border-collapse:collapse'> <tr align="left"> <td width="57%" valign="top" style='width:57.88%;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>&nbsp;</p> </td> <td width="2%" valign="top" style='width:2.74%;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>&nbsp;</p> </td> <td width="4%" valign="top" style='width:4.18%;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>&nbsp;</p> </td> <td width="15%" style='width:15.12%;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:center'>March 31,</p> </td> <td width="4%" style='width:4.18%;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:center'>&nbsp;</p> </td> <td width="15%" style='width:15.9%;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:center'>September 30,</p> </td> </tr> <tr align="left"> <td width="57%" valign="top" style='width:57.88%;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>&nbsp;</p> </td> <td width="2%" valign="top" style='width:2.74%;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>&nbsp;</p> </td> <td width="4%" valign="top" style='width:4.18%;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>&nbsp;</p> </td> <td width="15%" style='width:15.12%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:center'>2014</p> </td> <td width="4%" style='width:4.18%;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:center'>&nbsp;</p> </td> <td width="15%" style='width:15.9%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:center'>2013</p> </td> </tr> <tr align="left"> <td width="57%" valign="bottom" style='width:57.88%;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>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 $.025 per share</p> </td> <td width="2%" valign="top" style='width:2.74%;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>&nbsp;</p> </td> <td width="4%" valign="bottom" style='width:4.18%;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>$</p> </td> <td width="15%" valign="bottom" style='width:15.12%;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>6,000</p> </td> <td width="4%" valign="bottom" style='width:4.18%;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>$</p> </td> <td width="15%" valign="bottom" style='width:15.9%;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>6,000</p> </td> </tr> <tr align="left"> <td width="57%" valign="bottom" style='width:57.88%;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>&nbsp;</p> </td> <td width="2%" valign="top" style='width:2.74%;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>&nbsp;</p> </td> <td width="4%" valign="bottom" style='width:4.18%;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>&nbsp;</p> </td> <td width="15%" valign="bottom" style='width:15.12%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>&nbsp;</p> </td> <td width="4%" valign="bottom" style='width:4.18%;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>&nbsp;</p> </td> <td width="15%" valign="bottom" style='width:15.9%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="57%" valign="bottom" style='width:57.88%;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>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.&#160; The notes principal and accrued interest are convertible into&#160; common stock at $.025 per share</p> </td> <td width="2%" valign="top" style='width:2.74%;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>&nbsp;</p> </td> <td width="4%" valign="bottom" style='width:4.18%;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>&nbsp;</p> </td> <td width="15%" valign="bottom" style='width:15.12%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>19,100</p> </td> <td width="4%" valign="bottom" style='width:4.18%;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>&nbsp;</p> </td> <td width="15%" valign="bottom" style='width:15.9%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>19,100</p> </td> </tr> <tr align="left"> <td width="57%" valign="top" style='width:57.88%;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>&nbsp;</p> </td> <td width="2%" valign="top" style='width:2.74%;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>&nbsp;</p> </td> <td width="4%" valign="bottom" style='width:4.18%;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>$</p> </td> <td width="15%" valign="bottom" style='width:15.12%;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>25,100</p> </td> <td width="4%" valign="bottom" style='width:4.18%;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>$</p> </td> <td width="15%" valign="bottom" style='width:15.9%;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>25,100</p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>4.&#160;&#160; <u>Issuance of Common Stock</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>&#160;&#160;&#160;&#160; On August 13, 1998, the Company issued 1,000,000 shares of &#160;&#160; its &#160;&#160;&#160;&#160; $.001 par value common stock for an aggregate price of &#160;&#160; $1,000.</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:.5in;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:.5in;text-align:justify'>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.</p> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:center'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:.5in;text-align:justify'>On December 15, 2000, an officer and stockholder of the Company returned 600,000 shares of common stock to authorized but unissued shares.</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:.5in;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:.5in;text-align:justify'>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.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>5.&#160;&#160; <u>Warrants and Options</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:.5in;text-align:justify'>No options or warrants are outstanding to acquire the Company's common stock.</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>6.&#160;&#160; <u>Income Taxes</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:.5in;text-align:justify'>The Company has had no taxable income under Federal or State tax laws. The Company has loss carryforwards totaling $77,701 that may be offset against future federal income taxes. If not used, the carryforwards will expire between 2021 and 2033. 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.</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>&nbsp;</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-autospace:none;text-indent:-.5in'>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Going Concern</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:.5in;text-align:justify'>As shown in the accompanying financial statements, the Company incurred a net loss of $7,693 during the six months ended March 31, 2014 and accumulated losses of $85,394 since inception at June 10, 1998. The Company&#146;s current liabilities exceed its current assets by $44,612 at March 31, 2014. These factors create an uncertainty as to the Company&#146;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.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:1.0in;text-align:justify;text-indent:-1.0in'>&#160;&#160;&#160;&#160; b.&#160;&#160; <u>Basis of Presentation</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:1.0in;text-align:justify;text-indent:-1.0in'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The accompanying financial statements have been prepared in accordance with generally accepted accounting principles (&#147;GAAP&#148;) as promulgated in the United States of America.</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:1.0in;text-align:justify;text-indent:-1.0in'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:1.0in;text-align:justify;text-indent:-1.0in'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In July 2009, the Financial Accounting Standards Board (&#147;FASB&#148;) issued Accounting Standards Codification (&#147;ASC&#148;) 105-10, formerly Statement of Financial Accounting Standards (&#147;SFAS&#148;) No. 168, The FASB Accounting Standards Codification and Hierarchy of Generally Accepted Accounting Principles, which became the single source of authoritative GAAP recognized by the FASB. 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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. 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The note principal and accrued interest is convertible into common stock at $.025 per share</p> </td> <td width="2%" valign="top" style='width:2.74%;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>&nbsp;</p> </td> <td width="4%" valign="bottom" style='width:4.18%;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>$</p> </td> <td width="15%" valign="bottom" style='width:15.12%;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>6,000</p> </td> <td width="4%" valign="bottom" style='width:4.18%;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>$</p> </td> <td width="15%" valign="bottom" style='width:15.9%;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>6,000</p> </td> </tr> <tr align="left"> <td width="57%" valign="bottom" style='width:57.88%;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>&nbsp;</p> </td> <td width="2%" valign="top" style='width:2.74%;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>&nbsp;</p> </td> <td width="4%" valign="bottom" style='width:4.18%;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>&nbsp;</p> </td> <td width="15%" valign="bottom" style='width:15.12%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>&nbsp;</p> </td> <td width="4%" valign="bottom" style='width:4.18%;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>&nbsp;</p> </td> <td width="15%" valign="bottom" style='width:15.9%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="57%" valign="bottom" style='width:57.88%;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>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.&#160; The notes principal and accrued interest are convertible into&#160; common stock at $.025 per share</p> </td> <td width="2%" valign="top" style='width:2.74%;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>&nbsp;</p> </td> <td width="4%" valign="bottom" style='width:4.18%;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>&nbsp;</p> </td> <td width="15%" valign="bottom" style='width:15.12%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>19,100</p> </td> <td width="4%" valign="bottom" style='width:4.18%;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>&nbsp;</p> </td> <td width="15%" valign="bottom" style='width:15.9%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>19,100</p> </td> </tr> <tr align="left"> <td width="57%" valign="top" style='width:57.88%;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>&nbsp;</p> </td> <td width="2%" valign="top" style='width:2.74%;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>&nbsp;</p> </td> <td width="4%" valign="bottom" style='width:4.18%;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>$</p> </td> <td width="15%" valign="bottom" style='width:15.12%;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>25,100</p> </td> <td width="4%" valign="bottom" style='width:4.18%;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>$</p> </td> <td width="15%" valign="bottom" style='width:15.9%;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:right'>25,100</p> </td> </tr> </table> </div> Nevada 1998-06-10 2105 1669 3774 3774 6000 6000 19100 19100 25100 25100 1000000 0.001 1000 17500 1.00 6471 600000 77701 -7693 85394 -44612 0001073748 2013-10-01 2014-03-31 0001073748 2014-03-31 0001073748 2014-05-01 0001073748 2013-09-30 0001073748 2014-01-01 2014-03-31 0001073748 2013-01-01 2013-03-31 0001073748 2012-10-01 2013-03-31 0001073748 1998-06-10 2014-03-31 0001073748 2012-09-30 0001073748 2013-03-31 0001073748 2007-01-10 0001073748 2009-05-22 0001073748 1998-08-13 0001073748 1999-02-01 1999-02-28 0001073748 1999-02-28 0001073748 2000-12-15 iso4217:USD shares iso4217:USD shares 8% Interest. 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4. Issuance of Common Stock
6 Months Ended
Mar. 31, 2014
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.

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3. Notes Payable, Stockholders
6 Months Ended
Mar. 31, 2014
Notes  
3. Notes Payable, Stockholders

3.   Notes Payable, Stockholders

    

    Stockholder notes payable consist of the following at March 31, 2014 and September 30, 2013:

 

 

 

 

March 31,

 

September 30,

 

 

 

2014

 

2013

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

 

XML 16 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Balance Sheet (USD $)
Mar. 31, 2014
Sep. 30, 2013
Current Assets:    
Cash $ 518 $ 565
Total current assets 518 565
Total Assets 518 565
Current Liabilities:    
Accounts payable 4,250 5,250
Interest payable 1,911 1,760
Interest payable, stockholders 10,095 9,090
Notes payable 3,774 3,774
Notes payable, stockholders 25,100 25,100
Total current liabilities 45,130 44,974
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 38,277 30,787
Deficit accumulated during the development stage (85,394) (77,701)
Total stockholders' equity (44,612) (44,409)
Total Liabilities and Stockholders' Equity $ 518 $ 565
XML 17 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
1. Summary of Business and Significant Accounting Policies
6 Months Ended
Mar. 31, 2014
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.  The Company was formed to pursue business opportunities.  The Company has not commenced principal operations and is considered a "Development Stage Company" as defined by FASB ASC 915 (formerly Statement of Financial Accounting Standards (SFAS) No. 7).

 

     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.

 

          In July 2009, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) 105-10, formerly Statement of Financial Accounting Standards (“SFAS”) No. 168, The FASB Accounting Standards Codification and Hierarchy of Generally Accepted Accounting Principles, which became the single source of authoritative GAAP recognized by the FASB. ASC 105-10 does not change current U.S. GAAP, but on the effective date, the FASB ASC superseded all then existing non-SEC accounting and reporting standards.

 

          The Company adopted ASC 105-10 during the year ended September 30, 2010 and revised its referencing of GAAP accounting standards in these financial statements to reflect the new standards.

 

     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 equivalent

 

     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 (formerly SFAS No. 157, Fair Value Measurements) 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, 2014 and September 30, 2013, the carrying value of certain financial instruments approximates fair value due to the short-term nature of such instruments.

XML 18 R22.htm IDEA: XBRL DOCUMENT v2.4.0.8
4. Issuance of Common Stock (Details) (USD $)
1 Months Ended
Feb. 28, 1999
Dec. 15, 2000
Aug. 13, 1998
Details      
Common stock issue for cash at $.001/share on August 13, 1998 - shares     1,000,000
Common Stock Issue For Cash On August 13 1998 PerShare     $ 0.001
Common stock issue 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 $ 1.00    
Payments of Stock Issuance Costs $ 6,471    
Common Stock Returned   600,000  
XML 19 R24.htm IDEA: XBRL DOCUMENT v2.4.0.8
7. Going Concern (Details) (USD $)
3 Months Ended 6 Months Ended 190 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Mar. 31, 2014
Mar. 31, 2013
Mar. 31, 2014
Sep. 30, 2013
Details            
Net loss $ 2,112 $ 2,022 $ 7,693 $ 6,653 $ 85,394  
Deficit accumulated during the development stage 85,394   85,394   85,394 77,701
Total stockholders' equity $ 44,612   $ 44,612   $ 44,612 $ 44,409
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2. Notes Payable
6 Months Ended
Mar. 31, 2014
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 one-year notes payable.  The note balance of $3,774 at March 31, 2014 and September 30, 2013 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.

    

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Balance Sheet Parenthetical (USD $)
Mar. 31, 2014
Sep. 30, 2013
Balance Sheet    
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
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1. Summary of Business and Significant Accounting Policies: F. Fair Value of Financial Instruments (Policies)
6 Months Ended
Mar. 31, 2014
Policies  
F. Fair Value of Financial Instruments

     f.   Fair Value of Financial Instruments

 

               ASC 820-10 (formerly SFAS No. 157, Fair Value Measurements) 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, 2014 and September 30, 2013, the carrying value of certain financial instruments approximates fair value due to the short-term nature of such instruments.

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Document and Entity Information
6 Months Ended
Mar. 31, 2014
May 01, 2014
Document and Entity Information    
Entity Registrant Name YUMMIES INC  
Document Type 10-Q  
Document Period End Date Mar. 31, 2014  
Amendment Flag false  
Entity Central Index Key 0001073748  
Current Fiscal Year End Date --09-30  
Entity Common Stock, Shares Outstanding   2,505,000
Entity Filer Category Smaller Reporting Company  
Entity Current Reporting Status Yes  
Entity Voluntary Filers No  
Entity Well-known Seasoned Issuer No  
Document Fiscal Year Focus 2014  
Document Fiscal Period Focus Q2  
Entity Incorporation, State Country Name Nevada  
Entity Incorporation, Date of Incorporation Jun. 10, 1998  
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3. Notes Payable, Stockholders: Schedule Of Stockholders Notes Payable (Tables)
6 Months Ended
Mar. 31, 2014
Tables/Schedules  
Schedule Of Stockholders Notes Payable

 

 

 

 

March 31,

 

September 30,

 

 

 

2014

 

2013

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

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Statements of Operations (USD $)
3 Months Ended 6 Months Ended 190 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Mar. 31, 2014
Mar. 31, 2013
Mar. 31, 2014
Statements of Operations          
Revenues               
Expenses, general and administrative 1,534 1,444 6,538 5,498 73,389
Operating loss (1,534) (1,444) (6,538) (5,498) (73,389)
Interest expense (578) (578) (1,155) (1,155) (12,005)
Net loss $ (2,112) $ (2,022) $ (7,693) $ (6,653) $ (85,394)
Net loss per share         $ (0.03)
Weighted average shares outstanding 2,505,000 2,505,000 2,505,000 2,505,000 2,462,131
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7. Going Concern
6 Months Ended
Mar. 31, 2014
Notes  
7. Going Concern

7.      Going Concern

 

As shown in the accompanying financial statements, the Company incurred a net loss of $7,693 during the six months ended March 31, 2014 and accumulated losses of $85,394 since inception at June 10, 1998. The Company’s current liabilities exceed its current assets by $44,612 at March 31, 2014. 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.

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6. Income Taxes
6 Months Ended
Mar. 31, 2014
Notes  
6. Income Taxes

6.   Income Taxes

 

The Company has had no taxable income under Federal or State tax laws. The Company has loss carryforwards totaling $77,701 that may be offset against future federal income taxes. If not used, the carryforwards will expire between 2021 and 2033. 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.

 

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6. Income Taxes (Details) (USD $)
Mar. 31, 2014
Details  
Operating Loss Carryforward $ 77,701
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1. Summary of Business and Significant Accounting Policies (Details)
6 Months Ended
Mar. 31, 2014
Details  
Entity Incorporation, State Country Name Nevada
Entity Incorporation, Date of Incorporation Jun. 10, 1998
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1. Summary of Business and Significant Accounting Policies: D. Net Loss Per Share (Policies)
6 Months Ended
Mar. 31, 2014
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.

 

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1. Summary of Business and Significant Accounting Policies: B. Basis of Presentation (Policies)
6 Months Ended
Mar. 31, 2014
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.

 

          In July 2009, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) 105-10, formerly Statement of Financial Accounting Standards (“SFAS”) No. 168, The FASB Accounting Standards Codification and Hierarchy of Generally Accepted Accounting Principles, which became the single source of authoritative GAAP recognized by the FASB. ASC 105-10 does not change current U.S. GAAP, but on the effective date, the FASB ASC superseded all then existing non-SEC accounting and reporting standards.

 

          The Company adopted ASC 105-10 during the year ended September 30, 2010 and revised its referencing of GAAP accounting standards in these financial statements to reflect the new standards.

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1. Summary of Business and Significant Accounting Policies: C. Cash Flows (Policies)
6 Months Ended
Mar. 31, 2014
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 equivalent

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1. Summary of Business and Significant Accounting Policies: E. Use of Estimates (Policies)
6 Months Ended
Mar. 31, 2014
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.

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3. Notes Payable, Stockholders: Schedule Of Stockholders Notes Payable (Details) (USD $)
Mar. 31, 2014
Sep. 30, 2013
Details    
Note payable to an individual, also a stockholder of the Company $ 6,000 [1] $ 6,000 [1]
Notes payable to an individual also a stockholder and director 19,100 [1] 19,100 [1]
Notes payable, stockholders $ 25,100 $ 25,100
[1] 8% interest. Convertible into common stock at $.025 per share.
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Statement of Cash Flows (USD $)
6 Months Ended 190 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Mar. 31, 2014
Cash flows from operating activities:      
Net loss $ (7,693) $ (6,653) $ (85,394)
Adjustment to reconcile net loss to cash provided by operating activities:      
Increase (decrease) in accounts payable and interest payable 156 1,075 16,256
Expenses paid directly by shareholder 7,490 5,530 27,752
Accounts payable converted into note payable     7,875
Net cash used by operating activities (47) (48) (33,511)
Cash flows from investing activities:      
Cash flows from investing activities         
Cash flows from financing activities:      
Cash contributed by shareholder     1,000
Issuance of common stock     12,029
Proceeds from note payable     21,000
Net cash provided by financing activities     34,029
Net increase (decrease) in cash (47) (48) 518
Cash, beginning of period 565 662  
Cash, end of period 518 614 518
Interest paid         
Income taxes paid         
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5. Warrants and Options
6 Months Ended
Mar. 31, 2014
Notes  
5. Warrants and Options

5.   Warrants and Options

 

No options or warrants are outstanding to acquire the Company's common stock.

 

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2. Notes Payable (Details) (USD $)
Mar. 31, 2014
Sep. 30, 2013
May 22, 2009
Jan. 10, 2007
Details        
Accounts payable converted to note payable $ 3,774 [1] $ 3,774 [1] $ 1,669 [1] $ 2,105 [1]
[1] 8% Interest. Convertible into common stock at $.025 per share.