0001555214 2021-10-01 2021-12-31 0001555214 2022-02-14 0001555214 2021-12-31 0001555214 2021-09-30 0001555214 2020-10-01 2020-12-31 0001555214 us-gaap:PreferredStockMember 2020-09-30 0001555214 us-gaap:CommonStockMember 2020-09-30 0001555214 us-gaap:AdditionalPaidInCapitalMember 2020-09-30 0001555214 us-gaap:RetainedEarningsMember 2020-09-30 0001555214 2020-09-30 0001555214 us-gaap:PreferredStockMember 2021-09-30 0001555214 us-gaap:CommonStockMember 2021-09-30 0001555214 us-gaap:AdditionalPaidInCapitalMember 2021-09-30 0001555214 us-gaap:RetainedEarningsMember 2021-09-30 0001555214 us-gaap:PreferredStockMember 2020-10-01 2020-12-31 0001555214 us-gaap:CommonStockMember 2020-10-01 2020-12-31 0001555214 us-gaap:AdditionalPaidInCapitalMember 2020-10-01 2020-12-31 0001555214 us-gaap:RetainedEarningsMember 2020-10-01 2020-12-31 0001555214 us-gaap:PreferredStockMember 2021-10-01 2021-12-31 0001555214 us-gaap:CommonStockMember 2021-10-01 2021-12-31 0001555214 us-gaap:AdditionalPaidInCapitalMember 2021-10-01 2021-12-31 0001555214 us-gaap:RetainedEarningsMember 2021-10-01 2021-12-31 0001555214 us-gaap:PreferredStockMember 2020-12-31 0001555214 us-gaap:CommonStockMember 2020-12-31 0001555214 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001555214 us-gaap:RetainedEarningsMember 2020-12-31 0001555214 2020-12-31 0001555214 us-gaap:PreferredStockMember 2021-12-31 0001555214 us-gaap:CommonStockMember 2021-12-31 0001555214 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0001555214 us-gaap:RetainedEarningsMember 2021-12-31 0001555214 srt:ChiefExecutiveOfficerMember 2021-12-31 0001555214 us-gaap:GeneralAndAdministrativeExpenseMember 2021-12-31 0001555214 us-gaap:GeneralAndAdministrativeExpenseMember 2021-10-01 2021-12-31 iso4217:USD shares iso4217:USD shares pure 0001555214 false Q1 2022 --09-30

10-Q true 2021-12-31 false 333-185694 WALLY WORLD MEDIA, INC. NV 45-5370930 7121 West Craig Road #113-38 Las Vegas NV 89129 (702) 890-5299 No No Non-accelerated Filer true true false true 330483033

3593

2257

3593

2257

3593

2257

198

39705

14336

39903

14336

39903

14336

0.0001

50000000

0.0001

500000000

330483033

33048

15705814

-15775172

-15750941

-36310

-12079

3593

2257

24231

-24231

-0.00

330483033

40413033

4041

2681671

-2685712

40413033

4041

2681671

-2685712

330483033

33048

15705814

-15750941

-12079

330483033

33048

15705814

-15750941

-12079

-24231

330483033

33048

15705814

-15775172

-36310

330483033

33048

15705814

-15775172

-36310

-24231

1336

-198

-25369

25369

<p id="xdx_801_eus-gaap--OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock_zgWgBQ1ZDLae" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Note 1. Organization and Description of Business Wally World Media, Inc. (“the Company”, “WLYW”, “we” “us”) was incorporated in the State of Nevada on May 17, 2012. We were initially a start-up business, engaged primarily in social media software and mobile app development. The Company developed a social media website that we refer to as “YouPop.” Our “YouPop” platform launched for public use in April 2013. On March 19, 2014, we launched reShoot™, a free mobile video camera app for Apple’s iPhone and iPad. reShoot features patent-pending “on the fly” video editing technology to rewind and re-shoot unwanted portions of video. On July 31, 2014, we launched the Emoji Cam Photo & Video Camera app for Apple’s iPhone and iPad. None of our applications or business ventures were met with any notable commercial success. The Company has been dormant since December 2015. On June 29, 2021, as the result of a custodianship proceeding in the Eighth Judicial District Court of Clark County, Nevada, Case Number: A-21-834721-P, Shareholders First LLC (“Custodian”) was appointed custodian of Wally World Media, Inc. On the same date Custodian appointed Grant Casey as the Company’s President, Chief Executive Officer, Treasurer, Secretary, Chief Financial Officer and Chairman of the Board of Directors, and appointed Geoffrey Chan as a Director for the Company. The Company’s fiscal year-end is September 30. Critical accounting policies and estimates Our unaudited financial statements are prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. We continually evaluate our estimates and judgments, our commitments to strategic alliance partners and the timing of the achievement of collaboration milestones. We base our estimates and judgments on historical experience and other factors that we believe to be reasonable under the circumstances. All estimates, whether or not deemed critical, affect reported amounts of assets, liabilities, revenues and expenses, as well as disclosures of contingent assets and liabilities. These estimates and judgments are also based on historical experience and other factors that are believed to be reasonable under the circumstances. Materially different results can occur as circumstances change and additional information becomes known, even for estimates and judgments that are not deemed critical. The accompanying financial statements are prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”). The Company is a development stage enterprise devoting substantial efforts to establishing a new business, financial planning, raising capital, and research into products which may become part of the Company’s product portfolio. The Company has not realized significant sales through since inception. A development stage company is defined as one in which all efforts are devoted substantially to establishing a new business and, even if planned principal operations have commenced, revenues are insignificant. The accompanying financial statements have been prepared assuming the continuation of the Company as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and is dependent on debt and equity financing to fund its operations. Management of the Company is making efforts to raise additional funding until a registration statement relating to an equity funding facility is in effect. While management of the Company believes that it will be successful in its capital formation and planned operating activities, there can be no assurance that the Company will be able to raise additional equity capital or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

Note 2. Summary of significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (“FASB”) “FASB Accounting Standard Codification™” (the “Codification”) which is the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States. <p id="xdx_844_ecustom--ManagementsRepresentationOfInterimFinancialStatementsPolicyTextBlock_zOOR4hsDmWJi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Management’s Representation of Interim Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Company uses the same accounting policies in preparing quarterly and annual financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto at September 30, 2021 as presented in the Company’s Annual Report on Form 10-K. Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve months following the date of these financial statements. As of December 31, 2021, the Company had no cash and an accumulated deficit of $15,775,172. Because the Company does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this raises substantial doubt about the Company’s ability to continue as a going concern. Therefore, the Company will need to raise additional funds and is currently exploring alternative sources of financing. Recently the Company being funded by Grant Casey who extended interest-free demand loans to the Company. Historically, the Company raised capital through private placements, to finance working capital needs and may attempt to raise capital through the sale of common stock or other securities and obtaining some short-term loans. The Company will be required to continue to so until its operations become profitable. Also, the Company has, in the past, paid for consulting services with its common stock to maximize working capital, and intends to continue this practice where feasible. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends, and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates. Cash and cash equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. As of December 31, 2021 and September 30, 2021, the Company had no cash on hand. Income taxes The Company accounts for income taxes under FASB ASC 740, “Accounting for Income Taxes”. Under FASB ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under FASB ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. FASB ASC 740-10-05, “Accounting for Uncertainty in Income Taxes” prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen that might cause it to change its judgment regarding the likelihood of a tax position’s sustainability under audit. Net Loss per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. Recent Accounting Pronouncements There are no recent accounting pronouncements that impact the Company’s operations.

Basis of Presentation The accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (“FASB”) “FASB Accounting Standard Codification™” (the “Codification”) which is the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States.

<p id="xdx_844_ecustom--ManagementsRepresentationOfInterimFinancialStatementsPolicyTextBlock_zOOR4hsDmWJi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Management’s Representation of Interim Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Company uses the same accounting policies in preparing quarterly and annual financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto at September 30, 2021 as presented in the Company’s Annual Report on Form 10-K. Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve months following the date of these financial statements. As of December 31, 2021, the Company had no cash and an accumulated deficit of $15,775,172. Because the Company does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this raises substantial doubt about the Company’s ability to continue as a going concern. Therefore, the Company will need to raise additional funds and is currently exploring alternative sources of financing. Recently the Company being funded by Grant Casey who extended interest-free demand loans to the Company. Historically, the Company raised capital through private placements, to finance working capital needs and may attempt to raise capital through the sale of common stock or other securities and obtaining some short-term loans. The Company will be required to continue to so until its operations become profitable. Also, the Company has, in the past, paid for consulting services with its common stock to maximize working capital, and intends to continue this practice where feasible.

-15775172

Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends, and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates.

Cash and cash equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. As of December 31, 2021 and September 30, 2021, the Company had no cash on hand.

Income taxes The Company accounts for income taxes under FASB ASC 740, “Accounting for Income Taxes”. Under FASB ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under FASB ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. FASB ASC 740-10-05, “Accounting for Uncertainty in Income Taxes” prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen that might cause it to change its judgment regarding the likelihood of a tax position’s sustainability under audit.

Net Loss per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding.

Recent Accounting Pronouncements There are no recent accounting pronouncements that impact the Company’s operations.

Note 3. Related Party Transactions During the three months ended December 31, 2021, the Company’s Chief Executive Officer advanced $25,369 to fund the Company’s expenses. These advances are due on demand and bear no interest. As of December 31, 2021, and September 30, 2021, the Company was indebted to its Chief Executive Officer in the amounts of $39,705 and $14,336, respectively.

25369

39705

14336

Note 4. Prepaid Expense During the three months ended December 31, 2021, the Company prepaid $2,498 of expenses and amortized a total of $<span id="xdx_902_eus-gaap--AdjustmentForAmortization_pp0p0_c20211001__20211231__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zUWGd8jftX01" title="Amortized prepaid expense to general and administrative expenses">1,162 to general and administrative expenses during the period. As of December 31, 2021 and September 30, 2021, the unamortized balance of prepaid expenses was $3,593 and $2,257, respectively.

2498

1162

3593

2257

Note 5. Stockholders’ Equity (Deficit) Preferred stock The Company authorized 50,000,000 preferred shares of $0.0001 par value. Preferred shares may be designated by the Company’s board of directors. There were no shares designated as of December 31, 2021. Common stock The Company has authorized 500,000,000 shares of $0.0001 par value, common stock. As of December 31, 2021, 330,483,033 shares of common stock were issued and outstanding.

50000000

0.0001

500000000

0.0001

330483033

<p id="xdx_80E_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zMzk7WUz5Sp6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white">Note 6. Commitments and Contingencies The Company did not have any outstanding contractual commitments or obligations as of December 31, 2021 and September 30, 2021.

Note 7. Subsequent Events Management has evaluated significant events through the date of these financial statements and determined that none require disclosure.