10-Q

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, 2010           

(  )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	(I.R.S. Employer
incorporation or organization)	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 [  ] 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, 2010
Common  Stock, $0.001	2,505,000

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INDEX

		Page
		Number
PART I.
ITEM 1.	Financial Statements (unaudited)	3
	Balance Sheets
	March 31, 2010 and September 30, 2009	4
	Statements of Operations
	For the three and six months ended March 31, 2010 and 2009
	and the period June 10, 1998 to March 31, 2010	5
	Statements of Cash Flows
	For the six months ended March 31, 2010 and 2009
	and the period June 10, 1998  to March 31, 2010	6
	Notes to Financial Statements	7
ITEM 2.	Management’s Discussion and Analysis of Financial Condition
	and Results of Operations	13
ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	14
ITEM 4T.	Controls and Procedures	14
PART II.
ITEM 6.	Exhibits and Reports on 8K	14
Signatures		15

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PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

The accompanying balance sheets of Yummies, Inc. ( development stage company) at March 31, 2010 and September 30, 2009, and the related  statements of operations for the three and six months ended March 31, 2010 and 2009 and the period June 10, 1998  to March 31, 2010 , and statements of cash flows for the six months ended March 31, 2010 and 2009 and the period June 10, 1998  to March 31, 2010.

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YUMMIES, INC.

(A Development Stage Company)

BALANCE SHEETS

MARCH 31, 2010 AND SEPTEMBER 30, 2009

	March 31,			September 30,
	2010			2009
Assets
Current Assets:
Cash	$	431		$	5,057
Total current assets		431			5,057
Total Assets	$	431		$	5,057
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable	$	2,600		$	4,100
Interest payable		704			552
Interest payable, stockholders		2,699			2,059
Note payable		3,774			3,774
Notes payable, stockholders		16,000			16,000
Total current liabilities		25,777			26,485
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		12,227			11,987
Deficit accumulated during the development stage		(40,078	)		(35,920	)
Total stockholders' equity		(25,346	)		(21,428	)
Total Liabilities and Stockholders' Equity	$	431		$	5,057

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

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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,
	2010			2009			2010			2009			2010
Revenues	$	--		$	--		$	--		$	--		$	--
Expenses, general and administrative		664			673			3,367			3,217			36,676
Operating loss		(664	)		(673	)		(3,367	)		(3,217	)		(36,676	)
Other income (expense)
Interest expense		(396	)		(262	)		(791	)		(524	)		(3,402	)
Net loss	$	(1,060	)	$	(935	)	$	(4,158	)	$	(3,741	)	$	(40,078	)
Net loss per share	$	--		$	--		$	--		$	--		$	(.02	)
Weighted Average Shares		2,505,000			2,505,000			2,505,000			2,505,000			2,447,641

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

 

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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,
	2010			2009			2010
Cash flows from operating activities:
Net loss	$	(4,158	)	$	(3,741	)	$	(40,078	)
Adjustment to reconcile net loss to cash provided by operating activities:
Increase (decrease) in accounts payable and interest payable		(708	)		(233	)		6,003
Expenses paid directly by shareholder		240			--			2,703
Accounts payable converted into note payable		--			--			3,774
Net cash used by operating activities		(4,626	)		(3,974	)		(27,598	)
Cash flows from investing activities		--			--			--
Cash flows from financing activities:
Issuance of common stock		--			--			12,029
Proceeds from note payable		--			--			16,000
Net cash provided by financing activities		--			--			28,029
Net increase (decrease) in cash		(4,626	)		(3,974	)		431
Cash, beginning of period		5,057			4,778			--
Cash, end of period	$	431		$	804		$	431
Interest paid	$	--		$	--		$	--
Income taxes paid	$	--		$	--		$	--

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

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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 is seeking business opportunities.  The Company has not commenced principal operations and is considered a "Development Stage Company" as defined by the Financial Accounting Standards Board Statement No. 7.

b.             Cash Flows

For purposes of the statement of cash flows, the Company considers all highly liquid investments purchased with a maturity of three months or less to be cash or cash equivalents.

c.             Net Loss Per Share

The net loss per share calculation is based on the weighted average number of shares outstanding during the period.

d.             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.

e.            Financial Instruments

Statement of Financial Accounting Standards (“SFAS”) No. 107, “Disclosure About Fair Value of Financial Instruments,” requires disclosure of fair value information about financial instruments when it is practicable to estimate that value. The carrying amount of the Company’s cash, accounts payable, interest payable and notes payable approximates their estimated fair values due to the short-term maturities of those financial instruments.

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Notes to Financial Statements - Continued

f.             Income Taxes

The Company accounts for income taxes using the asset and liability method in accordance with SFAS No. 109, “Accounting for Income Taxes.” Deferred tax asset 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 measure 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. 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. A valuation allowance is recognized against deferred tax assets when it is more likely than not that the assets will not be realized.

In May 2007, the FASB issued Staff Position FIN 48-1, “Definition of Settlement in FASB Interpretation No. 48” (“FSP FIN 48-1”), which amends FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes-an interpretation of FASB Statement No. 109” (“FIN 48,” together with FSP FIN 48-1 referred as “FIN 48, as amended”). As of January 1, 2009, we adopted the provisions of FIN 48, as amended, which clarify the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance with SFAS No. 109, “Accounting for Income Taxes.” FIN 48, as amended, prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position an entity takes or expects to take in a tax return. To recognize a tax position, the tax position must be more-likely-than-not sustainable upon examination by the relevant taxing authority, and the relevant measurement of the position must be the largest amount of benefit that we would more than 50% likely realize upon settlement. We would recognize the benefit of a position in the interim reporting period during which it meets the threshold, unless we effectively settle it earlier through examination, negotiation, or litigation or the applicable statute of limitations period expires.

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Notes to Financial Statements - Continued

The Company did not recognize any additional liability for unrecognized tax benefit as a result of the implementation. As of March 31, 2010, the Company did not increase or decrease liability for unrecognized tax benefit related to tax positions in prior period nor did the company increase its liability for any uncertain tax positions in the current year. Furthermore, there were no adjustments to the liability or lapse of statute of limitation or settlements with taxing authorities.

The Company expects resolution of unrecognized tax benefits, if created would occur while the 100% valuation allowance of deferred tax assets is maintained; therefore, the Company does not expect to have any unrecognized tax benefits that, if recognized, would affect its effective income tax rate.

The Company will recognize interest and penalty related to unrecognized tax benefits and penalties as income tax expense. As of March 31, 2010, the Company has not recognized any liabilities for penalty or interest as the Company does not have any liability for unrecognized tax benefits.

2. Notes Payable

On January 10, 2007 and May 22, 2009, the Company converted $2,105 and $1,669 of accounts payable from its transfer agent into a one-year notes payable. The note balance of $3,774 at March 31, 2010 and September 30, 2009, bears interest at 8% and both principal and accrued interest are convertible into common stock at $.025 per share. The first note payable was due on January 10, 2008. The second note payable is due May 22, 2010.

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Notes to Financial Statements – Continued

6. Notes Payable, Stockholders

Stockholder notes payable consist of the following at March 31, 2010 and September 30, 2009:

	March 31,		September 30,
	2010		2009
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 due on January 10, 2009 and May 29, 2010, respectively. The notes principal and accrued interest is convertible into common stock at $.025 per share		10,000		10,000
	$	16,000	$	16,000

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.  The stock split has been accounted for retroactively in the accompanying financial statements.

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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 $35,920 that may be offset against future federal income taxes. If not used, the carryforwards will expire between 2022 and 2029. 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 $4,158 during the six months ended March 31, 2010 and accumulated losses of $40,078 since inception at June 10, 1998. The Company=s current liabilities exceed its current assets by $25,346 at March 31, 2010. 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.

8.             Fair Value Measurement

We adopted SFAS No. 157 “Fair Value Measurements,” (“SFAS 157”) effective October 1, 2008 for financial assets and liabilities measured on a recurring basis. On February 6, 2008, the FASB deferred the effective date of SFAS 157 for all nonfinancial assets and nonfinancial liabilities, except those that are recognized or disclosed at fair value in the financial statements on a recurring basis. SFAS 157 defines fair value, establishes a framework for measuring fair value and generally accepted accounting principles and expands disclosures about fair value measurements. This standard applies in situation where other accounting pronouncements either permit or require fair value measurements. SFAS 157 does not require any new fair value measurements.

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Notes to Financial Statements – Continued

Fair value is defined in SFAS 157 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are to be considered from the perspective of a market participant that holds the asset or owes the liability. SFAS 157 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

The standard describes three levels of inputs that may be used to measure fair value:

Level 1: Quoted prices in active markets for identical or similar assets and liabilities.

Level 2: Quoted prices for identical or similar assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical or similar assets and liabilities.

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The carrying amount of the Company’s financial assets and liabilities, including cash, accounts payable, interest payable and notes payable approximate fair value, without being discounted, due to the short-term maturities during which these amounts are outstanding.

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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 30, 2010 and 2009

The Company did not generate any revenue during the three months ended March 31, 2010 and 2009.

General and administrative expenses were $664 and $3,367 for the three and six months, respectively, ended March 31, 2010, compared to general and administrative expenses of $673 and $3,217, respectively, for the same period in 2009.  Interest expense was $396 and $791, respectively, for the three and six months ended March 31, 2010 compared to $262 and $524 for the same period in 2009. Expenses were largely due to accounting, legal and other professional costs. As a result of the foregoing, the Company realized net losses of $1,060 and $4,158 for the three and six months, respectively, ended March 31, 2010 compared to $935 and $3,741 for the same period in 2009.  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, 2010, assets consisted of $431 in cash.  Liabilities consisted of $2,600 in accounts payable, $3,403 in accrued interest, a note payable of $3,774, and a $16,000 note payable to a stockholder, for total liabilities of $25,777, leaving the Company without any working capital.  

Since 2008, the Company has borrowed money from two stockholders of the Company.  At March 31, 2010 the outstanding balance is $16,000.  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 $7,000.  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.

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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, 2010, (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, 2010) that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART 2 - OTHER  INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(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.*

(b)  Reports on Form 8-K.

There were no reports filed on Form 8-K during the period covered by this report.

* 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.

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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 10, 2010

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EX-31.1

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 10, 2010	S/ Susan Santage
	Susan Santage, CEO & CFO

EX-32.1

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, 2010 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 10, 2010

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.