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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q/A
Amendment No. 1
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended June 30, 2024
or
☐
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 333-185694
WALLY
WORLD MEDIA, INC.
(Exact
name of registrant as specified in its charter)
nevada |
|
45-5370930 |
State
or Other jurisdiction
of
Incorporation or Organization |
|
I.R.S.
Employer
Identification
No. |
7121
West Craig Road
#113-38
Las
Vegas, NV |
|
89129 |
Address
of Principal Executive Offices |
|
Zip
Code |
(702)-890-5299 |
Registrant’s
Telephone Number, Including Area Code |
Securities
registered under Section 12(b) of the Exchange Act:
Title
of each class registered: |
|
Name
of each exchange on which registered: |
None |
|
None |
Securities
registered under Section 12(g) of the Act:
Common
Stock, par value $0.0001
(Title
of class)
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 ☐ No ☒
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). Yes ☐ No ☒
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company,
or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller
reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
Non-accelerated
filer |
☐ |
Smaller
reporting company |
☒ |
|
|
Emerging
growth company |
☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒. No ☐.
As
of August 19, 2024, there were 330,483,033 shares of the registrant’s common stock outstanding.
EXPLANATORY
NOTE
This
Amendment No. 1 to the Quarterly Report on Form 10-Q/A (the “Amendment”) amends the Quarterly Report on Form 10-Q of Wally
World Media, Inc. (the “Company”) for the quarter ended June 30, 2024 (the “Original Filing”), that was originally
filed with the U.S. Securities and Exchange Commission on August 19, 2024. As previously disclosed in the “Management’s
Discussion and Analysis of Financial Condition and Results of Operations,” of the Original Filing, the unaudited interim financial
information presented in the Original Filing was not subject to a Statement of Auditing Standards No. 100, or SAS 100, review by
an outside independent registered public accounting firm as required by the rules of the Securities and Exchange Commission, and the
Original Filing was therefore considered incomplete.
The Amendment is
being filed to disclose that the Company’s independent registered public accounting firm, has
completed its SAS 100 review of the unaudited interim financial information presented in the Original 10-Q. In addition, the Company
has updated the following items of the Original Filing: (i) Item 1 of Part I “Financial Information,” (ii) Item 2
of Part I, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and (iii) Item 6
of Part II, “Exhibits”, and we have also updated the signature page, the certifications of our Chief Executive Officer
and Chief Financial Officer in Exhibits 31.1, 31.2, and 32.1, and our financial statements formatted in Extensible Business Reporting
Language (XBRL) in Exhibits 101.
Except
as described above, the Amendment does not modify or update the disclosures presented in, or exhibits to, the Original Filing in any
way. Those sections of the Original Filing that are unaffected by the Amendment are included herein for the readers convenience. The Amendment continues to
speak as of the date of the Original Filing. Furthermore, the Amendment does not reflect events occurring after the filing of the
Original Filing. Accordingly, the Amendment should be read in conjunction with the Original Filing, as well as the Company’s
other filings made with the SEC subsequent to the Original Filing.
TABLE
OF CONTENTS
Part
I Financial Information
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
Quarterly Report on Form 10-Q (this “Report”) contains “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”),
and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements discuss
matters that are not historical facts. Because they discuss future events or conditions, forward-looking statements may include words
such as “may,” “will,” “should,” “seek,” “expect,” “anticipate,”
“estimate,” “believe,” “intend” or “project” or the negative of these words or other
variations on these words or comparable terminology. The forward-looking statements herein represent our expectations, beliefs, plans,
intentions or strategies concerning future events, including, but not limited to: our ability to consummate the Merger, as such term
is defined below; the continued services of the Custodian as such term is defined below; our future financial performance; the continuation
of historical trends; the sufficiency of our resources in funding our operations; our intention to engage in mergers and acquisitions;
and our liquidity and capital needs. Our forward-looking statements are based on assumptions that may be incorrect, and there can be
no assurance that any projections or other expectations included in any forward-looking statements will come to pass. Moreover, our forward-looking
statements are subject to various known and unknown risks, uncertainties and other factors that may cause our actual results, performance,
or achievements to be materially different from future results, performance or achievements expressed or implied by any forward-looking
statements. These risks, uncertainties and other factors include but are not limited to: the risks of limited management, labor, and
financial resources; our ability to establish and maintain adequate internal controls; our ability to develop and maintain a market in
our securities; and our ability obtain financing, if and when needed, on terms that are acceptable.
In
light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might
occur to a different extent or at a different time than we have described. You are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this Report. All subsequent written and oral forward-looking statements concerning other
matters addressed in this Report and attributable to us or any person acting on our behalf are expressly qualified in their entirety
by the cautionary statements contained or referred to in this Report.
Except
to the extent required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of
new information, future events, a change in events, conditions, circumstances or assumptions underlying such statements, or otherwise.
CERTAIN
TERMS USED IN THIS REPORT
As
used in this quarterly report on Form 10-Q, “we”, “our”, “us” and the “Company” refer
to Wally World Media, Inc., a Nevada corporation, unless the context requires otherwise.
Item
1. Financial Statements
Index
to Financial Statements
WALLY
WORLD MEDIA, INC.
BALANCE
SHEETS
(Unaudited)
| |
June
30, 2024 | | |
September
30, 2023 | |
| |
As
of | |
| |
June
30, 2024 | | |
September
30, 2023 | |
| |
| | |
| |
Assets | |
| | | |
| | |
Current Assets: | |
| | | |
| | |
Total
current assets | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
Total Assets | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
Liabilities and Stockholders’
Deficit | |
| | | |
| | |
Current Liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 23,439 | | |
$ | 495 | |
Advances
from related parties | |
| 97,990 | | |
| 90,810 | |
Total
current liabilities | |
| 121,429 | | |
| 91,305 | |
| |
| | | |
| | |
Total
Liabilities | |
| 121,429 | | |
| 91,305 | |
| |
| | | |
| | |
Commitments and Contingencies (Note 5) | |
| - | | |
| - | |
| |
| | | |
| | |
Stockholders’ Deficit: | |
| | | |
| | |
Preferred stock, $0.0001
par value; 50,000,000
shares authorized, 0
shares issued and outstanding. | |
| - | | |
| - | |
Common stock, $0.0001 par value; 500,000,000
shares authorized, 330,483,033 shares issued and outstanding. | |
| 33,048 | | |
| 33,048 | |
Additional paid-in capital | |
| 15,705,814 | | |
| 15,705,814 | |
Accumulated
deficit | |
| (15,860,291 | ) | |
| (15,830,167 | ) |
Total
stockholders’ deficit | |
| (121,429 | ) | |
| (91,305 | ) |
| |
| | | |
| | |
Total Liabilities and
Stockholders’ Deficit | |
$ | - | | |
$ | - | |
The
accompanying notes are an integral part of these financial statements.
WALLY
WORLD MEDIA, INC.
STATEMENTS
OF OPERATIONS
(Unaudited)
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three Months
Ended | | |
Nine Months
Ended | |
| |
June
30, | | |
June
30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | |
Revenue | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Operating Expenses: | |
| | | |
| | | |
| | | |
| | |
General
and administrative expenses | |
| 8,289 | | |
| 6,990 | | |
| 30,124 | | |
| 25,527 | |
Total
operating expenses | |
| 8,289 | | |
| 6,990 | | |
| 30,124 | | |
| 25,527 | |
| |
| | | |
| | | |
| | | |
| | |
(Loss) from Operations | |
| (8,289 | ) | |
| (6,990 | ) | |
| (30,124 | ) | |
| (25,527 | ) |
| |
| | | |
| | | |
| | | |
| | |
Provision for income taxes | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Net (Loss) | |
$ | (8,289 | ) | |
$ | (6,990 | ) | |
$ | (30,124 | ) | |
$ | (25,527 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net Loss per share (basic and diluted) | |
$ | (0.00 | ) | |
$ | (0.00 | ) | |
$ | (0.00 | ) | |
$ | (0.00 | ) |
Weighted Average Shares Outstanding | |
| 330,483,033 | | |
| 330,483,033 | | |
| 330,483,033 | | |
| 330,483,033 | |
The
accompanying notes are an integral part of these financial statements.
WALLY
WORLD MEDIA, INC.
STATEMENTS
OF STOCKHOLDERS’ DEFICIT
For
the Three and Nine Months Ended June 30, 2023
(Unaudited)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
(Deficit) | |
| |
| | |
| | |
Additional | | |
| | |
Total | |
| |
Preferred
Stock | | |
Common
Stock | | |
Paid-in | | |
Accumulated | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
(Deficit) | |
Balance,
March 31, 2023 | |
| - | | |
$ | - | | |
| 330,483,033 | | |
$ | 33,048 | | |
$ | 15,705,814 | | |
$ | (15,817,585 | ) | |
$ | (78,723 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
(loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (6,990 | ) | |
| (6,990 | ) |
Balance,
June 30, 2023 | |
| - | | |
$ | - | | |
| 330,483,033 | | |
$ | 33,048 | | |
$ | 15,705,814 | | |
$ | (15,824,575 | ) | |
$ | (85,713 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance,
September 30, 2022 | |
| - | | |
$ | - | | |
| 330,483,033 | | |
$ | 33,048 | | |
$ | 15,705,814 | | |
$ | (15,799,048 | ) | |
$ | (60,186 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
(loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (25,527 | ) | |
| (25,527 | ) |
Balance,
June 30, 2023 | |
| - | | |
$ | - | | |
| 330,483,033 | | |
$ | 33,048 | | |
$ | 15,705,814 | | |
$ | (15,824,575 | ) | |
$ | (85,713 | ) |
The
accompanying notes are an integral part of these financial statements.
WALLY
WORLD MEDIA, INC.
STATEMENTS
OF STOCKHOLDERS’ DEFICIT
For
the Three and Nine Months Ended June 30, 2024
(Unaudited)
| |
| | |
| | |
| | |
| | |
Additional | | |
| | |
Total | |
| |
Preferred
Stock | | |
Common
Stock | | |
Paid-in | | |
Accumulated | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
(Deficit) | |
Balance, March 31, 2024 | |
| - | | |
$ | - | | |
| 330,483,033 | | |
$ | 33,048 | | |
$ | 15,705,814 | | |
$ | (15,852,002 | ) | |
$ | (113,140 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (8,289 | ) | |
| (8,289 | ) |
Balance, June 30, 2024 | |
| - | | |
$ | - | | |
| 330,483,033 | | |
$ | 33,048 | | |
$ | 15,705,814 | | |
$ | (15,860,291 | ) | |
$ | (121,429 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, September 30, 2023 | |
| - | | |
$ | - | | |
| 330,483,033 | | |
$ | 33,048 | | |
$ | 15,705,814 | | |
$ | (15,830,167 | ) | |
$ | (91,305 | ) |
Balance | |
| - | | |
$ | - | | |
| 330,483,033 | | |
$ | 33,048 | | |
$ | 15,705,814 | | |
$ | (15,830,167 | ) | |
$ | (91,305 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (30,124 | ) | |
| (30,124 | ) |
Balance, June 30, 2024 | |
| - | | |
$ | - | | |
| 330,483,033 | | |
$ | 33,048 | | |
$ | 15,705,814 | | |
$ | (15,860,291 | ) | |
$ | (121,429 | ) |
Balance | |
| - | | |
$ | - | | |
| 330,483,033 | | |
$ | 33,048 | | |
$ | 15,705,814 | | |
$ | (15,860,291 | ) | |
$ | (121,429 | ) |
The
accompanying notes are an integral part of these financial statements.
WALLY
WORLD MEDIA, INC.
STATEMENTS
OF CASH FLOWS
(Unaudited)
| |
2024 | | |
2023 | |
| |
Nine Months
Ended | |
| |
June
30, | |
| |
2024 | | |
2023 | |
| |
(Unaudited) | | |
(Unaudited) | |
Cash Flows from Operating
Activities | |
| | | |
| | |
Net (Loss) | |
$ | (30,124 | ) | |
$ | (25,527 | ) |
Changes in operating assets
and liabilities: | |
| | | |
| | |
Prepaid expense | |
| - | | |
| 403 | |
Accounts
payable | |
| 22,944 | | |
| - | |
Net
cash (used for) operating activities | |
| (7,180 | ) | |
| (25,124 | ) |
| |
| | | |
| | |
Cash
Flows from Investing Activities | |
| | | |
| | |
Net
cash (used for) investing activities | |
| - | | |
| - | |
| |
| | | |
| | |
Cash Flows from Financing
Activities | |
| | | |
| | |
Advances
from related party | |
| 7,180 | | |
| 25,124 | |
Net
cash provided by financing activities | |
| 7,180 | | |
| 25,124 | |
| |
| | | |
| | |
Net increase (decrease) in cash | |
| - | | |
| - | |
Cash at the beginning
of the period | |
| - | | |
| - | |
Cash at the end of the
period | |
$ | - | | |
$ | - | |
| |
| - | | |
| | |
Supplemental Disclosure
of Cash Flow Information | |
| | | |
| | |
Cash paid for interest | |
$ | - | | |
$ | - | |
Cash paid for taxes | |
$ | - | | |
$ | - | |
The
accompanying notes are an integral part of these financial statements.
WALLY
WORLD MEDIA, INC.
NOTES
TO FINANCIAL STATEMENTS (UNAUDITED)
Note
1. Organization and Description of Business
Wally
World Media, Inc. (“the Company”, “WLYW”) was incorporated in the State of
Nevada on May 17, 2012. The Company was 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 featured 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.
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.
On
June 30, 2022, the Eighth Judicial District Court of Nevada approved the actions taken by Shareholders First LLC during the custodianship
proceeding, and issued an Order Discharging Custodian and Terminating Custodianship of Wally World Media, Inc. There was no opposition.
Management of the Company continues to work towards full rehabilitation.
The
Company’s fiscal year-end is September 30.
Critical
accounting policies and estimates
Our
unaudited financial statements are prepared in accordance with accounting principles generally accepted in the United States of America
(“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
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 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 “ASC”) 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 GAAP in the United States.
Management’s
Representation of Interim Financial Statements
The
accompanying unaudited 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. These 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 financial statements
should be read in conjunction with the audited consolidated financial statements and notes thereto at September 30, 2023 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 June 30, 2024, the Company had no cash and an accumulated deficit of $15,860,291.
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 was being funded by Grant Casey, our CEO, 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 do 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 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 June 30, 2024 and September 30, 2023, 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 FASB, 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. As of June 30, 2024, and June30, 2023, the Company had no 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 nine months ended June 30, 2024, the Company’s Chief Executive Officer advanced $7,180 to fund the Company’s expenses.
These advances are due on demand and bear no interest. These terms and conditions of which may
not be indicative of what a third-party investor may agree to. As of June 30, 2024, and September 30, 2023, the Company was indebted
to its Chief Executive Officer in the amounts of $97,990 and $90,810, respectively.
Note
4. 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 preferred shares designated as of June 30, 2024.
Common
stock
The
Company has authorized 500,000,000 shares of $0.0001 par value, common stock. As of June 30, 2024, 330,483,033 shares of common stock
were issued and outstanding.
Note
5. Commitments and Contingencies
During
the normal course of business, the Company may be exposed to litigation. When the Company becomes aware of potential litigation, it evaluates
the merits of the case in accordance with FASB ASC 450-20-50, Contingencies.
The Company evaluates its exposure to the matter, possible legal or settlement strategies and the likelihood of an unfavorable outcome.
If the Company determines that an unfavorable outcome is probable and can be reasonably estimated, it establishes the necessary accruals.
The
Company did not have any outstanding contractual commitments or obligations as of June 30, 2024.
Note
6. Subsequent Events
Management
has evaluated significant events through the date of these financial statements and determined that none require disclosure.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The
information contained in this quarterly report on Form 10-Q is intended to be read with the information contained in our Annual Report
on Form 10-K for the year ended September 30, 2023 and presumes that readers have access to, and will have read, the “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” and other information contained in such Form 10-K. The
following discussion and analysis also should be read together with our financial statements and the notes to the financial statements
included elsewhere in this Form 10-Q.
The
following discussion contains certain statements that may be deemed “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements appear in a number of places in this Report, including, without limitation,
“Management’s Discussion and Analysis of Financial Condition and Results of Operations.” These statements are not guarantees
of future performance and involve risks, uncertainties and requirements that are difficult to predict or are beyond our control. Forward-looking
statements speak only as of the date of this quarterly report. You should not put undue reliance on any forward-looking statements. We
strongly encourage investors to carefully read the risk factors described in our Form 10-K for the fiscal year ended September 30, 2023
in the section entitled “Risk Factors” for a description of certain risks that could, among other things, cause actual results
to differ from these forward-looking statements. We assume no responsibility to update the forward-looking statements contained in this
transition report on Form 10-Q. The following should also be read in conjunction with the unaudited Financial Statements and notes thereto
that appear elsewhere in this report.
Organizational
History of the Company and Overview
Overview
Wally
World Media, Inc. was incorporated in the State of Nevada on May 17, 2012. The Company was initially a start-up business, working on
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.
No
Current Operations
The
Company had abandoned its business and failed to take steps to dissolve, liquidate and distribute its assets in accordance with Chapter
78 of the Nevada Revised Statutes. The Company had also failed to meet the required reporting requirements with the Nevada Secretary
of State, hold an annual meeting of stockholders and pay its annual franchise tax from 2015 to 2021 which resulted in its Nevada corporate
charter being revoked.
On
June 29, 2021, the Eight Judicial District Court of Nevada appointed Shareholders First LLC as custodian for Wally World Media, Inc.,
Case Number: A-21-834721-P, proper notice having been given to the last known officers and directors of Wally World Media, Inc. There
was no opposition.
On
June 30, 2021, the Company filed a certificate of revival with the Nevada Secretary of State, appointing Grant Casey as, President, Secretary,
Treasurer, Director, and also appointing Geoffrey Chan as Director.
On
June 30, 2022, the Eighth Judicial District Court of Nevada approved the actions taken by Shareholders First LLC during the custodianship
proceeding, and issued an Order Discharging Custodian and Terminating Custodianship of Wally World Media, Inc. There was no opposition.
Plan
of Operation
The
Company has no operations from a continuing business other than the expenditures related to running the Company and has
no revenue from continuing operations as of the date of this Report.
Based
on our proposed business activities, we are a “blank check” company. The SEC defines those companies as “any development
stage company that is issuing a penny stock, within the meaning of Section 3(a)(51) of the Exchange Act of 1934, as amended, (the “Exchange
Act”) and that has no specific business plan or purpose or has indicated that its business plan is to merge with an unidentified
company or companies.” Under SEC Rule 12b-2 under the Securities Act of 1933, as amended (the “Securities Act”), we
also qualify as a “shell company,” because we have no or nominal assets (other than cash) and no or nominal operations. Many
states have enacted statutes, rules and regulations limiting the sale of securities of “blank check” companies in their respective
jurisdictions. We intend to comply with the periodic reporting requirements of the Exchange Act for so long as we are subject to those
requirements.
Management
intends to explore and identify business opportunities within the U.S., including a potential acquisition of an operating entity through
a reverse merger, asset purchase or similar transaction. Our Chief Executive Officer has experience in business consulting, although
no assurances can be given that he can identify and implement a viable business strategy or that any such strategy will result in profits.
Our ability to effectively identify, develop and implement a viable plan for our business may be hindered by risks and uncertainties
which are beyond our control, including without limitation, the continued negative effects of the coronavirus pandemic on the U.S. and
global economies.
We
do not currently engage in any business activities that provide revenue or cash flow. During the next 12-month period we anticipate incurring
costs in connection with investigating, evaluating, and negotiating potential business combinations, filing SEC reports, and consummating
an acquisition of an operating business.
Given
our limited capital resources, we may consider a business combination with an entity which has recently commenced operations, is a developing
company or is otherwise in need of additional funds for the development of new products or services or expansion into new markets or
is an established business experiencing financial or operating difficulties and is in need of additional capital. Alternatively, a business
combination may involve the acquisition of, or merger with, an entity which desires access to the U.S. capital markets.
As
of the date of this Report, our management has not had any discussions with any representative of any other entity regarding a potential
business combination. Any target business that is selected may be financially unstable or in the early stages of development. In such
event, we expect to be subject to numerous risks inherent in the business and operations of a financially unstable or early-stage entity.
In addition, we may effect a business combination with an entity in an industry characterized by a high level of risk or in which our
management has limited experience, and, although our management will endeavor to evaluate the risks inherent in a particular target business,
there can be no assurance that we will properly ascertain or assess all significant risks.
Our
management anticipates that we will likely only be able to effect one business combination due to our limited capital. This lack of diversification
will likely pose a substantial risk in investing in the Company for the indefinite future because it will not permit us to offset potential
losses from one venture or operating territory against gains from another. The risks we face will likely be heightened to the extent
we acquire a business operating in a single industry or geographical region.
We
anticipate that the selection of a business combination will be a complex and risk-prone process. Because of general economic conditions,
including unfavorable conditions caused by the coronavirus pandemic, rapid technological advances being made in some industries and shortages
of available capital, management believes that there are a number of firms seeking business opportunities at this time at discounted
rates with which we will compete. We expect that any potentially available business combinations may appear in a variety of different
industries or regions and at various stages of development, all of which will likely render the task of comparative investigation and
analysis of such business opportunities extremely difficult and complicated. Once we have developed and begun to implement our business
plan, management intends to fund our working capital requirements through a combination of our existing funds and future issuances of
debt or equity securities. Our working capital requirements are expected to increase in line with the implementation of a business plan
and commencement of operations.
Based
upon our current operations, we do not have sufficient working capital to fund our operations over the next 12 months. If we are able
to close a reverse merger, it is likely we will need capital as a condition of closing that acquisition. Because of the uncertainties,
we cannot be certain as to how much capital we need to raise or the type of securities we will be required to issue. In connection with
a reverse merger, we will be required to issue a controlling block of our securities to the target’s shareholders which will be
very dilutive.
Additional
issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might
have rights, preferences, or privileges senior to our Common Stock. Additional financing may not be available upon acceptable terms,
or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective
new business endeavors or opportunities, which could significantly and materially restrict our business operations.
We
anticipate that we will incur operating losses in the next 12 months, principally costs related to our obligations to file reports with
the SEC. Our prospects must be considered in light of the risks, expenses and difficulties frequently encountered by companies in their
early stage of development. Such risks for us include, but are not limited to, an evolving and unpredictable business model, recognition
of revenue sources, and the management of growth. To address these risks, we must, among other things, develop, implement, and successfully
execute our business and marketing strategy, respond to competitive developments, and attract, retain, and motivate qualified personnel.
There can be no assurance that we will be successful in addressing such risks, and the failure to do so could have a material adverse
effect on our business prospects, financial condition, and results of operations.
Limited
Operating History; Need for Additional Capital
We
have generated limited financial history and have not previously demonstrated that we will be able to expand our business. We cannot
guarantee we will be successful in our business operations. Our business is subject to risks inherent in growing an enterprise, including
limited capital resources and possible rejection of our business model and/or sales methods. We have not generated any revenue since
inception.
If
we are unable to meet our needs for cash from either our operations, or possible alternative sources, then we may be unable to continue,
develop, or expand our operations.
Critical
Accounting Policies and Estimates
Our
management’s discussion and analysis of our financial condition and results of operations is based on our financial statements,
which have been prepared in accordance with U.S. generally accepted accounting principles, or “GAAP.” The preparation of
these financial statements requires us to make estimates and assumptions 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 revenue and expenses
during the reported period. In accordance with GAAP, we base our estimates on historical experience and on various other assumptions
that we believe are reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or
conditions.
Our
significant accounting policies are fully described in Note 2 to our financial statements appearing elsewhere in this Quarterly Report,
and we believe those accounting policies are critical to the process of making significant judgments and estimates in the preparation
of our financial statements.
Operating
results for the three months ended June 30, 2024 and 2023:
The
Company incurred $8,289 of general and administrative expenses for the three months ended June 30, 2024, as compared to $6,990 for the
three months ended June 30, 2023. These expenses resulted in net operating losses of $8,289 and $6,990 for the three months ended June
30, 2024 and 2023, respectively. Increases to operating expenses, as compared to the prior period, were driven primarily by increased
compliance-related professional fees.
Operating
results for the nine months ended June 30, 2024 and 2023:
The
Company incurred $30,124 of general and administrative expenses for the nine months ended June 30, 2024, as compared to $25,527 for the
nine months ended June 30, 2023. These expenses resulted in net operating losses of $30,124 and $25,527 for the nine months ended June
30, 2024 and 2023, respectively. Increases to operating expenses, as compared to the prior period, were driven primarily by increased
compliance-related professional fees.
Going
Concern
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.
Liquidity
and Capital Resources
During
the nine months ended June 30, 2024 and 2023, net cash used for operations was $7,180 and $25,124, respectively. The cash used during
the interim period was attributable to general and administrative expenses required to maintain the Company’s reporting status.
During
the nine months ended June 30, 2024 and 2023, the Company recognized no cash flows from investing activities.
During
the nine months ended June 30, 2024 and 2023, financing activities generated $7,180 and $25,124 of cash flows, respectively. The cash
flows from financing activities in the interim period were a result of advances from the Company’s CEO to fund operating expenses
on behalf of the Company.
As
of June 30, 2024, the Company’s operations generated no revenues or cash, and management was the sole source of cash resources.
We are dependent upon interim funding provided by management or an affiliated party to pay professional fees and expenses. Our management
and an affiliated party have agreed to provide funding as may be required to pay for accounting fees and other administrative expenses
of the Company until the Company enters into a business combination. The Company would be unable to continue as a going concern without
interim financing provided by management. As of June 30, 2024, we had $0 in cash.
If
we require additional financing, we cannot predict whether equity or debt financing will become available at terms acceptable to us,
if at all. The Company depends upon services provided by management and an affiliated party to fulfill its filing obligations under the
Exchange Act. At present, the Company has no financial resources to pay for such services.
The
Company does not currently engage in any business activities that provide cash flow. The costs of investigating and analyzing business
combinations, maintaining the filing of Exchange Act reports, the investigation, analyzing, and consummation of an acquisition for an
unlimited period of time will be paid from additional money contributed by Grant Casey, our sole officer and Chairman of the Board of
Directors, or an affiliated party.
Off-Balance
Sheet Arrangements
None.
Item
3. Quantitative And Qualitative Disclosures About Market Risk.
As
a smaller reporting company, we are not required to provide the information called for by this Item.
Item
4. Controls and Procedures.
Evaluation
of Disclosure Controls and Procedures.
Our
management is responsible for establishing and maintaining a system of “disclosure controls and procedures” (as defined in
Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the
reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified
in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed
to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated
and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer
or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
Pursuant
to Rule 13a-15(b) under the Exchange Act, the Company carried out an evaluation with the participation of the Company’s management,
including the Company’s Chief Executive Officer (“CEO”) and the Company’s Chief Financial Officer (“CFO”),
both of which roles are performed by Grant Casey, of the effectiveness of the Company’s disclosure controls and procedures (as
defined under Rule 13a-15(e) under the Exchange Act) as of June 30, 2024. Based upon that evaluation, the Company’s CEO concluded
that the Company’s disclosure controls and procedures were not effective as of June 30, 2024, due to the Company’s limited
internal resources and lack of ability to have multiple levels of transaction review.
Management
is in the process of determining how best to change our current system and implement a more effective system to insure that information
required to be disclosed in the reports that we file or submit under the Exchange Act have been recorded, processed, summarized and reported
accurately. Our management intends to develop procedures to address the current deficiencies to the extent possible given limitations
in financial and manpower resources. While management is working on a plan, no assurance can be made at this point that the implementation
of such controls and procedures will be completed in a timely manner or that they will be adequate once implemented.
Management’s
Report on Internal Control over Financial Reporting.
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f)
and 15d-15(f) under the Exchange Act. Our internal control over financial reporting is designed 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. Our internal control over financial reporting includes those policies and procedures that: pertain to
the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations
of our management and directors; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
use or disposition of our assets that could have a material effect on the financial statements.
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with policies or procedures may deteriorate.
Our
management assessed the effectiveness of our internal control over financial reporting based on the parameters set forth above and has
concluded that as of June 30, 2024, our internal control over financial reporting was not effective to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally
accepted accounting principles as a result of the following material weaknesses:
|
● |
The
Company does not have sufficient segregation of duties within accounting functions due to only having one officer and limited resources. |
|
|
|
|
● |
The
Company does not have an independent board of directors or an audit committee. |
|
|
|
|
● |
The
Company does not have written documentation of our internal control policies and procedures. |
|
|
|
|
● |
All
of the Company’s financial reporting is carried out by a financial consultant. |
We
plan to rectify these weaknesses by implementing an independent board of directors, establishing written policies and procedures for
our internal control of financial reporting, and hiring additional accounting personnel at such time as we complete a reverse merger
or similar business acquisition.
Changes
in Internal Control over Financial Reporting.
There
has been no change in our internal control over financial reporting during the three months ending June 30, 2024, that has materially
affected, or is reasonably likely to materially affect, our internal control over financial reporting.
Part
II Other Information
Item
1. Legal Proceedings
The
Company may be involved in certain legal proceedings that arise from time to time in the ordinary course of its business. Legal expenses
associated with any contingency are expensed as incurred. The Company’s officers and directors are not aware of any threatened
or pending litigation to which the Company is a party or which any of its property is the subject and which would have any material,
adverse effect on the Company.
Item
1A. Risk Factors
Reference
is made to the risks and uncertainties disclosed in Item 1A (“Risk Factors”) of our Annual Report on Form 10-K for the fiscal
year ended September 30, 2023, which sections are incorporated by reference into this report, as the same may be updated from time to
time. Prospective investors are encouraged to consider the risks described in our 2023 Form 10-K, and our Management’s Discussion
and Analysis of Financial Condition and Results of Operations contained in this Report and other information publicly disclosed or contained
in documents we file with the Securities and Exchange Commission before purchasing our securities.
As
a smaller reporting company, the Company is not required to disclose material changes to the risk factors that were contained in the
September 30, 2023, Form 10-K.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item
3. Defaults Upon Senior Securities
None
Item
4. Mine Safety Disclosures
Not
applicable.
Item
5. Other Information
None
Item
6. Exhibits
The
exhibits listed on the Exhibit Index below are provided as part of this report.
* |
The
certification furnished in Exhibits 32.1 hereto is deemed to accompany this Quarterly Report on Form 10-Q and is not deemed “filed”
for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, nor shall it be deemed incorporated
by reference into any filing under the Securities Act or the Exchange Act, irrespective of any general incorporation language contained
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, thereunto duly authorized.
Date:
August 22, 2024 |
Wally
World Media, Inc. |
|
|
|
By:
|
/s/
Grant Casey |
|
|
Grant
Casey |
|
|
President/Chief
Financial Officer |
Exhibit
31.1
Certification
I,
Grant Casey, certify that:
1.
I have reviewed this quarterly report on Form 10-Q/A of Wally World Media, 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 to 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 registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))and internal control over financial reporting (as defined in Exchange Act Rules
13a–15(f) and 15d–15(f)) for the registrant 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 registrant, 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 registrant’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 registrant’s internal control over financial reporting that occurred during the period
covered by the annual report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
(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 registrant’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 registrant’s
internal control over financial reporting.
Dated:
August 22, 2024 |
/s/
Grant Casey |
|
Grant
Casey |
|
President |
|
(Principal
Executive Officer) |
Exhibit
31.2
Certification
I,
Grant Casey, certify that:
1.
I have reviewed this a quarterly report on Form 10-Q/A of Wally World Media, 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 to 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 registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a–15(f) and 15d–15(f)) for the registrant 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 registrant, 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 registrant’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 registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
(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 registrant’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 registrant’s
internal control over financial reporting.
Dated:
August 22, 2024 |
/s/
Grant Casey |
|
Grant
Casey |
|
Chief
Financial Officer |
|
(Principal
Financial Officer) |
Exhibit
32.1
CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Wally World Media, Inc. (the “Company”) on Form 10-Q/A for the period ended June 30,
2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Grant Casey, President of
the Company and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
1.
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
By: |
/s/
Grant Casey |
|
|
Grant
Casey |
|
|
President |
|
|
(Principal
Executive Officer) |
|
|
|
|
By: |
/s/
Grant Casey |
|
|
Grant
Casey |
|
|
Chief
Financial Officer
(Principal
Financial Officer) |
|
|
|
|
August
22, 2024 |
|
v3.24.2.u1
Cover - $ / shares
|
9 Months Ended |
|
Jun. 30, 2024 |
Aug. 19, 2024 |
Cover [Abstract] |
|
|
Document Type |
10-Q/A
|
|
Amendment Flag |
true
|
|
Amendment Description |
This
Amendment No. 1 to the Quarterly Report on Form 10-Q/A (the “Amendment”) amends the Quarterly Report on Form 10-Q of Wally
World Media, Inc. (the “Company”) for the quarter ended June 30, 2024 (the “Original Filing”), that was originally
filed with the U.S. Securities and Exchange Commission on August 19, 2024. As previously disclosed in the “Management’s
Discussion and Analysis of Financial Condition and Results of Operations,” of the Original Filing, the unaudited interim financial
information presented in the Original Filing was not subject to a Statement of Auditing Standards No. 100, or SAS 100, review by
an outside independent registered public accounting firm as required by the rules of the Securities and Exchange Commission, and the
Original Filing was therefore considered incomplete.The Amendment is
being filed to disclose that the Company’s independent registered public accounting firm, has
completed its SAS 100 review of the unaudited interim financial information presented in the Original 10-Q. In addition, the Company
has updated the following items of the Original Filing: (i) Item 1 of Part I “Financial Information,” (ii) Item 2
of Part I, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and (iii) Item 6
of Part II, “Exhibits”, and we have also updated the signature page, the certifications of our Chief Executive Officer
and Chief Financial Officer in Exhibits 31.1, 31.2, and 32.1, and our financial statements formatted in Extensible Business Reporting
Language (XBRL) in Exhibits 101.
Except
as described above, the Amendment does not modify or update the disclosures presented in, or exhibits to, the Original Filing in any
way. Those sections of the Original Filing that are unaffected by the Amendment are included herein for the readers convenience. The Amendment continues to
speak as of the date of the Original Filing. Furthermore, the Amendment does not reflect events occurring after the filing of the
Original Filing. Accordingly, the Amendment should be read in conjunction with the Original Filing, as well as the Company’s
other filings made with the SEC subsequent to the Original Filing.
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2024
|
|
Document Fiscal Period Focus |
Q3
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--09-30
|
|
Entity File Number |
333-185694
|
|
Entity Registrant Name |
WALLY
WORLD MEDIA, INC.
|
|
Entity Central Index Key |
0001555214
|
|
Entity Tax Identification Number |
45-5370930
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
7121
West Craig Road
|
|
Entity Address, Address Line Two |
#113-38
|
|
Entity Address, City or Town |
Las
Vegas
|
|
Entity Address, State or Province |
NV
|
|
Entity Address, Postal Zip Code |
89129
|
|
City Area Code |
(702)
|
|
Local Phone Number |
890-5299
|
|
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|
|
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|
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|
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v3.24.2.u1
Balance Sheets (Unaudited) - USD ($)
|
Jun. 30, 2024 |
Sep. 30, 2023 |
Current Assets: |
|
|
Total current assets |
|
|
Total Assets |
|
|
Current Liabilities: |
|
|
Accounts payable |
23,439
|
495
|
Advances from related parties |
97,990
|
90,810
|
Total current liabilities |
121,429
|
91,305
|
Total Liabilities |
121,429
|
91,305
|
Commitments and Contingencies (Note 5) |
|
|
Stockholders’ Deficit: |
|
|
Preferred stock, $0.0001 par value; 50,000,000 shares authorized, 0 shares issued and outstanding. |
|
|
Common stock, $0.0001 par value; 500,000,000 shares authorized, 330,483,033 shares issued and outstanding. |
33,048
|
33,048
|
Additional paid-in capital |
15,705,814
|
15,705,814
|
Accumulated deficit |
(15,860,291)
|
(15,830,167)
|
Total stockholders’ deficit |
(121,429)
|
(91,305)
|
Total Liabilities and Stockholders’ Deficit |
|
|
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v3.24.2.u1
Balance Sheets (Unaudited) (Parenthetical)
|
Jun. 30, 2024
$ / shares
shares
|
Statement of Financial Position [Abstract] |
|
Preferred stock, par value | $ / shares |
$ 0.0001
|
Preferred stock, shares authorized |
50,000,000
|
Preferred stock, shares issued |
0
|
Preferred stock, shares outstanding |
0
|
Common stock, par value | $ / shares |
$ 0.0001
|
Common stock, shares authorized |
500,000,000
|
Common stock, shares issued |
330,483,033
|
Common stock, shares outstanding |
330,483,033
|
X |
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v3.24.2.u1
Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Statement [Abstract] |
|
|
|
|
Revenue |
|
|
|
|
Operating Expenses: |
|
|
|
|
General and administrative expenses |
8,289
|
6,990
|
30,124
|
25,527
|
Total operating expenses |
8,289
|
6,990
|
30,124
|
25,527
|
(Loss) from Operations |
(8,289)
|
(6,990)
|
(30,124)
|
(25,527)
|
Provision for income taxes |
|
|
|
|
Net (Loss) |
$ (8,289)
|
$ (6,990)
|
$ (30,124)
|
$ (25,527)
|
Net Loss per share (basic) |
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
Net Loss per share (diluted) |
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
Weighted Average Shares Outstanding - Basic |
330,483,033
|
330,483,033
|
330,483,033
|
330,483,033
|
Weighted Average Shares Outstanding - Diluted |
330,483,033
|
330,483,033
|
330,483,033
|
330,483,033
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.24.2.u1
Statements of Stockholders' Deficit (Unaudited) - USD ($)
|
Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Sep. 30, 2022 |
|
$ 33,048
|
$ 15,705,814
|
$ (15,799,048)
|
$ (60,186)
|
Balance, shares at Sep. 30, 2022 |
|
330,483,033
|
|
|
|
Net (loss) |
|
|
|
(25,527)
|
(25,527)
|
Balance at Jun. 30, 2023 |
|
$ 33,048
|
15,705,814
|
(15,824,575)
|
(85,713)
|
Balance, shares at Jun. 30, 2023 |
|
330,483,033
|
|
|
|
Balance at Mar. 31, 2023 |
|
$ 33,048
|
15,705,814
|
(15,817,585)
|
(78,723)
|
Balance, shares at Mar. 31, 2023 |
|
330,483,033
|
|
|
|
Net (loss) |
|
|
|
(6,990)
|
(6,990)
|
Balance at Jun. 30, 2023 |
|
$ 33,048
|
15,705,814
|
(15,824,575)
|
(85,713)
|
Balance, shares at Jun. 30, 2023 |
|
330,483,033
|
|
|
|
Balance at Sep. 30, 2023 |
|
$ 33,048
|
15,705,814
|
(15,830,167)
|
(91,305)
|
Balance, shares at Sep. 30, 2023 |
|
330,483,033
|
|
|
|
Net (loss) |
|
|
|
(30,124)
|
(30,124)
|
Balance at Jun. 30, 2024 |
|
$ 33,048
|
15,705,814
|
(15,860,291)
|
(121,429)
|
Balance, shares at Jun. 30, 2024 |
|
330,483,033
|
|
|
|
Balance at Mar. 31, 2024 |
|
$ 33,048
|
15,705,814
|
(15,852,002)
|
(113,140)
|
Balance, shares at Mar. 31, 2024 |
|
330,483,033
|
|
|
|
Net (loss) |
|
|
|
(8,289)
|
(8,289)
|
Balance at Jun. 30, 2024 |
|
$ 33,048
|
$ 15,705,814
|
$ (15,860,291)
|
$ (121,429)
|
Balance, shares at Jun. 30, 2024 |
|
330,483,033
|
|
|
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.24.2.u1
Statements of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash Flows from Operating Activities |
|
|
Net (Loss) |
$ (30,124)
|
$ (25,527)
|
Changes in operating assets and liabilities: |
|
|
Prepaid expense |
|
403
|
Accounts payable |
22,944
|
|
Net cash (used for) operating activities |
(7,180)
|
(25,124)
|
Cash Flows from Investing Activities |
|
|
Net cash (used for) investing activities |
|
|
Cash Flows from Financing Activities |
|
|
Advances from related party |
7,180
|
25,124
|
Net cash provided by financing activities |
7,180
|
25,124
|
Net increase (decrease) in cash |
|
|
Cash at the beginning of the period |
|
|
Cash at the end of the period |
|
|
Supplemental Disclosure of Cash Flow Information |
|
|
Cash paid for interest |
|
|
Cash paid for taxes |
|
|
X |
- DefinitionAmount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including, but not limited to, disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.
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v3.24.2.u1
Organization and Description of Business
|
9 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization and Description of Business |
Note
1. Organization and Description of Business
Wally
World Media, Inc. (“the Company”, “WLYW”) was incorporated in the State of
Nevada on May 17, 2012. The Company was 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 featured 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.
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.
On
June 30, 2022, the Eighth Judicial District Court of Nevada approved the actions taken by Shareholders First LLC during the custodianship
proceeding, and issued an Order Discharging Custodian and Terminating Custodianship of Wally World Media, Inc. There was no opposition.
Management of the Company continues to work towards full rehabilitation.
The
Company’s fiscal year-end is September 30.
Critical
accounting policies and estimates
Our
unaudited financial statements are prepared in accordance with accounting principles generally accepted in the United States of America
(“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
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 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.
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v3.24.2.u1
Summary of significant Accounting Policies
|
9 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Summary of significant Accounting Policies |
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 “ASC”) 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 GAAP in the United States.
Management’s
Representation of Interim Financial Statements
The
accompanying unaudited 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. These 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 financial statements
should be read in conjunction with the audited consolidated financial statements and notes thereto at September 30, 2023 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 June 30, 2024, the Company had no cash and an accumulated deficit of $15,860,291.
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 was being funded by Grant Casey, our CEO, 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 do 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 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 June 30, 2024 and September 30, 2023, 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 FASB, 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. As of June 30, 2024, and June30, 2023, the Company had no dilutive common share equivalents outstanding.
Recent
Accounting Pronouncements
There
are no recent accounting pronouncements that impact the Company’s operations.
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v3.24.2.u1
Related Party Transactions
|
9 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Note
3. Related Party Transactions
During
the nine months ended June 30, 2024, the Company’s Chief Executive Officer advanced $7,180 to fund the Company’s expenses.
These advances are due on demand and bear no interest. These terms and conditions of which may
not be indicative of what a third-party investor may agree to. As of June 30, 2024, and September 30, 2023, the Company was indebted
to its Chief Executive Officer in the amounts of $97,990 and $90,810, respectively.
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v3.24.2.u1
Stockholders’ Equity (Deficit)
|
9 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
Stockholders’ Equity (Deficit) |
Note
4. 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 preferred shares designated as of June 30, 2024.
Common
stock
The
Company has authorized 500,000,000 shares of $0.0001 par value, common stock. As of June 30, 2024, 330,483,033 shares of common stock
were issued and outstanding.
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v3.24.2.u1
Commitments and Contingencies
|
9 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note
5. Commitments and Contingencies
During
the normal course of business, the Company may be exposed to litigation. When the Company becomes aware of potential litigation, it evaluates
the merits of the case in accordance with FASB ASC 450-20-50, Contingencies.
The Company evaluates its exposure to the matter, possible legal or settlement strategies and the likelihood of an unfavorable outcome.
If the Company determines that an unfavorable outcome is probable and can be reasonably estimated, it establishes the necessary accruals.
The
Company did not have any outstanding contractual commitments or obligations as of June 30, 2024.
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v3.24.2.u1
Subsequent Events
|
9 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Note
6. Subsequent Events
Management
has evaluated significant events through the date of these financial statements and determined that none require disclosure.
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v3.24.2.u1
Summary of significant Accounting Policies (Policies)
|
9 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (“FASB”)
“FASB Accounting Standard Codification™” (the “ASC”) 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 GAAP in the United States.
|
Management’s Representation of Interim Financial Statements |
Management’s
Representation of Interim Financial Statements
The
accompanying unaudited 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. These 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 financial statements
should be read in conjunction with the audited consolidated financial statements and notes thereto at September 30, 2023 as
presented in the Company’s Annual Report on Form 10-K.
|
Going Concern |
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 June 30, 2024, the Company had no cash and an accumulated deficit of $15,860,291.
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 was being funded by Grant Casey, our CEO, 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 do 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 |
Use
of Estimates
The
preparation of financial statements in conformity with 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 |
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 June 30, 2024 and September 30, 2023, the Company had no cash on hand.
|
Income taxes |
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 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 FASB, 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. As of June 30, 2024, and June30, 2023, the Company had no dilutive common share equivalents outstanding.
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
There
are no recent accounting pronouncements that impact the Company’s operations.
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Related Party Transactions (Details Narrative) - USD ($)
|
9 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Related Party Transaction [Line Items] |
|
|
|
Advances from related parties |
$ 7,180
|
$ 25,124
|
|
Due to related party |
97,990
|
|
$ 90,810
|
Chief Executive Officer [Member] | Related Party [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Advances from related parties |
7,180
|
|
|
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$ 97,990
|
|
$ 90,810
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|
Jun. 30, 2024
$ / shares
shares
|
Equity [Abstract] |
|
Preferred stock, shares authorized |
50,000,000
|
Preferred stock, par value | $ / shares |
$ 0.0001
|
Common stock, shares authorized |
500,000,000
|
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$ 0.0001
|
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330,483,033
|
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330,483,033
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+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(16)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
+ Details
Name: |
us-gaap_PreferredStockSharesAuthorized |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
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Wally World Media (PK) (USOTC:WLYW)
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