Yummies Inc. (YUMM), a Nevada corporation engaged in management consultancy services, reports a net loss of $5,859 for the quarter ended March 31, 2023, and accumulated losses of $302,594 since its inception on June 10, 1998. Despite the losses, the company’s current assets exceeded its current liabilities by $3,759 as of March 31, 2023. The ability of Yummies Inc. to continue as a going concern depends on its success in raising additional capital through common stock issuance and generating sufficient operating revenue.
Yummies Inc. was initially formed with the purpose of engaging in boat and personal watercraft rental but failed to find success in that business. In recent years, the company has focused on providing management consultancy services and corporate training programs through its wholly-owned subsidiary, Yummies Knowledge Management Pte. Ltd., based in Singapore. The subsidiary assists Doers Knowledge Management Pte Ltd, a private Singapore-based company owned by Yummies’ CEO Mr. Wei-Hsien Lin, in marketing, promoting, and managing training activities for events like the Heartland Enterprises: Transform and Thrive event held in July 2019.
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The COVID-19 Pandemic
The COVID-19 pandemic, declared on March 11, 2020, by the World Health Organization, has led to business disruptions worldwide, affecting various sectors and industries. The impact of the outbreak on Yummies’ business operations is uncertain and depends on future developments, including the duration of the outbreak, new information on the severity of the pandemic, and additional preventative and protective measures implemented by governments and the company.
Emerging Growth Company Status
Yummies Inc. currently qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (JOBS Act), which permits it to rely on exemptions from certain disclosure requirements. The company will remain an emerging growth company for up to five years or until certain conditions are met, such as having total annual gross revenues exceeding $1 billion or the market value of its common shares held by non-affiliates exceeding $700 million on the last business day of the most recently completed second fiscal quarter.
In conclusion, Yummies Inc.’s future operations and financial stability remain uncertain due to the ongoing global COVID-19 pandemic and the company’s ability to generate sufficient revenue. The company plans to maintain its operations by minimizing expenses and relying on the support of present officers and stockholders who have expressed willingness to provide necessary funds through stock purchases or loans. However, there is no assurance that such support will be provided or that Yummies Inc. will be able to continue as a going concern.
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