There is some good strength here in terms of script and originality. Certainly some decent potential in the actual interaction between the Toast and Timmy. But the realization that the Toast is alive doesn't seem to affect Timmy at all, and I think that's a major hitting point. That whole scene could have been pushed a bit more.
I was sort of hoping Timmy would have been in shock awe of his toast coming to life, mouth hanging open in wonder, only to absentmindedly continue to fill it with more toast. Perhaps even have Toast's eyes following the bread into Timmy's mouth. Just something more to drive home the gravity of a situation.
A good start overall.