Global AI (GLAI) 10-Q 30 Jan 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Dec. 31, 2014	Jan. 16, 2015
Document And Entity Information
Entity Registrant Name	Wall Street Media Co, Inc.
Entity Central Index Key	1473490
Document Type	10-Q
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-21
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		26,922,007
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2015

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Dec. 31, 2014	Sep. 30, 2014
Current Assets
Cash	$8,095	$1,332
Total current assets	8,095	1,332
Total Assets	8,095	1,332
Current Liabilities
Note payable	20,000
Accounts payable and accrued expenses	8,961	16,412
Deferred compensation		112,800
Total current liabilities	28,961	129,212
Commitments and Contingencies
Stockholders' Deficit
Preferred stock, $0.001 par value; 5,000,000 authorized; none issued or outstanding
Common stock, $0.001 par value; 195,000,000 shares authorized; 26,922,007 and 26,822,007 issued and outstanding at December 31, 2014 and September 30, 2014, respectively	26,922	26,822
Additional paid-in capital	1,298,056	1,185,356
Accumulated deficit	-1,345,844	-1,340,058
Total stockholders' deficit	-20,866	-127,880
Total Liabilities and Stockholders' Deficit	$8,095	$1,332

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2014	Sep. 30, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	195,000,000	195,000,000
Common stock, shares issued	26,922,007	26,822,007
Common stock, shares outstanding	26,922,007	26,822,007

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Website development services (Includes related party revenue of $0 and $3,350, respectively)	$7,580	$25,350
Total Revenues	7,580	25,350
Operating Expenses:
Internet & hosting services	643	570
Programming & development	1,719	8,737
Domain names	305	206
Office and administrative	2,533	3,300
Professional fees	8,095	7,708
Salaries		24,000
Total Operating Expenses	13,295	44,521
Loss From Operations	-5,715	-19,171
Other Expense
Interest expense	70
Total Other Expense	70
Net loss	($5,785)	($19,171)
Net loss per share - basic and diluted	$0	($0.01)
Weighted average number of common shares - Basic and Diluted	26,872,007	26,822,007

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Operations (Parenthetical) (USD $)	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
Related party revenue	$0	$3,350

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Cash flows from Operating Activities:
Net loss	($5,785)	($19,171)
Changes in operating assets and liabilities:
(Decrease) increase in accounts payable and accrued expenses	-7,452	21,301
Net cash provided by (used in) operating activities	-13,237	2,130
Cash flows from financing activities:
Proceeds from issuance of note payable	20,000
Net cash provided by financing activities	20,000
Increase in cash during the period	6,763	2,130
Cash, beginning of the period	1,332	1,833
Cash, end of the period	8,095	3,963
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest
Cash paid for income taxes
Schedule of non-cash financing activities:
Settlement of deferred compensation with issuance of common stock	$112,800

Nature_of_Operations_Significa

Nature of Operations, Significant Accounting Policies and Basis of Presentation	3 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Nature of Operations, Significant Accounting Policies and Basis of Presentation	Note 1 – Nature of Operations, Significant Accounting Policies and Basis of Presentation
	Nature of Operations and Business Organization
	Wall Street Media Co, Inc. and Subsidiary (F/K/A Bright Mountain Holdings, Inc.) (the “Company”) was organized as Mycatalogsonline.com, Inc. in the state of Nevada on January 6, 2009. In April 2009, the Company changed its name to My Catalogs Online, Inc. In November 2012 the Company changed its name to Bright Mountain Holdings, Inc. and effected a 1 for 10 reverse stock split. In August, 2013 the Company changed its name to Wall Street Media Co, Inc.
	The Company owns 100% of the outstanding common stock of Catalog Enterprises, Inc., which was formed in March 2009, for the purpose of acquiring and maintaining domain names for future use within the Company’s business model and for providing website development services for other companies.
	Basis of Presentation
	The interim unaudited condensed consolidated financial statements included herein have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of the Company’s management, all adjustments (consisting of normal recurring adjustments and reclassifications and non-recurring adjustments) necessary to present fairly the consolidated results of operations and cash flows for the three months ended December 31, 2014, and the financial position as of December 31, 2014, have been made. The results of operations for such interim periods are not necessarily indicative of the operating results to be expected for the full year.
	Certain information and disclosures normally included in the notes to the annual consolidated financial statements have been condensed or omitted from these interim condensed consolidated financial statements. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Report on Form 10-K as filed with the Securities and Exchange Commission on December 24, 2014. The September 30, 2014 balance sheet is derived from those consolidated financial statements.
	Principles of Consolidation
	The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary Catalog Enterprises, Inc. All inter-company transactions and accounts have been eliminated in consolidation.
	Use of Estimates
	Our unaudited condensed consolidated financial statements are prepared in accordance with Accounting Principles Generally Accepted in the United States (“GAAP”). These accounting principles require us to make certain estimates, judgments and assumptions. We believe that the estimates, judgments and assumptions upon which we rely are reasonable based upon information available to us at the time that these estimates, judgments and assumptions are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of the date of our unaudited condensed consolidated financial statements as well as the reported amounts of revenues and expenses during the periods presented. Our unaudited condensed consolidated financial statements would be affected to the extent there are material differences between these estimates and actual results. In many cases, the accounting treatment of a particular transaction is specifically dictated by GAAP and does not require management’s judgment in its application. There are also areas in which management’s judgment in selecting any available alternative would not produce a materially different result.
	Cash and Cash Equivalents
	The Company considers all highly liquid investments with maturity of three months or less when purchased to be cash equivalents.
	Revenue Recognition
	In accordance with ASC 605-10, revenue is recognized when persuasive evidence of an arrangement exists, products are delivered to and accepted by the customer, economic risk of loss has passed to the customer, the price is fixed or determinable, collection is reasonably assured, and any future obligations of the Company are insignificant.
	Income Taxes
	The Company accounts for income taxes pursuant to the provisions of ASC 740-10 “Accounting for Income Taxes,” which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets for which management believes it is more likely than not that the net deferred asset will not be realized.
	Upon inception, the Company adopted the provisions of ASC 740-10, Accounting for Uncertain Income Tax Positions. In accordance with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above should be reflected as a liability for unrecognized tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The Company believes its tax positions are all highly certain of being upheld upon examination. As such, the Company has not recorded a liability for unrecognized tax benefits. As of December 31, 2014, tax years 2014, 2013, 2012, 2011, and 2010 remain open for IRS audit. The Company has received no notice of audit from the Internal Revenue Service for any of the open tax years.
	Basic and Diluted Net Loss per Common Share
	Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding for the period and, if dilutive, potential common shares outstanding during the period. Potentially dilutive securities consist of the incremental common shares issuable upon exercise of common stock equivalents such as stock options and convertible debt instruments. Potentially dilutive securities are excluded from the computation if their effect is anti-dilutive. There were no potentially dilutive securities outstanding as of December 31, 2014.
	Recent Accounting Pronouncements
	The Company does not believe these are any new accounting pronouncements that have been issued that might have a material impact on its financial statements.

Going_Concern

Going Concern	3 Months Ended
	Dec. 31, 2014
Going Concern
Going Concern	Note 2 – Going Concern
	As reflected in the accompanying unaudited condensed consolidated financial statements for the three months ended December 31, 2014, the Company had net loss of $5,785 and cash used in operations of $13,237. At December 31, 2014, the Company had a working capital deficit of $20,866, a stockholders’ deficit of $20,866, and an accumulated deficit of $1,345,844. These matters raise substantial doubt about the Company’s ability to continue as a going concern. The unaudited condensed consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to implement its business plan and continue as a going concern. Management plans are to identify and merge or be acquired by another operating entity.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Dec. 31, 2014
Related Party Transactions [Abstract]
Related Party Transactions	Note 3 – Related Party Transactions
	$3,350, or 13% of the Company’s revenue during the three months ended December 31, 2013 was derived from a related party where the Chairman and CEO of the Company is the president. (See Note 5).
	In December 2014, the Company’s sole officer agreed to forgive $112,800 of deferred salary in exchange for 100,000 shares of common stock. $112,800 was recorded as additional paid in capital during the three months ended December 31, 2014.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 4 – Commitments and Contingencies
	From time to time, we may be involved in litigation relating to claims arising out of our operations in the normal course of business. As of December 31, 2014 there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on our results of operations.

Concentration

Concentration	3 Months Ended
	Dec. 31, 2014
Risks and Uncertainties [Abstract]
Concentration	Note 5 – Concentration
	The Company is currently producing revenue primarily from one revenue stream, website development services. One customer, a related party affiliate, accounted for 13% of the total revenue for the three months ended December 31, 2013. (See Note 3). Approximately 81% of total revenue for the three months ended December 31, 2013 was derived from one customer. Approximately 33% and 50% of total revenues for the three months ended December 31, 2014 was derived from two customers.

Note_Payable

Note Payable	3 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
Note Payable	Note 6 – Note Payable
	In November 2014, the Company received $20,000 from the issuance of a note payable that accrues interest at an annual rate of 4%, payable on demand. The balance of the note is $20,000 as of December 31, 2014.

Nature_of_Operations_Significa1

Nature of Operations, Significant Accounting Policies and Basis of Presentation (Policies)	3 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Nature of Operations and Business Organization	Nature of Operations and Business Organization
	Wall Street Media Co, Inc. and Subsidiary (F/K/A Bright Mountain Holdings, Inc.) (the “Company”) was organized as Mycatalogsonline.com, Inc. in the state of Nevada on January 6, 2009. In April 2009, the Company changed its name to My Catalogs Online, Inc. In November 2012 the Company changed its name to Bright Mountain Holdings, Inc. and effected a 1 for 10 reverse stock split. In August, 2013 the Company changed its name to Wall Street Media Co, Inc.
	The Company owns 100% of the outstanding common stock of Catalog Enterprises, Inc., which was formed in March 2009, for the purpose of acquiring and maintaining domain names for future use within the Company’s business model and for providing website development services for other companies.
Basis of Presentation	Basis of Presentation
	The interim unaudited condensed consolidated financial statements included herein have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of the Company’s management, all adjustments (consisting of normal recurring adjustments and reclassifications and non-recurring adjustments) necessary to present fairly the consolidated results of operations and cash flows for the three months ended December 31, 2014, and the financial position as of December 31, 2014, have been made. The results of operations for such interim periods are not necessarily indicative of the operating results to be expected for the full year.
	Certain information and disclosures normally included in the notes to the annual consolidated financial statements have been condensed or omitted from these interim condensed consolidated financial statements. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Report on Form 10-K as filed with the Securities and Exchange Commission on December 24, 2014. The September 30, 2014 balance sheet is derived from those consolidated financial statements.
Principles of Consolidation	Principles of Consolidation
	The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary Catalog Enterprises, Inc. All inter-company transactions and accounts have been eliminated in consolidation.
Use of Estimates	Use of Estimates
	Our unaudited condensed consolidated financial statements are prepared in accordance with Accounting Principles Generally Accepted in the United States (“GAAP”). These accounting principles require us to make certain estimates, judgments and assumptions. We believe that the estimates, judgments and assumptions upon which we rely are reasonable based upon information available to us at the time that these estimates, judgments and assumptions are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of the date of our unaudited condensed consolidated financial statements as well as the reported amounts of revenues and expenses during the periods presented. Our unaudited condensed consolidated financial statements would be affected to the extent there are material differences between these estimates and actual results. In many cases, the accounting treatment of a particular transaction is specifically dictated by GAAP and does not require management’s judgment in its application. There are also areas in which management’s judgment in selecting any available alternative would not produce a materially different result.
Cash and Cash Equivalents	Cash and Cash Equivalents
	The Company considers all highly liquid investments with maturity of three months or less when purchased to be cash equivalents.
Revenue Recognition	Revenue Recognition
	In accordance with ASC 605-10, revenue is recognized when persuasive evidence of an arrangement exists, products are delivered to and accepted by the customer, economic risk of loss has passed to the customer, the price is fixed or determinable, collection is reasonably assured, and any future obligations of the Company are insignificant.
Income Taxes	Income Taxes
	The Company accounts for income taxes pursuant to the provisions of ASC 740-10 “Accounting for Income Taxes,” which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets for which management believes it is more likely than not that the net deferred asset will not be realized.
	Upon inception, the Company adopted the provisions of ASC 740-10, Accounting for Uncertain Income Tax Positions. In accordance with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above should be reflected as a liability for unrecognized tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The Company believes its tax positions are all highly certain of being upheld upon examination. As such, the Company has not recorded a liability for unrecognized tax benefits. As of December 31, 2014, tax years 2014, 2013, 2012, 2011, and 2010 remain open for IRS audit. The Company has received no notice of audit from the Internal Revenue Service for any of the open tax years.
Basic and Diluted Net Loss Per Common Share	Basic and Diluted Net Loss per Common Share
	Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding for the period and, if dilutive, potential common shares outstanding during the period. Potentially dilutive securities consist of the incremental common shares issuable upon exercise of common stock equivalents such as stock options and convertible debt instruments. Potentially dilutive securities are excluded from the computation if their effect is anti-dilutive. There were no potentially dilutive securities outstanding as of December 31, 2014.
Recent Accounting Pronouncements	Recent Accounting Pronouncements
	The Company does not believe these are any new accounting pronouncements that have been issued that might have a material impact on its financial statements.

Nature_of_Operations_Significa2

Nature of Operations, Significant Accounting Policies and Basis of Presentation (Details Narrative)	1 Months Ended	3 Months Ended
	Nov. 30, 2012	Dec. 31, 2014
Accounting Policies [Abstract]
Reverse stock split	effected a 1 for 10 reverse stock split.
Percentage of outstanding common stock of Catalog Enterprises, Inc owned		100.00%
Tax benefit settlement, percent		50.00%

Going_Concern_Details_Narrativ

Going Concern (Details Narrative) (USD $)	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2014
Going Concern
Net Loss	$5,785	$19,171
Net cash used in operations	13,237	-2,130
Working capital deficit	20,866
Stockholders' deficit	20,866		127,880
Accumulated deficit	$1,345,844		$1,340,058

Related_Party_Transactions_Det

Related Party Transactions (Details Narrative) (USD $)	3 Months Ended		1 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014
Revenue derived from a related party	$0	$3,350
Additional paid in capital during the period	112,800
President [Member]
Revenue derived from a related party		3,350
Percentage of revenue derived from related party		13.00%
Officer [Member]
Forgive amount by Company's sole officer			$112,800
Number of shares issued for forgive of deferred salary			100,000

Concentration_Details_Narrativ

Concentration (Details Narrative)	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Customer One, Related Party Affiliate [Member]
Percentage of revenue derived from related party		13.00%
Customer One [Member]
Percentage of revenue derived from related party	33.00%	81.00%
Customer Two [Member]
Percentage of revenue derived from related party	50.00%

Note_Payable_Details_Narrative

Note Payable (Details Narrative) (USD $)	1 Months Ended	3 Months Ended
	Nov. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2014
Debt Disclosure [Abstract]
Proceeds from issuance of note payable	$20,000	$20,000
Debt annual interest rate	4.00%
Note payable		$20,000