| 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. (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 Companys 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 Companys 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 and nine months ended June 30, 2015, and the financial position as of June 30,
2015, 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 These 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 managements judgment in its application. There are also areas in which
managements 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 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 June 30, 2015. Recent Accounting Pronouncements The Company does not believe there are any new accounting
pronouncements that have been issued that might have a material impact on its financial statements. |
