Global AI (GLAI) 10-K 23 Dec 15 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Sep. 30, 2015	Dec. 23, 2015	Mar. 31, 2015
Document And Entity Information
Entity Registrant Name	Wall Street Media Co, Inc.
Entity Central Index Key	1,473,490
Document Type	10-K
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 341,377
Entity Common Stock, Shares Outstanding		26,922,007
Trading Symbol	WSCO
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015

Balance Sheets

Balance Sheets - USD ($)	Sep. 30, 2015	Sep. 30, 2014
Current Assets
Cash	$ 857	$ 1,332
Total current assets	857	1,332
Total Assets	857	1,332
Current Liabilities
Accounts payable and accrued expenses	2,495	$ 16,412
Notes payable - related parties	$ 63,900
Deferred compensation		$ 112,800
Total current liabilities	$ 66,395	$ 129,212
Commitments and Contingencies
Stockholders' Deficit
Preferred stock, $0.001 par value; 5,000,000 shares 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 September 30, 2015 and 2014, respectively	$ 26,922	$ 26,822
Additional paid-in capital	1,298,056	1,185,356
Accumulated deficit	(1,390,516)	(1,340,058)
Total stockholders' deficit	(65,538)	(127,880)
Total Liabilities and Stockholders' Deficit	$ 857	$ 1,332

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2015	Sep. 30, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.001	$ 0.001
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

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Revenue:
Website development services	$ 5,430	$ 57,900
Related Party revenue	40,000	13,050
Total Revenues	45,430	70,950
Operating Expenses:
Internet & hosting services	1,433	3,027
Programming & development	8,863	24,087
Advertising & marketing	25	1,450
Office & administrative	9,899	15,415
Domain names	1,389	1,643
Professional fees	36,889	24,960
Salaries	$ 36,000	96,000
Rent		214
Total Operating Expenses	$ 94,498	166,796
Loss From Operations	(49,062)	$ (95,846)
Other Expense
Interest expense	1,390
Total Other Expense	1,390
Net loss	$ (50,458)	$ (95,846)
Net loss per share - basic and diluted	$ 0	$ 0
Weighted average number of common shares - Basic and Diluted	26,900,304	26,822,007

Statement of Changes in Stockho

Statement of Changes in Stockholders' Deficit - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Sep. 30, 2013	$ 26,822	$ 1,146,856	$ (1,244,212)	$ (70,534)
Balance, shares at Sep. 30, 2013	26,822,007
Forgiveness of amounts due to stockholders		$ 38,500		38,500
Net loss			$ (95,846)	(95,846)
Balance at Sep. 30, 2014	$ 26,822	$ 1,185,356	$ (1,340,058)	(127,880)
Balance, shares at Sep. 30, 2014	26,822,007
Common stock issued in settlement of deferred salaries	$ 100	$ 112,700		$ 112,800
Common stock issued in settlement of deferred salaries, shares	100,000
Forgiveness of amounts due to stockholders
Net loss			$ (50,458)	$ (50,458)
Balance at Sep. 30, 2015	$ 26,922	$ 1,298,056	$ (1,390,516)	$ (65,538)
Balance, shares at Sep. 30, 2015	26,922,007

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from Operating Activities:
Net loss	$ (50,458)	$ (95,846)
Adjustments to reconcile net loss to net cash used in operating activities:
Deferred compensation		88,800
Changes in operating assets and liabilities:
Decrease in accrued expenses	$ (13,917)	(11,955)
Net cash used in operating activities	(64,375)	$ (19,001)
Cash flows provided by Financing Activities:
Proceeds from issuance of notes payable-related parties	$ 63,900
Proceeds from loan payable stockholders		$ 18,500
Net cash provided by financing activities	$ 63,900	18,500
Decrease in cash during the year	(475)	(501)
Cash, beginning of year	1,332	1,833
Cash, end of year	$ 857	$ 1,332
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid in cash
Income taxes paid
SCHEDULE OF SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Settlement of deferred compensation with issuance of common stock	$ 112,800
Forgiveness of amount due to stockholders		$ 38,500

Nature of Operations and Summar

Nature of Operations and Summary of Significant Accounting Policies	12 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Nature of Operations and Summary of Significant Accounting Policies	Note 1 - Nature of Operations and Summary of Significant Accounting Policies Nature of Operations Wall Street Media Co, Inc. (the “Company”) was organized as Mycatalogsonline.com, Inc. in the state of Nevada on January 26, 2009. In April 2009, the Company changed its name to My Catalogs Online, Inc. In August, 2013 the Company changed its name to Wall Street Media Co, Inc. Use of Estimates The financial statements are prepared in accordance with Accounting Principles Generally Accepted in the United States (“GAAP”). These accounting principles require the Company to make certain estimates, judgments and assumptions. The Company believes that the estimates, judgments and assumptions upon which it relies are reasonable based upon information available 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 the financial statements as well as the reported amounts of revenues and expenses during the periods presented. The 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. Significant estimates include the valuation of equity based transactions and related services, and the valuation allowance on deferred tax assets. Cash and Cash Equivalents The Company considers financial instruments with original maturities of three months or less 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. These criteria are generally met during the period when the development or consulting services are provided or completed. Advertising The Company conducts advertising for the promotion of its products and services. In accordance with ASC 720-35, advertising costs are charged to operations when incurred; such amounts aggregated $25 in 2015 and $1,450 in 2014. 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 September 30, 2015 and 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	12 Months Ended
	Sep. 30, 2015
Going Concern
Going Concern	Note 2 - Going Concern As reflected in the accompanying financial statements for the years ended September 30, 2015 and 2014, the Company reported net losses of $50,458 and $95,846, respectively, and used cash for operating activities of $64,375 and $19,001 in 2015 and 2014, respectively. In addition, the Company has a working capital deficit of $65,538 at September 30, 2015. These matters raise substantial doubt about the Company’s ability to continue as a going concern. The 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 to continue to pursue contracts to develop websites in efforts to generate additional revenue. In addition, the Company is actively seeking investor funding. The company has elected to study the possibility of a merger partnership with a private entity to further the possibilities of success and the protection of the shareholders’ interests in the company.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Note 3 Related Party Transactions $40,000, and $13,050, or 88% and 18%, of the Company’s revenue during the years ended September 30, 2015 and 2014, respectively, was derived from related parties where the customers were commonly controlled by our former officers. During the year ended September 30, 2014, the Company’s former chairman and chief executive officer settled $8,000 of accounts payable on behalf of the Company. These amounts were due on demand and non-interest bearing. During the year ended September 30, 2014, the Company repaid $1,000 and the officer agreed to forgive the remaining $7,000. During the year ended September 30, 2014, a stockholder advanced $6,500 to the Company for working capital purposes. The advance was non-interest bearing and due on demand. During the year ended September 30, 2014, the stockholder agreed to forgive this advance. During the year ended September 30, 2014, a stockholder advanced $5,000 to the Company for working capital purposes. The advance was non-interest bearing and due on demand. During the year ended September 30, 2014, the stockholder agreed to forgive this advance. 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. During the year ended September 30, 2015, a stockholder and former officer advanced $3,800 to the Company for working capital purposes. The advance is non-interest bearing, due on demand and remains outstanding as of September 30, 2015.

Stockholders' Deficit

Stockholders' Deficit	12 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Stockholders' Deficit	Note 4 - Stockholders’ Deficit The Company has 5,000,000 preferred shares authorized. None are designated, issued or outstanding. Conversion of Related Party Debt to Common Stock and Capital Contributions During the year ended September 30, 2014, certain stockholders forgave advances totaling $38,500, which was recorded as additional paid in capital. During the year ended September 30, 2015, the Company issued a stockholder and former officer 100,000 shares of common stock in settlement of deferred salary totaling $112,800, which was recorded based on the value of the services provided.

Notes Payable - Related Parties

Notes Payable - Related Parties	12 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Notes Payable - Related Parties	Note 5 - Notes Payable- related parties In November 2014, January 2015, April 2015 and August 2015 the Company received $20,000, $20,000, $10,000 and $10,000 respectively, from the issuance of notes payable that accrue interest at an annual rate of 4%, and are payable on demand. The balance of the notes totaled $60,000 as of September 30, 2015. During the year ended September 30, 2015, a stockholder and former officer advanced $3,800 to the Company for working capital purposes. The advance is non-interest bearing, due on demand and remains outstanding as of September 30, 2015.

Income Taxes

Income Taxes	12 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Note 6 - Income Taxes There was no income tax expense in fiscal 2015 and 2014 due to the Company’s net taxable losses. The reconciliation of income tax expense (benefit) for the years ended September 30, 2015 and 2014 computed at the United States federal tax rate of 34% to income tax expense (benefit) is as follows: 2015 2014 Tax benefit at the United States statutory rate $ (23,690 ) $ (32,588 ) State income tax, net of federal benefit (4,055 ) (3,518 ) Permanent differences 0 2,382 True-up 0 45,164 Change in valuation allowance (27,745 ) (11,440 ) Income tax expense (benefits) $ - $ - The tax effect of temporary differences that give rise to significant portions of the deferred tax assets is as follows: 2015 2014 Net operating loss carryforward $ 361,249 $ 305,793 Accrued salary - 27,711 Valuation allowance (361,249 ) (333,504 ) Net deferred tax assets $ - $ - Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. At September 30, 2015 the Company has net operating losses (NOL) of approximately $900,000 that will expire from 2033 to 2034. In the event that a significant change in ownership of the Company occurs as a result of the Company’s issuance of common stock, the utilization of the NOL carry forward will be subject to limitation under certain provisions of the Internal Revenue Code. The availability of net operating losses to offset future taxable income may be limited due to changes in ownership that have occurred. A valuation allowance is established if it is more likely than not that all or a portion of the deferred tax asset will not be realized. Accordingly, a valuation allowance was established at September 30, 2015 and 2014 for the full amount of our deferred tax assets due to the uncertainty of realization. Management believes that based upon its projection of future taxable operating income for the foreseeable future, it is more likely than not that the Company will not be able to realize the benefit of the deferred tax assets at September 30, 2015 and 2014. The valuation allowance as of September 30, 2015 was $361,249. The net change in the valuation allowance during the year ended September 30, 2015 was an approximate increase of $27,745.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 7 - 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 September 30, 2015 and 2014, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on our results of operations.

Concentrations

Concentrations	12 Months Ended
	Sep. 30, 2015
Risks and Uncertainties [Abstract]
Concentrations	Note 8 - Concentrations During the years ended September 30, 2015 and 2014, 88% and 18% respectively, of the Company’s revenue was from related parties.

Nature of Operations and Summ15

Nature of Operations and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations Wall Street Media Co, Inc. (the “Company”) was organized as Mycatalogsonline.com, Inc. in the state of Nevada on January 26, 2009. In April 2009, the Company changed its name to My Catalogs Online, Inc. In August, 2013 the Company changed its name to Wall Street Media Co, Inc.
Use of Estimates	Use of Estimates The financial statements are prepared in accordance with Accounting Principles Generally Accepted in the United States (“GAAP”). These accounting principles require the Company to make certain estimates, judgments and assumptions. The Company believes that the estimates, judgments and assumptions upon which it relies are reasonable based upon information available 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 the financial statements as well as the reported amounts of revenues and expenses during the periods presented. The 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. Significant estimates include the valuation of equity based transactions and related services, and the valuation allowance on deferred tax assets.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers financial instruments with original maturities of three months or less 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. These criteria are generally met during the period when the development or consulting services are provided or completed.
Advertising	Advertising The Company conducts advertising for the promotion of its products and services. In accordance with ASC 720-35, advertising costs are charged to operations when incurred; such amounts aggregated $25 in 2015 and $1,450 in 2014.
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
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 September 30, 2015 and 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.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Schedule of Reconciliation of Income Tax Expense	The reconciliation of income tax expense (benefit) for the years ended September 30, 2015 and 2014 computed at the United States federal tax rate of 34% to income tax expense (benefit) is as follows: 2015 2014 Tax benefit at the United States statutory rate $ (23,690 ) $ (32,588 ) State income tax, net of federal benefit (4,055 ) (3,518 ) Permanent differences 0 2,382 True-up 0 45,164 Change in valuation allowance (27,745 ) (11,440 ) Income tax expense (benefits) $ - $ -
Schedule of Deferred Tax Assets	The tax effect of temporary differences that give rise to significant portions of the deferred tax assets is as follows: 2015 2014 Net operating loss carryforward $ 361,249 $ 305,793 Accrued salary - 27,711 Valuation allowance (361,249 ) (333,504 ) Net deferred tax assets $ - $ -

Nature of Operations and Summ17

Nature of Operations and Summary of Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Accounting Policies [Abstract]
Advertising cost	$ 25	$ 1,450
Tax benefit settlement, percent	50.00%

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Going Concern
Net Loss	$ 50,458	$ 95,846
Net cash used in operations	64,375	$ 19,001
Working capital deficit	$ 65,538

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	1 Months Ended	12 Months Ended
	Dec. 31, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue derived from a related party		$ 40,000	$ 13,050
Percentage of revenue derived from related party		88.00%	18.00%
Forgiveness of accounts payable			$ 38,500
Stockholder Advanced One [Member]
Proceeds from stockholder advance			6,500
Stockholder Advanced Two [Member]
Proceeds from stockholder advance			5,000
Chairman And Chief Executive Officer [Member]
Accounts payable			8,000
Settlement of accounts payable			1,000
Forgiveness of accounts payable			7,000
Former Officers [Member]
Revenue derived from a related party		$ 40,000	$ 13,050
Percentage of revenue derived from related party		88.00%	18.00%
Officer [Member]
Number of common stock value issued to forgive of deferred salary	$ 112,800
Number of common stock shares issued to forgive of deferred salary	100,000
Stockholder and Former Officer [Member]
Proceeds from stockholder advance		$ 3,800

Stockholders' Deficit (Details

Stockholders' Deficit (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Preferred stock, share authorized	5,000,000	5,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Forgiveness of amounts due to stockholders		$ 38,500
Stockholder and Former Officer [Member]
Common stock issued in settlement of deferred salaries	$ 112,800
Common stock issued in settlement of deferred salaries, shares	100,000

Notes Payable - Related Parti21

Notes Payable - Related Parties (Details Narrative) - USD ($)	1 Months Ended				12 Months Ended
	Aug. 31, 2015	Apr. 30, 2015	Jan. 31, 2015	Nov. 30, 2014	Sep. 30, 2015
Proceeds from issuance of note payable	$ 10,000	$ 10,000	$ 20,000	$ 20,000
Debt annual interest rate	4.00%	4.00%	4.00%	4.00%
Note payable related parties					$ 60,000
Stockholder and Former Officer [Member]
Proceeds from stockholder advance					$ 3,800

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Provision for income taxes using the statutory federal income tax rate	34.00%
Net operating loss	$ 900,000
Expiration of NOL	2033 to 2034
Valuation allowance	$ 361,249
Net change in valuation allowance	$ 27,745	$ 11,440

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of Income Tax Expense (Details) - USD ($)	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Tax benefit at the United States statutory rate	$ (23,690)	$ (32,588)
State income tax, net of federal benefit	(4,055)	(3,518)
Permanent differences	0	2,382
True-up	0	45,164
Change in valuation allowance	$ (27,745)	$ (11,440)
Income tax expense (benefits)

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($)	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Net operating loss carry forward	$ 361,249	$ 305,793
Accrued salary		27,711
Valuation allowance	$ (361,249)	$ (333,504)
Net deferred tax assets

Commitment and Contingencies (D

Commitment and Contingencies (Details Narrative) - Claims	Sep. 30, 2015	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
Pending or threatened lawsuits	0	0

Concentrations (Details Narrati

Concentrations (Details Narrative)	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Risks and Uncertainties [Abstract]
Percentage of revenue derived from related party	88.00%	18.00%