Global AI (GLAI) 10-Q 29 Jul 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2019	Jul. 29, 2019
Document And Entity Information
Entity Registrant Name	Wall Street Media Co, Inc.
Entity Central Index Key	0001473490
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		26,922,006
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2019

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Jun. 30, 2019	Sep. 30, 2018
Current Assets
Cash	$ 11,799	$ 4,812
Accounts receivable		2,500
Total current assets	11,799	7,312
Deposit	578	578
Total Assets	12,377	7,890
Current Liabilities
Accounts payable and accrued expenses		3,331
Accrued interest payable	12,802	9,366
Notes payable-related party	113,290	113,290
Total current liabilities	126,092	125,987
Total Liabilities	126,092	125,987
Commitments and Contingencies (Note 4)
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; 26,922,006 issued and outstanding at June 30, 2019 and September 30, 2018	26,922	26,922
Additional paid-in capital	1,298,056	1,298,056
Accumulated deficit	(1,438,693)	(1,443,075)
Total stockholders' deficit	(113,715)	(118,097)
Total Liabilities and Stockholders' Deficit	$ 12,377	$ 7,890

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2019	Sep. 30, 2018
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	26,922,006	26,922,006
Common stock, shares outstanding	26,922,006	26,922,006

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Total Revenues	$ 20,000	$ 19,500	$ 52,000	$ 43,000
Operating Expenses:
Internet and hosting services			620	550
Office and administrative	848	1,553	4,405	5,410
Professional fees	8,211	10,675	39,157	53,980
Total Operating Expenses	9,059	12,228	44,182	59,940
Income (Loss) From Operations	10,941	7,272	7,818	(16,940)
Other Income (Expense)
Interest expense	(1,145)	(1,145)	(3,436)	(3,363)
Total Other Income (Expense), net	(1,145)	(1,145)	(3,436)	(3,363)
Net income (loss)	$ 9,796	$ 6,127	$ 4,382	$ (20,303)
Earnings (loss) per share - basic and diluted	$ 0	$ 0	$ 0	$ 0
Weighted average number of common shares - Basic and Diluted	26,922,006	26,922,006	26,922,006	26,922,006
Contracted Services - Related Party [Member]
Revenues:
Total Revenues		$ 1,500	$ 2,000	$ 25,000
Contracted Services [Member]
Revenues:
Total Revenues	$ 20,000	$ 18,000	$ 50,000	$ 18,000

Condensed Statement of Changes

Condensed Statement of Changes in Stockholders' Deficit (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock [Membr]	Additional Paid-In Capital [Membr]	Accumulated Deficit [Membr]	Total
Balance at Sep. 30, 2017		$ 26,922	$ 1,298,056	$ (1,423,801)	$ (98,823)
Balance, shares at Sep. 30, 2017		26,922,006
Net income (loss)				(28,366)	(28,366)
Balance at Dec. 31, 2017		$ 26,922	1,298,056	(1,452,167)	(127,189)
Balance, shares at Dec. 31, 2017		26,922,006
Balance at Sep. 30, 2017		$ 26,922	1,298,056	(1,423,801)	(98,823)
Balance, shares at Sep. 30, 2017		26,922,006
Net income (loss)					(20,303)
Balance at Jun. 30, 2018		$ 26,922	1,298,056	(1,444,104)	(119,126)
Balance, shares at Jun. 30, 2018		26,922,006
Balance at Dec. 31, 2017		$ 26,922	1,298,056	(1,452,167)	(127,189)
Balance, shares at Dec. 31, 2017		26,922,006
Net income (loss)				1,970	1,970
Balance at Mar. 31, 2018		$ 26,922	1,298,056	(1,450,197)	(125,219)
Balance, shares at Mar. 31, 2018		26,922,006
Net income (loss)				6,093	6,127
Balance at Jun. 30, 2018		$ 26,922	1,298,056	(1,444,104)	(119,126)
Balance, shares at Jun. 30, 2018		26,922,006
Balance at Sep. 30, 2018		$ 26,922	1,298,056	(1,443,075)	(118,097)
Balance, shares at Sep. 30, 2018		26,922,006
Net income (loss)				5,843	5,843
Balance at Dec. 31, 2018		$ 26,922	1,298,056	(1,437,232)	(112,254)
Balance, shares at Dec. 31, 2018		26,922,006
Balance at Sep. 30, 2018		$ 26,922	1,298,056	(1,443,075)	(118,097)
Balance, shares at Sep. 30, 2018		26,922,006
Net income (loss)					4,382
Balance at Jun. 30, 2019		$ 26,922	1,298,056	(1,438,693)	(113,715)
Balance, shares at Jun. 30, 2019		26,922,006
Balance at Dec. 31, 2018		$ 26,922	1,298,056	(1,437,232)	(112,254)
Balance, shares at Dec. 31, 2018		26,922,006
Net income (loss)				(11,257)	(11,257)
Balance at Mar. 31, 2019		$ 26,922	1,298,056	(1,448,489)	(123,511)
Balance, shares at Mar. 31, 2019		26,922,006
Net income (loss)				9,796	9,796
Balance at Jun. 30, 2019		$ 26,922	$ 1,298,056	$ (1,438,693)	$ (113,715)
Balance, shares at Jun. 30, 2019		26,922,006

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from Operating Activities:
Net income (loss)	$ 4,382	$ (20,303)
Changes in operating assets and liabilities:
Decrease in accounts receivable	2,500	10,000
Increase in accrued interest payable	3,436	3,363
Increase (decrease) in accounts payable and accrued expenses	(3,331)	4,020
Net cash provided by (used in) operating activities	6,987	(2,920)
Cash flows from Financing Activities:
Proceeds from notes payable		8,000
Net cash provided by financing activities		8,000
Increase in cash during the period	6,987	5,080
Cash, beginning of the period	4,812	4,560
Cash, end of the period	11,799	9,640
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid in cash
Taxes paid in cash

Nature of Operations and Summar

Nature of Operations and Summary of Significant Accounting Policies	9 Months Ended
	Jun. 30, 2019
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” or “Wall Street Media”) 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. The Company provides consulting and management services to entities looking to merge with or acquire or otherwise consult with third party entities. These services are currently provided to Landmark-Pegasus, Inc., a related party (“Landmark-Pegasus”). Landmark-Pegasus is owned by John Moroney, the Company’s majority shareholder. Mr. Moroney also acts as Landmark-Pegasus’ President. Basis of Presentation The interim unaudited condensed 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 results of operations and cash flows for the three and nine months ended June 30, 2019, and the financial position as of June 30, 2019, 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 financial statements have been condensed or omitted from these interim condensed financial statements. Accordingly, these interim condensed financial statements should be read in conjunction with the Audited Financial Statements and Notes thereto as of and for the year ended September 30, 2018 included in our Annual Report on Form 10-K as filed with the SEC on December 28, 2018. The September 30, 2018 balance sheet is derived from those financial statements. 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 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. The Company had no cash equivalents at June 30, 2019 or September 30, 2018. Revenue Recognition As of October 1, 2018, the Company adopted Revenue from Contracts with Customers (Topic 606) (“ASC 606”). The new guidance sets forth a new five-step revenue recognition model which replaces the prior revenue recognition guidance in its entirety and is intended to eliminate numerous industry-specific pieces of revenue recognition guidance that have historically existed in U.S. GAAP. The underlying principle of the new standard is that a business or other organization will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects what it expects to receive in exchange for the goods or services. The Company adopted the standard using the modified retrospective method and the adoption did not have a material impact on its financial statements. The Company provides consulting service currently to a single client and represents the Company’s only revenue source. The Company recognizes revenue when the performance obligation (i.e. consulting services) with the customers are satisfied and when the service is provided. Revenue is measured as the amount of consideration the Company expects to receive in exchange for providing the service. Basic and Diluted Net Income per Common Share Basic net income per share is computed by dividing the net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed by dividing the net income 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 at June 30, 2019 or 2018. Recent Accounting Pronouncement In February 2016, the FASB issued ASU 2016-02, “Leases” which, for operating leases, requires a lessee to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in its balance sheet. The standard also requires a lessee to recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term, on a generally straight-line basis. The ASU is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. This ASU is effective for us on October 1, 2019. The Company has evaluated the impact of the adoption of ASU 2016-02 and does not currently believe that it will have a material impact on its financial statements and disclosures since it does not have any lease which meets the criteria.

Going Concern

Going Concern	9 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	Note 2 - Going Concern As reflected in the accompanying condensed financial statements, the Company sustained a net income of approximately $4,400 for the nine month period ended June 30, 2019 and has working capital and stockholder deficits of approximately $114,300 and $113,800, respectively, at June 30, 2019. In addition, 4% of the Company’s revenue is generated from a related party. The foregoing raises substantial doubt about the Company’s ability to continue as a going concern for a period of twelve months from the issuance date of this report. 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. In addition, the Company is actively seeking investor funding.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Note 3 Related Party Transactions During the nine months ended June 30, 2019 and 2018, $2,000, or 4%, and $25,000 or 58%, respectively, of the Company’s revenue was derived from a related party. The Company has notes payable to Landmark-Pegasus that accrue interest at an annual rate of 4%, and are payable on demand. The balance on the notes is $113,290 as of September 30, 2018 and June 30, 2019.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 4 – Commitments and Contingencies From time to time, the Company may be involved in asserted claims arising out of our operations in the normal course of business. As of June 30, 2019, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the Company’s results of operations.

Nature of Operations and Summ_2

Nature of Operations and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations Wall Street Media Co, Inc. (the “Company” or “Wall Street Media”) 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. The Company provides consulting and management services to entities looking to merge with or acquire or otherwise consult with third party entities. These services are currently provided to Landmark-Pegasus, Inc., a related party (“Landmark-Pegasus”). Landmark-Pegasus is owned by John Moroney, the Company’s majority shareholder. Mr. Moroney also acts as Landmark-Pegasus’ President.
Basis of Presentation	Basis of Presentation The interim unaudited condensed 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 results of operations and cash flows for the three and nine months ended June 30, 2019, and the financial position as of June 30, 2019, 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 financial statements have been condensed or omitted from these interim condensed financial statements. Accordingly, these interim condensed financial statements should be read in conjunction with the Audited Financial Statements and Notes thereto as of and for the year ended September 30, 2018 included in our Annual Report on Form 10-K as filed with the SEC on December 28, 2018. The September 30, 2018 balance sheet is derived from those financial statements.
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 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. The Company had no cash equivalents at June 30, 2019 or September 30, 2018.
Revenue Recognition	Revenue Recognition As of October 1, 2018, the Company adopted Revenue from Contracts with Customers (Topic 606) (“ASC 606”). The new guidance sets forth a new five-step revenue recognition model which replaces the prior revenue recognition guidance in its entirety and is intended to eliminate numerous industry-specific pieces of revenue recognition guidance that have historically existed in U.S. GAAP. The underlying principle of the new standard is that a business or other organization will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects what it expects to receive in exchange for the goods or services. The Company adopted the standard using the modified retrospective method and the adoption did not have a material impact on its financial statements. The Company provides consulting service currently to a single client and represents the Company’s only revenue source. The Company recognizes revenue when the performance obligation (i.e. consulting services) with the customers are satisfied and when the service is provided. Revenue is measured as the amount of consideration the Company expects to receive in exchange for providing the service.
Basic and Diluted Net Income Per Common Share	Basic and Diluted Net Income per Common Share Basic net income per share is computed by dividing the net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed by dividing the net income 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 at June 30, 2019 or 2018.
Recent Accounting Pronouncements	Recent Accounting Pronouncement In February 2016, the FASB issued ASU 2016-02, “Leases” which, for operating leases, requires a lessee to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in its balance sheet. The standard also requires a lessee to recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term, on a generally straight-line basis. The ASU is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. This ASU is effective for us on October 1, 2019. The Company has evaluated the impact of the adoption of ASU 2016-02 and does not currently believe that it will have a material impact on its financial statements and disclosures since it does not have any lease which meets the criteria.

Nature of Operations and Summ_3

Nature of Operations and Summary of Significant Accounting Policies (Details Narrative) - USD ($)	9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018
Accounting Policies [Abstract]
Cash Equivalents
Potentially dilutive securities outstanding

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	3 Months Ended						9 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net income (loss)	$ 9,796	$ (11,257)	$ 5,843	$ 6,127	$ 1,970	$ (28,366)	$ 4,382	$ (20,303)
Working capital	114,300						114,300
Stockholder deficits	$ (113,715)	$ (123,511)	$ (112,254)	$ (119,126)	$ (125,219)	$ (127,189)	$ (113,715)	$ (119,126)	$ (118,097)	$ (98,823)
Revenue from related party, percentage							4.00%	58.00%

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018
Revenue derived from a related party	$ 2,000	$ 25,000
Revenue from related party, percentage	4.00%	58.00%
Related party notes payable	$ 113,290		$ 113,290
Landmark-Pegasus [Member]
Accrued interest rate	4.00%

Commitment and Contingencies (D

Commitment and Contingencies (Details Narrative)	Jun. 30, 2019Claims
Commitments and Contingencies Disclosure [Abstract]
Pending or threatened lawsuits