Global AI (GLAI) 10-Q 27 Apr 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Mar. 31, 2021	Apr. 27, 2021
Cover [Abstract]
Entity Registrant Name	Wall Street Media Co, Inc.
Entity Central Index Key	0001473490
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
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 Shell Company	false
Entity Common Stock, Shares Outstanding		26,922,006
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Mar. 31, 2021	Sep. 30, 2020
Current Assets
Cash	$ 5,021	$ 9,384
Accounts receivable-related party	5,000	5,000
Prepaid expenses	5,000
Total current assets	15,021	14,384
Deposit	578	578
Total Assets	15,599	14,962
Current Liabilities
Accrued interest payable - related party	5,292	5,441
Notes payable-related party	91,500	91,500
Total current liabilities	96,792	96,941
Total Liabilities	96,792	96,941
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 March 31, 2021 and September 30, 2020	26,922	26,922
Additional paid-in capital	1,298,056	1,298,056
Accumulated deficit	(1,406,171)	(1,406,957)
Total stockholders' deficit	(81,193)	(81,979)
Total Liabilities and Stockholders' Deficit	$ 15,599	$ 14,962

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Sep. 30, 2020
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		6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Contracted services-related party	$ 15,000	$ 17,000	$ 35,000	$ 45,500
Total Revenues	15,000	17,000	35,000	45,500
Operating Expenses:
Internet and hosting services		625		625
Office and administrative	2,420	2,608	4,539	4,514
Professional fees	13,289	19,414	27,824	29,819
Total Operating Expenses	15,709	22,647	32,363	34,958
Income (Loss) From Operations	(709)	(5,647)	2,637	10,542
Other Expense
Interest expense-related party	(915)	(925)	(1,851)	(1,845)
Total Other Expense	(915)	(925)	(1,851)	(1,845)
Net income (loss)	$ (1,624)	$ (6,572)	$ 786	$ 8,697
Net income (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

Condensed Statement of Changes

Condensed Statement of Changes in Stockholders' Deficit - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Sep. 30, 2019	$ 26,922	$ 1,298,056	$ (1,419,761)	$ (94,783)
Balance, shares at Sep. 30, 2019	26,922,006
Net income (loss)			15,269	15,269
Balance at Dec. 31, 2019	$ 26,922	1,298,056	(1,404,492)	(79,514)
Balance, shares at Dec. 31, 2019	26,922,006
Balance at Sep. 30, 2019	$ 26,922	1,298,056	(1,419,761)	(94,783)
Balance, shares at Sep. 30, 2019	26,922,006
Net income (loss)				8,697
Balance at Mar. 31, 2020	$ 26,922	1,298,056	(1,411,064)	(86,086)
Balance, shares at Mar. 31, 2020	26,922,006
Balance at Dec. 31, 2019	$ 26,922	1,298,056	(1,404,492)	(79,514)
Balance, shares at Dec. 31, 2019	26,922,006
Net income (loss)			(6,572)	(6,572)
Balance at Mar. 31, 2020	$ 26,922	1,298,056	(1,411,064)	(86,086)
Balance, shares at Mar. 31, 2020	26,922,006
Balance at Sep. 30, 2020	$ 26,922	1,298,056	(1,406,957)	(81,979)
Balance, shares at Sep. 30, 2020	26,922,006
Net income (loss)			2,410	2,410
Balance at Dec. 31, 2020	$ 26,922	1,298,056	(1,404,547)	(79,569)
Balance, shares at Dec. 31, 2020	26,922,006
Balance at Sep. 30, 2020	$ 26,922	1,298,056	(1,406,957)	(81,979)
Balance, shares at Sep. 30, 2020	26,922,006
Net income (loss)				786
Balance at Mar. 31, 2021	$ 26,922	1,298,056	(1,406,171)	(81,193)
Balance, shares at Mar. 31, 2021	26,922,006
Balance at Dec. 31, 2020	$ 26,922	1,298,056	(1,404,547)	(79,569)
Balance, shares at Dec. 31, 2020	26,922,006
Net income (loss)			(1,624)	(1,624)
Balance at Mar. 31, 2021	$ 26,922	$ 1,298,056	$ (1,406,171)	$ (81,193)
Balance, shares at Mar. 31, 2021	26,922,006

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from Operating Activities:
Net income	$ 786	$ 8,697
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable - related party		(7,000)
(Increase) in prepaid expenses	(5,000)
(Decrease) in accrued interest payable - related party	(149)	(8,155)
Net cash used in operating activities	(4,363)	(6,458)
Cash flows from Financing Activities:
Proceeds from notes payable		1,500
Net cash provided by financing activities		1,500
Decrease in cash during the period	(4,363)	(4,958)
Cash, beginning of the period	9,384	8,375
Cash, end of the period	5,021	3,417
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid in cash	2,000
Taxes paid in cash

Nature of Operations and Summar

Nature of Operations and Summary of Significant Accounting Policies	6 Months Ended
	Mar. 31, 2021
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. 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 in August 2013 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”) or its clients. Landmark-Pegasus is wholly owned by John Moroney, the Company’s majority stockholder. 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 six months ended March 31, 2021, and the financial position as of March 31, 2021, 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 unaudited 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, 2020 included in our Report on Form 10-K as filed with the SEC on November 12, 2020. The September 30, 2020 balance sheet is derived from those financial statements. Impact of COVID-19 In March 2020, the World Health Organization declared COVID-19 a global pandemic and recommended containment and mitigation measures worldwide. The Company is monitoring this closely, and although operations have not been materially affected by the COVID-19 outbreak to date, the ultimate duration and severity of the outbreak and its impact on the economic environment and business is uncertain. Accordingly, while the Company does not anticipate an impact to the operations, we cannot estimate the duration of the pandemic and potential impact on the business. In addition, a severe or prolonged economic downturn could result in a variety of risks to the business, including a possible delay in implementing the Company’s business plan. At this time, the Company is unable to estimate the ultimate impact of this event on its current or future operations. 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 March 31, 2021 or September 30, 2020. Revenue Recognition The Company recognized revenue using the five-step revenue recognition model as prescribed by ASC 606, “Revenue from Contracts with Customers”. The underlying principle of the 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 services currently to a single client which represents the Company’s only revenue source. The Company recognizes revenue when the performance obligation (i.e. consulting services) with the customer is 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 March 31, 2021 or 2020.

Going Concern

Going Concern	6 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	Note 2 - Going Concern As reflected in the accompanying condensed financial statements, the Company generated net income of $786 and used cash in operations of $4,363 for the six month period ended March 31, 2021 and has negative working capital and a stockholders’ deficit of $81,771 and $81,193 at March 31, 2021, respectively. The foregoing raises substantial doubt about the Company’s ability to continue as a going concern for a period of one year from the issuance date of these financial statements. 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	6 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Note 3 Related Party Transactions During the six months ended March 31, 2021 and 2020, $35,000 and $45,500, respectively, of the Company’s revenue was derived from consulting services provided to a related party. As of March 31, 2021, $5,000 of accounts receivable remain due from this related party for consulting services performed. The Company has notes payable with Landmark-Pegasus, an entity wholly owned by the Company’s majority stockholder, that accrues interest at an annual rate of 4%, and are payable on demand. The balance on the notes is $91,500 as of March 31, 2021 and September 30, 2020. As of March 31, 2021 and September 30, 2020 total interest accrued on the notes payable was $5,292 and $5,441, respectively. Balances are presented as notes payable – related party and accrued interest payable – related party, respectively, on the accompanying condensed balance sheets. During the three months ended March 31, 2021 and 2020, interest expense on the notes was $915 and $925, respectively, as presented on the accompanying condensed statement of operations as interest expense - related party. During the six months ended March 31, 2021 and 2020, interest expense on the notes was $1,851 and $1,845, respectively, as presented on the accompanying condensed statement of operations as interest expense - related party.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Mar. 31, 2021
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 March 31, 2021, 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)	6 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations Wall Street Media Co, Inc. 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 in August 2013 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”) or its clients. Landmark-Pegasus is wholly owned by John Moroney, the Company’s majority stockholder. 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 six months ended March 31, 2021, and the financial position as of March 31, 2021, 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 unaudited 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, 2020 included in our Report on Form 10-K as filed with the SEC on November 12, 2020. The September 30, 2020 balance sheet is derived from those financial statements.
Impact of COVID-19	Impact of COVID-19 In March 2020, the World Health Organization declared COVID-19 a global pandemic and recommended containment and mitigation measures worldwide. The Company is monitoring this closely, and although operations have not been materially affected by the COVID-19 outbreak to date, the ultimate duration and severity of the outbreak and its impact on the economic environment and business is uncertain. Accordingly, while the Company does not anticipate an impact to the operations, we cannot estimate the duration of the pandemic and potential impact on the business. In addition, a severe or prolonged economic downturn could result in a variety of risks to the business, including a possible delay in implementing the Company’s business plan. At this time, the Company is unable to estimate the ultimate impact of this event on its current or future operations.
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 March 31, 2021 or September 30, 2020.
Revenue Recognition	Revenue Recognition The Company recognized revenue using the five-step revenue recognition model as prescribed by ASC 606, “Revenue from Contracts with Customers”. The underlying principle of the 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 services currently to a single client which represents the Company’s only revenue source. The Company recognizes revenue when the performance obligation (i.e. consulting services) with the customer is 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 March 31, 2021 or 2020.

Nature of Operations and Summ_3

Nature of Operations and Summary of Significant Accounting Policies (Details Narrative) - USD ($)	6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2020
Accounting Policies [Abstract]
Cash equivalents
Potentially dilutive securities outstanding

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	3 Months Ended				6 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net income	$ (1,624)	$ 2,410	$ (6,572)	$ 15,269	$ 786	$ 8,697
Net cash used in operating activities					(4,363)	(6,458)
Working capital	(81,771)				(81,771)
Stockholder's deficit	$ (81,193)	$ (79,569)	$ (86,086)	$ (79,514)	$ (81,193)	$ (86,086)	$ (81,979)	$ (94,783)

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2020
Revenue derived from a related party	$ 15,000	$ 17,000	$ 35,000	$ 45,500
Accounts receivable-related party	5,000		5,000		$ 5,000
Related party notes payable	91,500		91,500		91,500
Interest accrued in notes payable	5,292		5,292		$ 5,441
Interest expense-related party	$ 915	$ 925	1,851	1,845
Landmark-Pegasus [Member]
Revenue derived from a related party			$ 35,000	$ 45,500
Accrued interest rate			4.00%

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative)	Mar. 31, 2021Claims
Commitments and Contingencies Disclosure [Abstract]
Pending or threatened lawsuits