| 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. 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 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 allowance for doubtful accounts and valuation allowance on deferred
tax assets. 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. Wall
Street Media Co., Inc. Notes
to Financial Statements For
the Years Ended September 30, 2021 and 2020 The
Company provides consulting service 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 client 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 services. 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 Wall
Street Media Co., Inc. Notes
to Financial Statements For
the Years Ended September 30, 2021 and 2020 Recent
Accounting Pronouncements 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 was effective for us on October 1, 2019. The Company evaluated
the impact of the adoption of ASU 2016-02 and it had no material impact on its financial statements and disclosures since it does not
have any leases which meet the criteria. In
August, 2020, the FASB issued ASU 2020-06, “Debt-Debt with Conversion and other options” which simplifies the accounting
for convertible debt instruments and convertible preferred stock. The ASU is effective for public companies for fiscal years beginning
after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. This ASU is not expected to
have a material impact on the financial statements and disclosures of the Company since it does not have any debt that meets the criteria. |
