Global AI (GLAI) 10-Q 8 Aug 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Jun. 30, 2023	Aug. 08, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--09-30
Entity File Number	333-163439
Entity Registrant Name	WALL STREET MEDIA CO, INC.
Entity Central Index Key	0001473490
Entity Tax Identification Number	26-4170100
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	110 Front Street
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Jupiter
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33477
City Area Code	(561)
Local Phone Number	240-0333
Title of 12(b) Security	Common Stock par value $0.001
Trading Symbol	WSCO
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		26,922,006

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Jun. 30, 2023	Sep. 30, 2022
Current Assets
Cash	$ 924	$ 5,812
Accounts receivable-related party	7,450	5,000
Prepaid expenses	2,425	5,080
Total current assets	10,799	15,892
Deposits	578	578
Total Assets	11,377	16,470
Current Liabilities
Accrued interest payable – related party	14,188	8,510
Notes payable-related party	94,120	94,120
Total current liabilities	108,308	102,630
Total Liabilities	108,308	102,630
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, 2023 and September 30, 2022	26,922	26,922
Additional paid-in capital	1,298,056	1,298,056
Accumulated deficit	(1,421,909)	(1,411,138)
Total stockholders’ deficit	(96,931)	(86,160)
Total Liabilities and Stockholders’ Deficit	$ 11,377	$ 16,470

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Sep. 30, 2022
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	0	0
Preferred stock, shares outstanding	0	0
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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Contracted services-related party	$ 14,500	$ 15,000	$ 46,500	$ 45,000
Total Revenues	14,500	15,000	46,500	45,000
Operating Expenses:
Bad debt recovery - related party				(10,000)
General and administrative	4,994	4,797	16,665	15,691
Professional fees	11,680	10,476	34,928	34,265
Total Operating Expenses	16,674	15,273	51,593	39,956
Income (Loss) From Operations	(2,174)	(273)	(5,093)	5,044
Other Expense
Interest expense – related party	(3,775)	(925)	(5,678)	(2,776)
Total Other Expense	(3,775)	(925)	(5,678)	(2,776)
Net income (loss)	$ (5,949)	$ (1,198)	$ (10,771)	$ 2,268
Net income (loss) per share - basic	$ 0	$ 0	$ 0	$ 0
Net income (loss) per share - diluted	$ 0	$ 0	$ 0	$ 0
Weighted average number of common shares - Basic	26,922,006	26,922,006	26,922,006	26,922,006
Weighted average number of common shares - Diluted	26,922,006	26,922,006	26,922,006	26,922,006

Condensed Statement of Changes

Condensed Statement of Changes in Stockholders' Deficit (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Sep. 30, 2021	$ 26,922	$ 1	$ (1,411,896)	$ (86,918)
Beginning balance, shares at Sep. 30, 2021	26,922,006
Net income (loss)			6,469	6,469
Ending balance, value at Dec. 31, 2021	$ 26,922	1,298,056	(1,405,427)	(80,449)
Ending balance, shares at Dec. 31, 2021	26,922,006
Beginning balance, value at Sep. 30, 2021	$ 26,922	1	(1,411,896)	(86,918)
Beginning balance, shares at Sep. 30, 2021	26,922,006
Net income (loss)				2,268
Ending balance, value at Jun. 30, 2022	$ 26,922	1,298,056	(1,409,628)	(84,650)
Ending balance, shares at Jun. 30, 2022	26,922,006
Beginning balance, value at Dec. 31, 2021	$ 26,922	1,298,056	(1,405,427)	(80,449)
Beginning balance, shares at Dec. 31, 2021	26,922,006
Net income (loss)			(3,003)	(3,003)
Ending balance, value at Mar. 31, 2022	$ 26,922	1,298,056	(1,408,430)	(83,452)
Ending balance, shares at Mar. 31, 2022	26,922,006
Net income (loss)			(1,198)	(1,198)
Ending balance, value at Jun. 30, 2022	$ 26,922	1,298,056	(1,409,628)	(84,650)
Ending balance, shares at Jun. 30, 2022	26,922,006
Beginning balance, value at Sep. 30, 2022	$ 26,922	1	(1,411,138)	(86,160)
Beginning balance, shares at Sep. 30, 2022	26,922,006
Net income (loss)			(2,810)	(2,810)
Ending balance, value at Dec. 31, 2022	26,922	1,298,056	(1,413,948)	(88,970)
Beginning balance, value at Sep. 30, 2022	$ 26,922	1	(1,411,138)	(86,160)
Beginning balance, shares at Sep. 30, 2022	26,922,006
Net income (loss)				(10,771)
Ending balance, value at Jun. 30, 2023	$ 26,922	1,298,056	(1,421,909)	(96,931)
Ending balance, shares at Jun. 30, 2023	26,922,006
Beginning balance, value at Dec. 31, 2022	$ 26,922	1,298,056	(1,413,948)	(88,970)
Net income (loss)			(2,012)	(2,012)
Ending balance, value at Mar. 31, 2023	$ 26,922	1,298,056	(1,415,960)	(90,982)
Ending balance, shares at Mar. 31, 2023	26,922,006
Net income (loss)			(5,949)	(5,949)
Ending balance, value at Jun. 30, 2023	$ 26,922	$ 1,298,056	$ (1,421,909)	$ (96,931)
Ending balance, shares at Jun. 30, 2023	26,922,006

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from Operating Activities:
Net income (loss)	$ (10,771)	$ 2,268
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable – related party	(2,450)	5,000
(Increase) decrease in prepaid expenses	2,655	(3,890)
Increase in accrued interest payable - related party	5,678	396
Net cash provided by (used in) operating activities	(4,888)	3,774
Cash flows from Financing Activities:
Proceeds from notes payable – related party		2,620
Net cash (used in) provided by financing activities		2,620
Increase (decrease) in cash during the period	(4,888)	6,394
Cash, beginning of the period	5,812	1,156
Cash, end of the period	924	7,550
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid in cash	0	2,380
Taxes paid in cash

Nature of Operations and Summar

Nature of Operations and Summary of Significant Accounting Policies	9 Months Ended
	Jun. 30, 2023
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 in the state of Nevada on January 6, 2009. Since its inception, the Company had various names until August 2013 when the name was changed to Wall Street Media Co., Inc from Bright Mountain Holdings, 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 related parties Landmark-Pegasus, Inc.(“Landmark-Pegasus”), Skybunker, or clients of Landmark-Pegasus and Skybunker. Landmark-Pegasus and Skybunker are wholly owned by John Moroney, the Company’s majority stockholder. 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 current or future operations. 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, 2023, and the financial position as of June 30, 2023, 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, 2022 included in our Report on Form 10-K as filed with the SEC on December 16, 2022. The September 30, 2022 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 and collectability of accounts receivable with related party. Wall Street Media Co, Inc. Notes to Condensed Unaudited Financial Statements June 30, 2023 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 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 provides consulting services currently to entities wholly owned by the Company’s majority stockholder or clients of the related entities which represents the Company’s only revenue source. The Company recognizes revenue when the performance obligation (i.e. consulting services) has been provided and the customer is satisfied. Revenue is measured as the amount of consideration the Company expects to receive in exchange for providing the service. Basic and Diluted Net Income (Loss) per Common Share Basic net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed by dividing the net income (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 Condensed Unaudited Financial Statements June 30, 2023

Going Concern

Going Concern	9 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	Note 2 - Going Concern As reflected in the accompanying condensed financial statements, for the nine month period ended June 30, 2023 the Company generated a net loss of $ 10,771 3,793 97,509

Related Party Transactions

Related Party Transactions	9 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Note 3 Related Party Transactions During the nine months ended June 30, 2023 and 2022, $ 46,500 45,000 7,450 5,000 During the nine months ended June 30, 2022, the Company recovered a $ 10,000 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 94,120 14,188 8,510 3,775 925 5,678 2,776

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Jun. 30, 2023
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 the Company’s operations in the normal course of business. At June 30, 2023, 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, 2023
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations Wall Street Media Co, Inc. (the “Company”) was organized in the state of Nevada on January 6, 2009. Since its inception, the Company had various names until August 2013 when the name was changed to Wall Street Media Co., Inc from Bright Mountain Holdings, 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 related parties Landmark-Pegasus, Inc.(“Landmark-Pegasus”), Skybunker, or clients of Landmark-Pegasus and Skybunker. Landmark-Pegasus and Skybunker are wholly owned by John Moroney, the Company’s majority stockholder. Mr. Moroney also acts as Landmark-Pegasus’ President.
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.
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, 2023, and the financial position as of June 30, 2023, 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, 2022 included in our Report on Form 10-K as filed with the SEC on December 16, 2022. The September 30, 2022 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 and collectability of accounts receivable with related party. Wall Street Media Co, Inc. Notes to Condensed Unaudited Financial Statements June 30, 2023
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
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 provides consulting services currently to entities wholly owned by the Company’s majority stockholder or clients of the related entities which represents the Company’s only revenue source. The Company recognizes revenue when the performance obligation (i.e. consulting services) has been provided and the customer is satisfied. Revenue is measured as the amount of consideration the Company expects to receive in exchange for providing the service.
Basic and Diluted Net Income (Loss) per Common Share	Basic and Diluted Net Income (Loss) per Common Share Basic net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed by dividing the net income (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

Nature of Operations and Summ_3

Nature of Operations and Summary of Significant Accounting Policies (Details Narrative) - USD ($)	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022
Accounting Policies [Abstract]
Cash equivalents	$ 0		$ 0
Potentially dilutive securities outstanding	0	0

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	3 Months Ended						9 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2023	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ 5,949	$ 2,012	$ 2,810	$ 1,198	$ 3,003	$ (6,469)	$ 10,771	$ (2,268)
Cash used in operations							3,793
Working capital	$ 97,509						$ 97,509

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022
Related Party Transaction [Line Items]
Revenue derived from a related party			$ 46,500	$ 45,000
Accounts receivable from related parties	$ 7,450		7,450		$ 5,000
Bad debt recovered during the period				10,000
Related party notes payable	94,120		94,120		94,120
Interest accrued in notes payable	14,188		14,188		$ 8,510
Interest expense-related party	$ 3,775	$ 925	$ 5,678	$ 2,776
Landmark-Pegasus [Member]
Related Party Transaction [Line Items]
Accrued interest rate	4%		4%