| Nature of Operations and Summary of Significant Accounting Policies | Note
1 - Nature of Operations and Summary of Significant Accounting Policies Nature
of Operations Global
AI 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. In August 2013, the Company
changed its name to Wall Street Media Co, Inc. and in October 2023 the Company changed its name to Global AI, Inc. The
Company expects to acquire, integrate and develop artificial intelligence (“AI”)-based technology companies and assets (the
“Acquisitions”). The Company intends to focus its Acquisitions on machine and deep learning, generative AI, computer vision,
natural language processing, and other AI technologies. The Company focuses on Acquisitions that are scalable and have revenue models
that provide for tangible growth. Once acquired, the Company plans to integrate and further develop the companies and assets acquired
in the Acquisitions to increase their existing customer base and further develop their existing products and services. The Company also
plans to “cross-pollinate” knowledge and strategies derived from each of its Acquisitions with other Acquisitions for the
benefit of the Company’s network as a whole. In addition, the Company plans to centralize back office administrative functions
and take advantage of cost and revenue synergies across the Acquisitions’ platforms. On
September 12, 2023, Ingenious Investment AG purchased, from their own funds, from existing shareholders of the Company, in a series of
private transactions, a total of 24,944,466 0.001 92.7 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. Revenue
Recognition The
Company recognizes revenue using the five-step revenue recognition model as prescribed by ASC 606, “Revenue from Contracts with
Customers”. The underlying principle of ASC 606 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. Global
AI Inc. Notes
to Financial Statements For
the Years Ended September 30, 2023 and 2022 The
Company previously provided consulting services to an entity wholly owned by the Company’s previous majority stockholder and the
related entity’s clients which represented the Company’s only revenue source. The Company recognized revenue when the was
(i.e. consulting services) with the customer was satisfied and when the service was provided. Revenue was measured as the amount of consideration
the Company expected to receive in exchange for providing the service. 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. In
accordance with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during
which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination,
including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions.
Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more
than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated
with tax positions taken that exceeds the amount measured as described above should be reflected as a liability for unrecognized tax
benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities
upon examination. The Company believes its tax positions are all highly certain of being upheld upon examination. As such, the Company
has not recorded a liability for unrecognized tax benefits. As of September 30, 2023, tax years 2022, 2021 and 2020 remain open for Internal
Revenue Service audit. The Company has received no notice of audit from the Internal Revenue Service for any of the open tax years. 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 Global
AI, Inc. Notes
to Financial Statements For
the Years Ended September 30, 2023 and 2022 Recent
Accounting Pronouncements 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 with conversion options
that meets the criteria. |
