| 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. The Company went through several name changes until August 2013 when it 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 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. Wall
Street Media Co., Inc. Notes
to Financial Statements For
the Years Ended September 30, 2022 and 2021 The
Company provides consulting services currently to an entity wholly owned by the Company’s majority stockholder or the related entity’s
clients 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. 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, 2022, tax years 2021, 2020, and 2019 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 Wall
Street Media Co., Inc. Notes
to Financial Statements For
the Years Ended September 30, 2022 and 2021 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. |
