Item
1. Financial Statements
WALL
STREET MEDIA CO, INC.
Condensed
Balance Sheets
The
accompanying notes are an integral part of these unaudited condensed financial statements.
WALL
STREET MEDIA CO, INC.
Condensed
Statements of Operations
(Unaudited)
The
accompanying notes are an integral part of these unaudited condensed financial statements
WALL
STREET MEDIA CO., INC.
Condensed
Statement of Changes in Stockholders’ Deficit
For
the three months ended December 31, 2021
(Unaudited)
WALL
STREET MEDIA CO., INC.
Condensed
Statement of Changes in Stockholders’ Deficit
For
the three months ended December 31, 2022
(Unaudited)
| |
| | |
| | |
Additional | | |
| | |
Total | |
| |
Common Stock | | |
Paid-in | | |
Accumulated | | |
Stockholders’ | |
| |
Shares Issued | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| |
| | |
| | |
| | |
| | |
| |
Balance at September 30, 2022 | |
| 26,922,006 | | |
$ | 26,922 | | |
| $1,298,056 | | |
$ | (1,411,138 | ) | |
$ | (86,160 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (2,810 | ) | |
| (2,810 | ) |
Net income (loss) | |
| - | | |
| - | | |
| - | | |
| (2,810 | ) | |
| (2,810 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at December 31, 2022 | |
| 26,922,006 | | |
$ | 26,922 | | |
$ | 1,298,056 | | |
$ | (1,413,948 | ) | |
$ | (88,970 | ) |
The
accompanying notes are an integral part of these unaudited condensed financial statements.
WALL
STREET MEDIA CO, INC.
Condensed
Statements of Cash Flows
(Unaudited)
The
accompanying notes are an integral part of these unaudited condensed financial statements.
Wall
Street Media Co, Inc.
Notes
to Condensed Unaudited Financial Statements
December
31, 2022
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 its clients. Landmark-Pegasus and Skybunker are wholly owned by John Moroney, the Company’s majority shareholder. 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 months ended December 31, 2022, and the financial position as of December 31, 2022, 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 19, 2022. The September 30, 2022 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.
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 December 31, 2022 or September 30, 2022.
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 the standard is that a business or organization will recognize revenue as 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 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 (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 (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 issuable during the period. Potentially dilutive
securities consist of the incremental common shares issuable upon exercise of common stock equivalents such as stock options or 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 December 31, 2022 or 2021.
Recent
Accounting Pronouncements
Management
does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect
on the Company’s consolidated financial statements.
Note
2 - Going Concern
As
reflected in the accompanying financial statements, the Company sustained a net loss of $2,810 for the three month period ended December
31, 2022 and has a working capital and stockholders’ deficit of $89,548 and $88,970, respectively, at December 31, 2022. The foregoing
raises substantial doubt about the Company’s ability to continue as a going concern for a period of twelve months from the issuance
date of this report. 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.
The Company is actively seeking investor funding.
Note
3 – Related Party Transactions
During
the three months ended December 31, 2022 and 2021, $15,000 and $15,000, respectively, of the Company’s revenue was derived from
consulting services provided to Landmark-Pegasus and Skybunker, entities wholly owned by the Company’s majority stockholder or
clients of these entities.
During
the three months ended December 31, 2021, the Company recovered a $10,000 bad debt that was written off during the year ended September
30, 2021 related to services provided to a related party in 2021.
The
Company has notes payable with Landmark-Pegasus, an entity wholly owned by the Company’s majority stockholder, that accrue interest
at an annual rate of 4%, and are payable on demand. The balance on the notes is $94,120 as of December 31, 2022 and September 30, 2022.
As of December 31, 2022 and September 30, 2022 total interest accrued on the notes payable was $9,472 and $8,510, respectively. Balances
are presented as notes payable – related party and accrued interest payable – related party, respectively, on the accompanying
balance sheets. During the three months ended December 31, 2022 and 2021, interest expense on the notes was $962 and $935, respectively,
as presented on the accompanying statement of operations as interest expense – related party.
Note
4 – Commitments and Contingencies
From
time to time, the Company may be involved in asserted claims arising out of operations in the normal course of business. As of December
31, 2022, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the Company’s
results of operations.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
FORWARD-LOOKING
STATEMENTS
There
are statements in this quarterly report on Form 10-Q that are not historical facts. These “forward-looking statements” can
be identified by use of terminology such as “believe”, “hope”, “may”, “anticipate”, “should”,
“intend”, “plan”, “will”, “expect”, “estimate”, “project”, “positioned”,
“strategy”, and similar expressions. Although management believes that the assumptions underlying the forward-looking statements
included in this quarterly Report are reasonable, they do not guarantee our future performance, and are subject to certain risks, uncertainties
and assumptions that are difficult to predict; therefore, actual results and outcomes may differ materially from what is expressed or
forecasted in any such forward-looking statements.
OVERVIEW
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
its clients. Landmark-Pegasus is wholly 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 current or future operations.
CRITICAL
ACCOUNTING POLICIES
In
response to the Securities and Exchange Commission’s (the “SEC”) financial reporting release, FR-60, Cautionary Advice
Regarding Disclosure About Critical Accounting Policies, the Company has selected its more subjective accounting estimation processes
for purposes of explaining the methodology used in calculating the estimate, in addition to the inherent uncertainties pertaining to
the estimate and the possible effects on the Company’s financial condition. These accounting estimates are discussed below. These
estimates involve certain assumptions that if incorrect could create a material adverse impact on the Company’s results of operations
and financial condition.
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 new standard is that a business or other organization will recognize revenue as 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 entities 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 (when the service is provided). Revenue is measured as the amount of consideration
the Company expects to receive in exchange for providing the service.
RESULTS
OF OPERATIONS
FOR
THE THREE MONTHS ENDED DECEMBER 31, 2022 COMPARED TO THE THREE MONTHS ENDED DECEMBER 31, 2021
Revenue:
The Company’s revenues were $15,000 during the three months ended December 31, 2022 as compared to $15,000 for the three months
ended December 31, 2021 due to no change in consulting services provided. All revenue generated during the three month periods ended
December 31, 2022 and 2021 are with related parties.
Operating
Expenses: The Company’s operating expenses increased by approximately 122% to $16,848 during the three months ended December
31, 2022 as compared to $7,596 for the three months ended December 31, 2021 primarily due to the recovery of a $10,000 bad debt from
a related party in 2021.
Income
(loss) from operations: The Company’s loss from operations increased approximately 125% to $1,848 during the three months ended
December 31, 2022 from a net income from operations of $7,404 for the three months ended December 31, 2021. The primary reason for this
was due to the recovery of a $10,000 bad debt from a related party in 2021.
LIQUIDITY
AND CAPITAL RESOURCES
Net
cash provided by operating activities was $3,262 for the three months ended December 31, 2022 as compared to $10,129 for the three months
ended December 31, 2021. The increase was primarily due to the recovery of a $10,000 bad debt from a related party in 2021.
As
of December 31, 2022, the Company had $9,074 in cash. The Company has sustained losses from operations, and such losses are expected
to continue. The Company’s auditors have included a “Going Concern” emphasis in their report for the year ended September
30, 2022. In addition, the Company has a working capital deficit and accumulated deficit at December 31, 2022 of $89,548 and $1,413,948,
respectively, with minimal revenues. The foregoing raises substantial doubt about the Company’s ability to continue as a going
concern. The Company is actively seeking to combine or merge with another operating company. There can be no assurance that the level
of funding needed will be acquired or that the Company will generate sufficient revenues to sustain operations for the next twelve months.
The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.
RELATED
PERSON TRANSACTIONS
100%
of the Company’s revenues for the quarters ended December 31, 2022 and 2021 were generated by entities wholly owned by the Company’s
majority shareholder or the entity’s clients.
RECENTLY
ISSUED ACCOUNTING PRONOUNCEMENTS
Management
does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect
on the Company’s financial statements.
OFF-BALANCE
SHEET ARRANGEMENTS
We
do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial
condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources,
that are material to investors.