Colorado | 26-1315305 | |||
(State or other | (IRS Employer |
3463 Magic Drive, Suite 120 | ||
Large accelerated filer | Accelerated filer | |
Non-accelerated filer | Smaller reporting company | |
(Do not check if smaller reporting company) | Emerging growth company |
WestMountain Company | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
September 30, | December 31, | |||||||
2017 | 2016 | |||||||
Assets | (Unaudited) | |||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 529,592 | $ | 685,128 | ||||
Accounts receivable, related parties | 33,901 | 6,000 | ||||||
Accounts receivable | 1,075 | - | ||||||
Income tax receivable | 72,550 | 40,501 | ||||||
Prepaid expenses | 3,333 | 4,563 | ||||||
Total current assets | 640,451 | 736,192 | ||||||
Property and equipment, net of accumulated depreciation of | 2,517 | 4,918 | ||||||
$7,088 and $4,687, respectively | ||||||||
Investments in nonmarketable securities, at cost | 1,645 | 1,645 | ||||||
Total assets | $ | 644,613 | $ | 742,755 | ||||
Liabilities and Shareholders' Equity | ||||||||
Current Liabilities: | ||||||||
Accounts payable and accrued liabilities | $ | 62,007 | $ | 40,385 | ||||
Total current liabilities | 62,007 | 40,385 | ||||||
Total liabilities | 62,007 | 40,385 | ||||||
Shareholders' Equity: | ||||||||
Preferred stock, $0.10 par value; 1,000,000 shares authorized, | - | - | ||||||
none issued and outstanding | ||||||||
Common stock, $0.001 par value; 50,000,000 shares authorized, | ||||||||
9,517,402 shares issued and outstanding | 9,518 | 9,518 | ||||||
Additional paid-in capital | 927,355 | 927,355 | ||||||
Accumulated deficit | (354,267 | ) | (234,503 | ) | ||||
Total shareholders' equity | 582,606 | 702,370 | ||||||
Total liabilities and shareholders' equity | $ | 644,613 | $ | 742,755 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Revenue: | ||||||||||||||||
Advisory/consulting fees, related parties | $ | 38,000 | $ | 43,970 | $ | 115,901 | $ | 119,970 | ||||||||
Advisory/consulting fees | 225 | 7,964 | 3,800 | 16,414 | ||||||||||||
Total revenue | 38,225 | 51,934 | 119,701 | 136,384 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative expenses | 100,958 | 85,912 | 279,840 | 246,129 | ||||||||||||
Total operating expenses | 100,958 | 85,912 | 279,840 | 246,129 | ||||||||||||
Net loss from operations | (62,733 | ) | (33,978 | ) | (160,139 | ) | (109,745 | ) | ||||||||
Other income (expense) | ||||||||||||||||
Interest expense | - | - | - | 4,562 | ||||||||||||
Other income | 4,500 | - | 10,500 | - | ||||||||||||
Loss on impairment of nonmarketable securities | - | - | - | (60,000 | ) | |||||||||||
Total other income (expense) | 4,500 | - | 10,500 | (55,438 | ) | |||||||||||
Net loss before income taxes | (58,233 | ) | (33,978 | ) | (149,639 | ) | (165,183 | ) | ||||||||
Income tax benefit | (7,307 | ) | 119,683 | (29,875 | ) | 87,087 | ||||||||||
Net loss | $ | (50,926 | ) | $ | (153,661 | ) | $ | (119,764 | ) | $ | (252,270 | ) | ||||
Other comprehensive income (loss): | ||||||||||||||||
Realized and unrealized income on investments in marketable equity securities, net of tax | - | (49,021 | ) | - | (22,838 | ) | ||||||||||
Comprehensive income (loss) | $ | (50,926 | ) | $ | (202,682 | ) | $ | (119,764 | ) | $ | (275,108 | ) | ||||
Basic and diluted net loss per share | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.03 | ) | ||||
Basic and diluted weighted average common shares outstanding | 9,517,402 | 9,517,402 | 9,517,402 | 9,517,402 |
WestMountain Company | ||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||
(Unaudited) | ||||||||
Nine months ended | ||||||||
September 30, | ||||||||
2017 | 2016 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (119,764 | ) | $ | (252,270 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 2,401 | 1,829 | ||||||
Loss on impairment of nonmarketable securities | - | 60,000 | ||||||
Deferred income tax (benefit) expense | - | 95,061 | ||||||
Gain on disposal of equipment | - | (2,850 | ) | |||||
Changes in operating assets and operating liabilities: | ||||||||
Prepaid expenses and other current assets | 1,230 | (3,918 | ) | |||||
Accounts receivable | (1,075 | ) | 10,031 | |||||
Accounts receivable, related parties | (27,901 | ) | (12,000 | ) | ||||
Accounts payable and accrued liabilities | 21,622 | (4,718 | ) | |||||
Accrued liabilities, related parties | - | (3,760 | ) | |||||
Income tax receivable | (32,049 | ) | (10,408 | ) | ||||
Net cash used in operating activities | (155,536 | ) | (123,003 | ) | ||||
Cash flows from investing activities: | ||||||||
Purchases of equipment | - | (3,432 | ) | |||||
Purchases of nonmarketable securities | - | (30,000 | ) | |||||
Proceeds from sale of equipment | - | 4,562 | ||||||
Net cash used in investing activities | - | (28,870 | ) | |||||
Net change in cash and cash equivalents | (155,536 | ) | (151,873 | ) | ||||
Cash and cash equivalents, beginning of period | 685,128 | 579,971 | ||||||
Cash and cash equivalents, end of period | $ | 529,592 | $ | 428,098 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid during the period for: | ||||||||
Income taxes | $ | 2,374 | $ | 1,626 | ||||
Interest | $ | - | $ | - | ||||
Non cash investing and financing activities: | ||||||||
Purchase of non-security investment shares in exchange for accounts receivable | $ | - | $ | 21,000 | ||||
Unrealized loss on investments in marketable equity securities, net of tax | $ | - | $ | (22,838 | ) |
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||
Cost | Cost | |||||||||||||||||||||||
Company Name | Shares | Units | Value | Shares | Units | Value | ||||||||||||||||||
Nonmarketable Securities: | ||||||||||||||||||||||||
SKRP 16, Inc. | 200,000 | - | $ | - | 200,000 | - | $ | - | ||||||||||||||||
Nexcore Healthcare Capital Corp. (Common Units) | - | 1,645,000 | 1,645 | 1,645,000 | 1,645 | |||||||||||||||||||
WestMountain Distressed Debt, Inc. | 80,000 | - | - | 80,000 | - | - | ||||||||||||||||||
RavenBrick (Class C Units) | - | 11 | - | 11 | - | |||||||||||||||||||
Totals Shares or Units | 280,000 | 1,645,011 | $ | 1,645 | 280,000 | 1,645,011 | $ | 1,645 |
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||||||
Fair/Cost | Fair/Cost | |||||||||||||||||||||||||||
Company Name | Shares | Units | Value | Shares | Units | Value | ||||||||||||||||||||||
Marketable Securities: | ||||||||||||||||||||||||||||
Hangover Joe's Holding Corporation | 868,463 | - | $ | - | 868,463 | - | - | |||||||||||||||||||||
WestMountain Gold, Inc. | 918,000 | - | - | 918,000 | - | - | ||||||||||||||||||||||
Total Shares or Units | 1,786,463 | - | $ | - | 1,786,463 | - | $ | - | ||||||||||||||||||||
Nonmarketable Securities: | ||||||||||||||||||||||||||||
Nexcore Healthcare Capital Corp. (Common Units) | - | 1,645,000 | $ | 1,645 | - | 1,645,000 | $ | 1,645 | ||||||||||||||||||||
WestMountain Distressed Debt, Inc. | 80,000 | - | - | 80,000 | - | - | ||||||||||||||||||||||
Totals Shares or Units | 1,866,463 | 1,645,000 | $ | 1,645 | 1,866,463 | 1,645,000 | $ | 1,645 |
Company Name | Shares | Units | ||||||
Marketable Securities: | ||||||||
Hangover Joe's Holding Corporation | 868,463 | - | ||||||
Silver Verde May Mining Co., Inc. | 246,294 | - | ||||||
WestMountain Gold, Inc. | 918,000 | - | ||||||
Total Shares or Units | 2,032,757 | - | ||||||
Nonmarketable Securities: | ||||||||
SKRP 16, Inc. | 200,000 | - | ||||||
Nexcore Healthcare Capital Corp. Common Units | - | 1,645,000 | ||||||
WestMountain Distressed Debt, Inc. | 80,000 | - | ||||||
RavenBrick Class C Units | - | 11 | ||||||
Total Shares or Units | 280,000 | 1,645,011 | ||||||
Total | 2,312,757 | 1,645,011 |
Exhibit | Filed or | ||||
Number | Exhibit Description | Herewith | |||
X | |||||
X | |||
WESTMOUNTAIN COMPANY | |||
By: | /s/ | ||
James R. Garvin, Chief Executive Officer and Director (Principal Executive Officer) | |||
By: /s/ Henry C. Bourg | |||
Henry C. Bourg, Chief Financial Officer (Principal Accounting and Financial Officer) |