Colorado
|
26-1315585
|
(State
or other jurisdiction
|
(IRS
Employer File Number)
|
of
incorporation)
|
123
North College Avenue, Ste 200
|
|
Fort Collins, Colorado
|
80524
|
(Address
of principal executive offices)
|
(zip
code)
|
Large
accelerated filer
[]
|
Accelerated
filer []
|
Non-accelerated
filer [] (Do not check if a smaller reporting
company)
|
Smaller
reporting
company [X]
|
PART
I
|
|
Item
1. Business
|
3
|
Item
1A. Risk Factors
|
6
|
Item
2. Property
|
13
|
Item
3. Legal Proceedings
|
13
|
Item
4. Submission of Matters to a Vote of Security Holders
|
13
|
PART
II
|
|
Item
5. Market for Registrant’s Common Equity, Related Stockholder Matters and
Issuer Purchases of Equity Securities
|
13
|
Item
6. Selected Financial Data
|
14
|
Item
7. Management's Discussion and Analysis of Financial Condition and Results
of Operations
|
15
|
Item
7A. Quantitative and Qualitative Disclosures About Market
Risk
|
17
|
Item
8. Financial Statements and Supplementary Data
|
17
|
Item
9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosures
|
30
|
Item
9A(T). Controls and Procedures
|
30
|
Item
9B. Other Information
|
31
|
|
|
PART
III
|
|
Item
10. Directors, Executive Officers and Corporate Governance
|
31
|
Item
11. Executive Compensation
|
32
|
Item
12. Security Ownership of Certain Beneficial Owners and Management
and Related Stockholder Matters
|
32
|
Item
13. Certain Relationships and Related Transactions, and Director
Independence
|
33
|
Item
14. Principal Accountant Fees and Services
|
33
|
Item
15. Exhibits Financial Statement Schedules
|
33
|
Financial
Statements pages
|
16
- 27
|
Signatures
|
34
|
1. |
Cease
operations and go out of business;
|
|
2.
|
Continue
to seek alternative and acceptable sources of capital;
|
|
3.
|
Bring
in additional capital that may result in a change of control;
or
|
|
4.
|
Identify
a candidate for acquisition that seeks access to the public marketplace
and its financing
sources
|
•
|
investment
performance;
|
•
|
investor
perception of investment managers’ drive, focus and alignment of
interest;
|
•
|
quality
of service provided to and duration of relationship with
investors;
|
•
|
business
reputation; and
|
•
|
level
of fees and expenses charged for
services.
|
•
|
investors
may develop concerns that we will allow a business to grow to the
detriment of its performance;
|
•
|
some
of our competitors have greater capital, lower targeted returns or greater
sector or investment strategy specific expertise
than we do, which creates competitive disadvantages with respect to
investment opportunities; some of our competitors may perceive risk
differently than we do which could allow them either to outbid us for
investments in particular sectors or, generally, to consider a wider
variety of investments;
|
•
|
there
are relatively few barriers to entry impeding new private equity and hedge
fund management firms, and the successful efforts of new entrants into our
various lines of business, including former ‘‘star’’ portfolio managers at
large diversified financial institutions as well as such institutions
themselves, will continue to result in increased competition;
and
|
•
|
other
industry participants continuously seek to recruit our best and brightest
investment professionals away from
us.
|
l
|
our
ability to find suitable alternative energy investments;
and
|
l
|
our
ability to generate significant
revenues.
|
•
|
The
value of our investments to
decrease;
|
•
|
lower
investment returns, reducing incentive income;
and
|
•
|
material
reductions in the value of our ownership in
investments.
|
•
|
contains a description of the nature and level of risk in the market for penny stocks in both public offerings and secondary trading; |
•
|
contains a description of the broker's or dealer's duties to the customer and of the rights and remedies available to the customer with respect to a violation to such duties or other requirements of the Securities Act of 1934, as amended; |
•
|
contains a brief, clear, narrative description of a dealer market, including "bid" and "ask" prices for penny stocks and the significance of the spread between the bid and ask price; |
•
|
contains a toll-free telephone number for inquiries on disciplinary actions; |
•
|
defines significant terms in the disclosure document or in the conduct of trading penny stocks; and |
•
|
contains such other information and is in such form (including language, type, size and format) as the Securities and Exchange Commission shall require by rule or regulation; |
•
|
the bid and offer quotations for the penny stock; |
•
|
the compensation of the broker-dealer and its salesperson in the transaction; |
•
|
the number of shares to which such bid and ask prices apply, or other comparable information relating to the depth and liquidity of the market for such stock; and |
•
|
monthly account statements showing the market value of each penny stock held in the customer's account. |
Page
|
||||
Report
of Independent Registered Public Accounting
Firm
|
19
|
|||
Balance
Sheets at December 31, 2008 and 2007
|
20
|
|||
Statements of Operations for the year ended December 31, 2008, for the period from November 13, 2007 (inception) to December 31, 2007, and for the period from November 13, 2007 (inception) to December 31, 2008 |
21
|
|||
Statement
of Changes in Shareholders’ Equity for the period from November 13, 2007
(inception) to December 31, 2008
|
22
|
|||
Statements of Cash Flows for the year ended December 31, 2008, for the period from November 13, 2007 (inception) to December 31, 2007, and for the period from November 13, 2007 (inception) to December 31, 2008 |
23
|
|||
Notes
to Financial Statements
|
24
- 29
|
WestMountain
Alternative Energy, Inc.
|
||||||||
(A
Development Stage Company)
|
||||||||
Balance
Sheets
|
||||||||
At
December 31, 2008 and 2007
|
||||||||
December
31,
|
||||||||
Assets
|
2008
|
2007
|
||||||
Cash
and cash equivalents (note 1 and note 8)
|
$ | 184,834 | $ | 57,855 | ||||
Certificates
of deposit (note 2)
|
100,346 | 300,000 | ||||||
Accounts
Receivable (note 1)
|
30,768 | - | ||||||
Prepaid
expenses
|
3,195 | 3,870 | ||||||
Property
and equipment, net of accumulated depreciation
|
5,462 | 8,312 | ||||||
of
$3,088 (2008) and $238 (2007) (note 3)
|
||||||||
Total
assets
|
$ | 324,605 | $ | 370,037 | ||||
Liabilities
and Shareholders' Equity
|
||||||||
Liabilities
|
||||||||
Accounts
payable
|
$ | 4,573 | $ | 13,498 | ||||
Accrued
liabilities (note 1)
|
14,775 | 10,150 | ||||||
Total
liabilities
|
19,348 | 23,648 | ||||||
Shareholders'
equity (note 5)
|
||||||||
Preferred
stock, $.10 par value; 1,000,000 shares authorized,
|
- | - | ||||||
-0-
shares issued and outstanding
|
||||||||
Common
stock, $.001 par value; 50,000,000 shares authorized,
|
9,106 | 9,106 | ||||||
9,106,250
shares issued and outstanding
|
||||||||
Additional
paid-in-capital
|
366,659 | 366,659 | ||||||
Deficit
accumulated during development stage
|
(70,508 | ) | (29,376 | ) | ||||
Total
shareholders' equity
|
305,257 | 346,389 | ||||||
Total
liabilities and shareholders' equity
|
$ | 324,605 | $ | 370,037 | ||||
WestMountain
Alternative Energy, Inc.
|
||||||||||||
(A
Development Stage Company)
|
||||||||||||
Statement
of Operations
|
||||||||||||
For
the year ended December 31, 2008 and for the
|
||||||||||||
period
November 13, 2007 (inception) through December 31, 2007
|
||||||||||||
and
for the period November 13, 2007 (inception) to December 31,
2008
|
||||||||||||
November
13, 2007
|
November
13, 2007
|
|||||||||||
For
the year ended
|
(Inception)
|
(Inception)
|
||||||||||
December
31,
|
Through
December 31,
|
Through
December 31,
|
||||||||||
2008
|
2007
|
2008
|
||||||||||
Revenue:
|
||||||||||||
Advisory
Fees
|
||||||||||||
Management
Fees
|
$ | 77,838 | $ | - | $ | 77,838 | ||||||
Total
Revenue
|
77,838 | - | 77,838 | |||||||||
Gross
Profit
|
||||||||||||
Operating
Expenses (note 7)
|
||||||||||||
Sales,
general and administrative expense
|
127,444 | 29,376 | 156,820 | |||||||||
Total
sales, general and administrative expenses
|
127,444 | 29,376 | 156,820 | |||||||||
Net
loss from operations
|
(49,606 | ) | (29,376 | ) | (78,982 | ) | ||||||
Other
income/(expense)
|
||||||||||||
Interest
income
|
8,473 | - | 8,473 | |||||||||
Net
loss before income taxes
|
(41,133 | ) | (29,376 | ) | (70,509 | ) | ||||||
Net
loss
|
$ | (41,133 | ) | $ | (29,376 | ) | $ | (70,509 | ) | |||
Basic
and diluted loss per share
|
$ | (0.00 | ) | $ | (0.00 | ) | ||||||
Basic
and diluted weighted average common
|
||||||||||||
shares
outstanding
|
9,106,250 | 9,106,250 | ||||||||||
WestMountain
Alternative Energy, Inc.
|
||||||||||||||||||||||||||||
(A
Development Stage Company)
|
||||||||||||||||||||||||||||
Statement
of Changes in Shareholders' Equity
|
||||||||||||||||||||||||||||
For
the period November 13, 2007 (inception) to December 31,
2008
|
||||||||||||||||||||||||||||
Deficit
|
||||||||||||||||||||||||||||
Accumulated
|
||||||||||||||||||||||||||||
Preferred
Stock
|
Common
Stock
|
Additional
|
During
|
|||||||||||||||||||||||||
Par
|
Par
|
Paid-in
|
Development
|
|||||||||||||||||||||||||
Shares
|
Value
|
Shares
|
Value
|
Capital
|
Stage
|
Total
|
||||||||||||||||||||||
Balance
November 13, 2007
|
- | $ | - | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
November
19, 2007 common stock shares sold at
|
||||||||||||||||||||||||||||
$0.001
per share
|
- | - | 290,000 | 290 | - | - | 290 | |||||||||||||||||||||
November
20, 2007 common stock shares sold at
|
||||||||||||||||||||||||||||
$0.01
per share
|
- | - | 235,000 | 235 | 2,115 | - | 2,350 | |||||||||||||||||||||
November
28, 2007 common stock shares sold at
|
||||||||||||||||||||||||||||
$0.04
per share
|
- | - | 8,050,000 | 8,050 | 311,950 | - | 320,000 | |||||||||||||||||||||
November
30, 2007 common stock shares sold at
|
||||||||||||||||||||||||||||
$0.10
per share
|
- | - | 531,250 | 531 | 52,594 | - | 53,125 | |||||||||||||||||||||
Net
loss, November 13, 2007 (inception) through
|
||||||||||||||||||||||||||||
December
31, 2007
|
- | - | - | - | - | (29,376 | ) | (29,376 | ) | |||||||||||||||||||
Balance
at December 31, 2007
|
- | - | 9,106,250 | 9,106 | 366,659 | (29,376 | ) | 346,389 | ||||||||||||||||||||
Net
loss, for the year ended
|
||||||||||||||||||||||||||||
December
31, 2008
|
- | - | - | - | - | (41,133 | ) | (41,133 | ) | |||||||||||||||||||
Balance
at December 31, 2008
|
- | $ | - | 9,106,250 | $ | 9,106 | $ | 366,659 | $ | (70,509 | ) | $ | 305,256 | |||||||||||||||
WestMountain
Alternative Energy, Inc.
|
||||||||||||
(A
Development Stage Company)
|
||||||||||||
Statements
of Cash Flows
|
||||||||||||
For
the year ended December 31, 2008 and for the
|
||||||||||||
period
November 13, 2007 (inception) through December 31, 2007
|
||||||||||||
and
for the period November 13, 2007 (inception) to December 31,
2008
|
||||||||||||
For
the
|
November
13, 2007
|
November
13, 2007
|
||||||||||
year
ended
|
(Inception)
|
(Inception)
|
||||||||||
December
31,
|
Through
December 31,
|
Through
December 31,
|
||||||||||
2008
|
2007
|
2008
|
||||||||||
Cash
flows from operating activities:
|
||||||||||||
Net
loss
|
$ | (41,132 | ) | $ | (29,376 | ) | $ | (70,508 | ) | |||
Adjustments
to reconcile net loss to net cash used by operating
activities:
|
||||||||||||
Depreciation
|
2,850 | 238 | 3,088 | |||||||||
Changes
in operating assets and operating liabilities:
|
||||||||||||
Accounts
receivable
|
(30,768 | ) | - | (30,768 | ) | |||||||
Prepaid
expenses
|
675 | (3,870 | ) | (3,195 | ) | |||||||
Accounts
payable and accrued liabilities (note 1)
|
(4,300 | ) | 23,648 | 19,348 | ||||||||
Net
cash (used in) operating activities
|
(72,675 | ) | (9,360 | ) | (82,035 | ) | ||||||
Cash
flows from investing activities:
|
||||||||||||
Payments
from property and equipment (note 3)
|
(8,550 | ) | (8,550 | ) | ||||||||
Proceeds
from and payments for Certificates of deposit (note
2)
|
199,654 | (300,000 | ) | (100,346 | ) | |||||||
Net
cash provided by(used in) investing activities
|
199,654 | (308,550 | ) | (108,896 | ) | |||||||
Cash
flows from financing activities:
|
||||||||||||
Proceeds
from sale of common stock (note 5)
|
- | 375,765 | 375,765 | |||||||||
Net
cash provided by financing activities
|
- | 375,765 | 375,765 | |||||||||
Net
change in cash
|
126,979 | 57,855 | 184,834 | |||||||||
Cash
and cash equivalents, beginning of period
|
57,855 | - | - | |||||||||
Cash
and cash equivalents, end of period
|
$ | 184,834 | $ | 57,855 | $ | 184,834 | ||||||
Supplemental
disclosure of cash flow information:
|
||||||||||||
Cash
paid during the period for:
|
||||||||||||
Income
taxes
|
$ | - | $ | - | $ | - | ||||||
Interest
|
$ | - | $ | - | $ | - | ||||||
Principal
|
Interest
|
Maturity
|
Interest
|
|||||||||
Balance
|
Earned
|
Date
|
Rate
|
|||||||||
Bank
A
|
$
|
100,346
|
$
|
5,320
|
Apr
2009
|
2.08%
|
||||||
Bank
B
|
$
|
-0-
|
$
|
2,117
|
June
2008
|
|||||||
Bank
C
|
$
|
100,030
|
$
|
1,030
|
Feb
2009
|
2.49%
|
The
provision of income taxes consists of the following:
|
||||||||
For
the years ended
|
||||||||
December
31,
|
||||||||
2008
|
2007
|
|||||||
Loss
before income taxes
|
$ | (41,133 | ) | $ | (29,376 | ) | ||
Current
payable
|
- | - | ||||||
Deferred
income tax benefit
|
13,354 | 5,564 | ||||||
Adjustment
of beginning of period valuation
|
(13,354 | ) | (5,564 | ) | ||||
allowance
for deferred tax assets
|
||||||||
Income
tax expense, net, reported in the
|
$ | - | $ | - | ||||
accompanying
statemen of operations
|
||||||||
Deferred
income taxes reflect the net tax effects of temporary differences between
the carrying amounts
|
||||||||
of
assets and liabilities for financial reporting purposes and the amounts
used for income tax purposes.
|
||||||||
The
deferred tax asset and related valuation allowance increased by $7,790 and
$5,564 for the years ended
|
||||||||
December
31, 2008 and December 31, 2007. As of December 31, 2008 and 2007, the
components of
|
||||||||
the
net deferred tax assets/(liabilities) are as follows:
|
||||||||
For
the years ended
|
||||||||
December
31,
|
||||||||
2008
|
2007
|
|||||||
Net
operating loss carry forwards
|
$ | 12,333 | $ | 4,064 | ||||
Depreciation/amortization
of other
|
1,021 | 1,500 | ||||||
Total
|
13,354 | 5,564 | ||||||
Valuation
allowance
|
(13,354 | ) | (5,564 | ) | ||||
Net
deferred income taxes
|
$ | - | $ | - | ||||
A
reconciliation of the US statutory federal income tax rate to the
effective tax rate is as follows:
|
||||||||
For
the years ended
|
||||||||
December
31,
|
||||||||
2008
|
2007
|
|||||||
US
statutory federal rate
|
15.00 | % | 15.00 | % | ||||
State
income tax rate, net of federal benefit
|
3.94 | % | 3.94 | % | ||||
Change
in valuation allowance
|
-18.94 | % | -18.94 | % | ||||
Effective
tax rate
|
0.00 | % | 0.00 | % | ||||
Name
|
Age
|
Positions
and Offices Held
|
||
Brian
L. Klemsz
|
50
|
President,
Treasurer, Director
|
||
Secretary
and Director
|
Name
and Address
|
Amount
and Nature of
|
Percent
of
|
of
Beneficial Owner
|
Beneficial
Ownership(1)(2)
|
Class
|
WestMountain
Green, LLC (3)
|
8,050,000
|
88.4%
|
123
North College Avenue, Ste 200
|
||
Fort
Collins, Colorado 80524
|
||
Brian
L. Klemsz
|
(3)
|
|
123
North College Avenue, Ste 200
|
||
Fort
Collins, Colorado 80524
|
||
All
Officers and Directors as a Group
|
(3)
|
(3)
|
(one
person)
|
Exhibit
Number
|
Description
|
3.1*
|
Articles
of Incorporation
|
3.2*
|
Bylaws
|
10.1**
|
Service
Agreement With Bohemian Companies, LLC
|
31.1
|
Certification
of CEO/CFO pursuant to Sec. 302
|
32.1
|
Certification
of CEO/CFO pursuant to Sec.
906
|
WESTMOUNTAIN
ALTERNATIVE ENERGY, INC.
|
||
By:
|
/s/
Brian L. Klemsz
|
|
Brian
L. Klemsz
|
||
Chief
Executive Officer and President
(principal
executive officer and principal financial and accounting
officer)
|
Date:
March 30, 2009
|
By:
|
/s/
Brian L. Klemsz
|
Brian
L. Klemsz
|
||
Director
|