Colorado
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26-1315585
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(State
or other jurisdiction
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(IRS
Employer File Number)
|
of
incorporation)
|
|
123
North College Avenue, Suite 200
|
|
Fort Collins, Colorado
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80524
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(Address
of principal executive offices)
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(zip
code)
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Large
accelerated filer
[]
|
Accelerated
filer []
|
Non-accelerated
filer [] (Do not check if a smaller reporting
company)
|
Smaller
reporting company [X]
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PART
I FINANCIAL INFORMATION
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Item
1. Financial Statements
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|
Condensed
Balance Sheets (Unaudited) at June 30, 2009 and December 31,
2008
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3
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Condensed
Statements of Operations (Unaudited) for the quarters ended June 30, 2009
and 2008 ,
for
the six months ended June 30, 2009 and
2008 and for the period November 13, 2007 (inception)
through June
30, 2009
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4
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Condensed
Statement of Shareholders’ Equity (Unaudited) for the period
from December
31, 2007 through
June
30, 2009
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5
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Condensed
Statements of Cash Flows (Unaudited) for the six months ended June 30,
2009 and 2008 and
for
the period November 13, 2007 (inception)
through June 30, 2009
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6
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Notes to the Condensed Financial Statements
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7
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Item
2. Management’s Discussion and Analysis and Plan of
Operation
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10
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Item
3. Quantitative and Qualitative Disclosures About Market
Risk
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12
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Item
4. Controls and Procedures
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12
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Item
4T. Controls and Procedures
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12
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PART
II OTHER INFORMATION
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Item
1. Legal Proceedings
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13
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Item
1A. Risk Factors
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13
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Item
2. Unregistered Sales of Equity Securities and Use of
Proceeds
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19
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Item
3. Defaults Upon Senior Securities
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19
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Item
4. Submission of Matters to a Vote of Security Holders
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20
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Item
5. Other Information
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20
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Item
6. Exhibits
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20
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Signatures
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21
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WestMountain
Alternative Energy, Inc.
|
||||||||
(A
Development Stage Company)
|
||||||||
Balance
Sheets
|
||||||||
At
June 30, 2009 and December 31, 2008
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||||||||
June
30,
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December
31,
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|||||||
2009
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2008
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|||||||
Assets
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(unaudited)
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(audited)
|
||||||
Cash
and cash equivalents
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$ | 153,018 | $ | 184,834 | ||||
Certificates
of deposit
|
101,232 | 100,346 | ||||||
Accounts
receivable
|
31,158 | 30,768 | ||||||
Prepaid
expenses
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4,213 | 3,195 | ||||||
Property
and equipment, net of accumulated depreciation
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4,037 | 5,462 | ||||||
of
$4,513 (2009) and $3,088 (2008)
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||||||||
Total
assets
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$ | 293,658 | $ | 324,605 | ||||
Liabilities
and Shareholders' Equity
|
||||||||
Liabilities
|
||||||||
Accounts
payable
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$ | 3,548 | $ | 4,573 | ||||
Accrued
liabilities
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3,285 | 14,775 | ||||||
Total
liabilities
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6,833 | 19,348 | ||||||
Shareholders'
equity
|
||||||||
Preferred
stock, $.10 par value; 1,000,000 shares authorized,
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- | - | ||||||
-0-
shares issued and outstanding
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||||||||
Common
stock, $.001 par value; 50,000,000 shares authorized,
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9,106 | 9,106 | ||||||
9,106,250
shares issued and outstanding
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||||||||
Additional
paid-in-capital
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366,659 | 366,659 | ||||||
Deficit
accumulated during development stage
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(88,940 | ) | (70,508 | ) | ||||
Total
shareholders' equity
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286,825 | 305,257 | ||||||
Total
liabilities and shareholders' equity
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$ | 293,658 | $ | 324,605 | ||||
WestMountain
Alternative Energy, Inc.
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||||||||||||||||||||
(A
Development Stage Company)
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||||||||||||||||||||
Condensed
Statements of Operations
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||||||||||||||||||||
For
the three months ended June 30, 2009 and 2008 and for the
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||||||||||||||||||||
six
months ended June 30, 2009 and 2008 and for the
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||||||||||||||||||||
period
November 13, 2007 (inception) through June 30, 2009
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||||||||||||||||||||
(unaudited)
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||||||||||||||||||||
November
13, 2007
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||||||||||||||||||||
For
the three months ended
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For
the six months ended
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(Inception)
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||||||||||||||||||
June
30,
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June
30,
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Through
June 30,
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||||||||||||||||||
2009
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2008
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2009
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2008
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2009
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||||||||||||||||
Revenue:
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||||||||||||||||||||
Management
Fees
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$ | 31,158 | $ | 15,718 | $ | 62,390 | $ | 15,718 | $ | 140,229 | ||||||||||
Total
Revenue
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31,158 | 15,718 | 62,390 | 15,718 | 140,229 | |||||||||||||||
Operating
Expenses
|
||||||||||||||||||||
Sales,
general and administrative expense
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32,685 | 20,664 | 82,906 | 53,259 | 239,726 | |||||||||||||||
Total
sales, general and administrative expenses
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32,685 | 20,664 | 82,906 | 53,259 | 239,726 | |||||||||||||||
Net
loss from operations
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(1,527 | ) | (4,946 | ) | (20,516 | ) | (37,541 | ) | (99,497 | ) | ||||||||||
Other
income/(expense)
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||||||||||||||||||||
Interest
income
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1,001 | 5,230 | 2,084 | 5,230 | 10,557 | |||||||||||||||
Net
loss before income taxes
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(526 | ) | 284 | (18,432 | ) | (32,311 | ) | (88,940 | ) | |||||||||||
Net
loss
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$ | (526 | ) | $ | 284 | $ | (18,432 | ) | $ | (32,311 | ) | $ | (88,940 | ) | ||||||
Basic
and diluted loss per share
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$ | (0.00 | ) | $ | 0.00 | $ | (0.00 | ) | $ | (0.00 | ) | |||||||||
Basic
and diluted weighted average common
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||||||||||||||||||||
shares
outstanding
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9,106,250 | 9,106,250 | 9,106,250 | 9,106,250 |
WestMountain
Alternative Energy, Inc.
|
||||||||||||||||||||||||||||
(A
Development Stage Company)
|
||||||||||||||||||||||||||||
Condensed
Statement of Changes in Shareholders' Equity (unaudited)
|
||||||||||||||||||||||||||||
For
the period from December 31, 2007 thru June 30, 2009
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||||||||||||||||||||||||||||
Preferred
Stock
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Common
Stock
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Additional
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Retained
|
|||||||||||||||||||||||||
Par
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Par
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Paid-in
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Earnings
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|||||||||||||||||||||||||
Shares
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Value
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Shares
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Value
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Capital
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(Deficit)
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Total
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||||||||||||||||||||||
Balance
at December 31, 2007
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- | $ | - | 9,106,250 | $ | 9,106 | $ | 366,659 | $ | (29,376 | ) | $ | 346,389 | |||||||||||||||
Net
loss, for the year ended
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||||||||||||||||||||||||||||
December
31, 2008
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- | - | - | - | - | (41,132 | ) | (41,132 | ) | |||||||||||||||||||
Balance
at December 31, 2008
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- | $ | - | 9,106,250 | $ | 9,106 | $ | 366,659 | $ | (70,508 | ) | $ | 305,257 | |||||||||||||||
Net
loss, for the six months ended
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||||||||||||||||||||||||||||
June
30, 2009
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- | - | - | - | - | (18,432 | ) | (18,432 | ) | |||||||||||||||||||
Balance
at June 30, 2009
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- | $ | - | 9,106,250 | $ | 9,106 | $ | 366,659 | $ | (88,940 | ) | $ | 286,825 | |||||||||||||||
WestMountain
Alternative Energy, Inc.
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||||||||||||
(A
Development Stage Company)
|
||||||||||||
Condensed
Statements of Cash Flows
|
||||||||||||
For
the six months ended June 30, 2009 and 2008 and for the
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||||||||||||
period
November 13, 2007 (inception) through June 30, 2009
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||||||||||||
(unaudited)
|
|
|||||||||||
For
the six months ended June
30, |
November
13, 2007 (Inception) |
|||||||||||
2009
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2008
|
2009
|
||||||||||
Cash
flows from operating activities:
|
||||||||||||
Net
loss
|
$ | (18,432 | ) | $ | (32,311 | ) | $ | (88,940 | ) | |||
Adjustments
to reconcile net loss to net cash used by operating
activities:
|
||||||||||||
Depreciation
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1,425 | 1,425 | 4,513 | |||||||||
Changes
in operating assets and operating liabilities:
|
||||||||||||
Accounts
receivable
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(390 | ) | (15,718 | ) | (31,158 | ) | ||||||
Prepaid
expenses
|
(1,018 | ) | 595 | (4,213 | ) | |||||||
Accounts
payable and accrued liabilities (note 1)
|
(12,515 | ) | (17,287 | ) | 6,833 | |||||||
Net
cash (used in) operating activities
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(30,930 | ) | (63,296 | ) | (112,965 | ) | ||||||
Cash
flows from investing activities:
|
||||||||||||
Payments
from property and equipment (note 3)
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- | - | (8,550 | ) | ||||||||
Proceeds
from and payments for certificates of deposit
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(886 | ) | 54,770 | (101,232 | ) | |||||||
Net
cash (used in) provided by operating activities
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(886 | ) | 54,770 | (109,782 | ) | |||||||
Cash
flows from financing activities:
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||||||||||||
Proceeds
from sale of common stock (note 5)
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- | - | 375,765 | |||||||||
Net
cash provided by financing activities
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- | - | 375,765 | |||||||||
Net
change in cash
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(31,816 | ) | (8,526 | ) | 153,018 | |||||||
Cash
and cash equivalents, beginning of period
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184,834 | 57,855 | - | |||||||||
Cash
and cash equivalents, end of period
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$ | 153,018 | $ | 49,329 | $ | 153,018 | ||||||
Principal
|
Interest
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Maturity
|
Interest
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||||||||
Balance
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Earned
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Date
|
Rate
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||||||||
Bank
A
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$
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101,232
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$
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371
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Oct
2009
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1.15%
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|||||
Bank
B
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$
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-0-
|
$
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-0-
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June
2008
|
||||||
Bank
C
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$
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101,220
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$
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628
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Aug
2009
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2.49%
|
1.
|
Cease
operations and go out of business;
|
2.
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Continue
to seek alternative and acceptable sources of
capital;
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3.
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Bring
in additional capital that may result in a change of control;
or
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4.
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Identify
a candidate for acquisition that seeks access to the public marketplace
and its financing
sources.
|
-
our ability to find suitable alternative energy investments;
and
|
-
our ability to generate significant
revenues.
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The
value of our investments to
decrease;
|
lower
investment returns, reducing incentive income;
and
|
material
reductions in the value of our ownership in
investments.
|
*
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actual
or anticipated fluctuations in our operating results;
|
*
|
changes
in financial estimates by securities analysts or our failure to perform in
line with such estimates;
|
*
|
changes
in market valuations of other companies, particularly those that market
services such as ours;
|
*
|
announcements
by us or our competitors of significant innovations, acquisitions,
strategic partnerships, joint ventures or capital
commitments;
|
*
|
introduction
of product enhancements that reduce the need for the products our projects
may develop;
|
*
|
departures
of key personnel.
|
Exhibit
Number
|
Description
|
3.1*
|
Articles
of Incorporation
|
3.2*
|
Bylaws
|
10.1**
|
Service
Agreement With Bohemian Companies, LLC
|
31.1
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Certification
of CEO/CFO pursuant to Sec. 302
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32.1
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Certification
of CEO/CFO pursuant to Sec.
906
|
WEST
MOUNTAIN ALTERNATIVE ENERGY, INC.,
a Colorado
corporation
|
|||
By:
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/s/ Brian
L. Klemsz
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||
Brian
L. Klemsz, President, Chief Executive Officer, Chief Financial
Officer
and
Director (Principal Executive, Accounting and Financial
Officer)
|
|||