SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
Amendment No. 1
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly period ended June 30, 2013
[] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File No. 0-53029
WESTMOUNTAIN ALTERNATIVE ENERGY, INC.
(Exact Name of Issuer as specified in its charter)
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Colorado
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26-1315585
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(State or other jurisdiction
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(IRS Employer File Number)
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of incorporation)
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123 North College Avenue, Suite 200
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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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(970) 212-4770
(Registrant's telephone number, including area code)
Check whether the issuer: (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T(Section 232.405 of this chapter) during the preceding 12 months(or such shorter period that the registrant was required to submit and post such files. Yes o No þ
Indicate by check mark whether the registrant is a large accelerated filer, a non-accelerated filer, or a smaller reporting company. ee definitions of “large accelerated filer,” “accelerated filer,” and “small reporting company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer o
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Accelerated filer o
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Non-accelerated filer o (Do not check if a smaller reporting company)
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Smaller reporting company þ
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes o No þ
The number of shares outstanding of the Registrant's common stock, as of the latest practicable date, July 29, 2013, was 9,106,250.
TABLE OF CONTENTS
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PART I FINANCIAL INFORMATION
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Item 1. Financial Statements
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Balance Sheets (Unaudited) at June 30, 2013 and December 31, 2012
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Statements of Operations (Unaudited) for the three months ended June 30, 2013 and 2012
and for the six months ended June 30, 2013 and 2012
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Statements of Cash Flows (Unaudited) for the six months ended June 30, 2013 and 2012
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Notes to the Financial Statements
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Item 2. Management’s Discussion and Analysis and Plan of Operation
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
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Item 4. Controls and Procedures
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Item 4T. Controls and Procedures
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PART II OTHER INFORMATION
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Item 1. Legal Proceedings
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
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Item 3. Defaults Upon Senior Securities
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Item 4. Submission of Matters to a Vote of Security Holders
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Item 5. Other Information
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EXPLANATORY NOTE
This Amendment No. 1 to the Form 10-Q of WestMountain Alternative Energy, Inc. (the “Amendment”) amends the Form 10-Q filed by WestMountain Alternative Energy, Inc. for the quarter ended June 30, 2013, which was filed with the Securities and Exchange Commission (“SEC”) on July 29, 2013 (the “Original Form 10-Q). .WestMountain Alternative Energy, Inc. is filing the Amendment to amend Footnote 1 – Nature of Organization and Summary of Significant Accounting Policies – Cash and Cash Equivalents to state original maturities of three months versus six months.
Except for inclusion of the information described above and the filing of Exhibits 31.1 and 32.1, which are being filed herewith, this Form 10-Q/A does not modify or update in any way events occurring subsequent to the filing of our Form 10-Q on July 29, 2013. Accordingly, the Amendment should be read in conjunction with the Original Form 10-Q. Further, the filing of this Form 10-Q/A shall not be deemed to be an admission that the Form 10-Q/A, when filed, included any untrue statement of a material fact or omitted to state a material fact necessary to make a statement not misleading.
WestMountain Alternative Energy, Inc.
Notes to the Financial Statements
(Unaudited)
1) Nature of Organization and Summary of Significant Accounting Policies
Nature of Organization and Basis of Presentation
WestMountain Alternative Energy, Inc. (the “Company”) was incorporated in the state of Colorado on November 13, 2007 and on this date approved its business plan and commenced operations. The Company was in the development stage through December 31, 2010.
Use of Estimates
The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents
The Company considers all highly liquid securities with original maturities of three months or less when acquired to be cash equivalents. As of December 31, 2012 and 2011 there were no cash equivalents.
Accounts Receivable
Accounts receivable consists of amounts due from the management fees. The Company considers accounts more than 30 days old to be past due. The Company uses the allowance method for recognizing bad debts. When an account is deemed uncollectible, it is written off against the allowance. Management records reasonable allowances to fairly represent accounts receivable amounts that are collectable. For the years ended December 31, 2012 and 2011, the Company did not consider an allowance for doubtful accounts necessary.
Revenue
The Company generates revenue by earning consulting fees and raising, investing and managing private equity and direct investment funds for high net worth individuals and institutions. Revenue is recognized through management fees based on the size of the funds that are managed and incentive income based on the performance of these funds.
Incentive revenue is recognized under the full accrual method. Under the full accrual method, profit may be realized in full when funds are invested and managed, provided (1) the profit is determinable and (2) the earnings process is virtually complete (the Company is not obligated to perform significant activities).
Fair Value of Financial Instruments
The carrying value of cash and cash equivalents, certificates of deposit and accrued liabilities, as reflected in the balance sheets, approximate fair value because of the short-term maturity of these instruments.
Property, Equipment and Depreciation
Property and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets, ranging from three to seven years. Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures for major renewals and betterments, which extend the useful lives of existing property and equipment, are capitalized and depreciated. Upon retirement or disposition of property and equipment, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the statements of operations.
Income Taxes
The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Considerable judgment is required in determining when these events may occur and whether recovery of an asset, including the utilization of a net operating loss or other carryforward prior to its expiration, is more likely than not.
ITEM 6. EXHIBITS
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Exhibit
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Description
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Articles of Incorporation
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Service Agreement With Bohemian Companies, LLC
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Certification of CEO/CFO pursuant to Sec. 302
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Certification of CEO/CFO pursuant to Sec. 906
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XBRL Taxonomy Extension Definition Linkbase Document*
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XBRL Taxonomy Extension Schema Document
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XBRL Taxonomy Extension Calculation Linkbase Document
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XBRL Taxonomy Extension Label Linkbase Document
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XBRL Taxonomy Extension Presentation Linkbase Document
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XBRL Taxonomy Extension Definition Linkbase Document
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* Previously filed with Form SB-2 Registration Statement, January 2, 2008.
** Previously filed with Form 10-KSB, February 29, 2008.
Reports on Form 8-K
No reports were filed under cover of Form 8-K for the fiscal quarter ended June 30, 2013.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized August 26, 2013.
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WEST MOUNTAIN ALTERNATIVE ENERGY, INC.,
a Colorado corporation
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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)
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