WESTMOUNTAIN ALTERNATIVE ENERGY, INC.
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UNAUDITED PRO FORMA COMBINED BALANCE SHEET
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December 31, 2017
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C-Bond Systems, LLC and Subsidiaries
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||||||||||||||||||||||
WestMountain
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||||||||||||||||||||||
Alternative Energy, Inc.
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December 31,
|
December 31,
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Pro Forma Adjustments
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Pro Forma
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|||||||||||||||||||
2017
|
2017
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Dr
|
Cr.
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Balances
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||||||||||||||||||
ASSETS
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(Unaudited)
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|||||||||||||||||||||
CURRENT ASSETS:
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||||||||||||||||||||||
Cash
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$
|
83,903
|
$
|
46,448
|
(3)
|
$
|
1,240,000
|
$
|
-
|
$
|
1,370,351
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|||||||||||
Certificate of deposit
|
155,979
|
-
|
-
|
-
|
155,979
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|||||||||||||||||
Accounts receivable, net
|
-
|
35,225
|
-
|
-
|
35,225
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|||||||||||||||||
Accounts receivable - related party
|
1,000
|
-
|
-
|
-
|
1,000
|
|||||||||||||||||
Inventory
|
-
|
10,493
|
-
|
-
|
10,493
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|||||||||||||||||
Prepaid expenses and other current assets
|
3,573
|
771
|
-
|
-
|
4,344
|
|||||||||||||||||
Total Current Assets
|
244,455
|
92,937
|
1,240,000
|
-
|
1,577,392
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|||||||||||||||||
LONG-TERM ASSETS:
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||||||||||||||||||||||
Property and equipment, net
|
-
|
91,123
|
-
|
-
|
91,123
|
|||||||||||||||||
Security deposit
|
-
|
8,977
|
-
|
-
|
8,977
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|||||||||||||||||
Total Long-term Assets
|
-
|
100,100
|
-
|
-
|
100,100
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|||||||||||||||||
Total Assets
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$
|
244,455
|
$
|
193,037
|
$
|
1,240,000
|
$
|
-
|
$
|
1,677,492
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||||||||||||
LIABILITIES AND STOCKHOLDERS' DEFICIT
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||||||||||||||||||||||
CURRENT LIABILITIES:
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||||||||||||||||||||||
Accounts payable
|
$
|
-
|
$
|
164,906
|
$
|
-
|
$
|
-
|
$
|
164,906
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||||||||||||
Accrued expenses
|
18,500
|
104,402
|
-
|
-
|
122,902
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|||||||||||||||||
Accrued compensation
|
-
|
511,855
|
-
|
-
|
511,855
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|||||||||||||||||
Due to related party
|
800
|
-
|
-
|
-
|
800
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|||||||||||||||||
Total Current Liabilities
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19,300
|
781,163
|
-
|
-
|
800,463
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|||||||||||||||||
LONG-TERM LIABILITIES:
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||||||||||||||||||||||
Convertible notes payable, net
|
-
|
92,917
|
-
|
-
|
92,917
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|||||||||||||||||
Total Long-term Liabilities
|
-
|
92,917
|
-
|
-
|
92,917
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|||||||||||||||||
Total Liabilities
|
19,300
|
874,080
|
-
|
-
|
893,380
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|||||||||||||||||
STOCKHOLDERS' DEFICIT:
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Preferred stock, $0.10 par value; 1,000,000 shares authorized
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||||||||||||||||||||||
none issued and outstanding
|
-
|
-
|
-
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-
|
-
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|||||||||||||||||
Common stock: $0.001 par value, 100,000,000
shares authorized; 9,106,250 shares and
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||||||||||||||||||||||
72,612,037 proforma shares issued
and outstanding at December 31, 2017
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9,106
|
-
|
-
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(1)(3)
|
66,606
|
75,712
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||||||||||||||||
Paid-in capital
|
366,659
|
-
|
(1)
|
214,116
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(2)(3)
|
23,410,413
|
23,562,956
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|||||||||||||||
Members' equity
|
-
|
22,173,513
|
(2)
|
22,173,513
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-
|
-
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||||||||||||||||
Accumulated deficit
|
(150,610
|
)
|
(22,854,556
|
)
|
-
|
(2)
|
150,610
|
(22,854,556
|
)
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|||||||||||||
Total Stockholders' Deficit
|
225,155
|
(681,043
|
)
|
22,387,629
|
23,627,629
|
784,112
|
||||||||||||||||
Total Liabilities and Stockholders' Deficit
|
$
|
244,455
|
$
|
193,037
|
$
|
22,387,629
|
$
|
23,627,629
|
$
|
1,677,492
|
WESTMOUNTAIN ALTERNATIVE ENERGY, INC.
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UNAUDITED PRO FORMA COMBINED STATEMENT OF OPERATIONS
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||||||||||||||||||||
WestMountain
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C-Bond Systems, LLC and Subsidiaries
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|||||||||||||||||||
Alternative Energy, Inc.
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For the Year
|
For the Year
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|||||||||||||||||||
Ended December 31,
|
Ended December 31,
|
Pro Forma Adjustments
|
Pro Forma
|
|||||||||||||||||
2017
|
2017
|
Dr
|
Cr.
|
Balances
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
SALES
|
$
|
-
|
$
|
405,417
|
$
|
-
|
$
|
-
|
$
|
405,417
|
||||||||||
COST OF SALES (excluding depreciation expense)
|
-
|
70,048
|
-
|
-
|
70,048
|
|||||||||||||||
GROSS PROFIT
|
-
|
335,369
|
-
|
-
|
335,369
|
|||||||||||||||
OPERATING EXPENSES
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||||||||||||||||||||
Compensation and related benefits (including stock-based compensation
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||||||||||||||||||||
of $6,772,752 and $4,365,964 at December 31, 2017 and 2016,
respectively)
|
-
|
7,852,965
|
-
|
-
|
7,852,965
|
|||||||||||||||
Research and development
|
-
|
214,112
|
-
|
-
|
214,112
|
|||||||||||||||
Professional fees
|
-
|
131,022
|
-
|
-
|
131,022
|
|||||||||||||||
General and administrative expenses
|
57,143
|
428,953
|
-
|
-
|
486,096
|
|||||||||||||||
Total Operating Expenses
|
57,143
|
8,627,052
|
-
|
-
|
8,684,195
|
|||||||||||||||
LOSS FROM OPERATIONS
|
(57,143
|
)
|
(8,291,683
|
)
|
-
|
-
|
(8,348,826
|
)
|
||||||||||||
OTHER EXPENSE:
|
||||||||||||||||||||
Interest income
|
125
|
-
|
-
|
-
|
125
|
|||||||||||||||
Interest expenses
|
-
|
(8,009
|
)
|
-
|
-
|
(8,009
|
)
|
|||||||||||||
Total Other Expense
|
125
|
(8,009
|
)
|
-
|
-
|
(7,884
|
)
|
|||||||||||||
LOSS BEFORE PROVISION FOR INCOME TAXES
|
(57,018
|
)
|
(8,299,692
|
)
|
-
|
-
|
(8,356,710
|
)
|
||||||||||||
INCOME TAXES
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
NET LOSS
|
$
|
(57,018
|
)
|
$
|
(8,299,692
|
)
|
$
|
-
|
$
|
-
|
$
|
(8,356,710
|
)
|
|||||||
NET LOSS PER COMMON SHARE:
|
||||||||||||||||||||
Net loss per common share - basic and diluted
|
$
|
(0.01
|
)
|
$
|
(0.08
|
)
|
||||||||||||||
Weighted average shares outstanding:
|
||||||||||||||||||||
Basic and diluted
|
9,106,250
|
72,612,037
|
Debit
|
Credit
|
|||||||
At December 31, 2017
|
||||||||
1) To reflect issuance of 63,505,785 common shares pursuant to the merger agreement
|
||||||||
Paid-in capital
|
$
|
63,506
|
||||||
Common stock
|
$
|
63,506
|
||||||
2) to record reclassification of the Company's accumulated deficit and C-Bond's members equity
|
||||||||
Paid-in capital
|
150,610
|
|||||||
Accumulated deficit
|
150,610
|
|||||||
Members' equity
|
22,173,513
|
|||||||
Paid-in capital
|
22,173,513
|
|||||||
3) To record issuance of 3,100,000 shares at $0.40 per share for private placement at closing
|
||||||||
Cash
|
1,240,000
|
|||||||
Common stock
|
3,10
|
|||||||
Paid-in Capital
|
1,236,900
|
|||||||