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Related Parties
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12 Months Ended |
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Dec. 31, 2011
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| Notes to Financial Statements | |
| Note 5 - Related Parties |
Bohemian Companies, LLC and BOCO Investments, LLC are two companies under common control. Mr. Klemsz, our President, has been the Chief Investment Officer of BOCO Investments, LLC since March 2007. Since there is common control between the two companies and a relationship with our Company President, we are considering all transactions with Bohemian Companies, LLC, related party transactions.
On January 1, 2008, we entered into a Service Agreement with Bohemian Companies, LLC to provide us with certain defined services. These services include financial, bookkeeping, accounting, legal and tax matters, as well as cash management, custody of assets, preparation of financial documents, including tax returns and checks, and coordination of professional service providers as may be necessary to carry out the matters covered by the Service Agreement. We compensate Bohemian Companies, LLC by reimbursing this entity for the allocable portion of the direct and indirect costs of each employee of Bohemian Companies, LLC that performs services on our behalf. We receive monthly invoices from Bohemian Companies, LLC. This Service Agreement is for the term of one year, ending December 31, 2011, which has been extended to December 31, 2012. Total expenses incurred with Bohemian Companies were $12,000 for the years ended December 31, 2011 and 2010. As of December 31, 2011 the Company did not have a balance due to Bohemian Companies, LLC.
For the year ended December 31, 2011 we recorded $105,000 in revenue for management fees charged to EastMountain Alternative Energy, LLC, a related party through its ownership interest in WestMountain Green, LLC. We earn management fees based on the amount of funds managed, and incentive income based on the performance of the funds. As of December 31, 2011 we recorded $26,250 as an accounts receivable that represents the fourth quarter management fees that are due to us from EastMountain Alternative Energy, LLC.
The Company entered into an agreement with SP Business Solutions (“SP”) to provide accounting and related services for the Company. The owner, Joni Troska, was appointed Secretary of WestMountain Alternative Energy, Inc on March 19, 2010, and is considered to be a related party. Fees are charged and paid on a quarterly basis. As of December 31, 2011 an accrual of $400 has been recorded for unpaid services. |