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Related Parties
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6 Months Ended |
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Jun. 30, 2013
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| Related Party Transactions [Abstract] | |
| Related Parties |
(2) 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 and BOCO Investments, LLC, to be related party transactions.
We will receive invoices on a monthly basis from Bohemian Companies, LLC. This Service Agreement was for the term of one year, ending December 31, 2009 but was extended to December 31, 2013. Total expenses incurred with Bohemian Companies were $3,000 for each of the quarters ended June 30, 2013 and 2012 and $6,000 for each of the six months ended June 30, 2013 and 2012. As of June 30, 2013 the Company had no balance due to Bohemian Companies, LLC.
We earn management fees based on the size of the funds managed, and incentive income based on the performance of the funds. For the three months ended June 30, 2013 and 2012, we recorded $19,500 and $26,250, respectively in revenue for management fees charged to EastMountain Alternative Energy, LLC, a related party through its ownership interest in WestMountain Green, LLC. For the six months ended June 30, 2013 and 2012, we recorded $38,913 and $52,500, respectively in management fee revenue. As of June 30, 2013, we recorded $19,500 as an account receivable that represents second 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. Total expenses incurred with SP were $500 and $400 for the quarters ended June 30, 2013 and 2012, respectively. For the six months ended June 30, 2013 and 2012, total expenses incurred were $1,000 and $800, respectively. As of June 30, 2013 an accrual of $500 has been recorded for unpaid services.
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