Westmountain Distressed Debt (WMDS) 10-K 5 Mar 14 2013 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2013	Jan. 15, 2014
Nature of Organization and Basis of Presentation	'	'
Document Type	'10-K	'
Entity Registrant Name	'WESTMOUNTAIN DISTRESSED DEBT INC	'
Entity Central Index Key	'0001421602	'
Document Period End Date	31-Dec-13	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'FY	'
Entity Well-known Seasoned Issuer	'No	'
Entity Voluntary Filers	'No	'
Entity Current Reporting Status	'Yes	'
Entity Public Float	'	$48,101
Entity Common Stock, Shares Outstanding	'	1,808,150

Balance_Sheets

Balance Sheets (USD $)	Dec. 31, 2013	Dec. 31, 2012
Assets	'	'
Cash	$33,659	$87,272
Prepaid expenses	510	86
Total assets	34,169	87,358
Liabilities:	'	'
Accrued liabilities, related parties	700	800
Accrued liabilities	17,367	14,217
Total liabilities	18,067	15,017
Shareholders equity:	'	'
Preferred stock, $0.10 par value; 1,000,000 shares authorized, -0- shares issued and outstanding 2013 and 2012	'	'
Common stock, $0.001 par value; 200,000,000 shares authorized, 1,808,150 shares issued and outstanding 2013 and 2012	1,808	1,808
Additional paid-in-capital	367,407	367,407
Deficit accumulated during development stage	-353,113	-296,874
Total shareholders' equity	16,102	72,341
Total liabilities and shareholders' equity	$34,169	$87,358

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Statement of Financial Position [Abstract]	'	'
Preferred stock, par value per share	$0.10	$0.10
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	'	'
Preferred stock, shares outstanding	'	'
Common stock, par value per share	$0.00	$0.00
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	1,808,150	1,808,150
Common stock, shares outstanding	1,808,150	1,808,150

Statements_of_Operations

Statements of Operations (USD $)	12 Months Ended		74 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
Operating expenses	'	'	'
Sales, general and administrative expense	$56,239	$53,909	$366,563
Total operating expenses	56,239	53,909	366,563
Net loss from operations	-56,239	-53,909	-366,563
Other income (expense)	'	'	'
Interest income	'	1	13,450
Net loss before income taxes	-56,239	-53,908	-353,113
Provision for income taxes	'	'	'
Net loss	($56,239)	($53,908)	($353,113)
Basic and diluted loss per share	($0.03)	($0.03)	'
Basic and diluted weighted average common shares outstanding	1,808,150	1,808,150	'

Statement_of_Changes_in_Shareh

Statement of Changes in Shareholders' Equity (USD $)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Oct. 17, 2007	'	'	'	'	'
Balance, shares at Oct. 17, 2007	'	'	'	'	'
November 19, 2007 common stock shares sold at $0.001 per share	'	58	232	'	290
November 19, 2007 common stock shares sold at $0.001 per share, shares	'	58,000	'	'	'
November 20, 2007 common stock shares sold at $0.01 per share	'	47	2,303	'	2,350
November 20, 2007 common stock shares sold at $0.01 per share, shares	'	47,000	'	'	'
November 28, 2007 common stock shares sold at $0.04 per share	'	1,610	318,390	'	320,000
November 28, 2007 common stock shares sold at $0.04 per share, shares	'	1,610,000	'	'	'
November 30, 2007 common stock shares sold at $0.10 per share	'	93	46,482	'	46,575
November 30, 2007 common stock shares sold at $0.10 per share, shares	'	93,150	'	'	'
Net loss	'	'	'	-29,376	-29,376
Balance at Dec. 31, 2007	'	1,808	367,407	-29,376	339,839
Balance, shares at Dec. 31, 2007	'	1,808,150	'	'	'
Net loss	'	'	'	-51,974	-51,974
Balance at Dec. 31, 2008	'	1,808	367,407	-81,350	287,865
Balance, shares at Dec. 31, 2008	'	1,808,150	'	'	'
Net loss	'	'	'	-54,190	-54,190
Balance at Dec. 31, 2009	'	1,808	367,407	-135,540	233,675
Balance, shares at Dec. 31, 2009	'	1,808,150	'	'	'
Net loss	'	'	'	-49,180	-49,180
Balance at Dec. 31, 2010	'	1,808	367,407	-184,720	184,495
Balance, shares at Dec. 31, 2010	'	1,808,150	'	'	'
Net loss	'	'	'	-58,246	-58,246
Balance at Dec. 31, 2011	'	1,808	367,407	-242,966	126,249
Balance, shares at Dec. 31, 2011	'	1,808,150	'	'	'
Net loss	'	'	'	-53,908	-53,908
Balance at Dec. 31, 2012	'	1,808	367,407	-296,874	72,341
Balance, shares at Dec. 31, 2012	'	1,808,150	'	'	'
Net loss	'	'	'	-56,239	-56,239
Balance at Dec. 31, 2013	'	$1,808	$367,407	($353,113)	$16,102
Balance, shares at Dec. 31, 2013	'	1,808,150	'	'	'

Statement_of_Changes_in_Shareh1

Statement of Changes in Shareholders' Equity (Parenthetical) (USD $)	Nov. 30, 2007	Nov. 28, 2007	Nov. 20, 2007	Nov. 19, 2007
Statement of Stockholders' Equity [Abstract]	'	'	'	'
Common stock issued for cash, price per share	$0.10	$0.04	$0.01	$0.00

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	12 Months Ended		74 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
Cash flows from operating activities:	'	'	'
Net loss	($56,239)	($53,908)	($353,113)
Adjustments to reconcile net loss to net cash used by operating activities:	'	'	'
Depreciation and asset write off	'	'	9,474
Changes in operating assets and operating liabilities	'	'	'
Prepaid expenses	-424	1,763	-510
Indebtedness to related parties and accrued liabilities	3,050	4,017	18,067
Net cash (used in) operating activities	-53,613	-48,128	-326,082
Cash flows from investing activities:	'	'	'
Purchases of property and equipment	'	'	-9,474
Net cash provided by (used in) investing activities	'	'	-9,474
Cash flows from financing activities:	'	'	'
Proceeds from sale of common stock	'	'	369,215
Net cash provided by financing activities	'	'	369,215
Net change in cash	-53,613	-48,128	33,659
Cash, beginning of period	87,272	135,400	'
Cash, end of period	$33,659	$87,272	$33,659

1_Nature_of_Organization_and_S

1 Nature of Organization and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Nature of Organization and Significant Accounting Policies	'
	1)    Nature of Organization and Summary of Significant Accounting Policies
	Nature of Organization and Basis of Presentation
	WestMountain Distressed Debt, Inc. was incorporated in the state of Colorado on October 18, 2007 and on this date approved its business plan and commenced operations.
	The Company is a development stage enterprise.  The Company’s plan is to act as an acquirer of all forms of distressed debt that are being sold at a discount to the original purchase price.
	The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.  As shown in the accompanying financial statements, the Company is a development stage company with no history of operations, limited assets, and has incurred operating losses since inception.  These factors, among others, raise substantial doubt about its ability to continue as a going concern.
	The financial statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.  The Company’s continuation as a going concern is dependent upon its ability to obtain additional operating capital, commence operations, provide competitive services, and ultimately to attain profitability.
	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.
	Loss per Common Share
	Basic loss per share excludes the impact of common stock equivalents and is determined by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. At December 31, 2013 and December 31, 2012, there were no potentially dilutive securities outstanding.
	Reverse Stock Split during the Reporting Period
	On November 22, 2010, the Company’s board of directors declared a one-for-five reverse stock split on the shares of the Company’s common stock. The Company retained the current par value of $0.001 per share for all shares of common stock. All references in the financial statements to the number of shares outstanding and per-share amounts of the Company’s common stock have been restated to reflect the effect of the reverse stock split for all periods presented.
	Stockholders’ equity reflects the stock split by reclassifying from ‘‘Additional paid-in capital’’ to ‘‘Common stock’’ an amount equal to the par value of the additional shares arising from the split.
	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.
	The Company has analyzed filing positions in all of the federal and state jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions.  The Company has identified its federal tax return and its state tax return in Colorado as “major” tax jurisdictions, as defined.  The tax years 2009-2013 remain open to examination.  We are not currently under examination by the Internal Revenue Service or any other jurisdiction.  The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material adverse effect on the Company’s financial condition, results of operations, or cash flow.  Therefore, no reserves for uncertain income tax positions have been recorded.
	Fiscal Year-end
	The Company operates on a December 31 year-end.
	Subsequent Events
	The Company has evaluated all subsequent events through the auditors’ report date, which is the date the financial statements were available for issuance.

2_Notes_Receivable

2 Notes Receivable	12 Months Ended
	Dec. 31, 2013
Receivables [Abstract]	'
2 Notes Receivable	'
	(2)  Note Receivable
	On October 19, 2010, the Company entered into a $145,000 promissory note agreement with a private company.  The aggregate amount of promissory notes issued by the private company was $600,000.  The promissory note was noninterest bearing. On November 1, 2012, the Company sold the note to a related party for gross proceeds of $145,000.

3_Income_Taxes

3 Income Taxes	12 Months Ended
	Dec. 31, 2013
Income Tax Disclosure [Abstract]	'
3 Income Taxes	'
	(3)  Income Taxes
	Income taxes consists of the following:
	Provision for taxes
	Deferred taxes consists of:
			December 31,
			2013			2012
	Deferred tax assets:
	Prepaid Expenses	$	(97	)	$	(16	)
	Net operating loss carryforwards		65,548			54,642
	Fixed Assets		30			51
	Amortizable Assets		1,384			1,540
	Total long-term deferred tax asset (liab)		66,865			56,217
	Total deferred tax assets (liabilities)		66,865			56,217
	Valuation allowance		(66,865	)		(56,217	)
	Net deferred tax assets	$	-		$	-
	The expense or benefit for income taxes differs from the amount computed by applying the U.S. federal
	income tax rate of 15% to income or loss before income taxes as follows for the years ended:
			2013			2012
	U.S. federal income tax expense\(benefit) at statutory rates	$	(8,436	)	$	(8,085	)
	State income tax expense\(benefit), net of federal impact		(2,212	)		(2,122	)
	Change in valuation allowance		10,648			10,207
		$	-		$	-

4_Stockholders_Equity

4 Stockholders Equity	12 Months Ended
	Dec. 31, 2013
Stockholders' Equity Note [Abstract]	'
Stockholders Equity	'
	(4)    Stockholders Equity
	On November 19, 20, 28, and 30, 2007 the Company sold shares of its common stock. The stock sale was made in reliance on an exemption from registration of a trade in the United States under Rule 504 and/or Section 4(6) of the Act.  The Company relied upon exemptions from registration believed to be available under federal and state securities laws in connection with the offering.
	Effective November 22, 2010, we amended our Articles of Incorporation to increase the number of authorized common shares to Two Hundred Million (200,000,000) shares from Fifty Million (50,000,000) shares. The par value of the common shares remains at $0.001 per share.
	Effective with the commencement of trading on November 22, 2010, we reverse split our Common Shares. New Common Shares were issued to shareholders in exchange for their Old Common Shares in the ratio of one New Common Share for each five Old Common Shares held, thus effecting a one-for-five reverse stock split. Fractional shares, if any, were rounded up to the next whole number. There was no change in the par value of the Common Shares. As of September 30, 2013 we had 1,808,150 shares issued and outstanding at a par value of $.001 or $1,808.

5_Related_Parties

5 Related Parties	12 Months Ended
	Dec. 31, 2013
Related Party Transactions [Abstract]	'
Related Parties	'
	(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 President, we are considering all transactions with Bohemian Companies, LLC, to be 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. The Service Agreement was scheduled to terminate on December 31, 2013 but has been extended to December 31, 2014.
	We receive invoices on a monthly basis from Bohemian Companies, LLC. This Service Agreement was originally for the term of one year, ending December 31, 2009 but was extended to December 31, 2013. Total expenses incurred with Bohemian Companies were $12,000 for each of the years ended December 31, 2013 and 2012.  As of December 31, 2013 the Company had no balance due to Bohemian Companies, LLC.
	We 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 Distressed Debt, Inc. on October 15, 2009, and is considered to be a related party. Total expenses incurred with SP were $700 and $800 for the quarters ended December 31, 2013 and 2012, respectively. For the years ended December 31, 2013 and 2012, total expenses incurred were $2,200 and $1,700, respectively. As of December 31, 2013 an accrual of $700 has been recorded for unpaid services.

1_Nature_of_Organization_and_S1

1 Nature of Organization and Summary of Significant Accounting Policies (Policy)	12 Months Ended
	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Nature of Organization and Basis of Presentation	'
	Nature of Organization and Basis of Presentation
	WestMountain Distressed Debt, Inc. was incorporated in the state of Colorado on October 18, 2007 and on this date approved its business plan and commenced operations.
	The Company is a development stage enterprise.  The Company’s plan is to act as an acquirer of all forms of distressed debt that are being sold at a discount to the original purchase price.
	The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.  As shown in the accompanying financial statements, the Company is a development stage company with no history of operations, limited assets, and has incurred operating losses since inception.  These factors, among others, raise substantial doubt about its ability to continue as a going concern.
	The financial statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.  The Company’s continuation as a going concern is dependent upon its ability to obtain additional operating capital, commence operations, provide competitive services, and ultimately to attain profitability.
Use of Estimates	'
	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.
Loss per Common Share	'
	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.
Reverse Stock Split during the Reporting Period	'
	Reverse Stock Split during the Reporting Period
	On November 22, 2010, the Company’s board of directors declared a one-for-five reverse stock split on the shares of the Company’s common stock. The Company retained the current par value of $0.001 per share for all shares of common stock. All references in the financial statements to the number of shares outstanding and per-share amounts of the Company’s common stock have been restated to reflect the effect of the reverse stock split for all periods presented.
	Stockholders’ equity reflects the stock split by reclassifying from ‘‘Additional paid-in capital’’ to ‘‘Common stock’’ an amount equal to the par value of the additional shares arising from the split.
Income Taxes	'
	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.
	The Company has analyzed filing positions in all of the federal and state jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions.  The Company has identified its federal tax return and its state tax return in Colorado as “major” tax jurisdictions, as defined.  The tax years 2009-2013 remain open to examination.  We are not currently under examination by the Internal Revenue Service or any other jurisdiction.  The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material adverse effect on the Company’s financial condition, results of operations, or cash flow.  Therefore, no reserves for uncertain income tax positions have been recorded.
Fiscal Year-end	'
	Fiscal Year-end
	The Company operates on a December 31 year-end.
Subsequent Events	'
	Subsequent Events
	The Company has evaluated all subsequent events through the auditors’ report date, which is the date the financial statements were available for issuance.

3_Income_Taxes_Tables

3 Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2013
Income Tax Disclosure [Abstract]	'
Components of deferred taxes	'
	Provision for taxes
	Deferred taxes consists of:
			December 31,
			2013			2012
	Deferred tax assets:
	Prepaid Expenses	$	(97	)	$	(16	)
	Net operating loss carryforwards		65,548			54,642
	Fixed Assets		30			51
	Amortizable Assets		1,384			1,540
	Total long-term deferred tax asset (liab)		66,865			56,217
	Total deferred tax assets (liabilities)		66,865			56,217
	Valuation allowance		(66,865	)		(56,217	)
	Net deferred tax assets	$	-		$	-
Reconcilation tax benefit	'
	The expense or benefit for income taxes differs from the amount computed by applying the U.S. federal
	income tax rate of 15% to income or loss before income taxes as follows for the years ended:
			2013			2012
	U.S. federal income tax expense\(benefit) at statutory rates	$	(8,436	)	$	(8,085	)
	State income tax expense\(benefit), net of federal impact		(2,212	)		(2,122	)
	Change in valuation allowance		10,648			10,207
		$	-		$	-

2_Notes_Receivable_Details_Nar

2 Notes Receivable (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2013	Oct. 19, 2010
Receivables [Abstract]	'	'
Promissory note	'	$145,000
Aggregate amount of promissory notes	'	600,000
Proceeds note receivable	$145,000	'

4_Stockholders_Equity_Details_

4 Stockholders Equity (Details Narrative) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Nov. 22, 2010	Dec. 31, 2007	Dec. 31, 2007	Dec. 31, 2007	Dec. 31, 2007	Nov. 22, 2010	Nov. 22, 2010
				Common Stock Issuance One [Member]	Common Stock Issuance Two [Member]	Common Stock Issuance Three [Member]	Common Stock Issuance Four [Member]	Pre Split [Member]	Post Split [Member]
Common stock shares authorized	200,000,000	200,000,000	'	'	'	'	'	50,000,000	200,000,000
Reverse stock split	'	'	'one-for-five reverse stock split	'	'	'	'	'	'
Common stock value issued	$1,808	$1,808	'	'	'	'	'	'	'
Common stock shares issued	1,808,150	1,808,150	'	'	'	'	'	'	'
Common stock shares outstanding	1,808,150	1,808,150	'	'	'	'	'	'	'
Common stock, par value per share	$0.00	$0.00	'	'	'	'	'	'	'
Issuance date	'	'	'	19-Nov-07	20-Nov-07	28-Nov-07	30-Nov-07	'	'

3_Income_Taxes_Components_of_d

3 Income Taxes - Components of deferred taxes (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Deferred tax assets:	'	'
Prepaid Expenses	($97)	($16)
Net operating loss carryforwards	65,548	54,642
Fixed Assets	30	51
Amortizable Assets	1,384	1,540
Total long-term deferred tax asset (liab)	66,865	56,217
Valuation allowance	-66,865	-56,217
Net deferred tax assets	'	'

3_Income_Taxes_Reconcilation_t

3 Income Taxes - Reconcilation tax benefit (Details) (USD $)	12 Months Ended		74 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
Income Tax Disclosure [Abstract]	'	'	'
U.S. Federal income tax rate (as a percent)	35.00%	35.00%	'
The expense or benefit for income taxes differs from the amount computed by applying the U.S. federal income tax rate of 15% to income or loss before income taxes as follows for the years ended:	'	'	'
U.S. federal income tax expense\(benefit) at statutory rates	($8,436)	($8,085)	'
State income tax expense\(benefit), net of federal impact	-2,212	-2,122	'
Change in valuation allowance	10,648	10,207	'
(Benefit) provision for income taxes	'	'	'

5_Related_Parties_Details

5 Related Parties (Details) (USD $)	3 Months Ended		12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Related Party Transaction [Line Items]	'	'	'	'
Accrued liabilities, related parties	$700	$800	$700	$800
Officer [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Amount of related party transaction	700	800	2,200	1,700
Accrued liabilities, related parties	700	'	700	'
President [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Amount of related party transaction	'	'	12,000	12,000
Accrued liabilities, related parties	$0	'	$0	'