InventaBioTech 10-Q 2010 Q1 Quarterly report

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the Quarterly period ended  March 31, 2010

[] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

     SECURITIES EXCHANGE ACT OF 1934

Commission File No. 0-53030

WESTMOUNTAIN ASSET MANAGEMENT, INC.

(Exact Name of Issuer as specified in its charter)

Colorado	26-1315305
(State or other jurisdiction	(IRS Employer File Number)
of incorporation)
123 North College Avenue, Ste 200
Fort Collins, Colorado	80524
(Address of principal executive offices)	(zip code)

(970) 212-4770

 (Registrant's telephone number, including area code)

Indicate by check mark whether the registrant: (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 [X]  No [ ]

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 []  No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “small reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer []	Accelerated filer []
Non-accelerated filer   [] (Do not check if a smaller reporting company)	Smaller reporting company  [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes []    No [X]

The number of shares outstanding of the registrant's common stock, as of the latest practicable date, May 11, 2010, was 9,061,750.

FORM 10-Q

WestMountain Asset Management, Inc.

TABLE OF CONTENTS

PART I  FINANCIAL INFORMATION	Page
Item 1. Financial Statements
Consolidated Balance Sheets at March 31, 2010 (Unaudited) and December 31, 2009	3
Consolidated Statements of Operations (Unaudited) for the three months ended March 31, 2010 and 2009, and for the period October 18, 2007 (inception) through March 31, 2010	4
Consolidated Statement of Changes in Shareholders’ Equity (Unaudited) for the period October 18, 2007 (inception) through March 31, 2010	5
Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2010 and 2009 and for the period October 18, 2007 (inception) through March 31, 2010	6
Notes to the Consolidated Financial Statements	7
Item 2. Management’s Discussion and Analysis and Plan of Operation	14
Item 3. Quantitative and Qualitative Disclosures About Market Risk	17
Item 4. Controls and Procedures	17
Item 4T. Controls and Procedures	17
PART II  OTHER INFORMATION
Item 1. Legal Proceedings	17
Item 1A. Risk Factors	17
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	22
Item 3. Defaults Upon Senior Securities	22
Item 4. Submission of Matters to a Vote of Security Holders	22
Item 5. Other Information	22
Item 6. Exhibits	23
Signatures	23

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PART I  FINANCIAL INFORMATION

For purposes of this report, unless otherwise indicated or the context otherwise requires, all references herein to “WestMountain Asset Management,” “we,” “us,” and “our,” refer to WestMountain Asset Management, Inc, a Colorado corporation, and our wholly-owned subsidiaries WestMountain Business Consulting, Inc., WestMountain Valuation Services, Inc., and WestMountain Allocation Analysis, Inc.

ITEM 1.  FINANCIAL STATEMENTS

WestMountain Asset Management, Inc.

(A Development Stage Company)

Consolidated Balance Sheets

	March 31,		December 31,
Assets	2010		2009
	(Unaudited)
Cash and cash equivalents  (note 1 and note 9)	$	71,384	$	70,328
Certificates of deposit  (note 2)		203,944		203,667
Accounts receivable, related parties  (note 7)		22,425		30,436
Prepaid expenses		5,357		3,433
Computers, net  (note 3 )		6,265		6,039
Intangibles, net  (note 4 )		10,807		12,589
Investment, at fair value  (note 1 note 9  note 10  note 11)		18,035,975		20,485,282
Deferred tax asset, net  (note 5)		11,367		12,676
Deposit  (note 10)		70,155		70,155
Total assets	$	18,437,679	$	20,894,605
Liabilities and Shareholders' Equity
Liabilities:
Accounts payable	$	15,535	$	-
Income tax payable  (note 5)		13,540		19,023
Note payable, related parties  (note 7)		150,000		150,000
Interest payable, related parties�� (note 7)		8,137		4,438
Accrued liabilities		3,100		11,650
Accrued liabilities, related parties  (note 7)		3,800		800
Deferred tax liability  (note 5)		6,725,755		7,725,296
Total liabilities		6,919,867		7,911,207
Shareholders' Equity:  (note 6)
Preferred stock, $.10 par value; 1,000,000 shares authorized,		-		-
-0- shares issued and outstanding for 2010 and 2009
Common stock, $.001 par value; 50,000,000 shares authorized,		9,062		9,062
9,061,750 shares issued and outstanding for 2010 and 2009
Additional paid-in-capital		362,253		362,253
Retained earnings accumulated during development stage		104,393		45,730
Other comprehensive income, net  (note 11)		11,042,104		12,566,353
Total shareholders' equity		11,517,812		12,983,398
Total liabilities and shareholders' equity	$	18,437,679	$	20,894,605

The accompanying notes are an integral part of these consolidated financial statements.

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WestMountain Asset Management, Inc.

(A Development Stage Company)

Consolidated Statements of Operations

For the quarters ended March 31, 2010 and 2009 and for the

period October 18, 2007 (inception) through March 31, 2010

(Unaudited)

							October 18, 2007
							(Inception)
	For the quarters ended March 31,						Through  March 31,
	2010			2009			2010
Revenue:  (note 1 and note 7)
Advisory/consulting fees, related parties	$	82,482		$	-		$	116,267
Management fees, related parties		22,425			30,559			251,757
Total revenue		104,907			30,559			368,024
Operating expenses:  (note 8)
Sales, general and administrative expenses		26,980			10,883			183,108
Total sales, general and administraive expenses		26,980			10,883			183,108
Net income from operations		77,927			19,676			184,916
Other income/(expense)					-
Interest income		281			1,039			12,700
Interest expense		(3,699	)		(2,219	)		(15,338	)
Loss on investment		-			-			(50,000	)
Total other income/(expense)		(3,418	)		(1,180	)		(52,638	)
Net income before income taxes		74,509			18,496			132,278
Provision for income taxes  (note 5)		15,846			3,234			27,885
Net income	$	58,663		$	15,262		$	104,393
Basic and diluted income per share	$	0.01		$	0.00
Basic and diluted weighted average common
shares outstanding		9,061,750			9,061,750

The accompanying notes are an integral part of these consolidated financial statements.

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WestMountain Asset Management, Inc.

(A Development Stage Company)

Consolidated Statement of Changes in Shareholders' Equity

For the period October 18, 2007 (inception) through March 31, 2010

(Unaudited)

											Retained Earnings/Deficit
											Accumulated
	Preferred Stock				Common Stock				Additional		During			Unrealized
			Par				Par		Paid-in		Development			Holdings
	Shares		Value		Shares		Value		Capital		Stage			Gains/Losses			Total
Balance at October 18, 2007		-	$	-		-	$	-	$	-	$	-		$	-		$	-
November 19, 2007 common stock shares sold
at $0.001 per share		-		-		290,000		290		-		-			-			290
November 20, 2007 common stock shares sold
at $0.01 per share		-		-		235,000		235		2,115		-			-			2,350
November 28, 2007 common stock shares sold
at $0.04 per share		-		-		8,050,000		8,050		311,950		-			-			320,000
November 30, 2007 common stock shares sold
at $0.10 per share		-		-		486,750		487		48,188		-			-			48,675
Net loss, October 18, 2007 (inception) through
December 31, 2007		-		-		-		-		-		(29,460	)		-			(29,460	)
Balance at December 31, 2007		-		-		9,061,750		9,062		362,253		(29,460	)		-			341,855
Net income, for the year ended
December 31, 2008		-		-		-		-		-		916			-			916
Balance at December 31, 2008		-		-		9,061,750		9,062		362,253		(28,544	)		-			342,771
Other comprehensive income for the year
ended December 31,2009		-		-		-		-		-		-			12,566,353			12,566,353
Net income, for the year ended
December 31, 2009		-		-		-		-		-		74,274			-			74,274
Balance at December 31, 2009		-		-		9,061,750		9,062		362,253		45,730			12,566,353			12,983,398
Other comprehensive income for quarter
ended March 31, 2010		-		-		-		-		-		-			(1,524,249	)		(1,524,249	)
Net income, for the quarter ended
March 31, 2010		-		-		-		-		-		58,663			-			58,663
Balance at March 31, 2010		-	$	-		9,061,750	$	9,062	$	362,253	$	104,393		$	11,042,104		$	11,517,812

The accompanying notes are an integral part of these consolidated financial statements.

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WestMountain Asset Management, Inc.

(A Development Stage Company)

Consolidated Statements of Cash Flows

For the quarters ended March 31, 2010 and 2010 and for the

period October 18, 2007 (inception) through March 31, 2010

(Unaudited)

	For the quarters ended March 31,						October 18, 2007 (Inception) Through March 31,
	2010			2009			2010
Cash flows from operating activities:
Net income	$	58,663		$	15,262		$	104,393
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation and amortization  (note 3  note 4)		3,348			1,112			12,834
Loss on investments		-			-			50,000
Stock received for advisory services		(72,483	)		-			(106,268	)
Changes in operating assets and operating liabilities:
Prepaid expenses		(1,924	)		(1,698	)		(5,357	)
Accounts receivable, related parties  (note 1 and note 7)		8,011			(846	)		(22,425	)
Deposits  (note 10)		-			-			(70,155	)
Accounts payable and accrued liabilities		13,684			3,922			30,572
Income tax payable  (note 5)		(4,174	)		(2,066	)		2,173
Net cash provided by operating activities		5,125			15,686			(4,233	)
Cash flows from investing activities:
Payments for computers and intangibles  (note 3  note 4)		(1,792	)		-			(29,906	)
Payments for and proceeds from certificates of deposit  (note 2)		(277	)		100,345			(203,944	)
Payments for investments  (note 1 and note 10)		(2,000	)		-			(161,848	)
Net cash (used in) provided by investing activities		(4,069	)		100,345			(395,698	)
Cash flows from financing activities:
Proceeds from sale of common stock  (note 6)		-			-			371,315
Payments for notes payable, related parties  (note 7)		-						(75,000	)
Proceeds from notes payable, related parties  (note 7)		-			-			175,000
Net cash provided by financing activities		-			-			471,315
Net change in cash		1,056			116,031			71,384
Cash and cash equivalents, beginning of period		70,328			215,975			-
Cash and cash equivalents, end of period	$	71,384		$	332,006		$	71,384
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Income tax	$	20,000		$	5,300		$	25,300
Interest	$	-		$	-		$	-
Non cash investing activities
Unrealized gains/losses on investments charged to
other comprehensive income	$	(1,524,249	)	$	-		$	11,042,104
Deferred income taxes charged to other comprehensive income	$	(999,541	)	$	-		$	6,725,755

The accompanying notes are an integral part of these consolidated financial statements.

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WestMountain Asset Management, Inc.

(A Development Stage Company)

Notes to Consolidated Financial Statements

(1)    Nature of Organization and Summary of Significant Accounting Policies

Nature of Organization and Basis of Presentation

WestMountain Asset Management, 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 in accordance with AFC 915 “Accounting and Reporting by Development Stage Enterprises" formerly SFAS No. 7.  The Company’s plan is to act as an investment asset manager by raising, investing and managing private equity and direct investment funds for third parties including high net worth individuals and institutions.

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 March 31, 2010 and December 31, 2009, 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 quarters ended March 31, 2010 and 2009, the company did not record any allowance against our accounts receivable balance.

Revenue

The Company generates revenue by 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.

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

On January 1, 2008, the Company adopted ASC 820 Fair Value Measures, formerly SFAS 157.  ASC 820 defines fair value, establishes a framework for measuring fair value and enhances disclosures about fair value measures required under other accounting pronouncements, but does not change existing guidance as to whether or not an instrument is carried at fair value. The Company’s estimates of fair value for financial assets and financial liabilities are based on the framework established in SFAS 157. The framework is based on the inputs used in valuation and gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the valuations when available. The disclosure of fair value estimates in the ASC 820 hierarchy is based on whether the significant inputs into the valuation are obse rvable. In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs that reflect the Company’s significant market assumptions. The three levels of the hierarchy are as follows: The Company’s assets measured at fair value on a recurring basis subject to the disclosure requirements of ASC 820 at December 31, 2008, were as follows:

Level 1: Unadjusted quoted market prices for identical assets or liabilities in active markets that the Company has the ability to access.

Level 2: Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in inactive markets; or valuations based on models where the significant inputs are observable (e.g., interest rates, yield curves, default rates, etc.) or can be corroborated by observable market data.

Level 3: Valuations based on models where significant inputs are not observable. The unobservable inputs reflect the Company’s own assumptions about the assumptions that market participants would use. 

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WestMountain Asset Management, Inc.

(A Development Stage Company)

Notes to Consolidated Financial Statements

The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The carrying amounts of financial assets require to be measured at fair value on a recurring basis including our major assets that approximates fair value as determined by using the future expected net cash flows on the sale of the investments. The valuations of the majority of the assets are considered Level 1 fair value measures under ASC 820.

We adopted the remaining provisions of ASC-820 for non-financial assets and liabilities beginning January 1, 2009.  Financial Accounting Standards Board (“FASB”) Staff Position (“FSP”) FAS 157-2 deferred the effective date of ASC-820 for one year relative to nonfinancial assets and liabilities that are measured at fair value, but are recognized or disclosed at fair value on a nonrecurring basis.  This deferral applied to such items as indefinite-lived intangible assets and nonfinancial long-lived asset groups measured at fair value for impairment assessments.  The adoption of the remaining provisions of ASC-820 did not have a material impact on our consolidated results of operations or financial condition.

The following methods and assumptions were used to estimate the fair value of each class of financial instruments:

1.   Cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities:  The carrying amounts approximate fair value because of the short maturity of these instruments.

2.   Investments:  Available-for-sale securities are recorded at fair value.  Unrealized holding gains and losses on available-for-sale securities are excluded from earnings and are reported as a separate component of other comprehensive income (loss) until realized.  Realized gains and losses from the sale of available-for-sale securities are determined on a specific identification basis.

A decline in the market value of any available-for-sale security below cost that is deemed to be other than temporary results in a reduction in carrying amount to fair value.  The impairment is charged to earnings and a new cost basis for the security is established.  Premiums and discounts are amortized or accreted over the life of the related available-for-sale security as an adjustment to yield using the effective interest method.  Dividend and interest income are recognized when earned.

Available-for-sale securities are accounted for on a specific identification basis.  As of March 31, 2010, we held available-for-sale securities with an aggregate fair value of $18,035,975, including $17,767,859 of net unrealized gains recorded in accumulated other comprehensive income.  As of March 31, 2010, all of our available-for-sale securities were invested in publically traded equity holdings.  Available-for-sale securities were classified as current based on the percentage of the equity controlled by the Company as well as our intended use the assets.  (See Note 9 for details of available for sale investments).

3.   Note payable to related parties:  The carrying value of our debt is presented as the face amount of the note.

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2010

	Quoted Prices in	Significant
	Active Markets for	Other	Significant
	Identical Assets and	Observable	Unobservable	Balance as of
	Liabilities	Inputs	Inputs	March 31,
Description	(Level 1)	(Level 2)	(Level 3)	2010
Assets:
Available-for-sale
securities	$       18,035,975	$              -	$              -	$      18,035,975

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WestMountain Asset Management, Inc.

(A Development Stage Company)

Notes to Consolidated Financial Statements

(2)   Certificates of Deposit

The company has made it a policy to invest funds over and above the operating expenses in certificates of deposit.  The terms on the certificates have ranged from three to six months.  In June 2008 we switch from Bank B to Bank C.  Currently we have deposit accounts set up in Bank A and Bank C.  Each of the balances is covered through the banks’ FDIC insurance.

As of March 31, 2010 the Certificates of deposit are as follows:

	Principal	Interest	Maturity	Interest
	Balance	Earned	Date	Rate
Bank A	101,756	113	Apr-10	0.55%
Bank C	102,188	164	Jul-10	0.50%

(3)   Computers

The Company currently has three computers that are being depreciated over three years.  One computer was place in service in 2008 in the amount of $4,800.  An additional computer was purchased in October 2009 in the amount of $3,738.  The last computer was purchased in February 2010 in the amount of $935. Depreciation for the quarters ended March 31, 2010 and 2009 was $763 and $400 respectively.

 (4)  Intangibles

The Company purchased a software program in 2007 in the amount of $8,550.  In 2009, additional purchases were made to upgrade the software program in the amount of $402.  The software and upgrades are amortized over three years.  In the third and fourth quarters of 2009 the Company implemented a website.   Total costs recorded for the year ended December 31, 2009 was $10,622.  In March 2010 we had additional work done on the website in the amount of $858.  We amortize the website costs over a three year period of time.  Amortization costs for the quarter ended March 31, 2010 and 2009 were $2,584 and $712 respectively.

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WestMountain Asset Management, Inc.

(A Development Stage Company)

Notes to Consolidated Financial Statements

(5)   Income Taxes

	March 31,			December 31,
	2010			2009
Net income(loss) before income taxes	$	74,510		$	80,621
Current payable		15,495			19,023
Deferred income tax/(benefit)		352			(12,676	)
Adjustment of beginning of period valuation
allowance for deferred tax assets		-			-
Income tax expense, net, reported in the
accompanying statement of operations	$	15,847		$	6,347
Deferred income taxes reflect the net tax effects of temporary differences between
the carrying amounts of assets and liabilities for financial reporting purposes and
the amounts used for income tax purposes. The deferred tax asset increased by
$(1,309) and $12,676 for the quarter ended March 31, 2010 and the year
ended December 31, 2009. As of March 31, 2010 and December 31, 2009, the
components of the net deferred tax assets/(liabilities) are as follows:
	March 31,			December 31,
		2010			2009
Net operating loss carry forwards	$	-		$	-
Depreciation/amortization of other		11,367			12,676
Total		11,367			12,676
Valuation allowance		-			-
Net deferred income taxes	$	11,367		$	12,676
Net deferred tax liability	$	6,725,755		$	7,725,296
A reconciliation of the US statutory federal income tax rate to the effective tax rate
is as follows:
	March 31,			December 31,
		2010			2009
US statutory federal rate		17.72	%		19.16	%
State income tax rate, net of federal benefit		3.81	%		3.74	%
Change in valuation allowance		0.00	%		0.00	%
Effective tax rate		21,53	%		22.90	%

 (6)    Stockholders Equity

On November 19, 2007 the Company sold 290,000 shares of its common stock for $290 or $0.001 per share.

On November 20, 2007 the Company sold 235,000 shares of its common stock for $2,350 or $0.01 per share.

On November 28, 2007 the Company sold 8,050,000 shares of its common stock to WestMountain Blue, LLC, an affiliate, for a cash price of $320,000 or $0.04 per share.  The stock transaction made WestMountain Blue, LLC the Company’s majority shareholder.

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WestMountain Asset Management, Inc.

(A Development Stage Company)

Notes to Consolidated Financial Statements

On November 30, 2007 the Company sold 486,750 shares of its common stock for $48,675 or $0.10 per share.  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 by it to be available under federal and state securities laws in connection with the offering.

A total of 9,061,750 shares were issued for a total cash price of $371,315.  As of December 31, 2007, the common stock issued and outstanding at par is $9,062 or $0.001 per share.  The amount over and above the $0.001 par value per share is recorded in the additional paid-in capital account in the amount of $362,253.

There were no changes in common stock and additional paid in capital for the quarters ended March 31, 2010 and 2009.

(7)    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, 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 invoices not less than quarterly from Bohemian Companies, LLC. This Service Agreement matures on December 31, 2010.  Total expenses incurred wi th Bohemian Companies were $3,000 each for the quarters ending March 31, 2010 and 2009.  As of March 31, 2010 the Company had a balance due to Bohemian Companies, LLC of $3,000.

For the quarters ended March 31, 2010 and 2009 the Company recorded $22,425 and $30,559 in revenue for management fees charged to WestMountain Prime, LLC, a related party.  For the period October 18, 2007 (inception) through March 31, 2010 the Company recorded $251,757 in management fees.  The Company earns management fees based on the size of the funds managed, and incentive income based on the performance of the funds.

For the quarters ended March 31, 2010 and 2009 the Company recorded $82,482 and $-0-, respectively, in revenue for advisory fees charged to Accredited Members, Inc. “AMI”, formerly Across America Real Estate Exchange, Inc., a related party.  For the period October 18, 2007 (inception) through March 31, 2010 the Company recorded a total of $116,267 in advisory fees. 

As of March 31, 2010 the Company recorded $22,425 as an accounts receivable.  As of March 31, 2009, $30,559 was recorded as an accounts receivable.  The accounts receivable balance, for both years, represent first quarter management fees that were due from WestMountain Prime, LLC. Both amounts were paid off in the following respective second quarters.

On October 15, 2008, the Company signed a promissory note in the amount of $75,000 from BOCO Investments, Inc.  The interest rate on the note was 12%.  All principal and interest of this note was paid in full in 2009. On September 15, 2009 the Company signed a promissory note with BOCO Investments, Inc. (BOCO), a related party, in the amount of $150,000.  The note matured in March 2010 and has been extended to March 2011.  This note carries an interest rate of 10%.  As of March 31, 2010 the full amount of the note and related accrued interest, in the amount of $8,137, is outstanding.

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WestMountain Asset Management, Inc.

(A Development Stage Company)

Notes to Consolidated Financial Statements

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 Asset Management, Inc on March 19, 2010, and is considered to be a related party.  As of March 31, 2010 an accrual of $800 has been recorded for unpaid services.

In December 2009 the Company formed three new companies, WestMountain Business Consulting, Inc., WestMountain Allocation Analytics, Inc. and WestMountain Valuation Services, Inc. that are included in our consolidated financial statements. We transferred $2,000 into each checking account in December 2009.  As of March 31, 2010, no other activity has been recorded.

On February 23, 2010 Across America Real Estate Exchange, Inc. issued common stock, at a par value of $0.001, to David Wagner and Associates, and to Joni Troska, both unrelated parties to it,  and WestMountain Asset Management, Inc. all at a value of $0.22 per share for past services. On February 24, 2010, Across America Real Estate Exchange, Inc. merged its subsidiary with Accredited Members, Inc. at an effective exchange rate of approximately $0.22 per share.

(8)    Operating Expenses

The total administrative expense recorded on the financials for the period October 18, 2007 through March 31, 2010 was $183,108.  As of March 31, 2010 and 2009 operating expenses are $26,980 and $10,883 respectively.  The increase from quarter to quarter is related to professional and legal fees charged to the Company for the Company DTC registration.

(9)  Concentration of Credit Risk

Cash

The Company has concentrated its credit risk for cash by maintaining deposits in financial institutions, which may at times exceed the amounts covered by insurance provided by the United States Federal Deposit Insurance Corporation ("FDIC"). As of March 31, 2010 the Company has no risk for the excess of the deposit liabilities reported by the financial institution over the amount that would have been covered by FDIC. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk to cash.

Investments

The Company’s investment in Omni Bio Pharmaceutical, Inc. currently makes up approximately 96% of the Company’s assets as of March 31, 2010.  The investment in Omni Bio Pharmaceutical, Inc. consists of the original cost, exercise of the options from GDBA Investments, Inc. and the valuation of the investment that is based on the quoted market price as of March 31, 2010.  Since the Company bases this investment on market price, the amount reflected on the balance sheet will change based on the market price on the date of the balance sheet.

(10)    Investments and Deposits

The Company invested in two companies in the fourth quarter of 2008. The investments are Marine Exploration and Omni Bio Pharmaceutical, Inc. (OMNI, formerly Across America Financial Services, Inc.  In February 2010 the Company paid $2,000 for 200,000 warrants of Accredited Members, Inc. (AMI, formerly Across America Real Estate Exchange, Inc.)  

In 2008 the Company owned more than 20% of Marine Exploration. The Company recorded this long-term investment using the equity method of accounting for investments.  Any net income or net loss must be recorded against the Company’s investment, not to exceed the original investment of $50,000. Marine Exploration lost significantly more that $50,000 in 2008.  This loss was significantly over and above the Company’s percentage ownership of the loss. In 2008, the Company recorded the loss at the amount of the total investment, or $50,000. We currently own 175,000,000 shares of common stock that represents 18.9% of the total outstanding shares.  

In the year 2008 the Company’s other investment was in Omni, formerly Across America Financial Services, Inc., that is recorded at the cost of the original investment plus the exercise price of the option from GDBA Investments, Inc. Our ownership in Omni continues to be less than 20%.  The original cost of $6,072, is a noncash transaction that represents the fair value of services performed by the Company in exchange for shares of common stock of Omni.  In 2009 an additional noncash transaction in the amount of $27,713 was recorded as part of the investment.  This cost represents the fair value of services performed by the Company in exchange for shares of common stock of Omni.   As of March 31, 2010 the fair value of Omni stock was $10.10.  The Company booked an unrealized loss of $ 3.2M based on the change in the market value from December 31, 2009 $12.00, and March 31, 2010, $10.10. On March 31, 2009, Financial Services merged with Omni Bio Pharmaceutical, Inc.

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WestMountain Asset Management, Inc.

(A Development Stage Company)

Notes to Consolidated Financial Statements

A deposit of $35,078 was paid to GDBA Investments, LLC in the 4th quarter of 2008 for an option to purchase 1,169,250 shares of common stock in Across America Financial Services for $122,771 or $0.105 per share. The option may be exercised beginning 91 days after the date GDBA Investments, LLC ceases to be an affiliate of the Company and continues to be exercisable for 180 days thereafter.  In October 2009 the option was exercised and is included as part of the Company’s investment in Omni.

A deposit of $35,077 was paid to GDBA Investments, LLC in the 4th quarter of 2008 for an option to purchase 1,169,250 shares of common stock in Across America Real Estate Exchange for $122,771.25 or $0.105 per share.  The option may be exercised beginning 91 days after the date GDBA Investments, LLC ceases to be an affiliate of the Company and continues to be exercisable for 180 days thereafter.  This option was extended for an additional year. A payment of $35,077 was made in October 2009 for this extension. 1,169,250 shares represent 64.6% ownership in Across America Real Estate Exchange.  On February 24, 2010 Across America Real Estate Exchange merged with AMI. In addition, the Company received 329,463 shares at a cost of $0.22 per share or $72,482 as part of the investment. This cost represents the value of se rvices performed by the Company in exchange for shares of common stock of AMI. In March 2010, after the merger, the Company paid $2,000 for 200,000 warrants of AMI.  As of March 31, 2010, the fair value of AMI stock was $1.50.  The Company booked an unrealized gain of $719K based on the $1.50 fair value amount of AMI stock.

(11)  Comprehensive Income

Comprehensive income (loss) is comprised of net income (loss) and other comprehensive income (loss).  Other comprehensive income (loss) includes an unrealized gain of marketable equity securities.  The details of comprehensive income are as follows:

	For the quarter ended		For the year ended
	March 31,		December 31,
	2010		2009
Net Income, as reported	$	58,663	$	74,274
Other Comprehensive Income(loss):
Unrealized gain of marketable equity securities		11,042,104		12,566,353
Comprehensive Income	$	11,100,767	$	12,640,627

(12)    Subsequent Events

As of May 12, 2010 the market price of Omni is $10.01 per share, a decrease of $0.09 from $10.10 as of March 31, 2010. The market price for AMI is $2.00 per share for an increase of $0.50 from $1.50 as of March 31, 2010.  Based on this net change in market price, the value of the investments would increase by 111,091.

As of March 31, 2010, there were no other reportable subsequent events that were noted.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION

The following discussion of our financial condition and results of operations should be read in conjunction with, and is qualified in its entirety by, the consolidated financial statements and notes thereto included in, Item 1 in this Quarterly Report on Form 10-Q.  This item contains forward-looking statements that involve risks and uncertainties.  Actual results may differ materially from those indicated in such forward-looking statements.

Forward-Looking Statements

This Quarterly Report on Form 10-Q and the documents incorporated herein by reference contain forward-looking statements. Such forward-looking statements are based on current expectations, estimates, and projections about our industry, management beliefs, and certain assumptions made by our management.  Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words, and similar expressions are intended to identify such forward-looking statements.  These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict; therefore, actual results may differ materially from those expressed or forecasted in any such forward-looking statements.  Unless required by law, we undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.  However, readers should carefully review the risk factors set forth herein and in other reports and documents that we file from time to time with the Securities and Exchange Commission, particularly Annual Reports on Form 10-K, Quarterly reports on Form 10-Q and any Current Reports on Form 8-K.

General

We act as an investment asset manager by raising, investing and managing private equity and direct investment funds for third parties including high net worth individuals and institutions. We are currently generating revenues. As is the industry practice, we earn management fees based on the size of the funds that we manage and incentive income based on the performance of these funds. We do not focus on any particular industry but will look at any and all opportunities. We will screen investments with emphasis towards finding opportunities with long term potential.

To date, we have never had any discussions with any possible acquisition candidate nor have we any intention of doing so.

Our principal business address is 123 North College Avenue, Suite 200, Fort Collins, Colorado 80524. We operate out of one office in Colorado. We have no specific plans at this point for additional offices.  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 will 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 who performs services on our behalf. We will receive invoices not less than quarterly from Bohemian Companies, LLC. This Service Agreement matures on December 31, 2010.  Total expenses incurred with Bohemian Companies were $3,000 for the quarter ending March 31, 2010.  As of March 31, 2010 the Company had a balance due to Bohemian Companies, LLC of $3,000.

We have not been subject to any bankruptcy, receivership or similar proceeding.

Results of Operations

The following discussion involves our results of operations for the quarter ended March 31, 2010 and 2009.  For the quarter ended March 31, 2010 we had revenues of $104,907 compared to $30,559 for the quarter ended March 31, 2009.  Our revenues are associated with advisory services and fees.

Operating expenses, consisting primarily of selling, general and administrative costs were $26,980 for the quarter ended March 31, 2010, compared to $10,883 for the quarter ended March 31, 2009.  The increase from quarter to quarter is related to professional and legal fees charged to the Company for the Company DTC registration. We do not anticipate these professional fees to be as significant in the future. However we believe that our selling, general and administrative costs will increase as we grow our business activities going forward.

We had net income of $58,663 for the quarter ended March 31, 2010, compared to net income of $15,262 for the quarter ended March 31, 2009.  For the period October 18, 2007 (inception) through March 31, 2010 net income was $104,393.

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Liquidity and Capital Resources

Our cash or cash equivalents on March 31, 2010 were $71,384, compared to cash or cash equivalents on December 31, 2009 of $70,328.

Cash flows provided by operating activities were $5,125 for the three months ended March 31, 2010, compared to $15,686 for the three months ended March 31, 2009.  Most of the variance was due to an increase in net income, the recording of non-cash transactions in the amount of $72,483 and due to the Company recording a net income, we paid an estimated tax payment of $20,000 during the quarter ended March 31, 2010.  Cash flows used in operating activities from inception through March 31, 2010 was $4,233.

Net cash used in investing activities was $4,069 for the three months ended March 31, 2010, compared to net cash provided by investing activities of $100,345 for the three months ended March 31, 2009. During the quarter ended March 31, 2009 the Company had a certificate of deposit mature that was considered a cash equivalent at the time and was converted to a short-term certificate of deposit going forward.  From our inception through March 31, 2010 our net cash used in investing activities was $395,698

Cash flows provided by financing activities were $-0- for the three months ended March 31, 2010 and March 31, 2009. We had $471,315 from our inception on October 18, 2007 through March 31, 2010. There was $371,315 related to sales of stock and the remaining $100,000 was a net increase in notes payable due to a related party.

Over the next twelve months we do not expect any material capital costs for our operations. We plan to buy office equipment to be used in our operations.

Because we do not pay salaries, and our major professional fees have been paid for the year, operating expenses are expected to remain fairly constant.

                   Currently, we believe that we have sufficient capital to implement our business operations or to sustain them at our present level indefinitely. To date, we have never had any discussions with any possible acquisition candidate nor have we any intention of doing so.

                    We operate out of one office in Colorado. We have no specific plans at this point for additional offices.   

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements with any party.

Critical Accounting Policies

 Our discussion and analysis of results of operations and financial condition are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We evaluate our estimates on an ongoing basis, including those related to provisions for uncollectible accounts receivable, inventories, valuation of intangible assets and contingencies and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

 We adopted ASC 105 – “Statement of Financial Accounting”, formerly FASB 168, which were changes issued by Financial Accounting Standards Board ("FASB") to the authoritative hierarchy of generally accepted accounting principles in the United States ("GAAP").  These changes established the FASB Accounting Standards Codification™  ("Codification") as the source of authoritative accounting principles recognized by the FASB to be applied by non-governmental entities in the preparation of financial statements in conformity with GAAP.  Rules and interpretive releases of the Securities and Exchange Commission ("SEC") under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants.  The FASB will no longer issue new standards in the form of Statements, FASB Staff Positions, or Emerging Issues Task Force Abstracts; instead the FASB will issue Accounting Standard Updates.  Accounting Standards Updates will not be authoritative in their own right as they will only serve to update the Codification.  These changes and the Codification itself do not change GAAP.  Other than the manner in which new accounting guidance is referenced, the adoption of these changes had no impact on our consolidated financial statements.

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We adopt changes issued by ASC 855 – “Subsequent Events”, formerly FASB 165, which establishes general standards for accounting for and disclosure of events that occur after the balance sheet date but before the financial statements are issued or are available to be issued. The pronouncement requires the disclosure of the date through which an entity has evaluated subsequent events and the basis for that date, whether that date represents the date the financial statements were issued or were available to be issued.     In conjunction with the preparation of these financial statements, an evaluation of subsequent events was performed through March 15, 2010, which is the date the financial statements were issued.    

The Company accounts for income taxes under the provisions of ASC 740 – “Accounting for Income Taxes”, formerly SFAS 109 and FIN 48.  ASC 740 requires recognition of 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.

On January 1, 2008, the Company adopted ASC 820 Fair Value Measures, formerly SFAS 157.  ASC 820 defines fair value, establishes a framework for measuring fair value and enhances disclosures about fair value measures required under other accounting pronouncements, but does not change existing guidance as to whether or not an instrument is carried at fair value. The Company’s estimates of fair value for financial assets and financial liabilities are based on the framework established in SFAS 157. The framework is based on the inputs used in valuation and gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the valuations when available. The disclosure of fair value estimates in the ASC 820 hierarchy is based on whether the significant inputs into the valuation are obs ervable. In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs that reflect the Company’s significant market assumptions. The three levels of the hierarchy are as follows: The Company’s assets measured at fair value on a recurring basis subject to the disclosure requirements of ASC 820 at December 31, 2008, were as follows:

Level 1: Unadjusted quoted market prices for identical assets or liabilities in active markets that the Company has the ability to access.

Level 2: Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in inactive markets; or valuations based on models where the significant inputs are observable (e.g., interest rates, yield curves, default rates, etc.) or can be corroborated by observable market data.

Level 3: Valuations based on models where significant inputs are not observable. The unobservable inputs reflect the Company’s own assumptions about the assumptions that market participants would use.

The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The carrying amounts of financial assets require to be measured at fair value on a recurring basis including our major assets that approximates fair value as determined by using the future expected net cash flows on the sale of the investments. The valuations of the majority of the assets are considered Level 1 fair value measures under ASC 820.

Recently Issued Accounting Pronouncements

In January 2010, the FASB issued ASU No. 2010-06, “Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements.” ASU No. 2010-06 amends ASC 820 and clarifies and provides additional disclosure requirements related to recurring and non-recurring fair value measurements. This ASU became effective for us on January 1, 2010. We do not currently anticipate that this ASU will have a material impact on our consolidated financial statements upon adoption.

      There were various other accounting standards and interpretations issued during 2009 and 2008, none of which are expected to have a material impact on the Company’s consolidated financial position, operations.

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ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

None.

ITEM 4. CONTROLS AND PROCEDURES

Not applicable

ITEM 4T. CONTROLS AND PROCEDURES

As of the end of the period covered by this report, based on an evaluation of our disclosure controls and procedures (as defined in Rules 13a -15(e) and 15(d)-15(e) under the Exchange Act), our Chief Executive Officer and the Chief Financial Officer has concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported within the applicable time periods specified by the SEC’s rules and forms.

There were no changes in our internal controls over financial reporting that occurred during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

This report does not include an attestation report of the company’s registered public accounting firm regarding internal control over financial reporting. Identified in connection with the evaluation required by paragraph (d) of Rule 240.13a-15 or Rule 240.15d-15 of this chapter that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

PART II.  OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

There are no legal proceedings, to which we are a party, which could have a material adverse effect on our business, financial condition or operating results.

ITEM 1A.  RISK FACTORS

     You should carefully consider the risks and uncertainties described below; and all of the other information included in this document. Any of the following risks could materially adversely affect our business, financial condition or operating results and could negatively impact the value of your investment.

     The occurrence of any of the following risks could materially and adversely affect our business, financial condition and operating result. In this case, the trading price of our common stock could decline and you might lose all or part of your investment.

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Risks Related to Our Business and Industry

We have limited operating history, and may never sustain a profit. If we cannot operate profitably, we could go out of business.

We were formed as a Colorado business entity in October, 2007. While we have been profitable in our last two fiscal years, there can be no guarantee that we will be able to sustain our history of profitability.  If we cannot sustain profitability, we could go out of business.

Our lack of substantial operating history makes it difficult for us to evaluate our future business prospects and make decisions based on those estimates of our future performance. An investor could lose his entire investment.

We have a limited operating history. An investor has no frame of reference to evaluate our future business prospects. This makes it difficult, if not impossible, to evaluate us as an investment. An investor could lose his entire investment if our future business prospects do not result in our ever becoming profitable.

If we do not generate adequate revenues to finance our operations, our business may fail.

            We have begun to generate revenues and are current profitable. As of March 31, 2010, we had a cash position of $71,384.   We had certificates of deposit of $203,994. We anticipate that operating costs will be approximately $50,000 for the fiscal year ending December 31, 2010. These operating costs include insurance, taxes, utilities, maintenance, contract services and all other costs of operations. We will use contract employees who will be paid on an hourly basis as each investment transaction is evaluated. However, the operating costs and expected revenue generation are difficult to predict. We expect to generate revenues in the next twelve months from making investments and receiving fees for the placement of capital. Since there can be no assurances that revenues will be sufficient to cover operating costs for the foreseeable future, it may be necessary to raise additional funds. Due to our lack of substantial operating history, raising additional funds may be difficult.

Competition in the investment industry is intense.

   Our business plan involves acting as an investment manager. This business is highly competitive. There are numerous similar companies providing such services in the United States of America. Our competitors will have greater financial resources and more expertise in this business. Our ability to develop our business will depend on our ability to successfully market our services in this highly competitive environment. We cannot guarantee that we will be able to do so successfully.

The share control position of WestMountain Blue, LLC will limit the ability of other shareholders to influence corporate actions.

Our largest shareholder, WestMountain Blue, LLC, of which Mr. Klemsz is a 16.8% member, owns 8,050,000 shares and thereby controls approximately 90% of our outstanding shares. Because WestMountain Blue, LLC individually beneficially controls more than a majority of the outstanding shares, other shareholders, individually or as a group, will be limited in their ability to effectively influence the election or removal of our directors, the supervision and management of our business or a change in control of or sale of our company, even if they believed such changes were in the best interest of our shareholders generally.

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Our future success depends, in large part, on the continued service of our President and our Treasurer and the continued financing of WestMountain Blue, LLC.

            We depend almost entirely on the efforts and continued employment of Mr. Klemsz, our President and Treasurer. Mr. Klemsz is our primary executive officer, and we will depend on him for nearly all aspects of our operations. In addition, WestMountain Blue, LLC, is our only source of financing. We do not have an employment contract with Mr. Klemsz, and we do not carry key person insurance on his life. The loss of the services of Mr. Klemsz through incapacity or otherwise, would have a material adverse effect on our business. It would be very difficult to find and retain qualified personnel such as Mr. Klemsz and a financing source to replace WestMountain Blue, LLC.

Our revenue and profitability fluctuate, particularly inasmuch as we cannot predict the timing of realization events in our business, which may make it difficult for us to achieve steady earnings growth on a quarterly basis and may cause volatility in the price of our shares.

   We may experience significant variations in revenues and profitability during the year and among years because we are paid incentive income from certain funds only when investments are realized, rather than periodically on the basis of increases in the funds’ net asset values. The timing and receipt of incentive income generated by our funds is event driven and thus highly variable, which contributes to the volatility of our revenue, and our ability to realize incentive income from our funds may be limited. We cannot predict when, or if, any realization of investments will occur. If we were to have a realization event in a particular quarter, it may have a significant impact on our revenues and profits for that particular quarter which may not be replicated in subsequent quarters. In addition, our investments are adjus ted for accounting purposes to fair value at the end of each quarter, resulting in revenue attributable to our principal investments, even though we receive no cash distributions from our funds, which could increase the volatility of our quarterly earnings.

Difficult market conditions can adversely affect our funds in many ways, including by reducing the value or performance of the investments made by our funds and reducing the ability of our funds to raise or deploy capital, which could materially reduce our revenue and results of operations.

   If economic conditions are unfavorable our funds may not perform well and we may not be able to raise money in existing or new funds. Our funds are materially affected by conditions in the global financial markets and economic conditions throughout the world. The global market and economic climate may deteriorate because of many factors beyond our control, including rising interest rates or inflation, terrorism or political uncertainty. In the event of a market downturn, our businesses could be affected in different ways. Our funds may face reduced opportunities to sell and realize value from their existing investments, and a lack of suitable investments for the funds to make. In addition, adverse market or economic conditions as well as a slowdown of activities in a particular sector in which portfolio companies of these fu nds operate could have an adverse effect on the earnings of those portfolio companies, and therefore, our earnings.

   A general market downturn, or a specific market dislocation, may cause our revenue and results of operations to decline by causing:

● the net asset value of the assets under management to decrease, lowering management fees;

● lower investment returns, reducing incentive income;

● material reductions in the value of our fund investments in portfolio companies which reduce our ‘‘surplus’’ and, therefore, our ability to realize incentive income from these investments; and

● investor redemptions, resulting in lower fees.

   Furthermore, while difficult market conditions may increase opportunities to make certain distressed asset investments, such conditions also increase the risk of default with respect to investments held by our funds with debt investments.

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The success of our business depends, in large part, upon the proper selection of investments, which may be difficult to find, acquire and develop.

We believe that the identification, acquisition and development of appropriate investments are key drivers of our business. Our success depends, in part, on our ability to obtain these investments under favorable terms and conditions and have them increase in value. We cannot assure you that we will be successful in our attempts to find, acquire, and/or develop appropriate investments, will not be challenged by competitors which may put us at a disadvantage. Further, we cannot assure you that others will not independently develop similar or superior programs or investments, which may imperil our profitability.

Risks Related to an Investment in Our Common Stock

The lack of a broker or dealer to create or maintain a market in our stock could adversely impact the price and liquidity of our securities.

      We have no agreement with any broker or dealer to act as a market maker for our securities and there is no assurance that we will be successful in obtaining any market makers. Thus, no broker or dealer will have an incentive to make a market for our stock. The lack of a market maker for our securities could adversely influence the market for and price of our securities, as well as your ability to dispose of, or to obtain accurate information about, and/or quotations as to the price of, our securities.

We have limited experience as a public company.

We have only operated as a public company since 2008. Thus, we have limited experience in complying with the various rules and regulations which are required of a public company. As a result, we may not be able to operate successfully as a public company, even if our operations are successful. We plan to comply with all of the various rules and regulations which are required of a public company. However, if we cannot operate successfully as a public company, your investment may be materially adversely affected. Our inability to operate as a public company could be the basis of your losing your entire investment in us.

 We may be required to register under the Investment Company Act of 1940, or the Investment Advisors Act, which could increase the regulatory burden on us and could negatively affect the price and trading of our securities.

       Because our business involves the identification, acquisition and development of investments, we may be required to register as an investment company under the Investment Company Act of 1940 or the Investment Advisors Act and analogous state law. While we believe that we are currently either not an investment company or an investment advisor or are exempt from registration as an investment company under the Investment Company Act of 1940 or the Investment Advisors Act and analogous state law, either the SEC or state regulators, or both, may disagree and could require registration either immediately or at some point in the future. As a result, there could be an increased regulatory burden on us which could negatively affect the price and trading of our securities.

Our stock has a limited public trading market on the OTC Bulletin Board and there is no guarantee an active trading market will ever develop for our securities.

There has been, and continues to be, a limited public market for our common stock. We trade under the symbol  WASM. An active trading market for our shares has not, and may never develop or be sustained. If you purchase shares of common stock, you may not be able to resell those shares at or above the initial price you paid. The market price of our common stock may fluctuate significantly in response to numerous factors, some of which are beyond our control, including the following:

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*    actual or anticipated fluctuations in our operating results;

*    changes in financial estimates by securities analysts or our failure to perform in line with such estimates;

*    changes in market valuations of other companies, particularly those that market services such as ours;

*    announcements by us or our competitors of significant innovations,  acquisitions, strategic partnerships, joint ventures or capital commitments;

*    introduction of product enhancements that reduce the need for the products our projects may develop;

*    departures of key personnel.

       Of our total outstanding shares as of March 31, 2010, a total of 8,325,000, or approximately 91.9%, will be restricted from immediate resale but may be sold into the market in the near future. This could cause the market price of our common stock to drop significantly, even if our business is doing well.

As restrictions on resale end, the market price of our stock could drop significantly if the holders of restricted shares sell them or are perceived by the market as intending to sell them.

Applicable SEC rules governing the trading of “Penny Stocks” limit the liquidity of our common stock, which may affect the trading price of our common stock.

Our common stock currently trades well below $5.00 per share. As a result, our common stock is considered a “penny stock” and is subject to SEC rules and regulations that impose limitations upon the manner in which our shares can be publicly traded.  These regulations require the delivery, prior to any transaction involving a penny stock, of a disclosure schedule explaining the penny stock and the associated risks.  Under these regulations, certain brokers who recommend such securities to persons other than established customers or certain accredited investors must make a special written suitability determination for the purchaser and receive the written purchaser’s agreement to a transaction prior to purchase.  These regulations have the effect of limiting the trading activity of our commo n stock and reducing the liquidity of an investment in our common stock.

The over-the-counter market for stock such as ours is subject to extreme price and volume fluctuations.

The securities of companies such as ours have historically experienced extreme price and volume fluctuations during certain periods. These broad market fluctuations and other factors, such as new product developments and trends in the our industry and in the investment markets generally, as well as economic conditions and quarterly variations in our operational results, may have a negative effect on the market price of our common stock.

Buying low-priced penny stocks is very risky and speculative.

 Our shares are defined as a penny stock under the Securities and Exchange Act of 1934, and rules of the Commission. The Exchange Act and such penny stock rules generally impose additional sales practice and disclosure requirements on broker-dealers who sell our securities to persons other than certain accredited investors who are, generally, institutions with assets in excess of $5,000,000 or individuals with net worth in excess of $1,000,000 or annual income exceeding $200,000, or $300,000 jointly with spouse, or in transactions not recommended by the broker-dealer. For transactions covered by the penny stock rules, a broker-dealer must make a suitability determination for each purchaser and receive the purchaser's written agreement prior to the sale. In addition, the broker-dealer must make certain mandated disclosures in penny s tock transactions, including the actual sale or purchase price and actual bid and offer quotations, the compensation to be received by the broker-dealer and certain associated persons, and deliver certain disclosures required by the Commission. Consequently, the penny stock rules may affect the ability of broker-dealers to make a market in or trade our common stock and may also affect your ability to resell any shares you may purchase in the public markets.

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 Issuances of our stock could dilute current shareholders and adversely affect the market price of our common stock, if a public trading market develops.

       We have the authority to issue up to 50,000,000 shares of common stock, 1,000,000 shares of preferred stock, and to issue options and warrants to purchase shares of our common stock without stockholder approval. Although no financing is planned currently, we may need to raise additional capital to fund operating losses. If we raise funds by issuing equity securities, our existing stockholders may experience substantial dilution. In addition, we could issue large blocks of our common stock to fend off unwanted tender offers or hostile takeovers without further stockholder approval.

       The issuance of preferred stock by our board of directors could adversely affect the rights of the holders of our common stock. An issuance of preferred stock could result in a class of outstanding securities that would have preferences with respect to voting rights and dividends and in liquidation over the common stock and could, upon conversion or otherwise, have all of the rights of our common stock. Our board of directors' authority to issue preferred stock could discourage potential takeover attempts or could delay or prevent a change in control through merger, tender offer, proxy contest or otherwise by making these attempts more difficult or costly to achieve.

Colorado law and our Articles of Incorporation protect our directors from certain types of lawsuits, which could make it difficult for us to recover damages from them in the event of a lawsuit.

       Colorado law provides that our directors will not be liable to our company or to our stockholders for monetary damages for all but certain types of conduct as directors. Our Articles of Incorporation require us to indemnify our directors and officers against all damages incurred in connection with our business to the fullest extent provided or allowed by law. The exculpation provisions may have the effect of preventing stockholders from recovering damages against our directors caused by their negligence, poor judgment or other circumstances. The indemnification provisions may require our company to use our assets to defend our directors and officers against claims, including claims arising out of their negligence, poor judgment, or other circumstances.

We do not expect to pay dividends on common stock.

We have not paid any cash dividends with respect to our common stock, and it is unlikely that we will pay any dividends on our common stock in the foreseeable future. Earnings, if any, that we may realize will be retained in the business for further development and expansion.

ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

 None

.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

 None

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

 None

ITEM 5.  OTHER INFORMATION 

 None

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ITEM 6.  EXHIBITS

Exhibit Number	Description                                                                                                                                   60;
3.1*	Articles of Incorporation
3.2*	Bylaws
10.1**	Service Agreement With Bohemian Companies, LLC
31.1	Certification of CEO/CFO pursuant to Sec. 302
32.1	Certification of CEO/CFO pursuant to Sec. 906

              * 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

One report was filed on March 22, 2010 under cover of Form 8-K for the fiscal quarter ended March 31, 2010, relating to the appointment of a new officer.

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 May 17, 2010.

WEST MOUNTAIN ASSET MANAGEMENT, INC., a  Colorado corporation
By:	/s/ Brian L. Klemsz
	Brian L. Klemsz, President, Chief Executive Officer, Chief Financial Officer and Director (Principal Executive, Accounting and Financial Officer)

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