Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Mar. 13, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-K | ' |
Entity Registrant Name | 'Westmountain Company | ' |
Entity Central Index Key | '0001421603 | ' |
Document Period End Date | 31-Dec-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Document Fiscal Period Focus | 'FY | ' |
Document Fiscal Year Focus | '2013 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 9,517,402 |
Entity Public Float | ' | $300,878 |
Entity Voluntary Filers | 'No | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current Assets: | ' | ' |
Cash and cash equivalents | $57,992 | $50,257 |
Investments in marketable securities | 1,380,879 | 1,630,964 |
Accounts receivable, related parties | 394,800 | 37,050 |
Accounts receivable | 14,783 | 10,000 |
Prepaid expenses | 3,285 | 2,820 |
Deferred tax assets, net | 79,569 | 113,037 |
Certificates of deposit | ' | 11,817 |
Total current assets | 1,931,308 | 1,855,945 |
Property and equipment, net of accumulated depreciation of $9,473 and $9,447, respectively | ' | 26 |
Intangible assets, net of accumulated amortization of $26,266 and $24,367, respectively | 793 | 3,295 |
Investments in nonmarketable securities, at cost | 31,645 | 31,645 |
Total assets | 1,963,746 | 1,890,911 |
Current Liabilities: | ' | ' |
Accounts payable and accrued liabilities | 74,012 | 28,999 |
Accrued liabilities, related parties | ' | 1,000 |
Income tax payable | 33,559 | ' |
Deferred revenue | ' | 26,000 |
Total current liabilities | 107,571 | 55,999 |
Deferred tax liability | 382,899 | 443,085 |
Total liabilities | 490,470 | 499,084 |
Shareholders' Equity: | ' | ' |
Common stock, $.001 par value; 50,000,000 shares authorized, 9,517,402 shares issued and outstanding | 9,518 | 9,518 |
Additional paid-in-capital | 927,355 | 920,946 |
Accumulated deficit | -114,002 | -291,276 |
Other comprehensive income, net | 650,405 | 752,639 |
Total shareholders' equity | 1,473,276 | 1,391,827 |
Total liabilities and shareholders' equity | $1,963,746 | $1,890,911 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ' | ' |
Accumulated depreciation | $9,473 | $9,447 |
Accumulated amortization | $26,266 | $24,367 |
Shareholders' Equity: | ' | ' |
Preferred stock, par value per share | $0.10 | $0.10 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value per share | $0.00 | $0.00 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 9,517,402 | 9,517,402 |
Common stock, shares outstanding | 9,517,402 | 9,517,402 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Other Comprehensive Loss (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Revenue: | ' | ' |
Advisory/consulting fees, related parties | $116,000 | $97,500 |
Advisory/consulting fees | 104,050 | 17,000 |
Management fees, related parties | 56,629 | 76,754 |
Total revenue | 276,679 | 191,254 |
Operating expenses: | ' | ' |
Selling, general and administrative expenses | 376,100 | 329,324 |
Total operating expenses | 376,100 | 329,324 |
Loss from operations | -99,421 | -138,070 |
Other income/(expense): | ' | ' |
Interest income (expense) | 2 | 11 |
Dividend income on nonmarketable securities | 16,450 | ' |
Distribution income on non marketable securities | 394,800 | ' |
Realized loss on available for sale marketable securities | -67,530 | ' |
Total other income/(expense) | 343,722 | 11 |
Net income (loss) before income taxes | 244,301 | -138,059 |
Income tax expense (benefit) | 67,027 | -38,434 |
Net income (loss) | 177,274 | -99,625 |
Other comprehensive income (loss) | ' | ' |
Unrealized loss on investments in marketable equity securities, net of tax | -102,234 | -2,654,178 |
Comprehensive income (loss) | $75,040 | ($2,753,803) |
Basic net income (loss) per share | $0.02 | ($0.01) |
Diluted net income (loss) per share | $0.02 | ($0.01) |
Basic weighted average common shares outstanding | 9,517,402 | 9,517,402 |
Diluted weighted average common shares outstanding | 9,611,520 | 9,517,402 |
Shareholders_Equity
Shareholders Equity (USD $) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total |
Beginning Balance - Amount at Dec. 31, 2011 | $9,518 | $906,836 | ($191,651) | $3,406,817 | $4,131,520 |
Beginning Balance - Shares at Dec. 31, 2011 | 9,517,402 | ' | ' | ' | ' |
Unrealized loss on investments | ' | ' | ' | -2,654,178 | -2,654,178 |
Stock-based compensation | ' | 14,110 | ' | ' | 14,110 |
Net income/loss | ' | ' | -99,625 | ' | -99,625 |
Ending Balance, Amount at Dec. 31, 2012 | 9,518 | 920,946 | -291,276 | 752,639 | 1,391,827 |
Ending Balance, Shares at Dec. 31, 2012 | 9,517,402 | ' | ' | ' | ' |
Unrealized loss on investments | ' | ' | ' | -102,234 | -102,234 |
Stock-based compensation | ' | 6,409 | ' | ' | 6,409 |
Net income/loss | ' | ' | 177,274 | ' | 177,274 |
Ending Balance, Amount at Dec. 31, 2013 | $9,518 | $927,355 | ($114,002) | $650,405 | $1,473,276 |
Ending Balance, Shares at Dec. 31, 2013 | 9,517,402 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | ' | ' |
Net income (loss) | $177,274 | ($99,625) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 2,528 | 6,506 |
Stock based compensation expense | 6,409 | 14,110 |
Realized loss on available for sale marketable securities | 67,530 | ' |
Deferred income tax expense (benefit) | 33,468 | -38,434 |
Changes in operating assets and operating liabilities: | ' | ' |
Prepaid expenses and other current assets | 11,352 | 1,127 |
Accounts receivable | -4,783 | -5,000 |
Accounts receivable, related parties | -357,750 | -2,377 |
Accounts payable and accrued liabilities | 45,013 | -5,997 |
Accounts payable, related parties | -1,000 | -2,300 |
Income tax refund receivable | ' | 37,681 |
Income tax payable | 33,559 | ' |
Deferred revenue | -26,000 | 26,000 |
Net cash used in operating activities | -12,400 | -68,309 |
Cash flows from investing activities: | ' | ' |
Proceeds from the sale of available for sale securities | 20,135 | ' |
Net cash provided by investing activities | 20,135 | ' |
Net change in cash and cash equivalents | 7,735 | -68,309 |
Cash and cash equivalents, beginning of period | 50,257 | 118,566 |
Cash and cash equivalents, end of period | 57,992 | 50,257 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid during the period for Income tax | ' | ' |
Interest | ' | ' |
Non cash investing and financing activities: | ' | ' |
Unrealized loss on investments in marketable equity securities, net of tax | 102,234 | 2,654,178 |
Conversion of notes receivable to marketable securities | ' | $30,000 |
Nature_of_Organization_and_Sum
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 Summary of Significant Accounting Policies | ' | ||||
(1) Nature of Organization and Summary of Significant Accounting Policies | |||||
Nature of Organization and Basis of Presentation | |||||
WestMountain Company (“we”, ”our” or the “Company”), formerly known as 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. | |||||
As a consultant to both public and private companies, we promote public visibility and market acceptance for our clients. We use a number of techniques to achieve these objectives for our clients, including developing public recognition of their business plans and strategic goals, managing investor relations, and engaging in website development and media production. We also utilize various social media outlets and services to deliver our client’s message. We are paid fees for our services by our clients under written consulting agreements. | |||||
Principles of Consolidation | |||||
Property holding entities and other subsidiaries of which we own 100% of the equity or have a controlling financial interest evidenced by ownership of a majority voting interest are consolidated. All inter-company balances and transactions are eliminated. | |||||
The accompanying consolidated financial statements include the accounts of WestMountain Company and the following 100% owned subsidiaries, which were active at December 31, 2013: | |||||
WestMountain Business Consulting, Inc. | |||||
WestMountain Allocation Analytics, Inc. | |||||
WestMountain Valuation Services, Inc. | |||||
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. There were no cash equivalents as of December 31, 2013. | |||||
Accounts Receivable | |||||
Accounts receivable consists of amounts due from the management fees, consulting fees associated with marketing and media consulting and dividends due from a related party. 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 collectible. For the years ended December 31, 2013 and 2012, the company did not record any allowance against our accounts receivable balance. | |||||
Notes Receivable | |||||
Notes receivable consist of secured loans to unrelated third parties and are reported at the outstanding principal balance. As of December 31, 2011, the principal balance was $30,000, net of an allowance of $60,000. In February 2012, the Company converted its $30,000 convertible note receivable into 200,000 common shares of common stock of SRKP 16, Inc. (see Note 2). As of December 31, 2013 our net note receivable balance was $-0-. Our principal balance is $60,000, with a full allowance against the principal of $60,000. | |||||
Allowance for Loss on Note Receivable | |||||
The allowance for loss on note receivable is the amount that, in the opinion of management, is necessary to absorb probable losses inherent in the note receivable. The allowance is determined based upon numerous considerations including local economic conditions, a review of the value of collateral supporting the note receivable and the collectability of the note receivable. As a result of the test of adequacy, required adjustments to the allowance for loan losses are made periodically by changes to the provision for loss on note receivable. As of December 31, 2013 and 2012, the allowance for loss on note receivable was $60,000. | |||||
Revenue | |||||
We act primarily as a fee-based marketing and media consultant to public companies. As a consultant, we provide investor relations, website development, video production, and associated marketing and media services to clients. We are paid fees for our services by our clients under written consulting agreements. | |||||
The Company generates additional 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. | |||||
The Company recognizes revenue for its services generally when persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed or determinable and collectability is reasonably assured. | |||||
In the general course of business, we receive stock-based compensation for our services. In many cases, the underlying stock is thinly traded and determining the value of revenue requires substantial judgment. If the underlying stock is traded in an active market, the value used to record revenue is based on the quoted market value of the stock. If there is not an active market, then the value is determined using other inputs. | |||||
Deferred Revenue | |||||
The Company recognizes deferred revenue on a straight line basis over the period for which the services are performed. During 2012 we received $50,000 cash that represented a prepayment for advisory/consulting services to be provided through August 2013. In 2012 we recognized $24,000 of the $50,000 on the income statement for advisory fees. The remaining $26,000 was recognized as advisory fees on the Statements of Operations and Comprehensive Income (Loss) in 2013. | |||||
Fair Value of Financial Instruments | |||||
On January 1, 2008, the Company adopted ASC 820 Fair Value Measures. ASC820 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 observable. 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: | |||||
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 following methods and assumptions were used to estimate the fair value of the Company’s investments in available-for-sale marketable securities: | |||||
Available-for-sale securities are recorded at fair value. We primarily own securities in smaller public companies that are thinly traded. Determining fair value requires substantial judgment. For common stock securities, we first determine whether or not the stock is traded in an active market. Securities traded in an active market are marked-to-market using the quoted market price of the stock and are classified as Level 1 inputs. Securities that do not have an active market are measured using unobservable inputs, and are classified as Level 3 inputs. | |||||
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 December 31, 2013 and 2012, the Company held available-for-sale securities with an aggregate fair value of $1,380,879 and $1,630,964, respectively. As of December 31, 2013 and 2012, all of our available-for-sale securities were invested in publically traded equity holdings. The Company recognized unrealized losses, net of tax, in accumulated other comprehensive income as of December 31, 2013 and 2012 in the amounts of $102,234 and $2,654,178, respectively. (See Note 2 for details of available for sale investments). | |||||
The Company’s assets measured at fair value on a recurring basis subject to the disclosure requirements of ASC 820 at December 31, 2013, were as follows: | |||||
Quoted Prices in | Significant | ||||
Active Markets for | Other | Significant | |||
Identical Assets and | Observable | Unobservable | Balance as of | ||
Liabilities | Inputs | Inputs | December 31, | ||
Description | (Level 1) | (Level 2) | (Level 3) | 2013 | |
Assets: | |||||
Available-for-sale | |||||
marketable securities | $ 1,380,879 | $ - | $ - | $ 1,380,879 | |
The Company’s assets measured at fair value on a recurring basis subject to the disclosure requirements of ASC 820 at December 31, 2012, were as follows: | |||||
Quoted Prices in | Significant | ||||
Active Markets for | Other | Significant | |||
Identical Assets and | Observable | Unobservable | Balance as of | ||
Liabilities | Inputs | Inputs | December 31, | ||
Description | (Level 1) | (Level 2) | (Level 3) | 2012 | |
Assets: | |||||
Available-for-sale | |||||
marketable securities | $ 1,630,964 | $ - | $ - | $ 1,630,964 | |
Property and Equipment and Intangibles | |||||
Computers and intangibles are stated at cost. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the related assets, ranging from three to seven years. Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures for major renewals and betterments, which extend the useful lives of existing computers and intangibles, are capitalized and depreciated or amortized. Upon retirement or disposition of computers and intangibles, the cost and related accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is recognized in the statements of operations. | |||||
Long-Lived Assets | |||||
All long-lived assets are reviewed when events or changes in circumstances indicate that the carrying amounts of such assets may not be recoverable. An impairment loss is recognized when estimated undiscounted cash flows that can be generated by those assets are less than the carrying value of the assets. When an impairment loss is recognized, the carrying amount is reduced to its estimated fair value based on appraisals or other reasonable methods to estimate fair value. There was no impairment of long-lived assets as of December 31, 2013 and 2012. | |||||
Investments in Marketable and Nonmarketable Securities | |||||
The Company reports its investments in marketable securities on the balance sheet as available for sale. Investments are deemed to be marketable when they are investments in public companies. Some of the investments reflect the original cost of the investment due to low volume of trading of the investment, and other investments reflect the original cost of the investments and unrealized gain/loss amounts based on the market price as of the date of the financial statements. Any tax adjustment related to the unrealized gain/loss is reflected as a deferred tax asset or liability on the balance sheet. | |||||
Other comprehensive income (OCI) is made up of the unrealized gain/loss amounts related to the available for sale investments of the Company. The OCI balance is recorded net of tax. | |||||
The Company reports its investments in nonmarketable securities on balance sheet using the cost method. Investments are deemed to be nonmarketable when they are investments in private companies. Investments in nonmarketable securities reflect the original cost of the investment | |||||
Equity Method Investments | |||||
For investments that represent significant influence in the investee, the Company follows ASC 323 Investments—Equity Method and Joint Ventures when recognizing these investments in the financial statements. Under this method, any net income or net loss must be recorded against the Company’s investment, not to exceed the original investment and recognized as additional income or loss on the Company’s income statement. In 2008 the Company acquired 39% of the outstanding shares of Marine Exploration, Inc. for $50,000 and accounted for this investment under the equity method. As of December 31, 2013 and 2012, the Company’s investment in Marine Exploration is zero due to significant losses of the investee. | |||||
Income Taxes | |||||
Deferred income tax assets and liabilities are recognized for the expected future income tax consequences of events that have been included in the consolidated financial statements or income tax returns. Deferred income tax assets and liabilities are determined based on differences between the financial statement and tax bases of assets and liabilities using tax rates in effect for the years in which the differences are expected to reverse. | |||||
In evaluating the ultimate realization of deferred income tax assets, management considers whether it is more likely than not that the deferred income tax assets will be realized. Management establishes a valuation allowance if it is more likely than not that all or a portion of the deferred income tax assets will not be utilized. The ultimate realization of deferred income tax assets is dependent on the generation of future taxable income, which must occur prior to the expiration of the net operating loss carry forwards. | |||||
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 Company is 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. | |||||
Earnings per Share | |||||
Basic income per share is computed by dividing net income by the weighted average number of shares of common stock outstanding. Diluted income per share is determined by dividing the net income by the sum of (1) the weighted average number of common shares outstanding and (2) if not anti-dilutive, the effect of stock awards determined utilizing the treasury stock method. The dilutive effect of the outstanding awards for the years ended December 31, 2013 and 2012 was 94,118 and -0- shares, respectively. | |||||
Recently Issued Accounting Pronouncements | |||||
There were various other accounting standards and interpretations issued during 2013 and 2012. However, management does not expect any of these to have a material impact on the Company’s consolidated financial position, operations, or cash flows. |
Investments
Investments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||
Investments | ' | ||||||||||||||||||||
(2) Investments | |||||||||||||||||||||
Equity Method Investments | |||||||||||||||||||||
In 2008 the Company invested $50,000 for 175,000,000 shares of common stock in Marine Exploration, which represented 39% of the outstanding common stock 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 incurred significant losses during 2008, and the investment was reduced to zero. On August 24, 2010, Marine Exploration authorized a reverse split of 1 new share for 500 old shares of their common stock. As of this date, the Company has less than 1% ownership in Marine Exploration. | |||||||||||||||||||||
Investments in Available for Sale Marketable Securities | |||||||||||||||||||||
The Company’s investments in available for sale marketable securities as of December 31, 2013 and 2012 are summarized below. | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Accumulated | |||||||||||||||||||||
Share | Market/Cost | Unrealized | |||||||||||||||||||
Company Name | Shares | Cost | Price | Value | Gain/(Loss) | ||||||||||||||||
Omni Bio Pharmaceutical, Inc. | 1,707,107 | $ | 193,634 | $ | 0.3837 | $ | 655,016 | $ | 461,382 | ||||||||||||
Hangover Joe's Holding Corporation | 928,463 | 106,641 | 0.0173 | 16,061 | (90,580 | ) | |||||||||||||||
(formerly Accredited Members | |||||||||||||||||||||
Holding Corporation) | |||||||||||||||||||||
Silver Verde May Mining Co., Inc | 246,294 | 46,488 | 0.28 | 68,962 | 22,474 | ||||||||||||||||
WestMountain Gold, Inc. (formerly | 866,000 | 866 | 0.74 | 640,840 | 639,974 | ||||||||||||||||
WestMountain Index Advisor, Inc.) | |||||||||||||||||||||
Totals | 3,747,864 | $ | 347,629 | $ | 1,380,879 | $ | 1,033,250 | ||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Accumulated | |||||||||||||||||||||
Share | Market/Cost | Unrealized | |||||||||||||||||||
Company Name | Shares | Cost | Price | Value | Gain/(Loss) | ||||||||||||||||
Omni Bio Pharmaceutical, Inc. | 1,707,107 | $ | 193,634 | $ | 0.5 | $ | 853,553 | $ | 659,919 | ||||||||||||
Hangover Joe's Holding Corporation | 1,691,713 | 194,306 | 0.075 | 126,878 | (67,428 | ) | |||||||||||||||
(formerly Accredited Members | |||||||||||||||||||||
Holding Corporation) | |||||||||||||||||||||
Silver Verde May Mining Co., Inc. | 246,294 | 46,488 | 0.18 | 44,333 | (2,155 | ) | |||||||||||||||
WestMountain Gold, Inc. (formerly | 866,000 | 866 | 0.7 | 606,200 | 605,334 | ||||||||||||||||
WestMountain Index Advisor, Inc.) | |||||||||||||||||||||
Totals | 4,511,114 | $ | 435,294 | $ | 1,630,964 | $ | 1,195,670 | ||||||||||||||
Investments in Nonmarketable Securities | |||||||||||||||||||||
During December 2012, NexCore Healthcare Capital Corp. entered into a restructuring whereby the Company received a stock dividend consisting of 1,645,000 Class B Units of NexCore Real Estate, LLC. NexCore Real Estate is a private company with no market for its stock. The stock dividend received in NexCore Real Estate was recorded at its cost basis which was $0. The investment in NexCore Healthcare is deemed to be nonmarketable because there is no active market for its stock. The investment in NexCore Healthcare is recorded at its original cost basis of $1,645. | |||||||||||||||||||||
During February 2012, the Company converted its $30,000 convertible note receivable into 200,000 common shares of SKRP 16, Inc. This investment is recorded at our cost of $30,000. SKRP is in the process of obtaining their ticker symbol. As no market exists for the shares, this investment is deemed an investment in nonmarketable securities and is accounted for under the cost method. | |||||||||||||||||||||
The Company’s investments in nonmarketable securities accounted for under the cost method as of December 31, 2013 are summarized below. | |||||||||||||||||||||
Nonmarketable Securities: | Shares | Units | Cost | ||||||||||||||||||
SKRP 16, Inc. | 200,000 | - | 30,000 | ||||||||||||||||||
Nexcore Real Estate LLC (Class B Units) | - | 1,645,000 | - | ||||||||||||||||||
NexCore Healthcare Capital Corp. | 1,645,000 | - | 1,645 | ||||||||||||||||||
Total Shares or Units | 1,845,000 | 1,645,000 | 31,645 | ||||||||||||||||||
Total | 5,592,864 | 1,645,000 | 379,274 |
Related_Parties
Related Parties | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||||||
Related Parties | ' | ||||||||||||||||||||
(3) 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 monthly from Bohemian Companies, LLC. This Service Agreement matures on December 31, 2014. Total expenses incurred with Bohemian Companies were $12,000 for the years ending December 31, 2013 and 2012. As of December 31, 2013 and 2012, the Company had a balance due to Bohemian Companies, LLC of $-0- and $1,000, respectively. | |||||||||||||||||||||
For the years ended December 31, 2013 and 2012 the Company recorded management fee revenues of $56,629 and $76,754, respectively, for asset management services performed on behalf of WestMountain Prime, LLC, a related party. The Company and WestMountain Prime, LLC are under common principal ownership. The Company earns management fees based on the size of the funds managed, and incentive income based on the performance of the funds. This agreement was terminated during September 2013. | |||||||||||||||||||||
For the year ended December 31, 2013 and 2012, the Company recorded aggregate advisory/consulting revenue of $220,050 and $114,500 respectively. Of the $220,050 and $114,500 recorded advisory/consulting revenue in 2013 and 2012, $116,000 and $97,500 is related party revenue. This advisory/consulting fee revenue relates to services performed on behalf of Nexcore Group LP and WestMountain Gold, Inc., formerly known as WestMountain Index Advisor, Inc. The related parties and the Company have common affiliates. | |||||||||||||||||||||
As of December 31, 2013 and 2012, the Company recorded $394,800 and $37,050, respectively, as accounts receivable related party on its balance sheet. In 2013, one of the Company’s investments declared a distribution of $394,800. We recorded the distribution as related party accounts receivable. The receivable was collected in January 2014. The 2012 amount represents third and fourth quarter management fees that were due from WestMountain Prime, LLC. The total amount was collected in the following quarter. | |||||||||||||||||||||
In 2013, NexCore Real Estate completed the recapitalization of a portion of its real estate assets. As a result of the recapitalization, on December 16, 2013 the Board of Directors of Nexcore Healthcare Capital Corp, as manager of NexCore Real Estate, authorized a $0.24 per unit cash dividend payable to holders of NexCore Real Estate Class B Units of record on December 20, 2013. On January 6, 2014, we deposited a check in the amount of $394,800 as a result of that dividend. NexCore Healthcare Capital Corp. also declared a cash dividend during 2013 for which the Company received $16,450. | |||||||||||||||||||||
As of December 31, 2013 and 2012, the following investments in marketable and nonmarketable securities were held in related parties due to common principal ownership: | |||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||
Market/Cost | Market/Cost | ||||||||||||||||||||
Company Name | Shares | Units | Value | Shares | Value | ||||||||||||||||
Marketable Securities: | |||||||||||||||||||||
Hangover Joe's Holding Corporation (formerly | |||||||||||||||||||||
Accredited Members Holding Corporation) | 928,463 | - | $ | 16,061 | 1,691,713 | $ | 126,878 | ||||||||||||||
WestMountain Gold, Inc. (formerly WestMountain Index Advisor, Inc.) | 866,000 | - | 640,840 | 866,000 | 606,200 | ||||||||||||||||
Totals | 1,794,463 | - | $ | 656,901 | 2,557,713 | $ | 733,078 | ||||||||||||||
Nonmarketable Securities: | |||||||||||||||||||||
Nexcore Real Estate LLC Class B Units | - | 1,645,000 | $ | - | - | $ | - | ||||||||||||||
NexCore Healthcare Capital Corp. | 1,645,000 | - | 1,645 | 1,645,000 | 1,645 | ||||||||||||||||
Totals | 1,645,000 | 1,645,000 | $ | 1,645 | 1,645,000 | $ | 1,645 | ||||||||||||||
Stockholders_Equity
Stockholders Equity | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||
Stockholders Equity | ' | |||||||||
(4) Stockholders Equity | ||||||||||
Common stock | ||||||||||
No common shares were issued or retired during the years ended December 31, 2013 and 2012. | ||||||||||
Stock options | ||||||||||
On August 15, 2011, the Company approved the employee compensation plan and granted a total of 200,000 common stock options, to our employees. As stated in the compensation plan, these options have a four year term. 50% of the options will become vested and exercisable immediately, 25% on the first anniversary date of August 15, 2011, and 25% on the second anniversary date of August 15, 2012. The options have an exercise price of $0.27 per share, which was the fair value of the stock on the day of the grant. The fair value of the options was determined to be $41,038 using the Black-Scholes option pricing model and the following key assumptions: market price of common stock of $0.27, a risk free rate of 0.99%, a volatility of 99.96% and an expected term of 2.375 years using the simplified method. During the years ended December 31, 2013 and 2012, $6,409 and $14,110, respectively was expensed. | ||||||||||
The following table presents the activity stock options during the years ended December 31, 2013 and 2012: | ||||||||||
Weighted | ||||||||||
Average | ||||||||||
Options | Exercise Price | |||||||||
Outstanding - December 31, 2011 | 200,000 | $ | 0.27 | |||||||
Granted | - | - | ||||||||
Forfeited/canceled | - | - | ||||||||
Exercised | - | - | ||||||||
Outstanding - December 31, 2012 | 200,000 | $ | 0.27 | |||||||
Granted | - | - | ||||||||
Forfeited/canceled | - | - | ||||||||
Exercised | - | - | ||||||||
Outstanding - September 30, 2013 | 200,000 | $ | 0.27 | |||||||
The weighted average remaining life of these 200,000 options as of December 31, 2013 and 2012 was 1.6 and 2.6 years, respectively. | ||||||||||
The following table presents the composition of options outstanding and exercisable as of December 31, 2013 and 2012. The exercisable options have an intrinsic value of $12,000 and $24,000 as of December 31, 2013 and 2012, respectively. | ||||||||||
As of December 31, 2013: | ||||||||||
Options Outstanding | Options Exercisable | |||||||||
Range of Exercise Prices | Number | Life | Number | Price | ||||||
0.27 | 200,000 | 1.6 | 200,000 | 0.27 | ||||||
As of December 31, 2012: | ||||||||||
Options Outstanding | Options Exercisable | |||||||||
Range of Exercise Prices | Number | Life | Number | Price | ||||||
0.27 | 200,000 | 2.6 | 100,000 | 0.27 | ||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
(5) Commitments and Contingencies | |
Based on currently available information, the Company believes that it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our financial statements. As the Company learns new facts concerning contingencies, the Company reassesses its position both with respect to accrued liabilities and other potential exposures. In the case of all known contingencies, the Company accrues a liability when the loss is probable and the amount is reasonably estimable. The Company does not reduce these liabilities for potential insurance or third-party recoveries. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
(6) Income Taxes | |||||||||
The Company records 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. | |||||||||
The provision of income taxes consists of the following for the years ended December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Current: | |||||||||
Federal | $ | 31,976 | $ | (4,165 | ) | ||||
State | 1,583 | - | |||||||
Total current | 33,559 | (4,165 | ) | ||||||
Deferred: | |||||||||
Federal | 25,883 | (32,234 | ) | ||||||
State | 7,585 | (2,035 | ) | ||||||
Total deferred | 33,468 | (34,269 | ) | ||||||
Income tax expense (benefit) | $ | 67,027 | $ | (38,434 | ) | ||||
Deferred tax assets and liabilities consisted of the following as of December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Deferred tax assets: | |||||||||
Current | |||||||||
Compensation Accruals | $ | 13,229 | $ | 3,054 | |||||
Investments in Flow Through Entities | 26,512 | - | |||||||
Bad Debt Reserve | 15,367 | 15,367 | |||||||
Prepaid Expenses | (842 | ) | (722 | ) | |||||
Fixed Assets | 1,618 | 1,413 | |||||||
Unrealized Losses | 13,175 | 13,175 | |||||||
Interest Payable - Related Party | - | - | |||||||
Other | - | - | |||||||
Equity / Option Compensation | 10,510 | 8,869 | |||||||
Net operating loss carryforwards | - | 71,881 | |||||||
Total current deferred tax asset | 79,569 | 113,037 | |||||||
Long-term | |||||||||
Net operating loss carryforwards | - | - | |||||||
Accumulated OCI | (382,899 | ) | (443,085 | ) | |||||
Other Liabilities | - | - | |||||||
Total long-term deferred tax asset net | (382,899 | ) | (443,085 | ) | |||||
Total deferred tax assets | (303,330 | ) | (330,048 | ) | |||||
Valuation allowance | - | - | |||||||
Net deferred tax assets | $ | (303,330 | ) | $ | (330,048 | ) | |||
The benefit for income taxes differs from the amount computed by applying the U.S. federal income tax rate of 35% to loss before income taxes as follows for the years ended December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
U.S. federal income tax expense\(benefit) at statutory rates | 53,699 | (30,373 | ) | ||||||
Permanent differences | 19 | 24 | |||||||
State income tax expense\(benefit), net of federal impact | 8,820 | (2,035 | ) | ||||||
Other | 4,490 | (6,050 | ) | ||||||
Change in valuation allowance | - | - | |||||||
67,027 | (38,434 | ) |
Subsequent_Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
(7) Subsequent Events | |
On January 3, 2014, NexCore Healthcare Capital Corp. declared a $0.10 per share cash dividend to holders of NexCore common stock of record on January 16, 2014. As of that date, the Company owned 1,645,000 shares of common stock and received a cash dividend of $164,500. |
Nature_of_Organization_and_Sum1
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 Company (“we”, ”our” or the “Company”), formerly known as 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. | |||||
As a consultant to both public and private companies, we promote public visibility and market acceptance for our clients. We use a number of techniques to achieve these objectives for our clients, including developing public recognition of their business plans and strategic goals, managing investor relations, and engaging in website development and media production. We also utilize various social media outlets and services to deliver our client’s message. We are paid fees for our services by our clients under written consulting agreements. | |||||
Principles of Consolidation | ' | ||||
Principles of Consolidation | |||||
Property holding entities and other subsidiaries of which we own 100% of the equity or have a controlling financial interest evidenced by ownership of a majority voting interest are consolidated. All inter-company balances and transactions are eliminated. | |||||
The accompanying consolidated financial statements include the accounts of WestMountain Company and the following 100% owned subsidiaries, which were active at December 31, 2013: | |||||
WestMountain Business Consulting, Inc. | |||||
WestMountain Allocation Analytics, Inc. | |||||
WestMountain Valuation Services, Inc. | |||||
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. | |||||
Cash and Cash Equivalents | ' | ||||
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. There were no cash equivalents as of December 31, 2013. | |||||
Accounts Receivable | ' | ||||
Accounts Receivable | |||||
Accounts receivable consists of amounts due from the management fees, consulting fees associated with marketing and media consulting and dividends due from a related party. 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 collectible. For the years ended December 31, 2013 and 2012, the company did not record any allowance against our accounts receivable balance. | |||||
Notes Receivable | ' | ||||
Notes Receivable | |||||
Notes receivable consist of secured loans to unrelated third parties and are reported at the outstanding principal balance. As of December 31, 2011, the principal balance was $30,000, net of an allowance of $60,000. In February 2012, the Company converted its $30,000 convertible note receivable into 200,000 common shares of common stock of SRKP 16, Inc. (see Note 2). As of December 31, 2013 our net note receivable balance was $-0-. Our principal balance is $60,000, with a full allowance against the principal of $60,000. | |||||
Allowance for Loss on Note Receivable | ' | ||||
Allowance for Loss on Note Receivable | |||||
The allowance for loss on note receivable is the amount that, in the opinion of management, is necessary to absorb probable losses inherent in the note receivable. The allowance is determined based upon numerous considerations including local economic conditions, a review of the value of collateral supporting the note receivable and the collectability of the note receivable. As a result of the test of adequacy, required adjustments to the allowance for loan losses are made periodically by changes to the provision for loss on note receivable. As of December 31, 2013 and 2012, the allowance for loss on note receivable was $60,000. | |||||
Revenue | ' | ||||
Revenue | |||||
We act primarily as a fee-based marketing and media consultant to public companies. As a consultant, we provide investor relations, website development, video production, and associated marketing and media services to clients. We are paid fees for our services by our clients under written consulting agreements. | |||||
The Company generates additional 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. | |||||
The Company recognizes revenue for its services generally when persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed or determinable and collectability is reasonably assured. | |||||
In the general course of business, we receive stock-based compensation for our services. In many cases, the underlying stock is thinly traded and determining the value of revenue requires substantial judgment. If the underlying stock is traded in an active market, the value used to record revenue is based on the quoted market value of the stock. If there is not an active market, then the value is determined using other inputs. | |||||
Deferred Revenue | ' | ||||
Deferred Revenue | |||||
The Company recognizes deferred revenue on a straight line basis over the period for which the services are performed. During 2012 we received $50,000 cash that represented a prepayment for advisory/consulting services to be provided through August 2013. In 2012 we recognized $24,000 of the $50,000 on the income statement for advisory fees. The remaining $26,000 was recognized as advisory fees on the Statements of Operations and Comprehensive Income (Loss) in 2013. | |||||
Fair Value of Financial Instruments | ' | ||||
Fair Value of Financial Instruments | |||||
On January 1, 2008, the Company adopted ASC 820 Fair Value Measures. ASC820 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 observable. 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: | |||||
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 following methods and assumptions were used to estimate the fair value of the Company’s investments in available-for-sale marketable securities: | |||||
Available-for-sale securities are recorded at fair value. We primarily own securities in smaller public companies that are thinly traded. Determining fair value requires substantial judgment. For common stock securities, we first determine whether or not the stock is traded in an active market. Securities traded in an active market are marked-to-market using the quoted market price of the stock and are classified as Level 1 inputs. Securities that do not have an active market are measured using unobservable inputs, and are classified as Level 3 inputs. | |||||
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 December 31, 2013 and 2012, the Company held available-for-sale securities with an aggregate fair value of $1,380,879 and $1,630,964, respectively. As of December 31, 2013 and 2012, all of our available-for-sale securities were invested in publically traded equity holdings. The Company recognized unrealized losses, net of tax, in accumulated other comprehensive income as of December 31, 2013 and 2012 in the amounts of $102,234 and $2,654,178, respectively. (See Note 2 for details of available for sale investments). | |||||
The Company’s assets measured at fair value on a recurring basis subject to the disclosure requirements of ASC 820 at December 31, 2013, were as follows: | |||||
Quoted Prices in | Significant | ||||
Active Markets for | Other | Significant | |||
Identical Assets and | Observable | Unobservable | Balance as of | ||
Liabilities | Inputs | Inputs | December 31, | ||
Description | (Level 1) | (Level 2) | (Level 3) | 2013 | |
Assets: | |||||
Available-for-sale | |||||
marketable securities | $ 1,380,879 | $ - | $ - | $ 1,380,879 | |
The Company’s assets measured at fair value on a recurring basis subject to the disclosure requirements of ASC 820 at December 31, 2012, were as follows: | |||||
Quoted Prices in | Significant | ||||
Active Markets for | Other | Significant | |||
Identical Assets and | Observable | Unobservable | Balance as of | ||
Liabilities | Inputs | Inputs | December 31, | ||
Description | (Level 1) | (Level 2) | (Level 3) | 2012 | |
Assets: | |||||
Available-for-sale | |||||
marketable securities | $ 1,630,964 | $ - | $ - | $ 1,630,964 | |
Property and Equipment and Intangibles | ' | ||||
Property and Equipment and Intangibles | |||||
Computers and intangibles are stated at cost. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the related assets, ranging from three to seven years. Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures for major renewals and betterments, which extend the useful lives of existing computers and intangibles, are capitalized and depreciated or amortized. Upon retirement or disposition of computers and intangibles, the cost and related accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is recognized in the statements of operations. | |||||
Long-Lived Assets | ' | ||||
Long-Lived Assets | |||||
All long-lived assets are reviewed when events or changes in circumstances indicate that the carrying amounts of such assets may not be recoverable. An impairment loss is recognized when estimated undiscounted cash flows that can be generated by those assets are less than the carrying value of the assets. When an impairment loss is recognized, the carrying amount is reduced to its estimated fair value based on appraisals or other reasonable methods to estimate fair value. There was no impairment of long-lived assets as of December 31, 2013 and 2012. | |||||
Investments in Marketable and Nonmarketable Securities | ' | ||||
Investments in Marketable and Nonmarketable Securities | |||||
The Company reports its investments in marketable securities on the balance sheet as available for sale. Investments are deemed to be marketable when they are investments in public companies. Some of the investments reflect the original cost of the investment due to low volume of trading of the investment, and other investments reflect the original cost of the investments and unrealized gain/loss amounts based on the market price as of the date of the financial statements. Any tax adjustment related to the unrealized gain/loss is reflected as a deferred tax asset or liability on the balance sheet. | |||||
Other comprehensive income (OCI) is made up of the unrealized gain/loss amounts related to the available for sale investments of the Company. The OCI balance is recorded net of tax. | |||||
The Company reports its investments in nonmarketable securities on balance sheet using the cost method. Investments are deemed to be nonmarketable when they are investments in private companies. Investments in nonmarketable securities reflect the original cost of the investment | |||||
Equity Method Investments | ' | ||||
Equity Method Investments | |||||
For investments that represent significant influence in the investee, the Company follows ASC 323 Investments—Equity Method and Joint Ventures when recognizing these investments in the financial statements. Under this method, any net income or net loss must be recorded against the Company’s investment, not to exceed the original investment and recognized as additional income or loss on the Company’s income statement. In 2008 the Company acquired 39% of the outstanding shares of Marine Exploration, Inc. for $50,000 and accounted for this investment under the equity method. As of December 31, 2013 and 2012, the Company’s investment in Marine Exploration is zero due to significant losses of the investee. | |||||
Income Taxes | ' | ||||
Income Taxes | |||||
Deferred income tax assets and liabilities are recognized for the expected future income tax consequences of events that have been included in the consolidated financial statements or income tax returns. Deferred income tax assets and liabilities are determined based on differences between the financial statement and tax bases of assets and liabilities using tax rates in effect for the years in which the differences are expected to reverse. | |||||
In evaluating the ultimate realization of deferred income tax assets, management considers whether it is more likely than not that the deferred income tax assets will be realized. Management establishes a valuation allowance if it is more likely than not that all or a portion of the deferred income tax assets will not be utilized. The ultimate realization of deferred income tax assets is dependent on the generation of future taxable income, which must occur prior to the expiration of the net operating loss carry forwards. | |||||
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 Company is 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. | |||||
Earnings per Share | ' | ||||
Earnings per Share | |||||
Basic income per share is computed by dividing net income by the weighted average number of shares of common stock outstanding. Diluted income per share is determined by dividing the net income by the sum of (1) the weighted average number of common shares outstanding and (2) if not anti-dilutive, the effect of stock awards determined utilizing the treasury stock method. The dilutive effect of the outstanding awards for the years ended December 31, 2013 and 2012 was 94,118 and -0- shares, respectively. | |||||
Recently Issued Accounting Pronouncements | ' | ||||
Recently Issued Accounting Pronouncements | |||||
There were various other accounting standards and interpretations issued during 2013 and 2012. However, management does not expect any of these to have a material impact on the Company’s consolidated financial position, operations, or cash flows. |
Nature_of_Organization_and_Sum2
Nature of Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis | ' | ||||
The Company’s assets measured at fair value on a recurring basis subject to the disclosure requirements of ASC 820 at December 31, 2013, were as follows: | |||||
Quoted Prices in | Significant | ||||
Active Markets for | Other | Significant | |||
Identical Assets and | Observable | Unobservable | Balance as of | ||
Liabilities | Inputs | Inputs | December 31, | ||
Description | (Level 1) | (Level 2) | (Level 3) | 2013 | |
Assets: | |||||
Available-for-sale | |||||
marketable securities | $ 1,380,879 | $ - | $ - | $ 1,380,879 | |
The Company’s assets measured at fair value on a recurring basis subject to the disclosure requirements of ASC 820 at December 31, 2012, were as follows: | |||||
Quoted Prices in | Significant | ||||
Active Markets for | Other | Significant | |||
Identical Assets and | Observable | Unobservable | Balance as of | ||
Liabilities | Inputs | Inputs | December 31, | ||
Description | (Level 1) | (Level 2) | (Level 3) | 2012 | |
Assets: | |||||
Available-for-sale | |||||
marketable securities | $ 1,630,964 | $ - | $ - | $ 1,630,964 | |
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||
Schedule of Investments in Available for Sale Marketable Securities | ' | ||||||||||||||||||||
Investments in Available for Sale Marketable Securities | |||||||||||||||||||||
The Company’s investments in available for sale marketable securities as of December 31, 2013 and 2012 are summarized below. | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Accumulated | |||||||||||||||||||||
Share | Market/Cost | Unrealized | |||||||||||||||||||
Company Name | Shares | Cost | Price | Value | Gain/(Loss) | ||||||||||||||||
Omni Bio Pharmaceutical, Inc. | 1,707,107 | $ | 193,634 | $ | 0.3837 | $ | 655,016 | $ | 461,382 | ||||||||||||
Hangover Joe's Holding Corporation | 928,463 | 106,641 | 0.0173 | 16,061 | (90,580 | ) | |||||||||||||||
(formerly Accredited Members | |||||||||||||||||||||
Holding Corporation) | |||||||||||||||||||||
Silver Verde May Mining Co., Inc | 246,294 | 46,488 | 0.28 | 68,962 | 22,474 | ||||||||||||||||
WestMountain Gold, Inc. (formerly | 866,000 | 866 | 0.74 | 640,840 | 639,974 | ||||||||||||||||
WestMountain Index Advisor, Inc.) | |||||||||||||||||||||
Totals | 3,747,864 | $ | 347,629 | $ | 1,380,879 | $ | 1,033,250 | ||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Accumulated | |||||||||||||||||||||
Share | Market/Cost | Unrealized | |||||||||||||||||||
Company Name | Shares | Cost | Price | Value | Gain/(Loss) | ||||||||||||||||
Omni Bio Pharmaceutical, Inc. | 1,707,107 | $ | 193,634 | $ | 0.5 | $ | 853,553 | $ | 659,919 | ||||||||||||
Hangover Joe's Holding Corporation | 1,691,713 | 194,306 | 0.075 | 126,878 | (67,428 | ) | |||||||||||||||
(formerly Accredited Members | |||||||||||||||||||||
Holding Corporation) | |||||||||||||||||||||
Silver Verde May Mining Co., Inc. | 246,294 | 46,488 | 0.18 | 44,333 | (2,155 | ) | |||||||||||||||
WestMountain Gold, Inc. (formerly | 866,000 | 866 | 0.7 | 606,200 | 605,334 | ||||||||||||||||
WestMountain Index Advisor, Inc.) | |||||||||||||||||||||
Totals | 4,511,114 | $ | 435,294 | $ | 1,630,964 | $ | 1,195,670 | ||||||||||||||
Investments in Nonmarketable Securities | ' | ||||||||||||||||||||
Investments in Nonmarketable Securities | |||||||||||||||||||||
Nonmarketable Securities: | Shares | Units | Cost | ||||||||||||||||||
SKRP 16, Inc. | 200,000 | - | 30,000 | ||||||||||||||||||
Nexcore Real Estate LLC (Class B Units) | - | 1,645,000 | - | ||||||||||||||||||
NexCore Healthcare Capital Corp. | 1,645,000 | - | 1,645 | ||||||||||||||||||
Total Shares or Units | 1,845,000 | 1,645,000 | 31,645 | ||||||||||||||||||
Total | 5,592,864 | 1,645,000 | 379,274 | ||||||||||||||||||
Related_Parties_Tables
Related Parties (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Related Parties Tables | ' | ||||||||||||||||||||
Securities held in related parties due to common principal ownership | ' | ||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||
Market/Cost | Market/Cost | ||||||||||||||||||||
Company Name | Shares | Units | Value | Shares | Value | ||||||||||||||||
Marketable Securities: | |||||||||||||||||||||
Hangover Joe's Holding Corporation (formerly | |||||||||||||||||||||
Accredited Members Holding Corporation) | 928,463 | - | $ | 16,061 | 1,691,713 | $ | 126,878 | ||||||||||||||
WestMountain Gold, Inc. (formerly WestMountain Index Advisor, Inc.) | 866,000 | - | 640,840 | 866,000 | 606,200 | ||||||||||||||||
Totals | 1,794,463 | - | $ | 656,901 | 2,557,713 | $ | 733,078 | ||||||||||||||
Nonmarketable Securities: | |||||||||||||||||||||
Nexcore Real Estate LLC Class B Units | - | 1,645,000 | $ | - | - | $ | - | ||||||||||||||
NexCore Healthcare Capital Corp. | 1,645,000 | - | 1,645 | 1,645,000 | 1,645 | ||||||||||||||||
Totals | 1,645,000 | 1,645,000 | $ | 1,645 | 1,645,000 | $ | 1,645 |
Stockholders_Equity_Tables
Stockholders Equity (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||
Schedule of Common Stock Option Activity | ' | |||||||||
The following table presents the activity stock options during the years ended December 31, 2013 and 2012: | ||||||||||
Weighted | ||||||||||
Average | ||||||||||
Options | Exercise Price | |||||||||
Outstanding - December 31, 2011 | 200,000 | $ | 0.27 | |||||||
Granted | - | - | ||||||||
Forfeited/canceled | - | - | ||||||||
Exercised | - | - | ||||||||
Outstanding - December 31, 2012 | 200,000 | $ | 0.27 | |||||||
Granted | - | - | ||||||||
Forfeited/canceled | - | - | ||||||||
Exercised | - | - | ||||||||
Outstanding - September 30, 2013 | 200,000 | $ | 0.27 | |||||||
Schedule of Options Outstanding and Exercisable, by Exercise Price Range | ' | |||||||||
The following table presents the composition of options outstanding and exercisable as of December 31, 2013 and 2012. The exercisable options have an intrinsic value of $12,000 and $24,000 as of December 31, 2013 and 2012, respectively. | ||||||||||
As of December 31, 2013: | ||||||||||
Options Outstanding | Options Exercisable | |||||||||
Range of Exercise Prices | Number | Life | Number | Price | ||||||
0.27 | 200,000 | 1.6 | 200,000 | 0.27 | ||||||
As of December 31, 2012: | ||||||||||
Options Outstanding | Options Exercisable | |||||||||
Range of Exercise Prices | Number | Life | Number | Price | ||||||
0.27 | 200,000 | 2.6 | 100,000 | 0.27 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Income Tax Provision | ' | ||||||||
2013 | 2012 | ||||||||
Current: | |||||||||
Federal | $ | 31,976 | $ | (4,165 | ) | ||||
State | 1,583 | - | |||||||
Total current | 33,559 | (4,165 | ) | ||||||
Deferred: | |||||||||
Federal | 25,883 | (32,234 | ) | ||||||
State | 7,585 | (2,035 | ) | ||||||
Total deferred | 33,468 | (34,269 | ) | ||||||
Income tax expense (benefit) | $ | 67,027 | $ | (38,434 | ) | ||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||
2013 | 2012 | ||||||||
Deferred tax assets: | |||||||||
Current | |||||||||
Compensation Accruals | $ | 13,229 | $ | 3,054 | |||||
Investments in Flow Through Entities | 26,512 | - | |||||||
Bad Debt Reserve | 15,367 | 15,367 | |||||||
Prepaid Expenses | (842 | ) | (722 | ) | |||||
Fixed Assets | 1,618 | 1,413 | |||||||
Unrealized Losses | 13,175 | 13,175 | |||||||
Interest Payable - Related Party | - | - | |||||||
Other | - | - | |||||||
Equity / Option Compensation | 10,510 | 8,869 | |||||||
Net operating loss carryforwards | - | 71,881 | |||||||
Total current deferred tax asset | 79,569 | 113,037 | |||||||
Long-term | |||||||||
Net operating loss carryforwards | - | - | |||||||
Accumulated OCI | (382,899 | ) | (443,085 | ) | |||||
Other Liabilities | - | - | |||||||
Total long-term deferred tax asset net | (382,899 | ) | (443,085 | ) | |||||
Total deferred tax assets | (303,330 | ) | (330,048 | ) | |||||
Valuation allowance | - | - | |||||||
Net deferred tax assets | $ | (303,330 | ) | $ | (330,048 | ) | |||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||
2013 | 2012 | ||||||||
U.S. federal income tax expense\(benefit) at statutory rates | 53,699 | (30,373 | ) | ||||||
Permanent differences | 19 | 24 | |||||||
State income tax expense\(benefit), net of federal impact | 8,820 | (2,035 | ) | ||||||
Other | 4,490 | (6,050 | ) | ||||||
Change in valuation allowance | - | - | |||||||
67,027 | (38,434 | ) |
Nature_of_Organization_and_Sum3
Nature of Organization and Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Deferred revenue recognized during period | $26,000 | $24,000 |
Deferred revenue, current portion | ' | 26,000 |
Deferred revenues received | $50,000 | ' |
Nature_of_Organization_and_Sum4
Nature of Organization and Summary of Significant Accounting Policies (Fair Value of Financial Instruments) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Aggregate fair value of available-for-sale securities | $1,380,879 | $1,630,964 |
Unrealized loss on investments in marketable equity securities, net of tax | ($102,234) | ($2,654,178) |
Related_Parties_Details
Related Parties (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | ' | ' |
Management fees, related parties | $56,629 | $76,754 |
Advisory/consulting fees, related parties | 116,000 | 97,500 |
Advisory/consulting revenue from all sources | 220,050 | 114,500 |
Accounts receivable, related parties | 394,800 | 37,050 |
Accrued liabilities, related parties | ' | 1,000 |
Shares | 3,747,864 | 4,511,114 |
Cash dividend per share | $0.24 | ' |
Dividend income on nonmarketable securities | 16,450 | ' |
Bohemian Companies Limited Liability Company [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Accrued liabilities, related parties | 0 | 1,000 |
Expenses | 12,000 | 12,000 |
Nexcore [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Shares | 1,645,000 | ' |
Dividend income on nonmarketable securities | ' | 16,450 |
Cost | 1,645 | ' |
West Mountain Prime Llc [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Management fees, related parties | $56,629 | $76,754 |
Related_Parties_Schedule_of_Re
Related Parties (Schedule of Related Party Investments) (Details) (USD $) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | ' | ' |
Shares | 3,747,864 | 4,511,114 |
Cost | $347,629 | $435,294 |
Hangover Joes Holding Corp [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Shares | 928,463 | 866,000 |
Cost | 16,061 | 656,901 |
WestMountain Gold, Inc. (formerly WestMountain Index Advisor, Inc.) | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Shares | 1,691,713 | 866,000 |
Cost | 126,878 | 606,200 |
Nexcore Real Estate LLC Class B Units [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Shares | 1,645,000 | 1,645,000 |
Cost | ' | 1,645 |
Nexcore Healthcare Capital Corp [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Shares | ' | 1,645,000 |
Cost | ' | $1,645 |
Investments_Equity_Method_Narr
Investments (Equity Method Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2008 | Aug. 24, 2010 |
Marine Exploration Inc [Member] | Marine Exploration Inc [Member] | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Ownership percentage | ' | 39.00% | ' |
Shares purchased | ' | 175,000,000 | ' |
Cost of investment | ' | $500,000 | ' |
Carrying value of equity investment | $0 | ' | ' |
Reverse stock split, one share per | ' | ' | 500 |
Investments_Cost_Method_Nonmar
Investments (Cost Method Nonmarketable Investments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Shares/Units | 3,747,864 | 4,511,114 |
Cost | ' | $31,645 |
SKRP 16 Inc [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Shares/Units | 200,000 | ' |
Cost | 30,000 | ' |
Nexcore Real Estate LLC [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Shares/Units | 1,645,000 | ' |
Nexcore Healthcare Capital [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Shares/Units | 1,645,000 | ' |
Cost | 1,645 | ' |
Investments_Available_for_Sale
Investments (Available for Sale Marketable Securities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Shares | 3,747,864 | 4,511,114 |
Cost | $347,629 | $435,294 |
Market/Cost Value | 1,380,879 | 1,630,964 |
Accumulated Unrealized Gain/Loss | 1,033,250 | 1,195,670 |
Omni Bio Pharmaceutical, Inc. [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Shares | 1,707,107 | 1,707,107 |
Cost | 193,634 | 193,634 |
Share Price | $0.38 | $0.50 |
Market/Cost Value | 655,016 | 853,553 |
Accumulated Unrealized Gain/Loss | 461,382 | 659,919 |
Hangover Joe's Holding Corporation [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Shares | 928,463 | 1,691,713 |
Cost | 106,641 | 194,306 |
Share Price | $0.02 | $0.08 |
Market/Cost Value | 16,061 | 126,878 |
Accumulated Unrealized Gain/Loss | -90,580 | -67,428 |
Silver Verde May Mining Co., Inc [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Shares | 246,294 | 246,294 |
Cost | 46,488 | 46,488 |
Share Price | $0.28 | $0.18 |
Market/Cost Value | 68,962 | 44,333 |
Accumulated Unrealized Gain/Loss | 22,474 | -2,155 |
WestMountain Gold, Inc. (formerly WestMountain Index Advisor, Inc.) [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Shares | 866,000 | 866,000 |
Cost | 866 | 866 |
Share Price | $0.74 | $0.70 |
Market/Cost Value | 640,840 | 606,200 |
Accumulated Unrealized Gain/Loss | $639,974 | $605,334 |
Stockholders_Equity_Details
Stockholders Equity (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Aug. 15, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' | ' |
Outstanding shares | 9,517,402 | 9,517,402 | ' | ' | ' |
Shares authorized under stock option plan | 200,000 | ' | 200,000 | ' | ' |
Terms of options per compensation plan agreement (in years) | '4 years | ' | ' | ' | ' |
Percentage of options that vest and are exercisable immediately | ' | ' | 50.00% | ' | ' |
Percentage of options that vest on the first anniversary date of August 15, 2011 | ' | ' | 25.00% | ' | ' |
Percentage of options that vest on the second anniversary date of August 15, 2012 | ' | ' | 25.00% | ' | ' |
Exercise price | $0.27 | $0.27 | ' | $0.27 | $0.27 |
Fair value | $41,038 | ' | ' | ' | ' |
Risk free interest rate | 0.99% | ' | ' | ' | ' |
Volatility rate | 99.96% | ' | ' | ' | ' |
Expected life in years | '2 years 1 month 6 days | ' | ' | ' | ' |
Share-based compensation expense recognized during the period | $6,409 | $114,110 | ' | ' | ' |
Stockholders_Equity_Stock_Opti
Stockholders Equity (Stock Option Activity) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | |
Stock option activity | ' | ' | ' |
Outstanding, beginning | 200,000 | 200,000 | 200,000 |
Outstanding, ending | 200,000 | 200,000 | 200,000 |
Weighted average exercise price, beginning | $0.27 | $0.27 | $0.27 |
Weighted average exercise price, ending | $0.27 | $0.27 | $0.27 |
Weighted average remaining life | '1 year 7 months 2 days | '2 years 7 months 6 days | ' |
Stockholders_Equity_Exercisabl
Stockholders Equity (Exercisable and Outstanding Options by Exercise Price Range) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Options by exercise price range | ' | ' |
Options exercisable, intrinsic value | $12,000 | $24,000 |
Minimum exercise price | $0.27 | $0.27 |
Options outstanding | 200,000 | 200,000 |
Options exercisable outstanding | 200,000 | 100,000 |
Weighted average remaining life | '1 year 7 months 2 days | '2 years 7 months 6 days |
Income_Taxes_Components_of_Inc
Income Taxes (Components of Income Tax) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Current: | ' | ' |
Federal | $31,976 | ($4,165) |
State | 1,583 | ' |
Total current | 33,559 | -4,165 |
Deferred: | ' | ' |
Federal | 25,883 | -32,234 |
State | 7,585 | -2,035 |
Total deferred | 33,468 | -34,269 |
Income tax benefit | $67,027 | ($38,434) |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred tax assets: | ' | ' |
Compensation Accruals | $13,229 | $3,054 |
Investments in Flow Through Entities | 26,512 | ' |
Bad debt reserve | 15,367 | 15,367 |
Prepaid expenses | -842 | -722 |
Fixed assets | 1,618 | 1,413 |
Unrealized losses | 13,175 | 13,175 |
Interest Payable - Related Party | ' | ' |
Other | ' | ' |
Equity / Option Compensation | 10,510 | 8,869 |
Net operating loss carryforwards | ' | 71,881 |
Total current deferred tax asset | 79,569 | 113,037 |
Net operating loss carryforwards | ' | ' |
Accumulated OCI | -382,899 | -443,085 |
Other Liabilities | ' | ' |
Total long-term deferred tax asset net | -382,899 | -443,085 |
Total deferred tax assets | -303,330 | -330,048 |
Valuation allowance | ' | ' |
Net deferred tax assets | ($303,330) | ($330,048) |
Income_Taxes_Effective_Income_
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' |
U.S. federal income tax benefit at statutory rates | $53,699 | ($30,373) |
Permanent differences | 19 | 24 |
State income tax benefit, net of federal impact | 8,820 | -2,035 |
Other | 4,490 | -6,050 |
Change in valuation allowance | ' | ' |
Income tax benefit | $67,027 | ($38,434) |
Subsequent_Events_Details_Narr
Subsequent Events (Details Narrative) (USD $) | Jan. 16, 2014 | Jan. 03, 2014 |
Subsequent Events [Abstract] | ' | ' |
Cash dividend declared | ' | $0.10 |
Number of shares owned | 1,645,000 | ' |
Cash dividend | $164,500 | ' |