Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Apr. 13, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Entity Registrant Name | Westmountain Company | ||
Entity Central Index Key | 1,421,603 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 9,517,402 | ||
Entity Public Float | $ 251,378 | ||
Current Reporting Status | Yes | ||
WellKnown Seasoned Issuer | No | ||
Voluntary Filers | No |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 579,971 | $ 445,411 |
Investments in marketable securities | 117,022 | 1,006,230 |
Accounts receivable, related parties | 6,000 | 41,125 |
Accounts receivable | $ 16,435 | 12,300 |
Note receivable, related parties | $ 25,937 | |
Income tax receivable | $ 19,873 | |
Prepaid expenses | 2,308 | $ 9,807 |
Deferred tax asset, net | 106,208 | |
Total current assets | 847,817 | $ 1,540,810 |
Property and equipment, net of accumulated depreciation of $11,531 and $9,473, respectively | 5,827 | 6,173 |
Investments in nonmarketable securities, at cost | 31,645 | 31,645 |
Total assets | 885,289 | 1,578,628 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 44,133 | $ 37,293 |
Accounts payable and accrued liabilities, related parties | $ 5,751 | |
Deferred tax liability | $ 107,958 | |
Income tax payable | 68,662 | |
Total current liabilities | $ 49,884 | 213,913 |
Total liabilities | $ 49,884 | $ 213,913 |
Shareholders' Equity: | ||
Preferred stock, $0.10 par value; 1,000,000 shares authorized, none issued and outstanding | ||
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 | 927,355 |
Accumulated earnings (deficit) | (82,534) | 8,952 |
Other comprehensive income, net | (18,934) | 418,890 |
Total shareholders' equity | 835,405 | 1,364,715 |
Total liabilities and shareholders' equity | $ 885,289 | $ 1,578,628 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Accumulated depreciation | $ 11,531 | $ 9,473 |
Accumulated amortization | $ 2,058 | $ 793 |
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 | $ 0.001 | $ 0.001 |
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 Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue: | ||
Advisory/consulting fees, related parties | $ 152,000 | $ 152,000 |
Advisory/consulting fees | 53,667 | 37,200 |
Total revenue | 205,667 | 189,200 |
Operating expenses: | ||
Selling, general and administrative expenses | 334,479 | $ 379,604 |
Write-off of note receivable, related party | 60,937 | |
Total operating expenses | 395,416 | $ 379,604 |
Loss from operations | $ (189,749) | (190,404) |
Other income (expense): | ||
Interest income | 937 | |
Dividend income on nonmarketable securities | 205,625 | |
Distribution income on non marketable securities | $ 280,225 | $ 99,434 |
Impairment loss on available for sale marketable securities | $ (193,634) | |
Realized loss on available for sale marketable securities | $ (5,955) | |
Total other income (expense) | $ 86,591 | 300,041 |
Net (loss) income before income taxes | (103,158) | 109,637 |
Income tax (benefit) expense | (11,672) | (13,317) |
Net income | (91,486) | 122,954 |
Other comprehensive (loss)income | ||
Unrealized loss on investments in marketable equity securities, net of tax | (437,824) | (231,515) |
Comprehensive (loss) income | $ (529,310) | $ (108,561) |
Basic net (loss)income per share | $ (0.01) | $ 0.01 |
Diluted net (loss)income per share | $ (0.01) | $ 0.01 |
Basic weighted average common shares outstanding | 9,517,402 | 9,517,402 |
Diluted weighted average common shares outstanding | 9,517,402 | 9,636,805 |
Shareholders Equity
Shareholders Equity - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total |
Beginning Balance - Shares at Dec. 31, 2013 | 9,517,402 | ||||
Beginning Balance - Amount at Dec. 31, 2013 | $ 9,518 | $ 927,355 | $ (114,002) | $ 650,405 | $ 1,473,276 |
Unrealized loss on investments | (231,515) | (102,234) | |||
Net income/loss | 122,954 | 122,954 | |||
Ending Balance, Shares at Dec. 31, 2014 | 9,517,402 | ||||
Ending Balance, Amount at Dec. 31, 2014 | $ 9,518 | 927,355 | 8,952 | 418,890 | 1,364,715 |
Unrealized loss on investments | (437,824) | (437,824) | |||
Net income/loss | (91,486) | (91,486) | |||
Ending Balance, Shares at Dec. 31, 2015 | 9,517,402 | ||||
Ending Balance, Amount at Dec. 31, 2015 | $ 9,518 | $ 927,355 | $ (82,534) | $ (18,934) | $ 835,405 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (91,486) | $ 122,954 |
Adjustments to reconcile net (loss) income to net cash provided by | ||
Depreciation and amortization | $ 2,058 | 793 |
Realized loss on available for sale marketable securities | $ 5,955 | |
Impairment loss on available for sale marketable securities | $ 193,634 | |
Deferred income tax (benefit) expense | 43,584 | $ (59,077) |
Write-off of note receivable, related party | 60,937 | |
Changes in operating assets and operating liabilities: | ||
Prepaid expenses and other current assets | 7,499 | $ (6,522) |
Accounts receivable | (4,135) | 2,483 |
Accounts receivable, related parties | 35,125 | 352,738 |
Accounts payable and accrued liabilities | 6,840 | $ (36,719) |
Accounts payable, related parties | 5,751 | |
Income tax refund receivable | (88,535) | $ 35,103 |
Net cash provided by operating activities | 171,272 | 417,708 |
Cash flows from investing activities: | ||
Purchases of equipment | (1,712) | (6,173) |
Loan to related party | $ (35,000) | (25,000) |
Purchases of investments | (52) | |
Proceeds from the sale of available for sale marketable securities | 936 | |
Net cash (used in) provided by investing activities | $ (36,712) | (30,289) |
Net change in cash and cash equivalents | 134,560 | 387,419 |
Cash and cash equivalents, beginning of period | 445,411 | 57,992 |
Cash and cash equivalents, end of period | 579,971 | 445,411 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for Income tax | $ 62,650 | $ 43,690 |
Cash paid during the period for Interest | ||
Non cash investing and financing activities: | ||
Unrealized loss on investments in marketable equity securities, net of tax | $ 437,824 | $ 231,515 |
Nature of Organization and Summ
Nature of Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015: WestMountain Business Consulting, Inc. WestMountain Allocation Analytics, Inc. WestMountain Valuation Services, Inc. Reclassifications Certain prior period amounts have been reclassified to conform to current period presentation. 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, 2015 and December 31, 2014. Accounts Receivable Accounts receivable consists of amounts due from 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, 2015 and 2014, the Company did not record any allowance against our accounts receivable balance. Notes Receivable, Related Party Notes receivable consists of unsecured loans to a related party and are reported at the outstanding principal balance including accrued interest. As of December 31, 2015 and 2014, the outstanding principal and accrued interest balance was $60,937, net of an allowance of $60,937 and $25,937, net of an allowance of $0, respectively. Allowance for Loss on Note Receivable, Related Party 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, 2015 and 2014, the allowance for loss on note receivable was $60,937 and $0, respectively. A write-off of note receivable, related party was recognized in 2015 resulting in a loss of $60,937. Related Parties A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party. The Company had three unsecured promissory notes from WestMountain Distressed Debt. On December 31, 2015 management evaluated the collectability of the notes and determined it was necessary to write the balances off. A total of $60,937 was expensed to the income statement. 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 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. Concentrations During the year ended December 31, 2015, two related party customers, Bohemian Asset Management, Inc. and Nexcore Healthcare Capital Corp., accounted for 74% of total revenue (39% and 35%, respectively). In addition, during 2015, one third party customer accounted for 23% of total revenue. During the year ended December 31, 2014, two related party customers, Bohemian Asset Management, Inc. and Nexcore Healthcare Capital Corp., accounted for 80% of total revenue (42% and 38%, respectively). 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, 2015 and 2014, the Company held available-for-sale securities with an aggregate fair value of $117,022 and $1,006,230, respectively. As of December 31, 2015 and 2014, 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, 2015 and 2014 in the amounts of $437,824 and $231,515, 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, 2015, 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) 2015 Assets: Available-for-sale marketable securities $117,022 $ - $ - $117,022 The Company's assets measured at fair value on a recurring basis subject to the disclosure requirements of ASC 820 at December 31, 2014, 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) 2014 Assets: Available-for-sale marketable securities $ 1,006,230 $ - $ - $ 1,006,230 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, 2015 and 2014. 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 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, 2015 and 2014 was 0 and 119,403 shares, respectively. Recently Issued Accounting Pronouncements In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern In November 2015, the FASB issued ASU 2015-17, "Income Taxes (Topic 740)" In February 2015, the FASB issued Accounting Standards Update No. 2015-02 (ASU 2015-02), Consolidation (Topic 810): Amendments to the Consolidation Analysis There were various other accounting standards and interpretations issued during 2015 and 2014. 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, 2015 | |
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, 2015 and 2014 are summarized below. As of December 31, 2015 Accumulated Share Market/Cost Unrealized Company Name Shares Cost Price Value Gain/(Loss) Hangover Joe's Holding Corporation 868,463 99,750 0.0021 1,824 (97,926 ) Silver Verde May Mining Co., Inc. 246,294 46,488 0.1770 43,594 (2,894 ) WestMountain Gold, Inc. 918,000 918 0.0780 71,604 70,686 Totals 2,032,757 $ 147,156 $ 117,022 $ (30,134 ) As of December 31, 2014 Accumulated Share Market/Cost Unrealized Company Name Shares Cost Price Value Gain/(Loss) Omni Bio Pharmaceutical, Inc. 1,707,107 $ 193,635 $ 0.3695 $ 630,776 $ 437,141 Hangover Joe's Holding Corporation 868,463 99,750 0.0028 2,432 (97,318 ) Silver Verde May Mining Co., Inc. 246,294 46,488 0.2100 51,722 5,234 WestMountain Gold, Inc. 918,000 918 0.3500 321,300 320,382 Totals 3,739,864 $ 340,791 $ 1,006,230 $ 665,439 On May 7, 2015 Omni Bio Pharmaceutical, Inc. filed a Form 8K announcing it has been unsuccessful in its fundraising and partnering/licensing efforts and does not anticipate being able to raise sufficient capital to continue operations. Consequently, the Board of Directors of Omni Bio approved an orderly wind down, including negotiations with its senior secured creditor, Bohemian Investments, LLC. During the year ended December 31, 2015, the Company's investment in Omni Bio Pharmaceutical, Inc. was determined to have other than temporary decline in value. The investment was fully impaired resulting in a loss on impairment of available for sale marketable securities of $193,634. Investments in Nonmarketable Securities In June 2014, the Company received 80,000 common shares of WestMountain Distressed Debt, Inc., a related party, for services provided. This investment is recorded at our cost of $-0- and is accounted for under the cost method because, although WestMountain Distressed Debt, Inc. is a public company, an active market does not exist for the shares. On November 1, 2015, our 1,645,000 common shares in NexCore Healthcare Capital Corp and our Class B units of NexCore Real Estate LLC was exchanged for 1,645,000 of common units of NexCore Companies LLC. The Company's investments in nonmarketable securities accounted for under the cost method as of December 31, 2015 are summarized below. Nonmarketable Securities: Shares Units Cost SKRP 16, Inc. 200,000 - $ 30,000 Nexcore Companies LLC (Common Units) - 1,645,000 1,645 WestMountain Distressed Debt 80,000 - - Total Shares or Units 280,000 1,645,000 $ 31,645 The Company's investments in nonmarketable securities accounted for under the cost method as of December 31, 2014 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 WestMountain Distressed Debt 80,000 - - Total Shares or Units 280,000 1,645,000 $ 31,645 |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2015 | |
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 included 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 compensated 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 performed services on our behalf. We received invoices monthly from Bohemian Companies, LLC. This Service Agreement was terminated by mutual agreement of the parties on March 31, 2014. Total expenses incurred with Bohemian Companies were $0 and $2,000 for the years ending December 31, 2015 and 2014. As of December 31, 2015 and 2014, the Company had a balance due to Bohemian Companies, LLC of $-0- and $-0-, respectively. Revenue For the years ended December 31, 2015 and 2014, the Company recorded aggregate advisory/consulting revenue of $205,667 and $189,200 respectively. Of the $205,667 and $189,200 recorded advisory/consulting revenue in 2015 and 2014, $152,000 and $152,000 is related party revenue. This advisory/ onsulting fee revenue relates to services performed on behalf of Nexcore Group LP and WestMountain Gold, Inc. The related parties and the Company have common affiliates. As of December 31, 2015 and 2014, the Company had outstanding accounts receivables from related parties of $6,000 and $41,125, respectively. Investments in Marketable and Nonmarketable Securities 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. In March 2014, the Company received an additional distribution from Nexcore Real Estate in the amount of $1,425. On December 15, 2014, the Board of Directors of NexCore Healthcare Capital Corp, as manager of NexCore Real Estate, authorized a $0.0675 per unit cash distribution payable to holders of NexCore Real Estate Class B Units of record on December 1, 2014. On December 30, 2014, we deposited a check in the amount of $111,038 as a result of that distribution. In addition, on December 15, 2014 the Board of Directors for NexCore Healthcare Capital Corp, authorized a $0.025 per share cash dividend payable to holders of NexCore common stock of record on December 1, 2014. We recorded a $41,125 receivable and respective dividend income in December 2014. On January 7, 2015 we deposited a check in the amount of $41,125 as a result of that cash dividend. In November 2014 we were notified by Nexcore Real Estate that we had received an over distribution in the amount of $29,478 that we paid back to Nexcore Real Estate in December 2014. The over distribution was associated with Illinois tax that was disbursed to the State of Illinois on the Company's behalf. This payment has been recorded against dividend income on non- marketable securities in the other income and expense section of the income statement. On November 1, 2015, our 1,645,000 common shares in NexCore Healthcare Capital Corp and our Class B units of NexCore Real Estate LLC was exchanged for 1,645,000 of common units of NexCore Companies LLC. On November 4, 2015, the Board of Directors of NexCore Companies LLC, authorized a $0.167 per unit cash distribution payable to unit holders of record as of December 15, 2015. On December 18, 2015, we deposited a check in the amount of $274,715 as a result of that distribution. In addition, we posted the related tax impact of $5,510. As of December 31, 2015 and 2014, the following investments in marketable and nonmarketable securities were held in related parties due to common principal ownership: December 31, 2015 December 31, 2014 Market/Cost Market/Cost Company Name Shares Units Value Shares Units Value Marketable Securities: Hangover Joe's Holding Corp. 868,463 - $ 1,824 868,463 - $ 2,432 WestMountain Gold, Inc. 918,000 - 71,604 918,000 - 321,300 Total Shares or Units 1,786,463 - $ 73,428 1,786,463 - $ 323,732 Nonmarketable Securities: Nexcore Real Estate LLC (Class B Units) - - $ - - 1,645,000 $ - Nexcore Healthcare Capital Corp - - - 1,645,000 - 1,645 Nexcore Companies LLC (Common Units) - 1,645,000 1,645 WestMountain Distressed Debt, Inc. 80,000 - - 80,000 - - Totals Shares or Units 80,000 1,645,000 $ 1,645 1,725,000 1,645,000 $ 1,645 Notes Receivable On October 17, 2014, we entered into a Promissory Note Agreement with WestMountain Distressed Debt, Inc., a related party, in the amount of $25,000. The note bears an interest rate of 18% per annum until paid in full. Repayment of the loan was due on or before April 16, 2015. On April 18, 2015, we entered into a new Promissory Note Agreement for the total principal and interest due on the original note as of April 18, 2015. The new principal amount was $27,256. The new note carried an interest rate of 18% per annum until paid in full. Repayment of the loan was due on or before October 18, 2015. On October 18, 2015 we entered into a new Promissory Note Agreement for the total principal and interest due on the extension as of October 18, 2015. The new principal amount is $29,729. The new note carries an interest rate of 18% per annum until paid in full. Repayment of the loan is due on or before April 18, 2016. As of December 31, 2015, the total principal and interest due on this note is $30,814. A full allowance has been recognized against this note and the accrued interest. On January 27, 2015, we entered into a Promissory Note Agreement with WestMountain Distressed Debt, Inc., a related party, in the amount of $25,000. The note bears an interest rate of 18% per annum until paid in full. Repayment of the loan was due on or before July 27, 2015. On July 27, 2015, we entered into a new Promissory Note Agreement for the total principal and interest due on the original note as of July 27, 2015. The new principal amount is $27,244. The new note carries an interest rate of 18% per annum until paid in full. Repayment of the loan is due on or before January 27, 2016. As of December 31, 2015, principal and interest due on this note is $29,353. On January 27, 2016, we entered into a new Promissory Note Agreement for the total principal and interest due on the extension as of January 27, 2016. The new principal amount was $29,729. The new note carries an interest rate of 18% per annum until paid in full. Repayment of the loan is due on or before July 29, 2016. As of December 31, 2015, principal and interest due on this note is $29,353. A full allowance has been recognized against this note and the accrued interest. On May 4, 2015, we entered into an additional Promissory Note Agreement with WestMountain Distressed Debt, Inc., a related party, in the amount of $10,000. The note bears an interest rate of 18% per annum until paid in full. Repayment of the loan was due on or before November 4, 2015. On November 4, 2015 we entered into a new Promissory Note Agreement for the total principal and interest due on the original note as of November 4, 2015. The new principal amount is $10,740. The new note carries an interest rate of 18% per annum until paid in full. Repayment of the loan is due on or before May 4, 2016. On December 31, 2015 management evaluated the collectability of the notes and determined it was necessary to write the balances off. A total of $60,937 was expensed to the income statement. The Company has determined that WestMountain Distressed Debt, Inc., (WMDS) is considered a "variable interest entity", however, WestMountain Company is not the primary beneficiary. WestMountain Company provided funding to WMDS to assist in paying their current operational expenses. The Company is not the only financial supporter to WMDS. The first note was dated October 17, 2014. Below is a summary of the current notes with WMDS that have been written off as of December 31, 2015. AS OF DECEMBER 31, 2015 AS OF DECEMBER 31, 2014 Note Due Accrued Note Due Accrued Date Date Principal Interest TOTALS Date Date Principal Interest TOTALS 10/19/2015 4/19/2016 $29,729 $1,085 $30,814 10/17/2014 4/17/2015 $25,000 $937 $25,937 7/27/2015 1/28/2016 27,244 2,109 29,353 11/5/2015 5/5/2016 10,740 479 11,219 TOTAL DUE $67,713 $3,673 $71,386 TOTAL DUE $25,000 $937 $25,937 Allowance for doubtful accounts $(71,386) Note receivable, related parties $ - The total funding at risk is not sufficient to permit this entity to finance its activities without additional subordinated financial support. WestMountain Company is not a majority equity stakeholder in WMDS, nor does it have voting control, control of the board of directors, or substantive management rights. Given that the Company does not have the power to direct their activities that most significantly impact its economic performance, the Company determined that it is not the primary beneficiary of WMDS and therefore is not required to consolidate this entity. The Company will access any additional transactions with WMDS to determine if the entity will need to be consolidated with the Company based on the VIE disclosure requirements. |
Stockholders Equity
Stockholders Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders Equity | (4) Stockholders Equity Common stock No common shares were issued or retired during the years ended December 31, 2015 and 2014. 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, 2015 and 2014, $-0- and $-0-, respectively was expensed. The following table presents the activity stock options during the years ended December 31, 2015 and 2014: Weighted Average Options Exercise Price Outstanding - December 31, 2013 200,000 $ 0.27 Granted - - Forfeited/canceled - - Exercised - - Outstanding - December 31, 2014 200,000 $ 0.27 Granted - - Forfeited/canceled - - Exercised (200,000 ) 0.27 Outstanding - December 31, 2015 - $ 0.00 All outstanding options expired during the year ended December 31, 2015. The following table presents the composition of options outstanding and exercisable as of December 31, 2015 and December 31, 2014. The exercisable options have an intrinsic value of $-0- and $96,000 as of December 31, 2015 and December 31, 2014. As of December 31, 2015: Options Outstanding Options Exercisable Range of Exercise Prices Number Life Number Price - - .0 - - As of December 31, 2014: Options Outstanding Options Exercisable Range of Exercise Prices Number Life Number Price 0.27 200,000 .6 200,000 0.27 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 | |
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, 2015 and 2014: Provision for taxes 2015 2014 Current: Federal $ (60,831 ) $ 39,461 State 5,574 6,299 Total current (55,257 ) 45,760 Deferred: Federal 32,152 (58,863 ) State 11,433 (214 ) Total deferred 43,585 (59,077 ) Income tax expense (benefit) $ (11,672 $ (13,317 ) Deferred tax assets and liabilities consisted of the following as of December 31, 2015 and 2014: Deferred taxes consists of: December 31, 2015 2014 Deferred tax assets (liabilities): Current Compensation Accruals $ 8,164 $ 8,330 Investments in Flow Through Entities 33,077 94,708 Bad Deb Reserve 22,233 22,233 Prepaid Expenses (856 ) (3,634 ) Fixed Assets (64 ) 2,411 Unrealized Losses - - Interest Payable - Related Party 26,452 - Other (609 ) (609 ) Equity / Option Compensation 15,207 15,207 Accumulated OCI 11,147 (246,604 ) Net operating loss carryforwards 27,538 - Total current deferred tax asset 142,289 (107,958 ) Long-term Net operating loss carryforwards - - Other Liabilities - - Total long-term deferred tax asset net - - Total deferred tax assets (liabilities) 142,289 (107.958 ) Valuation allowance (36,081 ) - Net deferred tax assets (liabilities) $ 106,208 $ (107,958 ) 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, 2015 and 2014: 2015 2014 U.S. federal income tax expense\(benefit) at statutory rates $ (35,074 ) $ 37,277 Permanent differences 2,062 (20,337 ) State income tax expense\(benefit), net of federal impact 18,264 4,196 Effect of Change in Estimated Federal Rate from 22% to 34% 4,155 (34,453 ) Other (1,206 ) - Change in valuation allowance - - $ (11,799 ) $ (13,317 ) |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | (7) Subsequent Events On February 17, 2016, we paid $30,000 for 6.98 of RavenBrick Class C unit shares. RavenBrick is an existing customer we provide advisory services to. These services consist of, but not limited to, developing public recognition of their business plans and strategic goals, and engaging in website development and media production. Our principal executive offices are located at 181 W. Boardwalk, Suite 202, Fort Collins, Colorado 80525, and our telephone number is (970) 223-4499. Effective April 1, 2016, our office will be located at 1001-A E. Harmony Road, #366, Fort Collins, Colorado 80525. On January 27, 2015, we entered into a Promissory Note Agreement with WestMountain Distressed Debt, Inc., a related party, in the amount of $25,000. The note bears an interest rate of 18% per annum until paid in full. Repayment of the loan was due on or before July 27, 2015. On July 27, 2015, we entered into a new Promissory Note Agreement for the total principal and interest due on the original note as of July 27, 2015. The new principal amount was $27,244. The new note carries an interest rate of 18% per annum until paid in full. Repayment of the loan was due on or before January 27, 2016. On January 28, 2016, we entered into a new Promissory Note Agreement for the total principal and interest due on the extension as of January 27, 2016. The new principal amount was $29,729. The new note carries an interest rate of 18% per annum until paid in full. Repayment of the loan is due on or before July 29, 2016. As of December 31, 2015, principal and interest due on this note is $29,353. |
Nature of Organization and Su14
Nature of Organization and Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015: WestMountain Business Consulting, Inc. WestMountain Allocation Analytics, Inc. WestMountain Valuation Services, Inc. |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to current period presentation. |
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, 2014. |
Accounts Receivable | Accounts Receivable Accounts receivable consists of amounts due from 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, 2015 and 2014, the Company did not record any allowance against our accounts receivable balance. |
Notes Receivable, Related Party | 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, 2015 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, Related Party | Allowance for Loss on Note Receivable, Related Party 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, 2015 and 2014, the allowance for loss on note receivable was $60,937 and $0, respectively. A write-off of note receivable, related party was recognized in 2015 resulting in a loss of $60,937. |
Related Parties | Related Parties A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party. The Company had three unsecured promissory notes from WestMountain Distressed Debt. On December 31, 2015 management evaluated the collectability of the notes and determined it was necessary to write the balances off. A total of $60,937 was expensed to the income statement. |
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 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. |
Concentrations | Concentrations During the year ended December 31, 2015, two related party customers, Bohemian Asset Management, Inc. and Nexcore Healthcare Capital Corp., accounted for 74% of total revenue (39% and 35%, respectively). In addition, during 2015, one third party customer accounted for 23% of total revenue. During the year ended December 31, 2014, two related party customers, Bohemian Asset Management, Inc. and Nexcore Healthcare Capital Corp., accounted for 80% of total revenue (42% and 38%, respectively). |
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, 2015 and 2014, the Company held available-for-sale securities with an aggregate fair value of $117,022 and $1,006,230, respectively. As of December 31, 2015 and 2014, 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, 2015 and 2014 in the amounts of $437,824 and $231,515, 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, 2015, 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) 2015 Assets: Available-for-sale marketable securities $117,022 $ - $ - $117,022 The Company's assets measured at fair value on a recurring basis subject to the disclosure requirements of ASC 820 at December 31, 2014, 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) 2014 Assets: Available-for-sale marketable securities $ 1,006,230 $ - $ - $ 1,006,230 |
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, 2015 and 2014. |
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 |
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, 2015 and 2014 was $-0- and 119,403 shares, respectively. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern In November 2015, the FASB issued ASU 2015-17, "Income Taxes (Topic 740)" In February 2015, the FASB issued Accounting Standards Update No. 2015-02 (ASU 2015-02), Consolidation (Topic 810): Amendments to the Consolidation Analysis There were various other accounting standards and interpretations issued during 2015 and 2014. 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 Su15
Nature of Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015, 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) 2015 Assets: Available-for-sale marketable securities $117,022 $ - $ - $117,022 The Company's assets measured at fair value on a recurring basis subject to the disclosure requirements of ASC 820 at December 31, 2014, 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) 2014 Assets: Available-for-sale marketable securities $ 1,006,230 $ - $ - $ 1,006,230 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investments in Available for Sale Marketable Securities | The Company's investments in available for sale marketable securities as of December 31, 2015 and 2014 are summarized below. As of December 31, 2015 Accumulated Share Market/Cost Unrealized Company Name Shares Cost Price Value Gain/(Loss) Hangover Joe's Holding Corporation 868,463 99,750 0.0021 1,824 (97,926 ) Silver Verde May Mining Co., Inc. 246,294 46,488 0.1770 43,594 (2,894 ) WestMountain Gold, Inc. 918,000 918 0.0780 71,604 70,686 Totals 2,032,757 $ 147,156 $ 117,022 $ (30,134 ) As of December 31, 2014 Accumulated Share Market/Cost Unrealized Company Name Shares Cost Price Value Gain/(Loss) Omni Bio Pharmaceutical, Inc. 1,707,107 $ 193,635 $ 0.3695 $ 630,776 $ 437,141 Hangover Joe's Holding Corporation (formerly Accredited Members Holding Corporation) 868,463 99,750 0.0028 2,432 (97,318 ) Silver Verde May Mining Co., Inc. 246,294 46,488 0.2100 51,722 5,234 WestMountain Gold, Inc. (formerly WestMountain Index Advisor, Inc.) 918,000 918 0.3500 321,300 320,382 Totals 3,739,864 $ 340,791 $ 1,006,230 $ 665,439 |
Schedule of Cost Method Investments | The Company's investments in nonmarketable securities accounted for under the cost method as of December 31, 2015 are summarized below. Nonmarketable Securities: Shares Units Cost SKRP 16, Inc. 200,000 - $ 30,000 Nexcore Companies LLC (Common Units) - 1,645,000 1,645 WestMountain Distressed Debt 80,000 - - Total Shares or Units 280,000 1,645,000 $ 31,645 The Company's investments in nonmarketable securities accounted for under the cost method as of December 31, 2014 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 WestMountain Distressed Debt 80,000 - - Total Shares or Units 280,000 1,645,000 $ 31,645 |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Parties Tables | |
Securities held in related parties due to common principal ownership | December 31, 2015 December 31, 2014 Market/Cost Market/Cost Company Name Shares Units Value Shares Units Value Marketable Securities: Hangover Joe's Holding Corp. 868,463 - $ 1,824 868,463 - $ 2,432 WestMountain Gold, Inc. 918,000 - 71,604 918,000 - 321,300 Total Shares or Units 1,786,463 - $ 73,428 1,786,463 - $ 323,732 Nonmarketable Securities: Nexcore Real Estate LLC (Class B Units) - - $ - - 1,645,000 $ - Nexcore Healthcare Capital Corp - - - 1,645,000 - 1,645 Nexcore Companies LLC (Common Units) - 1,645,000 1,645 WestMountain Distressed Debt, Inc. 80,000 - - 80,000 - - Totals Shares or Units 80,000 1,645,000 $ 1,645 1,725,000 1,645,000 $ 1,645 |
Summary of the current notes with WMDS that have been written off as of December 31, 2015 | AS OF DECEMBER 31, 2015 AS OF DECEMBER 31, 2014 Note Due Accrued Note Due Accrued Date Date Principal Interest TOTALS Date Date Principal Interest TOTALS 10/19/2015 4/19/2016 $29,729 $1,085 $30,814 10/17/2014 4/17/2015 $25,000 $937 $25,937 7/27/2015 1/28/2016 27,244 2,109 29,353 11/5/2015 5/5/2016 10,740 479 11,219 TOTAL DUE $67,713 $3,673 $71,386 TOTAL DUE $25,000 $937 $25,937 Allowance for doubtful accounts $(71,386) Note receivable, related parties $ - |
Stockholders Equity (Tables)
Stockholders Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Common Stock Option Activity | The following table presents the activity stock options during the years ended December 31, 2012 through 2015: Weighted Average Options Exercise Price Outstanding - December 31, 2013 200,000 $ 0.27 Granted - - Forfeited/canceled - - Exercised - - Outstanding - December 31, 2014 200,000 $ 0.27 Granted - - Forfeited/canceled - - Exercised (200,000 ) - Outstanding - December 31, 2015 - $ 0.27 |
Schedule of Options Outstanding and Exercisable, by Exercise Price Range | As of December 31, 2015: Options Outstanding Options Exercisable Range of Exercise Prices Number Life Number Price - - .0 - - As of December 31, 2014: Options Outstanding Options Exercisable Range of Exercise Prices Number Life Number Price 0.27 200,000 .6 200,000 0.27 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Provision | Provision for taxes 2014 2013 Current: Federal $ 39,461 $ 31,976 State 6,299 1,583 Total current 45,760 33,559 Deferred: Federal (58,863 ) 25,883 State (214 ) 7,585 Total deferred (59,077 ) 33,468 Income tax expense (benefit) $ (13,317 ) $ 67,027 |
Schedule of Deferred Tax Assets and Liabilities | Deferred taxes consists of: December 31, 2015 2014 Deferred tax assets (liabilities): Current Compensation Accruals $ 8,164 $ 8,330 Investments in Flow Through Entities 33,077 94,708 Bad Deb Reserve 22,233 22,233 Prepaid Expenses (856 ) (3,634 ) Fixed Assets (64 ) 2,411 Unrealized Losses - - Interest Payable - Related Party 26,452 - Other (609 ) (609 ) Equity / Option Compensation 15,207 15,207 Accumulated OCI 11,147 (246,604 ) Net operating loss carryforwards 27,538 - Total current deferred tax asset 142,289 (107,958 ) Long-term Net operating loss carryforwards - - Other Liabilities - - Total long-term deferred tax asset net - - Total deferred tax assets (liabilities) 142,289 (107.958 ) Valuation allowance (36,081 ) - Net deferred tax assets (liabilities) $ 106,208 $ (107,958 ) |
Schedule of Effective Income Tax Rate Reconciliation | 2014 2013 U.S. federal income tax expense\(benefit) at statutory rates $ 37,277 $ 53,698 Permanent differences (20,337 ) 19 State income tax expense\(benefit), net of federal impact 4,196 8,820 Effect of Change in Estimated Federal Rate from 22% to 34% (34,453 ) - Other - 4,490 Change in valuation allowance - - $ (13,317 ) $ 67,027 |
Nature of Organization and Su20
Nature of Organization and Summary of Significant Accounting Policies (Fair Value of Financial Instruments) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unrealized loss on investments in marketable equity securities, net of tax | $ (437,824) | $ (231,515) |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 117,022 | 1,006,230 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 117,022 | $ 1,006,230 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities |
Investments (Available for Sale
Investments (Available for Sale Marketable Securities) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Shares | 1,786,463 | 1,786,463 |
Cost | $ 147,156 | $ 340,791 |
Share Price | ||
Market/Cost Value | 117,022 | $ 1,006,230 |
Accumulated Unrealized Gain/(Loss) | $ (30,134) | $ 665,439 |
Hangover Joe's Holding Corporation [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Shares | 868,463 | 868,463 |
Cost | $ 99,750 | $ 99,750 |
Share Price | $ 0.0021 | $ 0.0028 |
Market/Cost Value | $ 1,824 | $ 2,432 |
Accumulated Unrealized Gain/(Loss) | $ (97,926) | $ (97,318) |
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 | $ 0.1770 | $ 0.2100 |
Market/Cost Value | $ 43,594 | $ 51,722 |
Accumulated Unrealized Gain/(Loss) | $ (2,894) | $ 5,234 |
WestMountain Gold, Inc. [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Shares | 918,000 | 918,000 |
Cost | $ 918 | $ 918 |
Share Price | $ 0.0780 | $ 0.3500 |
Market/Cost Value | $ 71,604 | $ 321,300 |
Accumulated Unrealized Gain/(Loss) | $ 70,686 | $ 320,382 |
Omni Bio Pharmaceutical, Inc. [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Shares | 1,707,107 | |
Cost | $ 193,635 | |
Share Price | $ 0.3695 | |
Market/Cost Value | $ 630,776 | |
Accumulated Unrealized Gain/(Loss) | $ 437,141 |
Investments (Cost Method Invest
Investments (Cost Method Investments) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Cost-method Investments [Line Items] | ||
Shares | 280,000 | 280,000 |
Units | 1,645,000 | 1,645,000 |
Cost | $ 31,645 | $ 31,645 |
Service agreement services provided | $ 0 | $ 2,000 |
SRKP 16, Inc. [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Shares | 200,000 | 200,000 |
Cost | $ 30,000 | $ 30,000 |
Nexcore Companies, LLC [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Units | 1,645,000 | |
Cost | $ 1,645 | |
WestMountain Distressed Debt [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Shares | 80,000 | 80,000 |
Cost | ||
NexCore Real Estate LLC (Class B Units) Member | ||
Schedule of Cost-method Investments [Line Items] | ||
Units | 1,645,000 | |
NexCore Healthcare Capital Corp. [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
Shares | 1,645,000 | |
Cost | $ 1,645 |
Stockholders Equity (Details)
Stockholders Equity (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 15, 2012 | |
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 3 months 6 days | ||||
Share-based compensation expense recognized during the period | $ 0 |
Stockholders Equity (Stock Opti
Stockholders Equity (Stock Option Activity) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock option activity | ||||
Outstanding, beginning | 200,000 | 200,000 | 200,000 | 200,000 |
Forfeited/cancelled | (200,000) | |||
Outstanding, ending | 0 | 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 | $ 0.27 |
Expiration date | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2015 |
Stockholders Equity (Exercisabl
Stockholders Equity (Exercisable and Outstanding Options by Exercise Price Range) (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | |
Options by exercise price range | |||
Options exercisable, intrinsic value | $ 0 | $ 96,000 | |
Minimum exercise price | $ 0.27 | $ 0.27 | |
Options outstanding | 200,000 | 200,000 | |
Options exercisable outstanding | 200,000 | 100,000 |
Related Parties (Schedule of Re
Related Parties (Schedule of Related Party Investments) (Details) (USD $) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Marketable Securities: | ||
Shares | 1,786,463 | 1,786,463 |
Market cost/value | $ 73,428 | $ 323,732 |
Nonmarketable Securities: | ||
Shares | 80,000 | 1,725,000 |
Units | 1,645,000 | 1,645,000 |
Market cost/value | $ 1,645 | $ 1,645 |
Hangover Joes Holding Corp [Member] | ||
Marketable Securities: | ||
Shares | 868,463 | 868,463 |
Market cost/value | $ 1,824 | $ 2,432 |
WestMountain Gold, Inc. | ||
Marketable Securities: | ||
Shares | 918,000 | 918,000 |
Market cost/value | $ 71,604 | $ 321,300 |
Nexcore Real Estate LLC Class B Units [Member] | ||
Nonmarketable Securities: | ||
Units | 1,645,000 | |
Nexcore Healthcare Capital Corp [Member] | ||
Nonmarketable Securities: | ||
Shares | 1,645,000 | |
Market cost/value | $ 1,645 | $ 1,645 |
WestMountain Distressed Debt, Inc. (Member) | ||
Nonmarketable Securities: | ||
Shares | 80,000 | 80,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) | Feb. 15, 2016USD ($) |
Subsequent Events [Abstract] | |
RavenBrick Class C unit shares purchased | $ 30,000 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | ||
Federal | $ (60,831) | $ 39,461 |
State | 5,574 | 6,299 |
Total current | (55,257) | 45,760 |
Deferred: | ||
Federal | 32,152 | (58,863) |
State | 11,433 | (214) |
Total deferred | 43,585 | (59,077) |
Income tax benefit | $ (11,672) | $ (13,317) |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets (liabilities): | ||
Compensation Accruals | $ 8,164 | $ 8,330 |
Investments in Flow Through Entities | 33,077 | 94,708 |
Bad debt reserve | 22,233 | 22,233 |
Prepaid expenses | (856) | (3,634) |
Fixed assets | $ (64) | $ 2,411 |
Unrealized losses | ||
Interest Payable - Related Party | $ 26,452 | |
Other | (609) | $ (609) |
Equity / Option Compensation | 15,207 | 15,207 |
Accumulated OCI | 11,147 | $ (246,604) |
Net operating loss carryforwards | 27,538 | |
Total current deferred tax asset | 142,289 | $ (107,958) |
Long-term | ||
Net operating loss carryforwards | $ (27,538) | |
Other Liabilities | ||
Total long-term deferred tax asset net | ||
Total deferred tax assets (liabilities) | $ 142,289 | $ (108) |
Valuation allowance | (36,081) | |
Net deferred tax assets (liabilities) | $ 106,208 | $ (107,958) |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
U.S. federal income tax benefit at statutory rates | $ (35,074) | $ 37,277 |
Permanent differences | 2,062 | (20,337) |
State income tax benefit, net of federal impact | 18,264 | 4,196 |
Effect of Change in Estimated Federal Rate from 22% to 34% | 4,155 | $ (34,453) |
Other | $ (1,206) | |
Change in valuation allowance | ||
Income tax benefit | $ (11,799) | $ (13,317) |