InventaBioTech 10-Q 2017 Q3 Quarterly report

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

SECURITIES EXCHANGE ACT OF 1934

For the Quarterly period ended September 30, 2017

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

     SECURITIES EXCHANGE ACT OF 1934

Commission File No. 0-53030

WESTMOUNTAIN COMPANY

(Exact Name of Issuer as specified in its charter)

Colorado	26-1315305
(State or other jurisdiction	(IRS Employer File Number)
of incorporation)
1001-A E. Harmony Road, #366
Fort Collins, Colorado	80525
(Address of principal executive offices)	(zip code)

(970) 223-4499

 (Registrant's telephone number, including area code)

Indicate by check mark whether the registrant: (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes [X]  No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T(Section 232.405 of this chapter) during the preceding 12 months(or such shorter period that the registrant was required to submit and post such files. Yes [X]  No [ ]

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

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☒
(Do not check if smaller reporting company)	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

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

The number of shares outstanding of the registrant's common stock, as of the latest practicable date, November 13, 2017, was 9,517,402.

FORM 10-Q

WestMountain Company

TABLE OF CONTENTS

 

PART I  FINANCIAL INFORMATION
Item 1. Condensed Financial Statements
Condensed Consolidated Balance Sheets at September 30, 2017 (Unaudited) and December 31, 2016	3
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) for the three and nine months ended September 30, 2017 and 2016	4
Condensed Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2017 and 2016	5
Notes to the Condensed Consolidated Financial Statements (Unaudited)	6
Item 2. Management's Discussion and Analysis and Plan of Operation	10
Item 3. Quantitative and Qualitative Disclosures About Market Risk	14
Item 4. Controls and Procedures	14
PART II  OTHER INFORMATION
Item 1. Legal Proceedings	14
Item 1A. Risk Factors	14
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	18
Item 3. Defaults Upon Senior Securities	18
Item 4. Submission of Matters to a Vote of Security Holders	18
Item 5. Other Information	18
Item 6. Exhibits	19
Signatures	20

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PART I  FINANCIAL INFORMATION

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

ITEM 1.  CONDENSED FINANCIAL STATEMENTS

WestMountain Company
Condensed Consolidated Balance Sheets
	September 30,			December 31,
	2017			2016
Assets	(Unaudited)
Current Assets:
Cash and cash equivalents	$	529,592		$	685,128
Accounts receivable, related parties		33,901			6,000
Accounts receivable		1,075			-
Income tax receivable		72,550			40,501
Prepaid expenses		3,333			4,563
Total current assets		640,451			736,192
Property and equipment, net of accumulated depreciation of		2,517			4,918
$7,088 and $4,687, respectively
Investments in nonmarketable securities, at cost		1,645			1,645
Total assets	$	644,613		$	742,755
Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable and accrued liabilities	$	62,007		$	40,385
Total current liabilities		62,007			40,385
Total liabilities		62,007			40,385
Shareholders' Equity:
Preferred stock, $0.10 par value; 1,000,000 shares authorized,		-			-
none issued and outstanding
Common stock, $0.001 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 deficit		(354,267	)		(234,503	)
Total shareholders' equity		582,606			702,370
Total liabilities and shareholders' equity	$	644,613		$	742,755

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

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WestMountain Company

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2017			2016			2017			2016
Revenue:
Advisory/consulting fees, related parties	$	38,000		$	43,970		$	115,901		$	119,970
Advisory/consulting fees		225			7,964			3,800			16,414
Total revenue		38,225			51,934			119,701			136,384
Operating expenses:
Selling, general and administrative expenses		100,958			85,912			279,840			246,129
Total operating expenses		100,958			85,912			279,840			246,129
Net loss from operations		(62,733	)		(33,978	)		(160,139	)		(109,745	)
Other income (expense)
Interest expense		-			-			-			4,562
Other income		4,500			-			10,500			-
Loss on impairment of nonmarketable securities		-			-			-			(60,000	)
Total other income (expense)		4,500			-			10,500			(55,438	)
Net loss before income taxes		(58,233	)		(33,978	)		(149,639	)		(165,183	)
Income tax benefit		(7,307	)		119,683			(29,875	)		87,087
Net loss	$	(50,926	)	$	(153,661	)	$	(119,764	)	$	(252,270	)
Other comprehensive income (loss):
Realized and unrealized income on investments in      marketable equity securities, net of tax		-			(49,021	)		-			(22,838	)
Comprehensive income (loss)	$	(50,926	)	$	(202,682	)	$	(119,764	)	$	(275,108	)
Basic and diluted net loss per share	$	(0.01	)	$	(0.02	)	$	(0.01	)	$	(0.03	)
Basic and diluted weighted average common shares outstanding		9,517,402			9,517,402			9,517,402			9,517,402

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

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WestMountain Company
Condensed Consolidated Statements of Cash Flows
(Unaudited)
	Nine months ended
	September 30,
	2017			2016
Cash flows from operating activities:
Net loss	$	(119,764	)	$	(252,270	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		2,401			1,829
Loss on impairment of nonmarketable securities		-			60,000
Deferred income tax (benefit) expense		-			95,061
Gain on disposal of equipment		-			(2,850	)
Changes in operating assets and operating liabilities:
Prepaid expenses and other current assets		1,230			(3,918	)
Accounts receivable		(1,075	)		10,031
Accounts receivable, related parties		(27,901	)		(12,000	)
Accounts payable and accrued liabilities		21,622			(4,718	)
Accrued liabilities, related parties		-			(3,760	)
Income tax receivable		(32,049	)		(10,408	)
Net cash used in operating activities		(155,536	)		(123,003	)
Cash flows from investing activities:
Purchases of equipment		-			(3,432	)
Purchases of nonmarketable securities		-			(30,000	)
Proceeds from sale of equipment		-			4,562
Net cash used in investing activities		-			(28,870	)
Net change in cash and cash equivalents		(155,536	)		(151,873	)
Cash and cash equivalents, beginning of period		685,128			579,971
Cash and cash equivalents, end of period	$	529,592		$	428,098
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Income taxes	$	2,374		$	1,626
Interest	$	-		$	-
Non cash investing and financing activities:
Purchase of non-security investment shares in exchange for accounts receivable	$	-		$	21,000
Unrealized loss on investments in marketable equity securities, net of tax	$	-		$	(22,838	)

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

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WestMountain Company.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(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. The condensed consolidated financial statements include the financial information of WestMountain Company and its wholly owned subsidiaries, WestMountain Business Consulting, Inc., WestMountain Allocation Analytics, Inc., and WestMountain Valuation Services, Inc. All significant intercompany accounts and transactions have been eliminated.

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.

Unaudited Financial Information

The accompanying financial information as of September 30, 2017 and for the three and nine months ended September 30, 2017 and 2016 is unaudited. In the opinion of management, all normal and recurring adjustments, which are necessary to provide a fair presentation of the Company's financial position at September 30, 2017 and its operating results for the three and nine months ended September 30, 2017 and 2016, have been made. Certain information and footnote data necessary for a fair presentation of financial position and results of operations in conformity with accounting principles generally accepted in the United States of America have been condensed or omitted. It is therefore suggested that these financial statements be read in conjunction with the summary of significant accounting policies and notes to financial statements included in the Company's annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") for the year ended December 31, 2016. The results of operations for the three and nine months ended September 30, 2017 are not necessarily an indication of operating results to be expected for the year.

Use of Estimates

The preparation of the condensed consolidated 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 the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

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.

Concentrations

During the three months ended September 30, 2017, two related party customers, Bohemian Asset Management, Inc. and Nexcore Healthcare Capital Corp., accounted for 100% of total related party revenue (53% and 47%, respectively). During the three months ended September 30, 2016, two related party customers, Bohemian Asset Management, Inc. and Nexcore Healthcare Capital Corp., accounted for 86% of total related party revenue (45% and 41%, respectively). During the nine months ended September 30, 2017, two related party customers, Bohemian Asset Management, Inc. and Nexcore Healthcare Capital Corp., accounted for 98% of total related party revenue (52% and 46%, respectively). During the nine months ended September 30, 2016, two related party customers, Bohemian Asset Management, Inc. and Nexcore Healthcare Capital Corp., accounted for 95% of total related party revenue (50% and 45%, respectively). At September 30, 2017, two related party customers, Bohemian Asset Management, Inc. and Nexcore Healthcare Capital Corp., accounted for 94% of the total accounts receivable related party balance (59% and 35%, respectively). At December 31, 2016, one related party customer, Nexcore Healthcare Capital Corp., accounted for 100% of the total accounts receivable related party balance. At September 30, 2017, two related party customers, Nexcore Healthcare Capital Corp. and Bohemian Asset Management, Inc. accounted for 94% of the total accounts receivable related party balance.

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WestMountain Company.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Income Tax Receivable

As of September 30, 2017, the Company had an income tax receivable of $72,550 that is related to estimated tax payments on deposit with federal and state taxing authorities.

Investments in Marketable and Nonmarketable Securities

The Company reported its investments in marketable securities on the condensed consolidated balance sheet as available-for-sale.  At September 30, 2017 and December 31, 2016, the Company's investments had been impaired to zero. Investments were deemed to be marketable when they were investments in public companies. Investments reflected the original cost of the investments and unrealized gain/loss amounts based on the market price as of the date of the condensed consolidated financial statements.  Any tax adjustment related to the unrealized gain/loss was reflected as a deferred tax asset or liability on the condensed consolidated balance sheet.

The Company reports its investments in nonmarketable securities on the condensed consolidated 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.

Other comprehensive income (OCI) was made up of the unrealized gain/loss amounts related to the available-for-sale investments of the Company.  The OCI balance was recorded net of tax.

Recently Issued Accounting Pronouncements

In May 2014, the FASB and the International Accounting Standards Board (IASB) issued a joint revenue recognition standard, ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)." The new standard removes inconsistencies in existing standards, changes the way companies recognize revenue from contracts with customers, and increases disclosure requirements. The codification was amended through additional ASUs and, as amended, requires companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The guidance is effective for annual and interim periods beginning after December 15, 2017. The standard is required to be adopted using either the full retrospective approach, with all prior periods presented adjusted, or the modified retrospective approach, with a cumulative adjustment to retained earnings on the opening balance sheet. The Company continues to make progress on evaluating the accounting implications of this ASU and its assessment of contracts with customers is largely complete. Based on the Company's evaluation to date, it does not expect the adoption of this ASU to have a material impact on net earnings, however, the Company is analyzing whether the classification of certain items in revenue and expense will be impacted. The Company continues to evaluate the disclosure requirements, develop accounting policies, and assess changes to the relevant business processes and the control activities within them as a result of the provisions of this ASU. The Company will adopt the new standard on January 1, 2018, utilizing the modified retrospective approach.

The FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Among other things, these amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Effective for SEC filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 (i.e., January 1, 2020 for calendar year entities).  Management does not believe this amendment will have a material impact on the Company.

(2)    Investments

Investments in Available-for-Sale Marketable Securities

The Company's investments in available-for-sale marketable securities as of December 31, 2016 and September 30, 2017 were zero.

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WestMountain Company.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Investments in Nonmarketable Securities

The Company's investments in nonmarketable securities accounted for under the cost method as of September 30, 2017 and December 31, 2016 are summarized below.

	September 30, 2017							December 31, 2016
					Cost							Cost
Company Name	Shares		Units		Value			Shares		Units		Value
Nonmarketable Securities:
SKRP 16, Inc.		200,000		-		$	-		200,000		-		$	-
Nexcore Healthcare Capital Corp. (Common Units)		-		1,645,000			1,645				1,645,000			1,645
WestMountain Distressed Debt, Inc.		80,000		-			-		80,000		-			-
RavenBrick (Class C Units)		-		11			-				11			-
Totals Shares or Units		280,000		1,645,011		$	1,645		280,000		1,645,011		$	1,645

(3) Stockholders' Equity

Common Stock

There were 9,517,402 shares of common stock outstanding as of September 30, 2017 and December 31, 2016. 

No common shares were issued or cancelled during the nine months ended September 30, 2017.

(4) Related Parties

For the three months ended September 30, 2017 we had advisory/consulting revenues of $38,225 compared to $51,934 for the three months ended September 30, 2016.Of the $38,225 of advisory/consulting fee revenue for the three months ended September 30, 2017, $38,000 were from related parties for services performed for Nexcore Healthcare Capital Corp. and Bohemian Asset Management, Inc. Of the $51,934 advisory/consulting fee revenue for the three months ended September 30, 2016, $43,970 were from related parties for services performed for Nexcore Healthcare Capital Corp., Bohemian Asset Management, Inc., and Peter Kloepfer. For the nine months ended September 30, 2017 we had advisory/consulting revenues of $119,701 compared to $136,384 for the nine months ended September 30, 2016.Of the advisory/consulting fee revenue, $115,901 and $119,970, respectively, were from related parties for services performed for Nexcore Healthcare Capital Corp., Bohemian Asset Management, Inc., and Peter Kloepfer. All three customers are under common principal ownership.

As of September 30, 2017 and December 31, 2016, the Company had $33,901 and $6,000, respectively, of accounts receivable from related parties. 

As of September 30, 2017 and December 31, 2016, the following investments in marketable and nonmarketable securities were held in related parties due to common principal ownership:

	September 30, 2017								December 31, 2016
							Fair/Cost						Fair/Cost
Company Name	Shares		Units				Value		Shares		Units		Value
Marketable Securities:
Hangover Joe's Holding Corporation		868,463		-	$	-		868,463		-		-
WestMountain Gold, Inc.		918,000				-		-		918,000		-		-
Total Shares or Units		1,786,463				-	$	-		1,786,463		-	$	-
Nonmarketable Securities:
Nexcore Healthcare Capital Corp. (Common Units)		-				1,645,000	$	1,645		-		1,645,000	$	1,645
WestMountain Distressed Debt, Inc.		80,000				-		-		80,000		-		-
Totals Shares or Units		1,866,463				1,645,000	$	1,645		1,866,463		1,645,000	$	1,645

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WestMountain Company.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(5)  Commitments and Contingencies

In the normal course of business, the Company is party to litigation from time to time. The Company maintains insurance to cover certain actions and believes that resolution of any such litigation will not have a material adverse effect on the Company.

(6)   Subsequent Event

On October 23, 2017, the Board of Directors for NexCore Healthcare Capital Corp, authorized a $0.10 per share cash dividend payable to holders of NexCore common stock. We deposited a check in the amount of $164,500 in November, 2017.

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

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

Forward-Looking Statements

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

General

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.

Operations

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.

Currently, we believe that we have sufficient capital to implement our business operations or to sustain them over the next 12 months. To date, we have not agreed to a non-binding or binding arrangement with any possible acquisition candidate.

 Our principal executive office located at 1001-A E. Harmony Road, #366, Fort Collins, Colorado 80525.  Our telephone number is (970) 223-4499.

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

Results of Operations

The following discussion involves our results of operations for the three and nine months ended September 30, 2017 and 2016.

For the three months ended September 30, 2017 we had advisory/consulting revenues of $38,225 compared to $51,934 for the three months ended September 30, 2016.Of the $38,225 of advisory/consulting fee revenue for the three months ended September 30, 2017, $38,000 were from related parties for services performed for Nexcore Healthcare Capital Corp. and Bohemian Asset Management, Inc. Of the $51,934 advisory/consulting fee revenue for the three months ended September 30, 2016, $43,970 were from related parties for services performed for Nexcore Healthcare Capital Corp., Bohemian Asset Management, Inc., and Peter Kloepfer. For the nine months ended September 30, 2017 we had advisory/consulting revenues of $119,701 compared to $136,384 for the nine months ended September 30, 2016.Of the advisory/consulting fee revenue, $115,901 and $119,970, respectively, were from related parties for services performed for Nexcore Healthcare Capital Corp., Bohemian Asset Management, Inc., and Peter Kloepfer. All three customers are under common principal ownership.

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Our revenue remains subject to greater uncertainty than if we had revenue commitments from more clients. We could be materially impacted if our current arrangement does not continue, we cannot grow or diversify our current arrangement, and we cannot replace our current clients with other clients. Our related parties also share the same common principal ownership, there is a greater uncertainty with this ownership than if we had clients that had a more diverse principal ownership.

Operating expenses were $100,958 and $85,912 for the three months ended September 30, 2017 and 2016, respectively. Operating expenses were $279,840 and $246,129 for the nine months ended September 30, 2017 and 2016, respectively. Most of the expenses are related to payroll expenses and contract services.

For the three months ended September 30, 2017 we had a net loss of $50,926. In comparison, for the three months ended September 30, 2016 we had a net loss of $153,661. The decrease in net loss of $102,735 was mainly due to the recording of a full tax allowance against the Company deferred taxes.  For the nine months ended September 30, 2017 and September 30, 2016, we had a net loss of $119,764 and $252,270, respectively. The decrease in net loss of $132,506 was again mainly due to the recording of a full tax allowance against the Company deferred taxes in 2016, along with the recognition of a net loss in marketable securities of $60,000. The losses were offset by other income recognized for cash received from RavenBrick in the amount of $10,500 in 2017.

In 2016, the Company wrote off three of its marketable securities and two of its nonmarketable securities. As of September 30, 2017 and December 31, 2016, we hold one nonmarketable security that has not been permanently impaired, Nexcore Healthcare Capital Corp. with 1,645,000 units. We have recorded other than temporary impairment on the other marketable and non-marketable securities. An investment summary as of September 30, 2017 and December 31, 2016 is as follows:

Company Name	Shares		Units
Marketable Securities:
Hangover Joe's Holding Corporation		868,463		-
Silver Verde May Mining Co., Inc.		246,294		-
WestMountain Gold, Inc.		918,000		-
Total Shares or Units		2,032,757		-
Nonmarketable Securities:
SKRP 16, Inc.		200,000		-
Nexcore Healthcare Capital Corp. Common Units		-		1,645,000
WestMountain Distressed Debt, Inc.		80,000		-
RavenBrick Class C Units		-		11
Total Shares or Units		280,000		1,645,011
Total		2,312,757		1,645,011

Liquidity and Capital Resources

As of September 30, 2017, we had cash of $529,592.

Net cash used in operating activities were $155,536 for the nine months ended September 30, 2017, compared to net cash used in operating activities of $123,003 for the nine months ended September 30, 2016. In 2016, the Company recorded non cash adjustments for impairment loss on nonmarketable securities of $60,000; deferred income taxes of $95,061 and gain of disposal of equipment of 2,850, which were not present in 2017. The non-cash adjustments were offset by decreases in prepaid and other current assets of $5,148; accounts payable and accrued liabilities of $26,340, and accrued liabilities, related parties of $3,760; offset by increases in accounts receivable of $11,106; accounts receivable, related parties of $15,901 and income tax receivable of $21,641.

Net cash used in investing activities was $0 for the nine months ended September 30, 2017, compared to $28,870 for the nine months ended September 30, 2016. This difference was mainly due to the Company investing $30,000 in a non-public company in 2016.

Over the next twelve months, we do not expect any material capital costs for our operations.

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Currently, we believe that we have sufficient capital to implement our business operations or to sustain them over the next 12 months. To date, we have not agreed to a non-binding arrangement with any possible acquisition candidate.

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

Off-Balance Sheet Arrangements

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

Critical Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, or GAAP, requires management to use judgment in the application of accounting policies, including making estimates and assumptions. We base our estimates on historical experience and on various other assumptions believed to be reasonable under the circumstances. These judgments affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. If our judgment or interpretation of the facts and circumstances relating to various transactions had been different, it is possible that different accounting policies would have been applied resulting in a different presentation of our financial statements. From time to time, we evaluate our estimates and assumptions. In the event estimates or assumptions prove to be different from actual results, adjustments are made in subsequent periods to reflect more current information. Below is a discussion of accounting policies that we consider critical in that they may require complex judgment in their application or require estimates about matters that are inherently uncertain.

Fair Value Measurements

The Company's estimates of fair value for financial assets and financial liabilities are based on the framework established in ASC 820. 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 are required 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.

Revenue Recognition

In May 2014, the FASB and the International Accounting Standards Board (IASB) issued a joint revenue recognition standard, ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)." The new standard removes inconsistencies in existing standards, changes the way companies recognize revenue from contracts with customers, and increases disclosure requirements. The codification was amended through additional ASUs and, as amended, requires companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The guidance is effective for annual and interim periods beginning after December 15, 2017. The standard is required to be adopted using either the full retrospective approach, with all prior periods presented adjusted, or the modified retrospective approach, with a cumulative adjustment to retained earnings on the opening balance sheet. The Company continues to make progress on evaluating the accounting implications of this ASU and its assessment of contracts with customers is largely complete. Based on the Company's evaluation to date, it does not expect the adoption of this ASU to have a material impact on net earnings, however, the Company is analyzing whether the classification of certain items in revenue and expense will be impacted. The Company continues to evaluate the disclosure requirements, develop accounting policies, and assess changes to the relevant business processes and the control activities within them as a result of the provisions of this ASU. The Company will adopt the new standard on January 1, 2018, utilizing the modified retrospective approach.

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.   We do not focus on any particular industry but look at any and all opportunities. We will screen investments with emphasis towards finding opportunities with long term potential.

Credit Losses

The FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Among other things, these amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Effective for SEC filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 (i.e., January 1, 2020 for calendar year entities).  Management does not believe this amendment will have a material impact on the Company.

Subsequent Event

On October 23, 2017, the Board of Directors for NexCore Healthcare Capital Corp, authorized a $0.10 per share cash dividend payable to holders of NexCore common stock. We deposited a check in the amount of $164,500 in November, 2017.

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ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

None.

ITEM 4. CONTROLS AND PROCEDURES

Management assessed the effectiveness of the Company's internal control over financial reporting as of September 30, 2017. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control-Integrated Framework. Management has concluded that our internal control over financial reporting was not effective as September 30, 2017 due to the following material weaknesses:

(1) we have not segregated duties as our accountant can initiate and complete transactions in the general ledger system,

(2) we have not implemented measures that would prevent the accountant from overriding the internal control system, and,

(3) the chief financial officer is responsible for complex accounting issues without additional review from within the Company.

We do not believe that these control weaknesses have resulted in deficient financial reporting because the Chief Financial Officer is aware of his responsibilities under the SEC reporting requirement and personally certifies the financial reports.

Inherent Limitations Over Internal Controls

Internal control over financial reporting cannot provide absolute assurance of achieving financial reporting objectives because of its inherent limitations, including the possibility of human error and circumvention by collusion or overriding of controls. Accordingly, even an effective internal control system may not prevent or detect material misstatements on a timely basis. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

Changes in Internal Control Over Financial Reporting

We have made no change in our internal control over financial reporting during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

This report does not include an attestation report by our independent registered public accounting firm regarding internal control over financial reporting.

PART II  OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

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

ITEM 1A.  RISK FACTORS

You should carefully consider the risks and uncertainties described below and the other information in this document before deciding to invest in shares of our common stock.

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

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Risks Related to Our Business and Industry

We have a limited operating history. While we have not been profitable for our three fiscal quarters ended September 30, 2017, we have been profitable in the past.  However, if we never achieve sustained profitability, we could go out of business.

We were formed as a Colorado business entity in October, 2007. In the past, we have been profitable. While we have not been profitable for our three fiscal quarters ended September 30, 2017, we were profitable for the fiscal year ended December 31, 2014 and prior to 2013. We recognize that we must achieve ongoing profitability to be viable over the long term. If we never achieve sustained profitability, we could go out of business.

We currently rely upon clients under common principal control of our majority shareholder for approximately 100% of our revenues, which means that we could be severely impacted if the current arrangement does not continue and we cannot replace our current clients with other clients.

Approximately 100% of the total revenues of our clients, during the quarter ended September 30, 2017, came from entities which were under common principal ownership with our majority shareholder. During the nine months ended September 30, 2017, two related party customers, Bohemian Asset Management, Inc. and Nexcore Healthcare Capital Corp., accounted for 95% of total revenue (50% and 45%, respectively). During the nine months ended September 30, 2016, two related party customers, Bohemian Asset Management, Inc. and Nexcore Healthcare Capital Corp., accounted for 84% of total revenue (44% and 40%, respectively).  Our revenue projections are subject to greater uncertainty than if we had revenue commitments from a number of clients. We could be materially impacted if our current arrangement does not continue, we cannot grow or diversify our current arrangement, and we cannot replace our current clients with other clients. While we have no basis to believe that we will not continue to generate revenue from these arrangements, we cannot assure you that these clients, or any of our clients, will continue to purchase our products or services in significant volume, or at all.

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

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

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

As of September 30, 2017, we had a cash position of $529,592. We anticipate that operating costs will range between $300,000 and $400,000, for the fiscal year ending December 31, 2017. These operating costs include payroll, contract services, marketing costs, and all other costs of operations. We will use contract employees, who will be paid on an hourly or monthly fee basis. However, the operating costs and expected revenue generation are difficult to predict. We expect to continue to generate revenues in the next twelve months from our fee-based marketing, media and investor relations consulting services. Since there can be no assurances that revenues will be sufficient to cover operating costs for the foreseeable future, it may be necessary to raise additional funds. Due to our lack of operating history, raising additional funds may be difficult.

Competition in our industry is intense.

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

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

Our largest shareholder, WestMountain Blue, LLC, of which Mr. Klemsz is a 16.8% member, owns 8,505,652 shares and thereby controls approximately 90% of our outstanding shares. Because WestMountain Blue, LLC individually beneficially controls more than a majority of the outstanding shares, other shareholders, individually or as a group, will be limited in their ability to effectively influence the election or removal of our directors, the supervision and management of our business or a change in control of or sale of our company, even if they believed such changes were in the best interest of our shareholders.

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

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

Our success also depends upon our ability to develop relationships with our clients. If we cannot develop sufficient relationships, we may never become profitable.  An investor could lose his entire investment.

We now have one line of business. We operate as a fee-based marketing and media consultant to client companies, which include both public and private entities.  Our success now depends, in large part, on our ability to develop relationships with potential consulting services clients. We have no long-term contracts or other contractual assurances of consulting services. We may never develop sufficient consulting services clients, which would negatively impact our proposed operations. As a result, we may never become profitable or be able to sustain profitability. An investor could lose his or her entire investment.

Risks Related to an Investment in Our Common Stock

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

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

We have limited experience as a public company.

We have only operated as a public company since January, 2009. We trade on the OTC Bulletin Board under the trading symbol WASM. Thus, we have limited experience in complying with the various rules and regulations which are required of a public company. As a result, we may not be able to operate successfully as a public company, even if our operations are successful. We plan to comply with all of the various rules and regulations which are required of a public company. However, if we cannot operate successfully as a public company, your investment may be materially adversely affected. Our inability to operate as a public company could be the basis of you losing your entire investment in us.

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

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

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

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

* actual or anticipated fluctuations in our operating results;

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

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

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

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

* departures of key personnel.

Of our total outstanding shares as of September 30, 2017, a total of 8,755,652, or approximately 91.99%, will be restricted from immediate resale but may be sold into the market in the near future. This could cause the market price of our common stock to drop significantly, even if our business is doing well.

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

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

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

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

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

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

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

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

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

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

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

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

We do not expect to pay dividends on common stock.

We have not paid any cash dividends with respect to our common stock, and we may not pay any dividends on our common stock in the future. If we do pay dividends, there is no guaranty that we will pay them on a regular basis. Shareholders or potential investors should not rely upon the payment of dividends for a component of their total return on this stock. Earnings, if any, that we may realize will be retained in the business for further development and expansion.

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

None.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

None.

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

None.

ITEM 5.  OTHER INFORMATION 

None.

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ITEM 6.  EXHIBITS

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

101.DEF	XBRL Taxonomy Extension Definition Linkbase Document*
101.INS	XBRL Instance Document
101SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document

* Previously filed with Form SB-2 Registration Statement, January 2, 2008

** Previously filed with Form 10-KSB Registration Statement, February 29, 2008

*** Previously filed under cover of Form 8-K, February 27, 2014.

Reports on Form 8-K

No reports were filed under cover of Form 8-K for the fiscal quarter ended September 30, 2017.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized November 14, 2017.

WESTMOUNTAIN COMPANY a  Colorado corporation
By:	/s/ Brian L. Klemsz
	Brian L. Klemsz, President, Chief Executive Officer, Chief Financial Officer and Director (Principal Executive,  Accounting and Financial Officer)

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