Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 16, 2018 | Jun. 30, 2017 | |
Unaudited Interim Condensed Financial Statements Policy Text Block | |||
Document Type | 10-K | ||
Entity Registrant Name | WestMountain Alternative Energy Inc | ||
Entity Central Index Key | 1,421,636 | ||
Document Period End Date | Dec. 31, 2017 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 9,106,250 | ||
Entity Public Float | $ 198,713 | ||
Current Reporting Status | Yes | ||
WellKnown Seasoned Issuer | No | ||
Voluntary Filers | No |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash | $ 83,903 | $ 138,812 |
Certificates of deposit | 155,979 | 155,854 |
Accounts receivable, related party | 1,000 | 1,000 |
Prepaid expenses and other assets | 2,140 | 2,140 |
Property and equipment, net | 1,433 | 1,667 |
Total assets | 244,455 | 299,473 |
Liabilities: | ||
Indebtedness to related parties | 800 | 800 |
Accrued liabilities | 18,500 | 16,500 |
Total liabilities | 19,300 | 17,300 |
Shareholders' equity: | ||
Preferred stock, $.10 par value; 1,000,000 shares authorized, -0- shares issued and outstanding for 2017 and 2016 | 9,106 | 9,106 |
Additional paid-in-capital | 366,659 | 366,659 |
Retained earnings | (150,610) | (93,592) |
Total shareholders' equity | 225,155 | 282,173 |
Total liabilities and shareholders' equity | $ 244,455 | $ 299,473 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value per share | $ 0.1 | $ 0.1 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 9,106,250 | 9,106,250 |
Common stock, shares outstanding | 9,106,250 | 9,106,250 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Expenses | ||
Sales, general and administrative expense | $ 57,143 | $ 52,999 |
Total operating expenses | 57,143 | 52,999 |
Net (loss )income from operations | (57,143) | (52,999) |
Other income/(expense) | ||
Interest income | 125 | 140 |
Net (loss) before income taxes | (57,018) | (52,859) |
Provision for income taxes | ||
Net (loss) | $ (57,018) | $ (52,859) |
Basic and diluted income per share | $ (0.01) | $ (0.01) |
Basic and diluted weighted average common shares outstanding | 9,106,250 | 9,106,250 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (57,018) | $ (52,859) |
Adjustments to reconcile net loss to net cash (used in) operating activities: | ||
Depreciation and write off of assets | 2,280 | |
Interest income on certificates of deposit | (125) | (140) |
Changes in operating assets and operating liabilities: | ||
Accounts receivable, related party | (1,000) | |
Prepaid expenses and other assets | 234 | 5,569 |
Accounts payable and accrued liabilities | 2,000 | (1,500) |
Net cash (used in) operating activities | (54,909) | (47,650) |
Net change in cash | (54,909) | (47,650) |
Cash, beginning of year | 138,812 | 186,462 |
Cash, end of year | 83,903 | 138,812 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for Income tax |
Shareholders Equity
Shareholders Equity - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance, Shares at Dec. 31, 2015 | 9,106,250 | |||
Beginning Balance, Amount at Dec. 31, 2015 | $ 9,106 | $ 366,659 | $ (40,733) | $ 335,032 |
Net Income | (52,859) | (52,859) | ||
Ending Balance, Shares at Dec. 31, 2016 | 9,106,250 | |||
Ending Balance, Amount at Dec. 31, 2016 | $ 9,106 | 366,659 | (93,592) | 282,173 |
Net Income | (57,018) | (57,018) | ||
Ending Balance, Shares at Dec. 31, 2017 | 9,106,250 | |||
Ending Balance, Amount at Dec. 31, 2017 | $ 9,106 | $ 366,659 | $ (150,610) | $ 225,155 |
1 Nature of Organization and Su
1 Nature of Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Organization and Summary of Significant Accounting Policies | 1) Nature of Organization and Basis of Presentation WestMountain Alternative Energy, Inc. (the "Company") was incorporated in the state of Colorado on November 13, 2007 and on this date approved its business plan and commenced operations. Use of Estimates The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid securities with original maturities of three months or less when acquired to be cash equivalents. As of December 31, 2017 and 2016 there were no cash equivalents. Accounts Receivable Accounts receivable consists of amounts 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 collectable. The balance of $1,000 in Accounts Receivable, Related Party, has been collected. The funds were deposited in our cash account January 2018. For the years ended December 31, 2017 and 2016, the Company did not consider an allowance for doubtful accounts necessary. Fair Value of Financial Instruments The carrying value of cash and cash equivalents, certificates of deposit, accounts payable and accrued liabilities, as reflected in the balance sheets, approximate fair value because of the short-term maturity of these instruments. Income Taxes The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Considerable judgment is required in determining when these events may occur and whether recovery of an asset, including the utilization of a net operating loss or other carryforward prior to its expiration, is more likely than not. The Company has analyzed filing positions in all of the federal and state jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions. The Company has identified its federal tax return and its state tax return in Colorado as "major" tax jurisdictions, as defined. The tax years 2012-2016 remain open to examination. We are not currently under examination by the Internal Revenue Service or any other jurisdiction. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material adverse affect on the Company's financial condition, results of operations, or cash flow. Therefore, no reserves for uncertain income tax positions have been recorded. Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes previous revenue recognition guidance. This standard introduces a new five-step revenue recognition model in which an entity should recognize revenue. The new standard requires that a company recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the company expects to receive in exchange for those goods or services. Companies will need to use more judgment and estimates than under the guidance currently in effect, including estimating the amount of variable revenue to recognize over each identified performance obligation. Additional disclosures will be required to help users of financial statements understand the nature, amount and timing of revenue and cash flows arising from contracts. This standard became effective for WestMountain Alternative Energy, Inc. beginning with the first quarter 2018. As we currently do not have revenue, this standard did not have an impact on our financial statement. 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). We are currently evaluating the impact that this standard will have on our financial statements" The FASB issued ASU 2016-02, Leases (Topic 842). The standard requires a lessee to recognize a liability to make lease payments and a right-of-use asset representing a right to use the underlying asset for the lease term on the balance sheet. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the impact that this standard will have on our financial statements. |
2 Certificates of Deposit
2 Certificates of Deposit | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Certificates of Deposit | (2) Certificates of Deposit The Company has made it a policy to invest funds over and above the forecasted operating expenses in certificates of deposit. Certificate of deposits typically have contractual maturities of 90-180 days. |
3 Income Taxes
3 Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (3) Income Taxes Deferred taxes consists of: December 31, 2017 2016 Deferred tax assets (liabilities): Prepaid Expenses $ (353 ) $ (316 ) Other Assets 986 914 Net operating loss and other carryforwards 55,594 31,783 Total deferred tax asset (liability) net 56,227 32,381 Total deferred tax assets (liabilities) 56,227 32,381 Valuation allowance (56,227 ) (32,381 ) Net deferred tax assets (liabilities) $ - $ - The expense or benefit for income taxes differs from the amount computed by applying the U.S. federal income tax rate of 15% to income or loss before income taxes as follows for the years ended: 2017 2016 U.S. federal income tax expense (benefit) at statutory rates $ (8,553 ) $ (7,929 ) State income tax expense (benefit), net of federal impact (1,611 ) (1,604 ) Impact of current period enactment of tax legislation (13,682 ) Change in valuation allowance 23,846 9,533 Total $ - $ - |
4 Related Parties
4 Related Parties | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Parties | (4) 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 related party transactions. The Company did not have any related party transactions with Bohemian Companies, LLC or BOCO Investments, LLC during the years ended December 31, 2017 and 2016. The Company entered into an agreement with SP Business Solutions ("SP") to provide accounting and related services for the Company. The owner, Joni Troska, was appointed Secretary of WestMountain Alternative Energy, Inc. on March 19, 2010, and is considered to be a related party. Total expenses incurred with SP were $2,300 and $2,300 for the fiscal years ended December 31, 2017 and 2016, respectively. As of December 31, 2017 and 2016, an accrual of $800 has been recorded for unpaid services. As of December 31, 2017 and 2016, the Company recorded an amount due of $1,000 from WestMountain Company, a related party. The funds were deposited in our cash account January 2018. |
1 Nature of Organization and 11
1 Nature of Organization and Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Organization and Basis of Presentation | Nature of Organization and Basis of Presentation WestMountain Alternative Energy, Inc. (the "Company") was incorporated in the state of Colorado on November 13, 2007 and on this date approved its business plan and commenced operations. |
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. As of December 31, 2017 and 2016 there were no cash equivalents. |
Accounts Receivable | Accounts Receivable Accounts receivable consists of amounts 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 collectable. The balance of $1,000 in Accounts Receivable, Related Party, has been collected. The funds were deposited in our cash account January 2018. For the years ended December 31, 2017 and 2016, the Company did not consider an allowance for doubtful accounts necessary. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying value of cash and cash equivalents, certificates of deposit, accounts payable, and accrued liabilities, as reflected in the balance sheets, approximate fair value because of the short-term maturity of these instruments. |
Income Taxes | Income Taxes The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Considerable judgment is required in determining when these events may occur and whether recovery of an asset, including the utilization of a net operating loss or other carryforward prior to its expiration, is more likely than not. The Company has analyzed filing positions in all of the federal and state jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions. The Company has identified its federal tax return and its state tax return in Colorado as "major" tax jurisdictions, as defined. The tax years 2012-2016 remain open to examination. We are not currently under examination by the Internal Revenue Service or any other jurisdiction. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material adverse affect on the Company's financial condition, results of operations, or cash flow. Therefore, no reserves for uncertain income tax positions have been recorded. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements On August 27, 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern, which is intended to define management's responsibility to evaluate whether there is substantial doubt about the Company's ability to continue as a going concern and to provide related footnote disclosures. This standard will be effective for the Company for the year ending on December 31, 2016. The adoption of ASU No. 2014-15 did not have an impact on our financial statements. In November 2015, the FASB issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes." This update requires an entity to classify deferred tax liabilities and assets as non-current within a classified statement of financial position. ASU 2015-17 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2016. This update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. Early application is permitted as of the beginning of the interim or annual reporting period. We adopted ASU 2015-17 on a prospective basis as of December 31, 2015. The adoption of ASU 2015-17 did not have an impact on our financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes previous revenue recognition guidance. This standard introduces a new five-step revenue recognition model in which an entity should recognize revenue. The new standard requires that a company recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the company expects to receive in exchange for those goods or services. Companies will need to use more judgment and estimates than under the guidance currently in effect, including estimating the amount of variable revenue to recognize over each identified performance obligation. Additional disclosures will be required to help users of financial statements understand the nature, amount and timing of revenue and cash flows arising from contracts. This standard will become effective for WestMountain Alternative Energy, Inc. beginning with the first quarter 2018 and can be adopted either retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. |
3 Income Taxes (Tables)
3 Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Deferred taxes components | Deferred taxes consists of: December 31, 2017 2016 Deferred tax assets (liabilities): Prepaid Expenses $ (353 ) $ (316 ) Other Assets 986 914 Net operating loss and other carryforwards 55,594 31,783 Total deferred tax asset (liability) net 56,227 32,381 Total deferred tax assets (liabilities) 56,227 32,381 Valuation allowance (56,227 ) (32,381 ) Net deferred tax assets (liabilities) $ - $ - |
Reconciliation tax benefit | The expense or benefit for income taxes differs from the amount computed by applying the U.S. federal income tax rate of 15% to income or loss before income taxes as follows for the years ended: 2017 2016 U.S. federal income tax expense (benefit) at statutory rates $ (8,553 ) $ (7,929 ) State income tax expense (benefit), net of federal impact (1,611 ) (1,604 ) Impact of current period enactment of tax legislation (13,682 ) Change in valuation allowance 23,846 9,533 Total $ - $ - |
3 Income Taxes - Deferred taxes
3 Income Taxes - Deferred taxes components (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets (Liabilities): | ||
Prepaid Expenses | $ (353) | $ (316) |
Fixed Assets | 986 | 914 |
Net operating loss and other carryforwards | 55,594 | 31,783 |
Total deferred tax asset / (Liability) net | 56,227 | 32,381 |
Total deferred tax assets / (Liabilities) | 56,227 | 32,381 |
Valuation allowance | (56,227) | (32,381) |
Net deferred tax assets / (Liabilities) |
3 Income Taxes - Reconciliation
3 Income Taxes - Reconciliation tax benefit (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
U.S. federal income tax expense\(benefit) at statutory rates | $ (8,553) | $ (7,929) |
State income tax expense\(benefit), net of federal impact | (1,611) | (1,604) |
Impact of current period enactment of tax legislation | (13,682) | |
Change in valuation allowance | 23,846 | 9,533 |
Income tax (benefit) expense |
4 Related Parties (Details)
4 Related Parties (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transactions [Abstract] | ||
Expenses for professional services | $ 2,300 | $ 2,300 |
Indebtedness to related parties | $ 800 | $ 800 |