WESTMOUNTAIN DISTRESSED DEBT INC
CIK:0001421602|SEC Filings
Statements of Operations - USD ($) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
| Operating expenses | ||||
| Selling, general and administrative expense | $ 9,614 | $ 9,600 | $ 27,276 | $ 46,169 |
| Total operating expenses | 9,614 | 9,600 | 27,276 | 46,169 |
| Net loss from operations | (9,614) | (9,600) | (27,276) | (46,169) |
| Other income (expense) | ||||
| Interest expense | (4,855) | (3,866) | (12,003) | (8,377) |
| Net loss before income taxes | (14,469) | (13,466) | (39,279) | (54,546) |
| Provision for income taxes | ||||
| Net loss | $ (14,469) | $ (13,466) | $ (39,279) | $ (54,546) |
| Basic and diluted loss per share | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.02) |
| Basic and diluted weighted average common shares outstanding | 1,983,150 | 1,983,150 | 1,983,150 | 1,983,150 |
Statements of Cash Flows - USD ($) |
9 Months Ended | |
|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
| Cash flows from operating activities: | ||
| Net loss | $ (39,279) | $ (54,546) |
| Changes in operating assets and operating liabilities | ||
| Prepaid expenses | (4,515) | 7,400 |
| Accounts payable and accrued liabilities | 23,442 | (11,650) |
| Indebtedness to related parties and accrued liabilities | 12,704 | 3,577 |
| Net cash (used in) operating activities | (7,648) | (55,219) |
| Cash flows from financing activities: | ||
| Proceeds from note payable, related parties | 64,500 | |
| Net cash provided by financing activities | 64,500 | |
| Net change in cash | (7,648) | 9,281 |
| Cash, beginning of period | 12,258 | 8,071 |
| Cash, end of period | 4,610 | 17,352 |
| Non cash investing and financing activities | ||
| Accrued interest converted into notes payable, related parties | $ 3,102 | |
Balance Sheets - USD ($) |
Sep. 30, 2016 |
Dec. 31, 2015 |
|---|---|---|
| Assets | ||
| Cash | $ 4,610 | $ 12,258 |
| Prepaid expenses | 5,000 | 485 |
| Total current assets | 9,610 | 12,743 |
| Current liabilities: | ||
| Accrued liabilities, related parties | 14,519 | 4,917 |
| Notes payable, related parties | 95,987 | 92,885 |
| Accounts payable and accrued liabilities | 30,979 | 7,537 |
| Total current liabilities | 141,485 | 105,339 |
| Shareholders' (deficit) equity: | ||
| Preferred stock, $0.10 par value; 1,000,000 shares authorized, -0- shares issued and outstanding 2016 and 2015 | ||
| Common stock, $0.001 par value; 200,000,000 shares authorized, 1,983,150 shares issued and outstanding 2016 and 2015 | 1,983 | 1,983 |
| Additional paid-in-capital | 368,982 | 368,982 |
| Deficit accumulated during development stage | (502,840) | (463,561) |
| Total shareholders' equity (deficit) | (131,875) | (92,596) |
| Total liabilities and shareholders' equity | $ 9,610 | $ 12,743 |