# V. M. MANNING & CO., INC. X-17A-5 (2021-02-19) — Broker-dealer annual report
- Company: V. M. MANNING & CO., INC.
- Form: X-17A-5
- Filed: 2021-02-19
- Period: 2020-12-31
- Accession: 0000062061-21-000002
- CIK: 62061
- File #: 8-08680
- Material weakness: No
- Auditor: Tuttl & Bond, PLLC
- Auditor location: China Spring, TX
- Contact: Nelson Arrington
- Phone: 864-232-9576
- Signed by: Nelson Arrington (President)
Original filing: https://www.sec.gov/Archives/edgar/data/62061/000006206121000002/x17aform.pdf
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**UNITED STATES SECU RITIESAND EXCHANGECOMMISSION Washington, D.C. 20549**
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# **ANNUAL AUDITED REPORT FORM X-17A-5 PARTIII**
SEC FILE NUMBER 8-08680
**FACI NG PAGE Information Required of Brokers and Dealers Pursuant to Section 17 of the Securities Exchange Act of 1934 and Rule 17a-5 Thereunder**
| REPORT FOR THE PERIOD BEGINN I G
- | ----------
01/01/20 | AND EN DING | -----------
12/31/20 |
|--------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------|----------------|--------------------------------|
| | MM/DD/YY
A. REGISTRANT IDENTIFICATION | | MM/DD/YY |
| NAME OF BROKER-DEALER: V.M. Manning & Co. | , Inc. | | OFFICIAL USE ONLY |
| ADDRESS OF PRINCLPAL PLACE OF BUSINESS : (Do not use P.O. Box No.) | | FIRM I. D. NO. | |
| 211 E. Washington Street, Suite B | | | |
| | (No. and Street) | | |
| (SFFOWJMMF | 4\$ | | 29601 |
| (C ity) | (State) | | (Z tp Code) |
| NAME AND TELEPHONE NUMBER OF PERSON TO CONTACT IN REGARD TO THIS REPORT
Nelson B. Arrington Ill
864.232.9576 | | | |
| | | | (Area Code - Telephone Number) |
| | B. ACCOUNTANT IDENTIFICATION | | |
| INDEPENDENT PUBLIC ACCOUNTANT whose opinion is contained in this Report* | | | |
| Tuttle & Bond, PLLC | | | |
| | (Name - if individual. state last. first. middle name) | | |
| 1928 Jackson Ln. | China Spring | TX | 76633 |
| {Address) | (Ci ty) | (State) | (Zip Code) |
| CHECK ONE: | | | |
| cert ifi d Pub lic Accountant | | | |
| Pu bl ic Accountant | | | |
| Acco un tant not resident in United States or any of its possessions. | | | |
| | FOR OFFICIAL USE ONLY | | |
| | | | |
| | | | |
| | | | |
*\*Claims for exemption from the requirement that the annual report be covered by the opinion of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis f or the exemption. See Section 240.* / *7a-5(e)(2)*
> **Potential persons who are to respond to the collection of information contained in this form are not required to respond** unless the form displays a currently valid 0MB control number.
SEC 1410 (11-05)
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#### **OATH OR AFFIRMATION**
| I, Nelson B. Arrington, Ill | | , swear ( or affirm) that, to the best of |
|--------------------------------------------|-----------------------|-----------------------------------------------------------------------------------------------------------------|
| | | my knowledge and belief the accompanying financial statement and supporting schedules pertaining to the firm of |
| V.M . Manning & Co., Inc.
-------==---- | ----------------
- | ----------------
-----
as
-
' |
| | | |
of December 31 , are true and correct. I further swear (or affirm) that
-- .
-:,,.,.- . ":-. --
*----::--*·:-~------------·· ',,. .. -,,. ,. ,. ..... ..
neither the company nor any partner, proprietor, principal officer or director has any proprietary interest in any account classified solely as that of a customer, except as follows:
| | President |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | Title |
| This report** contains (check all applicable boxes):
0 (a) Facing Page.
[2] (b) Statement of Financial Condition.
[ZJ (c)
of Comprehensive Income (as defined in §210.1
Statement of Changes in Financial Condition.
[2) ✓ (d)
0
Statement of Changes in Stockholders' Equity or Partners' or Sole Proprietors' Capital.
(e)
Statement of Changes in Liabilities Subordinated to Claims of Creditors.
□ (f)
Computation of Net Capital.
✓ (g)
Computation for Determination of Reserve Requirements Pursuant to Rule I 5c3
(h)
( i)
Information Relating to the Possession or Control Requirements Under Rule I 5c3-3.
0 U)
consolidation.
✓ (I) An Oath or Affirmation.
0 (m) A copy of the SIPC Supplemental Report. | Statement of Income (Loss) or, if there is other comprehensive income in the period(s) presented, a Statement
-02 of Regulation S-X).
-3.
A Reconciliation, including appropriate explanation of the Computation of Net Capital Under Rule I 5c3-I and the
Computation for Determination of the Reserve Requirements Under Exhibit A of Rule I 5c3-3.
0 (k) A Reconciliation between the audited and unaudited Statements of Financial Condition with respect to methods of
0 (n) A report describing any material inadequacies found to exist or found to have existed since the date of the previous audit. |
| ** For conditions of confidential treatment of certain portions of this filing, see section 2-10. !7a-5 (e}(J). | |
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&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐĂŶĚ^ƵƉƉůĞŵĞŶƚĂů^ĐŚĞĚƵůĞƐ ZĞƋƵŝƌĞĚďLJƚŚĞh͘^͘^ĞĐƵƌŝƚŝĞƐĂŶĚdžĐŚĂŶŐĞŽŵŵŝƐƐŝŽŶ /ŶĐůƵĚŝŶŐ/ŶĚĞƉĞŶĚĞŶƚƵĚŝƚŽƌ͛ƐZĞƉŽƌƚdŚĞƌĞŽŶ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ
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# Contents
| Independent Auditor's Opinion | |
|-------------------------------------------------------------------|--|
| Financial Statements | |
| Statement of Financial Condition | |
| Statement of Operations | |
| Statement of Cash Flows | |
| Statement of Changes in Ownership Equity | |
| Notes to Financial Statements | |
| Supplementary Information Section | |
| Supplementary Computations | |
| Computation of Net Capital | |
| Computation of Net Capital Requirement | |
| Computation of Aggregate Indebtedness | |
| Computation of Reconciliation of Net Capital | |
| Supplementary Statements | |
| Statement Related to Uniform Net Capital Rule | |
| Statement Related to Exemptive Provision (Possession and Control) | |
| Statement Related to Material Inadequacies | |
| Statement Related to SIPC Reconciliation | |
| Supplementary Auditor's Report on Exemption Letter | |
| Supplementary Customer Protection Exemption Letter | |
| Supplementary Auditor's Agreed Upon Procedures Report | |
| Supplementary Agreed Upon Procedures Report SIPC Reconciliation | |
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V.M. Manning & Co., Inc.
Independent Auditor's Opinion
For the Year Ended December 31, 2020
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#### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**
To Director and Shareholder of V.M. Manning & Co., Inc.
#### **Opinion on The Financial Statements**
We have audited the accompanying statement of financial condition of V.M. Manning & Co., Inc. (the "Company") as of December 31, 20, and the related statements of operations, stockholder's equity, and cash flows for the year then ended, including the related notes (collectively referred to as "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 20, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.
#### **Basis for Opinion**
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit of these financial statements in accordance with standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as, evaluating the overall presentation of the financial statements. We believe that the audit provides a reasonable basis for our opinion.
#### **Report on Supplementary Information**
The accompanying information contained in the Supplementary Information section has been subjected to audit procedures performed in conjunction with the audit of the Company's financial statement. The supplemental information is the responsibility of the Company's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with Rule 17a-5 under the Securities Exchange Act of 1934 and, if applicable, under Regulation 1.10 under the Commodity Exchange Act. In our opinion, the information contained in the Supplementary Information section is fairly stated, in all material respects, in relation to the financial statements as a whole.
**HO. D, I PL '**
China Spring, Texas **)HEUXDU\, 202**
We have served as the V.M. Manning & Co., Inc.'s auditor since 2019.
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V.M. Manning & Co., Inc.
Financial Statements
For the Year Ended December 31, 2020
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## s͘D͘DĂŶŶŝŶŐΘŽ͕͘/ŶĐ͘ ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶ &ŽƌƚŚĞzĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ
| ASSETS | | | | |
|----------------------------|-----------|-----------|-----------|-----------|
| Current Assets | | | | |
| Checking/Savings | \$311,116 | | | |
| Total Checking/Savings | | \$311,116 | | |
| Other Current Assets | | | | |
| Advisory Fees Receivables | \$146,492 | | | |
| Total other Current Assets | | \$146,492 | | |
| Total Current Assets | | | \$457,607 | |
| other Assets | | | | |
| Loan to Officer | | \$10,000 | | |
| Vehicle | \$34,509 | | | |
| Accum Depreciation | \$(2,876) | | | |
| Total Vehicle | | \$31,633 | | |
| Total other Assets | | | \$41,633 | |
| TOT AL ASSETS | | | | \$499,240 |
| LIABILITIES & EQUITY | | | | |
| Liabilities | | | | |
| Current Liabilities | | | | |
| Payroll Taxes Due | \$17,882 | | | |
| Accrued Salary | \$12,000 | | | |
| Total Current Liabilities | | \$29,882 | | |
| Total Liabilities | | | | \$29,882 |
| Equity | | | | |
| Capital Stock | \$7,500 | | | |
| Retained Earnings | \$395,007 | | | |
| Net Income | \$66,852 | | | |
| Total Equity | | | | \$469,359 |
| TOTAL LIABILITIES & EQUITY | | | | \$499,240 |
| | | | | |
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## V.M. Manning & Co., Inc. Statement of Comprehensive Income For the Year Ended December 31, 2020
| Income | | | |
|----------------------------------------|-----------|------------|-----------|
| Interest Earned | \$758 | | |
| Comm Mutual Fund | \$23,490 | | |
| Management Fees | \$512,309 | | |
| Total Income | | \$536,556 | |
| Expense | | | |
| Audit Fees | \$2,807 | | |
| Communications | \$2,498 | | |
| Contributions | \$200 | | |
| Depreciation | \$2,876 | | |
| Dues & Subscriptions | \$6,654 | | |
| Floor Brokerage Fee | \$265 | | |
| Group Insurance | \$35,130 | | |
| Salaries | \$359,052 | | |
| Insurance | \$7,975 | | |
| Office Supplies | \$2,073 | | |
| Office Expenses | \$332 | | |
| Payroll Taxes | \$24,550 | | |
| Postage | 2313 | | |
| Professional Fees | \$4,923 | | |
| Rent | \$16,768 | | |
| Utilities | \$2,482 | | |
| Regulatory Fees | \$4,582 | | |
| Salaries | \$5,999 | | |
| Taxes & License | \$18,387 | | |
| Travel&Entertainment | \$375 | | |
| Total Expense | | \$498,239 | |
| | | | |
| Net Operating Income | | | \$38,318 |
| Other Income/Expense | | | |
| Asset Impairment Expense | | \$(12,785) | |
| Other Income | | \$49,000 | |
| Total Other Income/Expense | | | \$36,215 |
| Other Comprehensive Income | | | |
| Accumulated Other Comprehensive Income | | | |
| Due to Asset Impairment Charge | | | \$(7,680) |
| Comprehensive Income | | | \$66,852 |
The accompanying notes are an integral part of these financial statements.
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## s͘D͘DĂŶŶŝŶŐΘŽ͕͘/ŶĐ͘ ^ƚĂƚĞŵĞŶƚŽĨĂƐŚ&ůŽǁƐ &ŽƌƚŚĞzĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ
| KWZd/E'd/s/d/^ | | | |
|--------------------------------------|-------------|-----------|--------------|
| EĞƚŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ | Ψ
ϲϲ͕ϴϱϮ | | |
| ĚũƵƐƚŵĞŶƚƐƚŽƌĞĐŽŶĐŝůĞEĞƚ/ŶĐŽŵĞ | | | |
| ƚŽŶĞƚĐĂƐŚƉƌŽǀŝĚĞĚďLJŽƉĞƌĂƚŝŽŶƐ͗ | | | |
| ĚǀŝƐŽƌLJ&ĞĞƐZĞĐĞŝǀĂďůĞƐ | Ψ;ϮϮ͕ϳϳϭͿ | | |
| WĂLJƌŽůůdĂdžĞƐƵĞ | Ψ
ϭϲ͕ϴϱϰ | | |
| EĞƚĐĂƐŚƉƌŽǀŝĚĞĚďLJKƉĞƌĂƚŝŶŐĐƚŝǀŝƚŝĞƐ | | ΨϲϬ͕ϵϯϱ | |
| /Es^d/E'd/s/d/^ | | | |
| ƐƐĞƚ/ŵƉĂŝƌŵĞŶƚ | ΨϮϬ͕ϰϲϱ | | |
| sĞŚŝĐůĞ | Ψ;ϯϰ͕ϱϬϵͿ | | |
| ĐĐƵŵĞƉƌĞĐŝĂƚŝŽŶ | ΨϮ͕ϴϳϲ | | |
| EĞƚĐĂƐŚƉƌŽǀŝĚĞĚďLJ/ŶǀĞƐƚŝŶŐĐƚŝǀŝƚŝĞƐ | | Ψ;ϭϭ͕ϭϲϴͿ | |
| EĞƚĐĂƐŚŝŶĐƌĞĂƐĞĨŽƌƉĞƌŝŽĚ | | | Ψϰϵ͕ϳϲϳ |
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| ĂƐŚĂƚĞŶĚŽĨƉĞƌŝŽĚ | | | Ψ
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## s͘D͘DĂŶŶŝŶŐΘŽ͕͘/ŶĐ͘ ^ƚĂƚĞŵĞŶƚŽĨŚĂŶŐĞƐŝŶKǁŶĞƌƐŚŝƉƋƵŝƚLJ &ŽƌƚŚĞzĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ
| | ^ŚĂƌĞƐ | ŽŵŵŽŶ^ƚŽĐŬ
ŵŽƵŶƚ | ZĞƚĂŝŶĞĚ
ĂƌŶŝŶŐƐ | KƚŚĞƌ
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/ŶĐŽŵĞ | dŽƚĂů
^ƚŽĐŬŚŽůĚĞƌ͛Ɛ
ƋƵŝƚLJ |
|-------------------------|--------|---------------------|---------------------|-------------------------------------|----------------------------------|
| ĂůĂŶĐĞĂƚϭͬϭͬϮϬϮϬ | ϳ͕ϱϬϬ | Ψϳ͕ϱϬϬ | Ψϯϴϳ͕ϯϮϳ | Ψϳ͕ϲϴϬ | ΨϰϬϮ͕ϱϬϳ |
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| KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ | Ͳ |
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| ĂůĂŶĐĞĂƚϭϮͬϯϭͬϮϬϮϬ
| ϳ͕ϱϬϬ | Ψϳ͕ϱϬϬ | Ψϰϲϭ͕ϴϱϵ | Ͳ | Ψϰϲϵ͕ϯϱϵ |
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## s͘D͘DĂŶŶŝŶŐΘŽ͕͘/ŶĐ͘ EŽƚĞƐƚŽ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ &ŽƌƚŚĞzĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ
## NOTE A – SUMMARY OF ACCOUNTING POLICIES
Accounting principles followed by the Company and the methods of applying those principles which materially affect the determination of financial position, results of operation and cash flows are summarized below:
#### Organization
V.M. Manning & Co,, Inc. (the Company) was incorporated in the State of South Carolina effective May 12, 1960. The Company has adopted a calendar year.
#### Description of Business
The Company, located in Greenville, South Carolina, is a registered investment advisor with the state of South Carolina. The firm is also a brokerage firm which is registered with the Securities and Exchange Commission ("SEC") and a member of FINRA. The Company operates under SEC Rule 15c3-3(k)(1) exemption.
#### Basis of Accounting
The financial statements of the Company have been prepared on the accrual basis of accounting and accordingly reflect all significant receivables, payables, and other liabilities.
#### Cash and Cash Equivalents
The Company considers as cash all short-term investments with an original maturity of three months or less to be cash equivalents.
#### Accounts Receivable – Recognition of Bad Debt
The Corporation considers accounts receivable to be fully collectible; accordingly, no allowance for doubtful accounts is required. If amounts become uncollectible, they will be charged to operations when that determination is made.
#### Revenue Recognition
Mutual fund commission revenues cannot be reasonably estimated and are therefore recorded by the Company on the date received by the Company. RIA fees are estimable and are recorded on an accrual basis. For the 2020 calendar year, RIA fees and mutual fund fees comprised 95.5%, and 4.4%, respectively.
#### Depreciation
Depreciation is calculated using the straight-line methods.
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#### Income Taxes
Income taxes are provided for the tax effects of transactions reported in the financial statements and consists of taxes currently due plus deferred taxes related primarily to differences between the basis of property and equipment for financial and income tax reporting. Deferred tax assets and liabilities represent the future tax consequences of those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company is not aware of any uncertain tax positions in it tax return. We currently have an NOL carry-forward loss that exceeds our current income and is available until 2026. Due to this there is no estimate for federal or state income taxes due.
## Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
#### Fair Value of Financial Instruments
Financial instruments that are subject to fair value disclosure requirements are carried in the financial statements at amounts that approximate fair value and include cash and cash equivalents. Fair values are based on quoted market prices and assumptions concerning the amount and timing of estimated future cash flows and assumed discount rates reflecting varying degrees of perceived risk.
#### Comprehensive Income
Statement of Financial Accounting Standards (SFAS) No. 130, Reporting Comprehensive Income, establishes requirements for disclosure of Comprehensive Income that includes certain items previously not included in the statement of income, including unrealized gains and losses on available-for-sales securities and foreign currency translation adjustment among others. During the year ended December 31, 2020, the Company had Comprehensive Income of \$66,852.
## Concentrations
The Company has revenue concentrations; the company specializing in trades of mutual funds for its individual and institutional customers and earns RIA fees for managing investment accounts for individuals.
## Debt
On April 8, 2020, the Company received loan proceeds in the amount of \$49,000 and bears interest at a rate of 1% per annum under the Paycheck Protection Program ("PPP"). The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act ("CARES Act"), provides for loans to qualifying businesses for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. The loans and accrued interest are forgivable after eight weeks as long as the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The amount of loan forgiveness will be reduced if the borrower terminates employees or reduces salaries during the eight-week period. The Company intends to use the proceeds for purposes consistent with the PPP.
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On November 8, 2020, the Company obtained full forgiveness on the loan and interest due. The forgiveness of the loan and interest is recognized as a gain on extinguishment of debt in the amount of \$49,000.
#### NOTE B – NET CAPITAL REQUIREMENTS
Pursuant to the net capital provisions of Rule 15c3-3 of the Securities and Exchange Act of 1934, the Company is required to maintain a minimum net capital, as defined under such provisions. Net capital and the related net capital ratio may fluctuate on a daily basis.
#### NOTE C – POSSESSION OR CONTROL REQUIREMENTS
The Company does not have any possession or control of customers' funds or securities. There were no material inadequacies in the procedures followed in adhering to the exemptive provisions of SEC Rule 15c-3-3(k)(1) by promptly transmitting all customer funds or securities to the custodial firm who maintains the customer accounts.
#### NOTE D – RELATED PARTY TRANSACTIONS
As of December 31, 2020, the Company is owed from an employee \$10,000 on a non-interest bearing, unsecured loan. The Company also leases it office space from a related party at the current rate of \$1,200 per month. The total rental payments to the related party were \$14,400 for the year-ended December 31, 2020, which is included as a component of rent expense on the statement of income.
#### NOTE E – OTHER COMMITMENTS AND CONTINGENCIES
As of December 31, 2020, the Company had no other commitments or contingencies
#### NOTE F – PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS
Property, equipment and leasehold improvements are stated at cost less accumulated depreciation. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is calculated on the double declining method. The following is a summary of property, equipment and leasehold improvements:
| | Estimated Useful Life | |
|---------------------------------|-----------------------|------------|
| Automobile | 5 years | \$34,509 |
| Furniture and equipment | 3 – 7 years | \$46,714 |
| Leasehold improvements | 7 years | 0 |
| Less – accumulated depreciation | | (\$49,589) |
| Total | | \$31,633 |
Depreciation expense was \$2,876 for the year December 31, 2020.
NOTE G – RENT
The rent expense for the year was \$16,768; the amount paid was for the lease on the office space and parking.
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## NOTE H – FAIR VALUE MEASUREMENTS
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between participants at the measurement date (i.e., an exit price). Due to an inability to receive an updated, fair value appraisal on the coins we have held as a physical asset, we have elected to write off the value of the coins in the amount of \$20,465.
## NOTE I – SIPC RECONCILIATION
SEA Rule 17a-5(e)(4) requires a registered broker-dealer to file a supplemental report which includes procedures related to the broker-dealers SIPC annual general assessment reconciliation or exclusion-from-membership forms. In circumstances where the broker-dealer reports \$500,000 or less in gross revenues, they are not required to file the supplemental SIPC report.
## NOTE J – SUBSEQUEST EVENTS
The Company has evaluated events subsequent to the balance sheet date for items requiring recording or disclosure in the financial statements. The evaluation was performed through February 12, 2021 which is the date the financial statement were available to be issued. Based upon this review, the Company has determined that there were no events which took place that would have a material impact on its financial statements.
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s͘D͘DĂŶŶŝŶŐΘŽ͕͘/ŶĐ͘
^ƵƉƉůĞŵĞŶƚĂƌLJ/ŶĨŽƌŵĂƚŝŽŶ
WƵƌƐƵĂŶƚƚŽ^ZƵůĞϭϳĂͲϱŽĨƚŚĞ^ĞĐƵƌŝƚŝĞƐĂŶĚdžĐŚĂŶŐĞĐƚŽĨϭϵϯϰ
ƐŽĨĂŶĚĨŽƌƚŚĞzĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ
{16}------------------------------------------------
## s͘D͘DĂŶŶŝŶŐΘŽ͕͘/ŶĐ͘ ^ƵƉƉůĞŵĞŶƚĂƌLJŽŵƉƵƚĂƚŝŽŶƐ WƵƌƐƵĂŶƚƚŽ^ZƵůĞϭϳĂͲϱŽĨƚŚĞ^ĞĐƵƌŝƚŝĞƐĂŶĚdžĐŚĂŶŐĞĐƚŽĨϭϵϯϰ ƐŽĨĂŶĚĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ
| ŽŵƉƵƚĂƚŝŽŶŽĨEĞƚĂƉŝƚĂů | | | |
|---------------------------------------------------------------|---------|---|-----------|
| dŽƚĂů^ƚŽĐŬŚŽůĚĞƌ͛ƐĞƋƵŝƚLJ͗ | | Ψ | ϰϲϵ͕ϯϱϵ |
| EŽŶͲĂůůŽǁĂďůĞĂƐƐĞƚƐ͗ | | | |
| KƚŚĞƌƐƐĞƚƐ | ϰϭ͕ϲϯϯ | | |
| ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ | ϭϰϲ͕ϰϵϭ | | ;ϭϴϴ͕ϭϮϰͿ |
| KƚŚĞƌŚĂƌŐĞƐ | | | |
| KƚŚĞƌ
| Ϭ͘ϬϬ | | |
| ,ĂŝƌĐƵƚƐ | Ϭ͘ϬϬ | | |
| hŶĚƵĞŽŶĐĞŶƚƌĂƚŝŽŶ
| Ϭ͘ϬϬ | | ;Ϭ͘ϬϬͿ |
| EĞƚĂůůŽǁĂďůĞĐĂƉŝƚĂů
| | Ψ | Ϯϴϭ͕Ϯϯϱ |
| ŽŵƉƵƚĂƚŝŽŶŽĨĂƐŝĐEĞƚĂƉŝƚĂůZĞƋƵŝƌĞŵĞŶƚ | | | |
| DŝŶŝŵƵŵŶĞƚĐĂƉŝƚĂůƌĞƋƵŝƌĞĚĂƐĂƉĞƌĐĞŶƚĂŐĞŽĨĂŐŐƌĞŐĂƚĞŝŶĚĞďƚĞĚŶĞƐƐ | | Ψ | ϭ͕ϵϵϯ |
| | | | |
| DŝŶŝŵƵŵĚŽůůĂƌŶĞƚĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚŽĨƌĞƉŽƌƚŝŶŐďƌŽŬĞƌŽƌĚĞĂůĞƌ | | Ψ | ϱ͕ϬϬϬ |
| EĞƚĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚ | | Ψ | ϱ͕ϬϬϬ |
| džĐĞƐƐŶĞƚĐĂƉŝƚĂů | | Ψ | Ϯϳϲ͕Ϯϯϱ |
| ŽŵƉƵƚĂƚŝŽŶŽĨŐŐƌĞŐĂƚĞ/ŶĚĞďƚĞĚŶĞƐƐ | | | |
| dŽƚĂůŐŐƌĞŐĂƚĞ/ŶĚĞďƚĞĚŶĞƐƐ
| | Ψ | Ϯϵ͕ϴϴϭ |
| WĞƌĐĞŶƚĂŐĞŽĨĂŐŐƌĞŐĂƚĞŝŶĚĞďƚĞĚŶĞƐƐƚŽŶĞƚĐĂƉŝƚĂů | | | ϭϬ͘ϲϬй |
| ZĞĐŽŶĐŝůŝĂƚŝŽŶŽĨƚŚĞŽŵƉƵƚĂƚŝŽŶŽĨEĞƚĂƉŝƚĂůhŶĚĞƌZƵůĞϭϱĐϯͲϭ | | | |
| ŽŵƉƵƚĂƚŝŽŶŽĨEĞƚĂƉŝƚĂůƌĞƉŽƌƚĞĚŽŶ&Kh^//ĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ | | Ψ | Ϯϴϭ͕Ϯϯϱ |
| ĚũƵƐƚŵĞŶƚƐ͗ | | | |
| ŚĂŶŐĞŝŶƋƵŝƚLJ;ĚũƵƐƚŵĞŶƚƐͿ | | | Ϭ͘ϬϬ |
| ŚĂŶŐĞŝŶEŽŶͲůůŽǁĂďůĞƐƐĞƚƐ | | | ;Ϭ͘ϬϬͿ |
| ŚĂŶŐĞŝŶ,ĂŝƌĐƵƚƐ | | | ;Ϭ͘ϬϬͿ |
| ŚĂŶŐĞŝŶhŶĚƵĞŽŶĐĞŶƚƌĂƚŝŽŶ | | | ;Ϭ͘ϬϬͿ |
| ŚĂŶŐĞŝŶKƚŚĞƌ,ĂŝƌĐƵƚƐ | | | Ϭ͘ϬϬ |
| EƉĞƌƵĚŝƚ
| | | Ϯϴϭ͕Ϯϯϱ |
| ZĞĐŽŶĐŝůĞĚŝĨĨĞƌĞŶĐĞ | | Ψ | ;Ϭ͘ϬϬͿ |
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## s͘D͘DĂŶŶŝŶŐΘŽ͕͘/ŶĐ͘ ^ƵƉƉůĞŵĞŶƚĂƌLJ^ƚĂƚĞŵĞŶƚƐ WƵƌƐƵĂŶƚƚŽ^ZƵůĞϭϳĂͲϱŽĨƚŚĞ^ĞĐƵƌŝƚŝĞƐĂŶĚdžĐŚĂŶŐĞĐƚŽĨϭϵϯϰ ƐŽĨĂŶĚĨŽƌƚŚĞzĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ
## ^ƚĂƚĞŵĞŶƚZĞůĂƚĞĚƚŽhŶŝĨŽƌŵEĞƚĂƉŝƚĂůZƵůĞ
dŚĞŽŵƉĂŶLJŝƐĂŵĞŵďĞƌŽĨƚŚĞ&/EZĂŶĚŝƐƐƵďũĞĐƚƚŽƚŚĞ^hŶŝĨŽƌŵEĞƚĂƉŝƚĂůZƵůĞϭϱĐϯͲϭ͘dŚŝƐƌƵůĞ ƌĞƋƵŝƌĞƐƚŚĞŵĂŝŶƚĞŶĂŶĐĞŽĨŵŝŶŝŵƵŵŶĞƚĐĂƉŝƚĂůĂŶĚƌĞƋƵŝƌĞƐƚŚĂƚƚŚĞƌĂƚŝŽŽĨĂŐŐƌĞŐĂƚĞŝŶĚĞďƚĞĚŶĞƐƐƚŽŶĞƚ ĐĂƉŝƚĂů͕ďŽƚŚĂƐĚĞĨŝŶĞĚ͕ƐŚĂůůŶŽƚĞdžĐĞĞĚϭϱϬϬй;ϭϱ͗ϭͿ͕Žƌ͕ĚƵƌŝŶŐŝƚƐĨŝƌƐƚLJĞĂƌŽĨŽƉĞƌĂƚŝŽŶƐ͕ϴϬϬй;ϴ͗ϭͿ͘EĞƚ ĐĂƉŝƚĂůĂŶĚƚŚĞƌĞůĂƚĞĚŶĞƚĐĂƉŝƚĂůƌĂƚŝŽŵĂLJĨůƵĐƚƵĂƚĞŽŶĂĚĂŝůLJďĂƐŝƐ͘ƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͕ƚŚĞŽŵƉĂŶLJŚĂĚ ŶĞƚĐĂƉŝƚĂůŽĨΨϮϴϭ͕ϮϯϱǁŚŝĐŚǁĂƐΨϮϳϲ͕ϮϯϱŝŶĞdžĐĞƐƐŽĨŝƚƐƌĞƋƵŝƌĞĚŶĞƚĐĂƉŝƚĂůŽĨΨϱ͕ϬϬϬ͘dŚĞŽŵƉĂŶLJ͛ƐƌĂƚŝŽ ŽĨĂŐŐƌĞŐĂƚĞŝŶĚĞďƚĞĚŶĞƐƐƚŽŶĞƚĐĂƉŝƚĂůǁĂƐϭϬ͘ϲϬй͘dŚĞŽŵƉĂŶLJŚĂƐĞůĞĐƚĞĚƚŽƵƐĞƚŚĞďĂƐŝĐĐŽŵƉƵƚĂƚŝŽŶ ŵĞƚŚŽĚ͕ĂƐŝƐƉĞƌŵŝƚƚĞĚďLJƚŚĞƌƵůĞ͕ǁŚŝĐŚƌĞƋƵŝƌĞƐƚŚĂƚƚŚĞŽŵƉĂŶLJŵĂŝŶƚĂŝŶŵŝŶŝŵƵŵEĞƚĂƉŝƚĂůƉƵƌƐƵĂŶƚ ƚŽĂĨŝdžĞĚĚŽůůĂƌĂŵŽƵŶƚŽƌϲͲϮͬϯйƉĞƌĐĞŶƚŽĨƚŽƚĂůĂŐŐƌĞŐĂƚĞŝŶĚĞďƚĞĚŶĞƐƐ͕ĂƐĚĞĨŝŶĞĚ͕ǁŚŝĐŚĞǀĞƌŝƐŐƌĞĂƚĞƌ͕ ĂŶĚĚŽĞƐŶŽƚ͕ƚŚĞƌĞĨŽƌĞ͕ĐĂůĐƵůĂƚĞŝƚƐŶĞƚĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚƵŶĚĞƌƚŚĞĂůƚĞƌŶĂƚŝǀĞƌĞƐĞƌǀĞƌĞƋƵŝƌĞŵĞŶƚ ŵĞƚŚŽĚ͘dŚĞƌĞǁĞƌĞŶŽŵĂƚĞƌŝĂůĚŝĨĨĞƌĞŶĐĞƐƌĞƉŽƌƚĞĚĂƐEĞƚĂƉŝƚĂůŝŶƚŚĞĂƵĚŝƚĞĚĐŽŵƉƵƚĂƚŝŽŶŽĨEĞƚĂƉŝƚĂů ĂŶĚƚŚĞďƌŽŬĞƌͲĚĞĂůĞƌ͛ƐĐŽƌƌĞƐƉŽŶĚŝŶŐƵŶĂƵĚŝƚĞĚWĂƌƚ//ŽĨƚŚĞ&Kh^ƌĞƉŽƌƚƌĞƋƵŝƌĞĚƵŶĚĞƌZƵůĞϭϱĐϯͲϭ͘
## ^ƚĂƚĞŵĞŶƚZĞůĂƚĞĚƚŽdžĞŵƉƚŝǀĞWƌŽǀŝƐŝŽŶ;WŽƐƐĞƐƐŝŽŶĂŶĚŽŶƚƌŽůͿ
dŚĞ ŽŵƉĂŶLJ ĚŽĞƐ ŶŽƚ ŚĂǀĞ ƉŽƐƐĞƐƐŝŽŶ Žƌ ĐŽŶƚƌŽů ŽĨ ĐƵƐƚŽŵĞƌ͛Ɛ ĨƵŶĚƐ Žƌ ƐĞĐƵƌŝƚŝĞƐ͘ dŚĞƌĞǁĞƌĞ ŶŽŵĂƚĞƌŝĂů ŝŶĂĚĞƋƵĂĐŝĞƐŝŶƚŚĞƉƌŽĐĞĚƵƌĞƐĨŽůůŽǁĞĚŝŶĂĚŚĞƌŝŶŐƚŽƚŚĞŽŵƉĂŶLJ͛ƐƐƚĂƚĞĚĞdžĞŵƉƚŝǀĞƉƌŽǀŝƐŝŽŶƐŽĨ^ZƵůĞ ϭϱĐϯͲϯ;ŬͿ;ϭͿ͘
## ^ƚĂƚĞŵĞŶƚZĞůĂƚĞĚƚŽDĂƚĞƌŝĂů/ŶĂĚĞƋƵĂĐŝĞƐ
dŚŝƐĂƵĚŝƚĚŝĚŶŽƚĚŝƐĐůŽƐĞĂŶLJŵĂƚĞƌŝĂůŝŶĂĚĞƋƵĂĐŝĞƐƐŝŶĐĞƚŚĞƉƌĞǀŝŽƵƐĂƵĚŝƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶƚŚĞ ĂĐĐŽƵŶƚŝŶŐƐLJƐƚĞŵŽƌŝŶƚŚĞŝŶƚĞƌŶĂůĐŽŶƚƌŽůƌĞůĂƚĞĚƚŽƌĞƉŽƌƚŝŶŐŽƌƚŚĞƉƌĂĐƚŝĐĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐƌĞƋƵŝƌĞĚ ƉƵƌƐƵĂŶƚƚŽZƵůĞϭϳĂͲϱ͘dŚĞĨŝƌŵŝƐĞdžĞŵƉƚĨƌŽŵϭϱĐϯͲϯ͖ŝƚĚŽĞƐŶŽƚŵĂŝŶƚĂŝŶĐƵƐƚŽŵĞƌĨƵŶĚƐŽƌƐĞĐƵƌŝƚŝĞƐĂŶĚ͕ ƚŚĞƌĞĨŽƌĞ͕ĚŽĞƐŶŽƚŵĂŝŶƚĂŝŶĐƵƐƚŽŵĞƌĨƵŶĚƐƚŽƐĞŐƌĞŐĂƚĞŶŽƌĚŽĞƐŝƚŵĂŝŶƚĂŝŶƐĞƉĂƌĂƚĞĂĐĐŽƵŶƚƐĨŽƌĐƵƐƚŽŵĞƌƐ͘
## ^ƚĂƚĞŵĞŶƚZĞůĂƚĞĚƚŽ^/WZĞĐŽŶĐŝůŝĂƚŝŽŶ
^ZƵůĞϭϳĂͲϱ;ĞͿ;ϰͿƌĞƋƵŝƌĞƐĂƌĞŐŝƐƚĞƌĞĚďƌŽŬĞƌͲĚĞĂůĞƌŶŽƚĞdžĞŵƉƚĨƌŽŵ^/WŵĞŵďĞƌƐŚŝƉǁŝƚŚŐƌŽƐƐƌĞǀĞŶƵĞƐ ƚŚĂƚ ĞdžĐĞĞĚ ΨϱϬϬ͕ϬϬϬ ƚŽ ĨŝůĞ ĂŶ ŐƌĞĞĚ hƉŽŶ WƌŽĐĞĚƵƌĞƐ ZĞƉŽƌƚ͘ /Ŷ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ǁŚĞƌĞ ƚŚĞ ďƌŽŬĞƌͲĚĞĂůĞƌ ƌĞƉŽƌƚƐůĞƐƐƚŚĂŶΨϱϬϬ͕ϬϬϬŝŶŐƌŽƐƐƌĞǀĞŶƵĞƚŚĞLJĂƌĞŶŽƚƌĞƋƵŝƌĞĚƚŽĂŶŐƌĞĞĚhƉŽŶWƌŽĐĞĚƵƌĞƐZĞƉŽƌƚ͘ƌŽŬĞƌͲ ĚĞĂůĞƌƐ ĞdžĞŵƉƚ ĨƌŽŵ ^/W ŵĞŵďĞƌƐŚŝƉ ĂƌĞ ƌĞƋƵŝƌĞĚ ƚŽ ĨŝůĞ Ă ĐŽƉLJ ŽĨ &Žƌŵ ^/W ϯ ĞǀŝĚĞŶĐŝŶŐ ĞdžĐůƵƐŝŽŶ ĨƌŽŵ ŵĞŵďĞƌƐŚŝƉĂŶĚĂŶŐƌĞĞĚhƉŽŶWƌŽĐĞĚƵƌĞƐZĞƉŽƌƚ͘/ĨƌĞƋƵŝƌĞĚƚŽĨŝůĞĚ͕ƚŚĞƌĞůĞǀĂŶƚƌĞƉŽƌƚƐŚĂůůďĞŝŶĐůƵĚĞĚŝŶ ƚŚŝƐ^ƵƉƉůĞŵĞŶƚĂů/ŶĨŽƌŵĂƚŝŽŶƐĞĐƚŝŽŶ͘
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s͘D͘DĂŶŶŝŶŐΘŽ͕͘/ŶĐ͘
^ƵƉƉůĞŵĞŶƚĂƌLJƵĚŝƚŽƌ͛ƐZĞƉŽƌƚŽŶdžĞŵƉƚŝŽŶ>ĞƚƚĞƌ
WƵƌƐƵĂŶƚƚŽ^ZƵůĞϭϳĂͲϱ;ĚͿ;ϭͿ;ŝͿ;Ϳ;ϮͿKĨƚŚĞ^ĞĐƵƌŝƚŝĞƐĂŶĚdžĐŚĂŶŐĞĐƚŽĨϭϵϯϰ
ƐŽĨĂŶĚĨŽƌƚŚĞzĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ
{19}------------------------------------------------
Supplementary Schedules Pursuant to SEA Rule 17a-5 Of the Securities and Exchange Act of 1934 For the Year-End December 31, 20ϮϬ
Report of Independent Registered Public Accounting Firm Exemption Review Report Pursuant to 15c3-3
Exemption: 15c3-3(k)(1)
Nelson Battle Arrington, III V.M. Manning & Co., Inc. 211 E Washington Street, Suite B Greenville, SC 29601
Dear Nelson Battle Arrington, III:
We have reviewed management's statements, included in the accompanying Representation Letter of Exemptions, in which V.M. Manning & Co., Inc. identified 15c3-3(k)(1) as the provision under 17 C.F.R. § 15c3-3(k) under which it claims exemption from 17 C.F.R. §240.15c3-3. V.M. Manning & Co., Inc. stated that it has met the 15c3-3(k)(1) exemption throughout the most recent fiscal year without exception, or, with exception, as noted in the Representation Letter of Exemption. V.M. Manning & Co., Inc.'s management is responsible for compliance with the exemption provisions and its statements*.* Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about V.M. Manning & Co., Inc.'s compliance with the exemption provisions. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion. Based on my review, I am not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, based on the provisions set forth in Rule 15c3-3 under the Securities Exchange Act of 1934.
China Spring, Texas **)HEUXDU\, 202**
{20}------------------------------------------------
# V.M. Manning & Co., Inc.
211 E Washington Street, Suite B Greenville, SC 29601
Tuttle & Bond. PLLC 1928 Jackson Lane China Spring, TX 76633
Re: Exemption Report Pursuant to SEA Rule 17a-5(d)(1)(i)(B)(2)
To the best knowledge and belief, V.M. Manning & Co., Inc.:
- 1. Claims exemption 15c3-3(k)(1) from 15c3-3,
- 2. We have met the identified exemption from January 01, 2020 through December 31, 2020, without exception, unless, noted in number 3, below,
- 3. We have no exceptions to report this fiscal year.
Regards,
Nelson Battle Arrington, ## President V.M. Manning & Co., Inc.
{21}------------------------------------------------
s͘D͘DĂŶŶŝŶŐΘŽ͕͘/ŶĐ͘
^ƵƉƉůĞŵĞŶƚĂƌLJƵĚŝƚŽƌ͛ƐŐƌĞĞĚƵƉŽŶWƌŽĐĞĚƵƌĞƐZĞƉŽƌƚ
WƵƌƐƵĂŶƚƚŽ^ZƵůĞϭϳĂͲϱ;ĚͿ;ϭͿ;ŝͿ;Ϳ;ϮͿŽĨƚŚĞ^ĞĐƵƌŝƚŝĞƐĂŶĚdžĐŚĂŶŐĞĐƚŽĨϭϵϯϰ
ƐŽĨƚŚĞzĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ
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## **V.M. Manning & Co., Inc.**
## Supplementary Schedules Pursuant to SEA Rule 17a-5 Of the Securities and Exchange Act of 1934 As of and for the Year-Ended December 31, 20ϮϬ
## Report of Independent Registered Public Accounting Firm on Applying Agreed Upon Procedures Pursuant to SEA Rule 17a-5(e)(4)
V.M. Manning & Co., Inc. is a member of the Securities Investor Protection Corporation (SIPC). In accordance with Rule 17a-5(e)(4) under the Securities Exchange Act of 1934, we have performed the procedures enumerated below with respect to the accompanying Schedule of Assessments and Payments, Forms SIPC-7 to the Securities Investor Protection Corporation (SIPC) for the periods through December 31, 20, which were agreed to by V.M. Manning & Co., Inc. and the Securities and Exchange Commission, Financial Industry Regulatory Authority and the SIPC, solely to assist you and other specified parties in evaluating V.M. Manning & Co., Inc.'s compliance with the applicable instructions of the Assessment Reconciliation Forms SIPC 7. V.M. Manning & Co., Inc.'s management is responsible for V.M. Manning & Co., Inc.'s compliance with those requirements. This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and the Public Company Accounting Oversight Board (United States). The sufficiency of these procedures is solely the responsibility of those parties specified in this report. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose. The procedures were performed, and our findings are as follows:
- ϭ͘ Compared the listed assessment payments represented on Form SIPC 6 & 7 with the respective cash disbursements record entries, noting no differences.
- Ϯ͘ Compared audited Total Revenue for the period of January 01, 20 through December 31, 20 (fiscal year-end) with the amounts reported on Forms SIPC-7, noting no differences.
- ϯ͘ Compared any adjustments reported on Form SIPC-7 with supporting schedules and work papers, to the extent such exists, noting no differences.
- ϰ͘ Proved the arithmetical accuracy of the calculations reflected on Form SIPC-7, noting no differences.
- ϱ͘ If applicable, compared the amount of any overpayment applied to the current assessment with the Form SIPC-7 on which it was originally computed, noting no differences.
We are not engaged to and did not conduct an examination for which the objective would be to express an opinion on compliance. Accordingly, we do not express such an opinion. Had we performed additional procedures other matters might have come to our attention that would have been reported.
This report is intended solely for the information and use of the specified parties listed above and is not intended to be and should not be used by anyone other than these specified parties.
China Spring, Texas **)HEUXDU\, 202**
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## s͘D͘DĂŶŶŝŶŐΘŽ͕͘/ŶĐ͘ ^ƵƉƉůĞŵĞŶƚĂƌLJŐƌĞĞĚhƉŽŶWƌŽĐĞĚƵƌĞƐZĞƉŽƌƚ^/WZĞĐŽŶĐŝůŝĂƚŝŽŶ WƵƌƐƵĂŶƚƚŽ^ZƵůĞϭϳĂͲϱ;ĚͿ;ϭͿ;ŝͿ;Ϳ;ϮͿŽĨƚŚĞ^ĞĐƵƌŝƚŝĞƐĂŶĚdžĐŚĂŶŐĞĐƚŽĨϭϵϯϰ ƐŽĨƚŚĞzĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ
## ^/WϳZĞĐŽŶĐŝůŝĂƚŝŽŶ
| dŽƚĂůƵĞ | Ψϳϵϱ |
|---------------------------------|------|
| KǀĞƌƉĂLJŵĞŶƚƉƉůŝĞĚ | ΨͲ |
| ĂůĂŶĐĞƵĞĂĨƚĞƌƉƉůŝĞĚKǀĞƌƉĂLJŵĞŶƚ | Ψϳϵϱ |
| | | ĂƚĞWĂŝĚŚĞĐŬη | | WĂŝĚdŽ͗ |
|-------------------------------------------------|------|-----------------|------|---------|
| WĂŝĚǁŝƚŚ^/Wϲ | Ψϯϱϵ | :ƵůLJϮϵ͕ϮϬϮϬ | ϭϳϮϯ | ^/W |
| WĂŝĚǁŝƚŚ^/Wϳ | Ψϰϯϲ | :ĂŶƵĂƌLJϮϱ͕ϮϬϮϭ | ϭϴϬϮ | ^/W |
| dŽƚĂůWĂŝĚ | Ψϳϵϱ | | | |
| ZĞĐŽŶĐŝůĞĚŝĨĨĞƌĞŶĐĞ;KǀĞƌƉĂLJŵĞŶƚͿͬhŶĚĞƌƉĂLJŵĞŶƚ | ΨϬ | | | |
Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.