# R.M.N. SECURITIES, INC. X-17A-5 (2025-03-04) — Broker-dealer annual report - Company: R.M.N. SECURITIES, INC. - Form: X-17A-5 - Filed: 2025-03-04 - Period: 2024-12-31 - Accession: 0000818652-25-000006 - CIK: 818652 - File #: 8-38211 - Type: Broker-dealer - Material weakness: Yes - Auditor: RBSM LLP - Auditor location: New York, NY - Contact: Richard M. Netter - Phone: 845-339-7310 - Email: richard.netter@senatesecurities.com - Website: senatesecurities.com - Signed by: Richard M. Netter (President) Original filing: https://www.sec.gov/Archives/edgar/data/818652/000081865225000006/annualreport_1.pdf --- {0}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ANNUAL REPORTS FORM X-17A-5 PART II OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 SEC FILE NUMBER 8-38211 FACING PAGE Informa tion Required Pursuant to Rules FILING FOR THE PERIOD BEGINNING 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 01/01/2024 12/31/2024 MM/DD/YY AND ENDING A. REGISTRANT IDENTIFICATION MM/DD/YY NAME OF FIRM: RMN Securities, Inc. d/b/a Senate Securities TYPE OF REGISTRANT (check all applicable boxes): Broker-dealer ☐ Security-based swap dealer Major security-based swap participant Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) 108 North Front Street Kingston (City) (No. and Street) NY (State) 12401 (Zip Code) PERSON TO CONTACT WITH REGARD TO THIS FILING Richard Netter (Name) 845-339-7310 richard.netter@senatesecurities.com (Area Code - Telephone Number) (Email Address) B. ACCOUNTANT IDENTIFICATION INDEPENDIENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* RBSM LLP 805 Third Ave, 14th Floor (Address) 09/24/2003 (Name - if individual, state last, first, and middle name) New York NY 10022 (City) (State) (Zip Code) 587 (Date of Regis ration with PCAOB)(if applicable) (PCAOB Registration Number, if applicable) FOR OFFICIAL USE ONLY \*Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public accountant must be supported bya statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable. Persons who a 'e to respond to the collection of information contained in this form are not required to respond unless the form displaysacurrently valid OMB control number. {1}------------------------------------------------ #### OATH OR AFFIRMATION | . Richard Netter | | | | _ swear (or affirm) that, to the best of my knowledge and belief, the | | |--------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------|---------| | financial report pertaining to the firm of | | RMN Securities, Inc. d/b/a Senate Securities | | | , as of | | 12/31 | | | | ,2024 is true and correct. I further swear (or affirm) that neither the company nor any | | | | | | | partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely | | | as that of a customer.
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l | MELLISSA L SORENSEN
NOTARY PUBLIC, STATE OF NEW YORK
Registration No. 01SO0006973
Qualified in Ulster County
Commission Expires May 05, 2027 | | Title: | Signature:-Ped
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PRESIDERT | | Notary Public #### This filing\*\* contains (check all applicable boxes): - (a) Statement of financial condition. - (b) Notes to consolidated statement of financial condition. - (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - (d) Statement of cash flows. - (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - (f) Statement of changes in liabilities subordinated to claims of creditors. - (g) Notes to consolidated financial statements. - (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - (i) Computatic n of tangible net worth under 17 CFR 240.18a-2. - (1)) Computaticnfor determination ofcustomer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - (I) Computaticon for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - (p) Summary o financial data for subsidiaries not consolidated in the statement of financial condition. - Π(q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 2240.17a-12, or 17 CFR 240.18a-7, as applicable. (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - - (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - (t) Independent public accountant's report based on an examination of the statement of financial condition. - (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 cir 17 CFR 240.18a-7, as applicable. - Π (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - (x) Supplementa I reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17a-12, as applicable. - (y) Report descr bing any material inadequacies found to exist or found to have existed since the date of the previous audit, or a statement tha: no material inadequacies exist, under 17 CFR 240.17a-12(k). - (z) Other: \*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), as applicable. {2}------------------------------------------------ #### REPORT PURSUANT TO RULE 17a-5 AND #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM # **RMN Securities, Inc. d/b/a Senate Securities** Financial Statements and Supplemental Information December 31, 2024 (With Report of Independent Registered Public Accounting Firm Thereon and Supplemental Reports on Exemption) {3}------------------------------------------------ #### C O N T E N T S Report of Independent Registered Public Accounting Firm Financial Statements Statement of Financial Condition Statement of Operations Statement of Changes in Stockholder's Equity Statement of Cash Flows Notes to Financial Statements Supplemental Information Schedule I - Computation of Net Capital Pursuant to Rule 15c3-1 of the Securities and Exchange Commission Schedule II – Computation for Determination of Reserve Requirements and Information Relating to Possession or Control Requirements for Broker-Dealers Pursuant to Rule 15c3-3 Report of Independent Registered Public Accounting Firm on Exemption Report Exemption Report {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) *New York Office:* 805 Third Avenue New York, NY 10022 212.838.5100 *www.rbsmllp.com* #### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Stockholders' and Board of Directors of RMN Securities, Inc. d/b/a Senate Securities Kingston, NY #### *Opinion on the Financial Statements* We have audited the accompanying statement of financial condition of RMN Securities, Inc. d/b/a Senate Securities (the "Company"), as of December 31, 2024, and the related statements of operations and changes in stockholder's equity and cash flows for the year then ended and the related notes to the financial statements (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 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 applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the 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 of material misstatement, whether due to error or fraud. 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 our audit provides a reasonable basis for our opinion. #### *Auditor's Report on Supplemental Information* The Schedule I, Computation of Net Capital Pursuant to Rule 15c3-1 of the Securities and Exchange Commission and Schedule II, Computation for Determination of Reserve Requirements and Information Relating to Possession or Control Requirements for Broker-Dealers Pursuant to Rule 15c3-3 (exemption) has been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. The supplemental information is the responsibility of the Company's management. Our audit procedures included determining whether the information in 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, are presented in conformity with 17 C.F.R. §240.17a-5. In our opinion, the Schedule I, Computation of Net Capital Pursuant to Rule 15c3-1 of the Securities and Exchange Commission and Schedule II, Computation for Determination of Reserve Requirements and Information Relating to Possession or Control Requirements for Broker-Dealers Pursuant to Rule 15c3-3 (exemption) is fairly stated, in all material respects, in relation to the financial statements as a whole. We have served as the Company's auditor since 2015. New York, NY March 3, 2025 New York, NY Washington DC Mumbai & Pune, India San Francisco, CA Houston, TX Boca Raton, FL Las Vegas, NV Beijing, China Athens, Greece Member: ANTEA International with affiliated offices worldwide {5}------------------------------------------------ # **RMN SECURITIES, INC. d/b/a SENATE SECURITIES STATEMENT OF FINANCIAL CONDITION December 31, 2024** #### **ASSETS** | Cash and cash equivalents | \$
34,493 | |------------------------------------|--------------| | Cash restricted - clearing account | 12,205 | | Commissions receivable | 16,819 | | Prepaid expense | 958 | | Security deposit | 1,900 | | Total assets | \$
66,375 | ## **LIABILITIES AND STOCKHOLDER'S EQUITY** #### **Liabilities** | Accounts payable and accrued expenses | \$
8,378 | |-----------------------------------------------------|--------------| | Commissions payable, officer | 6,555 | | Total liabilities | 14,933 | | Stockholder's equity | | | Capital stock, no par value, 200 shares authorized, | | | issued and outstanding | 19,754 | | Retained earnings | 31,688 | | Total stockholder's equity | 51,442 | | Total liabilities and stockholder's equity | \$
66,375 | {6}------------------------------------------------ **RMN SECURITIES, INC. d/b/a SENATE SECURITIES STATEMENT OF OPERATIONS Year ended December 31, 2024** | Revenue | | |------------------------------------|--------------| | Brokerage commissions | \$
58,272 | | 12b-1 fees | 100,093 | | Interest and dividend income | 548 | | Total revenue | 158,913 | | Expenses | | | Compensation and benefits, officer | 71,555 | | Clearing expense | 30,000 | | Occupancy | 14,800 | | Professional fees | 21,572 | | Regulatory fees | 2,559 | | Other expenses | 15,876 | | Total expenses | 156,362 | | Net income | \$
2,551 | {7}------------------------------------------------ # **RMN SECURITIES, INC. d/b/a SENATE SECURITIES STATEMENT OF CHANGES IN STOCKHOLDER'S EQUITY Year ended December 31, 2024** | | Common Stock | | Retained | | |------------------------------------|--------------|--------------|--------------|--------------| | | Shares | Amount | Earnings | Total | | Balance, January 1, 2024 | 200 | \$
19,754 | \$
36,325 | \$
56,079 | | Stockholder's capital distribution | - | - | (7,188) | (7,188) | | Net income | - | - | 2,551 | 2,551 | | Balance, December 31, 2024 | 200 | \$
19,754 | \$
31,688 | \$
51,442 | {8}------------------------------------------------ # **RMN SECURITIES, INC. d/b/a SENATE SECURITIES STATEMENT OF CASH FLOWS Year ended December 31, 2024** | Cash flows from operating activities | | |--------------------------------------------------------------|--------------| | Net income | \$
2,551 | | Adjustments to reconcile net income to net cash | | | provided by operating activities | | | Non-cash operating lease expense | (430) | | Change in operating assets and liabilities | | | Commissions receivable | (3,408) | | Prepaid expense | (958) | | Accounts payable and accrued expenses | 338 | | Commissions payable, officer | 6,555 | | Net cash provided by operating activities | 4,648 | | Cash flows from financing activities | | | Stockholder's capital distributions | (7,188) | | Net cash used in financing activities | (7,188) | | Net decrease in cash, cash equivalents and cash restricted - | | | clearing account | (2,540) | | Cash, cash equivalents and cash restricted - clearing | | | account, beginning of year | 49,238 | | Cash, cash equivalents and cash restricted - clearing | | | account, end of year | \$
46,698 | | Supplemental disclosure of cash flows information | | | Cash paid during the year for: | | | Interest | \$
- | | Income taxes | \$
- | {9}------------------------------------------------ #### **1. Nature of Business and Summary of Significant Accounting Policies** #### *Nature of business* RMN Securities, Inc. d/b/a Senate Securities (the "Company") was formed on February 8, 1989, and began operating as a broker-dealer upon approval of its registration with the National Association of Securities Dealers, Inc. at that time. The Company made a Sub-Chapter S Corporation election with the Internal Revenue Service on February 8, 1989. The Company's business consists of providing subscription only brokerage, financial and employee benefit services to individuals and institutions. The Company is a broker-dealer registered with the SEC and is a member of the Financial Industry Regulatory Authority (FINRA). The Company operates under the exemptive provisions of Paragraph (k)(2)(ii) of Rule 15c3-3 of the United States Securities and Exchange Commission and, accordingly, is exempt from the remaining provisions of that Rule. The requirements of Paragraph (k)(2)(ii) provide that the Company is an introducing broker-dealer, who clears all customer transactions on a fully-disclosed basis with a clearing broker-dealer and promptly transmit all customer funds and securities to the clearing broker dealer. The clearing broker-dealer transmits all of the customer accounts of the introducing broker-dealer and maintains and preserves such books and records related to customer accounts as required by SEC Rules 17a-3 and 17a-4. Separately, based on the way the Company operates a portion of the client mutual fund business via application-way, the Company relies on footnote 74 to SEC Release 34-70073 and as discussed in Q&A 8 of the related FAQ issued by SEC staff, hence the Company does not claim an exemption from SEA Rule 15c3-3 for these services rendered. #### *Revenue recognition* The Company receives commission income for brokerage services related to customer trading of stocks, mutual funds, and other financial products which are recognized on the trade date. The Company believes the performance obligation for the trading of stock, mutual funds and other financial products is satisfied on the trade date because the customer has obtained the rights to the underlying security provided by the trade execution service. The Company also receives 12b-1 commissions and marketing expenses which are recorded over the period earned. #### *Segment reporting* The Company is engaged in a single line of business as a securities broker-dealer which is comprised of commission based trading services described in Note 1. Commissions are received from the customer for investment trades and the related 12b-1 fees from the financial institution such customer monies are invested. The Company is a solely owned and operated entity, whom also acts as the chief operating decision maker ("CODM"). The CODM uses net income to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. Additionally, the CODM uses excess net capital, which is not a {10}------------------------------------------------ measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to maintain profits or pay distributions. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using information of the Company as a whole. #### *Cash and cash equivalents* The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash equivalents include investments in money market funds and are stated at cost, which approximates market value. ### *Commissions receivable* Commissions receivable consists of commissions earned during the year that will be collected after December 31, 2024. The Company uses the direct write-off method to recognize bad debts on commissions receivable. Periodically, management reviews past due receivables and writes off those balances deemed uncollectible after all reasonable collection efforts have been exhausted. If the reserve method were used, it would not have a material effect on the financial statements. Management has determined there is no need for an allowance for doubtful accounts to be recorded as of December 31, 2024. #### *Income taxes* The Company, with the consent of its stockholder, has elected under the provisions of Sub-Chapter "S" of the Internal Revenue Code to be an S Corporation. In lieu of Federal and State corporate income taxes, the stockholders of an S Corporation are taxed individually on their proportionate share of the Company's taxable income. Accordingly, the financial statements reflect no provision or liability for Federal or State income taxes. The Company has evaluated its tax positions and has concluded that there are no uncertain tax positions that required adjustment to or disclosure in the financial statements. The Company's federal and state income tax returns for the years ended December 31, 2021 to 2024 remain open for audit by the applicable regulatory authorities. #### *Fair value of financial instruments* The carrying value of cash, restricted cash, commissions receivable, accounts payable and accrued expenses approximate their fair values based on the short-term maturity of these instruments. The Company utilizes the methods of fair value measurement as described in generally accepted accounting principles to value its financial assets and liabilities. Fair value is based on the price that would be received to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, generally accepted accounting principles establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels: {11}------------------------------------------------ Level 1: Quoted market prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. #### *Leases* The Company had a noncancelable lease for office space, which expired in November 2024. The Company determines if an arrangement is a lease, or contains a lease, at inception and only reassesses its determination if the terms and conditions of the arrangement are changed. The Company has elected, for all underlying classes of assets, to not recognize ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less at lease commencement, and do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. The Company recognizes lease cost associated with its short-term leases on a straight-line basis over the lease term. For operating leases, when applicable, the Company recognizes a lease liability and a right of use (ROU) asset at the commencement date of the lease. The lease liability is initially and subsequently recognized based on the present value of its future lease payments. The discount rate is the implicit rate in the lease, if it is readily determinable, or otherwise the Company uses its incremental borrowing rate. The implicit rate of the Company's lease is not readily determinable and, accordingly, the Company uses its incremental borrowing rate based on the information available at the commencement date of the lease. Lease expense for lease payments are recognized on a straight-line basis over the leases term. #### *Advertising* The Company expenses advertising costs as incurred. Advertising expense of \$1,332 for the year ended December 31, 2024 is included in other expenses in the statement of operations. ## *Accounting 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. Estimates are used in the determination of accounts receivable, discount rates used in computing operating lease liabilities, among others. {12}------------------------------------------------ #### *Recently issued accounting pronouncements* All recently issued accounting standards and pronouncements by the Financial Accounting Standards Board, Public Company Accounting Oversight Board, Securities and Exchange Commission and the American Institute of Certified Public Accountants, but not yet effective did not or are not believed by management, to have a material impact on the Company's present or future financial statements. #### **2. Cash Flows Information** The following table provides a reconciliation of cash, cash equivalents and cash restricted clearing account reported within the statement of financial condition that sum to the total of the same such amounts shown in the statement of cash flows. | | | December 31, 2024 | | |---------------------------------------------------------------|----|-------------------|--| | Cash and cash equivalents | \$ | 34,493 | | | Cash restricted -
clearing account | | 12,205 | | | Cash, cash equivalents, Cash restricted -
clearing account | \$ | 46,698 | | #### **3. Net Capital Requirements** The Company is subject to the United States Securities and Exchange Commission Uniform Net Capital Rule (Rule 15c3-1), which requires the maintenance of a minimum amount of net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. At December 31, 2024, the Company had net capital of \$48,584, which is in excess of its required net capital of \$25,000. The Company's percentage of aggregate indebtedness to net capital on December 31, 2024 was .31 to 1. ### **4. Concentration of Risk** #### *Credit Risk* The Company's cash and cash equivalents may be subject to credit risk. The Federal Deposit Insurance Corporation ("FDIC") insures up to \$250,000 for substantially all depository accounts. Management believes it is not exposed to any significant credit risk on cash and cash equivalents. During 2024, revenues from three customers were 19%, 12% and 10%, respectively of total revenues. #### *Business Risk* The Company's revenues and profitability are affected by many conditions, including changes in economic conditions, inflation, political events, and investor sentiment. Because these {13}------------------------------------------------ factors are unpredictable and beyond the Company's control, earnings may fluctuate significantly from year to year. ## **5. Regulation** The Company is registered as a broker-dealer with the United States Securities and Exchange Commission (SEC). The securities industry in the United States is subject to extensive regulation under both federal and state laws. The SEC is the federal agency responsible for the administration of the federal securities laws. Much of the regulation of broker-dealers has been delegated to the Financial Industry Regulatory Authority (FINRA), which has been designated by the SEC as the Company's primary regulator. This self-regulatory organization adopts rules, subject to approval by the SEC, that govern the industry and conduct periodic examinations of the Company's operations. The primary purpose of these requirements is to enhance the protection of customer assets. These laws and regulatory requirements subject the Company to standards of solvency with respect to capital requirements, financial reporting requirements, record keeping and business practices, the use and safekeeping of customers' funds and securities, and the conduct of directors, officers, and employees. Securities firms are also subject to regulation by state securities administrators in those states in which they conduct business. #### **6. Clearing Broker** The Company conducts business with its clearing broker on behalf of its customers and for its own proprietary accounts. The Company earns commissions as an introducing broker for the transactions of its customers. The clearing and depository operations for the Company's customer accounts and proprietary transactions are performed by its clearing broker pursuant to a clearance agreement. The Company has agreed to indemnify its clearing broker for losses the clearing broker may sustain as a result of the failure of the Company's customers to satisfy their obligations in connection with their securities transactions. The Company is required to maintain \$9,000 in a clearing account in which they currently have \$12,205 of cash held on deposit for the satisfaction of any unsettled obligations. In the normal course of business, customers may sell securities short. Subsequent market fluctuations may require the clearing broker to obtain additional collateral from the Company's customers. {14}------------------------------------------------ #### **7. Lease Commitments** In December 2021, the Company entered into a new lease for office space in Kingston, NY. The lease had an initial non-cancellable lease term of three years. The lease did not contain any renewal options, termination options for either party to the lease, or restrictive financial or other covenants. The Company had classified this lease as an operating lease. Payments due under the lease contract included fixed payments. The Company recorded a ROU asset and lease liability utilizing the Company's incremental borrowing rate of 4% in the amount of \$33,558, Lease expense related to this office space for the year ended December 31, 2024 amounted to \$11,950 and is included in occupancy in the statement of operations. Cash paid related to this operating lease during the year ended December 31, 2024 amounted to \$12,380. The lease expired November 2024. It is now on a month-to-month basis. #### **8. Subsequent Events** Management is not aware of any other events that have occurred subsequent to the balance sheet date that would require adjustment to, or disclosure in the financial statements. The Company has evaluated subsequent events through March 3, 2025 the date which the financial statements were available to be issued. {15}------------------------------------------------ #### **SUPPLEMENTAL INFORMATION** {16}------------------------------------------------ # **RMN SECURITIES, INC. d/b/a SENATE SECURITIES** Schedule I **COMPUTATION OF NET CAPITAL PURSUANT TO RULE 15c3-1 OF THE UNITED STATES SECURITIES AND EXCHANGE COMMSSION December 31, 2024** | NET CAPITAL | | | |-------------------------------------------------------------|-------------|--------------| | Total stockholder's equity | | \$
51,442 | | Prepaid expense | | (958) | | Security deposits | | (1,900) | | Net capital | | \$
48,584 | | AGGREGATE INDEBTEDNESS | | | | Accounts payable and accrued expenses | \$
8,378 | | | Commissions payable, officer | 6,555 | | | Total aggregated indebtedness | | \$
14,933 | | COMPUTATION OF BASIC NET CAPITAL REQUIREMENT | | | | Minimum net capital required (greater of \$25,000 or 6-2/3% | | | | of aggregate indebtedness) | | \$
25,000 | | Net capital in excess of minimum requirement | | \$
23,584 | | | | | | RATIO: AGGREGATE INDEBTEDNESS TO NET CAPITAL | | .31 to 1 | | | | | | Net Capital, per unaudited December 31, 2024 FOCUS report | | \$
48,584 | **Statement Pursuant to Paragraph (d)(2)(iii) of Rule 17a-5** No material differences exist between the net capital computation above and the computation included in the FOCUS Form X-17-a-5 Part II, as filed and amended by the Company on March 2, 2025. {17}------------------------------------------------ #### **RMN Securities, Inc. d/b/a Senate Securities** Schedule II Computation for Determinatin of Reserve Requirements and Information Relating to Possession or Control Requirements for Broker-Dealers Pursuant to Rule 15c3-3 December 31, 2024 #### **Exemptive Provisions** The Company claims exemption from the requirements of Rule 15c3-3 under Sections (k)(2)(ii), for A and B and also adopts the provisions of footnote 74 to SEC Release No. 34-70073. Therefore, the following reports are not presented: - A) Computation for Determination of Reserve Requirements under Rule 15c3-3. - B) Information relating to the Possession or Control Requirements under Rule 15c3-3. {18}------------------------------------------------ ![](_page_18_Picture_0.jpeg) *New York Office:* 805 Third Avenue New York, NY 10022 212.838.5100 *www.rbsmllp.com* #### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Stockholder's and Board of Directors of RMN Securities, Inc. d/b/a Senate Securities Kingston, NY We have reviewed management's statements, included in the accompanying Rule 15c3-3 Exemption report, in which (1) RMN Securities, Inc. d/b/a Senate Securities identified the following provision of 17 C.F.R. §15c3-3(k) under which RMN Securities, Inc. d/b/a/ Senate Securities claimed the following exemption from 17 C.F.R. §240.15c3-3: (k) (2) (ii) (exemption provision) and (2) RMN Securities, Inc. d/b/a Senate Securities stated that RMN Securities, Inc. d/b/a Senate Securities met the identified exemption provisions throughout the most recent fiscal year without exception. The Company is also filing this Exemption Report because the Company's other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. §240.17a-5 are limited to mutual fund application-way business and the Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. RMN Securities, Inc. d/b/a Senate Securities's management is responsible for compliance with the provisions contemplated by Footnote 74 of SEC Release No. 34-70073 adopting amendments 17 C.F.R. §240.17a-5 and related SEC Staff Frequently Asked Questions 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 RMN Securities, Inc. d/b/a Senate Securities'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 our review, we are 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 paragraph (k) (2) (ii) of Rule 15c3-3 under the Securities Exchange Act of 1934 and the Company's other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. §240.17a-5, and related SEC Staff Frequently Asked Questions. New York, NY March 3, 2025 > New York, NY Washington DC Mumbai & Pune, India San Francisco, CA Houston, TX Boca Raton, FL Las Vegas, NV Beijing, China Athens, Greece Member: ANTEA International with affiliated offices worldwide {19}------------------------------------------------ - - - Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.