# AKIN BAY COMPANY LLC X-17A-5 (2025-03-03) — Broker-dealer annual report - Company: AKIN BAY COMPANY LLC - Form: X-17A-5 - Filed: 2025-03-03 - Period: 2024-12-31 - Accession: 0000881810-25-000001 - CIK: 881810 - File #: 8-44363 - Type: Broker-dealer - Material weakness: No - Auditor: OHAB and Company , PA - Auditor location: Maintland, FL - Contact: James Rybakoff - Phone: 2125839800 - Email: jamesr@akinbay.com - Website: akinbay.com - Signed by: James Rybakoff (President & CEO) Original filing: https://www.sec.gov/Archives/edgar/data/881810/000088181025000001/ConfidentailABAuditSF2024.pdf --- {0}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | ANNUAL REPORTS | |----------------| | FORM X-17A-5 | | PART III | | OMB APPROVAL | | |---------------------------|--| | OMB Number: 3235-01 23 | | | Expires: Mov. 30, 2026 | | | Estimated average burden | | | hours per response:
12 | | SET FILE NUMBER #### FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 1/1/2024 12/31/2024 FILING FOR THE PERIOD BEGINNING AND ENDING MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION NAME OF FIRM. AKIN BAY COMPANY LLC TYPE OF REGISTRANT {check all applicable boxes): \_ Broker-dealer LI 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.) 780 3rd Ave 32nd Floor (No. and Street) NEW YORK NY 10017 (City) (State) (Zip Code) PERSON TO CONTACT WITH REGARD TO THIS FILING JAMES RYBAKOFF 212) 583-9800 Jamesr@akinbay.com (Name) Area Code - Telephone Number) (Email Address) B. ACCOUNTANT IDENTIFICATION INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* Ohab and Company, PA (Name - if IndivIdual, state last, first, and middle name) 100 E Sybelia Maintland FL 32751 (Address) (City) (State) (Zip Code) (Date of Registration with PCAOB)(if applicable) (PCAOB Registration Number, if applicable) FOR OFFICIAL USE ONLY \* Claims for exemption from the requirement that the annual reports of an independent public accountant must be supported by a 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 are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. {1}------------------------------------------------ ### oath or affirmation | JAMES RYBAKOFF
swear (or affirm) that, to the best of my knowledge and belief, the | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--| | financial report pertaining to the firm of AKIN BAY COMPANY, LLC
as of a consideration of the as of
12/31 | | | 2 024 __ 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. | | | Signature:
DAVID SANTOS | | | NOTARY PUBLIC, STATE OF NEW YORK
NO. 01SA6334917
PRESIDENT/CEO | | | QUALIFIED IN NEW YORK COUNTY
MY COMMISSION EXPIRES DEC 28, 2027
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 in the period(s) presented, a statement of
comprehensive Income (as defined in § 210.1-02 of Regulation \$-X), | | | O (d) Statement of cash flows. | | | [ (e) Statement of changes in stockholders' or partners' or sole proprietor's equility | | | J {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 CER 240.18cc-1, as applicable. | | | (i) Computation of tangible net worth under 17 CFR 240.10a-2. | | | [] Computation for determination of customer reserve requirements persuant to Exhibit A to 17 CFR 240.15c3-3. | | | [ (k) Computation for determination of security-passed swad reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or
Exhibit A to 17 CFR 240.18a-4, as applicable. as a | | | (I) Computation 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. | | | O (n) Information relating to possession or control nequirements for security-based swap customers under 17 CFR | | | 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. | | | O (o) Reconciliations, including appropriate explansions, of the FOCUS Report with computation of net capital or targible net | | | worth under 17 CFR 240.15c2-1, 17 CFR 24018a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17
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 of financial data for subsidiaries rot consolidated in the statement of financial condition. | | | Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-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, | | | O (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 statements under 17 | | | CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. | | | 0 (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17
CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. | | | (w) Independent public accountant's report based on a review of the exemption report under 17 C.FR 240.17a-5 or 17 | | | CFR 240.18a-7, as applicable.

as applicable. | | | [ {y) Report describing any material inadequacies found to have existed since the date of the previous audit, or | | | a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). | | | (z) Other: | | | **To request confidential treatment of certoin portions of this filing, see 17 CFR 240.170-5(e)(3) or 17 CFR 240.180-7(d)(2), as
opplicable. | | {2}------------------------------------------------ ![](_page_2_Picture_0.jpeg) FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION PURSUANT TO SEC RULE 17a-5 FOR THE YEAR ENDED DECEMBER 31, 2024 This report is deemed CONFIDENTIAL in accordance with Rule 17a-5(e)(3) under the Securities and Exchange Act of 1934. A statement of financial condition, bound separately, has been filed with the Securities and Exchange Commission simultaneously herewith as a Public Document {3}------------------------------------------------ ### **TABLES OF CONTENTS** #### **FOR THE YEAR ENDED DECEMBER 31, 2024** | | Page | |--------------------------------------------------------|------| | Report oflodependent Registered Public Accounting Firm | 1 | | Financial Statements | | | Statement of Financial Condition | 2 | | Notes to Financial Statements | 3 | | | | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) I 00 E. Sybdia Avt:. Suite 130 Maitland, FL 32751 *Certified Public Acco11/l/ants* ['n1ai1..J@ll@ol1abco.co1n Telephont: 407-740-7311 Fax: 407-740-6441 #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholders of Akin Bay Company LLC #### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of AkilJ Bc1y CemQany LLC as of December 31, 2024 and the related notes (collectively referred to as the "financial statemetilt") In our opinion, the financial statement presents fairly, in all material respects, the financial position of Ak1n Bay Company LLC as of December 31, 2024 in conformity with accounting principles generally accepted in lhe Umted States of America. #### **Basis for Opinion** This financial statement is the responsibility of Akin Bay Cornr:iar1y LLC's management. Our responsibility is to express an opinion on Akin Bay Company LLC's financial statement Dased on our audit We are a public accounting firm registered with the Public Company Accounting Ovttrstght Board (United States} (PCAOB) and are required to be independent with respect to Akin Bay Company~ l...Oln aceoi-dance with the U.S. federal securities laws and the applicable rules and regulations of the Securitief,! alild ExchaDge Commission and the PCAOB. We conducted our audit in accordance with Ille standards of the PCAOB. Those standards require that we ptan and perform the audit to obtain reasonable assuran9e about whether the financial statement is tree of material misstatement, whether due to error or fraud. Oul' auclit included performing procedures to assess the risks of material misstatement of the financial **statement.** 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 prinoiples used and significant estimates made tiy management. as well as evaluating the overall presentation of the financial statements. We believe that our aud~ provides a reasonable basis tor our opinion. ~ .~ *(~ .......* ~ • *Q;f\_,..,-* We have served as Akin Bay Company LLC's auditor since 2022. Maitland, Florida February 26, 2025 {5}------------------------------------------------ #### **STATEMENT OF CASH FLOWS** #### **FOR THE YEAR ENDED DECEMBER 31, 2024** | A.\'sets | | |-----------------------------------------------|---------------| | Cash and cash equivalents | \$
174,616 | | Security deposit | 28,876 | | Property and equipment, net | 80,061 | | Right of lease assets | 485.767 | | Total a,\',\'ets | 769,320 | | | | | •. ( '
Liabilities and Members' Equity | | | ~
Accounts
payable and accrued expenses | 23,320 | | Lease
liability | 552,153 | | ~
Loans
payable | 44,916 | | Total
liab
ilities | 620,389 | | Members' equity | 148,931 | | Total liabilities and members' equity | \$
769,320 | | | | {6}------------------------------------------------ ### **NOTES TO FINANCIAL STATEMENTS** #### **FOR THE YEAR ENDED DECEMBER 31, 2024** #### **1, NATURE OF OPERATIONS** Akin Bay Company LLC (the "Company") is engaged in single line of business as a broker-dealer, which is comprised of several classes of services, including investment banking and financial advisory services. The Company was Organized as a limited liability company under the laws of the State of New York on June 19, 1996. The Company is a broker-dealer registered with the Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FlNRA) and Securities Tnvestor Protection Corporation (SIPC), The Company primarily engages in providing investment banking and advisory services to its clients. The Company is exempt from rule 15c3-3 of the SEC under footnote 74 ot~that rule. ### **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** # *Basis of Accounting* ♦ Revenues and expenses are recorded on the accrual basis Qf acc~unting in accordance with accounting principles generally accepted in the United States,of America. #### *Cash and Ca.sh Equivalents* The Company considers all highly liquid investments, with original maturities of three months or less when purchased to be casl:),eql)lvalents. #### *Accounts Receivable* Investment banking income due bu not yet.received that is expected to be collected within one year is recorded as accounts receivable at net realizable value. In this situation, the transaction closes but there are certain contingen milestones, the Company will not record, the receivable until all contingencies **are** met. If a1110unts become uncollectible, they will be charged to operations when that determinaKiPn is made. ### *Property and Equipment* Property and equipment are recorded at cost. Depreciation for property and equipment is provided using the straight-line method for financial reporting purposes at rates based on the following estimated useful lives: | | Life | |------------------------|---------------------------| | | Lesser of remaining lease | | Leasehold improvements | fonn or life of asset | | Office equipment | 5 | | Furniture and fixtures | 5 | {7}------------------------------------------------ ### **NOTES TO FINANCIAL STATEMENTS** ### **FOR THE YEAR ENDED DECEMBER 31, 2024** #### **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)** #### *Consulting Fees* The majority of consulting fees are related to independent third parties providing financial analysis. #### *Significant Judgemenls* Revenue from contracts with customers includes fees from investment banking. The recognition and measurement of revenue is based on the assessment of individual eentract terms. Significant judgement is required to determine whether performance obligations are ·satisfied at point in time or over time; how to allocote transaction prices where muJtiple pe formauce obligations are identified; when to recognize revenue based on the appropriate measure o the Company's progress under the contract; whether revenue should be presented gross-,or net of certain costs; and whether constraints on variable consideration should be applied due to une.ertain future events. #### *Revenue Recognition* The Company provides investment bankin\$ **an~** ~ d\'isory services. Revenue for advisory arrangements is generally recognized at the pq\_i,it i.ni itne that performance under the arrangements is completed (the closing date of the trans,aetion) wh'ich consists of debt advisory of \$240,000. For certain contracts, revenue is recognized over time for advisory arrangements in which the performance obligations are simult(.lnebu§IY provided by the Company ond conswned by the customer. Retainers ond other, fees received from customers are recognized revenue when the performance obligation for prc:>vidi~ advisory services is sotisfied over time because the customer is receiving and cons lming the beflefits as they are provided by the Company. At year end, no deferred revenue or ope;1 coI1}. racts exist. This consists of advisory fees of \$170,000. Advisory fees and services include financial analysis, structuring of capital. presentations and strategy for raising capital. Investment banking usually cover some of the same services and closing a transaction, such as raising debt or **M&A.** ### *Leases* The Company leases certain buildings and vehicles. The detennination of whether an arrangement is a lease is made at the lease's inception. Under ASC 842. a contra.ct is (or contains) a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control is defined under the standard as having both the right to obtain substantially all of the economic benefits from use of the asset and the right to direct the use of the asset. Management only reassesses its determination if the terms and conditions of the contract are changed. {8}------------------------------------------------ ## **NOTES TO FINANCIAL STATEMENTS** ### **FOR THE YEAR ENDED DECEMBER 31, 2024** ### **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)** #### *leases (Cont 'd)* Operating leases are included in operating lease right-of-use ("ROU") assets, other current liabilities, and operating lease liabilities in our balance sheets. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value oflease payments over the lease tenn. The Company uses the implicit rate when it is readily dete~inable. Since most of the. Company's leases do not provide an implicit rate, re dete.rminc the present value of lease payments, management uses the Company's increme'nt? I ~ otrow1ng rate based on the information available at lease commencement. Operating lease1tOlJ assets also includes any lease payments made and excludes any lease incentives. Lease expense.for lease payments is recognized on a straight-line basis over the lease term. The Company's le~'>e terms may include options to extend or terminate the lease when it is reasonably certain thtt we will exercise the option. #### *Income Taxes* The Company is classified as a Partnersf1ip fo1 ede al and New York State tax purposes, whereby the Company's income or loss is re~rted b~ I 1e partners on their own income tax returns. Accordingly, no provision has been made (~ Federal and New York State taxes. The Company remains liable for New York City Unin~orporated Business tax. As of December 31, 2024 the Company's tax years for 2024, 2023 and 2022 are subject to examination by the tax authorities. The Company has evahi°ated its cu~ent tax positions and has concluded that as of December 31, 2024, the Company does not have any significant uncertain tax positions for which a reserve would be necessary. # *Use of Estimates* The preparation of financial statements in confonnity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actuol results could differ from those estimates. {9}------------------------------------------------ ## **NOTES TO FINANCIAL STATEMENTS** ### **FOR THE YEAR ENDED DECEMBER 31, 2024** ### **3, BROKER DEALER- SINGLE REPORTABLE SEGEMENT** On November 27, 2023, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures, which is effective for fiscal years beginning after December 15, 2023, and applies to public entities, which includes Broker-Dealers. The Company is engaged in single line of business as a broker-dealer, which is comprised of several classes of services, including investment banking and financial advisory services. The Company has identified its President as the Chief Operating Decision Maker ("CODM"), who uses net income to evaluate the results of the business, predominantly in tl1e forecasting process, to manage the Company. Additionally, the CODM uses excess net capital ;.e Note 5), which is not of profit and loss, to make operational decisions while nr i11tainin~ ca hal adequacy, such as whether to reinvest profits. The Company's operations constjtute **a** singe operating segment and therefore, a single reportable segment, because the CODM manage~ he business activities using information of the Company as a whole, The accountir(g polieh;s used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies. The Company derived 58 percent of its tofal revenues from a single external customer in 2024. #### **4. PROPERTY AND EQUIJ'MENT** The following is a summary of property and' equipment less accumulated depreciation as of December 31, 2024. | Furniture and fixtures | \$
155,690 | |--------------------------------|---------------| | Vehicle | 91 728 | | | 247,418 | | Less: accumulated depreciation | (167,357) | | Property and equipment, net | \$
80,061 | Depreciation expense for the year then ended was \$28,093. {10}------------------------------------------------ ## **NOTES TO FINANCIAL STATEMENTS** ### **FOR THE YEAR ENDED DECEMBER 31, 2024** ### **5. CONCENTRATIONS OF RISK** The Company maintains its cash balances at a major financial institution. The balances are insured by the Federal Deposit Insurance Corporation ("FDIC") up to \$250,000. The Company from time to time, has had an amount greater than \$250,000 in cash on deposit. The Company engages in various investment banking and advisory services. In the event customers do not fulfill their obligations, the Company may be exposed to small amount of risk relating to its out-of-pocket expenses. The risk of default depends on the creditworthiness of the customers. It is the Company's policy to review, as necessary, the credit.standing of each customer. #### **6. NET CAPITAL REQUIREMENTS** The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule (SEC Rule 15c3- I), which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to l. At December 31. 2024, the Company had net capital of \$39,~94 which is \$34,994 in excess of its required net capital of \$5,000. The Company's net capital ratio at December 31, 2024 was 3 to 1. ### 7. **RELATED PARTIES** As of December 31, 2024, there were no re1ate'd,.P.arties. ## **8. LEASES** The Company has one office sp~ce under long-term non-cancelable operating lease agreements. The lease expires on October 3 1, 2028 and provide for renewal options ranging from one year to five years. The Company includes in the detennination of the right-of-se use assets and lease liabilities any renewal options when the options are reasonably certain to be exercised. Our operating lease provides for increase in future minimum annual rental payments. The weight-average discount rate is based on the discount rate implicit rate in the lease. If the implicit rate is not readily detenninable from the lease, the Company estimate an applicable incremental borrowing rate. The incremental borrowing rate is estimate using our applicable borrowing rates and the contractual lease. The Company has elected the short-term exemption for all leases with a tenn of 12 months or less for both existing and ongoing operating leases to not recognize the asset and liability for the lease. {11}------------------------------------------------ #### **NOTES TO FINANCIAL STATEMENTS** #### **FOR THE YEAR ENDED DECEMBER 31,2024** #### 7, **LEASES (Cont'd)** Total right-of-use assets and lease liabilities at December 31, 2024 are as follows; | Lease Assets - Classification in Statement of Financial Position | | |------------------------------------------------------------------------------------------------------------------------------------|---------------| | Operating right-of-use assets - Other assets | 485,767
\$ | | Total leased right-of-use assets | 485,767
\$ | | Lease Liabilities - Classification in Statement of Financial Position | | | ♦
Operating lease liabilities
~ | 552,153
\$ | | N
Total lease liabilities | \$
552,153 | | Total lease cost for the year ended December 31, 2024 is \$165,759 | | | The following summarizes the weighted-avcra~ reoi,tining lease term and weight-average | | | discount rate:
Weighted-average remaining lease term lo years: | | | Operating leases | 3.50 | | Weighted-average discount rate;
Operating leases | 7.79% | | The future of minimu~1 lease
yments under noncancelable operating lease with tenns greater
than one year are I ist cJ below: | | | December 3 I • | Operating | | 2025 | 165,760 | | 2026 | 165,760 | | 2027 | 165,760 | | 2028 | 143 874 | | Total lease payments | 641 ,154 | | Less interest | (89,001) | Present value oflease liabilities 552,153 \$ {12}------------------------------------------------ ### **NOTES TO FINANCIAL STATEMENTS** #### **FOR THE YEAR ENDED DECEMBER 31, 2024** #### **9, COMP ANY CONDITIONS** The Company has a loss of \$464,646 for the year ending December 31, 2024 and has received capital contributions from its members for working capital. The Company's member has represented that he intends to continue making capital contribution, as needed, to ensure the Company's continuing operations. The member has the financial wherewithal to continue contributing, as required. Management expects the Company to continue as a going concern and the accompanying financial statement have been prepared on a going-concern without adjustments for realization in the event the Company ceases to continue as a going concern. ### **10. SUBSEQUENT EVENTS** The Company has evaluated all subsequent events through ltebnuu-y 2o, ~025 the date which the financial statements were issued. There are no other material effects \hat will affect financial statements. ♦ Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.