# PLANNER SECURITIES LLC X-17A-5 (2020-04-13) — Broker-dealer annual report - Company: PLANNER SECURITIES LLC - Form: X-17A-5 - Filed: 2020-04-13 - Period: 2019-12-31 - Accession: 0000927676-20-000001 - CIK: 927676 - File #: 8-47498 - Material weakness: No - Auditor: Lerner & Sipkin CPA's, LLP - Auditor location: New York, NY - Contact: Linda Grimm - Phone: 212-897-1685 - Email: llerner@lernerslpkln.com - Website: lernerslpkln.com - Signed by: Humberto Santos (Chief Executive Officer) Original filing: https://www.sec.gov/Archives/edgar/data/927676/000092767620000001/plnr19s.pdf --- {0}------------------------------------------------ Statement of Financial Condition December 31, 2019 {1}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 0MB APPROVAL 0MB Number: 3235-0123 Expires: August 31, 2020 Estimated average burden hours oer response ... 12.00 8-47498 I SEC FILE NUMBER I ## **ANNUAL AUDITED REPORT FORM X-17A-5 PARTID** #### **FACING 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 BEGINNING | ~ | ~~~
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MMIDDNY | | |----------------------------------------------------------------------------------------------------------------------------------|------------------|--------------------------------------------------------|-----------|-----------------------------------------------|--| | | | A. REGISTRANT IDENTIFICATION | | | | | NAME OF BROKER -
DEALER: | | | | | | | Planner Securities LLC | | | | OFFICIAL USE ONLY | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.) | | | | FIRM ID.NO. | | | | | 150 East 52°d Street 7di Floor | | | | | | (No. and Street) | | | | | | New York | NY | | | 10017 | | | (City) | (State) | | | (Zip Code) | | | NAME AND TELEPHONE NUMBER OF PERSON TO CONTACT IN REGARD TO THIS REPORT | | | | | | | Linda Grimm | | | | (212) 897-1685
(Area Code - Telephone No.) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNT ANT whose opinion is contained in this Report* | | | | | | | | | Lerner & Sipkin CPA's. LLP | | | | | | | (Name - if individual, state last, first, middle name) | | | | | 132 Nassau Street. Suite 1023 | New York | | NY | 10038 | | | (Address) | (City) | | (State) | (Zip Code) | | | CHECK ONE: | | | | | | | ~ Certified Public Accountant | | | | | | | D
Public Accountant | | | | | | | D
Accountant 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 for the exemption. See section 240.17 a-5(e)(2).* SEC 1410 (3-91) {2}------------------------------------------------ ## **TABLE OF CONTENTS** ## **This report\*\* contains (check all applicable boxes):** - [x] Report of Independent Registered Public Accounting Firm. - [x] Facing Page. - [ x] Statement of Financial Condition. - [ ] Statement of Operations. - [ ] Statement of Changes in Member's Equity. - [ ] Statement of Cash Flows. - [ ] Statement of Changes in Liabilities Subordinated to Claims of General Creditors (not applicable). - [ ] Computation of Net Capital for Brokers and Dealers Pursuant to Rule 15c3-1 under the Securities Exchange Act of 1934. - [ ] Computation for Determination of Reserve Requirements for Brokers and Dealers Pursuant to Rule l 5c3-3 under the Securities Exchange Act of 1934. - [ ] Information Relating to the Possession or Control Requirements for Brokers and Dealers Pursuant to Rule **l** 5c3-3 under the Securities Exchange Act of 1934 (not #### applicable). - [ ] A Reconciliation, including appropriate explanations, of the Computation of Net Capital Pursuant to Rule l 5c3-1 (included with item (g)) and the Computation for Determination of Reserve Requirements Under Rule 15c3-3 (included in item (g)). - [] A Reconciliation Between the Audited and Unaudited Statements of Financial - Condition With Respect to Methods of Consolidation (not applicable). - [ x] An Affirmation. - [ ] A copy of the SIPC Supplemental Report. - [ ] Independent Accountants Report on Statement of Exemption from Rule 15c3-3 - [ ] Statement of Exemption from Rule l Sc3-3 - \*\* *For conditions of confidential treatment of certain portions of this filing, see section 240.17 a-5 (e)(3).* {3}------------------------------------------------ #### **AFFIRMATION** I, Humberto Santos, affirm that, to the best of my knowledge and belief, the accompanying statement of financial condition pertaining to Planner Securities LLC for the year ended December 31, 2019, is true and correct. I further affirm that neither the Company nor any officer or director has any proprietary interest in any account classified solely as that of a customer. Signature Chief Executive Officer Title {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) l 32 Nassau SLreeL. New York. NY 10038 Tel 212.571.0064 / Pax 212.571.0074 Jay Lerner, C.P.A. llerner@lernerslpkln.com Joseph G. Sipkin, C.P.A. fsipkln@lernerslpkin.com #### REPORT OF INDEPENDENT REGISTERED PUBLlC ACCOUNTING FIRM To the Members of Planner Securities LLC 150 East 52°d Street, 7th Floor New York, NY 10022 #### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of Planner Securities LLC as of December 31, 2019, and the related notes (collectively referred to as the financial statement). In our opinion, the statement of financial condition presents fairly, in all material respects, the frnancial position of Planner Securities LLC as of December 31, 2019 in conformity with accounting principles generally accepted in the United States of America. #### **Basis for Opinion** TI1e financial statement is the responsibility of Planner Securities LLC's management. Our responsibility is to express an opinion on Planner Securities LLC's financial statement 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 Planner Securities LLC in accordance with the U.S. federal sccw·ities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of PCAOB. Those standards require that we plan and perform the audit *to* obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to en-or or fraud. Our audit included performing procedw-es to assess the risks of mate1ial misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedmes included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting plinciples 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 ow· opinion. ~ ~ *Yivi,k: C,f/1,!. t,t,I* Lerner & Sipkin CPAs, LLP Certified Public Accountants (NY) We have served as Planner Securities LLC's auditor since 2014. NewYork,NY March 31, 2020 {5}------------------------------------------------ ## **Statement of Financial Condition December 31, 2019** | Assets | | |---------------------------------------|---------------| | Cash | \$
12,310 | | Due from clearing broker | 684,386 | | Security deposit | 30,000 | | Other assets | 34,851 | | Total assets | \$
761,547 | | Liabilities and Member's Equity | | | Accrued expenses | \$
116,201 | | Other liabilities | 8,203 | | Total liabilities | 124,404 | | Member's equity | 637,143 | | Total liabilities and member's equity | \$
761,547 | The accompanying notes are an integral part of this financial statement. {6}------------------------------------------------ ## **Notes to Financial Statement December 31, 2019** ### **1. Nature of Operations** Planner Securities LLC, a Delaware limited liability company, (the "Company") is a broker-dealer registered with the Securities and Exchange Commission (the "SEC") and a member of the Financial Industry Regulatory Authority ("FINRA"). The Company is a wholly-owned subsidiary of Planner international Inc., a **BVT** corporation. The Company is engaged in the business of selling corporate debt and equity securities options, private placements and foreign securities and investment banking products. The Company, currently, clears all transactions on a fully rusclosed basis through a United States clearing firm. The Company is dependent upon financial support from Planner International, Inc. ## **2. Summary of Significant Accounting Policies** ## **Basis of Presentation** This financial statement was prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") which 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 statement. Actual results could differ from these estimates. ## **Revenue Recognition** The revenue recognition guidance under ASC Topic 606, *Revenue from Contracts with Customers,* requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance requires an entity to follow a five-step model to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a perfo1mance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occw· when the uncertainty associated with the variable consideration is resolved. The Company's commissions consist of agency transactions. The Company buys and sells securities on behalf of its customers. Each time a customer enters into a buy or sell transaction, the Company charges a commission. Commissions and related clearing expenses are recorded on the trade date. The Company has determined that the performance obligation is satisfied on the trade date because that is when the underlying financial instrument, counterparties are identified, the pricing is agreed upon and the risks and rewards of ownership have transferred to/from the customer. {7}------------------------------------------------ ## **Notes to Financial Statement December 31, 2019** ## **2. Summary of Significant Accounting Policies (continued)** #### **Cash** Cash deposits of the Company are held by two financial institutions and therefore are subject to the credit risk at those financial institutions. The Company has not experienced any losses in such accounts and does not believe there to be any significant credit risk with respect to these deposits. #### **Income Taxes** The Company is a wholly-owned limited liability company and is therefore treated as a disregarded entity for tax reporting purposes. Accordingly, the Company has not provided for federal, state or local income taxes. At December 31, 2019, management has determined that the Company bad no uncertain tax positions that would require financial statement recognition. This determination will always be subject to ongoing reevaluation as facts and circumstances may require. #### **3. Transactions with Clearing Agents and Broker-Dealers** The Company has an agreement with a clearing agent to clear customers' securities transactions on a fully disclosed basis. #### **4. Transactions with Related Parties** During 2019, Planner International lnc. contributed \$60,000 in capital to Planner Securities LLC from funds supplied by the Planner Group. Income taxes are paid directly by the Company on behalf of the member. #### **5. Regulatory Requirements** The Company is subject to the Uniform Net Capital Rule 15c3-1 under the Securities Exchange Act of 1934 and has elected to compute its net capital requirements in accordance with the Alternative Net Capital Method. Under this alternative, net capital, as defined, shall not be less than \$250,000. At December 31, 2019, the Company had net capital of approximately \$572,000 which exceeded the minimum net capital by approximately \$322,000. All trades are cleared on a fully-disclosed basis and are exempt from the provisions of Rule 15c3-3 under subparagraph (k)(2)(ii). {8}------------------------------------------------ ## **Notes to Financial Statement December 31, 2019** #### **6. Lease Commitments** The Company conducts its operations from office facilities in New York City under a month-tomonth lease. Rent expense was approximately \$164,000 for the year ended December 31 , 2019. ## **7. Commitments and Contingencies** The Company introduces its customer transactions to a clearing broker with whom it has a correspondent relationship for execution and clearance in accordance with the terms of a fullydisclosed clearing agreement. 1n connection therewith, the Company has agreed to indemnify the clearing broker for losses that the clearing broker may sustain as a result of the failure of the Company's customers to satisfy their obligations in connection with their normal delivery versus payment transactions. #### **8. Concentrations** Due from clearing broker comprises 90% of the Company's assets. #### **9. New Accounting Pronouncements** In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the FASB's guidance on tbe impairment of financial instruments. The ASU adds to GAAP an impairment model (known as the current expected credit loss ("CECL") model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of lifetime expected credit Losses, which the FASB believes will result in more timely recognition of such losses. The ASU is also intended to reduce the complexity of GAAP by decreasing the number of credit impainnent models that entities use to account for debt instruments. Further, the ASU makes targeted changes to the impairment model for available-for-sale debt securities. The new CECL standard is effective for annual reporting periods beginning after December 15, 2019, and interim periods therein. Management is currently evaluating the effect of adopting the new standard and expects that the impact to the Company's financial statements will be minimal. #### **10. Subsequent Events** Subsequent events have been evaluated through the date the financial statements were issued. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.