# PLANNER SECURITIES LLC X-17A-5 (2022-05-27) — Broker-dealer annual report - Company: PLANNER SECURITIES LLC - Form: X-17A-5 - Filed: 2022-05-27 - Period: 2021-12-31 - Accession: 0000927676-22-000002 - CIK: 927676 - File #: 8-47498 - Type: Broker-dealer - Material weakness: No - Auditor: Reid CPAs, LLP - Auditor location: Woodbury, NY - Contact: Humberto Santos - Phone: 646-381-7011 - Email: hsantos@plannersecurities.com - Website: plannersecurities.com - Signed by: Humberto Santos (Chief Executive Officer) Original filing: https://www.sec.gov/Archives/edgar/data/927676/000092767622000002/plnr21s.pdf --- {0}------------------------------------------------ #### **UNITED STATES** 0MB APPROVAL **SECURITIES AND EXCHANGE COMMISSION** Washington, D.C. 20549 ## **ANNUAL REPORTS FORMX-17A-5 PART** III | 0MB Number: 3235-0123 | |--------------------------| | Expires: Oct. 31, 2023 | | Estimated average burden | | hours per response: 12 | SEC FILE NUMER 8- 47498 **FACING PAGE** Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 FILING FOR THE PERIOD BEGINNING **0 1/01 /21** AND ENDING **12/31 /21** --------- MM/DD *NY* *MM/DDNY* #### **A. REGISTRANT IDENTIFICATION** ## NAME oF FIRM: Planner Securities LLC TYPE OF REGISTRANT (check all applicable boxes): ~ Broker-dealer D Security-based swap dealer D Major security-based swap participant D Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) ## 405 Lexington Avenue, Suite 707 | | | (No. and Street) | | | | |----------------------------------------------------------------------------|--|------------------------------------------------------------|-------------------------------|------------|--| | New York | | NY | | 10174 | | | (City) | | (State) | (Zip Code) | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | Humberto Santos | | (646) 381-7011 | HSantos@plannersecurities.com | | | | (Name) | | (Arca Code - Telephone Number) | (Email Address) | | | | | | B. ACCOUNT ANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNT ANT whose reports arc contained in this filing* | | | | | | | | | Reid CPAs, LLP | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | 7600 Jericho Turnpike, Suite 400 Woodbury | | | NY | 11797 | | | (Address) | | (City) | (State) | (Zip Code) | | 7/1/2013 5861 (Date of Registration with PCAOB)(if applicable) (PCAOB Registration Number, ifapplicable) #### **FOR OFFICIAL USE O:\'LY** \* Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. Sec 17 CFR 240.17a-5(e)( I )(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 0MB control number.** {1}------------------------------------------------ ## 1 · \ **FFIH,\I.** \ TIO'\ I I I I I I I ! i I I I I ' I. Humberto Santos , s Iear ( or alli1 m) that. to the hest of m~ kno\\ ledge and belief. the financial reJ>ort J>ertainin2 to Planner Se rjties LLC as of 12/31/21 , is true and correct. I further S\\ear (ot· affirm) that nl'ithc,· the rompan~ nor any partner. officer, dirertor, or equi\ a lent per,011, ai. tht **cf-4** ma)' bt, bas an~ prnpril't:tt~ interest in an) account classified solel) as that of a cu~tomer. I 1 I Sign.,turf' Chief Executive Officer Ii tie JULIA JEL.All P brc State of Hew Jersey lolotary u ' ' . **4** 2027 My Commission Expires Jan 2 , Nota1·) Public {2}------------------------------------------------ #### **This filing\*\* contains (check all applicable boxes):** - **CEI** (a) Statement of financial condition. - **CEI** (b) Notes to unconsolidated or consolidated statement of financial condition, as applicable. - D ( 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 (d) Statement of cash flows. - D (c) Statement of changes in stockholders' or partners' or members' or sole proprietor's equity, as applicable. - **D** (f) Statement of changes in liabilities subordinated to claims of creditors. - D (g) Notes to unconsolidated or consolidated financial statements,, as applicable. - **D** (h) Computation of net capital under 17 CFR 240. l 5c3-l or 17 CFR 240. l 8a-l, as applicable. - **D** (i) Computation of tangible net worth under 17 CFR 240. I 8a-2. - **D** (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240. l 5c3-3. - D (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. - D (I) Computation for Determination of PAB Requirements under Exhibit A to§ 240.15c3-3. - D (m) Information relating to possession or control requirements for customers under 17 CFR 240. l 5c3-3. - D (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240. l 5c3- 3(p )(2) or 17 CFR 240.18a-4, as applicable. - D (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240. l 5c3-l, 17 CFR 240. l 8a-l, or 17 CFR 240. l 8a-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. - D (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - ~ (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - D (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240. I 8a-7, as applicable. - D (s) Exemption report in accordance with 17 CFR 240. l 7a-5 or 17 CFR 240.18a-7, as applicable. - CEI ( t) Independent public accountant's report based on an examination of the statement of financial condition. - D (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240. I 7a-5, 17 CFR 240. I 8a-7, or 17 CFR 240. I 7a-12, as applicable. - D (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240. l 7a-5 or 17 CFR 240.18a-7, as applicable. - CEI (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240. l 7a-5 or 17 CFR 240.18a-7, as applicable. - D (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-l e or 17 CFR 240. l 7a-l 2, as applicable. - D (y) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.l 7a-12(k). D (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.* {3}------------------------------------------------ Statement of Financial Condition December 31, 2021 {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) #### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Member of Planner Securities LLC #### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of Planner Securities LLC as of December 31 , 2021 , 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 financial position of Planner Securities LLC as of December 31, 2021 in conformity with accounting principles generally accepted in the United States of America. #### **Basis for Opinion** This 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 securities 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 the 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 error or fraud. Our audit 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 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. We have served as Planner Securities LLC's auditor since 2021. Woodbury, NY May 25, 2022 {5}------------------------------------------------ #### **Statement of Financial Condition December 31, 2021** | Assets | | |---------------------------------------|---------------| | Cash | \$
2,562 | | Due from clearing broker | 535,784 | | Right~of~use asset | 19,478 | | Other assets | 42,239 | | Total assets | \$
600,063 | | Liabilities and Member's Equity | | | Accrued expenses | \$
152,200 | | Lease liabilities | 19,981 | | Total liabilities | 172,181 | | Member's equity | 427,882 | | Total liabilities and member's equity | \$
600,063 | The accompanying notes are an integral part of this financial statement. {6}------------------------------------------------ #### **Notes to Financial Statement December 31, 2021** #### **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 BVI corporation. The Company is engaged in the business of selling corporate debt securities, corporate equity securities, options and foreign securities. It may also engage in private placements and other investment banking activities. The Company introduces and clears all customer transactions on a fully disclosed basis through a United States clearing firm. The Company is dependent upon financial support from Planner International lnc. #### **2. Summary of Significant Accounting Policies** #### **Basis of Presentation** These financial statements were 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 performance 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 occur 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 pncmg ts agreed upon and the risks and rewards of ownership have transferred to/from the customer. {7}------------------------------------------------ #### **Notes to Financial Statement December 31, 2021** #### **2. Summary of Significant Accounting Policies (continued)** #### Credit Losses The guidance under ASC Topic 326, Financial Instruments - Credit Losses impacts the impairment model for certain financial assets by requiring a current expected credit loss ("CECL") methodology to estimate expected credit losses over the entire life of the financial asset. Under the accounting update, the Company has the ability to determine that there are no expected credit losses in certain circumstances (e.g., based on the credit quality of the customer). The allowance for credit losses is based on the Company's expectation of the collectability of financial instruments, including fees and other receivables utilizing the CECL framework. The Company considers factors such as historical experience, credit quality, age of balances and current and future economic conditions that may affect the Company's expectation of the collectability in determining the allowance for credit losses. The Company's expectation is that the credit risk associated with fees and other receivables is not significant and accordingly, the Company has not provided an allowance for credit losses at December 31, 2021. #### **Leases** The Company recognizes its lease in accordance with ASC Topic 842, Leases ("ASC 842"). The guidance increases transparency and comparability by requiring the recognition of right-of-use assets and lease liabilities on the statement of financial condition. Lease liabilities were recognized at the initial present value of the fixed lease payments using the prime rate. Right-of-use assets are recognized based on the amortized initial present value of the fixed lease payments. #### **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, 2021, management has determined that the Company had 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. The Company earns interest on its customers' credit balances and charges customers a quarterly fee to maintain their accounts. The Company also earns interest on its total credit balances with the clearing broker. {8}------------------------------------------------ #### **Notes to Financial Statement December 31, 2021** #### **4. Transactions with Related Parties** During 202 1, Planner International Inc. contributed \$73,000 in capital to the Company. #### **5. Regulatory Requirements** The Company is subject to the Uniform Net Capital Rule **l** 5c3-I 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, 2021, the Company had net capital of approximately \$386,000 which exceeded the minimum net capital requirement by approximately \$136,000. All trades are cleared on a fully-disclosed basis and therefore the Company is exempt from the provisions of Rule 15c3-3 under subparagraph (k)(2)(ii). #### **6. Lease Commitments** Under a lease agreement expiring on June 30, 2022, the Company leases office space at a monthly base rent of \$3,362. #### **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. In 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 89% of the Company's assets. #### **9. Loan Payable** In March 2021, the Company received full forgiveness for the Paycheck Protection Program loan of \$101 ,200. {9}------------------------------------------------ #### **10. Subsequent Events** The Company has performed an evaluation of events that have occurred subsequent to December 31, 2021 and through the date of the filing of this report. The Company received a capital infusion from Planner International Inc. in the amount of \$55,000 during 2022. #### **11. Going Concern** The accompanying financial statements have been prepared assurning the Company will continue as a going concern. The Company has limited cash resources and excessive liabilities, which if not corrected, raises substantial doubt of the Company's ability to continue as a going concern. These financial statements do not include any adjustments that might result from the outcome of this uncertainty. The continued existence of the Company depends upon a number of factors including, but not limited to, the reduction of liabilities, addition of revenues, reduction of expenses or by the infusion of capital by the member of the Company. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.