# BRISTOL INVESTMENT GROUP, INC. X-17A-5 (2021-02-26) — Broker-dealer annual report - Company: BRISTOL INVESTMENT GROUP, INC. - Form: X-17A-5 - Filed: 2021-02-26 - Period: 2020-12-31 - Accession: 0001003192-21-000001 - CIK: 1003192 - File #: 8-48790 - Material weakness: No - Auditor: YSL & Associates LLC - Auditor location: New York, NY - Contact: alan p. Donenfeld - Phone: 212-593-3157 - Signed by: Alan P. Donenfeld (President) Original filing: https://www.sec.gov/Archives/edgar/data/1003192/000100319221000001/brin20s.pdf --- {0}------------------------------------------------ UNITED ST A TES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OMB APPROVAL OMB Number: 3235-0123 Expires: October 31, 2023 Estimated average burden hours per response ... 12.00 8-48790 SEC FILE NUMBER ### ANNUAL AUDITED REPORT FORM X-17A-5 PART III #### 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 | -~O~l/~0_1/_20 | ___
AND ENDING | 12/31/20 | | |--------------------------------------------------------------------------|--------------------------------------------------------|-------------------|---------------------------|--| | | MM/DD/YY | | MM/DD/YY | | | A. REGISTRANT IDENTIFICATION | | | | | | NAME OF BROKER - DEALER: | | | | | | Bristol Investment Group, Inc. | | | OFFICIAL USE ONLY | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.) | | | FIRM ID.NO. | | | | 110 East 59th Street 22nd Floor
(No. and Street) | | | | | New York | NY | | 10022 | | | (City) | (State) | | (Zip Code) | | | NAME AND TELEPHONE NUMBER OF PERSON TO CONTACT IN REGARD TO THIS REPORT | | | | | | Alan P. Donenfeld | | | 212 593-3157 | | | | | | Area Code -Telephone No.) | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose opinion is contained in this Report* | | | | | | | YSL & Associates LLC | | | | | | (Name - if individual, state last, first, middle name) | | | | | 11 Broadway, Suite 700 | New York | NY | 10004 | | | (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. 17a· 5(e)(2}.SEC* 1410 (3-91) {1}------------------------------------------------ Statement of Financial Condition December 31, 2020 {2}------------------------------------------------ # **TABLE OF CONTENTS** ### This report\*\* contains (check all applicable boxes): - [x] Report oflndependent Registered Public Accounting Firm. - [x] Facing Page. - [x] Statement of Financial Condition. - [ ] Statement of Operations. - [ ] Statement of Changes in Shareholder's Equity. - [ ] Statement of Cash Flows. - [ ] Statement of Changes in Liabilities Subordinated to Claims of General Creditors (not applicable). - [ ] Computation ofNet Capital for Brokers and Dealers Pursuant to Rule 15c3-l under the Securities Exchange Act of 1934. - [ ] Computation for Determination of Reserve Requirements for Brokers and Dealers Pursuant to Rule 15c3-3 under the Securities Exchange Act of 1934. - [ ] Information Relating to the Possession or Control Requirements for Brokers and Dealers Pursuant to Rule 15c3-3 under the Securities Exchange Act of 1934 (not applicable). - [ ] A Reconciliation, including appropriate explanations, of the Computation of Net Capital Pursuant to Rule 15c3-1 (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 Affinnation. - [ ] A copy of the SIPC Supplemental Report. - [ *]* Report oflndependent Registered Public Accounting Firm Regarding - Rule I 5c3-3 Exemption Report. - [ ] Statement of Exemption from Rule 15c3-3. - \*\* *For conditions of confidential treatment of certain portions of this filing, see section 240.1 7 a-5(e)(3).* {3}------------------------------------------------ #### AFFIRMATION I, Alan P. Donenfeld, affirm that, to the best .of my knowledge and belief, the accompanying statement of fmancial condition pertaining to Bristol Investment Group, Inc. for the year end.ed Decem~er 31, 2020, is true and correct I further affirm that neither the Company nor any officer or director bas any proprietary interest in any account classified solely as.that of a customer. Sip~ffi/! Presidenf Title 'VALON LAjc1 Notary Public ·State of New York · No. 01 LA6400804 Qualified in Bronx County My Commission Expires Nov. 25, 202.3 {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) 11 Broadway, Suite 700, New York, NY 10004 Tel: (212) 232-0122 Fax: (646) 218-4682 ### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Director and Shareholder of Bristol Investment Group, Inc. ### Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Bristol Investment Group, Inc. (the "Company") as of December 3 I, 2020, and the related notes (collectively referred to as the " financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2020 in conformity with accounting principles generally accepted in the United States of America. #### Basis for Opinion This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company'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 the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit 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 Bristol Investment Group, Inc.'s auditor since 2020. New York, NY February 25, 2021 {5}------------------------------------------------ ### **Statement of Financial Condition December 31, 2020** | Assets | | |-----------------------------------------------------------------------------------------------------------------|--------------| | Cash | \$
20,774 | | Other assets | 2,544 | | Total assets | \$
23,318 | | Shareholder's equity
Common Stock, no par value, 200 shares authorized,
100 shares issued and outstanding | \$
100 | | Additional paid-in capital | 456,703 | | Retained (deficit) | (433,485) | | Total shareholder's equity | \$
23,318 | The accompanying notes are an integral part of this financial statement. {6}------------------------------------------------ ### **1. Nature of Operations** Bristol Investment Group, Inc. (the "Company"), is incorporated in the state of New York. 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 acts as agent in the private placements of securities and provides consulting services. ### **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 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. Private placement fees and consulting fees are recorded at the time the private placement or service is completed to the extent that management is confident of their collectability. {7}------------------------------------------------ # Notes to Financial Statement December 31, 2020 ### 2. Summary of Significant Accounting Policies (continued) # *Significant Judgments* Revenue from contracts with customers includes comm1ss1on income and fees from investment banking and asset management services. The recognition and measurement of revenue is based on the assessment of individual contract terms. Significant judgment is required to determine whether performance obligations are satisfied at' a point in time or over time; how to allocate transaction prices where multiple perfonnance obligations are identified; when to recognize revenue based on the appropriate measure of the Company's progress under the contract; and whether constraints on variable consideration should be applied due to uncertain future events. # Credit Losses I Effective January 1, 2020, the Company adopted ASC Topic 326, Financial Instruments - Credit Losses ("ASC 326"). ASC 326 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). ASC 326 specifies that the Company adopt the new guidance prospectively by means of a cumulative-effect adjustment to the opening stockholder's equity as of January 1, 2020. Accordingly, the Company recognized no adjustment upon adoption. 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, 2020. {8}------------------------------------------------ Notes to Financial Statement December 31, 2020 ### 2. · Summary of Significant Accounting Policies (continued) ### Income Taxes The Company accounts for income taxes under GAAP, which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed annually for differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets if it is more likely than not that such assets will not be realized. At December 31, 2020, management has determined that the Company has no uncertain tax positions thatwould require financial statement recognition. ### 3. Transactions with Related Parties The Company's sole stockholder has personally leased the space occupied by the Company and has indicated that he will not charge the Company for the use of the premises. ### 4. Contractual Commitments The Company has no leases or other contractual commitments to disclose. ### 5. Concentrations The Company's cash account is held by one financial institution and therefore is subject to the credit risk at that financial institution. The Company has not experienced any losses *in* such account and does not believe there to be any significant credit risk with respect to this account. {9}------------------------------------------------ # **Notes to Financial Statement December** 31, **2020** ### 6. COVID-19 During the 2020 calendar year, the World Health Organization has declared COVID-19 to constitute a "Public Health Emergency of International Concern". This pandemic has disrupted economic markets and the economic impact, duration and spread of the COVID-19 virus is uncertain at this time. The financial performance of the Company is subject to future developments related to the COVID-19 outbreak and possible government advisories and restrictions placed on the financial markets and business activities. The impact on financial markets and the overall economy, all of which are highly uncertain, cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period the Company's results may be materially affected. The financial statements do not include any adjustments that might result from the outcome of this uncertainty ### 7. Going Concern Management has pledged financial support to the Company to enable it to continue as a going concern. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.