# ROW ASSOCIATES, LLC X-17A-5 (2024-03-18) — Broker-dealer annual report

- Company: ROW ASSOCIATES, LLC
- Form: X-17A-5
- Filed: 2024-03-18
- Period: 2023-12-31
- Accession: 0001091484-24-000005
- CIK: 1810165
- File #: 8-70520
- Type: Broker-dealer
- Material weakness: No
- Auditor: Weisberg, Mole', Krantz & Goldfarb, LLP
- Auditor location: Woodbury, NY
- Contact: CHAD KIRSCHENBLATT
- Phone: 516 222 9111
- Email: chad.kirschenblatt@jrsfinancialservices.com
- Website: jrsfinancialservices.com
- Signed by: Duncan Dashiff (Senior Managing Member)

Original filing: https://www.sec.gov/Archives/edgar/data/1810165/000109148424000005/rowpublic.pdf

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## CONSOLIDATED STATEMENT OF FINANCIAL CONDITION

DECEMBER 31, 2023

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#### UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response:

## ANNUAL REPORTS FORM X-17A-5 PART III

| ان الاستان الحاديات الالكامل الملك |  |
|------------------------------------|--|
|                                    |  |
| SEC FILE NUMBER                    |  |
| 8-70520                            |  |

FACING PAGE

Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 17/21/2002 11/04/2002

| FILING FOR THE PERIOD BEGINNING U 170 172023 |                              | AND ENDING 1270 172023 |
|----------------------------------------------|------------------------------|------------------------|
|                                              | MM/DD/YY                     | MM/DD/YY               |
|                                              | A. REGISTRANT IDENTIFICATION |                        |

#### ROW Associates, LLC NAME OF FIRM:

TYPE OF REGISTRANT (check all applicable boxes):

 Broker-dealer □ Check here if respondent is also an OTC derivatives dealer

□ Major security-based swap participant

2107

ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)

# 1222 16th Avenue South, Suite 21

|                                                            | (No. and Street)                                                          |                                             |            |  |  |
|------------------------------------------------------------|---------------------------------------------------------------------------|---------------------------------------------|------------|--|--|
| Nashville                                                  | TN                                                                        |                                             | 37212      |  |  |
| (City)                                                     | (State)                                                                   |                                             | (Zip Code) |  |  |
| PERSON TO CONTACT WITH REGARD TO THIS FILING               |                                                                           |                                             |            |  |  |
| 516 222 9111<br>Chad Kirschenblatt                         |                                                                           | chad.kirschenblatt@jrsfinancialservices.com |            |  |  |
| (Name)                                                     | (Area Code - Telephone Number)                                            | (Email Address)                             |            |  |  |
| B. Accountant Identification                               |                                                                           |                                             |            |  |  |
|                                                            | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* |                                             |            |  |  |
| Weisberg, Mole', Krantz & Goldfarb,  LLP                   |                                                                           |                                             |            |  |  |
| (Name - if individual, state last, first, and middle name) |                                                                           |                                             |            |  |  |
| 185 Crossways Park Drive    Woodbury                       |                                                                           | NY                                          | 11797      |  |  |
| (Address)                                                  | (City)                                                                    | (State)                                     | (Zip Code) |  |  |

## 12-14-2004

(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.

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#### OATH OR AFFIRMATION

| Duncan Dashiff<br>swear (or affirm) that, to the best of my knowledge and belief, the                                                                                                                                          |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| financial report pertaining to the firm of ROWAssociates, LLC<br>, as of<br>12/31<br>2023 , 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:                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                |
| Senior Managing Member                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                |
| 19/2024<br>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).                                                                                                                                                             |
| J (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) Computation of tangible net worth under 17 CFR 240.18a-2.                                                                                                                                                                  |
| [] Computation for determination of customer 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.                                                                                                                                                                                  |
| [1) 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.                                                                                                                          |
| [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.                                                                                                                                                                           |
| [0] 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 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 subsidianes not consolidated in the statement of financial condition.<br>(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. |
| [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 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 or 17 CFR 240.18a-7, as applicable.<br>[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.<br>[x] Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17a-12,                                                                      |
| 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:                                                                                                                                                                                                                     |

2 1

<sup>\*\*</sup>To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(dJ(2)(2), as applicable.

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### DECEMBER 31, 2023

### TABLE OF CONTENTS

| Report of Independent Registered Public Accounting Firm |  |
|---------------------------------------------------------|--|
|                                                         |  |
| Consolidated Financial Statements:                      |  |
| Consolidated Statement of Financial Condition           |  |
| Notes to the Consolidated Financial Statement           |  |

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![](_page_4_Picture_0.jpeg)

#### **Weisberg, Mole, Krantz & Goldfarb, LLP Certified Public Accountants**

### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Managing Member of Row Associates, LLC and Subsidiary

#### **Opinion on the Financial Statement**

We have audited the accompanying statement of financial condition of Row Associates, LLC and Subsidiary (the "Company") as of December 31, 2023, 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 the Company as of December 31, 2023, 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 statement. 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 statement. We believe that our audit provides a reasonable basis for our opinion.

*(J)~>~',,* ~ *r--/j,IJf"* u!

We have served as the Company's auditor since 2024.

Woodbury, New York February 15, 2024

> 185 Crossways Park Drive, Woodbury, New York 11797 • Phone: 516-933-3800 • Fax: 516-933-1060 700 Kinderkarnack Rd, Oradell, New Jersey 07649 • Phone: 201-655-6249 • Fax: 201-655-6098 www.weisbergmole.com

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#### CONSOLIDATED STATEMENT OF FINANCIAL CONDITION

#### DECEMBER 31, 2023

#### ASSETS

| Cash                                  | ಕ್ಕಿ | 538,456 |
|---------------------------------------|------|---------|
| Accounts receivable                   |      | 331,859 |
| Prepaid expense                       |      | 28,583  |
| Fixed assets, net                     |      | 15,751  |
| Deposits                              |      | 3,948   |
| Total assets                          | ക    | 918,597 |
|                                       |      |         |
| LIABILITIES AND MEMBER'S EQUITY       |      |         |
| Liabilities:                          |      |         |
| Accounts payable                      | ಕಾ   | 55,220  |
| Due to Affiliates                     |      | 58      |
| Deferred revenue                      |      | 195,000 |
| Total liabilities                     |      | 250,278 |
|                                       | ಕ್ಕಾ | 668,319 |
| Member's equity                       |      |         |
| Total liabilities and member's equity | ಕಿ   | 918.597 |

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#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENT

#### DECEMBER 31, 2023

#### 1. ORGANIZATION AND DESCRIPTION OF BUSINESS

Row Associates, LLC and subsidiary (the Company) is a Tennessee limited liability company and a wholly-owned subsidiary of Row Holdings, LLC (the Member). The Company is registered as a capital acquisition broker with the Securities and Exchange Commission (the SEC) and a member of the Financial Industry Regulatory Authority (FINRA). The Company engages in advisory services related to mergers and acquisitions and the private placement of securities, focusing on healthcare companies predominantly within the healthcare services and healthcare IT sectors.

The Company does not claim an exemption from SEA Rule 15c3-3, in reliance on footnote 74 to SEC Release 34-70073, and as discussed in Q&A 8 of the related FAQ issued by SEC staff. The Company has represented that it does not and will not, (1) directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, (2) does not and will not carry accounts of or for customers and (3) does not and will not carry PAB accounts.

### 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

#### Basis of presentation

The accompanying financial statement of the Company has been prepared on the accrual basis of accounting.

### Basis of consolidation

The consolidated financial statement includes the accounts of Row Associates, LLC and its subsidiary. All significant intercompany transactions and balances have been eliminated in the consolidated financial statement.

#### Use of 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.

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### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENT

DECEMBER 31, 2023

### 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

#### Credit Losses

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). As of December 31, 2023, there were no expected credit losses.

#### Leases

The FASB issued (ASU) 2016-02, "Leases (Topic 842)" which includes a lease accounting model that recognizes two types of leases – finance leases and operating leases. The standard requires that a lessee recognize on the statement of financial condition a right of use asset and a corresponding lease liability relating to leases with terms of more than twelve months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend on its classification as a finance or operating lease.

### 3. FAIR VALUE MEASUREMENTS

The Company's short-term financial instruments consist of cash, receivables, and current liabilities. The carrying value of these short-term instruments approximates their estimated fair values based on the instruments' short term nature.

### 4. CONCENTRATION OF CREDIT RISK

The Company's cash deposits are held by one financial institution and therefore, are subject to credit risk to the extent those balances exceeded the Federal Deposit Insurance Corporation ("FDIC") insurance limit of \$250,000. The Company has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on cash.

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#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENT

DECEMBER 31, 2022

#### 5. FIXED ASSETS, NET

As of December 31, 2023, fixed assets consist of the following:

| Furniture and fixtures        | ಳು<br>7,549 |
|-------------------------------|-------------|
| Computer equipment            | 20,032      |
| Office equipment              | 2,072       |
| Leasehold improvements        | 570         |
|                               | 30,223      |
| Less accumulated depreciation | (14,472)    |
|                               | \$ 15,751   |

### 6. NET CAPITAL REQUIREMENTS

The Company is subject to the uniform net capital requirements of Rule 15c3-1 (the Rule) of the Securities and Exchange Act, as amended, which requires the Company to maintain, at all times, sufficient liquid assets to cover indebtedness. In accordance with the Rule, the Company is required to maintain defined minimum net capital of the greater of \$5,000 or 6 2/3% of aggregate indebtedness.

At December 31, 2023, the Company had net capital, as defined, of \$288,178, which exceeded the required minimum net capital of \$16,685 by \$271,493. There was \$250,278 of Aggregate indebtedness as of December 31, 2023. The Company's percentage of aggregate indebtedness to net capital was 86.85%.

### 7. SUBSEQUENT EVENTS

The Company has evaluated subsequent events through February 15, 2024, the date on which the financial statements were issued.


Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.