# USA FINANCIAL SECURITIES CORPORATION X-17A-5 (2020-02-27) — Broker-dealer annual report

- Company: USA FINANCIAL SECURITIES CORPORATION
- Form: X-17A-5
- Filed: 2020-02-27
- Period: 2019-12-31
- Accession: 0001105608-20-000001
- CIK: 1105608
- File #: 8-52342
- Material weakness: No
- Auditor: Echelbarger, Himebaugh, Tamm & Co., P.C.
- Auditor location: Grand Rapids, MI
- Contact: Brent Enders
- Phone: 888-407-8198
- Signed by: Brent Enders (President)

Original filing: https://www.sec.gov/Archives/edgar/data/1105608/000110560820000001/public2019usafs.pdf

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UNITEDSTATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

# ANNUAL AUDITED REPORT FORM X-17A-5 PART III

OMB APPROVAL OMB Number: 3235-0123 Expires: August 31, 2020 Estimated average burden hours per response .. . . . . . 12.00

| SEC FILE NUMBER |
|-----------------|
| 8-52342         |

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                                                                | 01/01/19                                               | AND ENDING | 12/31/19                       |
|------------------------------------------------------------------------------------------------|--------------------------------------------------------|------------|--------------------------------|
|                                                                                                | MM/DD/YY                                               |            | MM/DD/YY                       |
|                                                                                                | A. REGISTRANT IDENTIFICATION                           |            |                                |
| NAME OF BROKER-DEALER: USA Financial Securities Corporation                                    |                                                        |            | OFFICIAL USE ONLY              |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.)<br>6020 Fulton Street E      |                                                        |            | FIRM I.D. NO.                  |
|                                                                                                | {No. and Street }                                      |            |                                |
| Ada                                                                                            | MI                                                     |            | 49301                          |
| (City)                                                                                         | (State)                                                |            | (Zip Code)                     |
| NAME AND TELEPHONE NUMBER OF PERSON TO CONTACT IN REGARD TO THIS REPORT<br>Brent Enders        |                                                        |            | (888) 407-8198                 |
|                                                                                                |                                                        |            | (Area Code - Telephone Number) |
|                                                                                                | B. ACCOUNTANT IDENTIFICATION                           |            |                                |
| INDEPENDENT PUBLIC ACCOUNTANT whose opinion is contained in this Report*                       |                                                        |            |                                |
| Echelbarger, Himebaugh, Tamm & Co., P.C.                                                       |                                                        |            |                                |
|                                                                                                | (Name - if individual, state last, first, middle name) |            |                                |
| 2301 East Paris Avenue SE                                                                      | Grand Rapids                                           | MI         | 49546                          |
| (Address)                                                                                      | (City)                                                 | (State)    | (Zip Code)                     |
| CHECK ONE:                                                                                     |                                                        |            |                                |
| Certified Public Accountant                                                                    |                                                        |            |                                |
| Public Accountant                                                                              |                                                        |            |                                |
|                                                                                                |                                                        |            |                                |
| Accountant not resident in United States or any of its possessions.                            |                                                        |            |                                |
|                                                                                                | FOR OFFICIAL USE ONLY                                  |            |                                |
|                                                                                                |                                                        |            |                                |
|                                                                                                |                                                        |            |                                |
| In large for are more that the received that the annual por the arriver a fan indonese and the |                                                        |            |                                |

ment 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)

> Potential 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.

SEC 1410 (11-05)

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## OATH OR AFFIRMATION

| Brent Enders                                                |       |                                                                                                                 | swear (or affirm) that, to the best of |  |  |
|-------------------------------------------------------------|-------|-----------------------------------------------------------------------------------------------------------------|----------------------------------------|--|--|
| USA Financial Securities Corporation                        |       | my knowledge and belief the accompanying financial statement and supporting schedules pertaining to the firm of |                                        |  |  |
| of December 31                                              | 20 19 | , are true and correct. I further swear (or affirm) that                                                        | , as                                   |  |  |
|                                                             |       | neither the company nor any partner, principal officer or director has any proprietary interest in any account  |                                        |  |  |
| classified solely as that of a customer, except as follows: |       |                                                                                                                 |                                        |  |  |

Signature President Title BRITTANY PRINS Natary Public Notary Public - State of Michigan County of Kent My Commission Expires Jul 4, 2023
Acting in the County of LCCCC This report \*\* contains (check all applicable boxes): (a) Facing Page. (b) 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). (d) Statement of Changes in Financial Condition. (e) Statement of Changes in Stockholders' Equity or Partners' or Sole Proprietors' Capital. (f) Statement of Changes in Liabilities Subordinated to Claims of Creditors. (g) Computation of Net Capital. (h) Computation for Determination of Reserve Requirements Pursuant to Rule 15c3-3. (i) Information Relating to the Possession or Control Requirements Under Rule 15c3-3. (j) A Reconciliation, including appropriate explanation of the Computation of Net Capital Under Rule 15c3-1 and the Computation for Determination of the Reserve Requirements Under Exhibit A of Rule 15c3-3. (k) A Reconciliation between the audited Statements of Financial Condition with respect to methods of consolidation. (1) An Oath or Affirmation.

- (m) A copy of the SIPC Supplemental Report.
- (n) A report describing any material inadequacies found to exist or found to have existed since the date of the previous audit.

\*\* For conditions of confidential treatment of certain portions of this filing, see section 240.17a-5(e){3}.

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## Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of USA Financial Securities Corporation

## Opinion on the Financial Statements

We have audited the accompanying statement of financial Securities Corporation as of December 31, 2019 and 2018, the related statements of income and comprehensive income, changes in shareholders' equity for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of USA Financial Securities Corporation as of December 31, 2019 and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

## Basis for Opinion

These financial statements are the responsibility of USA Financial Securities Corporation's management. Our responsibility is to express an opinion on USA Financial Securities Corporation's financial statements 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 USA Financial Securities Corporation 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 statements are 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 statements, 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.

## Auditor's Report on Supplemental Information

The supplemental information has been subjected to audit procedures performed in conjunction with the audit of USA Financial Securities Corporation's financial statements. The supplemental information is the responsibility of USA Financial Securities Corporation's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with 17 C.F.R. \$240.17a-5. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

Echelbarger, Himeloavon, Tamm of Co., VC

Echelbarger, Himebaugh, Tamm and Co. We have served as USA Financial Securities Corporation's auditor since 2003. Grand Rapids, MI February 27, 2020

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## STATEMENTS OF FINANCIAL CONDITION

|                                                           |    |           | December 31, |           |
|-----------------------------------------------------------|----|-----------|--------------|-----------|
| ASSETS                                                    |    | 2019      |              | 2018      |
| Cash                                                      | \$ | 1,298,028 | \$           | 1,503,047 |
| Receivables:                                              |    |           |              |           |
| Commissions                                               |    | 2,357,453 |              | 2,081,984 |
| Related parties                                           |    | 120,766   |              | 102,279   |
| Representatives                                           |    | 27,006    |              | 11,791    |
| Other                                                     |    | 11,798    |              | 10,268    |
| Firm Operating Accounts - Brokerage/Custody               |    | 251,486   |              | 442,426   |
| Prepaid expenses                                          |    | 495,222   |              | 499,378   |
| Office furniture and equipment, at cost, less accumulated |    |           |              |           |
| depreciation of \$5,190 and \$4,167, respectively         |    | 2,149     |              | 6,795     |
| Clearing deposit - Pershing                               |    | 25,000    |              | 25,000    |
| CRD accounts                                              |    | 8,412     |              | 9,843     |
| Operating Leases                                          |    | 179,880   |              |           |
| Available-for-sale securities                             |    | 49,683    |              | 52,537    |
| TOTAL ASSETS                                              | \$ | 4,826,882 | \$           | 4,745,348 |
| LIABILITIES AND STOCKHOLDERS' EQUITY                      |    |           |              |           |
| LIABILITIES:                                              |    |           |              |           |
|                                                           |    |           |              |           |
| Accounts payable:                                         |    |           |              |           |
| Representatives                                           | S  | 2,171,734 | S            | 2,334,934 |
| Related party                                             |    | 166,556   |              | 166,260   |
| Trade                                                     |    | 91,861    |              | 70,339    |
| Accrued expenses:                                         |    |           |              |           |
| Leased employees - related party                          |    | 168,948   |              | 223,178   |
| Other                                                     |    | 80,773    |              | 26,297    |
| Note payable                                              |    | 174,461   |              | 157,624   |
| Representative deposits                                   |    |           |              | 1,000     |
| Operational accounts - Pershing                           |    | 2,343     |              |           |
| Operating Leases                                          |    | 179,880   |              |           |
| Total Liabilities                                         |    | 3,036,556 |              | 2,979,632 |
| STOCKHOLDERS' EQUITY:                                     |    |           |              |           |
| Capital stock, no par value; shares authorized 60,000;    |    |           |              |           |
| issued and outstanding 12,000                             |    | 200,000   |              | 200,000   |
| Paid-in capital                                           |    | 485,000   |              | 485,000   |
| Retained earnings                                         |    | 1,126,812 |              | 1,099,348 |
| Accumulated other comprehensive income                    |    | (21,486)  |              | (18,632)  |
| Total Stockholders' Equity                                |    | 1,790,326 |              | 1,765,716 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                | \$ | 4,826,882 | S            | 4,745,348 |

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# NOTES TO FINANCIAL STATEMENTS

# DECEMBER 31, 2019 AND 2018

# 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

# AVAILABLE-FOR-SALE-SECURITIES (CONTINUED)

Level 2 - inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 - inputs are unobservable inputs for the asset or liability.

# OTHER COMPREHENSIVE INCOME

The Company complies with provisions of FASB ASC 220, Comprehensive Income, which requires companies to report all changes in equity during a period, except those resulting from investment by owners and distributions to owners, for the period in which they are recognized. Comprehensive income is the total of net income/loss and all other non-owner changes in equity (or other comprehensive income) such as unrealized gains or losses on securities classified as available-for-sale, foreign currency translation adjustments and minimum pension liability adjustments. Accumulated other comprehensive income/loss must be reported on the financial statements. Total other comprehensive loss for the years ended December 31, 2019 and 2018 was \$2,854 and \$16,033 which consists of unrealized gains/losses on available-for-sale securities.

# ACCOUNTS RECEIVABLE

Accounts receivable includes securities fees/commissions and representative fee obligations due under normal trade terms.

Management reviews all representative accounts receivable periodically to determine if any amounts will be uncollectible. Based upon the credit risk of specific representatives, historical trends and other information; amounts that are determined to be potential credit losses are written off when determined uncollectible. Such losses have historically been within management's expectations.

## REVENUE RECOGNITION

In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers: Topic 606, to supersede nearly all existing revenue recognition guidance under GAAP. ASU 2014-09 also requires new qualitative and quantitative disclosures, including disaggregation of revenues and descriptions of performance obligations. The Company adopted the provisions of this guidance on January 1, 2018 using the modified retrospective approach. The Company has performed an assessment of its revenue contracts as well as worked with industry participants on matters of interpretation and has not identified any material changes to the timing or amount of its revenue recognition under ASU 2014-09. The Company's accounting policies did not change materially as a result of applying the principles of revenue recognition from ASU 2014-09 and are largely consistent with existing guidance and current practices applied by the Company.

{6}------------------------------------------------

# NOTES TO FINANCIAL STATEMENTS

# DECEMBER 31, 2019 AND 2018

# 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

## ADOPTION OF ASC TOPIC 606, REVENUE FROM CONTRACTS WITH CUSTOMERS

On January 1, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers (Topic 606) using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with historic accounting under Topic 605.

There was no impact to retained earnings as of January 1, 2018, or to revenue for the years ended December 31, 2019 and 2018 respectively, after adopting Topic 606, as revenue recognition and timing of revenue did not change as a result of implementing Topic 606.

Revenues are recognized when control of the promised services is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Revenues are analyzed to determine whether the Company is the principal (i.e., reports revenues on a gross basis) or agent (i.e., reports revenues on a net basis) in the contract. Principal or agent designations depend primarily on the control an entity has over the product or service before control is transferred to a customer. The indicators of which party exercises control include primary responsibility over performance obligations, inventory risk before the good or service is transferred, and discretion in establishing the price.

## SIGNIFICANT JUDGMENTS

Revenue from contracts with customers includes commission income and fees from advisors. 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 performance 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.

## Commission REVENUE

Commission revenue represents sales commissions generated by advisors for their clients' purchases and sales of securities on exchanges and over-the-counter, as well as purchases of other investment products. The Company views the selling, distribution and marketing, or any combination thereof, of investment products to such clients as a single performance obligation to the product sponsors.

The company is the principal for commission revenue, as it is responsible for the execution of the client's purchases and sales and maintains relationships with the product sponsors. Advisors assist the Company in performing its obligations. Accordingly, total commission revenues are reported on a gross

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| Q60?6;D6D     | Q60?6;D6D                                                              |  |  |
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|               | R6@6A/6?S(JTU(W<br>                                                    |  |  |
|               | <br>STVJ)UU                                                            |  |  |
|               | <br>ZJV[)JU)W                                                          |  |  |
|               | <br>(J(V\JSS[                                                          |  |  |
|               | <br>TU(JT\U                                                            |  |  |
| <br>WJ[W)JZZZ | <br>WJZWTJU[S<br>                                                      |  |  |
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{11}------------------------------------------------

# NOTES TO FINANCIAL STATEMENTS

# DECEMBER 31, 2019 AND 2018

# 3. AVAILABLE-FOR-SALE SECURITIES (CONTINUED)

Available-for-sale securities at December 31, 2018 are summarized as follows:

|                                                                                                                       | Cost |                                    | Estimated<br>Market Value |                                    |   | Gross<br>Unrealized<br>Gains (Losses)     |  |
|-----------------------------------------------------------------------------------------------------------------------|------|------------------------------------|---------------------------|------------------------------------|---|-------------------------------------------|--|
| InvenTrust Properties Corp.<br>Xenia Hotels & Resorts, Inc.<br>American Finance Trust, Inc.<br>Healthcare Trust, Inc. | ഗ    | 6.196<br>4.554<br>30,905<br>29,965 | റ്റ                       | 4,864<br>3,320<br>17,709<br>26,644 | ഗ | (1,332)<br>(1,234)<br>(13,196)<br>(3.321) |  |
|                                                                                                                       |      | 71,620                             |                           | 52,237                             |   | (19,083)                                  |  |

The Company's investments are measured using Level 2 inputs (third party secondary market report commonly used within the Company's industry).

# 4. DEPOSIT WITH CLEARING BROKER

The Company is required to maintain a collateral account with its clearing broker with a minimum market value of \$25,000.

# 5. NOTE PAYABLE

The Company has an unsecured short term note payable to finance its errors and omissions insurance. The note requires monthly payments of \$25,382 including interest at 5.50% and matures in August 2020. As of December 31, 2018, the note required monthly payments of \$26,836 including interest at 7.34% and had a maturity date of July 2019. There were no covenants related to this note payable as of December 31, 2019 and 2018.

## 6. INCOME TAXES

The Company files as a Qualified Subchapter S Subsidiary of an S Corporation and records certain state tax expenses separate from its parent. Provision for income taxes consists of the following:

|              | For years ended December 31. |  |        |  |
|--------------|------------------------------|--|--------|--|
|              | 2019                         |  | 2018   |  |
| Other states | 22,529                       |  | 23 310 |  |

The tax rate applied is based on timing differences for expenses deductible for financial reporting purposes that are deductible for tax purposes on a different basis. The Company's effective income tax rate is lower than what would be expected because it is an S Corporation which does not pay federal corporate income taxes. Because the Company is an S Corporation, the Company is not subject to the Michigan Corporate Income Tax (CT). The Company remained subject to other state income taxes in 2019.

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{14}------------------------------------------------

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| <br><br><br><br><br><br><br><br><br>     | M(HSG(F\      |
|                                          |               |

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{15}------------------------------------------------

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