# CASIMIR CAPITAL L.P. X-17A-5 (2019-03-01) — Broker-dealer annual report - Company: CASIMIR CAPITAL L.P. - Form: X-17A-5 - Filed: 2019-03-01 - Period: 2018-12-31 - Accession: 0001127155-19-000001 - CIK: 1127155 - File #: 8-52967 - Material weakness: No - Auditor: Lerner Sipkin CPAs LLP - Auditor location: New York, NY - Contact: WILLIAM POON - Phone: 2127981305 - Signed by: WILLIAM POON (CHIEF FINANCIAL OFFICER, FINOP) Original filing: https://www.sec.gov/Archives/edgar/data/1127155/000112715519000001/public.pdf --- {0}------------------------------------------------ FOR PUBLIC TREATMENT UNITEDSTATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 # **ANNUAL AUDITED REPORT FORM X-17A-5 PART Ill** | OMB APPROVAL | | | | | |---------------------------|-----------------|--|--|--| | OMB Number: | 3235-0123 | | | | | Expires: | August 31, 2020 | | | | | Estimated average burden | | | | | | hours per response 12.00 | | | | | | I SEC FILE NUMBER | |-------------------| | is-52967 | 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 BEGINN | 01/01/18
~~-~-- ~--------~~-~------------~---------------- | AND ENDING 12/31/18
------- | | | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------|--------------------------------|---------------------------------|--| | | tvll\-1/DD/YY | | MM!DDIYY | | | | A. REGISTRANT IDENTIFICATION | | | | | NAME OF BROKER-DEALER: CASIMIR CAPITAL L.P. | | | OFFICIAL USE ONLY | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.) | | | FIRM I.D. NO. | | | 15 VALLEY DRIVE | | | | | | --~---~~- ---~-~----~------~-~-- -~--------~-------~-~---~- ~ ~ --~~-------~--~-----~--~-~-----~---~---------~----~----------~-------------------~~----~--~---------------- ---~- | (No. and Street) | | | | | GREENWICH | CT | | 06831 | | | (City) | (State) | | (Zip Code) | | | NAME AND TELEPHONE NUMBER OF PERSON TO CONTACT IN REGARD TO THIS REPORT | | | | | | WILLIAM POON | | | 212-798-1305 | | | | | | (Area Code
Telephone Number) | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose opinion is contained in this Report* | | | | | | LERNER & SIPKIN CPA'S LLP | | | | | | | (Name
I/'individua/. state last, /lrst. middle nume) | | | | | 132 NASSAU STREET | NEW YORK | NY | 10038 | | | (Address) | (City) | (State) | (lip Code) | | | | | | | | | CHECK ONE: | | | | | | Ill
Certified Public Accountant | | | | | | Public Accountant | | | | | | B
Accountant not resident in United States or any of its possessions. | | | | | | | FOR OFFICIAL USE ONLY | | | | | | | | | | | | | | | | | | | | | | *must be supported h\_v a ,•;tatement ojf{l(:ts and cin.:umstances relied on as· the basis for the exemption. See S'ection 240.1 7a-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 OM B control number. {1}------------------------------------------------ #### **OATH OR AFFIRMATION** # I. WILLIAM POON ------------------ \_\_\_\_\_ . swear (or affirm) that. to the best of my knowledge and belief the accompanying financial statement and supporting schedules pertaining to the firm of CASIMIR CAPITAL L.P. ·---------------------------------------- , as of DECEMBER 31 , 20 18 , are true and correct. I further swear (or affirm) that ·--- ------ neither the company nor any partner, proprietor, principal officer or director has any proprietary interest in any account classified solely as that of a customer, except as follows: -~~' ~ J.IZ~It1\_ -p= Notary Public ·------------- --~-~- Signature This report\*\* contains (check all applicable boxes): - **0** (a) Facing Page . - .; (b) Statement of Financial Condition. - (c) Statement of income (Loss). - (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 \5c3-3. - **0** U) A Reconciliation. including appropriate explanation of the Computation of Net Capital Under Rule l5c3-l and the Computation for Determination of the Reserve Requirements Under Exhibit A of Rule 15c3-3. - **0** (k) A Reconciliation between the audited and unaudited Statements of Financial Condition with respect to methods of con so I idati on. - 0 (I) An Oath or Affirmation. - **D** (m) A copy ofthe SIPC Supplemental Report. - **D** (n) A report describing any material inadequacies found to exist or found to have existed since the date of the previous audit. *\*\*For conditions qfcm?fidential treatment of certain portions of this .filing, see section 240.17a-5(e)(3).* {2}------------------------------------------------ Financial Statements December 31, 2018 (Filed Pursuant to Rule 17a~5(e)(3) Under the Securities Exchange Act of 1934) {3}------------------------------------------------ Table of Contents December 31, 2018 | PAGE | | |-------------------------------------------------------------|--| | INDEPENDENT AUDITORS' REPORT 1 | | | FINANCIAL STATEMENTS
Statement of Financial Condition 2 | | | NOTES TO FINANCIAL STATEMENTS 3-5 | | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) 132 Nassau Street. New York. NY 10038 Tel212.571.0064/ Fax 212.571.0074 Jlernereteroerslpkln.com Jslpkln8lernerslpkln.com Jay Lerner. C.P.A. Joseph G. Slpkln. C.P.A. #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Members of Casimir Capital L.P. IS Valley Drive Greenwich, Cf 06831 #### Opiaioa oa the F'iaudal Statemeat We have audited the accompanying statement of financial condition of Casimir Capital L.P. as of J;>ecember 31, 2018, and the related notes (collectively referred to as the financial statement). In our opinion, the statement of fmancial condition presents fairly, in all material respects, the financial position of Casimir Capital L.P. as of December 31, 2018 in confonnity with accounting principles generally accepted in the United States of America. #### Basis for Opinion The financial statement is the responsibility of Casimir Capital L.P.'s management Our responsibility is to express an opinion on Casimir Capital L.P. 's financial statement based on our audit We are a public accounting finn registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to Casimir Capital L.P. 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 ofPCAOB. 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 eJTOr or fraud. Our audit included perfonning 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. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 7 to the financial statements, the Company had losses from operations. If the losses continue it raises substantial doubt about the Company's ability to continue as a going concern. The fmancial statements do not include any adjustments that might result from the outcome of this uncertainty. ~ ~. ~ erA+ *WI* Lerner & Sipkin CPAs, LLP Certified Public Accountants (NY) We have served as Casimir Capital L.P. auditor since 2017. NewYork,NY February 21,2019 {5}------------------------------------------------ #### Statement of Financial Condition December 31, 2018 | ASSETS | | |---------------------------------------|----------| | Cash and cash equivalents | \$2,268 | | Other assets | 2,999 | | | \$5,267 | | UABIUTIES AND PARTNERS' CAPITAL | | | Liabilities | | | Accounts payable and accrued expenses | \$36,361 | | | 36,361 | | Partners' Capital | (31,094) | | | \$5,267 | See notes to financial statements {6}------------------------------------------------ Notes to Financial Statements December31, 2018 #### 1 - ORGANIZATION AND BUSINESS Casimir Capital L.P. (the "Partnership") is engaged in investment banking as a registered broker/dealer in securities under the Securities and Exchange Act of 1934. The Partnership commenced operations on January 24, 2001. It is a member of the Financial Industry Regulatory Authority, Inc. ("FINRAj. The General Partner of the Partnership is RFS, LLC, a Delaware limited liability company. The net income of the Partnership is allocated between the limited partner and the General Partner in accordance with their ownership percentages. The Partnership is located in Greenwich, Connecticut. The Partnership's investment banking counterparties are primarily located in North America and in Australia. The limited partner does not have the right to sell, assign, pledge, transfer, or otherwise dispose of all or any part of its interest in the Partnership without the express written approval of the General Partner. There were no liabilities subordinated to claims of creditors during the year ended December 31, 2018. #### 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Recent Adopted Accounting Pronouncements - Effective January 1, 2018 the Partnership adopted the recently effective standards under Revenue from Contracts with Customers (topic 606) which is applicable to all companies that enter into contracts with customers to transfer goods or services. These standards are effective for pubic business entities for interim and annual reporting periods beginning after December 15. 2017. Entities have the choice to apply these standards either retrospectively to each reporting period presented or by recognizing the cumulative effect of applying these standards at the date of initial application and not adjusting comparative information. The Company has elected the modified retrospective method (i.e., cumulative method) which did not result in a cumulative-effect adjustment at the date of adoption. The implementation of this new standard had no material impact on the Partnership's financial statements for the year ended December 31. 2018. The new revenue recognition guidance does not apply to revenue associated with financial instruments, interest income and expense, leasing and insurance contracts. The company had no revenue during the year ended December 31, 2018. b. Cash and Cash Equivalents - The Partnership considers all highly liquid investments purchased with a maturity of three months or less, that are not held for sale in the ordinary course of business, to be cash equivalents. c. Revenue Recognition - Investment banking revenue is recorded at the time the transaction is completed and the income is reasonably determinable. d. Income Taxes- The Partnership is a limited partnership and, as such, is not subject to federal or state income taxes as all taxable income and losses flow through to the partners. Accordingly, no provision for income taxes is included in the accompanying financial statements. The Partnership files federal and Connecticut tax returns. The earliest tax year that is subject to examination by these taxing authorities is 2013. The Partnership recognizes and measures its unrecognized tax benefits in accordance with FASB ASC 7 40, Income Taxes. Under that guidance, the Partnership assesses the likelihood, based on their technical merit, that tax positions will be sustained upon examination based on the facts, circumstances, and information available at the end of each period. The measurement of unrecognized tax benefits is adjusted when new information is available, or when an event occurs that requires a change. {7}------------------------------------------------ The Partnership did not have any material unrecognized tax benefits as of December 31, 2018 and does not expect this to change significantly over the next twelve months. The Partnership will recognize interest and penalties accrued on any unrecognized tax benefits as a component of other expense. As of December 31, 2018, the Partnership has no accrued interest or penalties related to uncertain tax positions. e. 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. The estimates and assumptions affect the reported amounts of assets and liabilities and the 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. #### **3 • 401 (K) PLAN** The Partnership maintains a 401 (k) Plan for all eligible employees. The Plan enables participants to contribute a portion of their pretax earnings not to exceed the maximum dollar amount allowed by statutory limits. The Plan provides for an annual employer Safe Harbor Contribution of 4% of eligible compensation to those participants that are not highly compensated employees for the Plan year. The Partnership contributed \$8,089 for the year ended December 31, 2018, which is included in salaries and other compensation in the statement of income. #### **4 • COMMITMENTS AND CONTINGENCIES** #### **LEASE** Rent expense for the year ended December 31, 2018 was approximately \$6,000. The lease which was amended in July 2016 requires monthly payments of \$500 on a month to month basis and allows either the Landlord or the Partnership to terminate this lease with 30 days advance notice with no future commitments. #### **CONTINGENCY** In February 2014, Casimir Capital Ltd., an affiliate under common ownership with the Partnership, sought protection from creditors while making a notice of intention to make a proposal for reorganization in Canada. In July 2014, a vote was held where a majority of creditors voted against the proposal deeming Casimir Capital Ltd. bankrupt and appointing a Trustee. On December 23, 2015, the appointed Trustee's attorney sent a draft statement of claim to the Partnership requesting that the Partnership contact the Trustee for a proposed settlement for payments made prior to the deemed bankruptcy. On January 14, 2016, the Partnership responded to the Trustee's attorneys that the Partnership disagreed with the Trustee's findings and that any payments made to the Partnership were legitimate. The Partnership believes they are not responsible for the potential claim and related payment of approximately \$2,000,000 noted in the draft Statement of Claim. To date, the Partnership has not received any formal response to the letter sent on January 14, 2016 from the Trustee's attorney. The ultimate resolution of this matter cannot be determined at present time. After 3 years, we still have not heard from the Trustee. #### **5 • RELATED PARTY TRANSACTIONS** The Partnership did not have any receivables or payables from related parties as of December 31, 2018. Employees of the Partnership also provide services to affiliated entities under common ownership. The amount of time spent by the employees cannot be quantified. #### **6 - NET CAPITAL REQUIREMENTS** The Partnership is subject to the Securities and Exchange Commission ("SEC") Uniform Net Capital Rule 15c3-1, which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. At December 31, 2018, the Partnership had net capital, as defined, of (\$34,093) which was \$39,063 less than its required net capital of \$5,000. The Partnership's net capital ratio was -1.07 to 1. The Partnership's minimum net capital requirement was \$5,000. {8}------------------------------------------------ ## 7- GOING CONCERN Due to declining revenue and uncertainty regarding the Partnership's ability to meet obligations, there is substantial doubt about the Partnership's ability to continue as a going concern within a year after these financials statements were issued. Management believes this is significant and is planning to increase capital contributions and reduce expenses if adequate revenue cannot be generated. ## 8- SUBSEQUENT EVENTS The Company has performed an evaluation of events that have occurred subsequent to December 31, 2018, and through February 21, 2019, the date of the filing of this report. There have been no material subsequent events that occurred during such period that would require disclosure in this report or would be required to be recognized in the financial statements as of December 31, 2018. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.