Full text of H & L EQUITIES, LLC's X-17A-5 filed 2023-03-29 (period 2022-12-31). Broker-dealer annual report from SEC EDGAR — readable, searchable, and available as markdown for AI agents.
{0}------------------------------------------------ #### **H** & **L Equities, LLC STATEMENT OF FINANCIAL CONDITION December 31, 2022** #### **ASSETS** | Cash | \lt;br>583,467 | |-------------------------------------------|---------------| | Commissions Receivable -<br>Related Party | 12,500 | | Prepaid Expenses | 2,206 | | Total Assets | \lt;br>598,173 | #### **LIABILITIES AND MEMBERS' EQUITY** | Members' Equity | 518,900 | |---------------------------------------|---------| | Total Liabilities | 79,273 | | Accounts Payable and Accrued Expenses | 4,673 | | Due to Related Party | 67,100 | | Commissions Payable | 7,500 | | Liabilities | | See Accompanying Notes to the Financial Statements {1}------------------------------------------------ # **H & L Equities, LLC NOTES TO FINANCIAL STATEMENTS December 31, 2022** # **NOTE 1: NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** ### **Nature of Business:** The Company, formed on May 30, 2001, operates as a broker-dealer in the private placements of Real Estate Investment Trusts ("REITs"). The Company is registered with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority ("FI NRA"). As a limited liability company, the members' liability is limited to their investment. ### **Income Taxes:** The Company is treated as a partnership for federal income tax purposes. Consequently, income taxes are not payable by, or provided for, the Company. Members are taxed individually on their shares of the Company's earnings. The Company has adopted the provisions of Financial Accounting Standards Board ("F ASB") Accounting Standards Codification ("ASC") 740-10, Accounting for Uncertainty in Income Taxes. Under FASB ASC 740-10, the Company is required to evaluate each of its tax positions to determine if they are more likely than not to be sustained if the taxing authority examines the respective position. A tax position includes an entity's status, including its status as a pass-through entity, and the decision not to file a return. The Company has evaluated each of its tax positions and has determined that it has no uncertain tax positions for which a provision or liability for income taxes is necessary. # **Revenue Recoenition:** Revenue from contracts with customers includes private placements of REITs. The recognition and measurement of revenue is based on the assessment of individual contract terms. Significant judgment is required to determine whether…Read the full text as markdown