# CATAPULT ADVISORS LLC X-17A-5 (2025-03-19) — Broker-dealer annual report

- Company: CATAPULT ADVISORS LLC
- Form: X-17A-5
- Filed: 2025-03-19
- Period: 2024-12-31
- Accession: 0001146096-25-000001
- CIK: 1146096
- File #: 8-53494
- Type: Broker-dealer
- Material weakness: No
- Auditor: Ernst Wintter & Assoicates
- Auditor location: Walnut Creek, CA
- Contact: Elizabeth Collins
- Phone: 415-246-9169
- Email: rlissak@catapultadvisors.com
- Website: catapultadvisors.com
- Signed by: ron Lissak (Managing Member)

Original filing: https://www.sec.gov/Archives/edgar/data/1146096/000114609625000001/catapultpublic2024.pdf

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# CatapultAdYisorsLLC (SEC ID No. 8-53494)

Annual Audit Report

December 31, 2024

## PUBLIC DOCUMENT

Filed Pursuant to Role 17a-5(e)(3) as a Public Document

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

**OMS APPROVAL 0MB Number. 3235-0123 Expires: Nov. 30, 2026 Estimated average burden** 

# **ANNUAL REPORTS FORM X-17A-5 PART Ill**

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| SEC FILE NUMBER        |  |  |  |
| 8-53494                |  |  |  |

FACING PAGE

Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 FILING FOR THE PERIOD BEGINNING \_\_\_ 0\_1/\_0\_1/\_2\_4 \_\_ AND ENDING \_\_\_ 1\_2\_/3\_1\_/2\_4 \_\_ MM/DD/YY MM/DD/YY **A. REGISTRANT IDENTIFICATION**  NAME OF FIRM: Catapult Advisors LLC TYPE OF REGISTRANT (check all applicable boxes): *<sup>511</sup>'* Broker-dealer D Security-based swap dealer D Major security-based swap participant **D Check here if respondent is also an OTC derivatives deafer**  ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) 201 Spear Street, Suite 1188 (No. and Street) San Francisco California (City) (State) PERSON TO CONTACT WITH REGARD TO THIS FILING 94105 (Zip Code) Ron Lissak (415) 593-4520 rlissak@catapultadvisors.com (Name) (Area Code-Telephone Number) (Email Address) **B. ACCOUNTANT IDENTIFICATION**  INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* Ernst Wintter & Associates LLP **(Name-if Individual, state last, first, and middle name)**  675 Ygnacio Valley Blvd, Suite A200 Walnut Creek California 94596 (Address) (City) (State) (Zip Code) February 24, 2009 3438 **(Date of ReJdstratlon with PCAOB)(if annlicable} f PCAOB ReR:istration Number, if annficable FOR OFFICIAL USE ONLY**  • **Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public** 

**accountant must be supported bya statement of facts and circumstances relied on as the basis of the exemption. See 17**  CFR 240,17a-5(e)(l)(ii), if applicable.

**Persons who are to respond tot he collectJon of infonnation contained In this form are not required to respond unless the form**  displays a currently valid 0MB control number.

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### **OATH OR AFFIRMATION**

| I, Ron Lissak                                                    | swear (or affirm) that, to the best of my knowledge and belief, the |         |
|------------------------------------------------------------------|---------------------------------------------------------------------|---------|
| financial report pertaining to the firm of Catapult Advisors LLC |                                                                     | • as of |
|                                                                  |                                                                     |         |

----------=D::..;e::.;c:;.;e:.;m.;.;.;;b..::;e.:...r.::;3..:.,1 2024 • 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 cl sified solely as that of a customer.

![](_page_2_Picture_3.jpeg)

| Signature:                |  |
|---------------------------|--|
| Title:<br>Managing Member |  |

Notary Public

### **This filing•• contains (check all applicable boxes):**

- **0** (a) Statement of financial condition.
- ~ (b) Notes to consolidated statement of financial condition.
- D (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).
- 0 (d) Statement of cash flows.
- D (e) Statement of changes in stockholders' or partners' or sole proprietor's equity.
- D (f) Statement of changes in liabilities subordinated to claims of creditors.
- D (g) Notes to consolidated financial statements.
- D (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable.
- 0 (i) Computation of tangible net worth under 17 CFR 240.18a-2.
- 0 U) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3.
- 0 (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.
- 0 (I) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3.
- 0 (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3.
- 0 (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 (o) 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.
- 0 (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition.
- ~ (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.
- 0 (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- 0 (s) Exemption report in accordance with 17 CFR 240.17a-S or 17 CFR 240.18a-7, as applicable.
- !Yl' (t) Independent public accountant's report based on an examination of the statement of financial condition.
- D (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-S, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable.
- 0 (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.
- 0 **(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.
- D (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-le or 17 CFR 240.17a-12, as applicable.
- D (y) Report describing any material inadequacies found to exist or 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). D (z) Other: \_\_\_ \_\_\_\_\_\_\_\_\_\_\_ \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_\_\_ \_ \_
- 
- *\*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-S(e}{3) or 17 CFR 240.18a-7(d)(2), as applicable.*

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| CALIFORNIA JU RAT                                                                                                                                                                                                                                       |
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| A notary public or other officer completing this certificate verifies only the identity of the individual who signed<br>the document, to which this certificate is attached, and not the truthfulness, accuracy, or validity of that<br>,,<br>document. |
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| STATE OF CALIFORNIA                                                                                                                                                                                                                                     |
| __<br>'-'--'-a~G~'~tl<br>_<br>couNTY oF _  Wl<br>_,___                                                                                                                                                                                                  |
| / ?:<br>day of Narr:,£<br>Subscribed and sworn to (or affirmed) before me on this<br>Year                                                                                                                                                               |
| --------------<br>Ma nth<br>Date<br>by_<br>g<br>a<br>n---"1-L1_·s<br>,<br>l<'--'--<br>._._<br>-bL,.<br>.LJ.<br>5u::i:2:i<br>L+                                                                                                                          |
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| Name of Signers                                                                                                                                                                                                                                         |
| proved to me on the basis of satisfactory evidence to be the person(s) who appeared before-me.                                                                                                                                                          |
| ········~<br>J. C. LOPEZ URIOSTEGUI<br>z<br>~otary Public • California<br>!<br>Marin County<br>Commission# 2475909<br>Comm. Expires Jan 7, 2028                                                                                                         |
| Seal<br>Place Notary Seal Above                                                                                                                                                                                                                         |
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| Though this section is optional, completing this information can deter alteration of the document or fraudulent<br>attachment of this form to an unintended document.                                                                                   |
| Description of Attached Document<br>A/h 'rMeftot/(1<br>Title or Type of Document: oalhc a r:                                                                                                                                                            |
| _________________________________<br>Document Date:.<br>_                                                                                                                                                                                               |
| Number of Pages:. ___________________<br>__<br>__________<br>_<br>_<br>_                                                                                                                                                                                |
| _________________________<br>Signer(s) Other Than Named Above:.<br>_                                                                                                                                                                                    |
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## **Table ofContent5**

| Report of Independent Registered Public Accounting Finn | I   |
|---------------------------------------------------------|-----|
| Statement ufFinancial 'Condition                        | '2  |
| Notes to the Financial Statement                        | 3-7 |

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*ERNST W/NTTER* & *ASSOCIATES LLP Certified Public A c:cou11ta111-~* 

r, *75* l',s~1wt·10 I *"alley Roud. \'111/e A 20IJ*  Wa/11111 *Creek CA 'N596* 

(<J]5) f)JJ-] (,](, *Fax (925) 'J.l.l-6333* 

### **Report of Independent Registered Public Accounting Firm**

To the Members of Catapult Advisors LLC

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

We have audited the accompanying statement of financial condition of Catapult Advisors LLC (the "Company") as of December 31 , 2024, and the related notes (colJectively 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, 2024 in confonnity with accounting principles generally accepted in the United States of America.

#### **Basis for Opi.nion**

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 perfonn 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 overalJ presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

We have served as Catapult Advisors LLC-s auditor since 2002. Walnut Creek, California February 20, 2025

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### **Statement of Financial Condition**

**As of December 31, 2024** 

| Assets                                |                                                                  |              |
|---------------------------------------|------------------------------------------------------------------|--------------|
| Cash                                  |                                                                  | \$<br>55,834 |
| Prepaid expenses i                    |                                                                  | 18,513       |
|                                       | Furniture and equipment, net of \$6,124 accumulated depreciation | 634          |
| Total Assets                          |                                                                  | \$<br>74981  |
|                                       |                                                                  |              |
| Liabilities and Members' Equity       |                                                                  |              |
| Liabilities                           | j<br>I                                                           |              |
| Accounts payable j                    |                                                                  | \$<br>24,117 |
| Accrued expenses                      |                                                                  | 189          |
| Total Liabilities                     |                                                                  | 24,306       |
| Members' Equity                       |                                                                  |              |
| 4 951 units                           |                                                                  | 50675        |
| Total Members' Equity                 |                                                                  | 50,675       |
| Total Liabilities and Members' Equity |                                                                  | \$<br>74,981 |
|                                       |                                                                  |              |

The accompanying notes are an integral part of this financial statement.

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### **Notes to the Financial Statement**

**December 31, 2024** 

### **1. Organization**

Catapult Advisors LLC (the "Company") was organized as a limited liability company in the State of Delaware on July 16, 2001 and ,yas accepted as a member of Financial Indnstry Regulatory Authority ("FINRA ") on November 28, 200 I. Under this form of organization, members are not liable for the debts of the Company. The Company engages in mdrgers and acquisition advisory services and capital raising services on a fee basis.

### 2. Significant Accounting:Policies

### Basis of Presentation

The accompanying financial statement is presented in accordance with accounting principles generally accepted in lhe United-States ofA~eiica("U:S. UAAP").

### Use of Estimates

The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of 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 and may have an impact on future periods.

### Fair Value ofFinancial'Jnstruments

Unless otherwise indicated, the fair values of all reported assets and liabilities that represent financial instruments (none of which are held for trading purposes) approximate the carrying values of such amounts.

### Cash and Cash Equivalents

The Company considers all demand deposits held in banks and certain highly liquid investments with original maturities of three monilis or less, other than those held for sale in the ordinary course of business, to be cash equivalents. There were no cash equivalents at December 31, 2024.

### Accounts Receivable

Accounts receivable represents amounts that have been earned and billed to clients in accordance with the terms of the Company's engagement letters with respective clients that have not yet been collected. The Company accounts for estimated credit losses on financial assets measured at an amortized cost basis and certain off-balance sheet credit exposures in accordance with FASB ASC 326-20, *Financial Instroments* - *Credit Losses.* FASB ASC 326-20 requires the ComjJany to estimate expected credit losses over the life of its financials assets and certain off-balance sheet exposu!"s as of the reporting date based on relevant information about past events, current conditions, and reasonable and supportable forecasts.

The Company records the' estimate of expected credit losses as an allowance for credit losses. For financial assets measured at an amortized .. cost basis the\_allqwance for .credit losses is reported .as a v.aluaJion .account on .the balance sheet that is deducted from the asset's amortized cost basis. There were no credit losses during 2024.

### Furniture & Equipment

Furniture and equipment are valued at cost. Depreciation is recorded on the straight-line method over the estimated useful lives of the assets ranging from five to seven years.

### ·Income 'f-axes

The Company is taxed as a partnership under the Internal Revenue Code and a similar state statute where, in lien of income taxes, the Company passes 100% of its taxable income and expenses to its members. Therefore, no provision or liability for federal or state income taxes is included in these financial statements. However, the Company is subject to the !"ll'Ual California limited liability company tax of \$800 and a California limited liability company fee based on Caµfomia sourced gross revenue. The Company is no longer subject to state income tax examination by authorities for years before 2020.

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### **Notes to the Financial Statement**

**December 31, 2024** 

### 2. Significant Accounting Policies *(continued)*

### Single Reportable Segment

The Company is engaged in a single line of business as a securities broker-dealer which is comprised of investment banking services. The Company bas identified its Managing Member as the chief operating decision maker ("CODM'), who uses net income to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. Additionally, the CODM use excess net capital (see Note 8), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to maintain profits or pay distributions. The Company's operations constitute a single operating segment and **therefore, a single reportable segment, because the CODM manage the business activities using information of**  the Company as a whole, The accounting policies used to measure the profit and loss of the segment are the same as . .those.descrihed.in the:pQ]icies.I,isted.above.

#### **3. Membership Interests** ,

The Company bas two classes of membership, Class A and Class B. Both classes are entitled to share in the Company's net income and net loss in accordance with that member's percentage interest .and have specified 1:00sent, approval and voting rights. ·Class A·members are-outside investors while-Class·B-members-areemployed or formerly employed by the Company. For the year ended December 31, 2024, there are only Class B members.

#### **4. Revenue from Contracts with Customers**

'

j

### **Contract Balances**

'Incorneis recogniz.ed upon completion of the related performance obligation and when an unconditional right to payment exists. The timing of revenue recognition may differ from the timing of customer payments. **A** receivable **is recognized when a performance obligation is met prior to receiving payment from the customer. Receivables**  related to revenue from <sup>1</sup> contracts with customers were \$0 as of January 1, 2024 and December 31, 2024, respectively.

Alternatively, fees receiv~d prior to the completion of the performance obligation are recorded as deferred revenue on the statement oflinancial condition until sucn time wben the performance obligation is met. Deferred revenue would primarily relate to•retainer fees received in investment banking engagements. As of January !, 2024 and December 31, 2024, there were no revenue amounts deferred.

### **Contract Costs**

Expenses associated with investment banking advisory engagements are deferred only to the extent they are explicitly reimbursable by the client and the related revenue is recognized upon completion of services. All other investment banking advisi>ry related expenses are expensed as incurred.

#### **5. Employee Benefit Plans)**

Toe Company maintains :a Simplified Employee Plan - Individual Retirement Account ("SEP-IRA') plan, a 401(1<) profit sharing plan("401(k)") anda cash balance.planf'CB Plan'? for eligible employees.

Under a SEP-IRA in 2024, for any qualifying employee that bas had more than three years in service, the Company is permitted to contribute up to twenfy-five percent of the employee's total compensation not to exceed \$69,000. For the year ended December 3 I, 2024, the Company did not make a contribution to the SEP-IRA.

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### **Notes to the Financial Statement**

**December 31, 2024** 

### 5. Employee Benefit Plans *(continued)*

The 40l(k) was effective as of January 1, 2023 and covers substantially all employees meeting certain eligibility requirements. Participants may contribute a portion of their compensation to the 40l(k), up to the maximnm amount \_permitted under Sectiol) 40l(k) of lhe Internal Revenue Code. The Company is able to make discretioDa!Y contributions to lhe 40l(k). Forlhe year ended December 31, 2024, lhe Company did not make a contribution to lhe 40l(k). 1

The CB Plan was effective as of January 1, 2023 wilh lhe Chief Executive Officer oflhe Company as lhe designated trustee of CB *Plan* assets: To participate in lhe CBP!an. an employee must have completed a lhousandhours of service in a twelve-monlh period and have attained lhe age of twenty-one years. Specifically excluded from lhe CB Plan are **leased employ.ees,.employees who .ai'e-CO\lered by ..coJlective-bargaining...agreements, or ,non-resident..aliens-who-have**  received no earned incotile in lhe United States. For a member of group one, lhe CB Plan provides it will contribute \$317,000 annually. For a member of group two, lhe CB Plan provides it will contribute \$0 annually. For all other eligible employees, lhe CB Plan will contribute 3% of the employee's compeusation each year. In addition, each account will be credited at the end of each interest credit period with an interest crediting rate equal to an annualized interest rate of four percent. Each participant's accrued benefit interest will vest based on years of vesting service. Each year, the Company's contributions to the CB Plan are actuarially determined.

The Fair Value Measurements Topic of the F ASB Accounting Staodards Codification establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level I measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

- Level 1 Quoted prices (unadjusted) fo active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
- Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
- Level 3 Unobserv~le inputs for the asset or liability.

I

I

**Summary of CB Plan &sets as of December 31, 2024**  Money Market (a) , Exchange Traded Funds (b) Cash Total Total \$318,271 22,009 230 \$340,510 Quoted Prices in Active Markets for Identical Assets (Level 1) \$318,271 22,009 230 \$340,510 Significant Observable Inputs (Leve12) Significant Unobservable Inputs (Leve13)

The anoual measurement date is December 31 for the CB Plan benefits.

**(a) Investment vehicles for cash reserves.** 

(b) Secwities with the. primary objective of approximating the risk and return characteristics of lhe S&P 500 Index and S&P 700 Index.

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### Notes to the Financial Statement

December 31, 2024

### 5. Employee Benefit Plans *(continuetf)*

| Assumptions used in the measurement of the CB Plan at December 31, 2024 |                                     |  |
|-------------------------------------------------------------------------|-------------------------------------|--|
| Effective interest rate                                                 | 5.09%                               |  |
| Cash balance projectedinlerestcreditingnite                             | .4,00%                              |  |
| Cash balance post-retirement conversion                                 | 4.00%                               |  |
| Actuarial cost method                                                   | Unit Credit funding method          |  |
| Retirement age                                                          | Age 65 and 5 years of participation |  |

Effective April 1, 2023, the Company amended the CB Plan to cease a participant's accrued benefit, to exclude compensation paid after the effective date in calculating a participant's benefit, and to disallow any new participants. "Due to the amendment, the amount of monthly retirement benefit to be provided for each participant shall be equal to his accrued benefit detennined as of April I, 2023. Therefore, for the CB Plan as of and for the year ended December 31, 2024, there was no net periodic benefit cost, no contributions paid, no CB Plan amounts recognized in the Statement of Financial Condition and no expected future service expected to be paid.

U.S. GAAP requires an employer disaggregate the service cost component from the other components ofnet CB **Plan benefit cost and report the service cost component in the same income statement line item as other**  compensation costs arising from services rendered by the pertinent employees during the year. The other **components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented.** 

| Summary of the CB Plau as of December 31, 2024 |              |
|------------------------------------------------|--------------|
| Change in Plan Assets                          |              |
| Fair value of plan assets at January I         | \$ 321,072   |
| Actual return on plan assets                   | 19,438       |
| Employer contributions                         |              |
| Fair value of plan assets at December 31       | \$ 340,510   |
| Funded Status                                  |              |
| Funding ta,get                                 | \$ (308,183) |
| Assets in excess of funding ta,get             | (<br>9,370)  |
| Fair value of plan assets                      | 340,510      |
| Prefunding balance at end of year              | \$ 22,957    |

#### **6. Related Party Transactions**

On August I, 2019, the Company entered into a member agreement with an employee. Per the agreement, the Company was required to repurchase the employee's interest in the Company upon termination of the employee. Ou December 31, 2024, the employee was terminated, and the employee's unit of interest in the Company was repurchased for \$1.

#### **7. Risk Concentrations**

The Company maintains its cash in bank deposit accounts which, at times, may have exceeded federally insured limits during the year.

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## **Notes to the Financial Statement**

**December 31, 2024** 

### **8. Net Capital Requirements**

The Company is subject to 1he Securities and Exchange Conunission's unifonn net capital rule (Rule 15c3-I) which requires 1he Company to maintain a minimum net capital equal to or greater 1han \$5,000 and a ratio of aggregate indebtedness to net capital not exceeding 15 to I, both as defined. As of December 31, 2024, the Company's net capital was \$31,528 which exceeded 1he requirement by \$26,528.

### 9. Subsequent Events

*I* 

The Company has evaluated subsequent events 1hrough February 20, 2025, 1he date which 1he financial statements weresissued.


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