# LAFISE SECURITIES LLC X-17A-5 (2025-04-03) — Broker-dealer annual report - Company: LAFISE SECURITIES LLC - Form: X-17A-5 - Filed: 2025-04-03 - Period: 2024-12-31 - Accession: 0001146110-25-000002 - CIK: 1146110 - File #: 8-53506 - Type: Broker-dealer - Material weakness: No - Auditor: HLB Gravier, LLP - Auditor location: Coral Gables, FL - Contact: Luisa Franchy - Phone: 3053746001 - Email: lfranchy@lafisesecurities.com - Website: lafisesecurities.com - Signed by: Jose Pablo Navarro (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1146110/000114611025000002/LafiseSecurities2024.pdf --- {0}------------------------------------------------ UNITED STATES SECURJnES AND EXCHANGE COMMISSION Washington, D.C. 20549 ANNUAL REPORTS FORM X-17 A-5 PART Ill FACING PAGE OMB APPROVAL OMB Number: 3235~123 Elcpires: Nov. 30, 2026 Estimated average burden hours per response: 12 SEC FILE NUMBER Information Required Pursuant to Rules 17a-S, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 FILING FOR THE PERIOD BEGINNING 01 /01 /2024 MM/00/YY AND ENDING 12/31 /2024 MM/DD/YV A. REGISTRANT IDENTIFICATION NAME OF FIRM: LAFISE SECURITIES LLC TYPE OF REGISTRANT (check all applicable boxes): [!] Broker-dealer D Security-based swap dealer D Major security-based swap participant D Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAl PLACE OF BUSINESS: (Do not use a P.O. box no.) 2340 S DIXIE HWY (No. and Street) MIAMI FL 33133 (City) (State) (Zip Code) PERSON TO CONTACT WITH REGARD TO THIS FILING LUISA FRANCHY (305)374-6001 LFRANCHY@LAFISESECURITIES.COM (Name) (Area Code- Telephone Number) (Email Address) B. ACCOUNTANT IDENTIFICATION INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* HLB GRAVIER, LLP (Name- if individual, state last, first, and middle name) 4000 Ponce De Leon Blvd. Sute 610 CORAL GABLES FL 33146 (Address) (City) (State) {Zip Code) 09/01/2009 3676 l"" of -tioo with PCAOBII" oppliCommission as ofDecember 31,2024 | 13 | | Schedule II: Statement on Exemption from the Computation for Determination of Reserve
Requirements under Rule 15c3-3 of the Securities and Exchange Commission as of
December 31,2024 | 14 | | Schedule ill: Statement on Exemption Relating to Possession or Control Requirements Under
Rule 15c3-3 of the Securities and Exchange Commission as of December 31, 2024 | lS | | Review Report of Independent Registered Public Accounting Firm | 16 | | Exemption Report Pursuant to Securities and Exchange Commission Rule 17a-S | 17 | | | | {5}------------------------------------------------ ![](_page_5_Picture_0.jpeg) ### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Managers and Member of Lafise Securities, LLC #### Opinion on tbe Financial Statements We have audited the accompanying statement of financial condition of Lafise Securities LLC (formerly Latise Securities Corporation) as of December 31, 2024, the related statements of operations, changes in member's equity, and cash flows for the year then ended, and the related notes and schedules (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of Latise Securities LLC as of December 31, 2024, and the results of its operations and its cash flows for the year 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 Lafise Securities LLC's management. Our responsibility is to express an opinion on Lafise Securities LLC'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 Lafise Securities LLC 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 Schedule of Computation of Net Capital Under Rule 15c3-l, Schedule I, the Statement on Exemption from the Computation for Determination of Reserve Requirements Under Rule 15c3-3, Schedule II, and Schedule 111, Statement on Exemption Relating to the Possession or Control Requirements under Rule 15c3-3 have been subjected to audit procedures performed in conjunction with the audit of Lafise Securities LLC's financial statements. The supplemental information is the responsibility of Lafise Securities LLC's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting 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 Schedule of Computation of Net Capital Under Rule 15c3-l, Schedule I, the Statement on Exemption from the Computation for Determination of Reserve Requirements Under Rule 15c3-3, Schedule II, and Schedule III, Information Relating to the Possession or Control Requirements under Rule 15c3-3 are fairly stated, in all material respects, in relation to the financial statements as a whole. HLB Gravier, LLP We have served as Lafise Securities LLC's auditor since 2024. Coral Gables, Florida March 28, 2025 4000 Ponce de Leon Blvd .. Suite 610. Coral Gables. FL 33146 • Tel: 305.446 3022 • Fax: 305 446.6319 www.hlbgravier.com HLB Gravier, LLP is a member of e International A world-wide organization of accounting firms and business advisers {6}------------------------------------------------ ## STATEMENT OF FINANCIAL CONDITION | As Of December 31, 2024 | | |---------------------------------------------------------------------|-----------------| | Assets: | | | Cash and cash equivalents | \$
37,343 | | Deposit with clearing broker | 151,800 | | Due from clearing broker | 47,258 | | Financial Instruments Owned, at fair value | 8,591,851 | | Furniture and fixtures, net of accumulated depreciation of \$34,680 | 470 | | Due from related parties | 206,508 | | Other assets | 286,759 | | Total Assets | 9,321,989
\$ | | Uabilities and members' equity:
Liabilities | | | Accounts payable and accrued expenses | 414,866 | | Total Liabilities | \$
414,866 | | MEMBER'S EQUITY: | | | Member contributions | 882,000 | | Retained earnings | 8,025,123 | | Total Member's Equity | 8,907,123 | | Tctalllabllilies and Member's Equity | \$
9,321,989 | | | | {7}------------------------------------------------ #### STATEMENT OF OPERATION | For The Year Ended December 31, 2024 | | |--------------------------------------------------|---------------| | Revenues: | | | Commissions | \$
720,981 | | Advisory fees | 2,150,813 | | Trading gain | 250,306 | | Interest, dividend and other income | 388.610 | | Total Revenues | 3,510,710 | | Expenses: | | | Employee compensation, commissions and benefits | 788,314 | | Occupancy | 180,000 | | Communications and market data | 300,893 | | Expense sharing with affiUate | 90,000 | | Professional fees | 948,564 | | Interest expense | 3,559 | | Other operational expenses | 597,423 | | Total Expenses | 2,908.753 | | Net profit before corporate income tax provision | 601,957 | | Corporate income tax provision: | | | Federal Income taxes | 28,378 | | State Income taxes | 7.137 | | | 35,515 | | Nat Income | \$
566.442 | | | | {8}------------------------------------------------ # LAFISE SECURITIES CORPORATION ## STATEMENT OF CHANGES IN MEMBERS' EQUITY ## For The Year Ended December 31 , 2024 | | Member
Contributions | Additional
Paid-in
Capital | Retained
Earnings | Total | |-----------------------------|-------------------------|----------------------------------|----------------------|-----------------| | Balances, beginning of year | 177.778 \$ \$ | 704.222 \$ | 7.458.681 | \$
8.340.681 | | Net income | 704.222 | (704.222) | 601.957 | 601 .957 | | Balances, end of year | 882.000 \$ \$ | \$ | 8.060.638 | \$
8.942.638 | {9}------------------------------------------------ # LAFISE SECURITIES CORPORATION # STATEMENT OF CASH FLOWS | For The Year Ended December 31 , 2024 | | |---------------------------------------------------------------------|---------------| | | | | Cash flows from operating activities: | | | Net income | \$
566,442 | | Adjustments to reconcile net income to net cash | | | used in operating activities: | | | Depreciation | | | Changes in operating assets and liabilities (Increase) decrease in: | 1,377 | | Deposit with clearing broker | (893) | | Due from clearing broker | 246,489 | | Accrued interest receivable | | | Increase in financial instruments owned | (597,630) | | Increase in due from related parties | (206,508) | | Increase in other assets | 303,183 | | Decrease in accounts payable and accrued expenses | (340,279) | | Net cash used in operating activities | (27,819) | | Net decrease in cash and cash equivalents | (27,819) | | Cash and cash equivalents, beginning of year | 65,162 | | Cash and cash equivalents, end of year | \$
37,343 | | Supplemental cash flow information: | | | Interest payments | \$
3,559 | | Corporate income tax payments | \$
94,249 | {10}------------------------------------------------ ## NOTES TO FINANCIAL STATEMENTS ## FOR THE YEAR ENDED DECEMBER 31, 2024 ## NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS The Company was incorporated under the laws of the State of Florida on June 1, 2001, for the purpose of selling investment products and securities and other financial and business services. The Company's customer base is located worldwide. In March 2024 Lafise Securities Corporation started conversion to Lafise Securities LLC. Further, effective July 1st, Lafise Securities Corporation bifurcated the Invesnnent Advisor to a separate company Latise Global Advisors LLC, away from the Broker Dealer, Lafise Securities Corporation. Lafise Securities LLC has only one class of membership unit wholly owned by Aromaz LLC. ## NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ### *Customers, Broker-De11lers 11nd Mllrketllble Securities* The Company is a registered broker-dealer and maintains its brokerage accounts on a settlement date basis; however, the accompanying financial statements are prepared on a trade date basis using the accrual method of accounting. The Company is an introducing broker, and as such, clears aU transactions through its correspondent broker who carries aU customer and company accounts and maintains physical custody of customer and company securities. Pursuant to the clearing agreements, the Company is required to maintain a deposit of \$150,000 with its clearing broker. AU securities are valued at the quoted market price and unrealized gains and losses are included in "trading gain or loss" in the statement of operations. The Company does not own any restricted securities at December 31, 2024. #### *Revenue Recognition* For brokerage commissions, the Company buys and sells securities on behalfofits customers. Each time a customer enters into a buy or sell transaction, the Company charges a commission. Commissions and related clearing expenses are recorded on a trade date basis (the date that the Company fills the trade order by finding and contracting with a counterparty and confinns the trade with the customer). The Company believes that the performance obligation *is* satisfied on the trade date because that is whe.n the underlying financial instrument or purchaser is identified, the pricing is agreed upon and the risks and rewards of ownership of the securities have been transferred to/from the customer. For advisory fees, the Company earns a fee pursuant to the terms of the advisory agreements. The fees are recorded on a monthly basis, and contain variability with the fluctuation in the price of the assets under management. The Company believes that the performance obligation is satisfied once a revenue reversal is not probable. For distribution fees, the Company enters into arrangements with managed accounts or other pooled investment vehicles (funds) to distribute shares to investors. The Company may receive distribution fees paid by the fund up front, over time, upon the investor's exit from the fund (that is, a contingent deferred sales charge), or as a combination thereof The Company believes that its perfonnance obligation is the sale of securities to investors and as such this is fulfilled on the trade date. Fixed amounts are recognized on the trade date and variable amounts are recognized to the extent it is probable that a significant revenue reversal {11}------------------------------------------------ will not occur once the uncertainty is resolved. For variable amounts, as the uncertainty is dependent on the value of the shares at future points in time as well as the length of time the investor remains in the fund, both of which are highly susceptible to factors outside the Company's influence, the Company does not believe that it can overcome this constraint until the market value of the fund and the investor activities are known, which are usually monthly or quarterly. Distribution fees recognized in the current period are primarily related to performance obligations that have been satisfied in prior periods. #### *Government and Other Regulation* The Company's business is subject to significant regulation by various government agencies and self-regulatory organizations. Such regulation includes, among other things, periodic examinations by these regulatory bodies to determine whether the Company is conducting and reporting its operations in accordance with the applicable requirements of these organizations. As a registered broker-dealer, the Company is subject to the SEC's net capital rule (Rule 15(c) 3-1 ), which requires that the Company maintain a minimum net capital, as defined. #### *Furniture and Fixtures* Furniture and fixtures are recorded at cost and depreciated on a straight-line basis over their estimated useful lives, which is five years. The costs of maintenance and repairs of furniture and fixtures are charged to expense as incurred. Costs of renewals and betterments are capitalized in the proper accounts. When furniture and fixtures are replaced, retired, or otherwise disposed of, the cost of such furniture and fixtures and accumulated depreciation are deducted from the asset and depreciation reserve accounts. The related profit or loss, if any, is recorded in the statement of operations. Depreciation was \$1,377 for the year ended December 31, 2024, and is included in other operational expenses in the statement of operations. ## *Concentration of Credit Risk* The Company maintains deposits at financial institutions that, from time to time, may exceed federally insured limits. The exposure of the Company from these transactions is solely dependent upon daily account balances and the financial strength of the respective institution. At December 31, 2024, the Company had no deposits in excess of federally insured limits. Amounts due from clearing broker are deemed collectible by management and no allowance for credit losses was necessary. # *Use of Estim11tes* The preparation of financial statements in conformity with U.S. generally accepted accounting principles "GAAP", requires management to make estimates and assumptions that affect the reported amounts of assets and Liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management's knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. ### *Financial Instruments with O/f-B11111nce-Sheet Risk* The Company, under its correspondent agreement with its clearing brokers, has agreed to indemnify the clearing brokers from damages or losses resulting from customer transactions. The Company is therefore exposed to off-balance-sheet risk of loss in the event that customers {12}------------------------------------------------ are unable to fulfill contractual obligations including their obligations under margin accounts. The Company has never been required to make a payment under these indemnifications. In addition, the Company believes that it is unlikely it will have to make a material ~yment under the indemnity and accordingly has not recorded any contingent liability in its ftnancial statements. # *Fair Value of Financial Instruments* The financial position of the Company at December 31, 2024 includes certain financial instruments that may have a fair value that is different from the value currently reflected in the fmancial statements. In reviewing the financial instruments of the Company, certain assumptions and methods were used to detennine the fair value of each category of financial instruments for which it is practicable to estimate that value. The carrying amounts of the Company's financial instruments generally approximate their fair values at December 31,2024. ### *Income Taxes* For income tax purposes, the Company maintains its accounts using the accrual method of accounting. There were no deferred tax assets and liabilities as of March 15,2024 when Lafise Securities Corp was terminated. A final tax return for La:fise Securities Corp was tiled as of March I *5,* 2024. The successor company, Lafise Securities LLC, was fanned during 2024 as a limited liability company in which the members have elected to treated as a partnership. Therefore, the Company does not pay income tax as any income or losses of the Company are passed through to the members on their individual tax returns. The Company files its returns under U.S. Federal and State jurisdictions. These returns are subject to income tax examinations by major taxing authorities for the year 2024 and three preceding years. ### *Cash and Cash Equivalents* Cash and cash equivalents consists of deposits with banks and all highly liquid investments, with maturities of three months or less. #### *LeDSes* The Company accounts for leases in accordance with FASB ASC 842, Leases. This requires a lessee to account for long-term leases as finance or operating leases. Both types of leases result in the lessee recognizing a right-of-use asset and a corresponding lease liability on its statement of financial condition. The Company has elected to adopt an exemption from the recognition and measurement requirements of ASC 842 for short-term leases. Therefore, leases with an initial term of twelve months or less are not recorded on the statement of financial condition. The Company has no long-term leases, and as such, was not required to recognize a right-of-use asset and corresponding lease liability. #### *Accounts Receivable and Allowance for Credit Losses* Receivables from clearing organization: The Company's receivables from its clearing organization include amounts from unsettled trades, amounts receivable for securities failed to deliver, accrued interest receivable and cash deposits. The Company's trades are cleared through its clearing organization and settled daily between the clearing organization and the Company. Because of this daily settlement, the amount of unsettled credit exposure is limited to the amount owed the Company for a very short period of time. {13}------------------------------------------------ The Company accoWlts for estimated credit losses on fmancial assets measured at an amortized cost basis and certain off-balance sheet credit exposures in accordance with FASB ASC 326-20, Financial Instruments -Credit Losses. FASB ASC 326-20 requires the Company to estimate credit losses over the life of its financial assets and certain off-balance sheet exposures as of the reporting date based on relevant information about past events, current conditions, and reasonable and supporting 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 allowance for credit losses is reported as a valuation account on the statement of financial condition that adjusts the assets amortized cost basis. Any changes in the allowance for credit losses would be reported in credit loss expense. Accounts receivable from its clearing organization are recorded at net realizable value. The Company continually monitors the credit worthiness of its clearing organization and uses judgment in establishing a provision for estimated credit losses based upon historical experience that have been identified. As of December 31, 2024, management determined that no allowance for credit losses was necessary. #### *Recent Accounting Pronouncement* The Company is engaged in a single line of business as a securities broker-dealer, which comprises several classes of services, including principal transactions, agency transactions, investment advisory, and proprietary trading. The Company has identified its President 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 uses excess net cap~ tal, which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or pay dividends. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages 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 described in the summary of significant accounting policies. ### NOTE 3. NET CAPITAL REQUIREMENT As a broker-dealer registered with the Securities and Exchange Commission, the Company must comply with the provisions of the Commission's "Net Capital" rules, which provide that aggregate indebtedness", as defined, shall not exceed 15 times "Net Capital", as defined, and the ''Net Capital", shall not be less than \$100,000. At December 31, 2024, the Company's net capital was \$6,602,415, which was \$6,502,415 in excess of its required net capital of \$100,000. At December 31, 2024, the Company's net capital ratio was .0628 to 1. ### NOTE 4. FAIR VALUE MEASUREMENTS The carrying amounts reported in the accompanying statement of financial condition for cash and cash equivalents, due from clearing broker, marketable securities, other assets, accounts payable and accrued expenses, approximate fair value due to the short-term nature of these accounts. In accordance with GAAP, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. GAAP also establishes a hierarchy for inputs used in measuring fair value that maximizes the {14}------------------------------------------------ use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the factors market participants would use in valuing the asset or liability. The guidance establishes three levels of inputs that may be used to measure fair value: Level 1 -Quoted prices (unadjusted) in active markets for identical assets or liabilities the Company can access at the measurement date. Level 2 - Inputs (other than quoted market prices included within Level I) that are observable, for the asset or liability either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices io markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs for the asset or liability that are supported by little or no market activity and rely on management's asswnptions about the asswnptions that market participants would use in pricing the asset or liability A description of the valuation techniques applied to the Company's trading securities owned measured at fair value on a recurring basis is as follows: Exchange-Traded and Equity Securities: Exchange-traded equity securities are generally valued based on quoted prices from the exchange. To the extent these securities are actively traded, valuation adjustments are not applied, and they are categorized in level 1 of the fair value hierarchy, otherwise they are categorized in level2 or level3 of the fair value hierarchy. Corporate, Foreign Debt and Perpetual Bonds: The fair value of corporate and foreign bonds is determined using recently executed transactions, market price quotations (when observable) and bond spreads obtained from independent external parties, such as vendors and brokers. The spread data used are for the same maturity as the bond. When position-specific external price data are not observable, fair value is determined based on benchmarking to similar instruments or cash flow models with yield curves. Corporate and municipal bonds are generally categorized in level2 of the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. The Company reviews the fair value hierarchy classification on an annual basis. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. | | Levell | Level Z | Levell | Total Fair Value | |------------------------------|-------------|-------------|-----------|------------------| | Debt Securities | \$ 778,715 | \$3,280,318 | | \$4,059,033 | | Perpetual Bonds | \$4,022,505 | \$ 347,813 | | \$4,370,318 | | Private Equity
Investment | | | \$162,500 | \$ 162,500 | | Total | s 4,801,220 | \$3,628,131 | \$162,500 | \$8,591,851 | Trading securities owned are as follows: {15}------------------------------------------------ ## Level3 Financial Assets and Liabilities, Year ended December 31,2024 | | Beginning
Balance | Unrealized
Gains and
(Losses) | Realized Gains
and (Losses)
Related to
Assets No
Longer Held | Investment
Banking
Realized
Gains and
(Losses) No
Positions
Held at Year
End | Purchases
Issuances,
and
Senlements | Transfers
In (Out) | Ending
Balance | |---------------------------------|----------------------|-------------------------------------|--------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------|----------------------------------------------|-----------------------|-------------------| | Private
Equity
Investment | \$0 | \$0 | \$0 | \$0 | \$ 162,500 | \$0 | \$ 162,500 | Debt Securities and Perpetual Bonds owned at December 31, 2024, as shown in the accompanying financial statements are valued at market prices, other than quoted market prices included within Level 1 and are categorized in level 2 of the fair value hierarchy. Private Equity Investment is valued at cost, as it is in the initial offering stage, and no observable market data is available to derive a fair value. The cost represents the price paid to acquire the investment, which is deemed a reasonable approximation of its fair value at the time of acquisition, given the nature of the investment and it is categorized at Level3. ## NOTE 5. FULLY DISCLOSED CLEARING AGREEMENT The Company has clearing agreements with its clearing brokers to provide execution and clearing services on behalf of its customers on a fully disclosed basis. All customer records and accounts are maintained by the clearing brokers. The Company maintains a deposit with its clearing broker in the amount of \$150,000, which is included in the "Deposit with Clearing Broker" line of the statement of financial condition. A termination fee may apply if the Company were to terminate its relationship with the current clearing broker. No other deposits are required. The Company does not carry accounts for customers or perform custodial functions related to customers' securities. The Company introduces all of its customer transactions, which are not reflected in these statements to its clearing brokers, which maintains the customers accounts and clears such transactions. The off-balance-sheet risks to the Company under these agreements are more fully discussed in Note 2. ### NOTE 6. COMMITMENTS AND CONTINGENCIES In August, 2021, the Company relocated its offices to a new location and is renting space on a month to month basis to an entity owned by an owner of the Company. At the present time the Company has not entered into a long-term lease, and no formal lease has been signed. The Company is not under any legal obligation to continue to occupy its office location. Rent expense for the year ended December 31,2024 amounted to \$180,000, which is included in occupancy expense in the statement of operations. In the ordinary course of business, incidental to the Company's operations, the Company retains {16}------------------------------------------------ outside counsel to address claims with which the Company is involved. As of December 31, 2024, the Company has not had any fotmal complaint filed against it. ## NOTE 7. DATE OF MANAGEMENT'S REVIEW Management bas evaluated events that bave occurred subsequent to December 31, 2024 and through March 28, 2025, the date the financial statements were available to be issued. There have been no subsequent events as of the date the financial statements were available to be issued which need to be recognized or disclosed in the accompanying financial statements as of December 31,2024. ## NOTE 8. RELATED PARTY TRANSACTION In January 2019, the Company entered into an expense sharing agreement with a certain affiliate, whereby the Company would reimburse the affiliate for certain expenses. During the year ended December 31, 2024, the Company reimbursed the affiliate \$90,000 under this agreement. In addition, during the year ended December 31, 2024, the Company reimbursed this same affiliate \$261,585 in general operating expenses, including rent and insurance, which have been included in their respective expense categories. During the year ended December 31, 2024 the Company recorded commissions and advisory fees from ac-counts with proprietary interests in the amount of \$2, 150,813 which was approximately 61% oftotal revenue. As of December 31, 2024 the Company had receivables from accounts with proprietary interests in the amount of\$206,508. During the year ended December 31, 2024 the Company recorded promoter fees to related parties in the amount of \$876,828. As of December 31, 2024 the Company had payables to related parties in the amount of\$41,653. {17}------------------------------------------------ SCHEDULE I COMPUTATION OF NET CAPITAL UNDER RULE 15c3-1 OF THE SECURITIES AND EXCHANGE COMMISSION AS OF DECEMBER 21, 2024. | December 31, 2024. | | |------------------------------------------------------------------------------|----------------------| | Net capital | | | Total Ownership equity | \$
8,907,124 | | Add: subordinated loan | | | | 8,907.124 | | Less: non-allowable assets | | | Furniture and fixtures
Other assets | \$
470
534,318 | | | \$
534,788 | | Net capital before haircuts on security positions | \$
8,372,335 | | Less: | | | Securities haircuts | 1,769,920 | | Net capital | \$
6,602,415 | | Aggregate indebtedness | \$
414,866 | | Computed minimum net capital required (6-213% of aggregate indebtedness) | \$
27,658 | | Minimum net capital required (under SEC Rule 15c3-1) | \$
100,000 | | Excess net capital | \$
6.502.415 | | Net capital less greater of 10% of aggregate indebtedness or 120% of minimum | | | net capital required | \$
6,482,415 | | Percentage of aggregate indebtedness
to net capital | 628% | | | | There are no significant differences in the computation of adjusted net capital between the amended unaudited broker-dealer focus report and the audited annual report. {18}------------------------------------------------ ## SCHEDULE II STATEMENT ON EXEMPTION FROM THE COMPUTATION FOR DETERMINATION OF RESERVE REQUIREMENTS UNDER RULE 15c3-3 OF THE SECURITIES AND EXCHANGE COMMfSSfON AS OF DECEMBER 31, 2024 The Company claims an exemption from Rule 15c3-3 under Section (k)(2)(ii) of the Rule. The Company was in compliance with the conditions of the exemption for the year ended December 31,2024. {19}------------------------------------------------ ## SCHEDULE Ill STATEMENT ON EXEMPTION RELATING TO POSSESSION OR CONTROL REQUIREMENTS UNDER RULE 15C3-3 OF THE SECURITIES AND EXCHANGE COMMISSION AS OF DECEMBER 31, 2024 The Company claims an exemption from Rule 15c3-3 under Section (k)(2)(ii) in that all customer transactions are cleared through other broker-dealers on a fully disclosed basis. The clearing firm is StoneX Financial, Inc. The Company was in compliance with the conditions of the exemption for the year ended December 31, 2024. {20}------------------------------------------------ ![](_page_20_Picture_0.jpeg) ## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Member and Managers of Lafise Securities LLC We have reviewed management's statements, included in the accompanying Exemption Report, in which (I) Lafise Securities LLC (formerly Lafise Securities Corporation) identified the following provision of 17 C.F.R. § 15c3-3(k) under which Lafise Securities LLC claimed an exemption from 17 C.F.R. §240.15c3-3 (k)(2Xii) (exemption provision) and (2) Lafise Securities LLC stated that Lafise Securities LLC met the identified exemption provision throughout the most recent fiscal year without exception. Lafise Securities LLC's management is responsible for compliance with the exemption provision and its statements. Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about Lafise Securities LLC's compliance with the exemption provision. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, based on the provision set forth in paragraph (k)(2)(ii) of Rule 15c3-3 under the Securities Exchange Act of 1934. HLB Gravier, LLP Coral Gables, Florida March 28, 2025 4000 Ponce de Leon Blvd., Suite 610, Coral Gables, FL 33146 • Tel: 305 446 3022 • Fax: 305.446.6319 www hlbgravier.com {21}------------------------------------------------ ## EXEMPTION REPORT PURSUANT TO SECURITIES AND EXCHANGE COMMISSION ## RULE 17a-5 ## FOR THE YEAR ENDED DECEMBER 31, 2024 Lafise Securities LLC is a registered broker-dealer subject to rule 17a-5 promulgated by the Securities and Exchange Commission. This Exemption Report was prepared as required by 17 C.F.R. 240.17a-5(d)(l) and (4). To the best of the Company's knowledge and belief, the Company states the following: Lafise Securities LLC operates pursuant to paragraph (k)(2)(ii) of SEC Rule 15c3-3 under which the Company claims an exemption from SEC Rule 15c3-3. The Company has met the identified exemption provision for the year ended December 31, 2024, without exception. We affirm to the best of our knowledge and belief, this exemption is true and correct. Luisa Franchy, Fin Op {22}------------------------------------------------ ![](_page_22_Picture_0.jpeg) ## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON APPLYING AGREED-UPON PROCEDURES To the Member and Managers of Lafise Securities LLC We have performed the procedures included in Rule 17a-5(e)(4) under the Securities Exchange Act of 1934 and in the Securities Investor Protection LLC (SIPC) Series 600 Rules, which are enumerated below on the accompanying General Assessment Reconciliation (Form SIPC-7) for the year ended December 31, 2024. Management of Lafise Securities LLC (the Company) is responsible for its Form SIPC-7 and for its compliance with the applicable instructions on Form SIPC-7. Management of the Company has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of assisting you and SIPC in evaluating the Company's compliance with the applicable instructions on Form SIPC-7 for the year ended December 31, 2024. Additionally, SIPC has agreed to and acknowledged that the procedures performed are appropriate for their intended purpose. This report may not be suitable for any other purpose. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The sufficiency of these procedures is solely the responsibility of those parties specified in this report. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose. The procedures we performed, and our associated findings are as follows: - I) Compared the listed assessment payments in Form SIPC-7 with respective cash disbursement records entries, noting no differences; - 2) Compared the Total Revenue amounts reported on the Annual Audited Report Form X-17 A-5 Part Ill for the year ended December 31, 2024 with the Total Revenue amount reported in Form SIPC-7 for the year ended December 3 I, 2024, noting no differences; - 3) Compared any adjustments reported in Form SJPC-7 with supporting schedules and working papers, noting no differences; - 4) Recalculated the arithmetical accuracy of the calculations reflected in Form SIPC-7 and in the related schedules and working papers supporting the adjustments, noting no differences; and - 5) Compared the amount of any overpayment applied to the current assessment with the Form SIPC-7 on which it was originally computed, noting no differences. We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the AICPA and in accordance with the standards of the Public Company Accounting Oversight Board (United States). We were not engaged to and did not conduct an examination or a review engagement, the objective of which would be the expression of an opinion or conclusion, respectively, on the Company's Form SIPC-7 and for its compliance with the applicable instructions on Form SIPC-7 for the year ended December 31, 2024. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement. This report is intended solely for the information and use of the Company and SIPC and is not intended to be and should not be used by anyone other than these specified parties. ~y~IU1J HLB Gravier, LLP Coral Gables, Florida March 28, 2025 4000 Ponce de leon Blvd. Suite 610. Coral Gables. Fl 33146 • Tel: 305 446.3022 • Fax: 305.446.6319 www hlbgravier.com HLB Gravie~ LLP is a member of e International A world-wide organization of accounting f1rms and business advisers {23}------------------------------------------------ ![](_page_23_Picture_0.jpeg) Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.