# SILVER LEAF PARTNERS, LLC X-17A-5 (2022-02-22) — Broker-dealer annual report - Company: SILVER LEAF PARTNERS, LLC - Form: X-17A-5 - Filed: 2022-02-22 - Period: 2021-12-31 - Accession: 0001226350-22-000002 - CIK: 1226350 - File #: 8-65902 - Type: Broker-dealer - Material weakness: No - Auditor: Alvarez & Associates, Inc. - Auditor location: Northridge, CA - Contact: Betty Tao - Phone: 2127514422 - Email: btao@dfppartners.com - Website: dfppartners.com - Signed by: Fyzul Khan (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1226350/000122635022000002/silverleafaupsipc.pdf --- {0}------------------------------------------------ **SILVER LEAF PARTNERS, LLC Statement of Financial Condition December 31, 2021 With Report of Independent Registered Public Accounting Firm** {1}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 > ANNUAL REPORTS FORM X-17A-5 PART III OMB APPROVAL OMB Number: 3235-0123 Expires: Oct. 31, 2023 Estimated average burden hours per response: 12 SEC FILE NUMBER 8-65902 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 | 01/01/2021 | AND ENDING | | 12/31/2021 | | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|-----------------------------------------|-----------------|--------------------------------------------|--| | | MM/DD/YY | | | MM/DD/YY | | | A. REGISTRANT IDENTIFICATION | | | | | | | NAME OF FIRM: | SILVER LEAF PARTNERS, LLC | | | | | | TYPE OF REGISTRANT (check all applicable boxes):
IX Broker-dealer
□ Check here if respondent is also an OTC derivatives dealer
ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | _ Major security-based swap participant | | | | | | | | | | | | 200 PARK AVENUE, FLOOR 17 | (No. and Street) | | | | | | NEW YORK | NY | | | 10166 | | | (City)
(State) | | | | (Zip Code) | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | Betty Tao
212-751-4422 | | | | BTao@dfppartners.com | | | (Name) | (Area Code - Telephone Number) | | (Email Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
Alvarez & Associates, Inc. | | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | | 9221 Corbin Ave., Suite 165 | Northridge | | CA | 91324 | | | (Address) | (City) | | (State) | (Zip Code) | | | 10/16/2018 | | 6517 | | | | | (Date of Registration with PCAOB)(if applicable) | | | | (PCAOB Registration Number, if applicable) | | | * Claims for exemption from the requirement that the annual renorts of an indopendent public | FOR OFFICIAL USE ONLY | | | | | ment that the annual reports be covered by the reports of an independent pub accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable. Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. {2}------------------------------------------------ #### OATH OR AFFIRMATION #### FYZIII KHAN | I have been been a be a forme and the many of the work of | ., swear (or affirm) that, to the best of my knowledge and beliet, the | | |--------------------------------------------------------------------|------------------------------------------------------------------------|--| | "nancial report pertaining to the firm of SILVER LEAF PARTNERS LLC | | | | Docember 21
. | | | 2 021\_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 classified solely as that of a customer. ![](_page_2_Picture_4.jpeg) Title: Chief Executive Officer #### This filing\*\* contains (check all applicable boxes): - 区 (a) Statement of financial condition. - 四 (b) Notes to consolidated statement of financial condition. - □ (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - □ (d) Statement of cash flows. - □ (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - [] (f) Statement of changes in liabilities subordinated to claims of creditors. - □ (g) Notes to consolidated financial statements. - □ (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - [ (i) Computation of tangible net worth under 17 CFR 240.18a-2. - | - □ (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. - O (I) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - □ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - O (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. - □ (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. - □ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - 1 (q) Oath or affirmation in accordance with 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - | (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - □ (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - 2 (t) Independent public accountant's report based on an examination of the statement of financial condition. - □ (u) Independent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - □ (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. - | (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. - | (x) Supplemental reports on applying agreed upon procedures, in accordance with 17 CFR 240.17a-12, as applicable. - | (y) Report describing any material inadequacies 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). - O (z) Other: - \*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.170-5(e)(2), as applicable. {3}------------------------------------------------ # **SILVER LEAF PARTNERS, LLC Contents** | | Page(s) | |--------------------------------------------------------------|---------| | Report of Independent Registered Public Accounting Firm
1 | | | Statement of Financial Condition
2 | | | Notes to Statement of Financial Condition3–5 | | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) # REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To Those Charged with Governance and the Member of Silver Leaf Partners, LLC; # Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Silver Leaf Partners, LLC (the "Company") as of December 31, 2021, and the related notes (collectively referred to as the "financial statement"). In our opinion, the statement of financial condition presents fairly, in all material respects, the financial position of the Company as of December 31, 2021 in conformity with accounting principles generally accepted in the United States of America. # Basis for Opinion 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 perform the audit to obtain reasonable assurance about whether the linancial 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 overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. Alvarez & Associates, Inc. We have served as the Company's auditor since 2018. Northridge, California February 18, 2022 > 9221 Corbin Avenue Suite 165 Northridge, California 91324 800.848.0008 www.AAICPAs.com @ Chicago, Dallas, Los Angeles, New York, San Francisco, Seattle {5}------------------------------------------------ # A S S E T S | Cash | \$
305,257 | |---------------------------------------|---------------| | Receivable from clearing broker | 1,715 | | Accounts receivable, net | 186,949 | | Prepaid and other assets | 22,569 | | TOTAL ASSETS | \$
516,490 | | LIABILITIES & MEMBER'S EQUITY | | | Liabilities: | | | Accounts payable and accrued expenses | \$
42,489 | | Note/loan payable | 120,000 | | Interest payable | 572 | | TOTAL LIABILITIES | 163,061 | | Member's Equity: | | | Member's equity | (169,470) | | Accumulated earnings/(deficit) | 522,899 | | MEMBER'S EQUITY | 353,429 | | TOTAL LIABILITIES AND MEMBER'S EQUITY | \$
516,490 | The accompanying notes are an integral part of this statement of financial condition. {6}------------------------------------------------ # **1. Organization** Silver Leaf Partners, LLC (the "Company"), a New York Limited Liability Company, is a registered broker- dealer under the Securities Exchange Act of 1934 and is a member of the Financial Industry Regulatory Authority (FINRA),and the Securities Investor Protection Corporation (SIPC). The Company clears its securities transactions on a fully disclosed basis with a clearing broker. The Company's effective date of organization was January 15, 2003. The effective date of the Company's registration as a broker-dealer was September 23, 2003. The Company sole member is Fyzul Khan. # **2. Summary of Significant Accounting Policies** # **Accounting 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 that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. # **Concentrations of Credit Risk** Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and accounts receivable. The Company places its cash with high credit quality financial institutions. At times, such amounts may exceed federally insured limits. Account monitoring procedures are utilized to minimize the risk of loss from accounts receivable. The Company generally does not require collateral or other security from its customers. #### **Accounts Receivable** Accounts receivable are comprised of receivables for fees and reported net of an allowance for credit losses. The Company evaluates collectability of its accounts receivable and determines if an allowance for credit losses is necessary based on historical experience, credit quality, age of balances and current and future economic conditions that may affect the Company's expectation of the collectability in determining the allowance for credit losses. #### **Recently Issued Accounting Pronouncements** The Financial Accounting Standards Board (the "FASB") has established the Accounting Standards Codification ("Codification" or "ASC") as the authoritative source of generally accepted accounting principles ("GAAP") recognized by the FASB. The principles embodied in the Codification are to be applied by nongovernmental entities in the preparation of financial statements in accordance with GAAP in the United States. New accounting pronouncements are incorporated into the ASC through the issuance of Accounting Standards Updates ("ASUs"). For the year ending December 31, 2021, various ASUs issued by the FASB were either newly issued or had effective implementation dates that would require their provisions to be reflected in the financial statements for the year then ended. The Company has either evaluated or is currently evaluating the implications, if any, of each of these pronouncements and the possible impact they may have on the Company's financial statements. In most cases, management has determined that the pronouncement has either limited or no application to the Company and, in all cases, implementation would not have a material impact on the financial statements taken as a whole. {7}------------------------------------------------ # **2. Summary of Significant Accounting Policies (continued)** ### **Revenue Recognition** Commission revenue and commission expense are recorded on a trade date basis as securities transactions occur. The Company receives third party marketing revenue primarily from raising capital on behalf of hedge funds, private equity, and other alternative funds. The Company records third party marketing revenue when earned and reasonably estimable, net of the amount owed to the third party marketer. The Company's principal source of revenue is derived from third party marketing revenue from raising capital on behalf of hedge funds, private equity, and other alternative funds. The Company believes that its performance obligation is satisfied at the point in time when capital is placed with the hedge funds, private equity and other alternative funds. The Company records third party marketing revenue at the point in time when the services for the transactions are completed under the terms of each assignment or engagement. #### **Income Taxes** The Company is organized as a limited liability company and is a disregarded entity for income tax purposes. No provision has been made for federal and state income taxes since these taxes are the personal responsibility of the member. However, New York City imposes an unincorporated business tax ("UBT") on unincorporated businesses operating in New York City. #### **3. Accounts Receivable** The details of Third party marketing accounts receivable is as follows: | Accounts Receivable | | | |---------------------|--|--| | | | | | Accounts receivable | S | 1,698,908 | |----------------------------------------|---|-------------| | Commission payable | | (1,521,323) | | Net third-party markerting receivables | | 177.585 | | Other receivables | | 9.364 | | Total receivables | S | 186.949 | #### **4. Property and Equipment** No new property and equipment was purchased in 2021. Depreciation expense was \$0 for the year ended at December 31, 2021. #### **5. Commitments and Contingencies** The Company has a clearing agreement with its clearing broker, Interactive Brokers, LLC (the *"Clearing Broker').* The agreement provides that certain minimum capital balances must be maintained while the Company's customer accounts are being introduced to and cleared by the Clearing Broker on a fully disclosed basis. In 2021, The Company has determined to suspend this business line and the Company has updated Form BD accordingly. The Company has a Commission Sharing Agreement with Gar Wood Securities. LLC (Gar Wood") dated as of June 30, 2021. The agreement provides that Gar Wood and Company are authorized to share commission and fee in connection with securities transactions for certain Customers {8}------------------------------------------------ ### **5. Commitments and Contingencies (Continued)** referred by Company. The Company is subject to dispute actions from time to time in the ordinary course of business, including FINRA proceeding regarding supervisory actions. Although the amount of any liability with respect to such actions cannot be determined, in the opinion of management, such liabilities will not have a material adverse effect on the Company's financial condition or results of operations. The Company has signed its lease for the office space with PBC 200 Park Avenue LLC dated July 04, 2020 under a one-year lease agreement which was to expire June 30 2021. Effective July 04, 2020 the company entered into a service office agreement. It rolls over on a month-to-month basis at the same fee after June 2021. There are no future minimum rental payments under this lease agreement. The Company also has a security deposit of \$99 relating to the terminated lease and the service office agreement. #### **6. Regulatory Requirements** The Company is exempt from the provisions of Rule 15c3-3 of the Securities Exchange Act of 1934 (reserve requirements for brokers and dealers) in that the Company does not hold funds or securities for customers. All customer transactions are cleared through another broker-dealer on a fully-disclosed basis. Pursuant to the net capital provisions of Rule 15c3-1 of the Securities Exchange Act of 1934, the Company is required to maintain a minimum net capital, as defined, equal to the greater of \$5,000 or 6-2/3% of aggregate indebtedness. Net capital and the related net capital ratio may fluctuate on a daily basis. At December 31, 2021, the Company had net capital of \$143,911 and net capital requirements of \$118,959 resulting in excess net capital of \$24,952. At December 31, 2021, the ratio of aggregate indebtedness to net capital was 12.4 to 1. #### **7. Risk and Uncertainties** The Company has evaluated events and transactions that may have occurred through the date the financial statements are available to be issued and determined there are no subsequent events requiring adjustments to or disclosure to in the financial statements. During 2021, the World Health Organization declared COVID-19 to constitute a "Public Health Emergency of International Concern." This pandemic has disrupted economic markets and the economic impact, duration and spread of the COVID-19 virus is uncertain at this time. The impact on financial markets and the overall economy, all of which are highly uncertain, cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period the Company's results may be affected. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. #### **8. Subsequent Events** The company had evaluated events and transactions subsequent to the statement of financial condition date for items requiring recording or disclosure in the financial statements. The evaluation was performed through the date the financial statements were available to be issued. Based upon this review, the company has determined that there were no events or transactions which took place that would have a material impact on its financial statement. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.