# T CAPITAL FUNDING, LLC X-17A-5 (2021-02-23) — Broker-dealer annual report - Company: T CAPITAL FUNDING, LLC - Form: X-17A-5 - Filed: 2021-02-23 - Period: 2020-12-31 - Accession: 0001259170-21-000001 - CIK: 1259170 - File #: 8-66106 - Material weakness: No - Auditor: Raich Ende Malter & Co. LLP - Auditor location: New York, NY - Contact: Linda Kassof - Phone: 321-214-3012 - Signed by: Linda Kassof (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1259170/000125917021000001/tcaps.pdf --- {0}------------------------------------------------ ### UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OMB APPROVAL OMB Number: 3235-0123 Expires: August 31, 2020 Estimated average burden hours per response .... . . 12.00 # **ANNUAL AUDITED REPORT FORM X-17A-5 PARTlll** | SEC FILE NUMBER | |-----------------| | | | 8-66106 | FACING PAGE Information Required of Brokers and Dealers Pursuant to Section 17 of the Securities Exchange Act of 1934 and Rule 17a-5 Thereunder | REPORT FOR THE PERIOD BEGINNING 01/01 /20 | | AND ENDING 12/31 /20
~~~~~~~~~~- | | | |---------------------------------------------------------------------------|---------------------------------------------------------------------|-------------------------------------|--------------------------------|--| | | MM/DD/YY | | MM/DD/YY | | | | A. REGISTRANT IDENTIFICATION | | | | | NAME OF BROKER-DEALER: T CAPITAL FUNDING, LLC | | | OFFICIAL USE ONLY | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.) | | | FIRM l.D. NO. | | | 610 N. Wymore Road, Suite 120 | | | | | | | (No. and Street) | | | | | Maitland | FL | | 32751 | | | (City) | (State) | | (Zip Code) | | | NAME AND TELEPHONE NUMBER OF PER.SON TO CONTACT IN REGARD TO THIS REPORT | | | | | | Linda Kassof | | | (321) 214-3012 | | | | | | (Area Code - Telephone Number) | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNT ANT whose opinion is contained in this Report* | | | | | | Raich Ende Malter & Co. LLP | | | | | | | (Name - if individual, state last, firsr, middle name) | | | | | 1375 Broadway | New York | NY | 10018 | | | (Address) | (City) | (State) | (Zip Code) | | | CHECK ONE: | | | | | | It/ I
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Public Accountant | | | | | | D | | | | | | | Accountant not resident in United States or any of its possessions. | | | | | | FOR OFFICIAL USE ONLY | | | | | | | | | | | | | | | | *\*Claims for exemption from the requirement th al the annual report be covered by the op in ion of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis for the exemption. See Section 240. 17a-5(e)(2)* > Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. {1}------------------------------------------------ | 1. Undo Kas_so_r ____ _ | . \\COr (or nflirm) 1hn1. 10 the best of | |-------------------------|----------------------------------------------------------------------------------------------------------------------------------------| | | Ol) lno" lt-Jgc :111d belief th.: n.;-c,11111lan) 111g lin.1nc1al ,1111c111cn1 nnd s11pponin11 \Chcdul.:~ po:.-rtaining to the lirm of | | T CAPITAL FUNDING LLC | -----------
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496,497 | |-------------------------------------------------------------------|---------------| | Accounts receivable | 181 ,250 | | Prepaid expenses | 34,539 | | Property and equipment, less accumulated depreciation of \$21,653 | 10,697 | | | \$
722,983 | | | | | Liabilities and member's ,equity | | | Liabilities | | | Due to affiliates | \$
22,942 | | Accounts payable and accrued expenses | 14,884 | | | 37,826 | | Member's equity | 685,157 | | | \$
722,983 | See accompanying notes to financial statements {6}------------------------------------------------ ## **T CAPITAL FUNDING, LLC NOTES TO FINANCIAL STATEMENT December 31, 2020** #### Note 1 - Organization and Nature of Business **T** Capital Funding, LLC (the "Company") was organized on January 30, 2003 and is wholly owned by Taurus Investment Holdings, LLC (the "Member''). The Company is a broker-dealer registered with the Securities and Exchange Commission and is a member of the Financial Industry Regulatory Authority, Inc. The primary revenue source of the Company is earning commissions for raising capital for real estate projects. The Company is exempt from the provisions of Rule 15c3-3 under the Securities Exchange Act of 1934, pursuant to 15c3-3(k) (the "exemption provisions") and of the 2013 Release adopting amendments to Rule 17a-5, including Footnote 74 of the 2013 Release. #### Note 2 - Summary of Significant Accounting Policies #### Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United State of America ("U.S. GAAP") requires management to make estimates and assumptions. Those estimates and assumptions affect the reported amounts of assets and liabilities and, the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. #### Cash and Cash Equivalents Cash and cash equivalents consist of cash in a bank and investments with maturities of three months or less from date of purchase. #### Accounts Receivable Accounts receivable is comprised of receivables from the real estate projects from the Company obtaining equity contributions for the real estate projects. No allowance for doubtful accounts was deemed necessary. lhe Accounts Receivable balance at December 31 , 2020 and 2019 was \$181,250 and \$0, respectively. #### Recent Accounting Pronouncements ### Credit Loses Effective January 1, 2020, the Company adopted ASC Topic 326, Financial Instruments - Credit Losses ("ASC 326"). ASC 326 impacts the impairment model for certain financial assets by requiring a current expected credit loss ("CECL") methodology to estimate expected credit losses over the entire life of the financial asset. Under the accounting update, the Company has the ability to determine that there are no expected credit losses in certain circumstances (e.g., based on the credit quality of the customer). The Company identified fees and other receivables (including, but not limited to, receivables related to brokerage commissions) as impacted by the new guidance. ASC 326 specifies that the Company adopt the new guidance prospectively by means of a cumulative-effect adjustment to the opening stockholder's equity as of January 1, 2020. Accordingly, the Company recognized no adjustment upon adoption. {7}------------------------------------------------ ### **T CAPITAL FUNDING, LLC NOTES TO FINANCIAL STATEMENT December 31, 2020** Note 2 - Summary of Significant Accounting Policies - Continued ### Income Taxes The Company is a single-member limited liability company and is considered a disregarded entity for federal income tax purposes. The Company's taxable income or loss is reportable on the member's income tax return. #### Note 3 - Regulatory Requirements As a registered broker-dealer, the Company is subject to the net capital provisions of Rule15c3-1 of the Securities Exchange Act of 1934, which requires that the Company's aggregate indebtedness shall not exceed fifteen times net capital, as defined, under such provisions. At December 31, 2020, the Company had net capital of \$457,210 which exceeded requirements by \$452,210. The ratio of aggregate indebtedness to net capital was .0827 to 1. Note 4 - Related Party Transactions The Company reimburses the Member for certain expenses including its allocable share of payroll and benefits, accounting and bookkeeping services and certain administrative expenses. The Company owes \$22,972 to affiliates at December 31, 2020, which is included in Due to Affiliates on the Statement of Financial Condition. #### Note 5 - Lease Commitment The Company leases office space from a related party under a non-cancelable operating lease expiring in February of 2020. The Company recognizes and measures its leases in accordance with FASS ASC 842, Leases. The Company current lease is month to month and as a result is recognize as short-term lease. Note 6 - Contingencies and Credit Risk The Company is subject to litigation in the normal course of business. The Company has no litigation in progress at December 31, 2020. The cash and cash equivalents are held by one financial institution and, therefore, are subject to credit risk to the extent those balances exceed applicable Federal Deposit Insurance Corporation ("FDIC") limitations. The Company has not experienced any losses in such accounts and does not believe there to be any significant credit risk with respect to these accounts. Note 7 - Subsequent Events Management has performed an evaluation of events that have occurred subsequent to December 31 , 2020, and through February 22, 2021, the date these financial statements were available to be issued. #### Note 8 - Economic Risks In March 2020, the World Health Organization (WHO) declared COVID-19 a global pandemic. This pandemic event has resulted in significant business disruption and uncertainty in both global and U.S. markets. While the Company believe that it is in an appropriate position to sustain the potential shortterm effects of these world-wide events, the direct and long-term impact to the Company and its financial statements is undetermined at this time. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.