# COBALT CAPITAL, INC. X-17A-5 (2024-04-15) — Broker-dealer annual report - Company: COBALT CAPITAL, INC. - Form: X-17A-5 - Filed: 2024-04-15 - Period: 2023-12-31 - Accession: 0001330760-24-000001 - CIK: 1330760 - File #: 8-66979 - Type: Broker-dealer - Material weakness: No - Auditor: Rubio CPA, PC - Auditor location: Atlanta, GA - Contact: Benjamin Schick - Phone: 407-649-3150 - Signed by: Benjamin Schick (President) Original filing: https://www.sec.gov/Archives/edgar/data/1330760/000133076024000001/Public.pdf --- {0}------------------------------------------------ **PUBLIC** **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** 0MB APPROVAl 0MB Number: 3235-0123 E,pires· Oct. 31, 2026 Estil11attd awr,,gt burcl~n hours per response: I~ > SEC FILE NUMBER 8-66979 # **ANNUAL REPORTS FORM X-17A-S PART** Ill **FACING PAGE** | fo
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1 | 4 | | | | | | | | | | | | | **FOR OFFICIAL USE ONLY** • Claims for e~emption from the requirement that the ~nnual reports be covered by the reports of an independent public account.int must be supported by a statement of facts and circum,tances relied on as the basis of the exemption. See 17 CFR 240.l 7a·S(e)(l)(ii), tf 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 0MB control number. {1}------------------------------------------------ #### **OATH OR AFFIRMATION** I, Benjamin Schick swear (or affirm) that. to the best of my knowledge and belief, the financial report pertaining to the firm of Cobalt Capitul. Inc. , as of Ducember 31 , 2 2023 . 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_1_Picture_2.jpeg) Not ry Putfi #### This **filing\*\* contains (check** all **applicable boxes}:** - '~ (a) Statement of financial condition. - (b) Notes to consolidated statement offinancial condition. c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of omprehensive 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 1n 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 2.40.18a-2. (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.1Sc3-3. (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.1Sc3-3 or Exhibit **A** to 17 CFR 240.18a-4, as applicable. (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. - D (nl Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.1Sc3-3(p)(2.) or 17 CFR 240.18a-4, as applicable. - D ( 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. - D (p) Summary of financial data for subsidi,Hies not consolidated in the statement of financial condition. - Iii!!: (q) Oath or affirmation in accordance with 17 CFR 240.17a-S, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - (r) Compliance report in accordance with 17 CFR 240.1 7a-5 or 17 CFR 240.18a-7, as applicable. - D (s) Exemption report in accordance with 17 CFR 240.17a-S or 17 CFR 240.18a-7, as applicable. - (t) Independent public accountant's report based on an examination of the statement of financial condition. - n(u) Independent public accountant's report based on an cxc1mination of the financial report or financial statements under 17 CFR 240.l?a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - 0 Iv) 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.l 7a-5 or 17 CF R 240 .18a-7, as a pp I ica ble. M Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.1Sc3-1e or 17 CFR 240.17a-12, as applicable. (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.l 7a-12{k). (z) Other:----------------------------------------- Signature:4 -"'4"+-""-1/, \_\_\_ ;(.\_\_ \_\_\_\_\_ \_ Title: President \*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5{e)/3) or 17 CFR 24D.18a-7(d){2), as applicable. {2}------------------------------------------------ #### **CO UAL T CAPITAL. INC.** #### **REPORT PURSUANT TO RULE 17a-S(d)** **YEAR ENDED DECEMBER 31, 2023** The report is deemed **CONFIDENTIAL** in accordance with Ruic l 7a-5(c)(3) under the Securities Exchange Act of 1934. A statement or financia 1 condition has been filed with the Securities and Exchange Commission simultaneously herewith as a **PUBLIC DOCUMF.NT.** {3}------------------------------------------------ **RUBIO CPA, PC** CERTIFIED PUBLIC ACCOUNTANTS 3500 Lenox Road NE Suite 1500 Atlant;i, GA 303 26 770-()90 • 8995 ## **REPORT OF IND1<:Pl~ND1<:NT REGISTERED PUBLIC ACCOUNTING FIRM** 'Jo the Shareholder of (. (,bait Capital. ! nc. Qpinion on the Firnmcial Statement *\'.,:* have audited the accompan~ ing statement of financial condition of Cobalt ('apital. Inc . (the ··Com pan) ··i a-, or December J 1, 2023, and the rel.ited notes (collectiH!l} referred to as the ''financial stakmt:nC). In our opinion. the afon:menlioncd financial statement presents fair!Y,, in all material respect~, lhe financial po<;ition of tht:. Compflt1) a, nf December JI, 202J, iu conformity with accounting principles generally accepted in the United '.States of A111eric<1. This financial statement is the responsibility of the Company's management. Our rt:spon~ibility is to eJ..prcss a11 opinion on the Company's tinancic1I siatement based on our audit. We arc a public accounting firm registered with the Public Compan) ;\ cc o u nti n g Oversight Board (United Stales) {'' PCA O l::l ") and are reg u ired to be i nde pendent \\ i th respect to the Com pa 11 in accordance with the U.S. federal securities laws and the applicable rules and regulation~ of the Securities <1nd LJ..clrnnge Commission and the PCAOB. We conducted our uudit in accordance with the standard-; of the PCAOB. Those standards require-that we plan and pc rform the audit lo obtain rcasonab I c ussu ranee about \\ h et her the fi nanc in I staicm cnt is free n f rn atcria l m i sstate 111 ~n L whether due tli error or fraud. The Company i,, not required to have, nor \vere we engaged to perform. an audit ,ir it~ internal control o, er financial reporting. As part of our audit,\\ e are required io obtain an understanding: of internal control o\ er Ii na nc ia I reporting but. not ror I h c pu rpo..,e of e;-,, pressing an opinion on the e!Tecti vcncss c, f the Company's i ntcrna 1 control O\ er financia 1 reporting. Aecorci ingl), \,e express 110 <;uch op i11 ion. Our a llll it incl udcd performing procedure.., to assess the risks o1 1 natcr i a I In isstatcme nt to the fi nanc in I statement. \\ hcth e 1 du~ w i.:rror or fraud, and performing proceclurc~ that respond to those risks. Such procedurt:s included examining. nn a test ha~i..,, evidence regarding the amount:. and disclosures in the financial statement. Our audit also included evaluating the r1cco11nt'ing princ i pies used and significant e~timates made b) management. as well as cval uating the overal I prest:ntation l1 r the financial -,tatement We believe that our audi1 prO\ ides a reasonable basis for our opinion. \\ c lrnve scrn~cl a~ th1: Compan) ·s audih)r <;ince 2023. April 15, 202'1 Atlanta, Georgia {4}------------------------------------------------ #### **COBALT CAPITAL, INC.** #### **STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2023** #### **ASSETS** | C
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The Company is registered with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority ("FIN RA"). ### **Revenue Recognition** Revenue from contracts with customers includes commissions from private placements and service fees. The recognition and measurement of revenue is based on the assessment of individual contract terms. Significant judgment is required to determine whether performance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligations are identified: when to recognize revenue based on appropriate measure of the Company's progress under the contract; whether revenue should be presented gross or net of ce11ain costs; and whether constraints on variable consideration should be applied due to uncertain future events. The Company recognizes commissions from private placements upon the sale of each interest in an offering as this satisfies the only performance obligation identified by the Company. The Company provides services to certain issuers during the course of private placement offerings pursuant to services agreements for which the Company receives fees. These services can include back-office supp011, customer due diligence and other compliance related services. The Company recognizes such service fees over time as the related performance obligations are simultaneously provided to and consumed by the customer. ### **Accounts Receivable** Accounts receivable are non-interest bearing uncollatcralizcd obligations receivable in accordance with the term s agreed upon with each customer. The Company regularly reviews its accounts receivable for any uncollectible amounts. The review for uncolleetiblc amounts is based on an analysis of the Company's collection experience, customer credit worthiness, and current economic trends. ### **Cash** The Company maintains its bank accounts in high credit quality financial institutions. At times, balances may exceed federally insured limits. ### **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 reprn1ed amounts of assets and liabilities and disclos ure of contingent 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. {6}------------------------------------------------ ## **COLBALT CAPITAL, INC.** #### **NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023** ## **NOTE** I: **ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)** #### **Advertising and Promotion** Advertising and promotion costs are expensed as incurred. The Company incurred \$3,838 in advertising and promotion expenses for the year ended December 31, 2023. #### **Income taxes** The Company is recognized as an S-Corporation by the Internal Revenue Service. The Company's shareholder is liable for federal and state income taxes on the Company's taxable income. The Company is required to detcnnine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any tax related appeals or litigation processes, based on the technical merits of the position. The Company files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states. The Company is not subject to income tax return examinations by major taxing authorities for years before 2020. The Company did not have unrecognized tax benefits as of December JI, 2023, and docs not expect this to change significantly over the next twelve months. The Company will recognize interest and penalties accrued on unrecognized tax benefits as a component of income tax expense. As of December 31, 2023, the company had no accrued interest or penalties related to uncertain tax positions. ## **NOTE 2: NET CAPITAL REQUIREMENTS** Pursuant to the net capital provisions of Ruic 15c3-I of the Securities Exchange Act of 1934, the Company is required to maintain a minimum net capital, as defined under such provisions. At December 31, 2023, the Company had net capital of \$88,606 which was \$79,424 in excess of its required net capital of\$9, 182. The Company's net capital ratio (aggregate indebtedness to net capital) was *1.55* to 1.00. According to Ruic I SeJ-1, the Company's net capital ratio shall not exceed IS to l. ### **NOTE 3: LEASES** The Company determines if an arrangement is a lease at inception of the contract. Lease assets are included in right-of-use ("ROU") assets while the corresponding lease liabilities arc included in lease liabilities in the statement of financial condition. A ROU asset represents the Company's right to use an underlying asset for the lease term while the related lease liability represents obligations to make future lease payments arising from the lease. A ROU asset and related lease liability are recognized at the lease commencement date, based on the present value of lease payments over the lease term. The Company uses an incremental borrowing rate based upon what it would approximately have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms and in a similar economic environment. The ROU asset is subsequently measured throughout the lease term at the amount of remeasured lease liability (present value of the remaining lease payments), less the unamo1tizcd balance of lease incentives received. Lease expense is recognized on a straightline basis over the lease term. {7}------------------------------------------------ ### **COLBAL T CAPITAL, INC.** #### **NOTES TO FINANCIAL ST A TEMENTS DECEMBER 31, 2023** ### **NOTE 3: LEASES (Continued)** The Company leases office space under a non-cancel able operating lease expiring in September 2024. Maturity of the lease liability under the non-cancclablc operating lease is as follows: | Y
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39 | \$ | | {9}------------------------------------------------ #### **COLBAL T CAPITAL, INC.** #### **NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023** #### **NOTE 8: CUSTOMER CONCENTRATIONS** During 2023, the Company had three customers that accounted for approximately 93% of commissions from private placements revenues. #### **NOTE 9: NET LOSS** The Company incurred a loss for 2023 and was dependent upon capital contributions from its shareholder for working capital and net capital. The Company's shareholder has represented that he intends to make capital contributions as needed to ensure the Company's survival through at least one year from the date of the report of the independent registered public accounting film. Management expects the Company to continue as a going concern and the accompanying financial statements have been prepared on a going-concern basis without adjustments for realization in the event that the Company ceases to continue as a going concern. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.