# OMNICAP, LLC X-17A-5 (2020-02-25) — Broker-dealer annual report - Company: OMNICAP, LLC - Form: X-17A-5 - Filed: 2020-02-25 - Period: 2019-12-31 - Accession: 0001339173-20-000001 - CIK: 1339173 - File #: 8-67082 - Material weakness: No - Auditor: YSL & Associates LLC - Auditor location: New York, NY - Contact: Robert Snider - Phone: 212-486-8929 - Signed by: Robert Snider (General Securities Principal) Original filing: https://www.sec.gov/Archives/edgar/data/1339173/000133917320000001/omni19s2.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 8-67082 SEC FILE NUMBER # ANNUAL AUDITED REPORT FORM X-17A-5 PART III ## 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 | 01/01/19
MM/DD/YY | AND ENDING | 12/3/19
MM/DD/YY | |--------------------------------------------------------------------------------------------------|--------------------------------------------------------|-----------------------|------------|-----------------------------| | | A. RECISTRANT IDENTIBICATION | | | | | NAME OF BROKER - DEALER: | | | | | | | | | | OFFICIAL USE ONLY | | OmniCap, LLC | | | | FIRM ID. NO. | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.) | | | | | | 1325 Avenue of the Americas - 23rd Floor | | | | | | | (No. and Street) | | | | | New York | NY | | | 10019 | | (City) | (State) | | | (Zip Code) | | NAME AND TELEPHONE NUMBER OF PERSON TO CONTACT IN REGARD TO THIS REPORT | | | | | | Robert Snider | | | | 212-486-8929 | | | | | | (Area Code - Telephone No.) | | | B. ACCOUNT ANTITIDENTIBICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose opinion is contained in this Report*
YSL & Associates LLC | | | | | | | (Name - if individual, state last, first, middle name) | | | | | 11 Broadway | New York | | NY | 10004 | | (Address) | (City) | | (State) | (Zip Code) | | CHECK ONE: | | | | | | X Certified Public Accountant | | | | | | Public Accountant | | | | | | Accountant not resident in United States or any of its possessions. | | | | | | | | FOR OFFICIAL USE ONLY | | | | | | | | | 5(e)(2).SEC 1410 (3-91) {1}------------------------------------------------ ## OMNICAP, LLC #### STATEMENT OF FINANCIAL CONDITION #### DECEMBER 31. 2019 \*\*\*\*\*\* {2}------------------------------------------------ # **OmniCap, LLC TABLE OF CONTENTS** # **This report** \*\* **contains (check all applicable boxes):** - [x] Report of Independent Registered Public Accounting Firm. - [x] (a) Facing Page. - [x] (b) Statement of Financial Condition. - [ ] (c) tatement of Operations. - [ ] (d) tatemenl of Changes in Member's Equity. - [ ] (e) tatement of Cash Flows. - [ ] x] (f) tatement of Change in Liabilities ubordinated to Claims of General Creditors ot to Financial Statements. - [] (g) omputation ofNet Capital for Brokers and Dealers Pursuant to Rule l 5c3-1 under th ecurities Exchange Act of 1934. - [ ] (h) Computation for Determination of Reserve Requirements for Brokers and Dealers Pursuant to Rule l 5c3- under the ecurities Exchange Act of 1934. - [] (i) Information Relating to the Possession or Control Requirements for Brokers and Dealers Pursuant to Rule I 5c3-3 under the ecurities Exchange Act of 1934. - [ ] U) A Reconciliation, including appropriate explanation , of the Computation of Net apital Pur uant to Rule J 5c3- l and the Computation for Determination of Reserve Requirements Under Rule I 5c3-3 (not applicable). - [] (k) A Reconciliation Between the Audited and Unaudited tatements of Financial Condition With Respect to Methods of Consolidation (not applicable). - [x] (I) An Affinnation. - [] (rn) A Report Describing the Broker-Dealer s Compliance with the xemption Provisions of ection k of S C Rule l 5c3-3 (the "Exemption Report'') and Report of Independent Registered Public Accounting Firm Thereon. - \*\* *For conditions of confidential treatment of certain portions of this filing, see section 2./0. I 7a-5(e)(3).* {3}------------------------------------------------ #### AFFIRMATION I. Robert Snider, affirm that, to the best of my knowledge and belief, the accompanying statement of financial condition pertaining to OmniCap. LLC as of and for the year ended December 31, 2019, is true and correct. I further affirm that neither the Company nor any officer or director has any proprietary interest in any account classified solely as that of a castomer. Sighature General Securities Principal Title Stary Public Subscribed and swern betw me on 2/21/20 ABRAHAM E ELLIS ABRAHAM E ELLIS Notary Public – State of New York Notary Public – State of New York NO 01EL6287209 NO 01EL6287205 County {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) 11 Broadway, Suite 700, New York, NY 10004 Tel: (212) 232-0122 Fax: (646) 218-4682 # **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Member of OmniCap, LLC ## **Opinion on the Financia l Statement** We have audited the accompanying statement of financial condition of OmniCap. LLC (the "Company'') as of December 31. 2019, and the related notes (collectively referred to as Lhe "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 3 1, 2019 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 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 pe,fonning procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. 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 statement. We believe that our audit provides a reasonable basis for our opinion. y *SL* v.. fl > S,;)l,..;'.v'U,., L L c\_\_. We have served as OmniCap, LLC's auditor since 20 I 4. New York. NY February 21. 2020 {5}------------------------------------------------ # **OmniCap, LLC** # **Statement of Financial Condition December 31 , 2019** | Assets
Cash
Commissions receivabl | \$
9,500
146,668 | |---------------------------------------------------------------------------------------------------------------------|------------------------| | Total assets | 156,168 | | Liabilities and Member' Eq uity
Liabilities:
ubordinated liabilitie
Accrued expenses and other liabilities | \$
75,168
347 | | Total liabi
lities | 75,515 | | | | | Member' equity | 80,653 | | Total liabilities and member's equity | \$
156,168 | The accompanying notes are an integral part of these financial statements. {6}------------------------------------------------ # **OmniCap, LLC** # **Notes to Financial Statements December 31, 2019** ## **l. Organization** Omni ap, LL (th "Company"), is registered a a broker-dealer under the ecurities Exchange Act of 1934 and i a member of the Financial lndu try Regulatory Authority ("FINRA"). The Company' main activity is to raise capital for various types of busine. e and to source liquidity for a rang of asset pools or fund interests. In addition, from time-to-time, the ompany may work with fund managers to support asset gathering of new fund initiatives. All of these exclu ively involve private placement business. This business is conducted with institutions where the Company act as a fee-ba ed intermediary. The Company does not hold customer ' cash or securities; therefore, ii is not affected by SEC Rule J 5c3-3. #### **2. Significant Accounting Policies** The Company follows genera lly accepted accounting principles ("GAAP'') established by the Financial Accounting tandards Board (the " A 8 11 ) to ensure consi tent reporting of financial condition, results of operations and cash flows. #### **Revenue** The Company earns revenue by way of fees for advisory service and private placement fees. Revenue from services provided are recognized at the time there is persuasive evidence that the Com pan 's performance obligations have been substantially completed pursuant to the terms of an engagement letter. the fee is determinable and collection of the related receivable is reasonably assured. xpenses directly associated with such transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded. ### **Use of Estimates** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions in determining the reporied amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimate . #### **Income Taxes** The Company is a single member limited liability company. For tax purposes it is considered a di regarded entity and it doe not ti le a tax return. In accordance with GAAP, management is required to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority including resolution of any related appeals or litigation processes based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate ettlement. De-recognition of a tax benefit previously recognized could result in the Company recording a tax liability that would reduce net as ets. As of December 31 , 2019, management ha determined that there were no uncertain tax positions. {7}------------------------------------------------ # **OmniCap, LLC** # **Notes to Financial Statements December 31 , 2019** ### **2. Significa nt Accounting Policies (continued)** ### **ubordinated Liabilities** Commissions are payable to lhe salesperson only when the related receivables are collected. ln addition, any liabilities to salespersons in this regard are subordinated to the claims of general creditors yet they are not considered patt of regulatory capital. At December 31. 2019, the ompany owed \$75,168 of subordinated liabilities to a salesperson. #### **Contract As ets and Contract Liabilitie** The ompany had contract a sets in the amount of \$146,668 at December 3 !. 20 l 9. Tl had no contract liabilities at December 31.2019. #### **3. Net Capital Requirements** As a registered broker-dealer and member of FINRA, the Company is subject to Uniform Nel Capital Rule I 5c3- I of the Securities and Exchange Commission, which requires the Company to maintain minimum net capital, as defined, the greater of 6-2/3% of aggregate indebtedness, as defined or \$5 000. Net capital and aggregate indebtedness change from day to day, but as of December 31. 2019, the Company had net capital of \$9. 153 that exceeded its requirement of \$5,000 by \$4,153. #### **4. Rela ted Party Transactions** The managing member entered into an arrangement that provides office space and administrative services to the ompany at no cost a well as payment of expenses in total of approximately \$ I 4 584 on behalf of the Company without seeking reimbur ement, pursuant to a service agreement. ### **5. lodem nifications** t n the normal course of business. the ompany enters into contracts that contain a variety of rcpre entations and warranties that provide indemnifications under certain circum lances. The Company s maximum exposure under these arrangements is unknown, as thi would involve future claims that could be made against the Company that have not yet occurred. The Company expect ri k of loss to be remote. #### **6. Concentrations** Two cu tomers generated approximately 95% of the revenues for the year 20 t 9. The Company's cash is held at one financial institution and is fully insured by the Federal Deposit Insurance Corporation. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.