# TRANSPACIFIC GROUP LLC X-17A-5 (2025-02-28) — Broker-dealer annual report - Company: TRANSPACIFIC GROUP LLC - Form: X-17A-5 - Filed: 2025-02-28 - Period: 2024-12-31 - Accession: 0001396609-25-000001 - CIK: 1396609 - File #: 8-67611 - Type: Broker-dealer - Material weakness: No - Auditor: Assurance Dimensions LLC - Auditor location: Coral Springs, FL - Contact: PHYLLIS CHIN - Phone: (212)-751-4422 - Email: pchin@t-pacific.com - Website: t-pacific.com - Signed by: Phyllis Chin (CFO) Original filing: https://www.sec.gov/Archives/edgar/data/1396609/000139660925000001/tpgshort24.pdf --- {0}------------------------------------------------ #### TRANSPACIFIC GROUP LLC Statement of Financial Condition Pursuant to Rule 17a-5 under the Securities Exchange Act of 1934 December 31, 2024 {1}------------------------------------------------ # **UNITED STATES SECURITIES AND EXCHANGE COMMISSION** #### **Washington, D.C. 20549** # **ANNUAL REPORTS FORM X-17A-5 PART III** **FACING PAGE** #### **Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934** | REPORT FOR THE PERIOD BEGINNING | 01/01/2024
MM/DD/YY | AND ENDING | 12/31/2024
MM/DD/YY | | | |----------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------------------------------|----------------------------------------|--------------------------------------------|--| | | | A. REGISTRANT IDENTIFICATION | | | | | NAME OF FIRM: Transpacific Group LLC | | | | | | | TYPE OF REGISTRANT (check all applicable boxes): | | | | | | | ☒Broker-dealer
☐ Check here if respondent is also an OTC derivatives dealer | ☐Security-based swap dealer | | ☐Major security-based swap participant | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.)
150 SE 2ND AVENUE, SUITE 1401 | | | | | | | | | (No. and Street) | | | | | MIAMI | | FL | | 33131 | | | (City) | | (State) | | (Zip Code) | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | PHYLLIS CHIN | 212-751-4422 | | pchin@t-pacific.com | | | | (Name) | (Area Code – Telephone Number) | | | (Email Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | | | Assurance Dimensions LLC | | | | | | | | | (Name – if individual, state last, first, middle name) | | | | | 3111 N University Dr., Suite 621 | Coral Springs | | FL | 33065 | | | (Address) | (City) | | (State) | (Zip Code) | | | 04/13/2010 | | | | 5036 | | | (Date of Registration with PCAOB)(if applicable) | | | | (PCAOB Registration Number, if applicable) | | | | | FOR OFFICIAL USE ONLY | | | | \* Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public 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.** OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 SEC FILE NUMBER **8-67611** {2}------------------------------------------------ #### **OATH OR AFFIRMATION** I, Phyllis Chin, swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Transpacific Group LLC, as of December 31, 2024, 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. Signature: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Title: \_\_\_\_CFO\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Notary Public #### **This filing\*\* contains (check all applicable boxes):** - ☒ (a) Statement of financial condition. - ☒ (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. - ☐ (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - ☐ (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. - ☐ (l) 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. - ☐ (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. - ☒ (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 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. - ☒ (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 report or 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 240.15c3-1e 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 240.17a-12(k). - ☐ (z) Other: *\*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), as applicable.* {3}------------------------------------------------ ## TRANSPACIFIC GROUP LLC DECEMBER 31, 2024 # **CONTENTS** | | PAGE | |------------------------------------------------------------|------| | Report
of Independent Registered Public Accounting Firm | 1 | | Statement of Financial Condition | 2 | | Notes to the Financial Statement | 3-9 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Member of TransPacific Group LLC: #### Opinion on the Financial Statements We have audited the accompanying statement of financial condition of TransPacific Group LLC's as of December 31, 2024, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of TransPacific Group LLC's as of December 31, 2024 in conformity with accounting principles generally accepted in the United States of America. #### Basis for Opinion These financial statements are the responsibility of TransPacific Group LLC's management. Our responsibility is to express an opinion on TransPacific Group 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 TransPacific Group LLC in accordance with the U.S. federal securities laws and the applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") 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. We have served as TransPacific Group LLC's auditor since 2024. Assurance Dimensions Coral Springs, Florida February 28, 2025 also d/b/a McNAMARA and ASSOCIATES, LLC TAMPA BAY: 4920 W Cypress Street, Suite 102 | Tampa, FL 33607 | Office: 813.443.5048 | Fax: 813.443.5053 JACKSONVILLE: 7800 Belfort Parkway, Suite 290 | Jacksonville, FL 32256 | Office: 888.410.2323 | Fax: 813.443.5053 ORLANDO: 1800 Pembrook Drive, Suite 300 | Orlando, FL 32810 | Office: 888.410.2323 | Fax: 813.443.5053 SOUTH FLORIDA: 3111 N. University Drive, Suite 621 | Coral Springs, FL 33065 | Office: 754.800.3400 | Fax: 813.443.5053 www.assurancedimensions.com ## ASSURANCE DIMENSIONS, LLC {5}------------------------------------------------ ## TRANSPACIFIC GROUP LLC STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2024 | ASSETS | | | |----------------------------------------|----|-----------| | Cash and cash equivalents | \$ | 1,371,946 | | Accounts receivable | | 1,388,710 | | Prepaid expenses | | 35,349 | | Other assets | | 23,790 | | Right of use asset - operating lease | | 81,287 | | TOTAL ASSETS | \$ | 2,901,082 | | LIABILITIES AND MEMBER'S EQUITY | | | | Liabilities | | | | Accrued expenses and other liabilities | | 498,713 | | Lease liability | \$ | 81,377 | | TOTAL LIABILITIES | | 580,090 | | Member's equity | | 2,320,992 | | TOTAL LIABILITIES AND MEMBER'S EQUITY | \$ | 2,901,082 | The accompanying notes are an integral part of the financial statement {6}------------------------------------------------ ## NOTE 1. ORGANIZATION AND NATURE OF BUSINESS TransPacific Group LLC (the "Company"), a Delaware limited liability company, was formed on January 29, 2007. The Company, a broker-dealer registered with the Securities and Exchange Commission ("SEC") and a member of the Financial Industry Regulatory Authority ("FINRA"), acts as a third-party selling agent for private collective investment vehicles. The Company will continue indefinitely, unless terminated sooner by management. ## NOTE 2. SIGNIFICANT ACCOUNTING POLICIES ## Basis of Presentation The Company's financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") as contained in the Accounting Standards Codification ("ASC") issued by the Financial Accounting Standard Board ("FASB"). ## Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. ## Cash and Cash Equivalents The Company maintains its cash balances at two financial institutions. As of December 31, 2024, the cash balance in excess of the Federal Deposit Insurance Corporation insurance limits amounted to \$1,061,433. The Company has not experienced any losses in such accounts. ## Translation of Foreign Currency and Foreign Exchange Gain/Loss Assets and liabilities denominated in foreign currencies are translated into United States dollar amounts at the December 31, 2024 exchange rates. One of the Company's bank accounts is denominated in Japanese Yen. The balance at December 31, 2024, was equivalent to approximately \$57,000 and included in cash and cash equivalents on the accompanying Statement of Financial Condition. {7}------------------------------------------------ ## NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (Continued) #### Income Taxes The Company is a single member limited liability company. The Internal Revenue Code ("IRC") provides that any income or loss is passed through to the member for federal and state income tax purposes. Accordingly, the Company has not provided for federal or state income taxes. U.S. GAAP requires evaluation of tax positions taken or expected to be taken in the course of preparing the tax returns to determine whether the tax positions are more likely than not of being sustained by the applicable tax authority. The Company concluded that it does not have any unrecognized tax benefits or any additional tax liabilities for any uncertain positions as of December 31, 2024. The Company is subject to local franchise taxes in Japan. The Company's effective tax rate is approximately 33%. ## Fair Value of Financial Assets and Liabilities The majority of the Company's financial assets and liabilities are recorded at amounts that approximate fair value. Such assets and liabilities include cash, accounts receivables, other assets, and accrued expenses and other liabilities. In accordance with ASC Topic 820, Fair Value Measurements and Disclosures, the fair value estimates are measured within the fair value hierarchy. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under applicable guidance are described below: • Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2 - Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability; • Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). All assets and liabilities are Level 2, except for cash and cash equivalents which is considered as Level 1. {8}------------------------------------------------ #### NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (Continued) #### Accounts Receivable and Allowance for Credit Losses The Company accounts for credit losses in accordance with ASC Topic 326, Financial Instruments – Credit Losses ("ASC Topic 326"). ASC Topic 326 impacts the impairment model for certain financial assets measured at amortized cost by requiring a current expected credit loss ("CECL") methodology to estimate expected credit losses over the entire life of the financial asset, recorded at inception or purchase. The Company has the ability to determine there are no expected credit losses in certain circumstances. The Company identified accounts receivable, prepaid expenses and other assets which are carried at amortized cost as in scope for consideration under ASC Topic 326. The allowance for credit losses is based on the Company's expectation of the collectability of financial instruments carried at amortized cost, including other assets utilizing the CECL framework. The Company considers factors such as 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. The Company's expectation is that the credit risk associated with other assets is not significant until they are 90 days past due based on the contractual arrangement and expectation of collection in accordance with industry standards. The Company did not record an allowance for credit losses at December 31, 2024. #### Leases The Company recognizes and measures its lease in accordance with ASC Topic 842, Leases. The Company is a lessee in a noncancelable operating lease, for office space. The lease liability is initially and subsequently recognized based on the present value of its future lease payments. The discount rate is the implicit rate if it is readily determinable or otherwise the Company uses its incremental borrowing rate. The implicit rate of the lease is not readily determinable and accordingly, the Company used its incremental borrowing rate based on the information available at the commencement date for the lease. The Company's incremental borrowing rate for a lease is the rate of interest it would 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 Right-of-use asset ("ROU") is subsequently measured throughout the lease term at the amount of the remeasured lease liability (i.e., present value of the remaining lease payments), plus unamortized initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received, and any impairment recognized. Lease cost for lease payments is recognized on a straight-line basis over the lease term. {9}------------------------------------------------ #### NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (Continued) #### Leases (Continued) The Company has elected, for all underlying classes of assets, to not recognize ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less at lease commencement, and do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. The Company recognizes the lease cost associated with its short-term leases on a straight-line basis over the lease term. #### Segment Reporting In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Improvements to Reportable Segment Disclosures ("ASU 2023- 07"), which requires incremental disclosures about reportable segments but does not change the definition of a segment or the guidance for determining reportable segments. The new guidance requires disclosure of significant segment expenses that are (1) regularly provided to (or easily computed from information regularly provided to) the chief operating decision maker ("CODM") and (2) included in the reported measure of segment profit or loss. The new standard also requires companies to disclose the title and position of the individual (or the name of the committee) identified as the CODM, allows companies to disclose multiple measures of segment profit or loss if those measures are used to assess performance and allocate resources, and is applicable to companies with a single reportable segment. The requirements are effective for annual reporting periods beginning on January 1, 2024, and are required to be applied retrospectively. The Company has adopted the additional disclosure requirements under ASU 2023-07. The additional requirements did not have a material impact on the financial statements. #### NOTE 3. RELATED PARTY TRANSACTIONS The Company has a Services Agreement with their affiliate TransPacific Group (Asia) Ltd., ("TPG Asia"). As part of the Services Agreement, the Company agreed to make available to TPG Asia the services of certain of its officers and employees required by TPG Asia to conduct its business and as such charged an administrative support fee on a monthly basis. #### NOTE 4. NET CAPITAL REQUIREMENT The Company is subject to the SEC Uniform Net Capital Rule 15c3-1, which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. At December 31, 2024, the Company had net capital of \$1,013,372 which was \$1,003,043 in excess of its required net capital of \$10,329. The Company's net capital ratio was 0.15 to 1. {10}------------------------------------------------ ## NOTE 5. CONCENTRATION OF CREDIT RISK In the normal course of its business, the Company enters into financial transactions where the risk of potential loss due to changes in the market (market risk) or failures of the other parties to the transaction to perform (counterparty risk) exceeds the amounts recorded for the transaction. The Company's policy is to continuously monitor its exposure to the market and counterparty risk through the use of a variety of financial, position and credit exposure reporting and control procedures. In addition, the Company has a policy of reviewing the credit standing of each brokerdealer, clearing organization, customer and/or other counterparty with which it conducts business. As of December 31, 2024, there were no customer accounts having debit balances which presented any risks, nor was there any exposure with any other transaction conducted with any other broker. As of December 31, 2024, \$1,388,710 was receivable from the two customers and included in accounts receivable on the Statement of Financial Condition. ## NOTE 6. LEASES The Company has obligations as a lessee for office space, with initial noncancelable terms in excess of one year. The Company classified this lease as an operating lease. The Company's lease does not include termination options for either party to the lease or restrictive financial or other covenants. Payments due under the lease contract include fixed payments plus variable payments. The Company's office space lease requires it to make variable payments for the Company's proportionate share of the building's property taxes, insurance, and common area maintenance. These variable lease payments are not included in lease payments used to determine lease liability and are recognized as variable costs when incurred. Amounts included on the Statement of Financial Condition as of December 31, 2024 were as follows: | Right of use asset - operating lease | \$
81,287 | |--------------------------------------|--------------| | Lease liability | \$
81,377 | Amounts disclosed for ROU assets obtained in exchange for lease obligations and reductions to ROU assets resulting from reductions to lease obligations include amounts added to or reduced from the carrying amount of ROU assets resulting from new leases, lease modifications or reassessments. {11}------------------------------------------------ #### NOTE 6. LEASES (Continued) The current lease was renewed and will expire on January 31, 2027. The discount rate used on the lease was 8.00%. Maturities of lease liabilities under noncancelable operating leases as of December 31, 2024 are as follows: | Year Ending December 31, | Amount | | |--------------------------------------|--------|---------| | 2025 | \$ | 41,265 | | 2026 | | 42,723 | | 2027 | | 3,569 | | | \$ | 87,557 | | Less: imputed interest | | (6,180) | | Lease liability at December 31, 2024 | \$ | 81,377 | As of December 31, 2024, the Company has a security deposit with the landlord in accordance with a contractual agreement for \$23,540, and is included in other assets on the Statement of Financial Condition. ## NOTE 7. COMMITMENTS AND CONTINGENT LIABILITIES The Company had no underwriting commitments, no contingent liabilities and had not been named as defendant in any lawsuit at December 31, 2024 or during the year then ended. ## NOTE 8. RETIREMENT PLANS The Company sponsors a 401(k) for eligible employees providing pre-tax salary deferrals. For the year ended December 31, 2024, the Company contributed \$24,163 as a safe harbor contribution to the plan, which is included in accrued expenses and other liabilities on the Statement of Financial Condition. ## NOTE 9. GUARANTEES ASC Topic 460, Guarantees,("ASC Topic 460") requires the Company to disclose information about its obligations under certain guarantee arrangements. ASC Topic 460 defines guarantees as contracts and indemnification agreements that contingently require a guarantor to make payments to the guaranteed party based on changes in an underlying value (such as an interest or foreign exchange rate, security or commodity price, an index or the occurrence or nonoccurrence of a specified event) related to an asset, liability or equity security of a guaranteed party. This guidance also defines guarantees as contracts that contingently require the guarantor to make payments to the guaranteed party based on another entity's failure to perform under an agreement as well as indirect guarantees of the indebtedness of others. The Company has issued no guarantees at December 31, 2024 or during the year then ended. {12}------------------------------------------------ ## NOTE 10. INDEMNIFICATIONS In the normal course of business, the Company provides representations and warranties in connection with its engagements and occasionally indemnifies it against potential losses caused by the breach of those representations and warranties. The maximum potential amount of future payments that the Company could be required to make under these indemnifications cannot be estimated. The Company does not believe that the outcome of any of these indemnifications will have a material impact and has not recorded any contingent liability in these financial statements. ## NOTE 11. SEGMENT REPORTING The Company is engaged in a single line of business as a securities broker-dealer and agent in selling securities in private placements. 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 capital (see Note 4), 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. The Company derived all of its revenue from three external customers in 2024, one of which is the Company's affiliate (see Note 3). ## NOTE 12. SUBSEQUENT EVENTS Subsequent events have been evaluated through February 28, 2025, the date the financial statements were available to be issued. There have been no subsequent events requiring recognition or disclosure in the financial statements. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.