# MENTOR SECURITIES, LLC X-17A-5 (2025-04-01) — Broker-dealer annual report - Company: MENTOR SECURITIES, LLC - Form: X-17A-5 - Filed: 2025-04-01 - Period: 2024-12-31 - Accession: 0001438312-25-000001 - CIK: 1438312 - File #: 8-67923 - Type: Broker-dealer - Material weakness: No - Auditor: LMHS PC - Auditor location: Norwell, MA - Contact: Mark T Manzo - Phone: 2015191905 - Email: mmanzo@moppartners.com - Website: moppartners.com - Signed by: Davis Blaine (Chairman) Original filing: https://www.sec.gov/Archives/edgar/data/1438312/000143831225000001/2024mentorsecedpublic.pdf --- {0}------------------------------------------------ ## **Mentor Securities, LLC** **Statement of Financial Condition** **For the Year Ended December 31, 2024** {1}------------------------------------------------ #### **Mentor Securities, LLC** #### **December 31, 2024** #### **Table of Contents** | Facing page and Oath or Affirmation Page | 1-2 | |--------------------------------------------------------|-----| | Report oflndependent Registered Public Accounting Firm | 3 | | Financial Statements | | | Statement of Financial Condition | 4 | | Notes to the Financial Statements | 5-9 | {2}------------------------------------------------ #### **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** **ANNUAL REPORTS FORM X-17A-5 PART Ill** | 0MB APPROVAL | | |--------------------------|--| | 0MB Number: 3235-0123 | | | Expires: Nov. 30, 2026 | | | Estimated average burden | | | hours per response: 12 | | | | | | SEC FILE NUMBER | | |-----------------|--| | 8-67923 | | **FACING PAGE** **Information Required Pursuant to Rules 17a-5, 17a-U, and 18a-7 under the Securities Exchange Act of 1934** **FILING FOR THE PERIOD BEGINNING 01/01/24 AND ENDING 12/31 /24** MM/DD/VY MM/DD/YY **A. REGISTRANT IDENTIFICATION** # **NAME OF FIRM: MENTOR SECURITIES, LLC** **TYPE OF REGISTRANT (check all applicable boxes):** **[!) Broker-dealer □ Security-based swap dealer D Check here if respondent is also an OTC derivatives dealer** **□ Major security-based swap participant** **ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)** ## **200 N. WESTLAKE BOULEVARD, SUITE 204** | (Name) | (Area Code - Telephone Number) | (Email Address) | | | |----------------------------------------------|--------------------------------|------------------------|--|--| | Mark T Manzo | (201) 519-1905 | mmanzo@moppartners.com | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | (City) | (State) | (Zip Code) | | | | WESTLAKE VILLAGE | CA | 91362 | | | | | (No. and Street) | | | | #### **B. ACCOUNTANT IDENTIFICATION** **INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\*** ## **LMHS, P.C.** | (Name - if individual, state last, first, and middle name) | | | | | |------------------------------------------------------------|-----------------------|---------|------------------------------------------|--| | 80 Washington St.,Bldg S | Norwell | MA | 02061 | | | (Address) | (City) | (State) | (Zip Code) | | | 02/24/2009 | | 3373 | | | | te of Res;stmloo with PCAOBJI• applicable) | | | (PCAOB ReglCounty of Ventura | | |------------------------------------------|-----------------------------------------------| | | | | 3/20/27
On | before me, baula Richard 50.7 , Notary Public | | Date | Here Insert Name and Title of the Officer | | personally appeared | Blane
Varis K | | | Name(s) of Signer(s) | | | | who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. ![](_page_4_Picture_6.jpeg) I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Place Notary Seal and/or Stamp Above Signature Signature of Notary Public OPTIONAL Completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. #### Description of Attached Document Title or Type of Document: | Document Date: _______________________________________________________________________________________________________________________________________________________________ | | Number of Pages: _____________________________________________________________________________________________________________________________________________________________ | | | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--| | Signer(s) Other Than Named Above: | | | | | | Capacity(ies) Claimed by Signer(s) | | | | | | Signer's Name: _______________________________________________________________________________________________________________________________________________________________ | | Signer's Name: _______________________________________________________________________________________________________________________________________________________________ | | | | D Corporate Officer - Title(s): ______________________________________________________________________________________________________________________________________________ | | Corporate Officer - Title(s): ______________________________________________________________________________________________________________________________________________ | | | | 0 Partner - 0 Limited 0 General | | 0 Partner - 0 Limited 0 General | | | | O Individual | O Attorney in Fact | O Individual | O Attorney in Fact | | | 0 Trustee | Guardian or Conservator O Trustee | | D Guardian or Conservator | | | O Other: | | 0 Other: | | | | Signer is Representing: ______________________________________________________________________________________________________________________________________________________ | | | Signer is Representing: ______________________________________________________________________________________________________________________________________________________ | | | | | | | | 8018年8月08日00000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 ©2019 National Notary Association {5}------------------------------------------------ 服。 12:30 ్ల ప్ర 2 19-02 . िक ਾ ਕਿੱਤੇ ' পুর প্র 000 25 2014-01-1 100 100 21 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 -.............................................................................................................................................................................. 1942 a market ાર વિશ્વ 12 2017 11:42 11:00 11:00 1 : 18 3 1 18 in the same and the species of the second of the section of the section of the section of the section of the section of the section トップの通販サイト、サイト 1 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 24 たことがないのですが and and the comment 11 - 12 - 12 - 12 . ... 269.00 {6}------------------------------------------------ ![](_page_6_Picture_0.jpeg) *Report of Independent Registered Public Accounting Firm* To The Member Mentor Securities, LLC Westlake Village, California #### *Opinion on the Financial Statements* We have audited the accompanying statement of financial condition of Mentor Securities, LLC, as of December 3 1, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of Mentor Securities, LLC as of December 3 1, 2024, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. #### *Basis for Opinion* These financial statements are the responsibility of the entity's management. Our responsibility is to express an opinion on these 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 Mentor Securities, LLC 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 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 Mentor Securities, LLC's auditor since 2020. Norwell, Massachusetts March 28, 2025 ![](_page_6_Picture_13.jpeg) **Amembe,of** mgiworldwide\_ {7}------------------------------------------------ ## **MENTOR SECURITIES, LLC** ## **Statement of Financial Condition December 31, 2024** #### **ASSETS** | Cash [Note 2] | \$ | 9,249 | |---------------------------------------|----|--------| | Prepaid expenses | | 4,871 | | Other assets | | 2,987 | | Total assets | \$ | 17,107 | | LIABILITIES AND MEMBER'S EQUITY | | | | Liabilities: | | | | Current liabilities | | | | Accounts payable & Accrued expenses | \$ | 1,200 | | Total liabilities | | 1,200 | | | | | | Member's equity : | | | | Member's equity | | 15,907 | | Total member's equity | | 15,907 | | Total liabilities and member's equity | \$ | 17,107 | *The accompanying notes are an integral part of thisStatementof Financial Condition* {8}------------------------------------------------ #### **Note 1: Organization** **Mentor Securities, LLC (the "Company") was organized in the State of California on April 27, 2007. The Company is currently registered as a broker-dealer under Section 15(b) of The Securities Exchange Act of 1934, a member of the Financial Industry Regulatory Authority ["FINRA"] and the Security Investor Protection Corporation ["SIPC"].** **The Company is engaged in business as a securities broker-dealer, which provides several classes of services, including private placements and merger and acquisitions.** **Under its membership agreement with FINRA the Company will not claim an exemption from SEA Rule 15c3-3. The Company is a Non-Covered firm that relies on Footnote 74 to SEC Release 34-70073. The Company does not hold or carry customer funds or securities.** #### **Note 2: Summary of Significant Accounting Policies** #### **Basis of Presentation** **The accompanying financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America. The Company uses accrual method of accounting.** ### **Use of estimates** **The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements as well as the reported amount of revenues and expenses during the reporting period. Actual results could differ from these estimates.** ### **Cash and Cash Equivalents** **The Company considers all highly liquid instruments with an original maturity of three months or less when purchased to be cash equivalents. As of December 31, 2024, the Company had a cash balance of \$9,249.** #### **Revenue Recognition** **The company receives fees in accordance with terms stipulated in its engagement contracts. Fees are recognized as earned. The Company also receives success fees when transactions are completed. Success fees are recognized when earned, which means the Company has no further continuing obligations and collection is reasonably assured. Retainer fees that are not subject to refund are recognized when received subject to the terms of engagement.** {9}------------------------------------------------ ## **Revenue Recognition (Continued)** ### **A. Significant accounting policy** **Revenue is measured based on a consideration specified in a contract with a customer, and excludes any sales incentives and amounts collected on behalf of third parties. The Company recognizes revenue when it satisfied a performance obligation by transferring control over a product or service to a customer. All revenues earned during the year ended December 31, 2024, were earned at a point in time.** **Taxes and regulatory fees assessed by a government authority or agency that are both imposed on and concurrent with a specified revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue.** **B. Nature of services** **Fees earned: This includes fees earned from providing Merger and Acquisition financial advisory services.** **C. Changes in Accounting Policy:** **The Company adopted Topic 606 "Revenue from Contracts with Customers" with a date of January 1, 2018. As a result, it has changed its accounting policy for revenue recognition as detailed below.** **The Company applied Topic 606 using the cumulative effect method - i.e. by recognizing the cumulative effect of initially applying Topic 606 as an adjustment to the opening balance of equity at January 1, 2018. This was immaterial. Therefore, any prior reporting information has not been adjusted and continues to be reported under Topic 606.** **The Company provides advisory services on mergers and acquisitions (M&A). Revenue for advisory arrangements is generally recognized at the point in time that performance under the arrangement is completed (the closing date of the transaction) or the contract is cancelled. However, for certain contracts, revenue is recognized over timer for advisory arrangements in which the performance obligations are simultaneously provided by the Company and consumed by the customer. In some circumstances, significant judgment is needed to determine the timing and measure of progress appropriate for revenue recognition under a specific contract. Retainers and other fees received from customers prior to recognizing revenue are reflected as contract liabilities. At December 31, 2024, the Company maintains that no such contract liabilities existed nor were there any circumstances whereby significant judgement was needed to determine the timing and measure of progress appropriate for revenue recognition under a specific contract.** {10}------------------------------------------------ ## **Professional fees** **During the year December 31, 2024, the Company paid \$29,441 in professional fees, which included accounting, analysis, compliance and consulting services.** ### **Note 3: Securities owned** **As of the statement of financial condition date the Company does not own any corporate stocks or debt instruments.** #### **Note 4: Income taxes** **The Company, with the consent of its members, has elected to be a California Limited Liability Company. For tax purposes the Company is treated like a partnership, therefore in lieu of business income taxes for Federal and State income tax, all income or loss "flows through" to the member's individual income tax returns. However, provisions are made for the State of California's annual minimum tax and LLC fees that are reflected in these financial statements. As the tax obligations are passed through to its members, any audit or review considerations related to Internal Revenue Under section 6501(a) of the Internal Revenue Code (Tax Code) and section 301.6501(a)-l(a) of the Income Tax Regulations (Tax Regulations), the IRS is required to assess tax within 3 years after the tax return was filed with the IRS. Service assessments and statute of limitations thereof are borne by the Company's members.** ## **Note 5: Fair Value** **The Company adopted Financial Accounting Standards ("SFAS") ASC 820 Measurements and Disclosures, for assets and measured at fair value on a recurring basis. The ASC 820 had no effect on the Company's financial statements. ASC 820 accomplishes the following key objectives:** - **Defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date;** - **Establishes a three-level hierarchy (the "Valuation Hierarchy") for fair value measurements;** - **Requires consideration of the Company's creditworthiness when valuing liabilities; and expands disclosures about instruments measured at fair value.** **The Valuation Hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument's categorization within the Valuation Hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of the Valuation Hierarchy and the distribution of the Company's financial assets within it are as follows:** {11}------------------------------------------------ #### **Note 5: Fair Value Continued** - **Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.** - **Level 2 - inputs to the valuation methodology included quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.** - **Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement.** **Certain financial instruments are carried at cost on the statement of financial condition, which approximate fair value due to their short-term highly liquid nature These instruments include cash and cash equivalents, accounts receivable, prepaid expense, accrued expenses and other liabilities.** #### **Note 6: Net capital requirements** **Pursuant to the Basic Uniform Net Capital prov1s10ns of the Securities and Exchange Commission, the Company is required to maintain a minimum net capital, as defined, in such provision. Further, the provisions require that the ratio of aggregate indebtedness, as defined, to net capital shall not exceed 15 to 1. Net capital and the related net capital ratio may fluctuate on a daily basis. At December 31, 2024 the Company had net capital and net capital requirements of \$8,049 and \$5,000 respectively. The Company's aggregate indebtedness to net capital ratio was .15 to 1 which is less than 15: 1.** #### **Note 7: Related party transactions** **The Company shares office space with an entity related by common management. The Company pays rent to one of its members for this office space. During the year December 31, 2024 the Company recorded \$1,800 in rent expense which was converted to capital at year end.** #### **Note 8: Commitments and Contingencies** **As of the audit date there are no contingencies, guarantees of debt, and the like. Rental commitment which includes administrative services is \$150.00 per month or \$1,800 annually.** #### **Note 9: Subsequent Events** **Management has evaluated subsequent events through March 28, 2025, the date which the financial statements were available to be issued.** {12}------------------------------------------------ #### **Note 10: Recent Accounting Pronouncements** #### **FASB ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures** **The FASB issued ASU 2023-07 on November 27, 2023, which is intended to improve reportable segment disclosure requirements. Under previous guidance, while entities were required to disclose segment revenue and measure of profit or loss, there has been limited disclosure around the reporting of segment expenses. In addition to enhanced disclosures about significant segment expenses, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The purpose of the amendments is to enable investors to better understand an entity's overall performance and assess potential future cash flows. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company has adopted the requirements of the expanded segment disclosures as of December 31, 2024.** #### **Segment Reporting** **The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of private placement of securities and merger and acquisitions. The Company has identified its chairman 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 6), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy. 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 99% of total revenue earned during the year ended December 31, 2024, from two customers.** Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.