# MENSURA SECURITIES, LLC X-17A-5 (2021-02-25) — Broker-dealer annual report - Company: MENSURA SECURITIES, LLC - Form: X-17A-5 - Filed: 2021-02-25 - Period: 2020-12-31 - Accession: 0001460185-21-000002 - CIK: 1460185 - File #: 8-68210 - Material weakness: No - Auditor: OHAB AND COMPANY, PA - Auditor location: MAITLAND, FL - Contact: PETER S. VAN NORT - Phone: 404-939-9099 - Signed by: PETER S. VAN NORT (CEO/FINOP/CCO) Original filing: https://www.sec.gov/Archives/edgar/data/1460185/000146018521000002/msecauditpublic1.pdf --- {0}------------------------------------------------ SEC 141 0 (11-05) PUBLIC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OMB APPROVAL OMB Number: 3235-0123 Expires: October 31, 2023 Estimated average burden hours per response 12.00 # **ANNUAL AUDITED REPORT FORM X-17A-5 PART Ill** | SE
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au | | | | | {2}------------------------------------------------ # **Mensura Securities, LLC** (A LIMITED LIABILITY COMPANY) FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2020 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM {3}------------------------------------------------ ![](_page_3_Picture_0.jpeg) 100 E. Sybelia Ave. Suite 130 Maitland, FL 3275 l *Certified Public Accountants* Email: pam@ohabco.com Telephone 407-740- 7311 Fax 407-740-6441 ### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Member's of Mensura Securities, LLC ### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of Mensura Securities, LLC as of December 31, 2020, 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 Mensura Securities, LLC as of December 31, 2020 in conformity with accounting principles generally accepted in the United States of America. #### **Basis for Opinion** This financial statement is the responsibility of Mensura Securities, LLC's management. Our responsibility is to express an opinion on Mensura Securities, LLC'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 Mensura 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 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 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 Mensura Securities, LLC's auditor since 2016. Maitland, Florida February 16, 2021 {4}------------------------------------------------ # Mensura Securities, LLC (A LIMITED LIABILITY COMPANY) STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2020 # ASSETS | CU
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4 | The accompanying notes are an integral part of these financial statements. {5}------------------------------------------------ #### **1. ORGANIZATION AND NATURE OF BUSINESS** Mensura Securities, LLC (the "Company") was formed in the State of Delaware on February 9, 2009. The Company is a registered broker-dealer with the Securities and Exchange Commission (the "SEC") and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). The Company received its approval for membership on December 23, 2009. The Company is an independent mergers and acquisitions advisory firm. From the Company's formation until October 14, 2010, the Company's sole member was Mensura Holdings, LLC ("Mensura Holdings"). On October 15, 2010, the ownership of the Company was distributed to the members of Mensura Holdings, which simultaneously contributed their ownership in the Company to Asidero Holdings, LLC ("Asidero Holdings", "Member") who became the sole member. On March 31, 2015, Mensura Holdings was merged with Asidero Holdings (the surviving entity) and Asidero Holdings changed its name to The Mensura Companies, LLC (''TMC"). On April 15, 2015, TMC changed its name to Mensura Holdings. The Company's manager is Mensura Holdings, which is managed by Principito Holdings, LLC, which is managed by Alexander Graham. Since the Company is a limited liability company ("LLC"), the Member is not liable for the debts, obligations, or liabilities of the Company, whether arising in contract, tort, or otherwise, unless the Member has signed a specific guarantee. ## **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** #### Basis of Accounting The Company maintains its books and records on the accrual basis of accounting for financial reporting purposes, which is in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and is required by the SEC and FINRA. . #### Cash and Cash Equivalents The company considers all highly liquid investments with a maturity of three (3) months or less when purchased to be cash equivalents. #### Revenue from Contracts with Customers #### *Significant Judgements* Revenue from contracts with customers is comprised of fees from investment banking. The recognition and measurement of revenue is based on the assessment of individual contract terms. Significant judgement 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 the appropriate measure of the Company's progress under the contract; whether revenue should be presented gross or net of certain costs; and whether constraints on variable consideration should be applied due to uncertain future events. #### *Investment Banking Fees* Revenues from contracts with customers are comprised of investment banking and advisory fees. Such fees are recognized at the point in time when the Company's performance under the terms of the contractual arrangement is completed, which is typically at the close of a transaction. Reimbursed expenses related to these transactions are recorded as revenue. However, advisory fees for certain contracts are recognized over time, as obligations are simultaneously provided by the Company and consumed by the customer, as services are provided. The Company identifies the specific performance obligation associated with the contract with the customer and determines when that specific performance obligation has been satisfied, based on achievement of milestones and/or a time elapsed measure of progress. In certain transactions, the performance obligation is considered satisfied at a point in time in the future and the Company defers revenue on the balance sheet that will be recognized upon completion of the performance obligation. #### Use of Estimates The preparation of 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. {6}------------------------------------------------ # 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) ### Fixed Assets Fixed assets are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, ranging from three to seven years. The Company follows the policy of capitalizing all major additions, renewals, and betterments. Minor replacements, maintenance, and repairs are expensed currently. Accounts Receivable Accounts receivable are stated at the amount management expects to collect from outstanding balances. Management reviews all accounts receivable balances and, based on an assessment of current creditworthiness, estimates the portion, if any, of the balance that is uncollectable. At December 31, 2020, there was no allowance for doubtful accounts. Income Taxes The Company is an LLC taxed as a partnership for income tax reporting purposes and, as such, is not subject to income tax. Accordingly, no provision for income taxes is provided in the financial statements. The Company has adopted the provisions of FASS Accounting Standards Codification ("ASC") 740-10, Accounting for Uncertainty in Income Taxes. Under FASS ASC 740-10, the Company is required to evaluate each of its tax positions to determine if they are more likely than not to be sustained if the taxing authority examines the respective position. A tax position includes an entity's status and the decision not to file a return. The Company has evaluated each of its tax positions and has determined that it has no uncertain tax positions for which a provision or liability for taxes is necessary. The Company, as a sole member LLC, files income tax returns in the U.S. in both federal and state jurisdictions on a consolidated basis under Mensura Holdings, LLC. With few exceptions, Mensura Holdings is no longer subject to U.S. federal, state, or local tax examinations by taxing authorities for years before 2017. # 3. NET CAPITAL REQUIREMENTS The Company is subject to the SEC Uniform Net Capital Rule (SEC 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, 2020, the Company had net capital of \$403,362; which was \$398,362 in excess of its required net capital of \$5,000. The Company's percentage of aggregate indebtedness to net capital was 1.5%. # 4. COMMITMENTS AND CONTINGENCIES The Company has no commitments or contingencies at December 31, 2020. # 5. PROPERTY AND EQUIPMENT Property and equipment are summarized by major classification, as follows: | 22
5 | |---------| | | | | | 9 | | 2 | | 3 | | 2
) | | 1 | | | Total depreciation was \$105 for the year ended December 31, 2020. {7}------------------------------------------------ # **Mensura Securities, LLC** NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020 ## **6. RELATED PARTY TRANSACTIONS** The Company subleases space from its sole member, Mensura Holdings, LLC, who is party to a lease. Under the agreement, the Company pays \$3,350 a month. The lease is month to month. The Company paid \$33,500 under the agreement for the year ended December 31, 2020. # **7. OPERATING LEASE DISCLOSURES** On January 1, 2019, the Company adopted the provisions FASS ASC 842, Leases, which amended existing lease accounting guidance. The Company used a modified retrospective approach upon the adoption, which had no effect on retained earnings. The Company is a lessee in one cancellable month to month lease for office space, which it leases from its parent. The Company determines if an arrangement is a lease, or contains a lease, at inception of a contract and when the terms of an existing lease are changed. The Company recognizes a lease liability and a right of use (ROU) asset at the commencement date of the lease. The lease liability is initially and subsequently recognized based on the present value of its future lease payments. Variable payments are included in the future lease payments when those variable payments depend on an index or rate. 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 Company's lease is not readily determinable and accordingly, the Company uses our incremental borrowing rate based on the information available at the commencement date of the lease or the date on which the calculation is made, as applicable. 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 ROU asset is subsequently measured throughout the lease term at the amount of 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 the lease incentives received, and any impairment recognized. Lease cost for lease payment is recognized on a straight-line basis over the lease term. The Company's lease is on a month-to-month basis and cancellable with 30 days' notice. There are no options to extend the lease or residual value guarantees. There are no restrictions or covenants in the lease. The amount reported on the balance sheet as of December 31, 2020 for the lease asset (ROU) is \$200,775; which is included in fixed assets, and the operating lease liability is \$200,775. # **8. BUSINESS CONCENTRATIONS** The Company earned revenue from one customer that accounted for 100% of advisory fees for the year ended December 31, 2020. # **9. SUBSEQUENT EVENTS** The Company has evaluated subsequent events through February 16, 2021, the date that its financial statements were issued. The Company did not identify any material subsequent events requiring adjustment to or disclosure in its financial statements. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.