# MENSURA SECURITIES, LLC X-17A-5 (2025-01-30) — Broker-dealer annual report - Company: MENSURA SECURITIES, LLC - Form: X-17A-5 - Filed: 2025-01-30 - Period: 2024-12-31 - Accession: 0001460185-25-000001 - CIK: 1460185 - File #: 8-68210 - Type: Broker-dealer - Material weakness: No - Auditor: OHAB AND COMPANY, PA - Auditor location: MAITLAND, FL - Contact: PETER S. VAN NORT - Phone: 404-446-2860 - Signed by: PETER S. VAN NORT (PRINCIPAL/CCO/FINOP) Original filing: https://www.sec.gov/Archives/edgar/data/1460185/000146018525000001/mensurapublic24.pdf --- {0}------------------------------------------------ PUBLIC **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** 0MB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 # **ANNUAL REPORTS FORM X-17A-5 PART** Ill | SE | FIL | NU | BE | |----|-----|----|----| | C | E | M | R | | fo
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N | | | | | | 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 0MB control number.** {1}------------------------------------------------ #### **OATH OR AFFIRMATION** I, Peters. Van Nort swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Mensura Securities, LLC as of 12/31 20, 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 ![](_page_1_Picture_4.jpeg) Title: **·ls** Principal/CCO/FinOP - iii (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).** - [l (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. - □ (I) Computation for Determination of PAB Requirements under Exhibit A t o § 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) Recon ciliations, in cluding 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 di fferences exist, or a statement that no material di fferences **exist.** - □ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - iii (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 ac cordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - Cl (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - iii (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 finan cial 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 ac countant'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 inadequa cies 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). - D (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.* {2}------------------------------------------------ (A LIMITED LIABILITY COMPANY) FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2024 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM {3}------------------------------------------------ ![](_page_3_Picture_0.jpeg) 100 E. Sybelia Ave. Suite 130 Maitland, FL 32751 *Certified Public Accountants* Email:pam@ohabco com Telephone 407-740-7311 Fax 407-740-6441 #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the 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, 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 Mensura Securities, LLC as of December 31, 2024 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) (PCAO B) and are re quired to be independent with res pect to Mensura Securities, LLC in accordance with the U .S. fed eral securities laws and the applicable rules and re gulations of the Securities and Exchange Commission and the PCA O B. We conducted our au dit in accor dance with the stan dar ds of the PCAOB. Those stan dar ds re q uire that we plan and perform the au dit to obtain reasonable assurance about whether the financial stat ement is free of material misstat ement, whether due to error or fraud. Our audit included pe rforming pr ocedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and pe rforming procedures that respond to those risks. Such p roce dures inclu d ed e xamining, on a test basis, evi dence re garding the amounts and dis closures in the financial statements. Our audit also includ ed evaluating the accounting principles used and significant estimates made by mana gement, as well as evaluating the overall presentation of the financial statements. We believe that our audit p rovides a reasonable basis for our opini on. KL • *C.a . 4* 0 We have se rved as Mensura Securities, LLC's auditor since 2016. Maitland, Florida January 28, 2025 {4}------------------------------------------------ (A LIMITED LIABILITY COMPANY) ## **STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2024** # **ASSETS** | CURRENT ASSETS: | | |-----------------------------------|-----------------| | Cash | \$
1,129,170 | | Petty Cash | 8 | | Accounts Receivable | 2,351 | | Due from Related Parties | - | | Prepaid Expenses and Other Assets | 62,292 | | Total Current Assets | \$
1,193,821 | | FIXED ASSETS: | | | Fixed Assets | \$
89,121 | | Less: Accumulated Depreciation | (20,982) | | Fixed Assets - net | \$
68,139 | | Total Assets | \$
1,261,960 | | | | # **LIABILITIES AND MEMBER'S EQUITY** | CURRENT LIABILITIES: | | |---------------------------------------|-----------------| | Accounts Payable and Accrued Expenses | \$
4,920 | | Operating Lease Liability | 27,791 | | Due to Related Parties | 1,388 | | Total Current Liabilities | \$
34,099 | | LONG TERM LIABILITIES: | | | Operating Lease Liability | \$
40,222 | | Total Liabilities | \$
74,321 | | MEMBER'S EQUITY: | \$
1,187,639 | | Total Liabilities and Member's Equity | \$
1,261,960 | | | | The accompanying notes are an integral part of these financial statements. {5}------------------------------------------------ NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2024 ### **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. The Company is engaged in a single line of business, as a securities broker-dealer, which includes investment banking and M&A advisory. 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, LLC. 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 and Reimbursed Expenses* Revenues from contracts with customers are comprised of investment banking success 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 at the close of a transaction. Reimbursed expenses are recorded as revenue, when billed. #### 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. #### 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. #### Credit Losses The Company follows ASC Topic 326, Financial Instruments - Credit Losses ("ASC 326"). ASC 326 impacts the impairment model for certain financial assets by requiring a current expected credit loss ("CECL") methodology to estimate expected credit losses over the entire life of the financial asset. Under the accounting update, the Company has the ability to determine that there are no expected credit losses in certain circumstances (e.g., based on the credit quality of the customer). The Company had accounts receivable of \$0 at December 31, 2023 and \$2,351 at December 31, 2024. {6}------------------------------------------------ NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2024 ## **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)** #### 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, 2024, 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 FASB Accounting Standards Codification ("ASC") 740-10, Accounting for Uncertainty in Income Taxes. Under FASB 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 2020. # **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, 2024, the Company had net capital of \$1,122,862 which was \$1,117,862 in excess of its required net capital of \$5,000. The Company's percentage of aggregate indebtedness to net capital was 0.56%. # **4. SEGMENT REPORTING** The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of several classes of services, including investment banking and M&A advisory. 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 3), 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 34.9% percent of its total revenues from a single external customer in 2024. # **5. COMMITMENTS AND CONTINGENCIES** The Company has no commitments or contingencies at December 31, 2024. ## **6. PROPERTY AND EQUIPMENT** Property and equipment are summarized by major classification, as follows: | Right of Use Lease | \$68,013 | |--------------------------------|-----------| | Furniture & Fixtures | 10,322 | | Office Equipment | 545 | | Computer Hardware | 8,239 | | Leasehold Improvements | 2,002 | | Total Property and Equipment | \$ 89,121 | | Less: Accumulated Depreciation | (20,982) | | Net Property and Equipment | \$ 68,139 | Total depreciation was \$0 for the year ended December 31, 2024. {7}------------------------------------------------ NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2024 ## **7. 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 \$40,200 under the agreement for the year ended December 31, 2024. The Company owes \$1,388 to Mensura Holdings, LLC. Its sole member. The payable does not bear interest and there is no formal agreement. # **8. OPERATING LEASE DISCLOSURES** On January 1, 2019, the Company adopted the provisions FASB 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 re-measured 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, 2024 for the lease asset (ROU) is \$68,013; which is included in fixed assets, and the operating lease liability is \$68,013. # **9. BUSINESS CONCENTRATIONS** The Company earned revenue from four customers that accounted for 34.9%, 33.1%, 24.0%, and 8.0% of advisory fees for the year ended December 31, 2024. # **10. SUBSEQUENT EVENTS** The Company has evaluated subsequent events through January 28, 2024, 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.