# MOORGATE SECURITIES LLC X-17A-5 (2023-03-31) — Broker-dealer annual report

- Company: MOORGATE SECURITIES LLC
- Form: X-17A-5
- Filed: 2023-03-31
- Period: 2022-12-31
- Accession: 0001472676-23-000001
- CIK: 1472676
- File #: 8-68393
- Type: Broker-dealer
- Material weakness: No
- Auditor: Withum Smith Brown, PC
- Auditor location: Whippany, NY
- Contact: Michael Alexander
- Phone: 212 555 3898
- Email: michael.alexander@moorgatepartners.com
- Website: moorgatepartners.com
- Signed by: Michael Alexander (Partner)

Original filing: https://www.sec.gov/Archives/edgar/data/1472676/000147267623000001/moorgatepublic.pdf

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# MOORGATE SECURITIES LLC

STATEMENT OF FINANCIAL CONDITION

DECEMBER 31, 2022

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### UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

| OMB APPROVAL              |  |  |
|---------------------------|--|--|
| OMB Number: 3235-0123     |  |  |
| Expires: Oct. 31, 2023    |  |  |
| Estimated average burden  |  |  |
| 12<br>hours per response: |  |  |

SEC FILE NUMBER

8-68393

1

## 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

| FILING FOR THE PERIOD BEGINNING                                                                                                                                                                                                                                    | 01/01/2022                                                 |            | 12/31/2022                                 |  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|------------|--------------------------------------------|--|
|                                                                                                                                                                                                                                                                    | MM/DD/YY                                                   | AND ENDING | MM/DD/YY                                   |  |
|                                                                                                                                                                                                                                                                    | A. REGISTRANT IDENTIFICATION                               |            |                                            |  |
| NAME OF FIRM:                                                                                                                                                                                                                                                      | Moorgate Securities LLC                                    |            |                                            |  |
| TYPE OF REGISTRANT (check all applicable boxes):<br>‍   Security-based swap dealer<br>La Broker-dealer<br>□ 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.)                                                                                                                                                                                                |                                                            |            |                                            |  |
| 1686 Union Street, # 307                                                                                                                                                                                                                                           |                                                            |            |                                            |  |
|                                                                                                                                                                                                                                                                    | (No. and Street)                                           |            |                                            |  |
| San Francisco                                                                                                                                                                                                                                                      | CA                                                         |            | 94123                                      |  |
| (City)                                                                                                                                                                                                                                                             | (State)                                                    |            | (Zip Code)                                 |  |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                                                                                                                                                                                       |                                                            |            |                                            |  |
| Michael Alexander                                                                                                                                                                                                                                                  | 212-555-3898                                               |            | Michael.Alexander@MoorgatePartners.com     |  |
| (Name)                                                                                                                                                                                                                                                             | (Area Code - Telephone Number)                             |            | (Email Address)                            |  |
|                                                                                                                                                                                                                                                                    | B. ACCOUNTANT IDENTIFICATION                               |            |                                            |  |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*                                                                                                                                                                                          |                                                            |            |                                            |  |
| WithumSmith+Brown, PC                                                                                                                                                                                                                                              |                                                            |            |                                            |  |
|                                                                                                                                                                                                                                                                    | (Name - if individual, state last, first, and middle name) |            |                                            |  |
| 200 Jefferson Park, Suite 400  Whippany                                                                                                                                                                                                                            |                                                            |            | NJ<br>07981                                |  |
| (Address)                                                                                                                                                                                                                                                          | (City)                                                     |            | (State)<br>(Zip Code)                      |  |
| 10-18-2003                                                                                                                                                                                                                                                         |                                                            | 100        |                                            |  |
| (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 of an independent public<br>accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption.  See 17<br>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.

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### OATH OR AFFIRMATION

|  | Michael Alexander |
|--|-------------------|
|  |                   |

|                                           | ______________________________________________________________________________________________________________________________________________________________________________ |       |
|-------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|
| inancial report pertaining to the tirm of | Moorgate Securities LLC                                                                                                                                                        |       |
| 12/31                                     |                                                                                                                                                                                |       |
|                                           | Is trila non correnat. I fivith and commend of a con-                                                                                                                          | as of |

, is true and correct. I further swear (or affirm) that neither the company nor any partner, officer, director, or equivalent person, as the concer. That neither the company nor any
as that of a customer, as that of a customer.

|   | CHEN MUN  "                                                                                                                                                                                                                                    |  |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|
|   | TEPHEN MUDA "<br>19<br>Clark<br>Case                                                                                                                                                                                                           |  |
|   | Regist<br>AMERICA<br>్ర<br>Super<br>PARTY<br>11/2019                                                                                                                                                                                           |  |
|   | NOTARY<br>্<br>Ship<br>C<br>PORTO                                                                                                                                                                                                              |  |
|   | The<br>progra<br>8<br>07358<br>COLLECTION<br>PUBLIC<br>0<br>CALL<br>្ស<br>Coper<br>8                                                                                                                                                           |  |
|   | 8<br>্<br>100.500<br>4000<br>REG. #7977668<br>B<br>0<br>1975<br>0<br>49858<br>0                                                                                                                                                                |  |
|   | 2<br>CONSUL<br>MY COMMISSION<br>17/53<br>9<br>0<br>4000<br>9<br>400<br>0<br>r<br>an<br>0                                                                                                                                                       |  |
| 1 | ੇ<br>19:00<br>NI<br>p<br>e<br>ONE<br>্রি<br>�<br>esso<br>1974<br>0                                                                                                                                                                             |  |
|   | 1<br>CARA<br>్ర<br>Agai<br>Carrely<br>120                                                                                                                                                                                                      |  |
|   | 2020 08/31/2026 08/31/2026 08/31/2026 2017 08/31/2026 08/31/2026 08/08/2020 08/08/2017 08/08/2017 08/08/2017 08/08/2017 08/08/2017 08/08/2017 08/08/2017 08/08/2017 08/08/2017<br>OWEALTH OF<br>11 th<br>6532<br>f<br>- PART<br>f<br>人<br>from |  |
|   | P<br>P<br>CORPORALERS BOOK<br>1                                                                                                                                                                                                                |  |
|   |                                                                                                                                                                                                                                                |  |

Title: Partner

# This filing\*\* contains (check all applicable boxes):

- (a) Statement of financial condition.
- =
- □ (c) Statement of income (loss) or, if there is other comprehensive 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.

Notary Public

- □ (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.
□ (i) C
- □ { j} Computation for determination of customer crequirements pursuant to Exhibit A to 17 CFR 240.15c3-3.
□ { k} Computation for determination of essevity h
- Cl (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 relation to
- □ (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 c
- □ (n) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3.
 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable.
- 口 (o) Reconciliations, includins, of the FOCUS Report with comutation 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
- □ (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.
- □ (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.17a-12, 01 7 CFR 240.
□ (s) Exemption report in accords and the state in the 17 CFR 240.18a-7, as ap
- □ (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
□ (t) Indonendont public scope (ancessor to control of CFR 240.18a-7, as appli
- 日 (t) Independent public accountant's report based on an examination of the statement of financial condition.
门 (u) Independent public accountent's resert la
- 口 (u) Independent public accountant's report based on an examination of thancial condition.
 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 annlicable 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 andicable 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, 1
as applicable.
- 口 (y) Report describing any material inadequacies found to have existed since the date of the previous audit, or
a statement that no material inadequacies avist, under 17, 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 11
applicable. applicable.

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## MOORGATE SECURITIES, LLC

## DECEMBER 31, 2022

## TABLE OF CONTENTS

| Report of Independent Registered Public Accounting Firm | Page |
|---------------------------------------------------------|------|
| Statement of Financial Condition                        |      |
| Notes to the Financial Statement                        |      |

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![](_page_4_Picture_0.jpeg)

## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Managing Member of Moorgate Securities LLC:

### Opinion on the Financial Statement

We have audited the accompanying statement of financial condition of Moorgate Securities LLC (the "Company") as of December 31, 2022, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material position of the Company as of December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

### Explanatory Paragraph - Prior Period Adjustment

We audited the financial statement of Moorgate Securities LLC as of and for the year ended December 31, 2021, before the adjustments described in Note 4, dated March 30, 2022 expressed an unqualified opinion on those statements. We also audited the adjustments described in Note 4 that were applied to restate the ending member's equity. In our opinion, such adjustments are appropriate and have been properly applied.

### Basis for Opinion

This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this 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 performing 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 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.

We have served as the Company's auditor since 2014.

Whippany, New Jersey March 31, 2023

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## MOORGATE SECURITIES, LLC STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2022

## ASSETS

| Cash<br>Transaction fees receivable   | ಕಾ   | 243,569<br>87,500 |
|---------------------------------------|------|-------------------|
| Total assets                          | ಕ್ಕಿ | 331,069           |
|                                       |      |                   |
| LIABILITIES AND MEMBER'S EQUITY       |      |                   |
| Liabilities:                          |      |                   |
| Due to Parent                         | ಕಿ   | 68,151            |
| Accrued expenses                      |      | 5,115             |
| Total liabilities                     |      | 73,266            |
| Member's equity                       |      | 257,803           |
| Total liabilities and member's equity | ಕಿ   | 331,069           |

See notes to the financial statement

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## 1. ORGANIZATION AND DESCRIPTION OF BUSINESS

Moorgate Securities LLC, (the "Company") is a limited liability company organized under the laws of the state of Delaware on April 28, 2009. The Company is wholly-owned by Moorgate Capital Partners LLC (the "Parent"). The Company's operations consist primarily of financial advisory and private capital raises for corporate clients.

On April 10, 2010, the Company became a registered broker-dealer with the Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority ("FINRA").

## 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

## Revenue recognition

Revenues from contracts with customers is recognized when, or as, the Company satisfies its performance obligations by transferring the promised services to the customers. A service is transferred to a customer when, or as, the customer obtains control of that service. A performance obligation may be satisfied at a point in time or over time. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that the Company determines the customer obtains control over the promised service. Revenue from a performance obligation satisfied over time is recognized by measuring the Company's progress in satisfying the performance obligation in a manner that depicts the transfer of the services to the customer. The Company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance requires an entity to follow a five-step model to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved.

Revenue from contracts with customers includes success and advisory fees from investment banking services. The recognition and measurement of revenue is based on the assessment of individual contract terms. Significant judgment 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; and whether constraints on variable consideration should be applied due to uncertain future events. Management has determined that one performance obligation exists, for contracts with customers, and that the unconstrained portion is recognized over time in the form of advisory fees.

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{10}------------------------------------------------

## MOORGATE SECURITIES, LLC NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2022

## 5. NET CAPITAL REQUIREMENTS

The Company is subject to the uniform net capital requirements of Rule 15c3-1 of the Securities and Exchange Act, as amended, which requires the Company to maintain, at all times, sufficient liquid assets to cover indebtedness. In accordance with the Rule, the Company is required to maintain defined minimum net capital of the greater of \$5,000 or 6 2/3% of aggregate indebtedness.

At December 31, 2022, the Company had net capital, as defined, of \$170,303, which exceeded the required minimum net capital of \$5,000 by \$165,303. Aggregate indebtedness at December 31, 2022 totaled \$73,266. The Company's percentage of aggregate indebtedness to net capital was 43.02%.

The Firm does not claim an exemption from SEA Rule 15c3-3, in reliance on footnote 74 to SEC Release 34-70073, and as discussed in Q&A 8 of the related FAQ issued by SEC staff. The Firm has represented that it does not and will not, (1) directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, (2) does not and will not carry accounts of or for customers and (3) does not and will not carry PAB accounts.

## 6. SUBSEQUENT EVENTS

Management of the Company has evaluated events and transactions that may have occurred since December 31, 2022 and through date of issuance and determined that there are no material events that would require disclosure in the Company's financial statements.


Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.