# SILICON VALLEY PARTNERS LLC X-17A-5/A (2021-03-11) — Broker-dealer annual report - Company: SILICON VALLEY PARTNERS LLC - Form: X-17A-5/A - Filed: 2021-03-11 - Period: 2020-12-31 - Accession: 0001491641-21-000003 - CIK: 1491641 - File #: 8-68589 - Material weakness: No - Auditor: Goldman & Company CPAs - Auditor location: Marietta, GA - Contact: Carol Ann Kinzer - Phone: 678-525-0992 - Signed by: Blake Warner (President) Original filing: https://www.sec.gov/Archives/edgar/data/1491641/000149164121000003/publicsvp2020.pdf --- {0}------------------------------------------------ **UMTE0STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** ## **ANNUAL AUDITED REPORT FORM X-17A-5 PART Ill** | 0MB APPROVAL | |---------------------------| | 3235-0123 | | October 31, 2023 | | Estimated average burden | | hours per response 12.00 | | | | | SEC FILE NUMBER | |--|-----------------| | | | 8-68589 **FACING PAGE** **Information Required of Brokers and Dealers Pursuant to Section 17 of the Securities Exchange Act of 1934 and Rule 17a-5 Thereunder** | REPORT FOR THE PERIOD BEGINNINGO1/O1/2O | | AND ENDING 12/31/20 | --------- | |------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------|---------------------|--------------------------------| | | MM/DD/YY | - | -
MM/DD/YY | | | A. REGISTRANT IDENTIFICATION | | | | NAME oF BROKER-DEALER: Silicon Valley Partners LLC | | | OFFICIAL USE ONLY | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.) | | | FIRM I.D. NO. | | 5031 E. Desert Jewel Drive | | | | | | (No. and Street) | | | | Paradise Valley | AZ | | 85253 | | (City) | (State) | | (Zip Code) | | NAME AND TELEPHONE NUMBER OF PERSON TO CONTACT IN REGARD TO THIS REPORT
Carol Ann Kinzer (678) 525-0992 | | | | | | | | (Area Code - Telephone Number) | | | B. ACCOUNTANT IDENTIFICATION | | | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose opinion is contained in this Report*
Goldman & Company CPAs | | | | | | (Name - if ind1vid11al, stare las/, first, middle name) | | | | 3535 Roswell Road, Suite 32 | Marietta | GA | 30062 | | (Address) | (City) | (State) | (Zip Code) | | CHECK ONE: | | | | | lvlcertified Public Accountant | | | | | a
Public Accountant | | | | | | | | | | | Accountant not resident in United States or any of its possessions. | | | | | FOR OFFICIAL USE ONLY | | | | | | | | | | | | | | | | | | *must be supported by a statement of facts and circumstances relied on as the basis for the exemption. See Section 240. l 7a-5(e)(2)* **Potential 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.** SEC 1410 (11-05) {1}------------------------------------------------ #### **OATH OR AFFIRMATION** ## **1**, \_\_\_\_ Blake Warner \_ \_\_\_\_ , swear (or affirm) Lhal, to the best of my knowledge and belief the accompanying financial statement and supporting schedules pertaining to the firm of Silicon Valley \_P\_a\_rt\_n\_e\_rs\_L\_LC \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ , as of December 31 are true and correct. I further swear (or affirm) that neither the company nor any partner, proprietor, principal officer or director has any proprietary interest in any account classified so lely as that ofa customer, except as follows: This report\*\* contains (check all applicable boxes): **E]** (a) Facing Page . 0 (b) Statement of Financial Condition. Signature Title **DEYSI LUK Nolary N>lic - Arlaona Maricopa Coooty MyCommlstio,, 24** 0 (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 Changes in Financial Cond ition. E] (e) Statement of Changes in Stockholders' Equity or Partners' or Sole Proprietors' Capital. D (f) Statement of Changes in Liabilities Subordinated to Claims of Creditors. *~v* (g) Computation of Net Capital. (h) Computation for Determination of Reserve Requirements Pursuant to Rule 15c3-3. (i) Information Relating to the Possession or Control Requirements Under Rule l 5c3-3. D U) A Reconciliation, including appropriate explanation of the Computation of Net Capital Under Rule l 5c3-I and the Computation for Determination of the Reserve Requirements Under Exhibit A of Rule I 5c3-3. **D** (k) A Reconciliation between the audited and unaudited Statements of Financial Condition with respect to methods of consolidation. 0 (I) An Oath or Affirmation. D (m) A copy of the Sl PC Supplemental Report. D (n) A report describing any material inadequacies found to exist or found to have existed since the date of the previous audit. \*\* *For conditions of confidential treatment of certain portions of this filing, see section 240.17 a-5(e)(3).* {2}------------------------------------------------ Silicon Valley Partners LLC 5031 E Desert Jewel Drive Paradise Valley, AZ 85253 **Tel** (415) 494-3400 Fax(415)494-3401 www.svpartners.com ![](_page_2_Picture_1.jpeg) # **SILICON VALLEY PARTNERS LLC** (A LIMITED LIABILITY COMPANY) Financial Statements for the Year Ended December 31, 2020 and Report of Independent Registered Public Accounting Firm {3}------------------------------------------------ #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Member of Silicon Valley Partners, LLC #### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of Silicon Valley Partners, LLC as of December 31, 2020, and the related notes (collectively referred to as the financial statement). In our opinion, the statement of financial condition presents fairly, in all material respects, the financial position of Silicon Valley Partners, 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 Silicon Valley Partners, LLC's management. Our responsibility is to express an opinion on Silicon Valley Partners, 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 Silicon Valley Partners, 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 the Company's auditor since 2015. Goldman & Company, CPA's, P.C. Marietta, Georgia February 1, 2021 {4}------------------------------------------------ ### • *,"',tl'l,~---"'l'l'!:«:~""'1#~~""'"'~"~?.~* 'l.ll'!;~~li..~.,,,,,,~,.,,R;r·;'":J-~~\ ,~, .,\_,- ' • ' ~ ~ ~ **SfLICON VALLEY:·PARTN'ERS.LLC (A LiMiTED LIABILITY COMPANY)** ### STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2020 | . ASSETS
·. . | | | |-----------------------------------------------------------|----------|--| | Current Assets | | | | Cash and cash equivalents | \$34,161 | | | Accounts receivable | 21,850 | | | Prepaid expenses | 2,852 | | | Other current assets | 306 | | | Total current assets | \$59,169 | | | Fixed assets, net of accumulated depreciation of \$14,090 | \$416 | | | Total Assets | \$59,585 | | | LIABILITIES AND MEMBER'S EQUITY | | | | Current Liabilities | | | | Accounts payable | \$1,943 | | | Accrued expenses | 1,950 | | | Total current liabilities | \$3,893 | | | Long-term Liabilities | | | | PPP Loan | \$19,366 | | | Total long-term liabilities | \$19,366 | | | Total liabilities | \$23,259 | |---------------------------------------|----------| | Member's Equity | \$36,326 | | Total Liabilities and Member's Equity | \$59,585 | The accompanying notes are an integral part of these financial statements. {5}------------------------------------------------ ## -**SILICON VALLEY PARTNERS LLC (A LIMITED LIABILITY COMPANY)** ## **Notes to Financial Statements** .. . . . . ;, . ~ ; - As of December 31, 2020 ## 1. Summary of Significant Accounting Policies #### Organization and Nature of Business Silicon Valley Partners LLC (the "Company") is a broker-dealer registered with the Securities and Exchange Commission ("SEC") and the Financial Industry Regulatory Authority ("FINRA") effective March 17, 2011. The Company is a Delaware limited liability company and a wholly owned subsidiary of JBW Ventures LLC (the "Parent" and sole Member). The Company is licensed to provide advisory services for mergers and acquisitions and capital raising transactions. Since the Company is a limited liability company, 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. #### Basis of Presentation The Company financial statements are presented on an accrual basis of accounting which is in accordance with Generally Accepted Accounting Principles in the US and required by FI NRA and the SEC. #### Estimates The presentation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of 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. #### Revenue Recognition On January 1, 2018, the Company adopted ASU 2014-09 *Revenue from Contracts with Customers* and all subsequent amendments to ASU (collectively, "ASC 606") using the modified retrospective method of adoption. ASC 606 created a single framework for recognizing revenue from contracts with customers that fall within its scope. Under ASC 606, revenue is recognized upon satisfaction of performance obligations by transferring control over goods or service to a customer. The adoption of ASC 606 did not result in any changes to beginning retained earnings for the year ended December 31, 2019 or net income for the preceding year-end. Services within the scope of ASC 606 include investment banking M&A advisory fees. {6}------------------------------------------------ 'i-~..\_\ *"'';:'~:* ' r~ ~,..,~. - ' ;n:,\_ ,,.\_ • ~~ ..... ,·;;:~tr~...,. ...... ~~~•""", J ~. •• ~ • ~.,, • Refer to Revenue Recognition Nole: Revenue from Contracts with Customers for further discussion on the Company's accounting policies for revenue sources within the scope of ASC 606. #### Income Taxes The Company is a limited liability company 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 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 income taxes is necessary. #### Accounts Receivable Accounts receivable represent receivables from customers from investment banking services. Management has determined that no valuation allowance is needed. The terms are due upon receipt of services. The Company is evaluating new accounting standards and will implement as required. #### Fixed Assets and Depreciation Depreciation is provided on a straight-line basis using estimated useful lives of two to five years. Depreciation expense for 2020 is \$461. Property is recorded at cost. #### 2. Concentrations Concentration of Revenue and Accounts Receivable The Company's top five customers accounted for 100% ofrevenue for the year ended December 31, 2020 as detailed in the table below: | | FYE 2020 | |-------------|----------| | Customer #1 | 67% | | Customer #2 | 15% | | Customer #3 | 8% | | Customer #4 | 6% | | Customer #5 | 5% | #### Concentration of Credit Risk The Company maintains its cash in bank deposit accounts, which at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk for cash. {7}------------------------------------------------ ## 3. Commitments The Company does not have any long-term financial commitments. ## 4. Cash and Cash Equivalents The Company consider investments with maturity dates of90 days or less to be cash equivalents. ### 5. Net Capital Requirements The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule (SEC Rule 1Sc3-1), 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 \$30,268, which was \$25,268 in excess of its required net capital of \$5,000. The Company's percentage of aggregate indebtedness to net capital was 13%. ## 6. Revenue with Contracts with Customers #### Investment Banking, Merger and Acquisition (M&A) Services: These services include agreements to provide advisory services to clients for which the Company charges the customers fees. The Company provides advisory services/ corporate finance activity including mergers and acquisitions, reorganizations, tender offers, and leveraged buyouts fundraising activity. The client agreements generally contain nonrefundable retainer fees or success fees, which may be fixed or represent a percentage of value that the customer receives if and when the corporate finance activity is completed ("success fees"). In some cases, there is also an "announcement fee" that is calculated on the date that a transaction is announced based one the price included in the underlying sale agreement. The retainer fees, announcement fee, or other milestone fees, in certain circumstances, may reduce any success fee subsequently invoiced and received upon the completion of the corporate finance activity. The Company has evaluated its nonrefundable retainer payments, to ensure its fee relates to the transfer of a good or service, as a distinct performance obligation, in exchange for the retainer. If a promised good or service is not distinct, the Company combines that good or service with other promised goods or services until it identifies a bundle of goods or services that is distinct. In some cases, that would result in the broker-dealer accounting for all the services promised in a contract as a single performance obligation and the retainer revenue is classified as deferred revenue on the Statement of Financial Condition. There was no deferred revenue as of December 31, 2020. ## 7. PPP Loan On May 8, 2020, the Company borrowed \$19,241 from Wells Fargo Bank, N.A. under the Small Business Administration's Paycheck Protection Plan program. The loan matures two years from the funding date and carries a 1 % annual interest rate that accrues monthly. Funds from the loan may qualify for forgiveness if the proceeds are used for payroll costs, rent and benefits. The Company intends to use the entire loan for qualifying expenses. The Company believes it qualifies for forgiveness of this loan. {8}------------------------------------------------ ## 8. Subsequent Events The Company evaluated subsequent event'> through February 1, 2021, the date its financial statements were issued. The Company did not identify any material subsequent events requiring adjustment to or disclosure in its financial statements. On March 11, 2020, the World Health Organization declared the novel strain of coronavirus (COVID-19) a global pandemic and recommended containment and mitigation measures worldwide. The COVID-19 pandemic has continued to spread and has already caused severe global disruptions. The extent of COVID-19's effect on the Company's operational and finance performance will depend on future developments, including the duration, spread and intensity of the pandemic, all of which are uncertain and difficult to predict considering the rapidly evolving landscape. As of the date of the independent registered public accounting firm report, the Company cannot reasonably estimate the length or severity of this pandemic, or the extent to which the disruption may materially impact the Company's fina ncial position, results of operations, and cash flows in the year ending 2021. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.