# DAM CAPITAL (USA) INC. X-17A-5 (2025-05-06) — Broker-dealer annual report - Company: DAM CAPITAL (USA) INC. - Form: X-17A-5 - Filed: 2025-05-06 - Period: 2025-03-31 - Accession: 0001499647-25-000002 - CIK: 1499647 - File #: 8-68685 - Type: Broker-dealer - Material weakness: Yes - Auditor: Mercurius & Associates LLP - Auditor location: New Delhi, K7 - Contact: Fredric Obsbaum - Phone: 212-897-1694 - Email: info@masllp.com - Website: masllp.com - Signed by: Fredric Obsbaum (CFO / FINOP) Original filing: https://www.sec.gov/Archives/edgar/data/1499647/000149964725000002/dam25s3.pdf --- {0}------------------------------------------------ #### - - - - ### -- ! " # \$%& \$ " | }~€€ 'ƒ | | | | |------------------------|--|--|--| | }~"…†‡ˆ‰Š‹Œ‹ŽŒ‹ | | | | | ''""‰ˆ•Š–—˜™‹š›ŒŒœ | | | | | '•"†žˆŸž ˆ‰ž¡ˆ‡…‰Ÿˆ¢ | | | | | £¤…‰•"ˆ‰‰ˆ•"¤¢•ˆŠoq | | | | | | | | | ¥¦§¨©}ª «¬¬® # -" '()\*+,(\*-",(,,.\*%&\$%&\$%-%/\$&,-\*(\*\*0,(\*10\* 0'% 2 345467389:;<=<948>?<7466467 @6><6>467 ¯°±¯²±³° ¯´±´²±³® AAB>>BCC AAB>>BCC #### DE --# - ### 6@A<83349AF µ¶·¸¹º»¼¹½¾¿À¶ÁÂÃÄÅ :C=<839<74G:9@6:HIJKILMNNMOONPIMQNKQRSKTUF V ?WRLKWXYKMNKW ZGKI[WP\]XQMTKYT^MOYKMNKW ZAM\_RWTKI[WP\]XQMTKYT^MOOMW\PIPOM`\ ZaJKILJKWKPbWKTOR`YK`\PTMNTRM`8:aYKWPcM\PcKTYKMNKW @>>9R`R\[TKM=e8eQRS`ReU # °³ÆÇȹÉʹË̲³Í²³Î | H6ReM`YG\WKK\U | | | | | | | |-------------------------|---------------------------------------|---------------------------|--|--|--|--| | ÏÐÊÑÈÇÒ | ÏÑ | ²¯¯¯° | | | | | | HaP\]U | HG\M\KU | HfPOaRYKU | | | | | | | =<9G86:8a86:@a:g4:;9<7@9>:8:;4G345467 | | | | | | | ÓÇÐÉÇ»ÄÔÕÖչר | ¾³²³Á­ÎÛͲ¬Î° | ÈÕÖÕ¹×ØٻüÐÚǹ¼ÐÉÅÖȽ׼»ÈÃÖ | | | | | | H6MhKU | H@WKMaRYKi:KNKOJR`K6[hQKWU | H


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| | | | | | | | | | | | | | | 46><=<6><6:=d?54a@aa8d6:@6:^JRTKWKORW\TMWKIR`\MP`KYP`\JPTbPNP`kl # ·ÐÇÄ×Ç»×ÖܶÖÖÈÄ»¹¼ÐÖÝÝÞ | H6MhKiPbP`YPcPY[MNmT\M\KNMT\mbPWT\mM`YhPYYNK`MhKU | | | | | | | |---------------------------------------------------|--------|---------|----------------------------------------|--|--|--| | ¶Î°±­ß¹àÇ»º×ÇÂÃÉ×ּǻ¹½¶Çй·¹»Ãá»ÃÚáÉ ÏÐÊ͵нâ» | | ÂÃÉ»¹ | ²²¯¯®³ | | | | | H@YYWKTTU | HaP\]U | HG\M\KU | HfPOaRYKU | | | | | ¯³±²¯±³¯¯Î | | ´³³´ | | | | | | H>M\KRb9KkPT\WM\PR`^P\J=a@8?UHPbMOONPIMQNKU | | | H=a@8?9KkPT\WM\PR`6[hQKWmPbMOONPIMQNKU | | | | #### ### !-!{ laNMPhTbRWKSKhO\PR`bWRh\JKWKn[PWKhK`\\JM\\JKM``[MNWKORW\TQKIRcKWKYQ]\JKWKORW\TRbM`P`YKOK`YK`\O[QNPI MIIR[`\M`\h[T\QKT[OORW\KYQ]MT\M\KhK`\RbbMI\TM`YIPWI[hT\M`IKTWKNPKYR`MT\JKQMTPTRb\JKKSKhO\PR`eGKKopa39 qrseopMXtHKUHoUHPPUmPbMOONPIMQNKe "\*(u(\*(\*v-\*0..\*0''()0\*-'()(\*(\*+,(\*-(\*v-,.\*\*'() -v.w0,((\*.wx.-y0(.,)z\*( {1}------------------------------------------------ DAM CAPITAL (USA), INC. (A Wholly Owned Subsidiary of DAM Capital Advisors Limited) Statement of Financial Condition \* \* \* \* \* \* \* {2}------------------------------------------------ ### AFFIRMATION Fredric Obsbaum I. financial report pertaining to DAM Capital (USA) no. as of 0031225 true and correct. I further swear (or affirm) that meither the company nor any partner, officel director, or equivalent person, as the case may proprietary interest in any account classified solely as that of a customer. Signature CFO/FINOP Title Notary Public 05, 06 CHRIS NAWAR TOTARY PUBLIC OF NEW JERS. Commission # 50145652 "Ay Commission Expires 12 {3}------------------------------------------------ # This filing\*\* contains (check all applicable boxes): - 区 (a) Statement of financial condition. - 🇿 (b) Notes to unconsolidated or consolidated statement of financial condition, as applicable. - O (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 cash flows. - □ (e) Statement of changes in stockholders' or partners' or sole proprietor's equity, as applicable. - □ (f) Statement of changes in liabilities subordinated to claims of creditors. - □ (g) Notes to unconsolidated or consolidated financial statements,, as applicable. - □ (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) 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. - = (1) Computation for Determination of PAB Requirements under Exhibit A to § 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) Reconciliations, including 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 differences exist, or a statement that no material differences exist. - □ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - 四 (q) Oath or affirmation in accordance with 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - □ (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - □ (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - 区 (t) Independent public accountant's report based on an examination of financial condition. - □ (u) Independent public accountant's report based on an examination of the financial 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 accountant's report based on a review of the exemption report under 17 CFR 240.17@-5 or 17 CFR 240.18a-7, as applicable. - = (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-le or 17 CFR 240.17a-12, as applicable. - = (y) Report describing any material inadequacies 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). - □ (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. {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) MERCURIUS & ASSOCIATES LLP +91 11 4559 6689 85 info@masllp.com www.masllp.com ### Report of the Independent Registered Public Accounting Firm To the Shareholders' and Board of Directors of DAM Capital (USA) Inc. ### Opinion on the Financial Statement We have audited the accompanying statement of financial condition of DAM Capital (USA) Inc. (the "Company") as of March 31, 2025 and related notes to the statement (collectively referred to as the "financial statement"). In our opinion, the financial statement present fairly, in all material respect, the financial position of the Company as of March 31, 2025 in conformity with accounting principles generally accepted in the United States of America. ### Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company'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 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 statement of financial condition 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 the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit of the financial statement provide a reasonable basis for our opinion. Mercurus & Assoua Mercurius & Associates LLP We have served as the Company's Auditor since 2020. New Delhi, India May 06, 2025 ![](_page_4_Picture_16.jpeg) LLPIN: AAG-1471 A-94/8, Wazirpur Industrial Area New Delhi-110052, India {5}------------------------------------------------ # DAM Capital (USA), Inc. (A Wholly Owned Subsidiary of DAM Capital Advisors Limited) # Statement of Financial Condition March 31, 2025 | Assets
Cash and cash equivalents
Due from Parent
Deferred tax asset
Other assets | ಕಾ | 648,664
22,236
5,500
5,124 | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------|----|-------------------------------------| | Total assets | S | 681,524 | | Liabilities and Stockholder's Equity
Liabilities:
Accrued expenses and other liabilities
Income tax payable
Total liabilities | S | 9,008
400
9,408 | | Stockholder's equity:
Common stock (\$.01 par value; 60,000,000 shares authorized,
issued and outstanding)
Retained earnings
Total stockholder's equity | | 600,000
72,116
672,116 | | Total liabilities and stockholder's equity | S | 681,524 | {6}------------------------------------------------ #### - - - - -! "# #### \$ # % % & () \*+\*, # ) -. 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(A Wholly Owned Subsidiary of DAM Capital Advisors Limited) # Notes to Statement of Financial Condition For the Year Ended March 31, 2025 ### 2. Significant Accounting Policies (continued) ### Contract Assets and Liabilities Account receivables arise when the Company has an unconditional right to receive payment under a contract with a customer and are derecognized when the cash is received. There was an account receivable on April 1, 2024, in the amount of \$22,338 and no contract assets or liabilities. As of March 31, 2025, there was an account receivable of \$22,236 and no contract assets or liabilities. ### Allowance for 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. An allowance for credit losses may be based on the Company's expectation of the collectability of its receivables utilizing the CECL framework. The Company considers factors such as historical experience, credit quality, age of balances and current and future economic conditions that may affect the Company's expectation of collectability in determining the allowance for credit losses. The Company's expectation is that the credit risk associated with its receivables is not significant. Accordingly, the Company has not provided an allowance for credit losses at March 31, 2025. #### 3. Income Taxes Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the Statement of Financial Condition. As of March 31, 2025, the Company has a deferred tax asset of \$5,500, recorded in the accompanying statement of financial condition and is a result of temporary differences primarily related to amortization of organization costs. The Company has determined that it is more likely than not that the deferred tax asset will be realized and therefore there is no valuation allowance against the deferred tax asset. The difference between the Company's current income tax provision using the statutory U.S. tax rate and its effective tax rate is primarily due to state and local income taxes. Based upon the Company's review of its federal, state, local income tax returns and tax filing positions, the Company determined no unrecognized tax benefits for uncertain tax positions were required to be recorded, and as such, there was no allowance recorded for uncertain tax positions for the Company's open tax years. In addition, the Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record significant amounts of unrecognized tax benefits within the next twelve months. #### Concentration of Credit Risk 4. In the normal course of business, the Company's activities involve transactions with the Parent. These activities may expose the Company to risk in the event the Parent is unable to fulfill its contractual obligations. {8}------------------------------------------------ # Notes to Statement of Financial Condition For the Year Ended March 31, 2025 ### 4. Concentration of Credit Risk (continued) The Company maintains its cash balances at a major financial institution. It also maintains cash in a mutual fund money market account. The Company does not believe that these amounts are exposed to significant risk. #### 5. Regulatory Requirements The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule (SEC Rule 15c3-1) ("the Rule") under the Securities Exchange Act of 1934. The Company has elected to use the alternative method permitted by the Rule that requires the Company maintain minimum net capital, as defined, shall not be less than \$250,000. At March 31, 2025, the Company had net capital of \$626,847 which was \$376,847 in excess of its required minimum net capital of \$250,000. The Company is exempt from the provisions of Rule 15c3-3 under the Securities Exchange Act of 1934 as the Company's activities are limited to those set forth in the condition for exemption appearing in paragraph (k)(2)(i). #### 6. Related Party Transactions The Company maintains a service level agreement with the Parent whereby the Company distributes research on its behalf. The Parent compensates the Company by paying its expenses plus a markup of 7%. The activities of the Company include significant transactions with affiliates and may not necessarily be indicative of the conditions that would have existed or the results of operations if the Company had operated as an unaffiliated business. ## 7. Commitments and Contingencies In the ordinary course of business, the company may have commitments and contingencies. At March 31, 2025, none warranted recognition or disclosure. {9}------------------------------------------------ # DAM Capital (USA), Inc. (A Wholly Owned Subsidiary of DAM Capital Advisors Limited) # Notes to Statement of Financial Condition For the Year Ended March 31, 2025 #### 8. 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 marketing of affiliated funds, agency transactions, investment banking and investment advisory businesses. 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 5), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or make distributions. 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 profit and loss of the segment are the same as those described in the summary of significant accounting policies. #### 9. Subsequent Events The Company has evaluated subsequent events up to the date on which the financial statements are issued. The Company's evaluation noted no subsequent events that require adjustment to, or disclosure in, these financial statements. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.