# GP NURMENKARI INC. X-17A-5 (2021-02-26) — Broker-dealer annual report

- Company: GP NURMENKARI INC.
- Form: X-17A-5
- Filed: 2021-02-26
- Period: 2020-12-31
- Accession: 0001513552-21-000005
- CIK: 1487655
- File #: 8-68538
- Material weakness: No
- Auditor: OHAB & COMPANY, P.A.
- Auditor location: MAITLAND, FL
- Contact: David  Barnett
- Phone: 2124903113
- Signed by: Albert Pezone (CEO)

Original filing: https://www.sec.gov/Archives/edgar/data/1487655/000151355221000005/GPpub.pdf

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# GP **NURMENKARI,** INC. STATEMENT OF FINANCIAL CONDITION FOR THE YEAR ENDED DECEMBER 31, 2020

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

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SEC FILE NUMBER

8-68538

# **ANNUAL AUDITED REPORT FORM X-17A-5 PARTIII**

**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 BEGINNING O 1/01/2020                                              |                                                                           |         | ----<br>----<br>AND ENDING 12/31/2020 |  |  |
|------------------------------------------------------------------------------------------|---------------------------------------------------------------------------|---------|---------------------------------------|--|--|
|                                                                                          | MM/DD/YY                                                                  | -<br>-  | -<br>MM/DD/YY                         |  |  |
|                                                                                          | A. REGISTRANT IDENTIFICATION                                              |         |                                       |  |  |
| NAME OF BROKER-DEALER: GP NURMENKARI, INC.                                               |                                                                           |         | OFFICIAL USE ONLY                     |  |  |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.)                        |                                                                           |         | FIRM I.D. NO.                         |  |  |
|                                                                                          | 22 ELIZABETH STREET, SONO SQUARE, SUITE# 1J                               |         |                                       |  |  |
|                                                                                          | (No. and Street)                                                          |         |                                       |  |  |
| NORWALK                                                                                  | CT                                                                        |         | 06853                                 |  |  |
| (City)                                                                                   | (State)                                                                   |         | (Zip Code)                            |  |  |
| NAME AND TELEPHONE NUMBER OF PERSON TO CONTACT IN REGARD TO THIS REPORT<br>DAVID BARNETT |                                                                           |         | (212) 490-3113                        |  |  |
|                                                                                          |                                                                           |         | (Area Code - Telephone Number)        |  |  |
|                                                                                          | B. ACCOUNTANT IDENTIFICATION                                              |         |                                       |  |  |
|                                                                                          | INDEPENDENT PUBLIC ACCOUNT ANT whose opinion is contained in this Report* |         |                                       |  |  |
| OHAB & COMPANY, P.A.                                                                     |                                                                           |         |                                       |  |  |
|                                                                                          | (Name - if individual, state last, first, middle name)                    |         |                                       |  |  |
| 100 EAST SYBELIA AVENUE, SUITE# 130                                                      | MAITLAND                                                                  | FL      | 32751                                 |  |  |
| (Address)                                                                                | (City)                                                                    | (State) | (Zip Code)                            |  |  |
| CHECK ONE:                                                                               |                                                                           |         |                                       |  |  |
| I<br>✓<br>Certified Public Accountant                                                    |                                                                           |         |                                       |  |  |
| Public Accountant                                                                        |                                                                           |         |                                       |  |  |
|                                                                                          | Accountant not resident in United States or any of its possessions.       |         |                                       |  |  |
|                                                                                          | FOR OFFICIAL USE ONLY                                                     |         |                                       |  |  |
|                                                                                          |                                                                           |         |                                       |  |  |
|                                                                                          |                                                                           |         |                                       |  |  |

*\*Claims for exemption from the requirement that the annual report be covered by the opinion of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis for the exemption. See Section 240.17 a-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.**

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# **OATH OR AFFIRMATION**

I, \_A\_L\_B\_E\_R\_T\_P\_E\_Z\_O\_N\_E \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ , swear (or affirm) that, to the best of my knowledge and belief the accompanying financial statement and supporting schedules pertaining to the firm of GP NURMENKARI, INC. - --- ------------------------- ---------------, 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 solely as that of a customer, except as follows:

**DAVID BARNETT NOTARY PUBLIC-STATE OF NEW YORK No. 01BA6399087 Qualified** in **New York County My CommiJPr• hpi<e• 10-15-2023**  *@v#v*  Notary Public This report\*\* contains (check all applicable boxes): **0** (a) Facing Page.

- **0** (b) Statement of Financial Condition.
- D (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 Condition.
- 
- (e) Statement of Changes in Stockholders' Equity or Partners' or Sole Proprietors' Capital.
- (f) Statement of Changes in Liabilities Subordinated to Claims of Creditors. § (g) Computation of Net Capital.
- 
- (h) Computation for Determination of Reserve Requirements Pursuant to Rule l 5c3-3.
- (i) Information Relating to the Possession or Control Requirements Under Rule 15c3-3.
- **D** (j) A Reconciliation, including appropriate explanation of the Computation of Net Capital Under Rule 15c3-l and the Computation for Determination of the Reserve Requirements Under Exhibit A of Rule 15c3-3.
- **0 (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 SIPC 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 2 40.17 a-5(e) (3).* 

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![](_page_3_Picture_0.jpeg)

I 00 E. Sybelia Ave. Suite 130 Maitland;FL 32751

*Certified Public Acco11nta11ts*  Email: pam@ohabco.com

Telephone407-740-73l I Fax 407-740-6441

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholder's of GP Nurmenkari, Inc.

#### **Opinion on the Financial Statement**

We have audited the accompanying statement of financial condition of GP Nurmenkari, Inc. 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 GP Nurmenkari, Inc. 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 GP Nurmenkari, lnc.'s management. Our responsibility is to express an opinion on GP Nurmenkari, lnc.'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 beJndependent with respect to GP Nurmenkari, Inc. 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 qur 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 GP Nurmenkari, lnc.'s auditor since 2019.

Maitland, Florida February 26, 2021

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# GP NURMENKARI, INC. ST A TEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2020

# ASSETS

| Cash and cash equivalents<br>Furniture and fixture<br>Prepaid expenses and other assets<br>TOTAL ASSETS                                                         | \$<br>\$ | 182,048<br>2,107<br>4,239<br>188,394 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|--------------------------------------|
| LIABILITIES AND STOCKHOLDER'S EQUITY                                                                                                                            |          |                                      |
| Liabilities                                                                                                                                                     |          |                                      |
| Accounts payable and accrued expenses<br>TOT AL LIABILITIES                                                                                                     | \$       | 54,231<br>54,231                     |
| Stockholder's equity<br>Common stock -<br>authorized 200 shares non par<br>200 shares issued and outstanding<br>Additional paid-in capital<br>Retained earnings |          | 120,430<br>13,733                    |
| Total stockholder's equity                                                                                                                                      |          | 134,163                              |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                      | \$       | 188,394                              |

The accompanying notes are an integral part of these financial statements

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## GP NURMENKARI, INC. ST A TEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2020

# **1. Organization and nature of business**

GP Nurmenkari, Inc. (the Company) is a broker-dealer registered with the Securities and Exchange Commission (SEC), and a member of the Financial Industry Regulatory Authority (FINRA). The Company is exempt from SEC customer protection rules under Paragraph (k)(2)(ii) of SEC Rule 15c3-3. The Company is a New York corporation established on January 7,2010.

# **2. Significant Accounting Policies**

# *Basic of Presentation*

The Company is engaged in a single line of business as a securities broker-dealer, which comprises several classes of services, including private placements of securities, selling corporate debt securities, and retailing corporate equity securities over the counter on a fully disclosed basis through a clearing broker.

# *Use of estimates*

The preparation 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 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.

# *Revenue Recognition*

Revenue from contracts with customers includes fees from investment banking and advisory 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; whether revenue should be presented gross or net of certain costs; and whether constraints on variable consideration should applied due to uncertain future events.

The Company provides advisory services on mergers and acquisitions (M&A). Revenue for advisory arrangements is generally recognized at the point in time that performance under the arrangement is completed (the closing date of the transaction) or the contract is cancelled. However, for certain contracts, revenue is recognized over time for advisory arrangements in which the performance obligations are simultaneously provided by the Company and consumed by the customer. In some circumstances, significant judgment is needed to determine the timing and measure of progress appropriate for revenue recognition under a specific contract. Retainers and other fees received from customers prior to recognizing revenue are reflected as contract liabilities. For the year ended December 31, 2020, no retainers and other fees were received by the Company.

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# GP NURMENKARI, INC. STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2020

# *Statement of Cash Flows*

For purpose of Statement of Cash Flows, the Company has defined cash equivalents as highly liquid investments, with original maturities of less than three months that are not held for sale in the ordinary course of business. Included in these financial statements is \$75,064 in money market funds, classified as Securities on the statement of financial condition.

# **3. Concentration of Credit Risk**

The Company maintains its cash and cash equivalents in bank deposit accounts. Funds deposited with a single financial institution are insured up to \$250,000 in the aggregate by the Federal Deposit Insurance Corporation ("FDIC"). At times, cash balances may exceed FDIC insured limits. The Company has not experienced any losses in such accounts.

# **4. Commitments and contingencies**

The Company entered into a new lease of office space for an initial term of twelve (12) months commencing on March I, 2019 and expiring on February 28, 2020. This lease was not renewed, company is on month-to-month lease basis.

In the ordinary course of business, the Company may from time to time have legal claims made against it, both asserted and unasserted. The Company believes that, as of December 31, 2020, there are no claims, either asserted or unasserted, that require either to be disclosed herein or to be reserved for in these financial statements.

# **5. Depreciation**

Property and equipment are stated at cost and recorded net of accumulated depreciation using straight line with estimated useful lives of five to seven years.

Property and equipment as of December 31, 2020 consisted of office furniture and equipment at a cost of \$28,127.

# **6. Net Capital Requirements**

The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule (SEC Rule l 5c3-l ), which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, as defined, shall not exceed 15 to I, and minimum dollar amount of net capital requirement is \$5,000. At December 31, 2020, the Company's minimum capital requirement was \$5,000. The company's aggregate indebtedness to net capital ratio was 0.42 to I and the Company had net capital of \$127,817 which exceeded the minimum required dollar amount by \$122,817.

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# GP NURMENKARI, INC. ST A TEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2020

#### **7. Income taxes**

The Company has elected to be taxed as an S corporation. Accordingly, the Company's income and loss is passed through to the Shareholder. Therefore, no provision or liability for federal or state income taxes has been included in the financial statements except for the recently enacted Connecticut entry level taxes.

There are no uncertain tax positions in the Company's tax filings, and there are no current tax audits pending. The Corporate tax returns are open for audit for a period of three years from the date of filing.

#### **8. Subsequent Events**

The Company has evaluated subsequent events from December 31, 2020 through the date these financial statements were issued. No events were noted which require disclosure.


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