# SQUARE GLOBAL U.S. LLC X-17A-5 (2024-02-02) — Broker-dealer annual report - Company: SQUARE GLOBAL U.S. LLC - Form: X-17A-5 - Filed: 2024-02-02 - Period: 2023-12-31 - Accession: 0001523799-24-000002 - CIK: 1523799 - File #: 8-68899 - Type: Broker-dealer - Material weakness: No - Auditor: DCPA - Auditor location: Century City, CA - Contact: Hasnain Naveed - Phone: 2126688700 - Signed by: Rochelle Bertan (CEO & CCO) Original filing: https://www.sec.gov/Archives/edgar/data/1523799/000152379924000002/sgmshortaudit.pdf --- {0}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OMB APPROVAL OMB Number: Expires: Estimated average burden hours per response: # ANNUAL REPORTS FORM X-17A-5 PART III SEC FILE NUMBER | | | 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 _____________________ AND ENDING ______________________
MM/DD/YY | | | MM/DD/YY | | | | | | A. REGISTRANT IDENTIFICATION | | | | | NAME OF FIRM: _______________________________________________________________________ | | | | | | | TYPE OF REGISTRANT (check all applicable boxes):
Broker-dealer
Security-based swap dealer
Major security-based swap participant
Check here if respondent is also an OTC derivatives dealer | | | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | | | _____________________________________________________________________________________ | | | | | | | | | (No. and Street) | | | | | _____________________________________________________________________________________ | | | | | | | (City) | | | (State) | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | | _____________________________________________________________________________________ | | | | | | (Name) | (Area Code – Telephone Number) | | (Email Address) | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
_____________________________________________________________________________________ | | | | | | | | | (Name – if individual, state last, first, and middle name) | | | | | _____________________________________________________________________________________ | | | | | | | (Address) | | (City) | | (State) | (Zip Code) | | _____________________________________________________________________________________ | | | | | | | (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 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 OMB control number. {1}------------------------------------------------ ![](_page_1_Figure_4.jpeg) | GINGER GILL | |--------------------------------------| | | | Registration No. 04 04 04 09 09 19 1 | | | | Qualified in New York County | | | | My Commission Expires 08/20/2027 | | Signature: | | |------------|--| | | | | Title: | | - - - - - - - - - - - - - - - - - - - - - - - - - - - {2}------------------------------------------------ # SQUARE GLOBAL U.S . LLC (D/B/A SQUARE GLOBAL MARKETS) Financial Statement With Report of Independent Registered Public Accounting Firm For the Year Ended December 31, 2023 This report is deemed PUBLIC in accordance with Rule 17a-5(e)(3) under the Securities Exchange Act of 1934. {3}------------------------------------------------ # SQUARE GLOBAL U.S . LLC (D/B/A SQUARE GLOBAL MARKETS) (A LIMITED LIABILITY COMPANY) DECEMBER 31, 2023 #### Table of Contents | | Page | |---------------------------------------------------------|-------| | Report of Independent Registered Public Accounting Firm | 1 | | Financial Statement: | | | Statement of Financial Condition | 2 | | Notes to Financial Statement | 3 - 5 | {4}------------------------------------------------ # **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** DCPA To those Charged with Governance and the Member of Square Global U.S. LLC d/b/a Square Global Markets: # **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of Square Global U.S. LLC d/b/a Square Global Markets (the "Company") as of December 31, 2023, 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 the Company as of December 31, 2023 in conformity with accounting principles generally accepted in the United States of America. # **Basis for Opinion** This financial statement is 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 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. # **DCPA** DCPA We have served as the Company's auditor since 2022. Century City, California January 18, 2024 {5}------------------------------------------------ # SQUARE GLOBAL U.S . LLC (D/B/A SQUARE GLOBAL MARKETS) STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2023 | ASSETS | | |---------------------------------------|---------------| | Cash | \$
95,265 | | Due from member | 21,335 | | Prepaid expenses | 1,844 | | Security deposit | 1,295 | | TOTAL ASSETS | \$
119,739 | | LIABILITIES AND MEMBER'S EQUITY | | | LIABILITIES | | | Accounts payable and accrued expenses | \$
5,303 | | TOTAL LIABILITIES | 5,303 | #### MEMBER'S EQUITY 114,436 | TOTAL LIABILITIES AND MEMBER'S EQUITY | \$ | 119,739 | |---------------------------------------|----|---------| |---------------------------------------|----|---------| See Accompanying Notes to Financial Statement {6}------------------------------------------------ # SQUARE GLOBAL U.S . LLC (D/B/A SQUARE GLOBAL MARKETS) NOTES TO FINANCIAL STATEMENT DECEMBER 31, 2023 #### NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS: Square Global U.S. LLC (D/B/A Square Global Markets) (the "Company") was formed as a limited liability company in Delaware on April 2, 2009. The Company is a registered broker-dealer under the Securities Exchange Act of 1934 and is a member of both the Financial Industry Regulatory Authority, Inc. ("FINRA") and the Securities Investors Protection Corporation ("SIPC"). The Company is authorized by FINRA to be an exchange member engaged in floor activities, a broker or dealer retailing corporate equity securities over-the-counter, a put and call broker or dealer or options writer and a non-exchange member arranging for transactions in listed securities by an exchange member. The Company did not conduct any securities business for the year ended December 31, 2023 and is in compliance with the non-covered firm provisions of Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5. On September 20, 2017, the Company filed a name change, with the State of Delaware and FINRA, from Blue Vase Securities, LLC to Square Global U.S. LLC (D/B/A Square Global Markets). On September 29, 2017, the Company entered into a formal purchase agreement with Square Global Holdings U.S. Inc. ("SGH" and "Member"). The Member is fully committed to fund the Company's operations as needed in the future. The Company has incurred a series of losses over the years and it is the intention of the Member to continue to maintain the Company's operations, fund its ongoing expense and satisfy its net capital requirements under the SEC Uniform Net Capital Rule as needed through February 28, 2025. #### NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: #### Basis of Presentation The accompanying financial statement has been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP"). #### Use of Estimates The preparation of this financial statement and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of this financial statement, and the reported amounts of income and expenses during the reporting period. Accordingly, actual results could differ from those estimates and such differences could be material. #### Accounts Receivable The Company carries its accounts receivable at cost less an allowance for doubtful accounts. On a periodic basis, the Company evaluates its accounts receivable and establishes an allowance for doubtful accounts based on history of past write-offs and collections and current credit conditions. An allowance for doubtful accounts was not required at December 31, 2023. There were no accounts receivable or bad debt expense for the year ended December 31, 2023. #### Revenue and Expense Recognition #### ASC Topic 606, Revenue from Contracts with Customers #### Significant Judgement 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; and whether constraints on variable consideration should be applied due to uncertain future events. {7}------------------------------------------------ # SQUARE GLOBAL U.S . LLC (D/B/A SQUARE GLOBAL MARKETS) NOTES TO FINANCIAL STATEMENT DECEMBER 31, 2023 # NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED): #### Revenue and Expense Recognition (Continued) ASC Topic 606, Revenue from Contracts with Customers (continued) # Revenue The Company was inactive in 2023. For the year ended December 31, 2023, there was no revenue to either recognize or defer. #### Income Taxes The Company is a single member limited liability company that is treated as a disregarded entity for tax purposes. The taxable income or loss of the Company is allocated to the member. Accordingly, no provision for federal or state income taxes has been reflected in the accompanying financial statement. The Company is subject to New York City unincorporated business tax. As of December 31, 2023 no such liability was incurred for the year. ### Leases The Company has an operating lease for office space not subject to ASC 842, according to the short-term lease exemption. The Company recognizes lease cost associated with this lease on a straight-line basis over the lease term. Rent expense for the year ended December 31, 2023 amounted to \$8,464. # NOTE 3 – NET CAPITAL REQUIREMENTS: The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule (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. Rule 15c3-1 also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to 1. At December 31, 2023, the Company had net capital of \$89,962, which was \$84,962 in excess of its required net capital of \$5,000. The Company's ratio of aggregate indebtedness to net capital was 0.06 to 1, which is less than 15 to 1. # NOTE 4 – CONCENTRATIONS OF CREDIT RISK: # Cash The Company maintains principally all cash balances in one financial institution which, at times, may exceed the amount insured by the Federal Deposit Insurance Corporation. The exposure to the Company is solely dependent upon daily bank balances and the strength of the financial institution. The Company has not incurred any losses on this account. At December 31, 2023, the amount in excess of insured limits was \$0. # NOTE 5 – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS: The Financial Accounting Standards Board (the "FASB") has established the Accounting Standards Codification ("Codification" or "ASC") as the authoritative source of generally accepting accounting principles ("GAAP") recognized by the FASB. The principles embodies in the Codification are to be applied by nongovernmental entities in the preparation of this financial statement in accordance with GAAP in the United States. New accounting pronouncements are incorporated into the ASC through the issuance of Accounting Standards Updates ("ASU's"). {8}------------------------------------------------ # SQUARE GLOBAL U.S . LLC (D/B/A SQUARE GLOBAL MARKETS) NOTES TO FINANCIAL STATEMENT DECEMBER 31, 2023 # NOTE 5 – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (CONTINUED): For the year ending December 31, 2023, various ASU's issued by the FASB were either newly issued or had effective implementation dates that would require their provisions to be reflected in this financial statement for the year then ended. The Company has either evaluated or is currently evaluating the implications, if any, of each of these pronouncements and the possible impact they may have on the Company's financial statement. In most cases, management has determined that the pronouncement has either limited or no application to the Company and, in all cases, implementation would not have a material impact on this financial statement taken as a whole. ### NOTE 6 – PROPERTY AND EQUIPMENT: Property and equipment consisted of the following as of December 31, 2023: | | | Useful Life | |--------------------------------|-----------|-------------| | Furniture and fixtures | \$ 10,922 | 3-5 years | | Less: Accumulated depreciation | 10,922 | | | Net property and equipment | \$
0 | | Depreciation expense for the year ended December 31, 2023 was \$0. #### NOTE 7 – DUE FROM MEMBER The Company paid various expenses on behalf of SGH. Due from Member balance as of December 31, 2023, was \$21,335. #### NOTE 8 – COMMITMENT AND CONTINGENCIES: The Company had no commitments, no contingent liabilities and had not been named as a defendant in any lawsuit at December 31, 2023, or during the year then ended. #### NOTE 9 – SUBSEQUENT EVENTS The Company has evaluated events subsequent to the Statement of Financial Condition date for items requiring recording or disclosure in this financial statement. The evaluation was performed through the date this financial statement was available to be issued. Based upon this review, the Company has determined that there were no events which took place that would have a material impact on its financial statement. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.