# LAKE STREET CAPITAL MARKETS, LLC X-17A-5 (2022-03-31) — Broker-dealer annual report
- Company: LAKE STREET CAPITAL MARKETS, LLC
- Form: X-17A-5
- Filed: 2022-03-31
- Period: 2021-12-31
- Accession: 0001550820-22-000002
- CIK: 1550820
- File #: 8-69101
- Type: Broker-dealer
- Material weakness: No
- Auditor: Baker Tilly US, LLP
- Auditor location: Milwaukee, WI
- Contact: Paul McNamee
- Phone: 612-326-1312
- Signed by: Thomas C Cullum (Chief Executive Officer)
Original filing: https://www.sec.gov/Archives/edgar/data/1550820/000155082022000002/SFC2021-ocr.pdf
---
{0}------------------------------------------------
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
OMB Number: 3235-0123 Expires: Oct. 31, 2023 Estimated average burden hours per response: 12
## ANNUAL REPORTS FORM X-17A-5 PART Ill
SEC FILE NUMBER a-69101
OMB APPROVAL
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 O 1/01 /21 AND ENDING 12/31 /21
MM/DD/VY
MM/DD/VY
A. REGISTRANT IDENTIFICATION
# NAME or FIRM: Lake Street Capital Markets, LLC
TYPE OF REGISTRANT (check all applicable boxes):
0 Broker-dealer D Security-based swap dealer O Check here if respondent is also an OTC derivatives dealer O Major security-based swap participant
ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)
# 920 2nd Ave South - Suite 700
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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}------------------------------------------------
### **OATH OR AFFIRMATION**
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partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely as that of a customer.
Signatuce:a.&�r Title:
Chief Executive Officer
Notary Public
### **This filing\*\* contains (check all applicable boxes):**
- � (a) Statement of financial condition.
- � (b) Notes to consolidated statement of financial condition.
- 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).
- 0 (d) Statement of cash flo ws.
- 0 (e) Statement of changes in stockholders' or pa rtners' or sole proprietor's equity.
- 0 (f) Statement of changes in liabilities subordinated to claims of creditors.
- 0 (g) Notes to consolidated financial statements.
- 0 (h) Computation of net capital under 17 CFR 240.1Sc3-1 or 17 CFR 240.lBa-1, as applicable.
- 0 (i) C omputation of tangible net worth under 17 CFR 240.lBa-2.
- 0 (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.1Sc3-3.
- 0 (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.1Sc3-3 or Exhibit A to 17 CFR 240.lBa-4, as applicable.
- 0 (I) Computation for Determination of PAB Require ments under Exhibit A to§ 240.1Sc3-3.
- 0 (m) Information relating to possession or control require ments for custo mers under 17 CFR 240.1Sc3-3.
- 0 (n) Infor mation relating to possession or control require ments for security-based swap customers under 17 CFR 240.1Sc3-3(p)(2) or 17 CFR 240.lBa-4, as applicable.
- 0 (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.1Sc3-l, 17 CFR 240.lBa-1, or 17 CFR 240.lSa-2, as applicable, and the reserve require ments under 17 CFR 240.1Sc3-3 or 17 CFR 240.lSa-4, as applicable, if material di fferences exist, or a statement that no material differences exist.
- 0 (p) Su mmary of financial data for subsidiaries not consolidated in the statement of financial condition.
- � (q) Oath or affirmation in accordance with 17 CFR 240.17a-S, 17 CFR 240.17a-12, or 17 CFR 240.lBa-7, as applicable.
- � (r) Compliance report in accordance with 17 CFR 240.17a-S or 17 CFR 240.lSa-7, as applicable.
- � (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.lSa-7, as applicable.
- � (t) Independent public accountant's report based on an examination of the statement of financial condition.
- � (u) Independent public accountant's report based on an examination of the financial report or financial state ments under 17 CFR 240.17a-S, 17 CFR 240.lSa-7, or 17 CFR 240.17a-12, as applicable.
- � (v) Independent public accountant's report based on an examination of ce rtain statements in the compliance report under 17 CFR 240.17a-S or 17 CFR 240.lBa-7, as applicable.
- � (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-S or 17 CFR 240.lBa-7, as applicable.
- � (x) Supplemental repo rts on applying agreed-upon procedures, in accordance with 17 CFR 240.1Sc3-le or 17 CFR 240.17a-12, as applicable.
- � (y) Report describing any material inadequacies found to exist or 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).
- 0 (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.*
{2}------------------------------------------------
# **Lake Street Capital Markets, LLC**
Minneapolis, Minnesota
Statement of Financial Condition
Including Report of Independent Registered Public Accounting Firm
As of December 31, 2021
{3}------------------------------------------------
## LAKE STREET CAPITAL MARKETS, LLC
# Statement of Financial Condition
### As of December 31, 2021
# Table of Contents
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|----------------------------------------------------------------------------------------------------------------------|---------|
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7 |
{4}------------------------------------------------
### **Report of Independent Registered Public Accounting Firm**
To the Member and Board of Governors of Lake Street Capital Markets, LLC
### *Opinion on the Financial Statement*
We have audited the accompanying statement of financial condition of Lake Street Capital Markets, LLC (the Company) as of December 31, 2021 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 the Company as of December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.
### *Basis for Opinion*
The 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 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 provides a reasonable basis for our opinion.
*\$,IA fill;;()� u;P*
We have served as the Company's auditor since 2013.
Milwaukee, Wisconsin March 31, 2022
{5}------------------------------------------------
### Lake Street Capital Markets, LLC STATEMENT OF FINANCIAL CONDITION As of December 31, 2021
| AS
SE
TS | |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------|
| C
h
as | \$
12
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58
,2
92 |
| D
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| TO
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{6}------------------------------------------------
### Lake Street Capital Markets, LLC NOTES TO STATEMENT OF FINANCIAL CONDITION As of December 31, 2021
### (1) Organization and Nature of Business
Lake Street Capital Markets, LLC (the Company) is a wholly-owned subsidiary of Lake Street Holdings, LLC (the Member). The Company, organized as a limited liability company under the Minnesota Limited Liability Company Act, is an introducing broker-dealer registered with the SEC and a member of the Financial Industry Regulatory Authority (FINRA) and commenced operations on November 30, 2012. The Company provides investment banking and securities brokerage services to institutional and corporate clients. The Member experiences limited liability to the extent of its capital balance.
### (2) Significant Accounting Policies
A summary of the Company's significant accounting policies follows:
Cash -The Company maintains its cash in bank deposit accounts, which at times, may exceed federally insured limits. The Company has not experienced any losses on such accounts. The Company believes it is not exposed to any significant credit risk on cash.
Investments - Investment securities are typically common stock and warrants classified as trading and are carried at fair value with realized and unrealized gains or losses recorded in other income.
Deposit with clearing broker - The Company maintains a minimum deposit of \$100,000 with the clearing broker, Wedbush Securities, Inc. As of December 31, 2021, the deposit amount was \$137,516.
Receivable from clearing broker - Receivable from clearing organization represents amounts arising primarily in connection with security transactions and is stated at the amount management expects to collect. No allowance for bad debts is recorded as these receivables are short-term in nature and no material losses are expected. The Company monitors the credit standing of the clearing organization with which it conducts business to mitigate the Company's exposure to credit risk.
Receivables from customers - Receivables from customers (accounts receivable) are obligations due under normal trade date terms requiring payment within 30 days of the invoice date. Accounts receivable are reported net of any estimated allowances for uncollectible accounts and contractual adjustments. All receivables from customers are uncollateralized.
Customer accounts balances with invoices dated over 90 days old are considered delinquent. To provide for receivables that could become uncollectible in the future, the Company may establish an allowance for uncollectible accounts to reduce the carrying amount of such receivables to their estimated net realizable value. The allowance for uncollectible accounts is based upon management's assessment of historical and expected net collections, business and economic conditions, and other collection indicators.
Income taxes - The Company is a single member limited liability company classified as a "disregarded entity" for income tax purposes. Accordingly, these financial statements do not include any provision or liability for income taxes since the income and expenses are reported on the income tax returns of the sole member and the applicable income taxes, if any, are paid by the member.
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
{7}------------------------------------------------
liabilities and disclosure of contingent assets and liabilities at the date of financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
### **(3) Off-balance sheet risk**
The Company clears all transactions for its customers on a fully disclosed basis with Wedbush Securities, Inc., who carries all the customer accounts and maintains the related records. The Company is liable to Wedbush for the transactions of its customers. These activities may expose the Company to off-balance sheet risk in the event other parties are unable or refuse to fulfill their contractual obligations. Commissions and other receivables are unsecured. No allowance for uncollectible accounts was considered necessary as of December 31, 2021.
### **(4) Fair Value Measurement**
FASB ASC 820 defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy which prioritizes the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. Valuation techniques that are consistent with the market, income or cost approach, as specified by FASB ASC 820, are used to measure fair value.
The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels:
- Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities the Company has the ability to access.
- Level 2 inputs are inputs (other than quoted prices included within Level 1) that are observable for the asset or liability, either directly or indirectly.
- Level 3 inputs are unobservable inputs for the asset or liability and rely on managements own assumptions about the assumptions that market participants would use in pricing the asset or liability.
For investments in Level 3 securities that do not have readily determinable fair values, the determination of fair value requires the Company to estimate the value of the securities using the best information available. Among the factors considered by the Company in determining the fair value of such financial instruments are the cost, terms and liquidity of the investment, the financial condition and operating results of the issuer, and other factors generally pertinent to the valuation of investments. In addition, even where the Company derives the value of a security based on information from an independent source, certain assumptions may be required to determine the security's fair value. For instance, the Company assumes that the size of positions in securities that the Company holds would not be large enough to affect the quoted price of the securities if the firm sells them, and that any such sale would happen in an orderly manner. The actual value realized upon disposition may differ significantly from the currently estimated fair value.
The following table presents the Company's fair value hierarchy for those assets measured at fair value on a recurring basis as of December 31, 2021:
| | | Le
l 1
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|--------------------------------------------------|----|---------------------|----|----------------|---|---------------------|----|---------------------|--|
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| E
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| | s | 12
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61 | \$ | 42
4
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{8}------------------------------------------------
The following table is a reconciliation of the beginning and ending balances for assets measured at fair value on a recurring basis using significant unobservable inputs (level 3) during the year ended December 31, 2021.
| | B
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The following table presents quantitative information about Level 3 measurements at December 31, 2021:
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#### (5) Furniture and Equipment
Furniture and equipment consisted of the following as of December 31, 2021:
| &
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18
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|------------------------------------------------------------------------------|---|---------------------------|
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| To
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### (6) Concentrations
The Company recognized accounts receivable of greater than 10% of the total from the following customers:
| e
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|----------------------------------------------------------------------------------------------------|----------------------------------------------------------------------|
| A
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to
us
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m | 11
% |
#### {7) Leases and Other Contractual Commitments
In accordance with ASC 842, "Leases", the Company's leases with terms longer than twelve months are recorded on the statement of financial condition. The Company leases office space and copiers which are all classified as operating leases. The lease for office space provides for increases in future minimum rental payments.
The lease also includes real estate taxes and maintenance charges, which are excluded from the minimum lease payments.
The Company leases its office facilities and certain equipment under operating leases. A new lease was entered into in January 2018 for the Minneapolis office. The lease is a seven-year term starting March 1, 2018 and concluding February 28, 2025. It provides for base annual payments of \$80,457 for the first year and escalates approximately 2.5% per year for the remaining years of the lease.
{9}------------------------------------------------
A new lease was entered into in December 2021 for a printer/copier for the Minneapolis office. The lease is a fiveyear term starting December 10, 2021 and concluding December 9, 2026. It provides for base annual payments of \$5,547 for all five years.
The lease for its Beverly Hills, CA office expires on June 30, 2022 and provides for base annual payments of \$19, 109 overthetermofthelease.
The Company has entered into various contracts related to the license of its securities trading system and other data services which require it to pay license costs over periods ranging from one to three years.
The future minimum payments required under the leases are as follows:
| | | Ye | nd
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er
re
m
ng
rm
ye | fo
le
s
r o
ti
ra
as
es
pe
ng | | 3 |
| d-
di
f
le
gh
W
ei
te
e
nt
ra
te
o
ti
av
ag
sc
ou
er
or
pe
ra
ng | as
es | | 5%
4. |
| Th
fu
in
im
ui
d
de
he
le
e
tu
m
r
r t
ts
re
um
pa
ym
en
eq
re
un | fo
llo
a
a
s
as
es
re
w
s: | | |
| | 20
22 | \$ | 10
3,
90
2 |
| | 20
23 | | 96
74
4
, |
| | 20
24 | | 98
,64
0 |
| | 20
25 | | 21
,1
23 |
| | 20
26 | | 5
,0
85 |
| he
aft
T
re
er | | | |
| l f
le
To
ta
ut
e
in
im
e
ts
as
pa
ur
m
um
ym
en | | | 325
,2
24 |
| Le
:
in
te
st
ss
re | | | (2
}
2
,1
39 |
| l l
li
ab
ili
To
ta
ti
ea
se
es | | s | 30
3
,0
85 |
| | | | |
Summary of Right-of-use asset *I* Lease liability as of December 31, 2021:
| | R
i
h
,g | of
A
t-
et
-u
se
ss | L
li
b
i
li
t
ea
se
a
y | | |
|--------------------|-------------------|---------------------------------------|----------------------------------------------------|-----------------------------|--|
| L
1
ea
se | s | 9
,2
3
9 | s | 9
,5
0
4 | |
| L
2
ea
se | | 2
,5
1
7
4 | | 2
,5
1
7
4 | |
| L
3
ea
se | | 2
1
9
,6
7
0 | | 2
6
9
,0
6
4 | |
| | \$ | 2
5
3
2
6
,4 | s | 3
0
3
,0
8
5 | |
{10}------------------------------------------------
### (8) Net capital requirements
The Company is required to maintain a minimum net capital, as defined in Rule 15c3-1 under the Securities Exchange Act of 1934 (as amended), equivalent to the greater of \$100,000 or 1/15 of aggregate indebtedness. Net capital and aggregate indebtedness may vary from day to day. At December 31, 2021, the Company had net capital of \$6,370,246 which was \$5,922,441 in excess of its required net capital of \$447,805. The Company's aggregated indebtedness ratio was 1.05 to 1 as of December 31, 2021.
No material differences exist between the net capital calculated above and the net capital computed and reported in the Company's December 31, 2021 FOCUS filing. Per Rule 15c3-3 of the Securities and Exchange Commission Uniform Net Capital Rule, the Company is exempt under the (k)(2)(ii) exemption.
### (9) Subsequent events
The Company has evaluated subsequent events occurring through March 31, 2022, the date that the financial statements were available to be issued, for events requiring recording or 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.