# ASSETPOINT FINANCIAL, LLC X-17A-5 (2023-03-31) — Broker-dealer annual report - Company: ASSETPOINT FINANCIAL, LLC - Form: X-17A-5 - Filed: 2023-03-31 - Period: 2022-12-31 - Accession: 0001584248-23-000001 - CIK: 1584248 - File #: 8-69332 - Type: Broker-dealer - Material weakness: No - Auditor: KPMG LLP - Auditor location: McLean, VA - Contact: William T. Bergin - Phone: 7032923489 - Email: bbergin@intrafi.com - Website: bankassetpoint.com - Signed by: William T. Bergin (Chief Compliance Officer) Original filing: https://www.sec.gov/Archives/edgar/data/1584248/000158424823000001/apfsofc2022.pdf --- {0}------------------------------------------------ | UNITED STATES
SECURITIES AND EXCHANGE COMMISSION | | | 0MB APPROVAL
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hours per response: 12 | | | | ANNUAL REPORTS | | SEC FILE NUMBER | | | | FORM X-17A-5 | | 8-69332 | | | | PART Ill | | | | | Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | FACING PAGE | | | | | FILING FOR THE PERIOD BEGINNING 1/1/2022 | | | AND ENDING 12/31/2022 | | | | MM/DD/VY | | MM/DD/VY | | | | A. REGISTRANT IDENTIFICATION | | | | | NAME oF FIRM: Assetpoint Financial, LLC | | | | | | TYPE OF REGISTRANT (check all applicable boxes}:
0 Broker-dealer
D Check here if respondent is also an OTC derivatives dealer | O Security-based swap dealer | | □ Major security-based swap participant | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.} | | | | | | 1300 North 17th Street, Suite 1800 | | | | | | | (No. and Street) | | | | | Arlington | VA | | 22209 | | | (City) | (State) | | (Zip Code) | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | William T. Bergin | 703-292-3489 | | bbergin@intrafi.com | | | (Name) | (Area Code-Telephone Number) | | (Email Address) | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | | KPMG LLP. | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | 8350 Broad Street | McLean | VA | 22102 | | | l"
(Address)
10/20/2003 | (City) | (State)
#185 | (Zip Code) | | | of ReglstraUoo with PCAOB)(lf applicable] | | | ]PCAOB ReglSUaaccountant must be su pported by a statement of facts and circumstances relied on as the bc1sis of the exemption. See 17 | | | I | | **CFR 240.17a-S(e)(l)(ii), if applicable.** r **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.** {1}------------------------------------------------ ### **OATH OR AFFIRMATION** | I
, William T. Bergin | _________ _, swear (or affirm) that, to the best of my knowledge and belief, the | |----------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------| | financial report pertaining to the firm of Assetpoint Financial, LLC | as of | | 12/31 | 2�, is true and correct. I further swear (or affirm) that neither the company nor any | | | 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. | | ![](_page_1_Picture_2.jpeg) | Slgnat� | | 't ·· | | | |--------------------------|--------|-------|---|--| | Title: | �
/ | | � | | | Chief Compliance Officer | | | | | # **This filing\*\* contains (check all applicable boxes):** - I!!! (a) Statement of financial condition. - ljj (b) Notes to consolidated 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 (d) Statement of cash flows. - D (e) Statement of changes in stockholders' or partners' or sol� proprietor's equity. - D (f) Statement of changes in liabilities subordinated to claims of creditors. - D (g) Notes to consolidated financial statements. - D (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-l, as applicable. - D (i) Computation of tangible net worth under 17 CFR 240.18a-2. - D (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - D (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. - D (I) Computation for Determination of PAB Requirements under Exhibit A to§ 240.15c3-3. - D (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - D (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. - D (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. - D (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - l!ii (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - D (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - D (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - D (t) Independent public accountant's report based on an examination of the statement of financial condition. - D (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - 0 (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. - D (w) Independent public ciccountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - D (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3�1e or 17 CFR 240.17a-12, as applicable. - D (y) Report describing any mat\_erial 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). - D (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}------------------------------------------------ # **ASSETPOINT FINANCIAL, LLC** Statement of Financial Condition December 31, 2022 (With Report of Independent Registered Public Accounting Finn Thereon) {3}------------------------------------------------ ![](_page_3_Picture_0.jpeg) KPMG LLP Suite 900 8350 Broad Street McLean, VA 22102 # Report of Independent Registered Public Accounting Firm To the Member and Management Assetpoint Financial, LLC: ## Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Assetpoint Financial, LLC (the Company) as of December 31, 2022, and the related notes (collectively, 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, 2022, in conformity with U.S. generally accepted accounting principles. ## Basis for Opinion This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this 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. We have served as the Company's auditor since 2015. McLean, Virginia March 31, 2023 {4}------------------------------------------------ # ASSETPOINT FINANCIAL, LLC ## Statement of Financial Condition December 31, 2022 | Assets | | | |--------|--|--| | | | | | Cash | ಕಾ | 1,544,988 | |---------------------------------------|--------|-------------| | Accounts receivable | | 173,430 | | Due from parent | | 57,550 | | Prepaid expenses | | 16,477 | | Fixed assets, net | | 60,479 | | Total assets | ਵਿੱਚ | 1,852,924 | | Liabilities and member's equity | | | | Other current liabilities | | 10,386 | | Total liabilities | | 10,386 | | Member's equity: | | | | Contributed capital | | 3,139,339 | | Accumulated deficit | | (1,296,801) | | Total member's equity | | 1,842,538 | | Total liabilities and member's equity | ಕ್ಕಿ ಕ | 1,852,924 | See the accompanying notes to the financial statement. {5}------------------------------------------------ # **Assetpoint Financial, LLC** ## Notes to Statement of Financial Condition December 31, 2022 # **(1) Summary of Significant Accounting Policies** # *(a) Organization* Assetpoint Financial, LLC (Company and/or APF) was formed in the State of Delaware in July 2013 as a wholly owned subsidiary of IntraFi Network, LLC (IFN and/or Member) formerly Promontory Jnterfinru1cial Network, LLC. IFN is the sole member of APF and is a Delaware limited liability company that was formed in May 2002. Nexus Buyer LLC is the sole member oflFN. Nexus Buyer LLC is a wholly owned subsidiary of Nexus lntermediate Parent LLC, who, in tum, is a wholly-owned subsidiary of Nexus Parent LLC. IFN provides services to APF including, but not limited to, sales, legal, marketing, human resources, and finance and accounting pursuant to an intercompany services agreement. The Company is a registered broker-dealer with the Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority (FINRA). The Company is not subject to the requirements of the Customer Protection Rule (Securities and Exchange Commission (SEC) Rule 15c3-3) because the Company's business activities are limited to those set forth in the conditions for exemption appearing in Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5. • APF is an affiliate through common ownership of Assetpoint Services, LLC (APS), a Delaware limited liability company formed in September 20 I 2. APS operates an informational website named Bank Assetpoint® (www.bankassetpoint.com) on which eligible participants can post and view listings of certain eligible assets. Eligible participants include banks, savings associations, credit unions, licensed commercial real estate brokers, loan sale advisory fouis, and other sophisticated entities that meet certain requirements indicating that they have expeticnce in buying or selling real estate or loan assets. Eligible assets include commercial real estate and certain loan assets. • The Company's business plan involves offering securities listing services, private placement services, services involving hedging instruments for customers offering marketed-linked certificates of deposit, as well as other brokerage services. The Company also offers a Repo Service that allows banks and other financial institutions to enter repurchase agreement transactions for themselves or as agents for their customers. with one or more unaffiliated third-pa1ty securities dealers. APF perfonns agent duties in connection with the Repo Service, will not be pmty to any repo transaction, and does not at any time have custody of cash or securities in connection with the Repo Service. # *(b) Use of Estimates* The preparation of financial statement and accompanying notes 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 disclosures of contingent assets and liabilities at the date of the financial statement. Actual results could differ from those estimated amounts. {6}------------------------------------------------ #### **Assetpoint Financial, LLC** # **Notes to Statement of Financial Condition** . - #### **December 31, 2022** #### *(c) Accounts Receivable* Substantially all accounts receivable arc expected to be collected within one year. Management monitors past due balances with clients and, for accounts where collectability is not probable, management records an allowance for uncollectible accounts receivable to reflect management's best estimate of expected recovery. As of December 31, 2022, there is no allowance for uncollectible accounts. #### *(d) Software Developed for lntemal Use* Costs incurred for software developed for internal use are capitalized during the implementation stage and depreciated over the estimated useful life of the software, up to five years. Such amounts are reported as fixed assets. #### *(e) Recent Accountittg Pro1101tnce111ents* #### Adopted in the Current Period On February 25, 2016, the Financial Accounting Standards Board (the FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases, which requires the identification of arrangements that should be accounted for as leases by lessees. In general, for lease arrangements exceeding a twelvemonth term, these arrangements must be recognized as assets and liabilities on the balance sheet of the lessee. A right-of-use asset and lease obligation will be recorded for all leases, whether operating or financing. The balance sheet amount recorded for existing leases at the date of adoption must be calculated using the applicable incremental borrowing rate at the date of adoption. The standard requires the use of the modified retrospective transition method, which will require adjustment to all comparative periods presented. ASU 2016-02 became effective for APF on January 1, 2022. The adoption of this standard has no material impact on APF's financial statement and related disclosures. .. #### **(2) Income Taxes** The Company is a single-member limited liability company. No amounts related to income taxes have been recognized in the accompanying financial statement since the Company is treated as a disregarded entity for income tax purposes. IFN, the sole member of the Company, is also disregarded entity for income tax purposes. Nexus Buyer LLC, the sole member of JFN, is a wholly owned subsidiary of Nexus Intermediate Parent LLC, who, in turn, is a wholly-owned subsidiary of Nexus Parent LLC. Therefore, the members of Nexus Parent LLC, a partnership for tax purposes, would be responsible for recording the Company's net income (loss) on their income tax filings. The Company had no unrecognized tax benefits as of or during the year ended December 31, 2022. {7}------------------------------------------------ # **Assetpoint Financial, LLC** #### Notes to Statement of Financial Condition December 31, 2022 #### **(3) Net Capital Requirements** The Company is subject to the Securities and Exchange Commission's Uniform Net Capital Rule 15c3-l (Rule 15c3-l) and is required to maintain minimum net capital equivalent to \$5,000 or 6 2/3% of aggregate indebtedness, whichever is greater, as these terms are defined. Rule 15c3-l restricts a broker-dealer from engaging in any securities transactions when its aggregate indebtedness exceeds 15 times its net capital as those terms are defined by Rule 15c3-l. Net capital and aggregate indebtedness change from day to day. At December 31, 2022, the Company had net capital of \$1,534,602, which was \$1,529,602 in excess of its required capital of \$5,000. The Company's aggregate indebtedness at December 31, 2022, was \$10,386. - ### **(4) Transactions with Affiliates** #### *(a) Due from Parent* The Company has a Due from parent balance of \$57,550 as of December 31, 2022. During 2022, the Company reimbursed IFN for expenses incurred by the Company and paid by IFN on the Company's behalf and the balance is retired on a periodic basis. The December 31, 2022 ending balance of \$57,550 is the net receivable balance as a result ofintercompany activity and will be applied to future trans'.lctions. #### **(5) Fixed Assets** Fixed assets at December 31 , 2022 consist of capitalized software development costs of \$1,385,665 and accumulated depreciation of.\$1,325, 186. Included in the capitalized development costs are 52,943 of allocated internal and external labor that has been incurred at IFN and shared with the Company. #### **(6) Commitments and Contingencies** ln the ordinary course of business, various claims and lawsuits may be brought by or against the Company. As of the end of the year, there were no such claims or lawsuits brought by or against the Company. #### (7) **Subsequent Events** Subsequent to December 31, 2022 and through March 31, 2023, the date through which management evaluated subsequent events and on which date the financial statement were available to be issued, the Company did not identify any material subsequent events. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.