# IMPROVED CORPORATE FINANCE LLC X-17A-5 (2024-02-29) — Broker-dealer annual report - Company: IMPROVED CORPORATE FINANCE LLC - Form: X-17A-5 - Filed: 2024-02-29 - Period: 2023-12-31 - Accession: 0001609177-24-000003 - CIK: 1953127 - File #: 8-71011 - Type: Broker-dealer - Material weakness: No - Auditor: YSL & Associates LLC - Auditor location: New York, NY - Contact: Shari Rothenberg - Phone: 908-743-1307 - Signed by: Mark Bradt (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1953127/000160917724000003/icf23s.pdf --- {0}------------------------------------------------ ## **UNITED ST ATES** 0MB APPROVAL **SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** # **ANNUAL REPORTS FORM X-17A-5 PART** III 0MB Number: 3235·0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 SEC FILE NUMER 8- 71011 **FACING PAGE** Informa tion Required Pursuant to Rules 17a-5, li a-12, and 18a-7 under the Securities Excha nge Act of 1934 FILING FOR THE PERIOD BEGINNING 06/06/23 MM/DD/YY AND ENDING 12/31 /23 MM/DD/YY ## **A. REGISTRANT IDENTIFICATION** NAME OF FIRM: Improved Corporate Finance LLC TYPE OF REGISTRANT (check all applicable boxes): ~ Broker-dealer O Security-based swap dealer O Major security-based swap participant 0 Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) # 1959 Palomar Oaks Way, Suite 300 | | (No. and Street) | | | |-----------------------------------------------|--------------------------------|----------------------------------|--| | Carlsbad | CA | 92011 | | | (City) | (State) | (Zip Code) | | | PERSON TO CONT ACT WITH REGARD TO THIS FILING | | | | | Shari Rothenberg | (908) 743-1307 | srothenberg@integrated.so1utions | | | (Name) | (Area Code - Telephone Number) | (Emai l Address) | | | | | | | #### **B. ACCOUNT ANT IDENTIFICATION** INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this tiling\* # YSL & Associates LLC | (Name- if individual. state last, first, and middle name) | | | | | | |-----------------------------------------------------------|----------|---------|---------------------------------------------|--|--| | 11 Broadway, Suite 700 | New York | NY | 10004 | | | | (Address) | (City) | (State) | (Zip Code) | | | | 06/06/06 | | 2699 | | | | | (Date of Registration with PCAOB)(ifapplicable) | | | (PC/\OB Regis1ration Numb.:r. ifapplicable) | | | **FOR OFFICIAL USE ONLY** \* Claims for exemption from the requirement 1hat the annual repo11s be covered by the reports of an independent public accouniam must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240. l 7a-5(e)( I )(ii), if applicable. Persons who ar e to respond to the collection of in fo rma tion contained in this form ar e not r equired to respond unless the form dis plays a currently valid OMU control number. {1}------------------------------------------------ #### AllJl'IRMATlON 1, Mark Bradt , swe11r (or affirm) thnt, to the best or my knowledge and belief, the financial report pcrtainin2 to Improved CoqJorate Finance LLC as of 12/31/23 , is true and correct. l furtbet· swear (01· affim1) thnt neither the company nor any partner, officer, director, or equivalent person, as the case may be, has any 1>roprietary interest in any account classified solely as that of a customer. - Signature CEO Title I**~ACHED CALIFORNIA** CERTIFICATC:! I 1'n ,=. *vr z.,/ vr--1-i-'f* Notary Public {2}------------------------------------------------ ## **This filing\*\* contains (check all applicable boxes):** - CEI (a) Statement of financial condition. - CEI (b) Notes to unconsolidated or consolidated statement of financial condition, as applicable. - 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 members' or sole proprietor's equity, as applicable. - D (f) Statement of changes in liabilities subordinated to claims of creditors. - D (g) Notes to unconsolidated or consolidated financia l statements,, as applicable. - D (h) Computation of net capital under 17 CFR 240. I Sc3-1 or 17 CFR 240. I 8a-I. as applicable. - D (i) Computation of tangible net worth under 17 CFR 240. 18a-2. - D (i) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240. I Sc3-3. - D (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.1 Sc3- 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. I Sc3-3. - D (m) Information relating to possession or control requirements for customers under 17 CFR 240. I Sc3-3. - D (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240. I 5c3- 3(p)(2) or 17 CFR 240. l 8a-4, as applicable. - D (o) Reconciliations, including appropriate explanations. of the FOCUS Repo1t with computation of net capital or tangible net worth under 17 CFR 240.15c3-I, 17 CFR 240. I 8a-1, or 17 CFR 240. l 8a-2, as applicable, and the reserve requirements under 17 CFR 240.1 Sc3-3 or 17 CFR 240. l 8a-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. - CEI (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. I 8a-7, as applicable. - D (s) Exemption report in accordance with 17 CFR 240. I 7a-5 or 17 CFR 240. l 8a-7, as applicable. - CEI (t) Independent public accountant's report based on an exami nation 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. I 7a-5, 17 CFR 240. I 8a-7, or 17 CFR 240. I 7a-12, as applicable. - D (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240. I 7a-5 or 17 CFR 240. 18a-7, as applicable. - D (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240. I 7a-5 or 17 CFR 240. I 8a-7, as applicable. - D (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240. l 5c3-I e or 17 CFR 240.17a- 12, as applicab le. - D (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). D (z) Other:------------------------------------- - *\*\*To request confidential treatment of certain portions of this filing. see 17 CFR 240.J 7a-5{e)(3) or 17 CFR 240.18a-7(d)(2). as applicable.* {3}------------------------------------------------ Statement of Financial Condition Pursuant to Rule 17a-5 under the Securities Exchange Act of 1934 December 31, 2023 {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) 11 Broadway, Suite 700, New York, NY 10004 Tel: (212) 232-0122 Fax: (646) 218-4682 # **REPORT OF lNDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Member of Improved Corporate Finance LLC ## **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition or Improved Corporate Finance LLC (the "Company'') as of December 31, 2023, 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. 2023 in conformity with accounting principles generall) 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. We have served as Improved Corporate Finance LLC's auditor since 2023. New York, NY February 26, 2024 {5}------------------------------------------------ ## **Statement of Financial Condition December 31, 2023** | Assets
Cash
Accounts receivable
Prepaid expenses | \$
71,530
10,950
1,325 | |----------------------------------------------------------------------------------------------------------------|---------------------------------| | Total assets | \$
83,805 | | Liabilities and Member's Equity
Liabilities:
Accounts payable and accrued expenses
Due to Parent, net | \$
5,912
7,219 | | Total liabilities | 13,131 | | Member's equity | 70,67-l | | Total liabilities and member's equity | \$
83,805 | The accompanying notes are an integral part of this financial statement. {6}------------------------------------------------ # **Notes to Financial Statement For the period from June 6, 2023 through December 31 , 2023** #### **1. Nature of operations** Improved Corporate Finance LLC (the ''Company") is a Delaware limited liability company. On June 6. 2023, the Company became a broker-dealer and as such is registered with the Securities and Exchange Commission (the "SEC") and is a member of the Financial [ndustry Regulatory Authority ("FfNRA "). The primary business of the Company is to act as a financial advisor for mergers and acquisitions and growth capital in the technology, energy and mobility sectors. #### **2. Summary of significant accounting policies** #### **Basis of presentation** These financial statements were prepared in conformity with accounting principles generaJly accepted in the United States of America which 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 amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. #### **Cash** All cash deposits are held by one financial institution and therefore are subject to the credit risk at that financial institution. The Company has not experienced any losses in such accounts and does not believe there to be any significant credit risk with respect to these deposits. #### **Income taxes** For the period June 6, 2023 through December 31, 2023, the Company is a single member limited liability company and is treated as a disregarded entity for income tax reporting purposes. The Internal Revenue Code provides that any income or loss is passed through to the ultimate beneficial individual member for federal , state and local income taxes. Accordingly, no income tax expense was recorded for the period June 6, 2023 through December 3 1, 2023. At December 31, 2023, management has determined that the Company had no uncertain tax positions that would require financial statement recognition. This determination will be subject to ongoing reevaluation as facts and circumstances may require. #### **Accounts receivable** Account receivable includes expense reimbursements due from one client. Management reviews all accounts receivable balances, determines a course of action on any delinquent amounts, and provides an allowance for amounts which collection is considered to be doubtful. At December 31, 2023. management believed no valuation allowance was warranted. There were no contract assets or contract liabilities as of June 6, 2023 and December 31, 2023. {7}------------------------------------------------ # Notes to Financial Statement For the period from June 6, 2023 through December 31 , 2023 #### **2. Summary of Significant Accounting Policies (continued)** #### **The Allowance for Credit Losses** 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. Under ASC 326, the Company could determine there are no expected credit losses in certain circumstances (e.g., based on the credit quality of the client). The allowance for credit losses is based on the Company's expectation of the collectability of financial instruments, including fees and other 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 the collectability in determining the allowance for credit tosses. Under the standard, the allowance for credit losses must be deducted from the amortized cost of the financial asset to present the net amount expected to be collected. #### **3. Transactions with related parties** The Company has an expense sharing agreement with an affiliate whereby the affiliate provides compensation and benefits, human resources and other services. The Company does not have any obligation, direct or indirect, to reimburse or otherwise compensate the affiliate for any or all costs that the affiliate has paid on behalf of the Company. These costs have not been recorded on the books of the Company. From time to time, payments are received for reimbursed expenses from clients, or on behalf of the affiliate, and are then disbursed to the affiliate. As of December 31, 2023. included in due to Parent, net on the statement of financial condition is \$10,950 of such expenses. All transactions with related parties are settled in the normal course of business. The terms of any of these arrangements may not be the same as those that would otherwise exist or result from agreements and transactions among unrelated pa11ies. #### **4. Regulatory requirements** The Company is subject to SEC Uniform Net Capital Rule I 5c3-1 under the Securities Exchange Act of 1934, 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 8 to 1. and that the net capital be at least \$5,000. At December 31, 2023, the Company had net capital of approximately \$58,000 which exceeded the required net capital by approximately \$53,000. The Company does not hold customers' cash or securities and, has no requirements under SEC Rule I 5c3-3 and therefore does not claim an exemption under paragraph (k). {8}------------------------------------------------ ## **Notes to Financial Statement For the period from June 6, 2023 through December 31 , 2023** #### **S. Subsequent events** Management of the Company has evaluated events or transactions that may have occurred since December 31, 2023, and through the date the financial statements were ready to be issued, and detennined that there are no material subsequent events that would require adjustment 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.