# AGM SECURITIES LLC X-17A-5 (2024-02-29) — Broker-dealer annual report - Company: AGM SECURITIES LLC - Form: X-17A-5 - Filed: 2024-02-29 - Period: 2023-12-31 - Accession: 0001609177-24-000004 - CIK: 1295234 - File #: 8-66568 - Type: Broker-dealer - Material weakness: No - Auditor: WithumSmith Brown PC - Auditor location: Whippany, NJ - Contact: Howard Spindel - Phone: 212-897-1688 - Signed by: Howard Spindel (Principal Financial Officer) Original filing: https://www.sec.gov/Archives/edgar/data/1295234/000160917724000004/agm23s.pdf --- {0}------------------------------------------------ ## **AGM SECURITffiS LLC** STATEMENT OF FINANCIAL CONDITION AND Rl:.PORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM DECEMBER 31. 2023 {1}------------------------------------------------ ### UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 # ANNUAL REPORTS FORM X-17A-5 PARTIII FACING PAGE Information Required Pursuant to Rules 17:i-S, l 7:i-12, :ind l 8a-7 under the Securities Exchnnge Acl of 1934 FILING FOR TIil PERIOD BEGINNING 01 /01 /23 AND ENDING **12/31 /23** MM/DD/YY MM/DD/YY #### **A. REGISTRANT IDENTIFICATION** # NAME or FrRM: AGM Securities LLC TYPE OF REGIS rRANT (check all applicable boxes): ~ Broker-dealer D Securit)-based s,,ap dealer D Major security-based swap participant D Check here ,r respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) # 42 Broadway, Suite 12-129 | | (No and Street) | | |-----------------------------------------|---------------------------------------------------------------------------|-----------------| | New York | NY | 10004 | | (Cit)) | (Slate) | (.lip Code) | | PERSON TO CONTACT WITII REGARD TO Tl II | S FILING | | | Howard Spindel | (212) 897-1688 | | | (Name) | (Arca Code - l\:lcphom: Number) | (Email Address) | | | B. ACCOUNTANT IDENTIFICATION | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | WithumSmith + Brown, PC | | | (Name - ifindi,iduaL s1a11: lasL lirs1. and middle name) | 200 Jefferson Park Suite 400 | Whippany | NJ | 07981
-1070 | | |----------------------------------------------------|----------|---------|-------------------------------------------|--| | (Address) | (Cily) | (Staie) | (Zip Code) | | | 10/08/2003 | | 100 | | | | (Date of Rcgistra1ion ,, ith PCAOB)(if applicable) | | | (PCAOB Registration Number, ifapplicablc) | | #### FOR OFHCIAL USE ONLY • Claims for c,cmptic ,n from 1hc requircmcn1 tha1 the annual r..:pons he covered by 1hc reports of an independent public accounlant must hs: suppor1cd by a statc1m:n1 ot' foc1s and circumstances r.:lied on as the basis of the cx.:mption. Sec 17 CFR 240.17a-S(e)( l)(ul 1J'applicahle. Persons \I ho arc In n-,pond to the collection ofinfo rmation conta ined in this fo rm a rc not required to rCSJlOnd unless the form dis11l:1 ys a currcnll) , a lid 0MB control number. | 0MB APPROVAL | | |--------------------------|--| | 0MB Number: 3235-0123 | | | Expires: Nov. 30, 2026 | | | Estimated average burden | | | hours per response: 12 | | SEC FILE NUMER 8- 66568 {2}------------------------------------------------ #### **AFFIRMATION** I, Howard Spindel , swear ( or affirm) that, to the best of my knowledge and belief, the financial report pertaining to AGM Securities LLC as of 12/31/23 , is true and correct. I further swear (or affirm) that neither the company nor any partner, officer, director, or equivaknt person, as the case may be, has any proprietary interest in ~, acco nt cl sified solely **as that** of a customer. 0 J / ,if/; *fA* ••• • "· ., I •., **.lf.,.~1** c;,· ·~1}..f; • · ·":/ **M'! Comrr** .. ~**,** .· ~ .. , •• , **d** : *··,:~c* ;·rx7~. '1!tfcr l .,,., ,. ..~ *J*~...,..\_..... • .. *.... .......,.\_ ...* ~ *.. :\_:\_:* •• Signature Principal Financial Officer Title ![](_page_2_Picture_5.jpeg) {3}------------------------------------------------ ## This filing\*\* contains (check a ll a pplicable boxes): - [El (a) Statement of financial condition. - [El (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 incoml.! (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 financial statements,, as applicable. - D (h) Computation of nt:t capital under 17 CFR 240. I 5c3- I or 17 CFR 240.18a-l, as applicable. - D (i) Computation of tangible net worth under 17 CFR 240. I 8aa2. - D U) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240. I 5c3-3. - 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. I 8a-4. as applicable. - D (1) Computation for Determination of PAB Requirements under Exhibit A to § 240. I 5c3-3. - D (m) Information relating to possession or control requirements for customers under 17 CFR 240. l 5c3-3. - D (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240. l 5c3- 3(p)(2) or 17 CFR 2..JO. l 8a-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 2-W.1 Sc3-l, 17 CFR 240. I 8a-l, or 17 CFR 240. l 8a-2, as applicable, and the reserve requirements under 17 CFR 2-W.15c3-3 or 17 CFR 240. I 8a-4, as applicable. if material differences exist, or a statement that no material differences 1:,ist. - 0 (p) Summary of financi al data for subsidiaries not consolidated in the statement of financial condition. - [El (q) Oath or affirmation in accordance with 17 CFR 240. I 7a-5 .. 17 CFR 240. I 7a-l 2, or 17 CFR 240. l 8a-7, as applicable. - D (r) Compliance report in accordance witb 17 CFR 240.17a-5 or 17 CFR 240. l 8a-7, as applicable. - 0 (s) Exemption report in accordance with 17 CFR 240. I 7a-5 or 17 CFR 240. I 8a-7, as app licable. - [El (t) Independent public accountant's report based on an examination of the statement of financial condition. - 0 (u) Independent public accountant's repon based on an examination of the financial report or financial statements under 17 CFR 240. I 7a-5, 17 Cl· R 240.18a-7, or 17 CFR 240. I 7a-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. I 7a-5 or 17 CFR 240.18a-7, as applicable. - 0 (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240. l 8a-7, as applicable. - D (x) Supplemental repor~ un applying agreed-upon procedures, in accordance with 17 CFR 240. J 5c3-le or 17 CFR 240. l ?a-12, as applicnble. - 0 (y) Report describing an:, 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. J 7a- l 2(k). D (z) Other:------------------------------- ----- - *\*\*To request confidential treatment of cer1ain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d}(2), as applic:ahh* {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) # **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Managing Member and Those Charged with Governance of **AGM** Securities LLC: #### Opinion on the Financial Statement We have audited the accompanying statement of financial condition of AGM Securities 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 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 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 2014. Whippany, New Jersey February 28, 2024 {5}------------------------------------------------ #### **AGM SECURITIES LLC** #### STATEMENT OF FINANCIAL CONDITION #### DECEMBER 31. 2023 #### **ASSETS** | Cash | \$
593,572 | |-----------------------------------------------------------------------|---------------| | Accounts receivable, net of allowance for credit losses of \$29, I 02 | 164. 126 | | Other assets | 1,539 | | Total assets | \$
759,237 | | LIA BILlTIES AND MEMBER'S EQUITY | | | Liabilities: | | | Due to Parent | \$
30,000 | | Accounts payab le | 187 | | Total liabilities | 30.187 | | Member's equity | 729,050 | | Total li abilities and member's equity | \$
759,237 | See accompanying notes to financial statement {6}------------------------------------------------ #### **AGM SECURITIES LLC** #### NOTES TO FINANCIAL STATEMENT #### DECEMBER 31, 2023 #### 1. Nature of busiucss and summa ry of significant accounting policies # *Nature of Business* AGM Securities LLC (the "Company"), a wholly-owned subsidiary of AGM Holdings LLC (the ''Parent"), is a broker-dealer registered with the Securities and Exchange Commission ("SEC") pursuant to section 15(b) of the Securities Exchange Act of 1934. The Company is also a member of the Financial Industry Regulatory Authority ("FINRA"). United Talent Agency, LLC ("UTA") is the 100% indirect owner of the Company. The Company's operations consist primarily of private placement of securities and corporate finance advisory services. # *Basis of Prese11/atio11* The financial statements have been prepared in conformity with accounting principles generally accepted in the United States or America ("GAAP'') which requires management to make estimates and assumptions that affect the reported amounts or 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. The Company had \$263.875 and \$164,126 accounts receivable. net of credit losses, at January I. 2023 and at December 31. 2023, respectively. The Company had \$175.000 of contract liabilities at Janua1y I. 2023 and \$0 at December 31, 2023. The Company had 110 contract assets at January I. 2023 and December 31, 2023. ## *Income Taxes* The Company is a single member limited liability company for federal, state. and local income tax purposes. As such, it is a disregarded entity for tax purposes and does not pay any taxes. The Company does not reflect any taxes in its financial \$tatements. The Company's income or loss is taken into consideration in the tax returns of its Parent's indirect O\\ ncr. At December 31. *2023.* management has determined that the Company had no uncertain tax positions that would require financi al stakment recognition. This determination will always be subject to ongoing reevaluation as facts and circumstances may require. #### *The Allowance for Credit Losses* ASC Topic 326. Fi,wncial Instruments - Credit Losses ("ASC 326") impacts the impairment model for certain financial assets by rl!qu iring 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 lossl's in certain circumstances (e.g., based on the credit quality of the client). The allowance for crl!dit losses is based on the Company's expectation of the collectability of financial instnrments, 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 losses. 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 bl! collected. {7}------------------------------------------------ ## **AGM SECURITIES LLC** ## NOTES TO FINANClAL STATEMENT ## DECEMBER 31. 2023 ### **1. Nature of business and summary of significant accounting policies (continued)** ### *The Allowance for Credit losses (continued)* The statement of operations would reflect the measurement of credit losses for newly recognized financ ial assets as well as the expected increases or decreases of expected credit losses that might have taken place during the period. The Company has not provided an allowance for credit losses at December 31, 2023. #### **2. Net capita l requirement** The Company. as a m~mber offlNRA, is subject to the Securities and Exchange Commission Uniform Net Capital Rule I 5c3-1. This Ru le requires the maintenance of minimum net capital and that the ratio of aggregate indebtedness to net capital, both as defined, sha ll not exceed 15 to I and that equity capital may not be withdrawn or cash dividends paid if the res ulting net capital ratio would exceed 10 to l. At December 31, 2023, the Company's net carital was \$563.385, which was \$463,385 in excess of its minimum requirement of\$ 100,000. #### **3. Compliance with Ruic 15c3-3** The Company does not handle cash or securities on behalf of customers and accordingly has no obligation under SEC Rule 15c3-3. #### **4. Related** party transactions Pursuant to an admin istrative service agreement (the '·Agreement'') between the Company and the Parent, the Company pays a monthly administrative fee for utilizing certain resources of the Parent. The Company was charged \$120,000 for the year ended December 3 I. 2023 under the Agreement. As of December 3 1, 2023, \$30,000 of these expenses remain payable to the Parent. The Parent paid expenses of\$4,581 on behalfofthe Company and deemed it a contribution. ## S. Concentrations The Company maintains its cash balance in one financial institution. The balance is federa lly insured up to \$250,000. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.