# OCEAN TOMO INVESTMENT GROUP, LLC X-17A-5 (2020-02-26) — Broker-dealer annual report - Company: OCEAN TOMO INVESTMENT GROUP, LLC - Form: X-17A-5 - Filed: 2020-02-26 - Period: 2019-12-31 - Accession: 0001617845-20-000001 - CIK: 1617845 - File #: 8-69526 - Material weakness: No - Auditor: YSL & Associates LLC - Auditor location: New York, NY - Contact: Kathy Efrem - Phone: 212-897-1686 - Signed by: Howard Spindel (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1617845/000161784520000001/19OTs5.pdf --- {0}------------------------------------------------ # OCEAN TOMO INVESTMENT GROUP, LLC STATEMENT OF FINANCIAL CONDITION For the year ended December 31, 2019 {1}------------------------------------------------ | L"NlTID ST A TIS | |-------------------------------------| | SECURITIES A.\D EXCEANG£COM.\DSSI0N | | Washington, D.C 20549 | # **ANNUAL AUDITED REPORT FORM X-17A-5 PART Ill** | OM3 AFFROVAL | | | | |---------------------------|----------------|--|--| | OM3 lll.inber. | 3235--0123 | | | | Ex.pres: All}JSt 31, 2020 | | | | | E:stirated average !Mden | | | | | hours per response 12.00 | | | | | | See FLE IIU£ER | | | **8- &9S2&** | 17A-5 | | | |-------|--|--| | = | | | # FACING PAGE lnfonnation Required of Brokers and Dealers Pursuant to Section 17 of the Securities Exchange Act of 1934 and Rule 17a-5 Thereunder | 1/1/2019 | AND &\'DING | ----------
12/31/2019 | | |-----------------|---------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--| | ~ 1 MD D NY | | ~L\lDD'YY | | | | | | | | | | | | | | | OFFOii.L LGE CN Y | | | | | FR.40. 00. | | | | | | | | ( o. an Street) | | | | | | | 10006 | | | | | (ZipOxr) | | | | | | | | | | 212~97-1~ | | | | | (An:a Code - Telephone ·o.) | | | | | | | | | | | | | | | | | | | | | | | New York | NY | 10004 | | | (City) | (9atc) | (Zip Code) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Ocean Tomo Investment Oroup, LLC
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YSL & Associates LLC | -----------
A. REGISTRANT IDEXTIFICATION
ADDRESS OF PRINCIPAL PLACE OF BU !NESS: (Do not use P.O. f3ox)lo.)
39 Broadway, Suite 3300, Room 6
NAME AND THEPIIONE NUMBER OF PERSON TO CONT ACT IN REG\.RD TO nns REPORT
B. ACCO~TANT IDEl~TIFICATION
CNDEPfND~ PUBLIC ACCOill'.'TANTwho e opinion is contained in this Repon*
(Name - if mdmdual. srare last. jiTSl. 111 id die name)
0 Accountant not resident in United tales or any of its pos essions | | *\*Claims for exemption from the req11ireme111 that the 01111110/ report be corered by the opi11io11 of 011 illdepe11de11t public acco1111ta11t 1m1s1 be supported by a s101e111e111 of facrs 011d circ11ms1011ces relied 011 as rhe basis/or 1/ie exe111prio11. See sec1io11 240.l 7o-5(e}(2).* {2}------------------------------------------------ # **AFFlRMA TION** I, Howard Spindel. affirm that, to the best of my knowledge and belief, the accompanying financial statement(s) and supplemental schedules pertaining to Ocean Torno Investment Group. LLC for year ended December 31. 2019. are true and correct. I further affirm that neither the Company nor any officer or d irector has any proprietary interest in any account classified solely as that of a customer. Signature ' *I* Title ![](_page_2_Picture_7.jpeg) {3}------------------------------------------------ # **This report \*\* contains (check all applicable boxes):** - [xj Report of independent Registered Public Accounting Firm. - [x) Facing Page. - [x] Statement of Financial Condition. - [ ] Statement of Operations. - [ ] Statement of Changes in Member's Equity. - f ] Statement of Cash flows. - [ ] Statement of Changes in Liabilities Subordinated to Claims of General Credjtors (not applicable). - [ ] Computation of Net CapitaJ for Brokers and Dealers Pursuant to RuJe I 5c3-l under the Securities Exchange Act of 1934. - I J Computation for Determination of Reserve Requirements for Brokers and Dealers Pursuant to Rule l 5c3-3 under the Securities Exchange Act of 1934. - [ ] [nformation Relating to the Possession or Control Requirements for Brokers and Dealers Pursuant to Rule l 5c3-3 under the Securities Exchange Act of 1934 (not applicable). - l J A Reconciliation, including appropriate explanations, of the Computation of Net Capital Pursuant to Rule I 5c3-I and the Computation for Determination of Reserve - Requirements Under Rule I 5c3-3. - [ ] A Reconciliation Between the Audited and Unaudited Statements of Financia l Condition With Respect to Methods of Consolidation (not applicable). - [x] An Oath or Affinnation. - L ] A copy of the SIPC Supplemental Report. - [ 1 A report describing any material inadequacies found to exist or found to have existed since the date of the prev1ous audit (Supplemental Report on Internal Control). - r ] Independent Auditors' Report on Internal Control Required by SEC Ru le I 7a-5(g)(l). - [ ] Independent Auditors· Report Regarrung Rule I 5c3-3 Exemption. - f ] Rule I 5c3-3 Exemption Report {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) 11 Broadway, Suite 700, New York, NY 10004 Tel: (212) 232-0122 Fax: (646) 218-4682 # **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Member of Ocean Torno investment Group, LLC # **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of Ocean Torno Investment Group, LLC (the "Company") as of December 31, 2019. and the related notes (collectively referred to as the "financial statement"). l n our opinion~ the statement of financial condition presents fairly, in all material respects, the financial position of the Company as of December 31, 2019 in confom1ity with accounting principles generally accepted in the United Scates of America. # **Basis for Opinion** This financial statement is the responsibility of the Company's management. Our responsibility is to ex-press an opinion on the Company's financial statemenr based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and arc required to be independent with respect to the Company iu accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities aud Exchange Commjssion 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 assw-ance 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 rest basis, evidence regarding the amounts and disclosures in the financiaJ statement. Our audit also mcluded 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 Ocean Torno lnvesonent Group, LLC's auditor since 2018. NewYork, NY February 24, 2020 {5}------------------------------------------------ # OCEAN TOMO INVESTMENT GROUP. LLC # STATEMENT OF FINANCIAL CONDITION # DECEMBER 31, 2019 ### **ASSETS** | Cash | \$
26,019 | |-------------------------------------------|--------------| | Other assets | 3,004 | | Total a
cts | \$
29,023 | | LIABILITIES AND MEMBER'S EQUlTY | | | Liabilities | | | Due to parent | \$
3,000 | | Member's Equity | 26,023 | | Total liabilities and member's e
quity | \$
29,023 | {6}------------------------------------------------ # **OCEAN TOMO INVESTMENT GROUP. LLC** # **STATEMENT OF FINANCIAL CONDITION** # **DECEMBER 31, 2019** #### NOTE 1. DESCRIPTION OF ORGAJ'1"IZA TION AND BUSINESS Ocean Torno Investment Group (the "Company") is a broker-dealer registered with the Securities and Exchange Commission ('"SEC") and is a member of the Financial Industry Regulatory Authority ("FINRA") formed for the purpose of providing broker-dealer services including financial advisory services, equity financing, leveraged buy-outs and distressed corporate advisory services to hedge funds, and to engage in private placement of securities and similar services. The Company's sole member is Ocean Torno, LLC. #### NOTE2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES # Basis of Presentation These financial statements were prepared in confonnity with accounting principles generally accepted in the United States of America ("U.S. GAAP") 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. ### Income Taxes The Company is a single member limited liability company and is treated as a disregarded entity for income tax purposes; it therefore does not incur income taxes at the Company level. lnstead its earnings and losses are passed through to the member and included in the calculation of the member's tax liability. Accordingly, no provision for income taxes has been made in the accompanying financial statements. #### NOTE3. RELATED PARTY TRANSACTIONS In accordance with a services agreement, the Company's affiliate pays for various specified expenses for which the Company compensates the afftJiate in the form of a management fee and for various other expenses, such as sundry professional services, for which the Company does not reimburse the affiliate. During the year covered in this report, the Company incurred \$36,000 for management fees. ln addition, the affiliate agreed to pay expenses of approximately \$37,500 on behalf of the Company without seeking reimbursement. #### NOTE 4. NET CAPITAL REQUIREMENTS The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule 15c3-I. This Rule requires the maintenance of minimum net capital and that the ratio of aggregate indebtedness to net capital both as defined shall not exceed 15 to I and that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed IO to 1. At December 31, 2019 the Company 's net capital was approximately \$23,000 which was approximately \$18,000 in excess of its minimum requirement of S:5,000\_ {7}------------------------------------------------ # **OCEAN TOMO INVESTMENT GROUP. LLC** # **STATEMENT OF FINANCIAL CONDITION** # **DECEMBER 31, 2019** #### NOTES. RULE 15C3-3 The Company does not handle cash or securities on behalf of customers and accordingly has no obligation under SEC Rule **l** 5c3-3. #### NOTE6. GOING CO CERN Accounting Standards Update 2014-15 requires that management evaluate conditions or events that rojght raise substantial doubt about the Company's ability to continue as a going concern. Management bas evaluated the Company's conditions and has determined that though it has not generated any revenue during 2019 and thus sustained a net loss, it has been assured by its parent that it would continue to fund the Company should that be necessary. #### NOTE 7. CO CENTRATIONS The Company maintains its cash balance in one financial institution. The Company does not consider itself to be at risk with respect to its cash. #### NOTE8. NEW ACCOUNTING PRONOUNCEMENT lo June 2016, the Financial Accounting Standards Board ( 11F ASB") issued Accounting Standards Update C'ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Creclit Losses on Financial Instrumems, which amends the F ASB 's guidance on the impainnent of financial instruments. The ASU adds to United States generally accepted accounting principles ("U.S. GAAP") an impairment model (known as the current expected credit loss ("CECL' ') model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of lifetime expected credit losses, which the F ASB believes will result in more timely recognition of such losses. The ASU is also intended to reduce the complexity of U.S. GAAP by decreasing the number of credit impairment models that entities use to account for debt instruments. Further, the ASU makes targeted changes to the impairment model for available-for-sale debt securities. The new CECL standard is effective for annual reporting periods beginning after December 15, 2019, and interim periods therein. Management is currently evaluating the effect of adopting the new standard and expects that the impact to the Company's financial statements will be minimal. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.