# AMERICAN LEDGER ATS LLC X-17A-5 (2020-03-02) — Broker-dealer annual report

- Company: AMERICAN LEDGER ATS LLC
- Form: X-17A-5
- Filed: 2020-03-02
- Period: 2019-12-31
- Accession: 0001669684-20-000001
- CIK: 1669684
- File #: 8-69749
- Material weakness: No
- Auditor: Rubio CPA, PC
- Auditor location: Atlantic, GA
- Contact: Jon Nixon
- Phone: 9177031704
- Signed by: Daniel White (CEO)

Original filing: https://www.sec.gov/Archives/edgar/data/1669684/000166968420000001/amer1.pdf

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

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## **ANNUALAUDJTED REPORT FORM X-17A-5 PART 111**

| SEC FILE NUMBER |
|-----------------|
|                 |
| 8- 69749        |

**FACING PAGE** 

Information Required of Brokers and Dealers Pursuant to Section 17 of the Securities Exchange Act of 1934 and **Rule** 17a'-5 Thereunder

| REPORT FOR THE PERIOD BEGINNING                                                                                                              | ---------<br>01/01/19<br>MM/DD /Y Y                   | AND ENDING | --------<br>12/31/19<br>MM/DD/ YY |
|----------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------|------------|-----------------------------------|
|                                                                                                                                              | A. REGISTRANT IDENTIFICATION                          |            |                                   |
| NAME OF BROKER-DEALER:<br>American Ledger ATS LLC                                                                                            |                                                       |            | OFFICIAL USE.ONLY                 |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not.use P.O. Box No,)<br>862 Patriot Drive #A                                                    |                                                       |            | FIRMI.D.NO.                       |
|                                                                                                                                              | (No. and Street)                                      |            |                                   |
| Moorpark                                                                                                                                     | CA                                                    |            | 93021                             |
| {City)                                                                                                                                       | (State)                                               |            | (Zip Code)                        |
| NAME AND TELEPHONE NUMBER OF PER.SON TO CONTACT IN REGARD TO THIS REPORT<br>Daniel White                                                     |                                                       |            | (646) 530-8311                    |
|                                                                                                                                              |                                                       |            | (Area-Code - Tclepbone Number)    |
| B.                                                                                                                                           | ACCOUNTANT IDENTIFICATION                             |            |                                   |
| INDEPENDENT PUBLIC ACCOUNT ANT whose opinion is contained in the Report*<br>Rubio CPA PC                                                     |                                                       |            |                                   |
|                                                                                                                                              | (Name- lfindi1•id11a/, ,<late !as1{lrs1, middle.name) |            |                                   |
| 2727 Paces Ferry Rd SE, Ste 2-1680                                                                                                           | Atlanta                                               | GA         | 30339                             |
| (Addres.5)                                                                                                                                   | {City)                                                | (State)    | (Zip Code)                        |
| CHECKONE:<br>II Certified Public Accountant<br>□ Public Accountant<br>□ Accountant not resident in United .States or any of its possessions. |                                                       |            |                                   |
|                                                                                                                                              |                                                       |            |                                   |
|                                                                                                                                              | FOR OFFICIALUSEONLY                                   |            |                                   |
|                                                                                                                                              |                                                       |            |                                   |
|                                                                                                                                              |                                                       |            |                                   |

*\*Claims for exemption from. the requirement that the annual report be covered by the opinion of an independent public accountant must be supportedby asratementof facts andcircuinstances relied on as the basis for tlie exemjJti6n; See Section 240. l 7a-5(ii/{2)* 

> **.Potential persons who are to respond to the collectiori of information contained in this form are not required to respond unless the form.displays** a **currently valid .OMB control number.**

SEC 1410 (06-02)

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## OAm OR:AFEIRMATION

|    | ---'.Am==e::;.=n~~can=~L=e::.:d:=.tg:i.:e~r_::•AJ=~I::::-S:::;.:.:LL=-=C;;' | _______<br>_____<br>___j_.as<br>:                                                                                           |
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| of |                                                                             |                                                                                                                             |
|    |                                                                             | neither the<:ompany noNlllY partner;. proprietor. -principaf officer or director has-anyyroprietmy interest in.any account, |
|    | classified "Sblely as that ofa-eustomcr, ,cxceptas foTiows:                 |                                                                                                                             |
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|    | jj: (a) Facing Pagp.                                                                                  |
|----|-------------------------------------------------------------------------------------------------------|
|    | :J!!!; (b) Statement ofF.fnancial Conditions                                                          |
| g  | (c) Statement of.Income (Loss),                                                                       |
|    | ·o ( d) ·Statement -Of Chan-ges 'ilffiiiancilll Conmtioi);.                                           |
| g  | (c} :Statement of Clianges in-'Stockholdcrs~ Egiity or]>ann~--0rS01e.Proprictors"' Capital~           |
|    | ·□ (f) Statement ofChanges in Lfaolliies-:Stibordfoatedtociaims ofCrca'rtof:s.<br>· ·                 |
| ji | (g) Computation of.NetCapital.                                                                        |
| 0  | (h) ·compuial'ion for l)etermination of:Reserv~:RcquirementsPursuant'to Ruie.15c3"-3.                 |
| ~- | (1) lilfonnatipn Relating to the"Possession·or dontrot:'Reqniremcnts tJn·der--Ruie, 15c3:-'3".        |
| 0  | (j) A.Reconcilintion. including appropriate expiartation:·of1:hcc:C:omputatfon otN'ct:Capitat Under   |
|    | .Rule 15e3-3·and'tltiComputation for Determination of'the'ReserveRequircments UnderExlnoit            |
|    | Aofltulc. JSc3-'3.                                                                                    |
| 0  | (k) A ·Reconciliation bctween,ihe audited and·unaudii:edStai:emcnts'off'inan<:iiai' Co'ndition with   |
|    | respect to methods,o'f consolidation.                                                                 |
|    | ~. (I) An Oath"oriAffirmation;                                                                        |
|    | O (m} :.\:copy ofthe.SIPCSupp1cmental Report.                                                         |
|    | D {n) A:rep_ort describinB:anymmedai inadequacies:founi:Lto eldst OT-found to have existed.since the, |
|    | datcofihe:pi:evious audit:.                                                                           |
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*"."For cond#ions* of *c<>1ifldential tr.eatme,nt ofcertainporlions ofihisfi'1.rrg.:seeseciion'240.17:~5(e).(3).* 

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| ~<br>i<br>A notary public or other officer completing this certificate verifies onlythe<br>identity of the individual who signed the document to Which this certificate<br>ls attached, and not the truthfulness, accuracy, or validity of that document.<br>State of_ California __________  ____ ----·-· ___ J _____ --··--·----·-··-<br>\/ f.}-,.)--<Z\J({J\<br>)<br>Countyof | CAl~FORN~A JURAT<br>__________________________________ _                                                                             |  |  |  |
| Subscribed and sworn to (or affirmed) before me on this<br>, 20 _2_0 _<br>of _.;._~_ces_·\l_L_,\J_A_(2__,•'-{~--<br>, by                                                                                                                                                                                                                                                         | } 9~-day<br>VJ~' fL V\;) \i \,l                                                                                                      |  |  |  |
| proved to me on the basis of satisfactory evidence to be the person(s)<br>who appeared before me.                                                                                                                                                                                                                                                                                |                                                                                                                                      |  |  |  |
| OPT/ ONAL INFORMATION                                                                                                                                                                                                                                                                                                                                                            | JAM::S B. COWAN<br>Notary Public -Calilomia<br>Ventura Cour.r;<br>• Ccmmission.:1222152:<br>My Comm. Expires Dec l 0. 2021<br>(Seal) |  |  |  |
| Although the information in this section is not required by Jaw, it could prevent fraudulent removal and reattachment of this<br>ju rat to an unauthorized document and may prove useful to persons relying on the attached document.<br>I                                                                                                                                       |                                                                                                                                      |  |  |  |
| Description of Attached Document                                                                                                                                                                                                                                                                                                                                                 | <br>., G<br>Method of Affiant Identification                                                                                         |  |  |  |
| This certificate is attached to a documenttitled/forthe purpose of<br>~~ ~·sc                                                                                                                                                                                                                                                                                                    | Proved to me on the basis of satisfactory evidence.:                                                                                 |  |  |  |
| A.~wvnc N\JD\-<fD \(fpuf[{                                                                                                                                                                                                                                                                                                                                                       | LQ form(s) ofldentffication 0 credible wlmess(esl<br>Notarial event is detailed in notary journal on:<br>Entry# ---<br>Page#         |  |  |  |
| ,ro<br>) o.7_ ~:)(J !U<br>/'7<br>pages, and dated _1-_ 1,_::.,_::,~ _ _,_ __ v--'-'-~-"----<br>~<br>containing                                                                                                                                                                                                                                                                   | Notary contact<br>Other<br>D Affiant(s) Thumbprint(s) D Describe!                                                                    |  |  |  |
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e Copyright2007•2014 Notary Rotary, Inc. PO Box 41400, Des Moines, IA503l 1•0507. All Rights Reserved. Item Numbcr101884. Please contact your Authorized Resellerto purch,ise copies of this form.

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#### AMERICAN LEDGER ATS LLC

#### FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION

DECEMBER 31, 2019

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#### AMERICAN LEDGER ATS LLC

#### FINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULES

#### DECEMBER 31, 2019

#### TABLE OF CONTENTS

Facing page to Form X-17A-5

Report of Independent Registered Public Accounting Firm

FINANCIAL STATEMENTS

Statement of Financial Condition

Statement of Operations

Statement of Changes in Members' Capital

Statement of Cash Flows

Notes to Financial Statements

#### SUPPLEMENTARY INFORMATION TO FINANCIAL STATEMENTS

Schedule I - Schedule II - Computation of Net Capital Pursuant to Rule 15c3-1 Computation for Determination of Reserve Requirement under SEC Rule 15c3-3

Report of Independent Registered Public Accounting Firm on the Company's Exemption Report Exemption Report requirement for Broker-Dealers under SEC Rule 1 ?a-5

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# RUBIO CPA, PC

CERTIFIED PUBLIC ACCOUNTANTS

2727 Paces Ferry Road SE Building 2, Suite 1680 Atlanta, **GA 30339**  Office: 770 690-8995 Fax: 770 838-7123

## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Members of American Ledger ATS, LLC

#### Opinion on the Financial Statements

We have audited the accompanying statement of financial condition of AmericanLedger ATS, LLC (the "Company") as of December 31, 2019, the related statements of operations, changes in members equity, and cash flows for the year then ended and the related notes ( collectively referred to as the "financial statements"). In our opinion~ the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2019, and the results ofits operations and its cash flows for the year then ended in confonn ity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion

These financial statements are the responsibWty of the Company's management. Ourresponsibility is to express an opinion on the Company's financial statements 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 auctit in accordance with the standards ofthe PCAOB.Thosestandards requiretha:twe plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free of material misstatement, whether due to error or fraud. The Conipany is nottequired to have, nor were we engaged to perform, an audit of its intemai control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of ex-pressing an opinion on the effectiveness,ofthe Company'sinternal control over financial reporting. Accordingly, we express no such opinion. -

Our audit included performing procedures to assess the risks of material misstatement to the financial statements, whether due to error or fraud, and perfonning 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 manageritent,.as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis of our opinion~

#### Supplemental Infonnation

The infonnation contained in Schedules I and II has been subjected to audit procedures performed in conjunction with the audit ofthe Company's financial statements; The supplemental infonnation is the responsibility of the Company's management. Our audit procedures included determining wheth.er the information ih Schedules I and II reconciles to the financial statements or the under1ying accounting.and other records, as appiicable, and performing procedures to test the completeness and accuracy of the information presented in the accompanying schedules .. In forming our opinion on the accompanying schedules, ""e evaluated whether the supplemental information, including its form and content, is

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presented in conformity v.rith 17 CF .R. §240.17a-5. In our opinion, the. aforementioned supplemental information is fairly stated, in all material respects, in relation to the :financial statements as a whole.

We have served as the Company's auditors since 2018.

February 28, 2020

Atlanta, Georgia *fU-;. C.,/A-/f* **t-.,,-**

Rubio CPA, PC

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#### **AMERICAN LEDGER ATS LLC STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2019**

#### ASSETS

| Assets               |                                  |         |
|----------------------|----------------------------------|---------|
| Cash                 | \$                               | 193,090 |
| Prepaid Expenses     |                                  | 1,671   |
| Total Assets         | \$                               | 194,761 |
|                      |                                  |         |
|                      | LIABILITIES AND MEMBERS' CAPITAL |         |
| Liabilities          |                                  |         |
| Due to Related Party | \$                               | 11,250  |
| Accrued Expenses     |                                  | 10      |
| Total Liabilities    |                                  | 11,260  |
|                      |                                  |         |
| Members' Capital     |                                  | 183,501 |
|                      |                                  |         |

\$ 194,761

Total Liabilities and Members' Capital

See Accompanying Notes to Financial Statements.

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#### **AMERICAN LEDGER ATS LLC STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2019**

| Revenues<br>Data Processing Fees                                                                                     | \$<br>153,953                               |
|----------------------------------------------------------------------------------------------------------------------|---------------------------------------------|
| Expenses<br>Professional Fees<br>Clearing Costs<br>Occupancy Expenses<br>Other Operating Expenses<br>Regulatory Fees | 25,700<br>12,000<br>9,000<br>4,224<br>2,944 |
| Total Operating Expenses                                                                                             | 53,868                                      |
| Net Income                                                                                                           | \$<br>100,085                               |

See Accompanying Notes to Financial Statements.

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#### **AMERICAN LEDGER ATS LLC STATEMENT OF CHANGES IN MEMBERS' CAPITAL YEAR ENDED DECEMBER 31, 2019**

|                             | \$<br>343,501 |
|-----------------------------|---------------|
| Balance - December 31, 2019 |               |
| Net Income                  | 100,085       |
| Distributions to Members    | (80,000)      |
| Balance - January 1, 2019   | \$<br>163,416 |

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#### **AMERICAN LEDGER ATS LLC STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2019**

| Cash Flows From Operating Activities                                              |               |
|-----------------------------------------------------------------------------------|---------------|
| Net Income                                                                        | \$<br>100,085 |
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: |               |
| Decrease in Fees Receivable                                                       | 32,694        |
| Decrease in Deposit with Clearing Broker                                          | 9,997         |
| Decrease in Prepaid Expenses                                                      | 2,798         |
| Increase in Due to Related Party                                                  | 9,000         |
| Decrease in Accrued Expenses                                                      | (234)         |
| Net Cash Provided by Operating Activites                                          | 154,340       |
| Cash Flows From Financing Activities                                              | (80,000)      |
| Distributions to Members                                                          | (80,000)      |
| Net Cash Used in Financing Activities                                             |               |
| Net Increase in Cash                                                              | 74,340        |
| Cash - Beginning of Period                                                        | 118,750       |
| Cash - End of Period                                                              | \$<br>193,090 |

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## **AMERICAN LEDGER ATS LLC NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2019**

## **Note (1)** - **Nature of business:**

American Ledger ATS LLC, formally Creditstation ATS, LLC (the "Company"), a Delaware limited liability company, is a registered broker-dealer under the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority ("FINRA") and the Securities Investor Protection Corp. ("SIPC"). The Company engages primarily in providing various data processing services for trading of fixed income securities.

As a limited liability company, the members' liability is limited to the members' capital contribution.

#### **Note (2)** - **Summary of significant accounting policies:**

#### *(AJ Revenue recognition:*

Data processing fees are recorded when earned.

The Financial Accounting Standards Board ('FASB') has issued a comprehensive revenue recognition standard that supersedes most existing revenue recognition guidance under GAAP (F ASB Accounting Standards Codification 606).

The standard's core principle is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 prescribes a five-step process to accomplish this core principle, including:

- Identification of the contract with the customer;
- Identification of the performance obligation(s) under the contract;
- Determination of the transaction price;
- Allocation of the transaction price to the identified performance obligation; and
- Recognition of revenue as ( or when) an entity satisfies the identified performance obligation(s).

The Company recognizes revenue as data processing services are rendered, as this satisfies the only performance obligation identified in accordance with this standard.

#### **(BJ** *Cash:*

The Company maintains its cash in a high-quality financial institution. Balances at times may exceed federally insured limits. The Company has not experienced any losses and believes it is not exposed to any significant credit risk.

## *(CJ Use of estimates:*

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 reported amounts of revenues and expenses during the period. Actual results could vary from those estimates.

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## **AMERICAN LEDGER ATS LLC NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2019**

#### **Note (2) Summary of significant accounting policies** - **cont'd**

#### *(D) Income taxes:*

The Company is a limited liability company, and as such, is treated as a partnership by the Internal Revenue Code ("IRC"). The IRC provides that any income or loss is passed through to the ultimate beneficial members for federal and state income taxes. Accordingly, the Company has not provided for federal and state income taxes.

The Company files a partnership tax return for federal tax purposes. Accordingly, no provision is made for income taxes in the financial statements.

#### *(E) Concentration:*

All the Company's data processing fee revenue earned during 2019 was from one customer.

#### *(F) Subsequent events evaluation:*

Management has evaluated subsequent events through the date the financial statements were available to be issued.

#### **Note (3)-Related Party:**

The Company leases with an affiliate to occupy space at \$750 per month based on a month to month lease. Rent expense paid to affiliate for the year ended December 31, 2019 was \$9,000. At December 31, 2019, the due to related party for \$11,250 arose from this lease arrangement.

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## **AMERICAN LEDGER ATS LLC NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2019**

#### **Note (4) -Net Capital Requirement:**

As a registered broker-dealer, the Company is subject to the SEC's Uniform Net Capital Rule 15 c3-l. The Rule requires that the Company maintain minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1 ( and that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to 1). At December 31, 2019, the Company had net capital of\$181,830 which exceeded its requirement of \$5,000 by \$176,830. The Company had a ratio of aggregate indebtedness to net capital of .06 to 1 at December 31, 2019.

#### **Note (5)-Clearing Agreement:**

The Company had an agreement with a clearing broker to execute and clear, on a fully disclosed basis, customer accounts of the Company. The agreement was terminated during 2019, as the Company did no clearing pursuant to this arrangement.

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#### **AMERICAN LEDGER ATS LLC COMPUTATION OF NET CAPITAL PURSUANT TO RULE 15c3-1 DECEMBER 31, 2019**

#### **SCHEDULE I**

| Members Capital                                                                               |             | \$<br>183,501 |
|-----------------------------------------------------------------------------------------------|-------------|---------------|
| Non-allowable Assets:                                                                         |             |               |
| Prepaid Expenses                                                                              | \$<br>1,671 |               |
| Total Non-Allowable Assets                                                                    |             | 1,671         |
| Net Capital on Proprietary Positions                                                          |             | 181,830       |
| Minimum Net Capital Requirement - the greater of \$5,000<br>or 6.67% of aggregate indebtness. |             | 5,000         |
| Excess Net Capital                                                                            |             | \$<br>176,830 |
| Percentage of Aggregate lndebtness to Net Capital                                             |             | 6.19%         |
| Total Aggregrate Indebtedness                                                                 |             | \$<br>11,260  |

Reconciliation with the Company's Computation of net capital included in Part IIA of Form X-17-a-5 as of December 31, 2019: There is no significant difference between net capital reported in Part IIA of Form X-17-a-5 as of December 31, 2019 and net capital as reported above.

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## **AMERICAN LEDGER ATS LLC COMPUTATION FOR DETERMINATION OF RESERVE REQUIREMENTS AND INFORMATION RELATING TO POSSESSION OR CONTROL REQUIREMENTS FOR BROKERS AND DEALERS PURSUANT TO RULE 15c3-3 DECEMBER 31, 2019**

## **SCHEDULE** II

The Company is exempt from the provisions of Rule 15c3-3 under the Securities Exchange Act of 1934 in that the Company's activities are limited to those set forth in the conditions for exemption appearing in Paragraph (k) (2)(i) of that rule.

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## **RUBIO** CPA, PC.

CERTIFIED PUBLIC ACCOUNTANTS 2727 Paces Ferry Road SE

Building 2, Suite 1680 **Atlanta, GA 30339**  Office: 770 690-8995 Fax: 770 838-7123

#### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Member of American Ledger ATS, LLC

We I1ave reviewed management's statements, included in the accompanying BrokerDealers Annual Exemption Report in which (1) Am.ericanLedger ATS; LLC identified the following provisions of 17 C.F.R. § 15c3-3(k) under which American Ledger ATS, LLC claimed an exemption from 17 C.F.R. § 240.1593-3: (k)(2)(i) (the «exemption provisions'); and, (2) American Ledger ATS, LLC stated that American Ledger ATS, LLC met the identified exemption provisions throughout the most recentfiscal year without exception. American Ledger A TS,. LLC management is responsible for compliance with the exemption provisions and its statements.

Our review \Vas conducted in accordance with the standards of the Public Company Accounting Oversight Board(United States) and, accordingly, included inquiries and other required procedures tci · obtain evidence about American Ledger ATS, LLC compliance with the exemption provisions. A review is substantiallyless in scope than an examination, the objecfrve ofwhich isthe expression of an opinion on management's statements. Accordingly, we do not express such an opinion.

Based on our review, we are not aware ofany material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, based on the provisions set forth in paragraph (k)(2)(i), of Rule I5c3-3 under the Securities Exchange Actbf 1934.

Februar\_y28, 2020 Atlanta, GA

~ *c/J,4-tPc-*

Rubio CPA, PC

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![](_page_17_Picture_0.jpeg)

Da'n:Wfiite ·t\_EO .A'.merit~n. ledger ATS'(Lt: -8~62 Pa\_triot::pr:#A M0ur-p·ark~\_x;;:AS3'021 +:1..:so.s:-422-·1Gt1

December 31, 2019

## EXEMPTION REPORT: REQUTF{EJ~MtNT. FCHf S:ROKER/DEALERS UNDER RUlE 17~r..:5 OF THE SECOl{ITfES EXCHANGEACTOF 1.934

## DECEMBER *311* 2019

To the; liest knowledge: antJ:.bel.ief of American Ledger:ATS LLC:

'tfie:·Companyda\_irr.red·an-:exerriptio•n·fr:om.17 C.F~R .. §':240.1Sc3:..3.:t.in'aer-theJollowing provisions of 17 CF::R; '§ i4.CU5c3.:3 · {k): ·,(k)(2J(i)

Th'e: company·met the-:identified·•exe1hption.p\_r.ovisi9.T,1s iri 17 C.ER.-.§·240.15c3-3(k){2}(l) · throu-g~ocit-the mci•st,recentfi'scal year endihgiDecern·be.r 31,. 20-19 without-exception .

. ~ */Y,* &)!;di

Dan:Wh:ite CEO/ President


Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.