# DEALER SOLUTIONS NORTH AMERICA LLC X-17A-5 (2020-08-28) — Broker-dealer annual report - Company: DEALER SOLUTIONS NORTH AMERICA LLC - Form: X-17A-5 - Filed: 2020-08-28 - Period: 2020-06-30 - Accession: 0001692079-20-000001 - CIK: 1692079 - File #: 8-69874 - Material weakness: No - Auditor: YSL & Associates LLC - Auditor location: New York, NY - Contact: Yuen Chun - Phone: 212-897-1689 - Signed by: Yuen Na Chun (Finop) Original filing: https://www.sec.gov/Archives/edgar/data/1692079/000169207920000001/DSNA20s.pdf --- {0}------------------------------------------------ UNITED STA TES SECURITIES AND EXCHA GE COMMISSlO Washington, D.C. 20549 0MB APPROVAL 0 MB umber: 3235-0123 Expires: \_ugust 31, 2020 Estimated average burden hours er res onse ... 12.00 8-69874 I SEC FILE NUMBER I ### **ANNUAL AUDITED REPORT FORM X-I7A-5 PARTlli** #### **FACING PAGE** **Information Required of Brokers and Dealers Pursuant to Section 17 of the Securities Exchange Act of 1934 and Rule 17a-5 Thereunder** | | | 06/30/20 | |---------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | MM/DDNY | | MM/DDNY | | | | | | | | | | Dealer Solutions North America LLC f/k/a Iliad Securities LLC | OFFICIAL | | | | | | | | | | | | | 10006 | | | | (Zip Code) | | | | | | | | | | | | | | | | | | | NY | 10004 | | | | (Zip Code) | | | | | | | | | | | | | | | | | | nited States or any of its possessions. | | | | FOR OFFICIAL USE ONLY | | | | | -~
0~7/_0~1/_19
39 Broadway Suite 3300
o. and Street)
NY
(State)
NAME AND TELEPHONE NUMBER OF PERSO
B.ACCO
YSL & Associates
ew York
(City) | ___
ANDE DING
A. REGISTRANT IDE TJFICA TlON
ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.)
TO CONTACT IN REGARD TO THIS REPORT
(212~897-1689
{Area Co e -
TANT IDE TIFICATIO
INDEPENDENT PUBLIC ACCOUNT ANT whose opinion is contained in this Report*
if indjvidual, state last, first, middle name)
(State) | *\*Claims for exemption from the requirement that the annual report be covered by the opinion of an independent public accountant must be supported by a statement of facts and circumstances relied on as the ba is for the exemption. See section 240.* J *7a-5(e)(2).* EC l4IO (3-9l) {1}------------------------------------------------ Statement of Financial Condition Pursuant to Rule 17a-5 under the Securities Exchange Act of 1934 June 30, 2020 {2}------------------------------------------------ ### **This report** \*\* **contains (check all applicable boxes):** - [x] Indep ndent Auditors' Report. - [x] Facing Page. - [x] Statem nt of Financial Condition. - [ ] Statement of Operations. - [ ] Statement of Changes in Member's Equity. - [ ] Statem nt of Cash Flows. - [] Statement of Changes in Liabilities Subordinated to Claims of General Creditors (not applicable). - [ J Computation of et Capital for Brokers and Dealers Pursuant to Rule 15c3-l under the Securities Exchange Act of 1934. - [ ] Computation for Determination of Reserve Requirements for Brokers and Dealers Pursuant to Rule 15c3-3 under the S curities Exchange Act of 1934. - [ ] Information Relating to the Possession or Control Requirements for Brokers and Dealers Pursuant to Rule 15c3-3 under the Securities Exchange Act of I 934 (not applicable). - [] A Reconciliation, including appropriate explanations, of the Computation of et Capital Pursuant to Rule 15c3-1 (included with item (g)) and the Computation for Determination of Reserve Requirements Under Rule l 5c3-3 (included in item (g)). - [] A Reconciliation Between the Audited and Unaudited Statements of Financial Condition With Respect to Methods of Consolidation (not applicable). - [x] An Affirmation. - [ ] A copy of th SIPC Supplemental Report. - [ ] A report describing any material inadequacies found to exist or found to ha e existed since the date of the previous audit (Supplemental Report on Internal Control). - [ ] Report of Independent Registered Public Accounting Firm r garding Rule l 5c3-3 exemption report. - [ ] Management Statement Regarding Compliance with the Exemption Provisions for SEC Rule l 5c3-3 - \*\* *For condition of confidential treatment of certain portion of this filing, see eclion 240. 17 a-5 (e)(J).* {3}------------------------------------------------ #### AFFIRMATION I, Yuen Na Chun, affirm that, to the best of my knowledge and belief, the accompanying statement of financial condition pertaining to Dealer Solutions orth America LLC at June 30, 2020, is true and correct. I further affirm that neither the Company nor any officer or director has any **proprietary interest in any account classified solely as that of a customer.** **Signat** **FINOP** **Title** **d sworn** Avcov.sr 'J.g ' 7.-02-u DYLAN BROWN NOTARY PU BLIC-STATE OF NEW YORK No. 01 BR6367521 Qualified ,n Queen s County · 5 11-20-202 1**MV** Commission ExpHe The accompanying notes are an integral part ofthis financial statement. {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 P BLIC ACCO TING FIRM** To the M mber of Dealer Solutions orth America LLC ### **Opinion on the Financial tatement** We have audited the accompanying statement of financial condition of Dealer Solutions North America LLC (the 'Company ) as of June 30 2020 and the related notes (collectively referred to as the 'financial statement '). In our opinion the statement of financ ial condition presents fairly in all material respects, the financial position of the Company as of June 30, 2020 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 the Company's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting O ersight Board (United States) (PCAOB) and are requir d to b independ nt with respect to the Company in accordance with the U.S. federal s curiti s 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 perfonn the audjt 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 perfonning procedures that respond to thos risks. Such procedures included examining on a test basis evidence r garding th amounts and disclosures in th financial statements. Our audit also includ d evaluating the accoW1ting principles used and significant estimates made by management, as well as e aluating the overall presentation of the financial statements. We believe that our audjt pro ides a reasonable basis for our opinion. We have served as Dealer Solutions North America LLC s auditor since 2017. e\ York August 21 2020 {5}------------------------------------------------ # **Statement of Financial Condition June 30, 2020** | Assets | | |---------------------------------------|--------------| | Cash | \$
24,954 | | Prepaid expense and other assets | 787 | | Total assets | \$
25,741 | | Liabilities and Member's Equity | | | Accounts payable | \$
3,500 | | Member's equity | 22,241 | | Total liabilities and member's equity | \$
25,741 | The accompanying notes are an integral part of this financial statement. {6}------------------------------------------------ # **Notes to Financial Statement June 30, 2020** #### **1. Organization and Business** Dealer Solutions Nortb America LLC, (tbe "Company") is a limited liability company organized under the laws of the state of ew York. It is a broker-dealer registered with the Securities and Exchange Commission (the SEC ') and is a member of the Financial Industry Regulatory Authority ("FINRA"). The Company's operations consist of pri ate placement of securities· chaperoning of foreign broker dealers; and referring investors to other broker dealers in exchange for commissions. The Company has not generated any revenues to date. #### **2. Summary of Significant Accounting Policies** #### **Basis of Presentation** This financial statement was prepared in conformity with accounting principles generally 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 b lieve ther to be any significant credit risk with resp ct to these deposits. #### **Income Taxes** The Company is a single member limited liability company, and is treated as a disregarded entity for fi deral income tax reporting purposes. Accordingly, the Company has not provided for income taxes. At June 30, 2020, management has determined that the Company had no uncertain tax positions that would require financial statement recognition. This determination will always be subject to ongoing reevaluation as facts and circumstances may require. #### **3. Transactions with Related Parties** Th Company has entered into an Expense Sharing Agre m nts ' ESA") with an Affiliate wh reby the Affiliate is to provide office and administrati e servic s, payroll and professional services at a monthly charge of 100 to the Company. The ESA has a term of one year and is automatically ren wed annually, unless terminated or modified by written notice. The value of the s rvices provided by the Affiliate for the fiscal year ended June 30, 2020 was 1,200. It is included in accounts payable on the statement of financial condition. In addition, the Affiliate paid 4 274 on the Company's behalf without seeking reimbursement. The terms of these arrangements may not be the same as those that would otherwise exist or result from agreements and transactions among unrelated parties. {7}------------------------------------------------ # **Notes to Financial Statement June 30, 2020** #### **4. Regulatory Requirements** The Company is subject to the SEC Uniform Net Capital Rule l 5c3-1 und r the Secur1ties 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 15 to I. At June 30, 2020 the Company had net capital of approximately 21,500 which exc ed d th requir d n t capital by approximately 16 500. The Company does not hold customers' cash or securities and, therefore, bas no obligations under SEC Rule 15c3-3 under the Securities Exchange Act of 1934. #### **5. COVID-19** During the 2020 calendar year, the World Health Organization has declar d COVID-19 to constitute a 'Public Health Emergency of International Concern . This pandemic has disrupted economic markets and the economic impact, duration and spread of the COV1D-l 9 virus is uncertain at this time. The financial performance of the Company is subject to future developments related to the COVID-19 outbreak and possible government ad isories and restrictions placed on the financial markets and business activities. The impact on financial markets and the overall economy, all of which are highly uncertain, cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period the Company's results may be materiaUy affected. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. #### **6. Going Concern** Accounting Standards Update 2014-1 5 requires that management evaluate conditions or events that *might* raise substantial doubt about the Company s ability to continue as a going concern. Management has evaluated the Company's conditions and has determined that unless th Company generat s enough r enu or continu s to be funded by its memb r, th re is substantial doubt about the Company's ability to continue as a going concern. Capital is not a significant income producing factor but should the Company have a need for capital it will be able to rely upon its member to infuse capital to cover o erheard should that become necessary. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.