# ANGEL POND CAPITAL LLC X-17A-5 (2022-03-31) — Broker-dealer annual report

- Company: ANGEL POND CAPITAL LLC
- Form: X-17A-5
- Filed: 2022-03-31
- Period: 2021-12-31
- Accession: 0001698476-22-000001
- CIK: 1698476
- File #: 8-69910
- Type: Broker-dealer
- Material weakness: No
- Auditor: Raich Ende Malter & Co LLP
- Auditor location: New York, NY
- Contact: John Clarke Gray
- Phone: 9172381263
- Email: clarke@taylorgrayllc.com
- Website: taylorgrayllc.com
- Signed by: John Clarke Gray (CFO)

Original filing: https://www.sec.gov/Archives/edgar/data/1698476/000169847622000001/shortapc21fix.pdf

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PUBLIC

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

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# **ANNUAL REPORTS FORM X-17A-5 PART** Ill

| SEC FILE NUMBER |
|-----------------|
|                 |
| 8-69910         |

**FACING PAGE** 

**Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934** 

|                                                                                                                                       | ----------<br>-----------<br>FILING FOR THE PERIOD BEGINNING 01101121<br>12131121<br>AND ENDING |                                         |                                            |
|---------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------|-----------------------------------------|--------------------------------------------|
|                                                                                                                                       | MM/DD/VY                                                                                        |                                         | MM/00/YY                                   |
|                                                                                                                                       | A. REGISTRANT IDENTIFICATION                                                                    |                                         |                                            |
| NAME OF FIRM: Angel Pond Capital LLC                                                                                                  | ---------------------------------                                                               |                                         |                                            |
| TYPE OF REGISTRANT (check all applicable boxes):<br>lil Broker-dealer<br>D Check here if respondent is also an OTC derivatives dealer | □ Security-based swap dealer                                                                    | D Major security-based swap participant |                                            |
|                                                                                                                                       | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)                             |                                         |                                            |
| 950 Third Avenue, 25th Floor                                                                                                          |                                                                                                 |                                         |                                            |
|                                                                                                                                       | (No. and Street)                                                                                |                                         |                                            |
| New York                                                                                                                              | NY                                                                                              |                                         | 10022                                      |
| (City)                                                                                                                                | (State)                                                                                         |                                         | (Zip Code)                                 |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                                                          |                                                                                                 |                                         |                                            |
| J. Clarke Gray                                                                                                                        | 917-238-1263                                                                                    | Clarke@taylorgrayllc.com                |                                            |
| (Name)                                                                                                                                | (Area Code-Telephone Number)                                                                    | (Email Address)                         |                                            |
|                                                                                                                                       | 8. ACCOUNTANT IDENTIFICATION                                                                    |                                         |                                            |
| Raich Ende Malter & Co. LLP                                                                                                           | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*                       |                                         |                                            |
|                                                                                                                                       | (Name - if individual, state last, first, and middle name)                                      |                                         |                                            |
| 1375 Broadway                                                                                                                         | New York                                                                                        | NY                                      | 10018                                      |
| (Address)                                                                                                                             | (City)                                                                                          | (State)                                 | (Zip Code)                                 |
| 6/23/04                                                                                                                               |                                                                                                 | 50                                      |                                            |
| {rte of Registration with PCAOB){if applicable)                                                                                       | FOR OFFICIAL USE ONLY                                                                           |                                         | {PCAOB Registration Number, if applicable) |

\* Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(l)(ii}, if applicable.

Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid 0MB control number.

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#### **OATH OR AFFIRMATION**

| 1, J. Clarke Gray                                         | swear (or affirm) that, to the best of my knowledge and belief, the                                                                 |
|-----------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------|
| financial report pertaining to the firm of Angel Pond LLC | as of                                                                                                                               |
| 12/31/2021                                                | 25B,L_, is true and correct. I further swear (or affirm} that neither the company nor any                                           |
|                                                           | partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classlfled solely |
| as that of a customer.                                    |                                                                                                                                     |

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Notary Public (j

#### Tt;s filing•• **contains (check** all **applicable boxes):**

- Q (a) statement of financial condition.
- ef (b) Notes to consolidated statement of financial condition.
- □ (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) Statement of cash flows.
- C (e) Statement of changes in stockholders' or partners' or sole proprietor's equity.
- D (f) Statement of changes in liabilities subordinated to claims of creditors.
- 0 (g) Notes to consolidated financial statements.
- □ (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.lSa-11 as applicable.
- □ (I) Computation of tangible net worth under 17 CFR 240.lSa-2.
- □ 0) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3.
- □ (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.lSa-4, as applicable.
- 0 (I) Computation for Determination of PAB Requirements under Exhibit A to§ 240.1Sc3-3.
- □ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3.
- D (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable.
- □ (o) Reconciliations, including appropriate explanatlons1 of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.lSa-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. B" (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.l8a-7, as applicable.
- D (s) Exemption report in accordance with 17 CFR 240.17a-S or 17 CFR 240.lSa-7, as applicable.
- ~ (t) Independent public accountant's report based on an examination of the statement of financial condition.
- □ (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable.
- □ (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.lSa-7, as applicable.
- □ {w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-S or 17 CFR 240.lSa-7, as applicable.
- □ (><) Supplemental reports on applying agreed-upon procedures, In accordance with 17 CFR 240.1Sc3-le or 17 CFR 240.17a-12, as applicable.
- □ (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: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_
- 
- *••ro* request *Mnf/dentlal* treatment *of certain portions of this filing, see 17 CFR 240.17a-5(e}{3}* or *17 CFR* 240.l8a-7(d)(2), *as*  applicable.

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#### ANGEL POND CAPITAL LLC

#### STATEMENT OF FINANCIAL CONDITION

DECEMBER 31, 2021

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# **ANGEL POND CAPITAL LLC CONTENTS**

| Report of Independent Registered Public Accounting Firm | 1   |
|---------------------------------------------------------|-----|
| FINANCIAL STATEMENT                                     |     |
| Statement of Financial Condition                        | 2   |
| Notes to Financial Statement                            | 3-8 |

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**1 375 Broadway, 15th Floor New York, New York** I **0018 212.944.4433 212.944.5404 ffax) cpa@rem-co.com** 

**CERTIFIED PUBLIC ACCOUNTANTS** & **ADVISORS** 

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

To the Managing Member of Angel Pond Capital LLC New York, New York

#### **Opinion on the Financial Statement**

We have audited the accompanying statement of financial condition of Angel Pond Capital LLC as of December 31, 2021, 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 Angel Pond Capital LLC as of December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

#### **Basis for Opinion**

This financial statement is the responsibility of Angel Pond Capital LLC's management. Our responsibility is to express an opinion on Angel Pond Capital LLC'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 Angel Pond Capital LLC 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.

**RAICH ENDE MALTER** & **CO. LLP** 

We have served as Angel Pond Capital LLC's auditor since 2017. New York, New York March 30, 2022

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# **ANGEL POND CAPITAL LLC Statement of Financial Condition December 31, 2021**

#### ASSETS:

| Cash            | \$<br>489,061 |
|-----------------|---------------|
| Due from broker | 15,000        |
| Other assets    | 10,255        |
| TOTAL ASSETS    | 514,316       |

#### LIABILITIES and MEMBER'S EQUITY

| Accounts payable                      | \$<br>12,190  |
|---------------------------------------|---------------|
| Member's Equity                       | 502,126       |
| TOTAL LIABILITIES AND MEMBER'S EQUITY | \$<br>514,316 |

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# **Note 1** - **Nature of Business and Summary of Significant Accountine Policies**

## **Nature of Business:**

**Angel Pond Capital, LLC ("the Company", "the LLC", "or "APC")** was organized in Delaware on September 23, 2014 under the name Puissance Financial Group LLC, subsequently changed to APC on June 23, 2017. The Company commenced operations as a broker/dealer on June 6, 2017, the date it was approved as a broker/dealer and registered with the Securities and Exchange Commission ("SEC"). The Company *is* a member of the Financial Industry Regulatory Authority ("FINRA") and the Securities Investor Protection Corporation ("SIPC"). The Company advises its customers in raising capital through its private placement and corporate finance business.

The Company does not claim an exemption under paragraph (k) of 17 C.F .R. §240.15c3-3 however the Company is relying on Footnote 74 of SEC Release no. 34-70073 adopting amendments to 17 C.F .R §240.17a-5 because the Company limits its business activities to advisocy fees and advising clients on capital raising as well as the private raising of capital. However, the Company does not hold customer funds or securities. Under these exemptive provisions, the Computation for Determination of Reserve Requirements and Information Relating to the Possession and Control Requirements are not required.

### **Significant Accounting Policies:**

## Basis of Presentation

The accompanying financial statements and related notes have been prepared in accordance with accounting principles generally accepted *in* the United States of America ("U.S. GAAP").

## Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of the 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 reporting period. Actual results could differ from those estimates.

#### Accounts Receivable

Accounts receivable are recorded at outstanding principal when invoices are issued. The Company evaluates its receivables to determine collectability as necessary. Management of the Company determined that at December 31, 2021, an allowance for doubtful accounts was not necessary. The Company had outstanding accounts receivable of \$118,360 and \$0 at December 31, 2020 and 2021 respectively.

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## **Note 1** - **Nature of Business and Summaa of Significant Accountine Policies fcontinued}**

### Credit Risk

The Company's cash is placed with a highly rated financial institution and the Company conducts ongoing evaluations of the credit worthiness of the financial institution with which it does business. At certain times cash balances in the bank account may exceed federally insured limits of \$250,000 of the Federal Deposit Insurance Corporation (FDIC). At December 31, 2021, cash balance exceeds the FDIC limit by \$239,061.

#### Valuation of Investments at Fair Value

The Company applies the provisions of ASC Topic 820, *Fair Value Measurement,*  which, among other matters, requires disclosures about investments that are measured and reported at fair value. ASC Topic 820 establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring investments at fair value.

Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following categories:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment spreads, credit risk, yield curves, default rates, and similar data.

Level 3 - Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the management's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Management's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investments.

The availability of valuation techniques and observable inputs can vary from investment to investment and is affected by a wide variety of factors, including the

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#### **Note 1** - **Nature of Business and Summary of Significant Accounting Policies (s:ontinued)**

### Valuation of Investments at Fair Value(continued)

type of security, whether the security is new and not yet established in the marketplace, and other characteristics particular to the investment transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.

## Lease Accounting

The Company has elected the package of practical expedients permitted in Accounting Standards Update No. 2016-02, *Leases (I'opic 842)* ("ASC Topic 842"). Accordingly, the Company accounted for its existing operating lease as an operating lease under the new guidance, without reassessing (a) whether the contract contains a lease under ASC Topic 842, (b) whether classification of the operating lease would be different in accordance with ASC Topic 842, or (c) whether the unamortized initial direct costs before transition adjustments ( as of December 31, 2019) would have met the definition of initial direct costs in ASC Topic 842 at lease commencement. The Company defines a short-term lease as a lease that, at the commencement date, has a lease term of 12 months or less and does not contain an option to purchase the underlying asset that the lessee is reasonably certain to exercise. The Company elected to recognize short-term lease payments as an expense on a straight-line basis over the lease term. Related variable lease payments are recognized in the period in which the obligation is incurred. The Company's lease obligations are deemed to be short term.

#### Credit Losses

ASC Topic 326, Financial Instruments - Credit Losses ("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 the accounting update, the Company has the ability to determine that there are no expected credit losses in certain circumstances (e.g., based on the credit quality of the customer). The Company has identified fees receivables as impacted by ASC 326.

#### **Note 2** - **Net Capital Requirements**

The Company is registered with the SEC. The Company does not carry customer accounts and does not accept customer funds or securities.

The Company is subject to the SEC Uniform Net Capital Rule (SEC Rule 15c3-1) which requires the maintenance of a minimum amount of net capital and requires the percentage of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. The Company's percentage of aggregate indebtedness to net capital was 2.48% at December 31, 2021. At December 31, 2021, the Company had net capital of \$491,871 which was \$486,871 in excess of its net capital requirement of \$5,000.

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#### **Note 1** - **Nature of Business and Summary of Significant Accounting Policies {continued)**

#### Valuation of Investments at Fair Value(continued)

type of security, whether the security is new and not yet established in the marketplace, and other characteristics particular to the investment transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.

#### Lease Accounting

The Company has elected the package of practical expedients permitted in Accounting Standards Update No. 2016-02, *Leases (I'opic 842)* ("ASC Topic 842"). Accordingly, the Company accounted for its existing operating lease as an operating lease under the new guidance, without reassessing (a) whether the contract contains a lease under ASC Topic 842, (b) whether classification of the operating lease would be different in accordance with ASC Topic 842, or (c) whether the unamortized initial direct costs before transition adjustments ( as of December 31, 2019) would have met the definition of initial direct costs in ASC Topic 842 at lease commencement. The Company defines a short-term lease as a lease that, at the commencement date, has a lease term of 12 months or less and does not contain an option to purchase the underlying asset that the lessee is reasonably certain to exercise. The Company elected to recognize short-term lease payments as an expense on a straight-line basis over the lease term. Related variable lease payments are recognized in the period in which the obligation is incurred.

#### Credit Losses

ASC Topic 326, Financial Instruments - Credit Losses ("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 the accounting update, the Company has the ability to determine that there are no expected credit losses in certain circumstances (e.g., based on the credit quality of the customer). The Company has identified fees receivables as impacted by ASC 326.

#### **Note 2** - **Net Capital Requirements**

The Company is registered with the SEC. The Company does not carry customer accounts and does not accept customer funds or securities.

The Company is subject to the SEC Uniform Net Capital Rule (SEC Rule 15c3-1) which requires the maintenance of a minimum amount of net capital and requires the percentage of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. The Company's percentage of aggregate indebtedness to net capital was 2.48% at December 31, 2021. At December 31, 2021, the Company had net capital of \$491,871 which was \$486,871 in excess of its net capital requirement of\$5,000.

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# Note 3 - Income Taxes

As a limited liability company with one member, the Company is considered to be a disregarded entity for tax reporting purposes and is this not subject to Federal, state, or local income taxes and does not file income tax returns in any jurisdiction. All items of income, expense, gains, and losses are reportable by the member for tax purposes. The Company has no unrecognized tax benefits at December 31, 2021. However, revenue earned from clients of the Company headquartered in New York City subjects the Company to New York City Unincorporated Business Tax ("NYCUBT"). However, the Member of the Company reports any income derived from New York City source income that may be subject to NYCUBT on his personal tax return.

The Company applies the provisions of ASC Topic 740 *"Income Taxes"* as they related to uncertain tax positions. Management is required to determine how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. This determination requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-thannot threshold would be recorded as a tax benefit or expense in the current year. Management has determined that there are no uncertain tax positions which would require adjustments or disclosures on the financial statements.

## **Note** 4 - **Securities Investor Protection Comoration**

APC is a member of SIPC and as such is required to pay its annual assessment and subject itself to an annual audit.

## **Note 5** - **Related Party Transactions**

As of December 1, 2019, the Company entered into an amended expense sharing agreement (the "Agreement") with Puissance Capital Management LP, an affiliate of the Company, which is under common ownership. Pursuant to the terms of the Agreement all expenses related to the business of the Company will be borne by the Company as follows:

All registration and filing fees incurred in connection with associated persons of the Company for registrations which may be required under (i) the Securities Exchange Act of 1934 (the "Exchange Act"); (ii) the By-Laws and Rules of Financial Industry Regulatory Authority ("FINRA"): and (iii) all applicable securities laws and regulations of those States and other jurisdictions in which such associated persons of the Company intend to conduct business; and all FINRA related dues and assessment fees, annual independent auditor fees, fidelity bond premium fees, and its own federal, state and local tax liabilities.

All other expenses related to the business of the Company, including expenses paid by Puissance Capital Management LP, will be reimbursed by the Company.

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## **Note** 5 - **Related Party Transactionslcontinued}**

The Agreement may be terminated by Puissance Capital Management LP for any reason upon written notice to the Company.

For the year ended December 31, 2021, the Company received securities for advisory services provided as per the advisory agreement. The securities received were recorded at a fair value of \$30,000 upon receipt as advisory fees and investments in securities. They were subsequently distributed to the member at the same value. whereby, the member became the beneficial owner of the transferred securities accepting all the risks and rewards of ownership. The company also exercised a stock option by paying \$203,649 as per the stock option agreement and then distributed the associated securities to the member at the same value, whereby, the member became the beneficial owner of the transferred securities accepting all the risks and rewards of ownership

The Company recorded member distributions in the amount of \$233,649 for the year ended December 31, 2021 representing the transfer of these securities to the member.

### **Note 6** - **Commitments and Contin,:encies**

In the normal course of its operations, the Company entered into a contract and agreement with a financial institution that contains indemnifications and warranties. The Company's maximum exposure under this arrangement is unknown as this would involve future claims that may be made against the Company that have not yet occurred. However, the Company has not had prior claims or losses pursuant to this contract and expects the risk of loss to be remote.

#### **Note** 7 - **Investments at fair value**

Securities were recorded at fair value based upon a fair value hierarchy in accordance with ASC Topic 820. See Note 1 for a discussion of the Company's policies. All investments are equity securities and are treated as Level 1 investments and valued using current market prices.

The Company values warrants at their intrinsic value, which is equal to the in the money or out of the money amount for warrants on securities listed on active exchanges. The Company values OTC warrants using the Black-Scholes options pricing model, which takes into account the contract terms (including strike price and contract maturity) and multiple inputs (including time value, volatility, equity prices, interest rates and currency rates). Warrants that are traded on an exchange in an active market are generally classified in Level 1 of the fair value hierarchy.

Warrants that are traded on the OTC market are generally classified in Level 2 or 3 of the fair value hierarchy. The Company did not have any warrants that are traded on exchanges.

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### **Note 7** - **Investments at fair value(continued)**

The availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety of factors, including the type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the transaction.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of the fair value requires more judgement. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgement exercised by the Company in determining fair value is greatest for investments categorized in Level 3. In some cases, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In such cases, the fair value measurement is generally categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

The Company had no investments at December 31, 2021.

#### **Note 8** - **COVID-19**

The World Health Organization characterized the outbreak of the novel coronavirus ("COVID-19") as a global pandemic on March 11, 2020. COVID-19 continues to adversely impact global and domestic commercial activity and has contributed to significant volatility in financial markets.

The Company's business operations and revenue sources have not been significantly impacted by COVID-19. However, if the financial markets and/or the overall economy are impacted for an extended period, the Company's future financial results may be materially adversely affected.

### **Note 9** - **Subsequent Events**

Management has evaluated subsequent events through March 30, 2022, the date the financial statements were available to be issued.


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