# DOEREN MAYHEW CAPITAL ADVISORS, LLC X-17A-5 (2024-12-30) — Broker-dealer annual report

- Company: DOEREN MAYHEW CAPITAL ADVISORS, LLC
- Form: X-17A-5
- Filed: 2024-12-30
- Period: 2024-09-30
- Accession: 0001703218-24-000004
- CIK: 1703218
- File #: 8-69931
- Type: Broker-dealer
- Material weakness: No
- Auditor: EisnerAmper, LLP
- Auditor location: Baton Rouge, LA
- Contact: Jennifer Mailhes
- Phone: 713-860-0215
- Website: e1sneramper.com
- Signed by: Jennifer Mailhes (CEO)

Original filing: https://www.sec.gov/Archives/edgar/data/1703218/000170321824000004/0001703218-24-000004-index.htm

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DOEREN MAYHEW CAPITAL ADVISORS, LLC FINANCIAL STATEMENTS SEPTEMBER 30, 2024
The report is deemed CONFIDENTIAL in accordance with Rule 17a-5(e)3 under the
Securities Exchange Act of 1934. A statement of financial condition bound
separately has been filed with the Securities and Exchange Commission
simultaneously herewith as PUBLIC document.
Page REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM....... 1
FINANCIAL STATEMENTS
Statement of Financial Condition ...................3
Statement of Operations............................ 4
Statement of Changes in Members Equity ........... 5
Statement of Cash Flows............................ 6
Notes to Financial Statements...................... 7
SUPPLEMENTAL SCHEDULE
Computation of Net Capital Under Rule 15c3-1 of the Securities and
Exchange Commission..12
Exemption Report Affirmation ....................................... 13
Report of Independent Registered Public Accounting Firm Exemption
Report .............. 14
Report of Independent Registered Public Accounting Firm On Applying
Agreed-Upon Procedures..15

We have served as the Company's auditor since 2023. (Note: Partners of
Postlethwaite & Netterville joined EisnerAmper LLP in 2023. Postlethwaite
& Netterville had served as the Company's auditor since 2022.)

EISNERAMPER LLP Baton Rouge, Louisiana December 20, 2024
EisnerAmper LLP
..
-
www.e1sneramper.com
STATEMENT OF FINANCIAL CONDITION SEPTEMBER 30, 2024
Assets
Cash and cash equivalents Accounts receivable Due from related party
Operating right of use assets Prepaid expenses Total Assets
$ $ 870,281 237,392 25,000 212,684 1,508 1,346,865
Liabilities and Member's Equity Liabilities:
Accounts payable and accrued expenses Operating lease liabilities
Deferred revenue
$ 4,042 212,684 139,810
Total Liabilities 356,536
Member's Equity Total Liabilities and Member's Equity
$ 990,329 1,346,865

See accompanying notes to financial statements.
STATEMENT OF OPERATIONS YEAR ENDED SEPTEMBER 30, 2024
Revenues:
Transaction success fees $ 495,816
Financial advisory fees 217,856
Total Revenues 713,672
Expenses:
Licensed representative 33,412
Professional education 309
Dues and memberships 17,379
Lease expense 46,720
Professional services 25,595
Insurance 14
Administration fees 24,000
Total Expenses 147,429
Net Income $ 566,243

See accompanying notes to financial statements
STATEMENT OF CHANGES IN MEMBER'S EQUITY YEAR ENDED SEPTEMBER 30, 2024
Member's Equity - Beginning $ 424,086
Net Income 566,243
Member's Equity - Ending $ 990,329

See accompanying notes to financial statements
STATEMENT OF CASH FLOWS YEAR ENDED SEPTEMBER 30, 2024
Cash Flows from Operating Activities: Net Income Adjustments to Reconcile
Net Income to Net Cash Provided by Operating Activities:
Increase in accounts receivable Increase in due from related party
Decrease in prepaids Decrease in accounts payable and accrued expenses
Decrease in deferred revenue
Net Cash Provided by Operating Activities Net Increase in Cash and Cash
Equivalents
Cash and Cash Equivalents - Beginning Cash and Cash Equivalents - Ending
$ $ 566,243 (184,935) (25,000) 2,086 (19,993) (105,000) 233,401 233,401
636,880 870,281
Supplemental disclosure of non-cash activity:
Cash paid for amounts included in the reimbursement of lease liabilities:
Operating cash flow from operating leases $ 28,521

NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2024
Note 1 - Organization and Nature of Business
Doeren Mayhew Capital Advisors, LLC (the Company), a limited liability company
organized in Michigan, is a broker-dealer registered with the Securities and
Exchange Commission (SEC) and is a member of the Financial Industry Regulatory
Authority, Inc. (FINRA). The Company commenced operations on April 9, 2017 upon
obtaining its broker-dealer registration. The Company acts as an agent in
merger and acquisition transactions as well as arranges debt and equity
financing. The Company also provides general advisory services to corporate
clients. The Company is 100% owned by DMCA Holdings, LLC.
Note 2 - Significant Accounting Policies
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 certain reported
amounts and disclosures. Accordingly, actual results could differ from those
estimates.
Investment Banking Revenues
Investment banking revenues, which include advisory and underwriting fees, are
recorded when the performance obligation for the transaction is satisfied under
the terms of each engagement. Expenses associated with such transactions are
deferred until the related revenue is recognized or the engagement is otherwise
concluded. Investment banking revenues are presented gross of related client
reimbursed deal expenses. Expenses for completed deals are reported separately
in licensed representative and professional services expenses on the statement
of operations.
The Company's advisory fees generally consist of a nonrefundable up-front fee
and a success fee. The nonrefundable fee is recorded as deferred revenue upon
receipt and recognized at a point in time when the performance obligation is
satisfied, or when the transaction is deemed by management to be terminated.
Managements judgment is required in determining when a transaction is
considered to be terminated. Certain engagements, such as consulting advisory
fees, consist of services provided on an ongoing basis, and are recognized over
time as the performance obligation is satisfied.
The substantial majority of the Company's advisory and underwriting fees
(i.e., the success-related advisory fee) are considered variable consideration
and recognized when it is probable that the variable consideration will not be
reversed in a future period. The variable consideration is considered to be
constrained until satisfaction of the performance obligation. The Company's
performance obligation is generally satisfied at a point in time upon the
closing of a strategic transaction, completion of a financing or underwriting
arrangement, or some other defined outcome (e.g., providing a fairness
opinion). At this time, the Company has transferred control of the promised
service and the customer obtains control. As these arrangements represent a
single performance obligation, allocation of the transaction price is

7
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2024
Note 2 -Significant Accounting Policies (Continued)
not necessary. The Company has elected to apply the following optional
exemptions regarding disclosure of its remaining performance obligations:
(i) the Companys performance obligation is part of a contract that has an
original expected duration of one year or less and/or (ii) the variable
consideration is allocated entirely to a wholly unsatisfied promise to
transfer a distinct service that forms part of a single performance obligation.
The balance of deferred revenue at October 1, 2023 was $244,810. The Company
recognized $130,000 of revenue that was deferred in the prior year.
Income Taxes
The Company is a limited liability company taxed as a partnership for federal
income tax purposes. Accordingly, no provision for federal income taxes has
been recorded in the accompanying financial statements since the taxable
income or loss is included in the income tax returns of the member. As the
Company is not liable for federal income tax, the Company has recorded no
liability associated with uncertain tax positions. The Company files income
tax returns in the US federal jurisdiction. The statute of limitation for the
Internal Revenue Service IRS examination of the Companys federal tax returns
is determined by the statute governing the tax returns of its member.
Cash and Cash Equivalents
The Company maintains cash on deposit with one banking institution. At times,
deposits may exceed the Federal Deposit Insurance Corporation (FDIC) coverage
limits.
For purposes of the statement of cash flows, the Company has defined cash
equivalents as highly liquid investments acquired with maturities of less than
three months that are not held for sale in the ordinary course of business.
Concentrations
The Company is project based and generally does not have recurring sources of
revenue.
The Company receives a success fee for the majority of its sales. Of the
Companys revenue for the year ended September 30, 2024, 57% was received from
two customers. 94% of the Companys accounts receivable is owed from two
customers at September 30, 2024.
Leases
The Company determines if an arrangement is a lease at inception. Right of use
assets represents our right to use an underlying asset for the lease term and
lease liabilities represent our obligations to make lease payments arising
from the lease. Lease expense for lease payments is recognized on a straight-
line basis over the term of the lease.
8
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2024
Note 2 - Significant Accounting Policies (Continued) Credit Losses on
Financial Statements
The Company accounts for estimated credit losses on financial assets measured
at amortized cost basis in accordance with Financial Accounting Standards Board
(FASB), Accounting Standard Codification (ASC) Topic 326. Topic 326 requires
management's measurement of the current expected credit loss ("CECL") to be
based on a broader range of reasonable and supportable information for lifetime
credit loss estimates including historical experience, current conditions, and
supportable forecasts. A broker-dealers estimate of expected credit losses
should consider the expected risk of credit loss even if that risk is remote,
regardless of the method applied to estimate credit losses. A broker-dealer,
however, is not required to measure expected credit losses on a financial asset
(or group of financial assets) in which historical credit loss information
adjusted for current conditions and reasonable and supportable forecasts
results in an expectation that nonpayment of the amortized cost basis is
remote.
Accounts receivable
Note 3 - Accounts receivable represents investment banking and merger and
acquisition consulting fees receivable. In consideration of the historical loss
rate of zero since inception for this asset class, while considering other
current and future economic conditions, the Company assessed the risk of
default from the customers to be virtually non-existent and considers any
resultant allowance to not be material to the users of these financial
statements. The Company will continue to evaluate the appropriateness of a
credit loss allowance on these receivables as facts and circumstances may
evolve. At September 30, 2024 and 2023, the accounts receivable amounted to
$237,392 and $52,457, respectively.
Leases
The Company subleases office space in Houston, Texas and Troy, Michigan from a
related party. The Houston, Texas sublease agreement terminates in June 2037.
The Troy, Michigan sublease agreement terminates in June 2033. Both lease
agreements include fixed rental payments through their maturity. The total
lease expense for these leases was $28,521 for the year ended September 30,
2024, $28,521 of which was paid to related parties. Leases with an initial
term of 12 months or less are not recorded on the balance sheet; the Company
recognizes lease expense for these leases on a straight-line basis over the
lease term. Most leases include an option to renew and the exercise of lease
renewal options is at our sole discretion. The Company did not include the
renewal options as part of the right of use assets and liabilities.

9
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2024
Note 3 -Leases (Continued)
The Company records the operating lease right of use assets and lease
liabilities based on the present value of the lease payments, discounted using
the current commercial lending rate. The discount rate associated with the
operating leases as of September 30, 2024 was 7.00% for the Troy, Michigan
lease and 4.50% for the Houston, Texas lease.
On September 30, 2024, the Company extended the lease for office space in
Massachusetts from a third party with monthly lease payments in the amount
of $1,384. The lease expires on September 30, 2025. The term of this lease
is 12 months and as a result the Company will not record a right of use asset
or lease liability associated with the lease agreement. The total lease expense
for this lease was $18,199 for the year ended September 30, 2024.
As of September 30, 2024, the future minimum lease payments under the current
operating leases are as follows:
Years Ending
September 30, Amount
2025 $ 45,024 2026 28,416 2027 28,416 2028 28,416 2029 28,416
Thereafter 141,648 Total undiscounted cash flows 300,336
Less: present value discount (87,652)
Total lease liabilities $ 212,684
Weighted-average remaining lease term 9.84 Years
Note 4 - Legal Contingencies
The Company is not currently a defendant in litigation incidental to its
investment banking business. The Company accounts for litigation losses in
accordance with FASB Accounting Standards Codification Topic 450, Contingencies
(ASC 450). Under ASC 450, loss contingency provisions are recorded for probable
losses at managements best estimate of a loss, or when a best estimate cannot
be made, a minimum loss contingency amount is recorded. These estimates are
often initially developed substantially earlier than the ultimate loss is
known, and the estimates are refined each accounting period as additional
information becomes available. Accordingly, the initial amount estimated and
recorded could be as low as zero. As information becomes known, the initial
estimate may be increased, resulting in additional loss provisions. Also, a
best estimate amount is changed to a lower amount when events result in an
expectation of a more favorable outcome than previously estimated.
10
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2024
Note 5 - Related Parties
The Company leases office space from related parties as disclosed in Note 3.
The Company has $212,684 outstanding in obligations to this related party as of
September 30, 2024. The Company has also entered into an agreement for this
related party to provide shared services including IT, accounting, and human
resources for $2,000 per month, which is included in administration fees on the
statement of operations. Finally, the Company is due $25,000 from its parent
company pertaining to operational matters.
Note 6 - Net Capital Requirements
The Company is subject to the Securities and Exchange Commissions Uniform Net
Capital Rule (SEC Rule 15c3-1), which requires the maintenance of minimum net
capital and requires that ratio of aggregate indebtedness to net capital, both
as defined, shall not exceed 15 to 1 (and the rule of the applicable exchange
also provides that equity capital may not be withdrawn or cash dividends paid
if the resulting net capital ratio would exceed 10 to 1).
At September 30, 2024, the Company had net capital of $726,429, which was
$721,429 in excess of its required net capital of $5,000, and the Companys
ratio of aggregate indebtedness to net capital was 0.006 to 1.
* * *End of Notes * * *

11
COMPUTATION OF NET CAPITAL UNDER RULE 15c3-1 OF THE SECURITIES AND EXCHANGE
COMMISSION SEPTEMBER 30, 2024
Net Capital Total Member's Equity $ 990,329
Deductions and/or charges: Non-allowable assets Accounts receivable Due from
parent Prepaid expenses 237,392 25,000 1,508
Total deductions 263,900
Net Capital $ 726,429
Aggregate Indebtedness $ 4,042
Computation of Basic Net Capital Requirements: Minimum Net Capital Required
Net Capital in Excess of Minimum Net Capital Requirement $ $ 5,000 721,429
Ratio: Aggregate Indebtedness to Net Capital 0.6%

Exemption Report Affirmation September 30, 2024
Doeren Mayhew Capital Advisors, LLC (Company) is a registered broker dealer
subject to Rule 17a5 promulgated by the Securities and Exchange Commission
(17 C.F.R. 240.17a5, Reports to be made by certain brokers and dealers).
This Exemption Report was prepared as required by 17 C.F.R. 240.17a5(d)(1)
and (4). To the best of its knowledge and belief, the Company states the
following:
1) The Company does not claim an exemption under paragraph (k) of 17 C.F.R.
240.15c3-3.
2) The Company is filing this Exemption Report relying on Footnote 74 of the
SEC Release No. 34-700473 adopting amendments to 17 C.F.R. 240.17a-5 because
the Company limits its business activities exclusively to receiving
transaction-based compensation for identifying potential merger and acquisition
opportunities for clients, arranging debt and equity financing, and completing
financing or underwriting arrangements and the Company (1) did not directly or
indirectly receive, hold, or otherwise owe funds or securities for or to
customers, (other than money or other consideration received and promptly
transmitted in compliance with paragraph
(a)
or (b)(2) of Rule 15c2-4 and /or funds received and promptly transmitted for
effecting transactions via subscriptions on a subscription way basis where the
funds are payable to the issuer or its agent and not to the Company);
(2) did not carry accounts of or for customers; and

(3)
did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most
recent fiscal year without exception.

I, Jennifer Mailhes, swear (or affirm) that, to the best of my knowledge and
belief, this Exemption Report is true and correct.
Doeren Mayhew Capital Advisors, LLC

Jennifer R. Mailhes President


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