# SERIESONE SECURITIES, LLC X-17A-5 (2021-09-29) — Broker-dealer annual report

- Company: SERIESONE SECURITIES, LLC
- Form: X-17A-5
- Filed: 2021-09-29
- Period: 2021-06-30
- Accession: 0001745922-21-000002
- CIK: 1745922
- File #: 8-70158
- Material weakness: No
- Auditor: HLB Gravier, LLP
- Auditor location: Coral Gables, FL
- Contact: Kathy Efrem
- Phone: 2128971686
- Signed by: Kathy Efrem (FinOp)

Original filing: https://www.sec.gov/Archives/edgar/data/1745922/000174592221000002/sers21s.pdf

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# SERIESONE SECURITIES, LLC

# FINANCIAL STATEMENT

For the year ended June 30, 2021

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

Olvffi APPROVAL 0MB Nwnber: 3235-0 123 Expires: October 31, 2023 Estimated average burden hours per response ... 12.00

| ANNUAL AUDITED REPORT |  |
|-----------------------|--|
| FORM X-17A-5          |  |
| PART III              |  |

### **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>07/01<br>/2020<br>MM/DD /YY | AND ENDING                                     | 06/30/2021<br>MM/DD/YY         |
|-------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------|-----------------------------------------|------------------------------------------------|--------------------------------|
|                                                                                                                         |                                               | A. REGISTRANT lDENTlFICA TION           |                                                |                                |
| NAME OF BROKER -<br>DEALER:                                                                                             |                                               |                                         |                                                |                                |
| SERIESONE SECURITIES, LLC                                                                                               | FIRM ID. NO.                                  |                                         |                                                |                                |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.)                                                       |                                               |                                         |                                                |                                |
|                                                                                                                         | 42 Broadway, Suite 12-129<br>(No. and Street) |                                         |                                                |                                |
| New York                                                                                                                | NY                                            |                                         |                                                | 10004                          |
| (City)                                                                                                                  | (State)                                       |                                         |                                                | (Zip Code)                     |
| NAME AND TELEPHONE NUMBER OF PERSON TO CONTACT IN REGARD TO THIS REPORT                                                 |                                               |                                         |                                                |                                |
| Kathy Efrem                                                                                                             |                                               |                                         |                                                | (212)897-1686                  |
|                                                                                                                         |                                               |                                         |                                                | (Area Code -<br>Telephone No.) |
|                                                                                                                         |                                               |                                         |                                                |                                |
|                                                                                                                         |                                               | B. ACCOUNT ANT IDENTIFICATION           |                                                |                                |
| INDEPENDENT PUBLIC ACCOUNTANT whose opinion is contained in this Report*                                                |                                               |                                         |                                                |                                |
| HLB Gravier LLP                                                                                                         |                                               |                                         |                                                |                                |
|                                                                                                                         |                                               |                                         |                                                |                                |
|                                                                                                                         | (Name -                                       |                                         | if individual, state last, first, middle name) |                                |
|                                                                                                                         |                                               |                                         |                                                |                                |
| (Address)                                                                                                               | Coral Gables<br>(City)                        |                                         | FL<br>(State)                                  | 33<br>134<br>(Zip Code)        |
|                                                                                                                         |                                               |                                         |                                                |                                |
| ~ Certified Public Accountant                                                                                           |                                               |                                         |                                                |                                |
| D<br>Public Accountant                                                                                                  |                                               |                                         |                                                |                                |
| 396 Alhambra Circle Suite 900<br>CHECK ONE:<br>D<br>Accountant not resident in United States or any of its possessions. |                                               |                                         |                                                |                                |

*\*Claims for exemption from the requirement that the annual report be covered by the opinion of an independent public accountant must be supp orted by a statement of facts and circumstances relied on as the basis for the exemption. See section 240.17a-5(e)(2).SEC* 1410 (3-9 1)

SEC FILE NUMBER 8-69876

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### **AFFIRMATION**

I. Kathy Efrem, affinn that, to the best of my knowledge and belief, the accompanying financial statement and supplemental schedule pertaining to SeriesOne Securities. LLC for the year ended June 30. 2021. are true and correct. I further affinn that neither the Company nor any officer or director has any proprietary interest in any account classified solely as that of a customer.

Title

JERRY W S **ERRA**  Notary Publlc • State ol N<'w Vur:. NO. 01516225206

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## **SERIESONE SECURITIES, LLC TABLE OF CONTENTS**

### **This report \*\* contains (check all applicable boxes):**

- **[x]**  Report oflndependent Registered Public Accounting Finn.
- [x] Facing Page.
- **[x]**  Statement of Financial Condition.
- [ ] Statement of Operations.
- [ ] Statement of Changes in Members' Equity.
- [ ] Statement of Cash Flows.
- [ ] Statement of Changes in Liabilities Subordinated to Claims of General Creditors (not applicable).
- [ ] Computation of Net Capital for Brokers and Dealers Pursuant to Rule 15c3-l under the Securities Exchange Act of 1934.
- l J Computation for Determination of Reserve Requirements for Brokers and Dealers Pursuant to Rule 15c3-3 under the Securities 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 1934 (not applicable).
- [ ] A Reconciliation, including appropriate explanations, of the Computation of Net Capital Pursuant to Rule 15c3-l 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 Oath or Affirmation.
- [ ] A copy of the SIPC Supplemental Report.
- [ ] A report describing any material inadequacies found to exist or found to have existed since the date of the previous audit (Supplemental Report on Internal Control).
- [ ] Independent Auditors' Report on Internal Control Required by SEC Rule l 7a-5(g)(l).
- [ ] Independent Auditors' Report Regarding Rule 15c3-3 Exemption.
- [ ] Rule 15c3-3 Exemption Report
- \*\* *For conditions of confidential treatment of certain portions of this filing, see section 240. l 7a-5(e)(3).*

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## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Members of SeriesOne Secw-ities, LLC

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

We have audited the accompanying statement of financial condition of SeriesOne Securities, LLC as of June 30, 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 SeriesOne Securities, LLC as of June 30, 2021 in conformity with accounting principles generally accepted in the United States of America.

### **Basis for Opinion**

This financial statement is the responsibility of SeriesOne Securities, LLC's management. Our responsibility is to express an opinion on SeriesOne Securities, 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 SeriesOne Securities, 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 perfotm the audit to obtain reasonable assmance about whether the financial statement is free of material misstatement, whether due to e1Tor 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 om opinion.

HLB Gravier, LLP We have served as SeriesOne Securities, LLC's auditor since 2020. Coral Gables, Florida September 28, 2021

396 Alhambra Circle. Suite 900. Coral Gables. FL 33134 • Tel: 305.446.3022 • Fax: 305.446.6319 www.hlbgravier com HLB Grav,e( LLP 1s **<sup>a</sup>**member of e lntematmnal. A world-wide organization of accounting firms **and** business advisers.

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## **SERIESONE SECURITIES, LLC**

## **STATEMENT OF FINANCIAL CONDITION**

### **JUNE 30, 2021**

### **ASSETS**

| Cash and cash equ<br>ivalents         | \$<br>10,380 |
|---------------------------------------|--------------|
| Prepaid assets                        | 264          |
| Total assets                          | 10,644       |
| LIABILITIES AND MEMBERS' EQUITY       |              |
| Liabilities:                          |              |
| Accounts payable                      | 1,529        |
| Members' Equity                       | 9,115        |
| Total liabilities and members' equity | \$<br>10,644 |

**The accompanying notes are an integral part of this financial statement,** 

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## **SERIESONE SECURITIES, LLC NOTES TO FINANCIAL STATEMENT**

## **JUNE 30, 2021**

#### NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS

SeriesOne Securities, LLC (the "Company") is a broker dealer registered with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority ("FINRA") formed for the purpose of providing broker dealer services including financial advisory services, mergers and acquisition services and to engage in private placement of securities and similar services.

#### NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

## Basis of Presentation

These financial statements were prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

### Cash Equivalents

The Company considers money market mutual funds and other highly-liquid investments with original maturities of three months or less to be cash equivalents.

## Income Taxes

The Company is a limited liability company, treated as a partnership for federal and state income tax purposes; it therefore does not incur income taxes at the Company level. Instead its earnings and losses are passed through to the members and included in the calculation of each member's tax liability. Accordingly, no provision for income taxes has been made in the accompanying financial statements. The Company is subject to New York City Unincorporated Business Tax.

### 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 amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

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## **SERIESONE SECURITIES, LLC NOTES TO FINANCIAL STATEMENT**

### **JUNE 30, 2021**

#### NOTE3. RELATED PARTY TRANSACTIONS

In accordance with a services agreement, the Company's affiliate pays for various specified expenses for which the Company compensates the affiliate in the form of a management fee and for various other expenses, such as sundry professional services, for which the Company does not reimburse the affiliate.

The affiliate agreed to pay other expenses on behalf of the Company without seeking reimbursement.

#### NOTE4. NET CAPITAL REQUIREMENTS

The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule 15c3-1 This Rule requires the maintenance of minimum net capital and that the ratio of aggregate indebtedness to net capital both as defined shall not exceed 15 to 1 thereafter and that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to 1. At June 30, 2021 the Company's net capital was \$8,643 which was \$3,643 in excess of its minimum requirement of \$5,000.

#### NOTES. COMPLIANCE WITH RULE 15C3-3

The Company does not handle cash or securities on behalf of customers and accordingly has no obligation under SEC Rule l 5c3-3.

#### NOTE6. GOING CONCERN

Accounting Standards Update 2014-15 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 the Company generates enough revenue or continues to be funded by its members, there 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 members to infuse capital to cover overhead should that become necessary.

#### NOTE 7. COVID-19

During the 2020 calendar year, the World Health Organization had declared COVlD-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 COVID-19 virus is uncertain at this time. The financial performance of the Company is subject to future developments related to the COVIC-19 outbreak and possible government advisories and restrictions placed on the financial markets and business activities. The impact on financial markets and overall economy, all of which are highly uncertain, cannot be predicted. If the financial markets and/or overall economy are impacted for an extended period, the company's results may be materially affected. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.


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