# OHANAE SECURITIES LLC X-17A-5 (2023-06-23) — Broker-dealer annual report - Company: OHANAE SECURITIES LLC - Form: X-17A-5 - Filed: 2023-06-23 - Period: 2023-03-31 - Accession: 0001785108-23-000003 - CIK: 1785108 - File #: 8-70389 - Type: Broker-dealer - Material weakness: No - Auditor: YSL & Associates LLC - Auditor location: New York, NY - Contact: Shari Rothenberg - Phone: 908-743-1307 - Signed by: James Verdone (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1785108/000178510823000003/Ohanae23.pdf --- {0}------------------------------------------------ (a wholly-owned subsidiary of Ohanae Inc.) Statement of Financial Condition Pursuant to Rule 17 A-5 under the Securities Exchange Act of 1934 March 31, 2023 {1}------------------------------------------------ #### **UNITED ST A TES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** ## **ANNUAL REPORTS FORMX-17A-5 PART** III | 0MB APPROVAL | |--------------------------| | 0MB Number: 3235-0123 | | Expires: Oct. 31, 2023 | | Estimated average burden | | hours per response: 12 | | | SEC FILE NUMER 8- 70389 FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 FILING FOR THE PERIOD BEGINNING **04/01 /22** AND ENDING **03/31 /23** MM/DDNY MM/DDNY #### **A. REGISTRANT IDENTIFICATION** ## NAME oF FIRM: Ohanae Securities LLC TYPE OF REGISTRANT (check all applicable boxes): ~ Broker-dealer D Security-based swap dealer D Major security-based swap participant D Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) ## 42 Broadway Suite 12-129 | (No. and Street) | | |----------------------------------------------|----------------------------------| | NY | 10004 | | (State) | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | (908) 743-1307 | srothenberg@integrated.so1utions | | (Area Code - Telephone Number) | (Email Address) | | B. ACCOUNT ANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNT ANT whose reports are contained in this filing\* ### YSL & Associates | | (Name - if individual, state last, first, and middle name) | | | |--------------------------------------------------|------------------------------------------------------------|---------|-------------------------------------------| | 11 Broadway, Suite 700 | New York | NY | 10004 | | (Address) | (City) | (State) | (Zip Code) | | 06/06/2006 | | 2699 | | | (Date of Registration with PCAOB)(if applicable) | | | (PCAOB Registration Number, ifapplicable) | #### **FOR OFFICIAL USE ONLY** \* Claims for exemption from the requirement that the annual reports be covered by the reports ofan 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. l 7a-5(e)( 1 )(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.** {2}------------------------------------------------ #### AFFIRMATION I, James Verdone , swear (or **affirm) that, to the best of my knowledge and belief, the financial report pertaining to** Ohanae Securities LLC **as of** 03/31/23 , **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 classified solely as that of a customer.** ~ CEO **Title** I j - - -· - - PATRICIA A OWEI-IS Not ary Public • **State** of **Hew York** HO. **010W62SS.944** Qu.>llfled in Su!f<>I\C~u;5 ty 202!i **1** My commission Expires u • {3}------------------------------------------------ #### **This filing\*\* contains (check all applicable boxes):** - **CEJ** (a) Statement of financial condition. - **CEJ** (b) Notes to unconsolidated or consolidated statement of financial condition, as applicable. - **D** ( 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 § 2 10.1-02 of Regulation S-X). - **D** ( d) Statement of cash flows. - **D** (e) Statement of changes in stockholders' or partners' or members' or sole proprietor's equity, as applicable. - **D** (f) Statement of changes in liabilities subordinated to claims of creditors. - **D** (g) Notes to unconsolidated or consolidated financial statements,, as applicable. - **D** (h) Computation of net capital under 17 CFR 240. l 5c3-1 or 17 CFR 240.18a-l, as applicable. - **D** (i) Computation of tangible net worth under 17 CFR 240.l 8a-2. - **D** (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240. l 5c3-3. - **D** (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 240.18a-4, as applicable. - D (1) Computation for Determination of PAB Requirements under Exhibit A to§ 240. I 5c3-3. - **D** (m) Information relating to possession or control requirements for customers under 17 CFR 240. l 5c3-3. - **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. - **D** (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240. l 5c3-l , 17 CFR 240. l 8a-l, or 17 CFR 240. l 8a-2, as applicable, and the reserve requirements under 17 CFR 240. l 5c3-3 or 17 CFR 240.18a-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. - IE! (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.1 7a-l 2, or 17 CFR 240. l Sa-7, as applicable. - **D** (r) Compliance report in accordance with 17 CFR 240. l 7a-5 or 17 CFR 240. l 8a-7, as applicable. - **D** (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240. I 8a-7, as applicable. - **CEJ** (t) Independent public accountant's report based on an examination of the statement of financial condition. **D** ( u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240. l 7a-5, 17 CFR 240.18a-7, or 17 CFR 240. I 7a-l 2, as applicable. - **D** (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240. l 7a-5 or 17 CFR 240.18a-7, as applicable. - **D** (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240. l 7a-5 or 17 CFR 240.18a-7, as applicable. - **D** (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240. l 5c3-l e or 17 CFR 240. l 7a-l 2, as applicable. - **D** (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.l 7a-12(k). **D**(z) Other:------------------------------------- - *\*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), as applicable.* {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 PUBLIC ACCOUNTING FIRM** To the Member of Ohanae Securities LLC #### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of Ohanae Securities LLC (the "Company") as of March 31 , 2023, 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 the Company as of March 31, 2023, in conformity with accounting principles generally accepted in the Unitedl 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 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 Commiission 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 overaU presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. We have served as Ohanae Securities LLC's auditor since 2021. New York, NY June 22, 2023 {5}------------------------------------------------ **(a wholly-owned subsidiary of Ohanae, Inc.)** #### **Statement of Financial Condition March 31 , 2023** | Assets | | |---------------------------------------|--------------| | Cash | \$
17,050 | | Prepaid expenses | 1,206 | | Total assets | \$
18,256 | | Liabilities and Member's Equity | | | Liabilities | \$ | | Member's equity | 18,256 | | Total liabilities and member's equity | \$
18,256 | The accompanying notes are an integral part of this financial statement. {6}------------------------------------------------ **(a wholly-owned subsidiary of Ohanae, Inc.)** #### **Notes to Statement of Financial Condition March 31, 2023** #### **1. Nature of operations** Ohanae Securities LLC (the "Company") is a limited liability company formed under the laws of the state of New York on June 20, 2018. The Company is a wholly~owned subsidiary of Ohanae, Inc. (the "Parent"). On April 6, 2020, the Company became a broker-dealer and as such is registered with the Securities and Exchange Commission (the "SEC") and is a member of the Financial Industry Regulatory Authority ("FINRA"). The primary business of the Company is to act as a broker-dealer providing financial and strategic advisory services (including mergers and acquisitions), equity and debt capital raising and arranging private placement offerings. #### **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 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 believe there to be any significant credit risk with respect to these deposits. #### **Income taxes** The Company is a single member limited liability company and is therefore treated as a disregarded entity for income tax reporting purposes. The Internal Revenue Code ("IRC") provides that any income or loss is passed through to the ultimate beneficial individual member for federal, state and local income taxes. Accordingly, the Company has not provided for federal, state and local income taxes. At March 31, 2023, management has determined that the Company had no uncertain tax positions that would require financial statement recognition. This determination will be subject to ongoing reevaluation as facts and circumstances may require. Interest and penalties assessed, if any, are recorded as income tax expense. {7}------------------------------------------------ **(a wholly-owned subsidiary of Ohanae, Inc.)** #### **Notes to Statement of Financial Condition March 31, 2023** #### **2. Summary of significant accounting policies (continued)** #### **The allowance for 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 ASC 326, the Company could determine there are no expected credit losses in certain circumstances (e.g., based on the credit quality of the client). The allowance for credit losses is based on the Company's expectation of the collectability of financial instruments, including fees and other receivables utilizing the CECL framework. The Company considers factors such as historical experience, credit quality, age of balances and current and future economic conditions that may affect the Company's expectation of the collectability in determining the allowance for credit losses. Under the standard, the allowance for credit losses must be deducted from the amortized cost of the financial asset to present the net amount expected to be collected. The statement of operations would reflect the measurement of credit losses for newly recognized financial assets as well as the expected increases or decreases of expected credit losses that might have taken place during the period. The Company has not provided an allowance for credit losses at March 31, 2023. #### **3. Transactions with related parties** The Company has an expense sharing agreement with an affiliate whereby the affiliate provides accounting, administrative, office space, human resources and other services. The Company does not have any obligalion, direct or indirecl, lo reimburse or olherwise compensale the affiliate for any or all costs that the affiliate has paid on behalf of the Company. These costs have not been recorded on the books of the Company. During the year, the Parent paid regulatory fees for the Company in the amount of \$ 1,680. The total balance due to Parent of\$3,533 was converted as a non-cash contribution\_ All transactions with related parties are settled in the normal course of business. The tenns of any of these arrangements may not be the same as those that would otherwise exist or result from agreements and transactions among unrelated parties. #### **4. Regulatory requirements** The Company is subject to SEC Uniform Net Capital Rule 15c3-l under the Securities 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 1. At March 31, 2023, the Company had net capital of \$17,050 which exceeded the required net capital by \$12,050. The Company does not hold customers' cash or securities and, has no requirements under SEC Rule 15c3-3 and therefore does not claim an exemption under paragraph (k). {8}------------------------------------------------ **(a wholly-owned subsidiary of Ohanae, Inc.)** #### **Notes to Statement of Financial Condition March 31, 2023** #### **5. 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 parent, there is substantial doubt about the Company's ability to continue as a going concern. Capital is not a significant income producing factor and should the Company have a need for capital, it has been able to rely upon its parent to infuse capital to cover overhead should that become necessary. Management has pledged additional support to the Company to enable it to operate for the next year should that become necessary. #### **6. Subsequent events** Management of the Company has evaluated events or transactions that may have occurred since March 31, 2023 and determined that there are no material events that would require disclosure in the Company's financial statements. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.