# SECFI SECURITIES, LLC X-17A-5 (2023-03-29) — Broker-dealer annual report - Company: SECFI SECURITIES, LLC - Form: X-17A-5 - Filed: 2023-03-29 - Period: 2022-12-31 - Accession: 0001795833-23-000003 - CIK: 1795833 - File #: 8-70457 - Type: Broker-dealer - Material weakness: No - Auditor: Citrin Cooperman & Company, LLP - Auditor location: White Plains, NY - Contact: Nathaniel Piauwasdy - Phone: 415-939-5421 - Email: vieje@secfi.com - Website: secfi.com - Signed by: Nathaniel Piauwasdy (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1795833/000179583323000003/secfisecuritiespublic2022.pdf --- {0}------------------------------------------------ # SECFI SECURITIES, LLC Statement of Financial Condition December 31, 2022 With Report of Independent Registered Public Accounting Firm {1}------------------------------------------------ #### UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | OMB APPROVAL | | | | |---------------------------|-----------------|-----------|--| | OMB Number: | | 3235-0123 | | | Expires: October 31, 2023 | | | | | Estimated average burden | | | | | hours per response 12.00 | | | | | | SEC FILE NUMBER | | | | | 8
- 70457 | | | # ANNUAL REPORTS FORM X-17A-5 PART III FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 REPORT FOR THE PERIOD BEGINNING 01/01/2022 MM/DD/YYYYY 12/31/2022 MM/DD/YYYYY A. REGISTRANT IDENTIFICATION NAME OF FIRM: SecFi Securities, LLC AND ENDING TYPE OF REGISTRANT (check all applicable boxes): X Broker-dealer □ Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.) | San Francisco
CA
(State)
(City)
PERSON TO CONTACT WITH REGARD TO THIS FILING
Nathaniel Piauwasdy
415-939-5421
(Area Code -- Telephone No.)
(Name) | (No. and Street) | | 94111
(Zip Code) | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------|--------------------------------------------|---------------------| | | | | | | | | | | | | | | | | | | | | | | | Vieje@secfi.com | | | | | (Email Address) | | | B. ACCOUNTANT IDENTIFICATION | | | | | | Citrin Cooperman & Company, LLP
(Name - if individual, state last, first, and middle name) | | | | White Plains
709 Westchester Avenue | | NY | 10604 | | (Address)
(City) | | (State) | (Zip Code) | | 11/2/2005 | | 2468 | | | (Date of Registration with PCAOB)(if applicable) | | (PCAOB Registration Number, if applicable) | | | | | | | | | FOR OFFICIAL USE ONLY | | | \*Claims for exemption from the requirement that the annual 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)(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 OMB control number. {2}------------------------------------------------ #### OATH OR AFFIRMATION | 1. | Nathaniel Piauwasdy | | , swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to | | | |----|-------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--| | | the firm of | SecFi Securities, LLC | , as of December 31, 2022 | | | | | is true and correct. I further swear (or affirm) that neither the company nor any partner, officer, director, or equivalent person, | | | | | | | State of Texas
County of Kerr | as the case may be, has any proprietary interest in any account classified solely as that of a customer. | | | | | | Sworn to and subscribed before me
on 03/28/2023 by Nathaniel Vieje Piauwasdy. | | Signature | | | | | | | CFO | | | | | | | Title | | | | | Notary Public
Notarized online using audio-video communication | | Heather Cook
ID NUMBER | | | | | This filing** contains (check all applicable boxes): | | 128853007
COMMISSION EXPIRES
January 19, 2024 | | | | | x (a) Statement of financial condition | | | | | | | x (b) Notes to consolidated statement of financial condition | | | | | | | | comprehensive income (as defined in § 210.1-02 of Regulation S-X) | (c) Statement of income (loss) or, if there is other comprehensive in the period(s) presented, a statement of | | | | | (d) Statement of cash flows. | | | | | | | | (e) Statement of changes in stockholders' or partners' or sole proprietor's equity | | | | | | | (f) Statement of changes in liabilities subordinated to claims of creditors | | | | | | (g) Notes to consolidated financial statements | | | | | | | | (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. | | | | | | | (i) Computation of tangible net worth under 17 CFR 240.18a-2. | | | | | | | | (i) 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 240.18a-4, as applicable. | | | | | | | | (1) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3 | | | | | | | | (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3 | | | | | | | (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 explanations, 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 240.18a-4, as applicable, if material differences exist, or a statement that no material differences | | | | | exist. | | | | | | | | | (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition | | | | | | | x (q) Oath or affirmation in accordance with 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. | | | | | | (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. | | | | | | | (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. | | | | | X | | | (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 statements under 1 | | | | | | 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 1 | | | | | CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. | | | | | | | CFR 240.18a-7, as applicable. | | (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 | | | | | | | (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17a-12 | | | | | as applicable. | | | | | | | | | (y) Report describing any material inadequacies found to have existed since the date of the previous audit, c | | | | | | a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k) | | | | | | (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. {3}------------------------------------------------ # Contents | Report of Independent Registered Public Accounting Firm | | |---------------------------------------------------------|-----| | Financial Statement | | | Statement of Financial Condition | 3 | | Notes to the Financial Statement | 4-6 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) Citrin Cooperman & Company, LLP Certified Public Accountants 709 Westchester Avenue White Plains, NY 10604 T 914.949.2990 F 914.949.2910 citrincooperman.com ## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Member SecFi Securities, LLC ### Opinion on the Financial Statement We have audited the accompanying statement of financial condition of SecFi Securities, LLC as of December 31, 2022, 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 SecFi Securities, LLC as of December 31, 2022, in conformity with accounting principles generally accepted in the United States of America. ### Basis for Opinion This financial statement is the responsibility of SecFi Securities, LLC's management. Our responsibility is to express an opinion on SecFi 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 SecFi 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 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 statement. 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 statement. We believe that our audit provides a reasonable basis for our opinion. {5}------------------------------------------------ ![](_page_5_Picture_0.jpeg) #### Uncertainty Regarding Impacts of Recent Disruptions in U.S. Banking System As discussed in Note 7 to the financial statement, in March 2023, the shut-down of certain financial institutions raised economic concerns over disruption to the U.S. banking system. Given the uncertainty of the situation, the related financial statement impact cannot be reasonably estimated at this time. Our opinion is not modified with respect to this matter. We have served as SecFi Securities, LLC's auditor since 2020. White Plains, New York March 28, 2023 "Citrin Cooperman" is the brand under which Cooperman & Company, LLP, a licensed independent CPA firm, and Citin Cooperman Advisors I.L.C serve clients' business needs. The two firms operate legal entities in an alternative practice structure. Citin Cooperman is an independent member of Moore North America, which is itself a regional member of Moore Global Network Limited (MGNL). {6}------------------------------------------------ # SecFi Securities, LLC Statement of Financial Condition December 31, 2022 #### Assets | Cash
Fees receivable, net
Prepaid expenses
Total assets | સ્ત્ર
ಕೆ | 1,223,097
78,600
22,355
1,324,052 | |-----------------------------------------------------------------------------------------------|-------------|--------------------------------------------| | Liabilities and Member's equity | | | | Liabilities
Accounts payable and accrued expenses
Due to affiliate
Total liabilities | ക്ക | 58,240
308,367
366,607 | | Commitments and contingencies | | | | Member's equity
Total liabilities and member's equity | ક | 957,445
1,324,052 | The accompanying notes are an integral part of this financial statement. {7}------------------------------------------------ #### ﮩ Nature of business SecFi Securities, LLC (the "Company"), is a limited liability company established in the state of Delaware on October 18, 2018 and is based in San Francisco, CA. The Company is wholly-owned by SecFi Inc. (the "Parent"). On January 13, 2020, the Company became a registered broker-dealer with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory ("FINRA"). The Company acts as a private placement broker for Regulation D private placements. ### 2. Summary of significant accounting policies ### Basis of Presentation The financial statement has been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). ### Use of Estimates The preparation of the financial statement in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the financial statement. Actual results could differ from those estimates. ### Cash Cash consists of cash held at one financial institution which at times may exceed federally insured limits. The Company has not experienced any losses on this account and does not believe it is exposed to any significant credit risk with respect to its depository institutions. #### Fees Receivable, net The Company carries its fees receivable at cost less an allowance for credit losses. On a periodic basis, the Company evaluates its fees receivable and establishes an allowance for credit losses, based on a history of past write-offs and collections and current credit conditions. No allowance for credit losses was required at December 31, 2022. #### Allowance for Credit Losses In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326). The ASU introduces a new credit loss methodology, Current Expected Credit Losses ("CEC"), which requires earlier recognition of credit losses, while also providing additional transparency about credit risk. Since in 2016, the FASB has issued several updates to the original ASU. The CECL methodology utilizes a lifetime "expected credit loss" measurement objective for the recognition of credit losses for loans, held-to-maturity securities and other receivables at the time the financial or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. The methodology replaces the multiple existing impairment GAAP, which generally require that a loss be incurred before it is recognized. For financial assets measured at amortized cost (e.g., cash and fees receivable, net), the Company has concluded that there are de minimus expected credit losses based on the nature and contractual life of the financial assets and immaterial historic and expected losses. {8}------------------------------------------------ #### ! "# \$%&'()\*+,)- ./01234567895986:;0303<0=;838>0?;85<8;8>7@23456756?89>=05>0?595?89=0:5=?0?06>8>7A2=86@230>5B =042=>86:4C=42909D./0E6>0=65;F0G06C012?0HIEF1JK4=2G8?09>/5>56786@2302=;2998945990?>/=2C:/>2>/0 303<0=A2=A0?0=5;56?9>5>086@230>5B4C=42909DL@@2=?86:;7M>/01234567/5962>4=2G8?0?A2=A0?0=5;56?9>5>0 86@230>5B0986>/89A8656@85;9>5>0306>D./0N5=06>A8;098>986@230>5B=0>C=6986>/0ODPD56?G5=82C99>5>056? ;2@5;QC=89?8@>8269DL>R0@03<0=STMUVUUM3565:0306>/59?0>0=3860?>/5>>/01234567/5?62C6@0=>586>5B 4298>8269>/5>W2C;?=0XC8=0A8656@85;9>5>0306>=0@2:68>826D./89?0>0=3865>826W8;;5;W579<09C>226:286: =00G5;C5>82659A5@>956?@8=@C39>56@09=0XC8=0D #### " " Y E6>/062=35;@2C=902A/012345673586>58698>9@59/<5;56@0986260A8656@85;869>8>C>826MW/8@/357 0B@00?A0?0=5;;7869C=0?;838>9D./01234567899C>2@=0?8>=89Z9/2C;?>/0A8656@85;869>8>C>826<0C65<;0>2 AC;A8;;8>92<;8:5>8269D./01234567/5962>0B40=806@0?567;29909869C@/5@@2C6>956?3565:0306>3268>2=9>/0 A8656@85;@26?8>8262A>/0A8656@85;869>8>C>82656??20962>56>8@845>0567;29909A=23>/89@2C6>0=45=>7D ./01234567/5?6298:68A8@56>@C9>230=@26@06>=5>826?C=86:UVUUD./035Q2=8>72A4;5@0306>992;?>/=2C:/>/0 12345675=04C=@/590?<7260@2C6>0=45=>7MW/8@/895=0;5>0?45=>72A>/0N5=06>D./012345670B40@>9>2 3586>586>/89=0;5>8269/84W8>/>/04C=@/590=D #### [\ " # ])^\_`&)ab^))()%c NC=9C56>>2590=G8@05:=00306>M>/0N5=06>4=2G8?09G5=82C990=G8@0956?2>/0=240=5>86:59989>56@0>2>/0 1234567D./09086@;C?05A8B0?40=@06>5:02A4=2A0998265;90=G8@09M>/0C902A4/798@5;4=038909MC>8;8>809MA8B0? 5990>9M9C<9@=84>8269M>5B09M40=92660;56?2>/0=:060=5;56?5?38689>=5>8G090=G8@09D # d+-c)^])^\_`&)-ab^))()%c N0=5e59>0=P0=G8@09L:=00306>H>/0IL:=00306>JK<0>W006>/0123456756?90G0=5;5AA8;85>09M>/01234567 9/5=094=2A8>9=09C;>86:A=23>/01234567f9<=2Z0=5:094;8>30>/2?59?0A860?<7>/0EF1M5A>0= =03C60=5>86:=0>C=69>/5>@56<0<06@/35=Z0?G85>/0@2345=5<;04=2A8>930>/2?DL>R0@03<0=STMUVUUM>/0 1234567/5?5?C0>25AA8;85>0<5;56@02AgSVhMSijD #### k l ./01234567895303<0=2AmEnFL56?899C>2>/0P0@C=8>80956?oB@/56:01233899826O68A2=3n0>1548>5; FC;0T-@SpTD./89FC;0=0XC8=09>/03586>0656@02A38683C360>@548>5;56?>/5>>/0=5>822A5::=0:5>086?0<>0?6099 >260>@548>5;M9/5;;62>0B@00?h>2TA2=>/0A8=9>705=M56?>/06T->2T>/0=05A>0=DL>R0@03<0=STMUVUUM>/0 1234567q960>@548>5;W59ghiMrsVW/8@/W59ghSUMV-VM860B@0992A8>938683C360>@548>5;=0XC8=0306>2AgUUMrrVD #### tl u ./01234567/5940=A2=30?560G5;C5>8262A0G06>9>/5>/5G02@@C==0?9C<90XC06>>2R0@03<0=STMUVUU >/=2C:/e5=@/UvMUVUSM>/0?5>02A>/0A8;86:2A>/89=042=>M56?/59?0>0=3860?>/5>>/0=0/5G0<0066235>0=85; 9C<90XC06>0G06>9>/5>2@@C==0??C=86:>/040=82?>/5>W2C;?=0XC8=0=0@2:68>8262=?89@;29C=086>/89A8656@85; 9>5>0306>M0B@04>59?89@;290?86n2>0jD {9}------------------------------------------------ ### 7. Recent events relating to the disruption in the U.S. banking system In March 2023, the shut-down of certain financial institutions raised economic concerns over disruption in the U.S. banking system. The U.S. government took certain actions to strengthen e in the U.S. banking system. However, there can be no certainty that the actions taken by the U.S. government will be effective in mitigating the effects of financial institution failures on the economy, which may include limits on access to shortterm liquidity in the near term or other adverse effects. As disclosed in Note 3, as of December 31, 2022, the Company maintains cash amounts in excess of federally insured limits in the aggregate amount of \$973,097 of which \$1,223,097 was held in a financial institution that was subsequently shut-down as of the date this financial statement was issued. In addition, as disclosed in Note 3, the Company has certain concentrations in credit risk that expose the Company to risk of loss if the counterparty is unable to perform as a result of future disruptions in the U.S. banking system or economy. Given the uncertainty of the related financial impact cannot be reasonably estimated at this time. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.