# LONG BRIDGE SECURITIES LLC X-17A-5 (2024-03-14) — Broker-dealer annual report

- Company: LONG BRIDGE SECURITIES LLC
- Form: X-17A-5
- Filed: 2024-03-14
- Period: 2023-12-31
- Accession: 0001859393-24-000003
- CIK: 1859393
- File #: 8-70711
- Type: Broker-dealer
- Material weakness: No
- Auditor: Ohab & Company, P.A.
- Auditor location: Maitland, FL
- Contact: J. Clarke Gray
- Phone: 9172381263
- Email: clarke@taylorgrayllc.com
- Website: taylorgrayllc.com
- Signed by: J. Clarke Gray (CFO)

Original filing: https://www.sec.gov/Archives/edgar/data/1859393/000185939324000003/lbsshortform23_1.pdf

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**UNITED STATES SECURITIES AND EXCHANGE COMMISSION** 

**Washington,** o.c. **20549** 

**0MB APPROVAL**  0MB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12

> SEC FILE NUMBER 8-70711

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

**FACING PAGE** 

| Information Required Pursuant to Rules 17a-S, 17a-12, and 18a-7 under the Securities Exchange Act of 1934                             |                                                            |                                         |                                            |  |
|---------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|-----------------------------------------|--------------------------------------------|--|
| FILING FOR THE PERIOD BEGINNING Q 1/01/2023                                                                                           |                                                            | AND ENDING 12/31/2023                   |                                            |  |
|                                                                                                                                       | MM/00/YY                                                   |                                         | MM/00/YY                                   |  |
|                                                                                                                                       | A. REGISTRANT IDENTIFICATION                               |                                         |                                            |  |
| NAME oF FIRM: _L_o_n___;;g;_B_ri_d ___ g_e_S_e_c_u_r_it_ie_s_L_L_C                                                                    |                                                            |                                         | ________<br>_                              |  |
| TYPE OF REGISTRANT (check all applicable boxes):<br>[!] Broker-dealer<br>D Check here if respondent is also an OTC derivatives dealer | □ Security-based swap dealer                               | 0 Major security-based swap participant |                                            |  |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.}                                                                   |                                                            |                                         |                                            |  |
| 21 River Street, 9th Floor                                                                                                            |                                                            |                                         |                                            |  |
|                                                                                                                                       | (No. and Street)                                           |                                         |                                            |  |
| Hoboken,                                                                                                                              | N. J.                                                      |                                         | 07030                                      |  |
| (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)                            |  |
|                                                                                                                                       | B. ACCOUNTANT IDENTIFICATION                               |                                         |                                            |  |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*                                                             |                                                            |                                         |                                            |  |
| Ohab & Company P.A.                                                                                                                   |                                                            |                                         |                                            |  |
|                                                                                                                                       | (Name - if individual, state last, first, and middle name) |                                         |                                            |  |
| 100 E. Syblia Avenue                                                                                                                  | Maitland                                                   | FL                                      | 32751                                      |  |
| (Address)                                                                                                                             | (City)                                                     | (State)                                 | (Zip Code}                                 |  |
| 07/28/04                                                                                                                              |                                                            | 1839                                    |                                            |  |
| (rte of Registration with PCAOB)(lf applicable)                                                                                       | FOR OFFIOAL USE ONLY                                       |                                         | (PCAOB Registration Number, HI 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-S(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, John crar1<e Gray |                                                                       | swear (or affirm) that, to the best of my knowledge and belief, the               |
|----------------------|-----------------------------------------------------------------------|-----------------------------------------------------------------------------------|
|                      | financial report pertaining to the firm of Long Bridge Securities LLC | , as of                                                                           |
| 12/31                | 2~                                                                    | 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.

![](_page_1_Figure_3.jpeg)

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

- ~ (a) Statement of financial condition.
- ~ (b) Notes to consolidated statement of financial condition.
- 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§ 210.1-02 of Regulation 5-X}.
- □ {d) Statement of cash flows.
- D (e} Statement of changes in stockholders' or partners' or sole proprietors equity.
- D (f) Statement of changes in liabilities subordinated to claims of creditors.
- D (g) Notes to consolidated financial statements.
- D (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable.
- D (i) Computation of tangible net worth under 17 CFR 240.18a-2.
- D 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 240.18a-4, as applicable.
- □ (I) 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.lBa-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.
- (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.
- □ (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- D (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as appHcabJe.
- @' (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 240.18a-7, as applicable.
- D (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- □ (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-le or 17 CFR 240.17a-1~, 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 240.17a-12(k). D (z) Other: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_
- 
- \*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.1la-5(e){3} or 17 CFR 240.18a-7{d}(2), as applicable.

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LONG BRIDGE SECURITIES LLC STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2022 (Filed Pursuant to Rule 17a-5 Under the Securities Exchange Act of1934) PUBLIC DOCUMENT

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# **LONG BRIDGE SECURITIES LLC DECEMBER 31, 2023 CONTENTS**

## Page

|  |  |  |  | Report of Independent Registered Public Accounting Firm  1 |
|--|--|--|--|------------------------------------------------------------|
|--|--|--|--|------------------------------------------------------------|

### **Financial Statement**

| Statement of Finan.cial Condition  2 |  |
|--------------------------------------|--|
| Notes to Financial Statements  3-6   |  |

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![](_page_4_Picture_0.jpeg)

I 00 E. Sybclia A vc. Suite 130 Maitland, FL 32751

*Certified Public Accounta11ts*  Email: pam@ohabco.com

Telephone 407-740-7311 Fax 407-740-6441

### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Members of Long Bridge Securities LLC

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

We have audited the accompanying statement of financial condition of Long Bridge Securities LLC as of December 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 Long Bridge Securities LLC as of December 31 , 2023 in conformity with accounting principles generally accepted in the United States of America.

#### **Basis for Opinion**

This financial statement is the responsibility of Long Bridge Securities LLC's management. Our responsibility is to express an opinion on Long Bridge 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 Long Bridge 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 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.

~ *tf~* ~.<vP-

We have served as Long Bridge Securities LLC's auditor since 2022.

Maitland, Florida

March 8, 2024

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# **Long Bridge Securities LLC Statement of Financial Condition December 31, 2023**

### **ASSETS**

| Cash                                  | \$<br>148,789 |
|---------------------------------------|---------------|
| Clearing deposit                      | 125,000       |
| Secwity deposit                       | 1,230         |
| Prepaid expenses                      | 20,136        |
| TOTAL ASSETS                          | \$<br>295,155 |
| LIABILITIES AND MEMBER'S EQUITY       |               |
| Accounts payable                      | \$<br>17,000  |
| TOT AL LIABILITIES                    | 17,000        |
| Member's Equity                       | 278,155       |
| TOTAL LIABILITIES AND MEMBER'S EQUITY | \$<br>295,155 |

2

The accompanying notes are an integral part of this financial statement.

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## **NOTE 1** - **NATURE OF BUSINESS**

Long Bridge Securities LLC (the "Company") was formed on March 9, 2021 as a Delaware limited liability company. Long Bridge Limited is a Cayman Islands Limited Liability Exempted Company and is the managing member of the Company.

The purpose of the Company will be to carry on a general securities brokerage business. The security transactions entered into on behalf of the Company's retail customers will be cleared by the Company's clearing broker on a fully disclosed basis and therefore the Company will be exempt under the provisions of paragraph (k)(2)(ii) of SEC Rule 15c3-3. The Company has not commenced operations as of December 31, 2023.

The Company is a registered broker-dealer under the Securities Exchange Act of 1934 with the Securities and Exchange Commission (the "SEC") as of August 1, 2022. The Company is also a member of the Financial Industry Regulatory Authority ("FINRA") and the Securities Investor Protection Corp ("SIPC"). It operates out of its home office in New York, New York. The Company is licensed to conduct business as a retail securities brokerdealer.

## **NOTE 2** - **SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES**

#### *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 IN THE FINANCIAL STATEMENTS*

The preparation of financial statements in conformity with US GAAP 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 reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

#### *CASH AND CASH EQUIVALENTS*

The Company has defined cash equivalents as highly liquid investments with original maturities of less than 90 days when purchased which are not held for sale in the ordinary course of business. At December 31, 2023 the Company had no cash equivalents.

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# **NOTE 2** - **SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES(CONTINUED)**

# *INCOME TAXES*

The Company does not record a provision for Federal and State income taxes because the member reports their share of the Company's profits or losses on their income tax returns. The Company files an income tax return in the federal jurisdiction and may file in various states. The Company is subject to New York City Unincorporated Business Tax ("NYCUBT"). Generally, the Company is subject to examination by the major taxing authorities for the three-year period prior to the date of these financial statements.

The Company adopted the provisions of the Financial Accounting Standard Board's ("FASB") Accounting Standards Codification No. 740 ("ASC" 740) Subtopic 05 "Accounting for Uncertainty in Income Taxes." The Company 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-than-not threshold would be recorded as a tax benefit or expense in the current year. The Company determined that there are no uncertain tax positions which would require adjustments or disclosures on the financial statements. In the event that Tax Authorities assess interest and penalties on unrecognized tax benefits, the Company will reflect such amounts in tax expense and income taxes payable.

### **NOTE 3-CONCENTRATIONS, CREDIT RISK AND OFF-BALANCE SHEET RISK**

The Company maintains all of its cash in financial institutions. The Company has not experienced any losses in such accounts and believes it is not subject to any significant credit risk.

# **NOTE 4- CLEARING DEPOSIT**

Pursuant to the clearing ~greem,ent with the clearing broker, a deposit of \$125,000 is being held in an interest bearing account as of December 31, 2023 to offset unsecured customer debits.

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## **NOTE 5** - **NET CAPITAL REQUIREMENTS**

The Company is subject to the SEC Uniform Net Capital Rule ("SEC Rule l 5c3-l "), under which the Company is required to maintain a minimum net capital, as defined, of the greater of \$100,000 or 12.5% of aggregate indebtedness and requires that the percentage of aggregate indebtedness to net capital, as defined, shall not exceed 8 to 1 or 12.5%.

At December 31, 2023, the Company had net capital of \$256,789 which exceeded required net capital by \$156,789. The Company's ratio of aggregate indebtedness to net capital was 0.07 to 1 at December 31, 2023.

The Company qualifies under the exemptive provisions of Rule 15c3-3 under sub-paragraph k(2)(ii) as the Company does not carry security accounts for customers or perform custodial functions related to customer securities.

# **NOTE 6- CONTINGENCIES**

There are currently no asserted claims or legal proceedings against the Company, however, the nature of the Company's business subjects it to various claims, regulatory examinations, and other proceedings in the ordinary course of business. The ultimate outcome of any such action against the Company could have an adverse impact on the financial condition, results of operations, or cash flows of the Company

# **NOTE 7** - **INCOME TAXES**

The Company is a limited liability company and is treated as a pass-through entity for income tax reporting purposes. No provision federal or state income taxes has been made since the Company is not a taxable entity. The members are individually liable for the taxes on their share of the Company's income or loss. The Company is, however, subject to the New York City Unincorporated Business Tax ("UBT"). Since the Company operated at a net loss for the year ended December 31, 2023, there is no provision for UBT for the period.

At December 31, 2023, the Company has UBT net operating loss carryforwards of approximately \$1.2 million, giving rise to a deferred asset of approximately \$47,000 offset by a contra valuation allowance of the same amount.

ASC 7 40 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 7 40 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

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## **NOTE 7 -INCOME TAXES(CONTINUED)**

applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. The tax years that remain subject to examination are 2021 and 2022. The Company determined that there are no uncertain tax positions which would require adjustments or disclosures on the financial statements.

# **NOTE 8- COMMITMENTS**

At December 31, 2023, the Company is subject to a 3 month lease at the rate of \$2,095 per month which it can opt out with no penalty with two months notice.

## **NOTE 9** - **GOING CONCERN**

As an SEC-registered and FINRA member broker-dealer, the Company must maintain minimum net capital on a daily basis in accordance with the SEC Uniform Net Capital Rule. The Company had a net loss of \$523,048 for the year ended December 31, 2023 and as a result the member of the Company made capital contributions of \$596,252 during the year to fund expenses and maintain its compliance with the net capital rule. It is the intention of the member to continue to operate the Company for the twelve-month period from the date that these financial statements are issued and contribute the necessary capital to maintain operations, fund its ongoing expenses and meet the net capital requirements of the SEC's Uniform Net Capital Rule.

## **NOTE 10** - **SUBSEQUENT EVENTS**

Management has evaluated the Company's events and transactions through the date the financial statements were available to be issued. The Company has determined that no subsequent events or transactions occurred during that period requiring recognition or disclosure.


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