# GILMARTIN FINANCIAL LLC X-17A-5 (2025-03-06) — Broker-dealer annual report - Company: GILMARTIN FINANCIAL LLC - Form: X-17A-5 - Filed: 2025-03-06 - Period: 2024-12-31 - Accession: 0001859599-25-000001 - CIK: 1859599 - File #: 8-70713 - Type: Broker-dealer - Material weakness: No - Auditor: ERNST WINTTER & ASSOCIATES LLP - Auditor location: Walnut Creek, CA - Contact: Lynn Lewis - Phone: 4153095999 - Email: david.brant@acaglobal.com - Website: acaglobal.com - Signed by: Lynn Lewis (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1859599/000185959925000001/PUBLIC.pdf --- {0}------------------------------------------------ # GILMARTIN FINANCIAL LLC FINANCIAL STATEMENT DECEMBER 31, 2024 {1}------------------------------------------------ **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** 0MB APPROVAL 0MB Number: 3235-0123 Expires: Nov 30, 2026 Estimated average burden hours per response: 12 # **ANNUAL REPORTS FORM X-17A-5 PART** Ill | SEC FILE NUMBER | |-----------------| | 8-70713 | **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 | ___ 1
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MM/DD/VY | | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|-----------------------------------------|-----------------|-------------------------------------------------------------------------------|--| | | MM/DD/VY | | | | | | | A. REGISTRANT IDENTIFICATION | | | | | | NAME OF FIRM: GILMARTIN FINANCIAL LLC | | | | | | | TYPE OF REGISTRANT (check all applicable boxes):
~ Broker-dealer
□ Security-based swap dealer
D Check here if respondent is also an OTC derivatives dealer | | □ Major security-based swap participant | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | | | 60 E SIR FRANCIS DRAKE BLVD., SUITE 208 | | | | | | | | (No. and Street) | | | | | | LARKSPUR | CA | | | 94939 | | | (City) | (State) | | (Zip Code} | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | David Brant | 402-215-1352 | | | david.brant@acaglobal.com | | | (Name) | {Area Code - Telephone Number) | | (Email Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | | | Ernst Wintter & Associates LLP | | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | | 675 Ygnacio Valley Road, Suite A200 | Walnut Creek | | CA | 94596 | | | (Address) | (City) | | (State) | (Zip Code} | | | 02/24/2009 | | 3438 | | | | | | | | | {PCAOB Reg;,trnt;o, N ,mbec, ;f appUcable) I | | | | FOR OFFICIAL USE ONLY | | | | | | * 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 applica ble. **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}------------------------------------------------ #### **OATH OR AFFIRMATION** | I, Lynn Lewis | , swear (or affirm) that, to the best of my knowledge and belief, the | | |--------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------|-------| | financial report pertaining to the firm of Gilmartin Financial LLC | | as of | | December 31 | 2 024 , 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. | | | | | | | | | s;gnat,ce, | | | | | | | | | | Title: CEO Notary Public #### **This filing\*\* contains (check all applicable boxes):** - 0 (a) Statement of financial condition. - 0 (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 S-X). - D (d) Statement of cash flows. - D (e) Statement of changes in stockholders' or partners' or sole proprietor's 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 (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - 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 (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. - D (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-l, 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.l&a-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. - 0 (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. - D (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 applicable. - 0 (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 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - D (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.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 240.15c3-le or 17 CFR 240.17a-12, 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 240.17a-5(e}(3} or 17 CFR 240.18a-7(d)(2}, as applicable. {3}------------------------------------------------ #### **CALIFORNIA ACKNOWLEDGMENT CIVIL CODE § 1189** A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. | County of Mo-. ( \ \/\ | | } | | | |------------------------------------------------|----------------|-------------------------------------|---------------------------------------------------|--| | ·R,~
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Name(s) of Signer(s) | | | who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. ![](_page_3_Picture_5.jpeg) I certify under PENAL TY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Place Notary Seal and/or Stamp Above Signature ---------------~---- ~----~ Signature of No~~ **OPTIONAL** Completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. #### **Description of Attached Document** Title or Type of Document: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_ | Document Date: ____________________ | ___ _
__ Number of Pages: _ | |-------------------------------------|--------------------------------| | Signer(s) Other Than Named Above: | _______________________
_ | | Capacity(ies) Claimed by Signer(s) | | | | | | Signer's Name: | | Signer's Name: ______
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□ Corporate Officer - Title(s):
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□ Corporate Officer - Title(s):
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□ Limited □ General | | | | □ Individual | □ Attorney in Fact | □ Individual | □ Attorney in Fact | | | □ Trustee | □ Guardian or Conservator | □ Trustee | □ Guardian or Conservator | | | □ Other: | | □ Other: | | | | | Signer is Representing: _________ _ | | Signer is Representing: _________ _ | | | | | | | | ©2018 National Notary Association {4}------------------------------------------------ # GILMARTIN FINANCIAL LLC FINANCIAL STATEMENT DECEMBER 31, 2024 # TABLE OF CONTENTS | Report of Independent Registered Public Accounting Firm 2 | | |------------------------------------------------------------|--| | Statement of Financial Condition 3 | | | Notes to Financial Statement 4-7 | | {5}------------------------------------------------ *675 Ygnacio Valley Road, Suite A200 Wa lnut Creek, CA 94596* *(925) 933-2626 Fax (925) 944-6333* #### **Report of Independent Registered Public Accounting Firm** To the Member of Gilmartin Financial LLC #### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of Gilmartin Financial LLC (the "Company") as of December 31 , 2024, 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 December 31, 2024 in conformity with accounting principles generally accepted in the United 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 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. We have served as Gilmartin Financial LLC's auditor since 2021. Walnut Creek, California March 3, 2025 {6}------------------------------------------------ #### GILMARTIN FINANCIAL LLC STATEMENT OF FINANCIAL CONDITION DECEMBER 31 , 2024 #### ASSETS | Cash | \$ 391
,241 | |---------------------------------------|----------------| | Accounts receivable | 50,000 | | Prepaid expenses | 30,705 | | Due from member | 19 650 | | Total assets | \$ 491 596 | | LIABILITIES AND MEMBER'S EQUITY | | | Accounts payable and accrued expenses | \$ 116,336 | | | | | Total liabilities | 116,336 | | | | | Member's equity | 375,260 | | Total liabilities and member's equity | \$ 491 596 | The accompanying notes are an integral part of this statement. {7}------------------------------------------------ # 1. Nature of Company and Summary of Significant Accounting Policies #### Business Description Gilmartin Financial LLC (the "Company") was organized as a California limited liability company in February 2021. The Company operates in Larkspur and San Diego, California and New York City. The Company's customers are unaffiliated companies in the biotech and healthcare sector. Gilmartin Financial currently provides advisory services to their customers for business expansion, liquidation, mergers, acquisitions, capital raising, capital structure, including the process required to take their businesses public. The Company is a securities broker dealer and registered with the Securities and Exchange Commission ("SEC") and the Financial Industry Regulatory Authority ("FINRA") in May 2022. # Method of Accounting The financial statement is presented in accordance with accounting principles generally accepted in the United States of America ("GAAP") ### Segment Reporting The Company adopted Accounting Standards Update (ASU) 2023-7, Disclosure of Financial Information for a Single Segment Entity. Under this guidance, the Company is required to disclose specific financial information for its single reportable segment. The Company operates as a single reportable segment, focusing on broker dealer activities, mainly investment banking services. All material financial information, including revenue, expenses, and assets, is reviewed and managed by the Company's Chief Operating Decision Maker (CODM). The Company has identified the CEO as the CODM. As a result of operating as a single segment entity, the Company's financial statement reflects its overall performance without disaggregation into multiple segments. The accounting policies used to measure the profit and loss of the segment are the same as those described in the policies listed in this report. #### Cash and Cash Equivalents The Company considers all demand deposits held in banks and certain highly liquid investments with original maturities of three months or less, other than those held for sale in the ordinary course of business, to be cash equivalents. There were no cash equivalents at December 31 , 2024. ## Fair Value of Financial Instruments Unless otherwise indicated, the fair values of all reported assets and liabilities that represent financial instruments approximate the carrying values of such amounts. The Company has no financial instruments required to be reported at fair value on a recurring basis. {8}------------------------------------------------ # 1. Nature of Company and Summary of Significant Accounting Policies (Continued) #### Accounts Receivable Accounts receivable represent amounts that have been earned and billed to clients in accordance with the terms of the Company's engagement letters with respective clients that have not yet been collected. The Company accounts for estimated credit losses on financial assets measured at an amortized cost basis and certain off-balance sheet credit exposure in accordance with FASB ASC 326-20. Financial Instruments - Credit Losses. F ASB ASC 326-20 requires the Company to estimate expected credit losses over the life of its financials assets and certain off-balance sheet exposures as of the reporting date based on relevant information about past events, current conditions, and reasonable and supportable forecasts. The Company records the estimate of expected credit losses as an allowance for credit losses. For financial assets measured at an amortized cost basis the allowance for credit losses is reported as a valuation account on the balance sheet that is deducted from the asset's amortized cost basis. Changes in the allowance for credit losses are reported as credit loss on the Statement oflncome. Per management's analysis, no allowance for credit losses expense was considered necessary as of December 31 , 2024. ### Use of Estimates The preparation of the financial statement, in conformity with generally accepted accounting principles, 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 statement. Estimates also affect the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. # Income Taxes The Company, a limited liability company, is treated as a disregarded entity for tax purposes. In lieu of income taxes, the Company passes 100% of its taxable income and expenses to the member. Therefore, no provision or liability for federal or state income taxes is included in this financial statement. The Company is, however, subject to the annual California limited liability company tax of \$800 and a California limited liability company fee based on gross revenue. The Company does not believe it has any uncertain tax positions. The Company is subject to examinations by all major tax jurisdictions. {9}------------------------------------------------ #### 2. Revenue from Contracts with Customers Revenue from contracts with customers is recognized when, or as, the Company satisfies performance obligations by transferring the promised goods or services to the customers. A service is transferred to a customer when, or as, the customer obtains control of that service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized by measuring progress in satisfying the performance obligation in a manner that depicts the transfer of the goods or services to the customer. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time when it is determined the customer obtains control over the promised good or service. The amount of revenue recognized reflects the consideration the Company expects to be entitled to in exchange for those promised goods or services (i.e., the "transaction price"). In determining the transaction price, the Company considers multiple factors, including the effects of variable consideration. Variable consideration is included in the transaction price only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur and when the uncertainties with respect to the amount are resolved. In determining when to include variable consideration in the transaction price, the Company considers the range of possible outcomes, the predictive value of past experiences, the time period of when uncertainties expect to be resolved and the amount of consideration that is susceptible to factors outside of the Company's influence, such as market volatility or the judgment and actions of third parties. Fee revenue consists of success fees. The Company provides advisory services to customers for business expansion, liquidation, mergers, acquisitions, capital raising, capital structure, including the process required to take their business public - through a success fee model. Success fees can be for a fixed dollar amount or can be variable and are recognized upon the successful closing of a transaction where the consideration can be determined, and the performance obligation has been completed. #### Contract Balances Income is recognized upon completion of the related performance obligation and when an unconditional right to payment exists. The timing of revenue recognition may differ from the timing of customer payments. A receivable is recognized when a performance obligation is met prior to receiving payment by the customer. Receivables related to revenue from contracts with customers totaled \$65,050 and \$50,000 as of January 1, 2024 and December 31 , 2024, respectively. Alternatively, fees received prior to the completion of the performance obligation are recorded as deferred revenue on the statement of financial condition until such time when the performance obligation is met. As of January 1, 2024 and December 31 , 2024, there were no amounts of revenue deferred. All non-reimbursed investment banking advisory related expenses are expensed as incurred and recognized within their respective expense category on the Statement oflncome. {10}------------------------------------------------ # 3. Net Capital As a broker dealer, the Company is subject to the Securities and Exchange Commission's regulations and operating guidelines, which require the Company to maintain a specified amount of net capital, as defined, and a ratio of aggregate indebtedness to net capital as derived, not exceeding 15 to 1. The Company's net capital is computed under Rule 15c3-1 , was \$274,906 at December 31 , 2024, which exceeded required net capital of \$7,756 by \$267,150. The ratio of aggregate indebtedness to net capital at December 31 , 2024 was 0.42 to 1. # 4. Risk Concentrations At times during the year, the Company had cash balances in financial institutions that exceed Federal depository insurance limits. The amount of uninsured cash as of December 31 , 2024 was \$141 ,241. Management believes that credit risk related to these deposits is minimal. 100% of the Company's revenue during the year was generated from four customers. 5. Related Party Transactions The Company has an expense sharing agreement with Gilmartin Group LLC ("Group"), a company under common control. Shared expenses include, but not limited to, payroll, occupancy, and overhead costs. The Company is not obligated to reimburse or compensate Group for shared costs and the shared costs are not reflected on the Company's Statement oflncome. At December 31 , 2024, Group owed the Company \$95,490 for fees collected on the Company's behalf, and the Company owed Group \$75,840 for expenses paid by Group on its behalf The Company is not party to a lease as of December 31 , 2024. As mentioned above, the Company is party to an expense sharing agreement with Group. The Company's financial condition could differ significantly from those that would have been obtained if the entities were autonomous. #### 6. Subsequent Events The Company has evaluated events through March 3, 2025, the date which the financial statement was issued. There are no material subsequent events that require disclosure. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.