# GALICIA CAPITAL US, LLC X-17A-5 (2025-02-12) — Broker-dealer annual report - Company: GALICIA CAPITAL US, LLC - Form: X-17A-5 - Filed: 2025-02-12 - Period: 2024-12-31 - Accession: 0002013816-25-000015 - CIK: 2007401 - File #: 8-71205 - Type: Broker-dealer - Material weakness: No - Auditor: Kaufman Rossin - Auditor location: Miami, FL - Contact: Elizabeth Attanasio - Phone: 212-668-8700 - Signed by: Gabriel Gendler (CCO) Original filing: https://www.sec.gov/Archives/edgar/data/2007401/000201381625000015/pubauditgalicia.pdf --- {0}------------------------------------------------ OMB APPROVAL OMB Number: Expires: Estimated average burden hours per response: SEC FILE NUMBER # ANNUAL REPORTS FORM X-17A-5 PART III | SEC FILE NUMBER | |-----------------| | 8-71205 | | | UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 | | OMB APPROVAL
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Estimated average burden | |---------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|---------------------------------------|---------------------------------------------------------------------| | | ANNUAL REPORTS | | | | | FORM X-17A-5 | | | | | PART III | | | | FILING FOR THE PERIOD BEGINNING _____________________ AND ENDING ______________________ | FACING PAGE
Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | | | | | MM/DD/YY | | MM/DD/YY | | | A.
REGISTRANT IDENTIFICATION | | | | NAME OF FIRM: _______________________________________________________________________ | | | | | TYPE OF REGISTRANT (check all applicable boxes):
Broker-dealer
Check here if respondent is also an OTC derivatives dealer | Security-based swap dealer | Major security-based swap participant | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | _____________________________________________________________________________________ | (No. and Street) | | | | | | | | | _____________________________________________________________________________________
(City) | (State) | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | | | | _____________________________________________________________________________________
(Name) | (Area Code – Telephone Number) | (Email Address) | | | | | | | | | B.
ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | | | | | | | | | | _____________________________________________________________________________________ | (Name – if individual, state last, first, and middle name) | | | | | | | | | _____________________________________________________________________________________
(Address) | (City) | (State) | (Zip Code) | | _____________________________________________________________________________________ | | | | \* 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-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. {1}------------------------------------------------ | Gabriel Gendler | | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | |-------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | financial report pertaining to the firm of Galicia Capital US, LC | ______________________________________________________________________________________________________________________________________________________________________________ | | 12131 | | ______________________________________________________________________________________________________________________________________________________________________________ | | as that of a customer. | | partner, officer, director, or equivalent person, as the case may proprietting interest in any account classifiéd solely | | | | | | | | Signature: | | | GINGER GILL | | | | NOTARY PUBLIC, STATE OF NEW YORK
Registration No. 01G16172952 | Title: | | | Qualified In New York County
My Commission Expires 08/20/2027 | CCO | | | | | | Notary Public | | | | | | | | This filing ** contains (check all applicable boxes): | | | | (a) Statement of financial condition. | | | | (b) Notes to consolidated statement of financial condition. | | | | | | O (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. | | | | | L (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. | | | | 1 (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. | | | | | [] 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 (1) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. | | | | | [ {m} }nformation 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} Reconcillations, including appropriate explanations, of the FOCUS Report with computation of 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. | | | | | (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.18a-7, as applicable. | | | L (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. | | | | ال (s) Exemption report in accordance with 17 CFR 240.18a-7, as applicable. | | | | | (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 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. | | | | | | | - - - - {2}------------------------------------------------ # **GALICIA CAPITAL US, LLC** **Financial Statement** **With** **Report of Independent Registered Public Accounting Firm** **For the Period September 04, 2024 (Approval as a FINRA Member) to December 31, 2024** This report is deemed PUBLIC in accordance with Rule 17a-5(e)(3) under the Securities Exchange Act of 1934. {3}------------------------------------------------ ## **GALICIA CAPITAL US, LLC For the Period September 04, 2024 (Approval as a FINRA Member) to December 31, 2024** #### **Table of Contents** | | Page | |---------------------------------------------------------|-------| | Report of Independent Registered Public Accounting Firm | 1 | | Financial Statement: | | | Statement of Financial Condition | 2 | | Notes to Financial Statement | 3 - 6 | {4}------------------------------------------------ # **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Board of Directors and Member of Galicia Capital US, LLC ## *Opinion on the Financial Statement* We have audited the accompanying statement of financial condition of Galicia Capital US, LLC 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 Galicia Capital US, LLC 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 Galicia Capital US, LLC's management. Our responsibility is to express an opinion on Galicia Capital US, 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 Galicia Capital US, 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. Kaufman, Rossin & Co., P.A. We have served as Galicia Capital US, LLC's auditor since 2024. Miami, Florida February 10, 2025 ![](_page_4_Picture_13.jpeg) {5}------------------------------------------------ #### **STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2024 GALICIA CAPITAL US, LLC** | ASSETS: | | | |---------------------------------------|----|-------------------| | Cash and cash equivalent | | 2,046,676 | | Restricted certificate of deposit | | 52,700 | | Right of use asset, net | | 1,025,320 | | Furniture and equipment, net | | 175,894 | | Security deposits
Other assets | | 139,143
11,876 | | | | | | LIABILITIES AND MEMBER'S EQUITY | | | | LIABILITIES: | | | | Operating lease liability | | 1,093,039 | | Accounts payable and accrued expenses | | 238,356 | | Due to parent | | 600 | | TOTAL LIABILITIES | | 1,331,995 | | MEMBER'S EQUITY | | 2,119,614 | | TOTAL LIABILITIES AND MEMBER'S EQUITY | \$ | 3,451,609 | The Notes to Financial Statement is an integral part of this statement. #### 2 {6}------------------------------------------------ #### **NOTES TO FINANCIAL STATEMENT For the Period September 04, 2024 (Approval as a FINRA Member) to December 31, 2024 GALICIA CAPITAL US, LLC** #### **NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS** Galicia Capital US, LLC (the "Company") was formed as a limited liability company in Florida on October 23, 2023. The Company is registered as a Broker Dealer under the Securities Exchange Act of 1934 and is a member of both the Financial Industry Regulatory Authority, Inc. ("FINRA") and the Securities Investors Protection Corporation ("SIPC") as September 4, 2024. As of December 31, 2024 the firm has not commenced principle operations. The Company is authorized to engage in transactions in listed and over-the counter corporate equities securities, corporate debt securities, mutual funds, government securities, municipal securities, time deposits in financial institutions, put and call broker or dealer or option writer. They may act as a non-exchange member arranging transactions in listed securities by an exchange member, trade for their own account and engage in private placements of securities. The Company will introduce its customer accounts to carrying brokers on a fully-disclosed basis. The Company is also authorized to act as a chaperone for its foreign affiliates for both research distribution and effect securities transactions with U.S. institutional investors pursuant to 15A-6. The Company may also offer structured notes issued by banks and other broker dealers that are available through the firms clearing firms platform. #### **NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** #### **Basis of Presentation** The accompanying financial statement has been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP"). #### **Property and Equipment** Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Expenditures for repairs and maintenance are charged to operations as incurred. Additions and improvements are capitalized in accordance with firm policies. #### **Use of Estimates** The preparation of the financial statement and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statement. Accordingly, actual results could differ from those estimates and such differences could be material. #### **Cash and Cash Equivalents** The company considers cash on deposit in demand accounts and money market funds as cash and cash equivalents. #### **Government and Other Regulation** The Company's business is subject to significant regulation by various governmental agencies and self-regulatory organizations. Such regulation includes, among other things, periodic examinations by these regulatory bodies to determine whether the Company is conducting and reporting its operations in accordance with the applicable requirements of these organizations. 3 {7}------------------------------------------------ #### **For the Period September 04, 2024 (Approval as a FINRA Member) to December 31, 2024 GALICIA CAPITAL US, LLC NOTES TO FINANCIAL STATEMENT** #### **NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)** #### **Restricted Certificate of Deposit** A restricted certificate of deposit (CD) valued at \$52,700 is being used as collateral for a credit card with Ocean Bank. This CD has a maturity date of November 2025. Its value is recorded at the original cost plus accrued interest, which reflects its fair value. #### **Clearing Arrangements** Pursuant to its clearing agreement, the Company introduces all its securities transactions for its customers to StoneX Financial Inc. ("Clearing Broker") on a fully disclosed basis. Customers' money balances and security positions are carried on the books of the Clearing Broker. In accordance with the agreement, the Company has agreed to indemnify the clearing broker for losses, if any, which the clearing broker may sustain from carrying securities transactions introduced by the Company. In accordance with industry practice and regulatory requirements, the Company and the clearing broker monitor collateral on the customers' accounts. The Company maintains a deposit account with the Clearing Broker to further assist the Company's performance of its obligation under the clearing agreement (the "Deposit Account"). In January 2025, the Company deposited \$150,000 into the Deposit Account. #### **Income Taxes** The Company is a single member limited liability company that is deemed to be a disregarded entity for income tax purposes. The taxable income or loss of the Company is allocated to its member. The Company accounts for uncertainties in income taxes under the provisions of FASB ASC 740-10-05, "Accounting for Uncertainty in Income Taxes." The ASC clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statement. The ASC prescribes a recognition threshold and measurement approach for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The ASC provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. As of December 31, 2024, the Company had no material unrecognized tax and no uncertain tax positions. The Company's conclusions regarding uncertain tax positions may be subject to review and adjustment at a later date based upon ongoing analyses of tax laws, regulations and interpretations thereof as well as other factors. Generally, federal and state authorities may examine the Company's income tax returns for three years from the date of filing. #### **NOTE 3 – CONCENTRATIONS OF CREDIT RISK** #### **Cash** The Company maintains principally all cash balances in two financial institutions which, at times, may exceed the amount insured by the Federal Deposit Insurance Corporation. The exposure to the Company is solely dependent upon daily bank balances and the respective strength of the financial institution. The Company has not incurred any losses on this account. At December 31, 2024, the amount in excess of insured limits of \$250,000 was \$1,598,385. ![](_page_7_Picture_15.jpeg) {8}------------------------------------------------ ### **GALICIA CAPITAL US, LLC NOTES TO FINANCIAL STATEMENT For the Period September 04, 2024 (Approval as a FINRA Member) to December 31, 2024** #### **NOTE 4 – NET CAPITAL REQUIREMENTS** The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule (SEC Rule 15c3-1), 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 12.5 to 1, in the first year of membership and 15 to 1, thereafter. Rule 15c3-1 also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to 1. Net capital and aggregate indebtedness change day to day, but on December 31, 2024, the Company had net capital of \$1,740,001 which was \$1,490,001 in excess of its required net capital of \$250,000; and the Company's percentage of aggregate indebtedness to net capital was 18%. #### **NOTE 5 – FIXED ASSETS** | Property and equipment consisted of the following as of December 31, 2024 | | |---------------------------------------------------------------------------|------------| | Furniture and fixtures | \$ 157,758 | | Computer equipment | 22,172 | | Less: Accumulated depreciation | (4,036) | | Total fixed assets | \$ 175,894 | #### **NOTE 6 – RELATED PARTY** The Company is a wholly owned subsidiary of Galicia Holdings US, Inc. In November 2024, the Company entered into a Service Level Agreement with an affiliate, with services commencing in December 2024. This agreement includes a fee allocation for compensation and benefits, professional fees, occupancy, data and communication expenses, and other operating expenses. #### **NOTE 7 – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS** The Financial Accounting Standards Board (the "FASB") has established the Accounting Standards Codification ("Codification" or "ASC") as the authoritative source of GAAP recognized by the FASB. The principles embodied in the Codification are to be applied by nongovernmental entities in the preparation of financial statement in accordance with GAAP in the United States. New accounting pronouncements are incorporated into the ASC through the issuance of Accounting Standards Updates ("ASUs"). For the period September 4, 2024 through December 31, 2024, various ASUs issued by the FASB were either newly issued or had effective implementation dates that would require their provisions to be reflected in the financial statement for the period. The Company has either evaluated or is currently evaluating the implications, if any, of each of these pronouncements and the possible impact they may have on the Company's financial statement. In most cases, management has determined that the pronouncement has either limited or no application to the Company and, in all cases, implementation would not have a material impact on the financial statement taken as a whole. 5 {9}------------------------------------------------ #### **For the Period September 04, 2024 (Approval as a FINRA Member) to December 31, 2024 GALICIA CAPITAL US, LLC NOTES TO FINANCIAL STATEMENT** #### **NOTE 8 – LEASES** In February 2016, the FASB established Topic 842, Leases, by issuing Accounting Standards Update (ASU) No. 2016-02, which requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842, Leases; and ASU No. 2018-11, Targeted Improvements. The standard established a right-of-use model ("ROU") that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. Variable payments are included in the future lease payments when those variable payments depend on an index or a rate. The discount rate is the implicit rate if it is readily determinable or otherwise the Company uses its incremental borrowing rate. The implicit rate of the lease is not readily determinable and accordingly, the Company uses the incremental borrowing rate based on the information available at the commencement date of the lease. The Company's incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms and in a similar economic environment. The ROU asset is subsequently measured throughout the lease term at the amount of the remeasured lease liability (i.e., present value of the remaining lease payments), plus unamortized initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received, and any impairment recognized. Lease cost for lease payments is recognized on a straight-line basis over the lease term. The Company's lease for office space at 1395 Brickell Avenue, Miami, FL, expires on September 1, 2029. The lease includes a renewal option of 5 years. The lease is secured by a \$137,696 deposit held by the landlord, which is included in the security deposit on the statement of financial condition. It is accounted for as an operating lease. Maturities of lease liabilities under noncancellable operating leases as of December 31, 2024 are as follows: | 2025 | 264,951 | |------------------------|--------------| | 2026 | 272,899 | | 2027 | 281,090 | | 2028 | 289,523 | | 2029 | 222,551 | | Total lease payments | 1,331,014 | | Less: Imputed interest | (237,975) | | 'Total lease liability | \$ 1,093,039 | The weighted average remaining lease term is 5 years, and the weighted average discount rate used was the incremental borrowing rate, as of July 1, 2024, of 8.25%. #### **NOTE 9 - SEGMENT REPORTING** Effective the Year ended Dec 31, 2024, the Company has adopted ASC 280, Segment Reporting (including adoption of ASU 2023-07), which requires companies to disclose segment data based on how management makes decisions about allocating resources to segments and evaluating performance. The Chief Operating Decision Maker ("CODM") is the executive management committee that includes the Chief Compliance Officer and Chief Executive Officer and Principal Financial Officer. The Company conducts its business activities and reports financial results as a single reportable segment, brokerage services segment. Using the management approach, qualitative and quantitative criteria established by ASC 280, the Company is considered to be a single reportable segment. The CODM makes decisions about allocating resources and assessing performance in a manner consistent with the way the Company operates its business and presents their financial results. #### **NOTE 10 – SUBSEQUENT EVENTS** The Company has evaluated subsequent events from the date of the statement of financial condition on December 31, 2024, through the date the financial statement was issued on February 10, 2025. No material changes have impacted the Company since December 31, 2024. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.