# TRIPLE P SECURITIES, LLC X-17A-5 (2025-03-28) — Broker-dealer annual report - Company: TRIPLE P SECURITIES, LLC - Form: X-17A-5 - Filed: 2025-03-28 - Period: 2024-12-31 - Accession: 0002013816-25-000059 - CIK: 1951216 - File #: 8-71006 - Type: Broker-dealer - Material weakness: No - Auditor: Michael Coglianese, CPA P.C. - Auditor location: Bloomingdale, IL - Contact: Elizabeth Attanasio - Phone: 212-668-8700 - Email: eattanasio@acisecure.com - Website: acisecure.com - Signed by: Jason Cohen (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1951216/000201381625000059/tripleppublicaudit.pdf --- {0}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | ANNUAL REPORTS | |----------------| | FORM X-17A-5 | | PART II! | OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 > SEC FILE NUMBER 8-71006 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 BEGINNINGVc 01/01/2024 AND ENDING 12/31/2024 MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION # NAME OF FIRM: Triple P Securities, LLC TYPE OF REGISTRANT (check all applicable boxes): Broker-dealer Security-based swap dealer 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.) # 640 Fifth Avenue, 10th Floor | New York | (No. and Street)
NY | | | | |----------------------------------------------|--------------------------------|--------------------------|--|--| | | | 10020 | | | | (City) | (State) | (Zip Code) | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | Elizabeth Attanasio | 212-668-8700 | eattanasio@acisecure.com | | | | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* # Michael Coglianese, СРА Р.С. | | (Name - if individual, state last, first, and middle name) | | | |--------------------------------------------------|------------------------------------------------------------|---------|--------------------------------------------| | 125 E. Lake Street | Bloomingdale | IL | 60108 | | (Address) | (City) | (State) | (Zip Code) | | October 20, 2009 | | 3874 | | | (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 be covered by the reports of an independent public accountant must be supported byastatement 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}------------------------------------------------ | Jason Cohen | | , swear (or affirm) that, to the best of my knowledge and belief, the | | |---------------------------------------------------------------------|--|-----------------------------------------------------------------------|--| | tinancial report pertaining to the firm of Triple P Securities, LLC | | as of | | | 12/31 | | , 2 024 | | ![](_page_1_Figure_3.jpeg) - - - - - - - - - - - - - - - - - - - - - - - - - - {2}------------------------------------------------ # **TRIPLE P SECURITIES, LLC** **Financial Statement** **With** **Report of Independent Registered Public Accounting Firm** **For the Year Ended December 31, 2024** This report is deemed PUBLIC in accordance with Rule 17a-5(e)(3) under the Securities Exchange Act of 1934. {3}------------------------------------------------ # **TRIPLE P SECURITIES, LLC December 31, 2024** #### **Table of Contents** | | Page | |---------------------------------------------------------|-------| | Report of Independent Registered Public Accounting Firm | 1 | | Financial Statements: | | | Statement of Financial Condition | 2 | | Notes to Financial Statements | 3 - 7 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) ## **Report of Independent Registered Public Accounting Firm** To the Members of Triple P Securities, LLC #### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of Triple P Securities, LLC as of December 31, 2024, and the related notes (collectively referred to as the financial statement). In our opinion, the statement of financial condition presents fairly, in all material respects, the financial position of Triple P Securities, 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 Triple P Securities, LLC's management. Our responsibility is to express an opinion on Triple P 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 Triple P 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. We have served as Triple P Securities, LLC's auditor since 2023. Bloomingdale, IL March 27, 2025 {5}------------------------------------------------ # **TRIPLE P SECURITIES, LLC STATEMENT OF FINANCIAL CONDITION December 31, 2024** | ASSETS | | |---------------------------------------|-----------------| | Cash | \$
730,810 | | Accounts receivable | 150,733 | | Prepaid expenses | 7,240 | | Prepaid compensation | 439,327 | | TOTAL ASSETS | \$
1,328,110 | | LIABILITIES AND MEMBERS' EQUITY | | | LIABILITIES: | | | Accounts payable and accrued expenses | 289,850 | | Accrued Compensation | 58,387 | | Deferred Revenue | 25,000 | | Due to parent | 12,760 | | TOTAL LIABILITIES | \$
385,997 | | | | | MEMBERS' EQUITY | 942,113 | | TOTAL LIABILITIES AND MEMBERS' EQUITY | \$
1,328,110 | See accompanying notes to financial statements {6}------------------------------------------------ # **TRIPLE P SECURITIES, LLC NOTES TO FINANCIAL STATEMENTS December 31, 2024** ### **NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS:** Triple P Securities, LLC (the "Company") was formed as a limited liability company in Delaware on March 22, 2002.The Company is a registered 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"). The Company provides restructuring services to distressed businesses, providing valuations and strategic planning with a focus on restructuring advice. # **NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:** #### **Basis of Presentation** The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") as detailed in the Financial Accounting Standards Board's Accounting Standards Codification. #### **Revenue and Expense Recognition** #### Restructuring Services Fees The Company engages in restructuring consulting services for business entities. Revenues are earned from two aspects of their contracts. One manner in which fees can be earned is from the performance of ongoing restructuring consulting and services. The other way the Company can earn fees is upon the closing of a restructuring deal where they introduce the 3rd party lender or investor. Revenue from ongoing restructuring services is recognized as services are provided. Payments for ongoing restructuring and consulting services are payable in accordance with the terms of their contract under normal trade terms. Success fees are recognized and payable on the closing date (the date on which the buyer purchases the securities from the seller) for the portion the Company is contracted to earn in accordance with its agreements. The Company believes that the closing date is the appropriate point in time to recognize success fees for mergers and acquisitions transactions, as there are no significant actions which the Company needs to take subsequent to this date. The closing date is also the appropriate time for recognition because it is the date when collection is reasonably assured and when the amount of revenue is known or is sufficiently estimable. As of December 31, 2024 there were no deferred expenses related to any open contracts; if an engagement is ended without a success fee, related costs are charged to expense at that point in time. {7}------------------------------------------------ # **TRIPLE P SECURITIES, LLC NOTES TO FINANCIAL STATEMENTS December 31, 2024** #### **NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Continued)** Receivables and Contract Balances Receivables arise when the Company has an unconditional right to receive payment under a contract with a customer and are derecognized when the cash is received. The receivable balance as of the year ended December 31, 2024 was \$150,773. An allowance for credit losses is an estimate based upon historical write-off trends, facts about the current financial condition of the debtor, forecasts of future operating results based upon current trends and macroeconomic factors. Account balances are charged off against the allowance when recovery efforts cease. There is no allowance for credit losses as of December 31, 2024. Contract assets arise when the revenue associated with the contract is recognized prior to the Company's unconditional right to receive payment under a contract with a customer (i.e., unbilled receivable) and are derecognized when either it becomes a receivable or the cash is received. Contract assets are reported in the statement of financial condition. As of December 31, 2024 the contract asset balances were \$0. Contract liabilities arise when customers remit contractual cash payments in advance of the Company satisfying its performance obligations under the contract and are derecognized when the revenue associated with the contract is recognized when the performance obligation is satisfied. As of December 31, 2024 the contract liabilities balances were \$25,000. #### **Income Taxes** As a single-member limited liability company, the Company is considered to be a disregarded entity for income tax purposes, with its income and expenses reported on the tax return of its Parent. Additionally, as a limited liability company, the Parent is not a taxpaying entity for income tax purposes. Therefore, no provision or liability for income taxes has been included in the accompanying financial statements. At December 31, 2024, management has determined that the Company had no uncertain tax positions that would require financial statement disclosure or recognition. This determination is subject to ongoing reevaluation as facts and circumstances may require. The Company has elected to be treated as a partnership under the applicable provisions of income tax laws and no income taxes are incurred by the Company as all earnings and losses flow directly to the Parent. #### **Use of Estimates** The preparation of financial statements 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 statements. Accordingly, actual results could differ from those estimates and such differences could be material. {8}------------------------------------------------ # **December 31, 2024 TRIPLE P SECURITIES, LLC NOTES TO FINANCIAL STATEMENTS** #### **NOTE 3 – NET CAPITAL REQUIREMENTS:** The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule (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 15 to 1. 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. At December 31, 2024, the Company had Net Capital of \$344,812 which was \$319,079 in excess of its required net capital of \$25,733. The Company's ratio of aggregate indebtedness to net capital was 111.94%. #### **NOTE 4 – CONCENTRATIONS OF CREDIT RISK:** #### **Cash** The Company maintains principally all cash balances in one financial institution 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 \$480,110. #### **NOTE 5 – OCCUPANCY:** The Company has an operating lease for the office that is not subject to ASC 842. #### **NOTE 6 – RELATED PARTY TRANSACTIONS:** During the year ended December 31, 2024, the Company had an expense sharing agreement in place with its parent, Portage Point Partners LLC ("Parent Co."). The agreement permits the allocation of certain shared expenses to the Company, which are included in the Statement of Operations. Total shared expenses for the period were \$6,126,280, and the balance due to parent as of December 31, 2024 was \$12,760. The shared expenses consist of compensation, occupancy, shared equipment, IT and communications, marketing costs and other general overhead expenses incurred in the normal course of business. {9}------------------------------------------------ # **TRIPLE P SECURITIES, LLC NOTES TO FINANCIAL STATEMENTS December 31, 2024** #### **NOTE 7 – ADOPTION OF FASB ASU 2016-13 AND RELATED STANDARDS:** The Company adopted FASB ASU 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as amended, which modifies the measurement of expected credit losses on certain financial instruments. The Company adopted this new guidance utilizing the modified retrospective transition method. The adoption of this Standard did not have a material impact on the Company's financial statements but did change how the allowance for credit losses is determined. #### **NOTE 8 – GUARANTEES:** FASB ASC 460, Guarantees, requires the Company to disclose information about its obligations under certain guarantee arrangements. FASB ASC 460 defines guarantees as contracts and indemnification agreements that contingently require a guarantor to make payments to the guaranteed party based on changes in an underlying factor (such as an interest or foreign exchange rate, security or commodity price, an index or the occurrence or nonoccurrence of a specified event) related to an asset, liability or equity security of a guaranteed party. This guidance also defines guarantees as contracts that contingently require the guarantor to make payments to the guaranteed party based on another entity's failure to perform under an agreement as well as indirect guarantees of indebtedness of others. The Company has issued no guarantees at December 31, 2024, or during the year then ended. #### **NOTE 9 – COMMITMENTS AND CONTINGENCIES:** The Company had no commitments or contingent liabilities and had not been named as a defendant in any lawsuit at December 31, 2024, or during the year then ended. 6 {10}------------------------------------------------ # **December 31, 2024 NOTES TO FINANCIAL STATEMENTS TRIPLE P SECURITIES, LLC** #### **NOTE 10 - SEGMENT REPORTING** The Company follows 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 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 Chief Operating Decision Maker ("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. The nature of business and accounting policies of the brokerage services segment are the same as described in the organization and nature of business and summary of significant accounting policies. #### **NOTE 11 – SUBSEQUENT EVENTS:** The Company has evaluated events and transactions that occurred through the date which financial statements were available to be issued, for possible disclosure and recognition in the financial statements. The Company has determined that there were no events which took place that would have a material impact on its financial statements. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.