# EDGAR Filing Document

**Accession Number:** 0001859907
**File Stem:** 0001859907-23-000001
**Filing Date:** 2023-2
**Character Count:** 17967
**Document Hash:** 4894fda118a1b7d6766ddbf0828ec43d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001859907-23-000001.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001859907-23-000001

**CONFORMED SUBMISSION TYPE**: X-17A-5

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**PERIOD START**: 20220503

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SUNTHAY GRX LLC
- **CENTRAL INDEX KEY:** 0001859907
- **IRS NUMBER:** 863255750
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** X-17A-5
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 008-70715
- **FILM NUMBER:** 23681119

**BUSINESS ADDRESS:**
- **STREET 1:** 60 EAST 42ND STREET, #1700
- **STREET 2:** #6J
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10165
- **BUSINESS PHONE:** 646-939-4075

**MAIL ADDRESS:**
- **STREET 1:** 60 EAST 42ND STREET, #1700
- **STREET 2:** #6J
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10165

### Attached PDF Documents

**Attachment 1:** `sunthaygrxpublic.pdf`

# Sunthay GRX LLC

## Statement of Financial Condition

December 31, 2022

With Report of Independent Registered Public Accounting Firm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

| OMB APPROVAL |
| --- |
| OMB Number: 3235-0123 |
| Expires: October 31, 2023 |
| Estimated average burden hours per response . . . 12.00 |

# ANNUAL AUDITED REPORT
FORM X-17A-5
PART III

| SEC FILE NUMBER |
| --- |
| 8 - 70715 |

FACING PAGE
Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934

| REPORT FOR THE PERIOD BEGINNING | 05/03/2022 | AND ENDING | 12/31/2022 |
| --- | --- | --- | --- |
|  | MM/DD/YYYY |  | MM/DD/YYYY |

# A. REGISTRANT IDENTIFICATION

NAME OF FIRM: Sunthay GRX LLC

TYPE OF REGISTRANT (check all applicable boxes):

☑ Broker-dealer ☐ Security-based swap dealer ☐ Major security-based swap participant
☐ Check here if respondent is also an OTC derivatives dealer

ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.)

60 East 42nd Street, #1700

(No. and Street)

| New York | NY | 10165 |
| --- | --- | --- |
| (City) | (State) | (Zip Code) |

PERSON TO CONTACT WITH REGARD TO THIS FILING

| Daniel Markaity | (646) 229-3835 | daniel.markaity@sunthay.com |
| --- | --- | --- |
| (Name) | (Area Code - Telephone No.) | (Email Address) |

# B. ACCOUNTANT IDENTIFICATION

INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*

Citrin Cooperman & Company, LLP

(Name - if individual, state last, first, and middle name)

| 50 Rockefeller Plaza | New York | NY | 10020 |
| --- | --- | --- | --- |
| (Address) | (City) | (State) | (Zip Code) |
| 11/2/2005 |  | 2468 |  |
| (Date of Registration with PCAOB)(if applicable) |  | (PCAOB Registration Number, if applicable) |  |

FOR OFFICIAL USE ONLY

*Claims for exemption from the requirement that the annual reports 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.

# OATH OR AFFIRMATION

I, Daniel Markaity, swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Sunthay GRX LLC, as of December 31, 2022,

is true and correct. I further swear (or affirm) that neither the company nor any partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely as that of a customer.

![img-0.jpeg](img-0.jpeg)

| MARYROSE MERCADO NOTARY PUBLIC, STATE OF NEW YORK Registration No. 01ME6423025 Qualified in Queens County Commission Expires October 4, 2025 |
| --- |

Daniel Markaity

Signature

CEO/CCO

Title

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

☑ (a) Statement of financial condition.
☑ (b) Notes to consolidated statement of financial condition.
☐ (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) Statement of cash flows.
☐ (e) Statement of changes in stockholders' or partners' or sole proprietor's equity.
☐ (f) Statement of changes in liabilities subordinated to claims of creditors.
☐ (g) Notes to consolidated financial statements.
☐ (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable.
☐ (i) Computation of tangible net worth under 17 CFR 240.18a-2.
☐ (j) 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.
☐ (l) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3.
☐ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3.
☐ (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable.
☐ (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist.
☐ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition.
☑ (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.
☐ (s) Exemption report in accordance with 17 CFR 240.17a-5 or 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 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.
☐ (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 240.15c3-1e or 17 CFR 240.17a-12, as applicable.
☐ (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).
☐ (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.

# **Sunthay GRX LLC**
**Table of Contents**

|  | Page(s) |
| --- | --- |
| Report of Independent Registered Public Accounting Firm | 1 |
| Statement of Financial Condition | 2 |
| Notes to Financial Statement | 3-5 |

CITRIN COOPERMAN®

Citrin Cooperman & Company, LLP
Certified Public Accountants

50 Rockefeller Plaza
New York, NY 10020
T 212.697.1000 F 212.697.1004
citrincooperman.com

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Member and Board of Directors
of Sunthay GRX LLC

# Opinion on the Financial Statement

We have audited the accompanying statement of financial condition of Sunthay GRX LLC as of December 31, 2022, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of Sunthay GRX LLC as of December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

# Basis for Opinion

This financial statement is the responsibility of Sunthay GRX LLC's management. Our responsibility is to express an opinion on Sunthay GRX 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 Sunthay GRX LLC in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

We have served as Sunthay GRX LLC's auditor since 2022.
New York, New York
February 27, 2023

"Citrin Cooperman" is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC serve clients' business needs. The two firms operate as separate legal entities in an alternative practice structure. Citrin Cooperman is an independent member of Moore North America, which is itself a regional member of Moore Global Network Limited (MGNL).

# **Sunthay GRX LLC**  
**Statement of Financial Condition**  
**As of December 31, 2022**---

# **ASSETS**

| Cash | $409,794 |
| --- | --- |
| Prepaid expenses | 15,930 |
| Total assets | $425,724 |

# **LIABILITIES AND MEMBER'S EQUITY**

| Liabilities |  |
| --- | --- |
| Accrued expenses | $27,000 |
| Due to Sunthay Holdings | 76,033 |
| Total liabilities | 103,033 |
| Member's equity | 322,691 |
| Total liabilities and member's equity | $425,724 |

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

2

# **Sunthay GRX LLC**  
**Notes to the Financial Statement**  
**December 31, 2022**---

# **1. Nature of operations and summary of significant accounting policies**

# *Nature of Business*

Sunthay GRX LLC ('Sunthay GRX' or the 'Company') is a limited liability company organized under the laws of the state of Delaware on April 14, 2021. On May 3, 2022, the Company was granted membership by Financial Industry Regulatory Authority ('FINRA'). The Company is registered as a broker-dealer with the Securities and Exchange Commission ('SEC') and is a member of FINRA. The Company is a wholly owned subsidiary of Sunthay Holdings LLC ('Sunthay Holdings'). The Company refers business to another broker-dealer.

# *Basis of Presentation*

The Company's financial statement has been prepared in accordance with accounting principles generally accepted in the United States of America ('U.S. GAAP').

# *Use of Estimates*

The preparation of the financial statement in conformity with U.S. 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 statement. Actual results could materially differ from these estimates.

# *Revenue Recognition*

The Company recognizes revenue in accordance with Accounting Standards Codification ('ASC') Topic 606, *Revenue from Contracts with Customers* ('ASC Topic 606'). The revenue recognition guidance requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

The guidance requires an entity to follow a five-step model to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation.

# *Allowance for Credit Losses*

In June 2016, the Financial Accounting Standards Board ('FASB') issued Accounting Standards Update ('ASU') No. 2016-13, *Financial Instruments - Credit Losses (Topic 326)*. The ASU introduces a new credit loss methodology, Current Expected Credit Losses ('CECL'), which requires earlier recognition of credit losses, while also providing additional transparency about credit risk. Since its original issuance in 2016, the FASB has issued several updates to the original ASU.

3

# **Sunthay GRX LLC**  
**Notes to the Financial Statement**  
**December 31, 2022**---

# **1. Nature of operations and summary of significant accounting policies (continued)**

# *Allowance for Credit Losses (continued)*

The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for certain financial assets at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. The methodology replaces the multiple existing impairment methods in current U.S.GAAP, which generally require that a loss be incurred before it is recognized

For certain financial assets measured at amortized cost (e.g., cash and cash equivalents), the Company has concluded that there are de minimus expected credit losses based on the nature and contractual life or expected life of the financial assets.

# **2. Related party transactions**

Sunthay GRX and Sunthay Holdings entered into an Administrative Services Agreement (the “Expense Sharing Agreement”). In accordance with the Expense Sharing Agreement, Sunthay GRX reimburses Sunthay Holdings on a monthly basis for a proportional share of expenses as detailed in the agreement. The expenses associated with the Agreement include occupancy, salaries and personnel costs, travel and entertainment, professional fees, and other. During the period ended December 31, 2022, the Company incurred expenses under the Expense Sharing Agreement, $76,033 of which is included as Due to Sunthay Holdings on the accompanying statement of financial condition.

# **3. Net capital requirements**

The Company, as a member of FINRA, is subject to the SEC Uniform Net Capital Rule 15c3-1. This rule requires the maintenance of minimum net capital and that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1 (8 to 1 in the initial year of operations) and that equity capital may not be withdrawn if the resulting net capital ratio would exceed 10 to 1. At December 31, 2022, the Company’s net capital was approximately $307,000, which was approximately $294,000 in excess of its minimum requirement of approximately $13,000.

# **4. Concentration of credit risk**

From time to time, the Company will maintain cash balances in a financial institution that may exceed the Federal Deposit Insurance Corporation (“FDIC”) coverage of $250,000. Management regularly monitors the financial condition of these institutions in order to keep the potential risk to a minimum.

# **5. Income taxes**

The Company is a single member limited liability company that is treated as a disregarded entity for U.S. Federal income tax purposes and is included in the Federal, New York State and New York City income tax returns of Sunthay Holdings.

4

# **Sunthay GRX LLC**  
**Notes to the Financial Statement**  
**December 31, 2022**---

# **6. Subsequent events**

The Company has performed an evaluation of events that have occurred subsequent to December 31, 2022, and through February 27, 2023, the date of the filing of this report. There have been no material subsequent events that occurred during such period that would require disclosure in this report or would be required to be recognized in the financial statements as of December 31, 2022.

5

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM X-17A-5

### ANNUAL AUDITED REPORT

### Filer Information

**Filer CIK:** 0001859907

**Filer CCC:** XXXXXXXX

**Is this a LIVE or TEST filing?:** LIVE

**Would you like a Return Copy?:** No

### Submission Information

**Report Period Begin Date:** 05-03-2022

**Report Period End Date:** 12-31-2022

**Type of Registrant:** Broker-dealer

**Any material weaknesses identified?:** No

### Registrant Identification

**Name of Broker-Dealer:** SUNTHAY GRX LLC

**Business Address:** 60 EAST 42ND STREET, #1700, #6J, NEW YORK, NY, 10165

**Contact Person:** Daniel Markaity

**Contact Phone:** 646-229-3835

### Independent Public Accountant Identification

**Accountant Name:** Citrin Cooperman & Company, LLP

**Accountant Address:** 50 Rockefeller Plaza, New York, NY, 10020

**Accountant Type:** Certified Public Accountant

### OATH OR AFFIRMATION

I, **Daniel Markaity**, swear (or affirm) that, to the best of my knowledge and belief, the accompanying financial statements and supporting schedules pertaining to the firm of **SUNTHAY GRX LLC**, as of **12-31-2022**, are true and correct.

**Signature:** Daniel Markaity

**Title:** CEO/CCO

**Notarized:** Yes