# EDGAR Filing Document

**Accession Number:** 0001170989
**File Stem:** 0001170989-23-000001
**Filing Date:** 2023-3
**Character Count:** 19069
**Document Hash:** e01dccbb0cd0130ea6f35793b8bf140d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001170989-23-000001.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0001170989-23-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230329

**DATE AS OF CHANGE**: 20230329

**EFFECTIVENESS DATE**: 20230329

**PERIOD START**: 20220101

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JOSEPH CAPITAL, LLC
- **CENTRAL INDEX KEY:** 0001170989
- **IRS NUMBER:** 010619984
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** X-17A-5
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 008-65293
- **FILM NUMBER:** 23772312

**BUSINESS ADDRESS:**
- **STREET 1:** 500 CITY PARK AVENUE
- **STREET 2:** SUITE D
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215
- **BUSINESS PHONE:** 917-817-7674

**MAIL ADDRESS:**
- **STREET 1:** 500 CITY PARK AVENUE
- **STREET 2:** SUITE D
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CONCENTRIC CAPITAL PARTNERS, LLC
- **DATE OF NAME CHANGE:** 20060609

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JOSEPH CAPITAL, LLC
- **DATE OF NAME CHANGE:** 20060606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CONCENTRIC CAPITAL PARTNERS, LLC
- **DATE OF NAME CHANGE:** 20020410

### Attached PDF Documents

**Attachment 1:** `publicr.pdf`

# Joseph Capital LLC

Financial Statement

December 31, 2022

Joseph Capital LLC

Table of Contents

December 31, 2022

# ANNUAL AUDITED FOCUS REPORT FACING PAGES

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON THE FINANCIAL STATEMENTS

# FINANCIAL STATEMENT

Statement of Financial Condition

1

Notes to Financial Statements

2-4

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

OMB APPROVAL

OMB Number: 3235-0123

Expires: Oct. 31, 2023

Estimated average burden

hours per response: 12

# ANNUAL REPORTS

# FORM X-17A-5

# PART III

SEC FILE NUMBER

8-65293

# 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 01/01/22 AND ENDING 12/31/2022
MM/DD/YY MM/DD/YY

# A. REGISTRANT IDENTIFICATION

NAME OF FIRM: Joseph Capital 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 a P.O. box no.)

C/O John Miller 350 Thurman Ave

| (No. and Street) |  |  |
| --- | --- | --- |
| Columbus | OH | 43206 |
| (City) | (State) | (Zip Code) |

PERSON TO CONTACT WITH REGARD TO THIS FILING

| John Miller | 917-620-6006 | nycpa76@gmail.com |
| --- | --- | --- |
| (Name) | (Area Code - Telephone Number) | (Email Address) |

# B. ACCOUNTANT IDENTIFICATION

INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*

Ohab and Company PA

| (Name - if individual, state last, first, and middle name) |  |  |  |
| --- | --- | --- | --- |
| 100 E Sybelia Ave Suite 130' | Maitland | FL | 32751 |
| (Address) | (City) | (State) | (Zip Code) |
| 07/28/2004 |  | 1839 |  |

(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, Michael Ross, swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Joseph Capital LLC, as of 12/31, 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.

LILLIAN N MIRANDA

Michael P. Ross

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.

[LOGO]

Chab and Company, P.A.

100 E. Sybelia Ave. Suite 130

Maitland, FL 32751

Certified Public Accountants

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 Member's
of Joseph Capital LLC

# Opinion on the Financial Statement

We have audited the accompanying statement of financial condition of Joseph Capital 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 Joseph Capital 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 Joseph Capital LLC's management. Our responsibility is to express an opinion on Joseph Capital 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 Joseph Capital 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.

Chab and Company, P.A.

We have served as Joseph Capital LLC's auditor since 2016.

Maitland, Florida

March 24, 2023

Joseph Capital LLC

Statement of Financial Condition

December 31, 2022

Assets

| Cash | $32,707 |
| --- | --- |
| Fees receivable (related party) | 169,401 |
| Prepaid Expenses | 2,745 |
| Total Assets | $204,853 |

Liabilities

| Accrued expenses payable | $4,250 |
| --- | --- |
| Deferred Income | 1,200 |
| Commissions payable | 5,400 |
| Total Liabilities | $10,850 |

Member's Equity

| Total member's equity | $194,003 |
| --- | --- |
| Total liabilities and member's equity | $204,853 |

The accompanying notes are an integral part of these financial statements

1

Joseph Capital LLC  
Statement of Cash Flows  
December 31, 2022

## 1. Organization and Nature of Business

Joseph Capital LLC, a Delaware limited liability company, (the 'Company') is a broker-dealer registered with the Securities and Exchange Commission (the 'SEC') and a member of the Financial Industry Regulatory Authority ('FINRA'). The Company is a wholly owned subsidiary of Joseph Advisors Ltd. ('Advisors').

The Company is authorized to conduct the following types of business: selling tax shelters or limited partnerships in primary distributions, private placement of securities and hedge fund sales, and referrals involving non-exchange traded derivatives, asset backed securities and fixed income securities (excluding municipal securities).

The Company's policy is to continuously monitor its exposure to market and counterparty risk through the use of a variety of financial position and credit exposure reporting and control procedures. In addition, the Company has a policy of reviewing the credit standing of each broker/dealer, clearing organization, fund manager, customer and/or counterparty with which it conducts business.

## 2. Significant Accounting Policies

### *Basis of Presentation*

These financial statements were prepared in conformity with accounting principles generally accepted in the United States of America ('GAAP') which 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 amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

### *Cash and Cash Equivalents*

All cash deposits of the Company are held by two financial institutions and therefore are subject to the credit risk at those financial institutions. The Company has not experienced any losses in such accounts and does not believe there to be any significant credit risk with respect to these deposits.

For purposes of reporting the statement of cash flows, The Company considers all cash accounts which are not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments with a maturity of three months or less to be cash equivalents. Cash balances in excess of FDIC and similar insurance coverage are subject to the usual banking risks associated with funds in excess of those limits. At December 31, 2022, the Company had no uninsured cash balances.

The accompanying notes are an integral part of these financial statements.

2

Joseph Capital LLC

Statement of Cash Flows

December 31, 2022

### Income Taxes

The Company is a wholly owned limited liability company and is therefore treated as a disregarded entity for federal and New York State income tax purposes. The Company's assets, liabilities, and items of income and expense are treated as those of its member owner, who is responsible for any taxes thereon.

State income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due plus deferred taxes related to differences between the financial and income tax bases of assets and liabilities. The deferred tax assets and liabilities, if any, represent the future tax return consequences of those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled.

### Revenue from Contracts with Customers

#### Significant Judgements

Revenue from contracts with customers includes fees from investment banking. The recognition and measurement of revenue is based on the assessment of individual contract terms. Significant judgement is required to determine whether performance obligations are satisfied at a point in time or over time; how to allocate transaction process where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of the Company's progress under the contract; whether revenue should be presented gross or net of certain costs; and whether constraints on variable consideration should be applied due to uncertain future events.

#### Advisory fees

The Company provides advisory services as well as placement fees to related parties. Revenue for advisory arrangements is generally recognized at the point in time that performance under the arrangement is completed (the closing date of the transaction) or the contract is cancelled. However, for certain contracts, revenue is recognized over time for advisory arrangements in which the performance obligations are simultaneously provided by the Company and consumed by the customer. In some circumstances, significant judgement is needed to determine the timing and measure of progress appropriate for revenue recognition under a specific contract. Retainers and other fees received from customers prior to recognizing revenue are reflected as deferred income. At December 31, 2022, the amount of deferred liabilities is $1200.

#### Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimate 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 those estimates.

The accompanying notes are an integral part of these financial statements.

3

Joseph Capital LLC  
Statement of Cash Flows  
December 31, 2022

### 3. Regulatory Requirements

The Company is subject to SEC Uniform Net Capital Rule 15c3-1 under the Securities Exchange Act of 1934, 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. At December 31, 2022, the Company had net capital of $21,857 which exceeded the required net capital by $16,857.

The Company is not claiming an exemption from SEA Rule 15c3-3, in reliance on footnote 74 to SEC Release 34-70073 and as discussed in Q&A 8 of the related FAQ issued by SEC staff. The Company has represented that it does not, and will not, hold customer funds or securities.

### 4. Concentration of Business

The Company earned 100% of its advisory fee revenues from one client in 2022, and 100% of its placement fee revenues from related party affiliates in 2022.

### 5. Related Party Transactions

In January 2022, placement fee income was earned from 2 affiliates of the Company under common control in the amount of $2,950. At December 31, 2022, the balance due the Company from the related parties is $169,401.

### 6. Commitments and Contingencies

The Company had no commitments or contingencies at December 31, 2022.

### 7. Office Lease

The Company does not lease office space

### 8. Subsequent Events

Management has evaluated the Company’s subsequent events and transactions that occurred through the date which the financial statements were available to be issued. The Company determined there were no subsequent events and transactions that required disclosure.

The accompanying notes are an integral part of these financial statements.

4

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

## FORM X-17A-5

### ANNUAL AUDITED REPORT

### Filer Information

**Filer CIK:** 0001170989

**Filer CCC:** XXXXXXXX

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

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

### Submission Information

**Report Period Begin Date:** 01-01-2022

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

**Type of Registrant:** Broker-dealer

**Any material weaknesses identified?:** No

### Registrant Identification

**Name of Broker-Dealer:** JOSEPH CAPITAL, LLC

**Business Address:** 350 Thurman Ave, Apt. C, COLUMBUS, OH, 43206

**Contact Person:** John Miller

**Contact Phone:** 917-620-6006

### Independent Public Accountant Identification

**Accountant Name:** Ohab and Company , P.A

**Accountant Address:** 100 E Sybelia Ave, Maitland, FL, 32751

**Accountant Type:** Certified Public Accountant

### OATH OR AFFIRMATION

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

**Signature:** Michael Ross

**Title:** Managing Member

**Notarized:** Yes