# EDGAR Filing Document

**Accession Number:** 0001000316
**File Stem:** 0001593201-23-000003
**Filing Date:** 2023-2
**Character Count:** 25821
**Document Hash:** 38c848e365ea0eeef3a1448f96cc3fb3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001593201-23-000003.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001593201-23-000003

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**EFFECTIVENESS DATE**: 20230224

**PERIOD START**: 20220101

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FINANTIA USA INC.
- **CENTRAL INDEX KEY:** 0001000316
- **IRS NUMBER:** 133843812
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1200

**FILING VALUES:**
- **FORM TYPE:** X-17A-5
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 008-48578
- **FILM NUMBER:** 23666544

**BUSINESS ADDRESS:**
- **STREET 1:** 1221 BRICKELL AVENUE, 14TH FLOOR
- **STREET 2:** SUITE 1460
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33131
- **BUSINESS PHONE:** 786-418-6720

**MAIL ADDRESS:**
- **STREET 1:** 1221 BRICKELL AVENUE, 14TH FLOOR
- **STREET 2:** SUITE 1460
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33131

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FINANTIA USA LTD
- **DATE OF NAME CHANGE:** 20020301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FINANTIA USA LTD                                        /BD
- **DATE OF NAME CHANGE:** 20020301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FINANTIA BROKERS LTD                                    /BD
- **DATE OF NAME CHANGE:** 20010117

### Attached PDF Documents

**Attachment 1:** `fin22s2.pdf`

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

# ANNUAL
REPORTS
FORM X-17A-5
PART III

| OMB APPROVAL |
| --- |
| OMB Number: 3235-0123 Expires: Oct. 31, 2023 Estimated average burden hours per response: 12 |
| SEC FILE NUMBER |
| 8- 48578 |

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 12/31/22
MM/DD/YY MM/DD/YY

# A. REGISTRANT IDENTIFICATION

NAME OF FIRM: Finantia USA Inc.

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.)

1221 Brickell Avenue, Suite 1460

| (No. and Street) |  |  |
| --- | --- | --- |
| Miami | FL | 33131 |
| (City) | (State) | (Zip Code) |

PERSON TO CONTACT WITH REGARD TO THIS FILING

| Shari Rothenberg | (908) 743-1307 | srothenberg@integrated.solutions |
| --- | --- | --- |
| (Name) | (Area Code - Telephone Number) | (Email Address) |

# B. ACCOUNTANT IDENTIFICATION

INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*

YSL & Associates

| (Name - if individual, state last, first, and middle name) |  |  |  |
| --- | --- | --- | --- |
| 11 Broadway, Suite 700 | New York | NY | 10004 |
| (Address) | (City) | (State) | (Zip Code) |
| 6/6/06 |  | 2699 |  |

(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.

# AFFIRMATION

I, Filipe Marques, swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to Finantia USA Inc. as of 12/31/22, 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.

Filipe Miguel Dias Marques
Signature

CCO
Title

STATE OF FLORIDA COUNTY OF Miami, Dade
The foregoing instrument was acknowledged before me
via ☑ physical presence or ☐ online notarizations
This 22 day of February, 2023
By Filipe Miguel Dias Marques
Personally Known OR produced identification
Type of Identification Produced Portugal Passport
Joel Mejia
NOTARY NAME HERE Notary Public
My commission expires 07/20/2025

\_\_\_\_\_  
Notary Public

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

JOEL MEJIA
Notary Public
State of Florida
Comm# HH155874
Expires 7/20/2025

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

☑ (a) Statement of financial condition.
☑ (b) Notes to unconsolidated or consolidated statement of financial condition, as applicable.
☐ (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 members' or sole proprietor's equity, as applicable.
☐ (f) Statement of changes in liabilities subordinated to claims of creditors.
☐ (g) Notes to unconsolidated or consolidated financial statements,, as applicable.
☐ (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.

# Finantia USA Inc.

**Statement of Financial Condition  
Pursuant to Rule 17a-5 under the  
Securities Exchange Act of 1934  
December 31, 2022**

[LOGO]

YSL & Associates LLC

Certified Public Accountants

Member of Parker Russell International

11 Broadway, Suite 700, New York, NY 10004

Tel: (212) 232-0122 Fax: (646) 218-4682

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholder of
Finantia USA Inc.

## Opinion on the Financial Statement

We have audited the accompanying statement of financial condition of Finantia USA Inc. (the "Company") 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 the Company 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 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 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.

YSL & Associates LLC

We have served as Finantia USA Inc.'s auditor since 2022.

New York, NY

February 23, 2023

# **Finantia USA Inc.**  
 **Statement of Financial Condition**  
 **December 31, 2022**---

# **Assets**

| Cash | $2,456,153 |
| --- | --- |
| Fail to deliver | 3,432,500 |
| Due from customer | 191,888 |
| Prepaid expenses | 23,541 |
| Prepaid income taxes | 768 |
| Due from affiliates | 269,267 |
| Leasehold improvements, furniture and equipment (net of accumulated depreciation of $234,641) | 14,174 |
| Operating lease right-of-use assets | 23,296 |
| Security deposits | 26,959 |
| Deferred tax asset | 8,800 |
| Total assets | $6,447,346 |

# **Liabilities and Stockholder's Equity**

| Liabilities: |  |
| --- | --- |
| Fail to receive | $3,418,925 |
| Due to customer | 205,464 |
| Accrued expenses and other liabilities | 53,820 |
| Operating lease liabilities | 26,669 |
| Total liabilities | 3,704,878 |

# **Stockholder's Equity:**

| Common stock ($.01 par value; 1,000 shares authorized, 233 issued and outstanding) | 2 |
| --- | --- |
| Additional paid-in capital | 514,219 |
| Retained earnings | 2,228,247 |
| Total stockholder's equity | 2,742,468 |
| Total liabilities and stockholder's equity | $6,447,346 |

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

Finantia USA Inc.
Notes to Statement of Financial Condition
December 31, 2022

# 1. Organization and Business

Finantia USA Inc. (the “Company”), incorporated under the laws of the State of Delaware, is a broker-dealer in securities 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 Finantia Holdings B.V. (the “Parent”), which is an indirect wholly owned subsidiary of Banco Finantia S.A. (the “Ultimate Parent”).

The Company acts as a broker for institutional customers in the purchase and sale of foreign securities. The Company executes and clears all of these foreign trades through two separate affiliates. These trades are settled on a delivery versus payment basis.

# 2. Summary of Significant Accounting Policies

# Basis of Presentation

This financial statement is prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) which require 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 reported period. Actual results could differ from these estimates.

# Revenue Recognition

The Company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The guidance requires the Company 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. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved.

# Transfer Pricing Revenue:

Pursuant to a Services Agreement between the Company and two affiliates, the Company acts on behalf of those affiliates, providing execution and brokerage services for transactions with its institutional investors primarily in the purchase and sales of foreign securities, in accordance with SEC Rule 15a-6. This represents the only performance obligation which is satisfied over time as the services are provided. The Company and the affiliates agreed to a 15% cost-plus arrangement, which is in agreement with a transfer pricing study obtained by both the Company and its affiliates.

The amounts due pursuant to this agreement are received periodically by the Company from the affiliates in the normal course of business. Amounts due from the affiliates at December 31, 2022 were $269,267.

# Cash

Cash deposits are held at one financial institution and therefore are subject to the credit risk at this financial institution. 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.

Finantia USA Inc.
Notes to Statement of Financial Condition
December 31, 2022

# 2. Summary of Significant Accounting Policies (continued)

# Leasehold Improvements, Furniture and Equipment

Leasehold improvements are recorded at cost, net of accumulated amortization, which is calculated on a straight-line basis over the lesser of the economic useful life of the improvement or the term of the lease. Furniture and equipment are recorded at cost, net of accumulated depreciation, which is calculated on a straight-line basis over estimated useful lives of three to five years.

# Fair Value of Financial Instruments

Certain financial instruments are carried at amounts that approximate fair value due to the short-term nature and negligible credit risk. These instruments include cash, short-term receivables, accounts payable, and other liabilities.

# Income Taxes

The Company's earnings are subject to applicable U.S. federal, state and local taxes. The amount of current and deferred taxes payable or refundable is recognized as of the date of the financial statements, utilizing currently enacted tax laws and rates. Deferred tax expenses or benefits are recognized in the financial statements for the changes in deferred tax liabilities or assets between years. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. In the event it is more likely than not that a deferred tax asset will not be realized, a valuation allowance is recorded. Management has determined that no valuation allowance is required.

At December 31, 2022, management has determined that the Company had no uncertain tax positions that would require financial statement recognition. The Company's conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analyses of and changes to tax laws, regulations and interpretations thereof.

The Company recognizes interest and penalties related to unrecognized tax benefits in interest expense and other expenses, respectively. No interest expense or penalties have been recognized as of and for the year ended December 31, 2022.

# Leases

The Company recognizes its leases in accordance with ASC Topic 842, Leases ("ASC 842"). The guidance increases transparency and comparability by requiring the recognition of right-of-use assets and lease liabilities on the statement of financial condition.

The Company conducts an analysis of contracts, including real estate leases and service contracts to identify embedded leases, to determine the initial recognition of right-of-use assets ("ROU") and lease liabilities, which required subjective assessment over the determination of the associated discount rates.

The discount rate is the implicit rate if it is readily determinable or otherwise the Company uses its incremental borrowing rate. The implicit rates of the Company's leases are not readily determinable and accordingly, the Company uses its incremental borrowing rate based on the information available at the commencement date for all leases. 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.

# **Finantia USA Inc.**  
**Notes to Statement of Financial Condition**  
**December 31, 2022**---

# **2. Summary of Significant Accounting Policies (continued)**

The Company has elected, for all underlying classes of assets, to not recognize right of use assets and lease liabilities for short-term leases that have a lease term of 12 months or less at lease commencement, and do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. The Company recognizes lease costs associated with short-term leases on a straight-line basis over the lease term.

The Company’s office space leases require it to make variable payments for the Company’s proportionate share of the building’s property taxes, insurance, and common area maintenance. These variable lease payments are not included in lease payments used to determine lease liability and are recognized as variable costs when incurred.

Other information related to leases as of December 31, 2022, is as follows:

| Weighted average remaining operating lease term | .33 years |
| --- | --- |
| Weighted average discount rate of operating leases | 5.5% |

# **Allowance for Credit Losses**

ASC Topic 326, Financial Instruments - Credit Losses (“ASC 326”) impacts the impairment model for certain financial assets by requiring a current expected credit loss (“CECL”) methodology to estimate expected credit losses over the entire life of the financial asset. Under the accounting update, the Company could determine there are no expected credit losses in certain circumstances (e.g., based on the credit quality of the client).

The Company identified fees and other receivables (including, but not limited to, receivables related to securities transactions, and advisory fees) as impacted by the new guidance. The allowance for credit losses is based on the Company’s expectation of the collectability of financial instruments, including fees and other receivables utilizing the CECL framework. The Company considers factors such as historical experience, credit quality, age of balances and current and future economic conditions that may affect the Company’s expectation of the collectability in determining the allowance for credit losses. The Company’s expectation is that the credit risk associated with fees and other receivables is not significant and accordingly, the Company has not provided an allowance for credit losses at December 31, 2022.

# **3. Customer Transactions**

In the normal course of business, the Company effects transactions on behalf of customers on a basis of either delivery or receipt versus payment. If these transactions do not settle due to failure to perform by either the customer or the counterparty, the Company may be obligated to discharge the obligation of the nonperforming party and, as a result, may incur a loss if the market value of the securities is different from the contract amounts. The risk of loss to the Company is normally limited to the differences in the market value of the securities compared to their contract amounts.

Finantia USA Inc.
Notes to Statement of Financial Condition
December 31, 2022

# 4. Regulatory Requirements

The Company is subject to Securities and Exchange Commission Uniform Net Capital Rule 15c3-1 and has elected to compute its net capital requirements in accordance with the Alternative Net Capital Method. Under this alternative, net capital, as defined, shall not be less than $250,000. At December 31, 2022, the Company had net capital of approximately $2,106,000, which exceeded the required net capital by approximately $1,856,000.

The Company carries customer accounts related to their securities transactions but is exempt from SEC Rule 15c3-3, under the Securities Exchange Act of 1934, pursuant the provisions of paragraph (k)(2)(i) of that rule.

# 5. Leasehold Improvements, Furniture and Equipment

Details of leasehold improvements, furniture and equipment are as follows:

| Leasehold Improvements | $173,723 |
| --- | --- |
| Furniture | 32,629 |
| Equipment | 42,463 |
|  | 248,815 |
| Less: accumulated depreciation and amortization | (234,641) |
|  | $14,174 |

# 6. Commitments

The Company leases office space under a non-cancellable lease agreement in Florida which expires May 31, 2023. The Company leases space in New York on a month-to-month basis. Maturities of lease liability under the noncancelable operating lease at December 31, 2022 are as follows:

| 2023 | $26,977 |
| --- | --- |
| Total undiscounted lease payments | 26,977 |
| Less: |  |
| Imputed interest | (308) |
| Total lease liabilities | $26,669 |

The minimum annual rents are subject to escalation based on increases in real estate tax and certain operating costs incurred by the lessor. The Company also has security deposits of $26,959 relating to the leases.

# 7. Related Party Transactions

In accordance with the Services Agreement, two affiliates will pay the Company a fee that is calculated at 115% of the Company's costs, as defined by the agreement. At December 31, 2022, the Company is due $140,019 and $129,248 from the two affiliates under this arrangement.

The terms of any of these transactions may not be the same as those that would otherwise exist or result from agreements and transactions among unrelated parties.

# **Finantia USA Inc.**  
**Notes to Statement of Financial Condition**  
**December 31, 2022**---

# **8. Income Taxes**

Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. At December 31, 2022, the significant components of the Company’s deferred tax assets and liabilities, at their tax effect, are as follows:

| Deferred tax assets |  |
| --- | --- |
| Professional fees | $11,000 |
| Rent expense | 700 |
|  | 11,700 |
| Deferred tax liabilities |  |
| Depreciation | $2,900 |
| Net deferred tax asset | $(8,800) |

# **9. Subsequent Events**

Management of the Company has evaluated events or transactions that may have occurred since December 31, 2022 and determined that there are no material events that would require disclosure in the Company’s financial statements.

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

## FORM X-17A-5

### ANNUAL AUDITED REPORT

### Filer Information

**Filer CIK:** 0001000316

**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:** FINANTIA USA INC.

**Business Address:** 1221 BRICKELL AVENUE, 14TH FLOOR, SUITE 1460, MIAMI, FL, 33131

**Contact Person:** Shari Rothenberg

**Contact Phone:** 908-743-1307

### Independent Public Accountant Identification

**Accountant Name:** YSL & Associates LLC

**Accountant Address:** 11 Broadway, Suite 700, New York, NY, 33131

**Accountant Type:** Certified Public Accountant

### OATH OR AFFIRMATION

I, **Felipe Marques**, swear (or affirm) that, to the best of my knowledge and belief, the accompanying financial statements and supporting schedules pertaining to the firm of **FINANTIA USA INC.**, as of **12-31-2022**, are true and correct.

**Signature:** Felipe Marques

**Title:** CCO

**Notarized:** Yes