# EDGAR Filing Document

**Accession Number:** 0001319671
**File Stem:** 0001319671-23-000002
**Filing Date:** 2023-2
**Character Count:** 21896
**Document Hash:** d955c1a3947b59269cc3cc70c8acb152
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001319671-23-000002.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001319671-23-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**EFFECTIVENESS DATE**: 20230213

**PERIOD START**: 20220101

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PAR5 CAPITAL & CO LLC
- **CENTRAL INDEX KEY:** 0001319671
- **IRS NUMBER:** 721589262
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** X-17A-5
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 008-66850
- **FILM NUMBER:** 23621026

**BUSINESS ADDRESS:**
- **STREET 1:** 111 SEMINARY DRIVE
- **STREET 2:** SUITE 115
- **CITY:** MAHWAH
- **STATE:** NJ
- **ZIP:** 07430
- **BUSINESS PHONE:** 201-669-3450

**MAIL ADDRESS:**
- **STREET 1:** 111 SEMINARY DRIVE
- **STREET 2:** SUITE 115
- **CITY:** MAHWAH
- **STATE:** NJ
- **ZIP:** 07430

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GLOBAL CREDIT PARTNERS, LLC
- **DATE OF NAME CHANGE:** 20050302

### Attached PDF Documents

**Attachment 1:** `gcp2022public.pdf`

# 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 - 66850

# 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 | 1/1/2022 | AND ENDING | 12/31/2022 |
| --- | --- | --- | --- |
|  | MM/DD/YY |  | MM/DD/YY |

# A. REGISTRANT IDENTIFICATION

NAME OF FIRM: Global Credit Partners, 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.)

111 Seminary Drive

| (No. and Street) |  |  |
| --- | --- | --- |
| Mahwah | NJ | 07430 |
| (City) | (State) | (Zip Code) |

PERSON TO CONTACT WITH REGARD TO THIS FILING

| Carol Ann Kinzer | 678-525-0992 |  |
| --- | --- | --- |
| (Name) | (Area Code - Telephone Number) | (Email Address) |

# B. ACCOUNTANT IDENTIFICATION

INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*

Goldman & Company, CPA's. P.C.

| (Name - if individual, state last, first, and middle name) |  |  |  |
| --- | --- | --- | --- |
| 3535 Roswell Rd. Suite 32 | Marietta | GA | 30062 |
| (Address) | (City) | (State) | (Zip Code) |
| 6/25/2009 |  | 1952 |  |
| (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, Vincent Priolo, swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Global Credit Partners, 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)

![img-1.jpeg](img-1.jpeg)

![img-2.jpeg](img-2.jpeg)

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.

# **GLOBAL CREDIT PARTNERS, LLC**  
(A LIMITED LIABILITY COMPANY)

FINANCIAL STATEMENTS FOR THE YEAR ENDED  
DECEMBER 31, 2022  
AND REPORT OF INDEPENDENT REGISTERED  
PUBLIC ACCOUNTING FIRM

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Member and management of
Global Credit Partners, LLC

# Opinion on the Financial Statement

We have audited the accompanying statement of financial condition of Global Credit Partners, LLC as of December 31, 2022, 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 Global Credit Partners, 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 Global Credit Partners, LLC's management. Our responsibility is to express an opinion on Global Credit Partners, 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 Global Credit Partners, 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 the Company's auditor since 2015.

Goldman & Company, CPA's, P.C.
Marietta, Georgia
February 15, 2023

Goldman
& COMPANY, CPAs

3535 Roswell Road • Suite 32 • Marietta, GA 30062 • 770.499.8558 • Fax 770.425.3683

# **GLOBAL CREDIT PARTNERS, LLC**
(A LIMITED LIABILITY COMPANY)

# **STATEMENT OF FINANCIAL CONDITION**
**DECEMBER 31, 2022**

# **ASSETS**

| Cash and cash equivalents | $179,644 |
| --- | --- |
| Prepaid expenses | 4,720 |
| Office furniture and equipment, net of accumulated depreciation of $160,998 | 662 |
| TOTAL ASSETS | $185,026 |

# **LIABILITIES AND MEMBERS' EQUITY**

# **LIABILITIES**

| Commissions payable | $26,521 |
| --- | --- |
| Accrued expenses | 23,881 |
| TOTAL LIABILITIES | 50,402 |

# **MEMBERS' EQUITY**

| TOTAL LIABILITIES & MEMBERS' EQUITY | $184,624 |
| --- | --- |
|  | $185,026 |

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

2

# **GLOBAL CREDIT PARTNERS, LLC**  
(A LIMITED LIABILITY COMPANY)

# NOTES TO FINANCIAL STATEMENTS  
DECEMBER 31, 2022---

# **1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

# Nature of Business

Global Credit Partners, LLC (a New Jersey limited liability company) (the 'Company') is a broker-dealer registered with the Securities and Exchange Commission ('SEC') and is a member of various exchanges as well as the Financial Industry Regulatory Authority, Inc. ('FINRA'). The Company is engaged in a single line of business as a securities broker-dealer, which comprises several classes of services. As a limited liability company the members' liability is limited to their equity contribution.

# Basis of Accounting

The Company maintains its books and records on the accrual basis of accounting for financial reporting purposes, which is in accordance with U.S. generally accepted accounting principles and is required by the SEC and FINRA.

# Income Taxes

The Company is an LLC taxed as a partnership for income tax reporting purposes, and as such, is not subject to income tax. Accordingly, no provision for income taxes is provided in the financial statements.

The Company has adopted the provisions of FASB Accounting Standards Codification 740-10, *Accounting for Uncertainty in Income Taxes*. Under FASB ASC 740-10, the Company is required to evaluate each of its tax positions to determine if they are more likely than not to be sustained if the taxing authority examines the respective position. A tax position includes an entity's status and the decision not to file a return. The Company has evaluated each of its tax positions and has determined that it has no uncertain tax positions for which a provision or liability for income taxes is necessary.

The Company files income tax returns in the U.S. in both federal and state jurisdictions.

# Fixed Assets

Office furniture and equipment is stated at cost. Depreciation is computed using the straight line method over the estimated useful lives of the assets (generally five to seven years). Depreciation expense for 2022 is $12,243.

6

# 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED

## Prepaid expenses

Prepaid expenses on the statement of financial condition include: insurance, equipment rental, and Bloomberg fees and are amortized over their useful lives.

## Estimates

The presentation of financial statements in conformity with U.S. generally accepted accounting principles 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 reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

## Cash and Cash Equivalents

For purposes of the statement of cash flows, the Company defines cash equivalents as highly liquid investments with original maturities of less than ninety days that are not held for sale in the ordinary course of business.

## Concentration of Credit Risk

The Company maintains its cash in bank deposit accounts, which at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk for cash.

## Leases

The Company recognizes and measures its leases in accordance with FASB ASC 842, Leases. The Company determines if an arrangement is a lease, or contains a lease, at inception of a contract and when the terms of an existing contract are changed. The Company recognizes a lease liability and a right of use (ROU) asset at the commencement date of the lease. The lease liability is initially and subsequently recognized based on the present value of its future lease payments. 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 rates of our leases are not readily determinable and accordingly, we use our 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. 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.

7

## **1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED**

The Company has elected, for all underlying classes of assets, to not recognize ROU 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 cost associated with our short-term leases on a straight-line basis over the lease term.

The Company is evaluating new accounting standards and will implement as required.

## **2. REVENUE FROM CONTRACTS WITH CUSTOMERS**

In accordance with ASU 2014-09 Revenue from Contracts with Customers and all subsequent amendments to the ASU (collectively, 'ASC 606') the Company recognizes revenue upon satisfaction of performance obligations by transferring control over goods or service to a customer.

### Commissions:

The Company buys and sells securities on behalf of its counterparties. Each time a counterparty enters into a buy or sell transaction, the Company charges a markup/markdown. The markup/markdown and related clearing expenses are recorded on the trade date (the date that the Company fills the trade order by finding and contracting with a counterparty and confirms the trade with the counterparty). The Company believes that the performance obligation is satisfied on the trade date because that is when the underlying financial instrument or purchaser is identified, the pricing is agreed upon and the risks and rewards of ownership have been transferred to/from the counterparty.

## **3. COMMISSIONS RECEIVABLE AND PAYABLE**

Commissions receivable at December 31, 2021 was $52,215. Commissions are due upon services rendered. There is no commissions receivable at December 31, 2022.

The Company pays a portion of its commissions earned to its representatives. Commissions payable to representatives as of December 31, 2022 is $26,521.

## **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 15 to 1. At December 31, 2022, the Company had net capital of $129,242, which was $124,242 in excess of its required net capital of $5,000. The Company's ratio of aggregate indebtedness to net capital was 0.39 to 1.

## **5. COMMITMENTS**

### Lease:

The Company has an obligation under an operating lease for office space with an initial non-cancelable term in excess of one year. On November 12, 2014, the Company entered into an amended lease agreement to extend the term of the lease for the period from March 1, 2015 through February 29, 2020. On January 16, 2020 the Company entered into an agreement to extend the lease term on a month-to-month basis

8

## **5. COMMITMENTS, CONTINUED**

commencing March 1, 2020. The agreement is cancellable by either party upon 60 days written notice. Due to the uncertainty inherent in the month-to-month agreements such payments are not included as a lease asset or liability as of December 31, 2022.

The Company's rent expense for the year ended December 31, 2022 was $17,952.

The Company paid monthly lease payments on behalf of a related party for a company vehicle, the amount paid for the year ended December 31, 2022 was $12,810 and is included on the statement of operations.

## **6. INDEMNIFICATIONS**

In the normal course of its business, the Company indemnifies and guarantees certain service providers, such as clearing and custody agents, trustees and administrators, against specified potential losses in connection with their acting as an agent of, or providing services to, the Company or its affiliates. The Company also indemnifies some clients against potential losses incurred in the event specified third-party service providers, including subcustodians and third-party brokers, improperly executed transactions. The maximum potential amount of future payments that the Company could be required to make under these indemnifications cannot be estimated. However, the Company believes that it is unlikely it will have to make material payments under these arrangements and has not recorded any contingent liability in the financial statements for these indemnifications. For the year ended December 31, 2022 the Company experienced no material net losses as result of the indemnity.

## **7. GOING CONCERN**

The Company sustained losses and had negative cash flow from operations in 2022. The Company suspended trading in late January 2022 prior to being sold in November 2022. The new ownership plans to resume trading activity in 2023 and on recapitalizing the Company as needed to maintain operations and meet its commitments and net capital requirements beyond one year from the date of the report of independent registered public accounting firm.

Management expects the Company to continue as a going concern and the accompanying financial statements have been prepared on a going-concern basis without adjustments for realization in the event that the Company ceases to continue as a going concern.

## **8. SUBSEQUENT EVENTS**

The Company has evaluated subsequent events through February 15, 2023, the date that its financial statements were issued.

9

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

## FORM X-17A-5

### ANNUAL AUDITED REPORT

### Filer Information

**Filer CIK:** 0001319671

**Filer CCC:** XXXXXXXX

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

**Would you like a Return Copy?:** Yes

### 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:** PAR5 CAPITAL & CO LLC

**Business Address:** 111 SEMINARY DRIVE, SUITE 115, MAHWAH, NJ, 07430

**Contact Person:** Carol Ann Kinzer

**Contact Phone:** 678-525-0992

### Independent Public Accountant Identification

**Accountant Name:** Goldman & Company, CPAs PC

**Accountant Address:** 3535 Roswell Road, Suite 32, Marietta, GA, 30062

**Accountant Type:** Certified Public Accountant

### OATH OR AFFIRMATION

I, **Vincent Priolo**, swear (or affirm) that, to the best of my knowledge and belief, the accompanying financial statements and supporting schedules pertaining to the firm of **PAR5 CAPITAL & CO LLC**, as of **12-31-2022**, are true and correct.

**Signature:** Vincent Priolo

**Title:** President

**Notarized:** Yes