LOM 2023 Annual Report - Report - Page 37
LOM
2021 ANNUAL REPORT
Notes to Consolidated
Financial Statements
December 31, 2021 and 2020 (expressed in U.S. Dollars)
1. DESCRIPTION OF BUSINESS
LOM Financial Limited (“LOMFL”), a holding company for several
wholly owned subsidiaries, was incorporated on May 1, 1996
under the laws of Bermuda. The common shares of LOMFL
are publicly traded and listed on the Bermuda Stock Exchange.
LOMFL, collectively, with its subsidiaries, is referred to as the
“Company” or the “LOM Group of Companies.”
resources and administrative services to other companies in
the LOM Group of Companies. GCCL operates in Bermuda
and is regulated under the Investment Business Act (2003) of
Bermuda.
A description of the operations of LOMFL’s wholly-owned
subsidiaries is as follows:
LOM Corporate Finance Ltd. (“LOMCF”) was incorporated in
1998 to offer services to source, value, document and close
capital investments in growing companies. LOMCF is domiciled
and operates in Bermuda.
LOM Financial (Bermuda) Limited (“LOMF BDA”) was
incorporated in 1998 to provide investment and financial
advice, brokerage services and discretionary investment
management services. LOMF BDA is domiciled and operates
in Bermuda and is regulated under the Investment Business
Act (2003) of Bermuda. LOMF BDA opened a branch office
in Grand Cayman in January 2019, LOM Financial Cayman
(“LOMF CAY”). LOMF CAY is registered with the Cayman Islands
Monetary Authority with an “excluded person” exemption to the
Cayman Securities Investment Business Law (SIBL); LOMF CAY
is regulated by the Bermuda Monetary Authority and comes
under LOMF BDA’s investment business license.
LOM Financial (Bahamas) Limited (“LOMF BAH”) was
incorporated in 2001 in the Commonwealth of The Bahamas
and is regulated by the Securities Commission of the Bahamas.
LOMF BAH is domiciled in the Bahamas and is engaged in a
single line of business as a Bahamian broker-dealer, which
comprises several classes of service, including principal
transactions, agency transactions and the provision of
investment advisory services.
LOM Asset Management Limited was incorporated in 1995
to offer its services as investment consultant, manager and
advisor. LOM Asset Management Limited is domiciled and
operates in Bermuda and is regulated under the Investment
Business Act (2003) of Bermuda.
Global Custody & Clearing Limited (“GCCL”) was incorporated
in 1992, to provide custody, settlement, information technology
and execution services as well as certain finance, human
LOM Properties Limited was incorporated in 1996 to hold
property for LOMFL in Bermuda and Bahamas.
Donald & Co. Limited, a Bermuda company, was incorporated in
2013 to perform nominee services.
LOM Nominees Limited, a Bermuda company, was incorporated
in 1994 to perform nominee services.
LOM (UK) Limited was incorporated in the United Kingdom
in 2004 to market the LOM Group of Companies services to
intermediaries in Europe. It also provides IT, Marketing and
Administration services to the LOM Group of Companies.
LOM Global Admin Inc. was incorporated in the Philippines
in 2016 to provide the group with marketing support in Asia.
The Company is registered with the Philippines Securities and
Exchange Commission.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying consolidated financial statements have been
prepared in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”).
Certain of the prior year balances have been reclassified to
conform to the presentation adopted for the current year.
Principles of Consolidation and Basis of Presentation
The consolidated financial statements include the financial
statements and results of operations of all wholly-owned
subsidiaries listed in Note 1 above. All inter-company balances
and transactions are eliminated on consolidation.
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