# BENJAMIN SECURITIES, INC. X-17A-5 (2025-09-26) — Broker-dealer annual report - Company: BENJAMIN SECURITIES, INC. - Form: X-17A-5 - Filed: 2025-09-26 - Period: 2025-06-30 - Accession: 0000278306-25-000005 - CIK: 278306 - File #: 8-23518 - Type: Broker-dealer - Material weakness: No - Auditor: LMHS, P.C. - Auditor location: Norwell, MA - Contact: Ilina Stamova - Phone: 212-668-8700 - Email: istamova@acisecure.com - Website: acisecure.com - Signed by: Wiliam Baker (CCO) Original filing: https://www.sec.gov/Archives/edgar/data/278306/000027830625000005/benjaminfinalaudit.pdf --- {0}------------------------------------------------ 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: Nov. 30, 2026 Estimated average burden hours per response: 12 SEC FILE NUMBER 8-23518 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 07/01/24 06/30/25 AND ENDING MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION NAME OF FIRM: Benjamin Securities, Inc. TYPE OF REGISTRANT (check all applicable boxes): E Broker-dealer [ Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | 3 West Garden Street, Suite 407 | | |--|--|--|--|---------------------------------|--| |--|--|--|--|---------------------------------|--| | | (No. and Street) | | | |-----------------------------------------------------------------------------------------|------------------------------------------------------------|-----------------|--------------------------------------------| | Pensacola | ﯩﻨ | | 32502 | | (City) | (State) | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | Ilina Stamova | (212) 668-8700 | | istamova@acisecure.com | | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | B. ACCOUNTANT IDENTIFICATION | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
LMHS, P.C. | | | | | | (Name - if individual, state last, first, and middle name) | | | | 80 Washington Street, Building S Norwell | | MA | 02061 | | (Address) | (City) | (State) | (Zip Code) | | 02/24/2009 | | 3373 | | | (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. {1}------------------------------------------------ # OATH OR AFFIRMATION | William Baker | | swear (or affirm) that, to the best of my knowledge and belief, the | |------------------------|----------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------| | | financial report pertaining to the firm of Benjamin Securities, INC. | as of | | 6/30 | | 2 025 , 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. | | | Signature: Title: CCO # Notary Public # 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. - [ (I) 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 capible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-2, 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 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 240.17-12, 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 chis filing, see 17 CFR 240.17g-5(e)(3) or 17 CFR 240.18c-7(d)(2), as applicable. {2}------------------------------------------------ STATEMENT OF FINANCIAL CONDITION AND REPORT OF REGISTERED PUBLIC ACCOUNTING FIRM AS OF AND FOR THE YEAR ENDED JUNE 30, 2025 This report is pursuant to Rule 17a-5(e)(3) under the Securities Exchange Act of 1934 as a Public Document. {3}------------------------------------------------ # BENJAMIN SECURITIES, INC. TABLE OF CONTENTS AS OF AND FOR THE YEAR ENDED JUNE 30, 2025 | Report of Independent Registered Public Accounting Firm | | |---------------------------------------------------------|-----| | Statement of Financial Condition | | | Notes to Financial Statement | 3-6 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) Report of Independent Registered Public Accounting Firm To The Board of Directors and Stockholder Benjamin Securities, Inc. Pensacola, Florida # Opinion on the Financial Statements We have audited the accompanying statement of financial condition of Benjamin Securities, Inc. as of June 30, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position Benjamin Securities, Inc. as of June 30, 2025, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. # Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the entity's financial statements 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 Benjamin Securities, Inc. in accordance with the U.S. federal securities laws 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 statements are free of material misstatement, whether due to error or fraud. Benjamin Securities, Inc. is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an the effectiveness of the entity's internal over financial reporting. Accordingly, we express no such opinion. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, 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. # LMHS, P.C. LMHS, P.C. We have served as Benjamin Securities, Inc.'s auditor since 2024. Norwell, Massachusetts September 25, 2025 ![](_page_4_Picture_13.jpeg) ![](_page_4_Picture_15.jpeg) {5}------------------------------------------------ # STATEMENT OF FINANCIAL CONDITION AS OF JUNE 30, 2025 | ASSETS
Cash and cash equivalents
Accounts receivable
Due from clearing brokers
Right of use assets
Other assets
Fixed assets
Total assets | ಕಿ
2,190,895
400,000
374.419
191,926
35.702
14,309
ಕಿತ
3,207,251 | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------| | LIABILITIES AND STOCKHOLDER'S EQUITY
Liabilities:
Accrued commissions payable
Accounts payable and accrued expenses
Accrued taxes payable
Right of use liability
Deferred income
Total liabilities | ਦਿੰ
512,890
432,364
531,420
191,926
166,478
1,835,078 | | Stockholder's equity
Common stock, no par value, 200 shares
authorized, 10 shares issued and outstanding
Retained earnings
Total stockholder's equity
Total liabilities and stockholder's equity | ਉ
500
1,371,673
1,372,173
ਉ
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Significant Accounting Policies (continued) #### Revenue recognition (continued) #### Underwriting Revenue The Company participates in securities offerings as an underwriter. Underwriting revenues are recognized on a trade-date basis when the underwriting services are deemed to be completed, which is generally upon the offering and when the Company's obligations under the underwriting agreement have been satisfied. Revenues are recorded net of related syndicate expenses. If the Company is acting as a syndicate member, revenue is based on the allocation communicated by the lead underwriter. Costs associated with underwriting transactions, including syndicate expenses, are recognized when incurred against underwriting revenues. #### Other revenue Other revenue includes interest and dividend income, postage and trading gains and losses. Postage fee reimbursements are recognized as they are incurred. #### Disaggregation of Revenue All of the Company's revenues for the year ended June 30, 2025 have been disaggregated on the Statement of Income. ### Receivables and Contract Balances Receivables arise when the Company has an unconditional right to receive payment under a contract with a customer and are derecognized when the cash is receivable balances as of June 30, 2025 were \$400,000. Contract assets arise when the revenue associated with the contract is recognized prior to the Company's unconditional right to receive payment under a contract with a customer (i.e., unbilled receivable) and are derecognized when either it becomes a receivable or the cash is received. Contract assets are reported in the Statement of Financial Condition. As of July 1, 2024 and as of June 30, 2025, contract asset balances were \$0. Contract liabilities arise when customers remit contractual cash payments in advance of the Company satisfying its performance obligations under the contract and are derecognized when the revenue associated with the contract is recognized when the performance obligation is satisfied. As of July 1, 2024 and as of June 30, 2025, there were no contract liabilities. #### 3. Deposit with clearing brokers Deposits with clearing brokers consist of cash or other short term securities held by other clearing organizations or exchanges. The carrying amounts approximate their short-term nature. This financial instrument generally has no stated maturities or has short-term maturities and carries interest rates that approximate market rates. # 4. Concentration of Credit Risk # Cash The Company maintains principally all cash balances in one financial institution which, at times, may exceed the amount insured by the Federal Deposit Insurance Corporation. The exposure to the Company is solely dependent upon daily bank balances and the strength of the financial institution. The Company has not incurred any losses on this account. As of June 30, 2025 the amount in excess of the FDIC limit was \$1,940,895. ### 5. Fair Value of Financial Instruments The Company complies with FASB ASC 820 "Fair Value Measurements and liabilities measured at fair value on a recurring basis. ASC 820 accomplishes the following key objectives: Defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction Establishes a three-level hierarchy (the "Valuation Hierarchy") for fair value measurements; Requires consideration of the Company's creditworthiness when valuing liabilities; and Expands disclosures about instruments measured at fair value. The Valuation Hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurent {8}------------------------------------------------ # NOTES TO FINANCIAL STATEMENT # AS OF JUNE 30, 2025 #### 5. Fair Value of Financial Instruments (continued) The three levels of the Valuation Hierarchy and the Company's financial assets within it are as follows: Level 1 – inputs to the valuation methodology are quoted) for identical assets or liabilities in active markets. Level 2 - inputs to the valuation methodology included quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly, for substantially the full term of the financial instrument Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement. A financial instrument's level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires by the Company. The Company considers observable data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The following is a summary of the financial assets measured at fair value as of June 30, 2024: | Description | Level 1 | Level 2 | Level 3 | |-------------------|-----------|---------|---------| | | | | | | Money Market Fund | \$ 66,831 | | | Financial instruments are carried at market value on the Statement of Financial Condition. These instruments include cash and cash equivalents, accounts receivable, accrued expenses and other liabilities, and deferred revenue. There were no transfers between Level measurements during the period ended June 30, 2025. There were no other financial assets or liabilities measured at fair value under ASC 820 as of June 30, 2025. ### 6. Commitments: Operating Lease In February 2016, the FASB established Topic 842, Leases, by issuing Accounting Standards Update (ASU) No. 2016-02, which requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842, Leases; and ASU No. 2018-11, Targeted Improvements. The stablished a right-of-use model ("ROU") that requires a lessee to recognize a ROU asset and lease liability on the statement of financial condition for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the statement of income. During the year ended June 30, 2025, the Company obtained right-of-use assets of \$124,426 from recording of the lease liability. The Company entered into a lease agreement for office space in Pensacola, Florida which commenced on July 1, 2024 and expires on June 30, 2029. The Company entered into a sublease agreement for office space in Huntington, New York which commenced on February 1, 2025 and expires on January 31, 2026. #### 7. Income Taxes The Company is taxed under the provisions of Subchapter C of the Internal Revenue Code. The amount of current and deferred taxes payable is recognized as 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 vears. The tax years 2023, 2022 and 2021 remain open to examination by the major taxing jurisdictions to which the entity is subject. The Company accounts for uncertainties in income taxes under the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) ("Topic") 740-10-05, Accounting for Uncertainty in Income Taxes. The Topic clarifies the accounting for uncome taxes recognized in an enterprise's financial statements. The Topic prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Topic provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. As of June 30, 2025, the Company had accrued tax liability in the amount of \$531,420. {9}------------------------------------------------ # NOTES TO FINANCIAL STATEMENT FOR THE YEAR ENDED JUNE 30, 2025 ### 8. Marketing The firm expended a significant amount to obtain customate in its capital markets program, including incentives and bonuses. These expenses are expected to continue as long as the capital markets program remains feasible. ### 9. Financial Instruments with Off-Balance Sheet Risk In the normal course of business, the Company's customer activities involve the execution and settlement of various customer securities transactions. The activities may expose the Company to off-balance-sheet risk in the other broker is unable to fulfill its contracted obligations and the Company has to purchase or sell the financial instrument underlying the contract at a loss. The Company does not carry the accounts of their customers and does not process or safekeep customer funds or securities, and is therefore exempt from rule 15c3-3 of the Securities and Exchange Commission. # 10. Segment Reporting The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of several classes of services, including commission, underwriting, private placements, and advisory fees. The Company has identified its President as the chief operating decision maker ("CODM"), who uses net income to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. Additionally, the CODM uses excess net capital (see note 11), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or pay distributions. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using information of the Company as a whole. The accounting policies used to measure the profit and loss of the same as those described in the summary of significant accounting policies. ### 11. Net Capital Requirement The Company is subject to the Securities and Exchange Commissions 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, not to exceed 15 to 1. The Company's aggregate indebtedness to net capital ratio was 1.2758 to 1. At June 30, 2025, the Company had net capital of \$1,287,918, which was \$1,178,374 in excess of its required net capital of \$100,000. #### 12. Subsequent Events The Company has evaluated events subsequent to the statement of financial condition date for items requiring or disclosure in the financial statements. The evaluation was performed through the date the financial statements were to be issued. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.