# GENERAL SECURITIES CORP X-17A-5 (2025-11-03) — Broker-dealer annual report - Company: GENERAL SECURITIES CORP - Form: X-17A-5 - Filed: 2025-11-03 - Period: 2025-07-31 - Accession: 0000743895-25-000007 - CIK: 743895 - File #: 8-31654 - Type: Broker-dealer - Material weakness: No - Auditor: Faust,Thomas - Auditor location: Lafayette, IN - Contact: David S Miller - Phone: 8168106404 - Email: dave@generalswecuritiesusa.com - Website: generalswecuritiesusa.com - Signed by: David S Miller (President) Original filing: https://www.sec.gov/Archives/edgar/data/743895/000074389525000007/secfile.pdf --- {0}------------------------------------------------ ## UNIT.ED STATES SECURITIES AND EXCHANGE COMMJ.SSl·ON Washingt.on, D.C. 20549 # **ANNUAL REPORTS FORM .X-17A-5 PART** 111 ### FACING PAGE | 0MB APPROVAL | | |--------------------------|--| | 0MB Number: 3235-0123 | | | Expires: Nov. 30,- 2026 | | | Estimated average burden | | | hours .per response:. 12 | | Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | FILING FOR THE PERIOD BEGINNING 0 8 /0
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AND :ENDING 07131125 | |-------------------------------------------------------------------------------------------------------|------------------------------------------| | MM/DD/YY | MM/DD/ YY | | A. REGISTRANT IDENTIACATION | | | NAME OF FIRM: General Securities Corp | | | TYPE Of R1 EGJSTRANT {check all appficabfe boxes):
0 Broker-dealer
D Security-based swap dealer | D M·ajor security-based swap participant | □ Check here if respondent is also an OTC derivatives dea4er ## ADDRES.S Of PRINCIPAL P·LACE Of BUSINESS; (Do not use a P.O. box no.) 2007 Fayette | | ( No. and Street) | | | | |----------------------------------------------|----------------------------------------------------------------------------|--------------------------------|------------|--| | North Kansas City | Missouri | | 64116 | | | {City) | (State) | (Zip Code} | | | | PERSON TO CONTACT WtTH REGARD TO THIS FILING | | | | | | David S Miller | 8168106404 | dave@generalswecuritiesusa.com | | | | {Name) | {Area Code-Te.lephoi1e Number) | (Emait Address) | | | | | B. ACCOUNTANT JDENTJFICATION | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are -contained in this filing* | | | | | Thomas Faust, CPA | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | Thomas Faust | Lafayette | IN | 47908 | | | {Address) | (City} | {State} | (Zip Code) | | | 02/14/2018 | | 6479 | | | | | | | | | (Date of Registration with PCAOB}(if a,ppJicabte) {PCAOB Registration Number, if applicable) ### **:FOR OFFICIAL USE ONl Y** - \* daims for exemption from the requirement that the annual reports. be covered by the re.ports of an independent pubfic 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)(l){ii}, if applicable. **Persons w.h,o are to respond to the collection of information contained ln this form are not required to respond unless the form** **displays a currently vaHd 0MB control number.** --------------------------~=========-- ---------- - - ·' {1}------------------------------------------------ ### **OATH OR AFFIRMATION** **f,** \_o\_a\_vids\_ \_N\_ille\_r \_ \_ \_\_\_\_\_\_\_\_\_\_ \_\_\_ \_, **swear (or affirm) that, to the best of my knowledge** and **belief, the financial report pertaining to the firm. of** General Securities Corp **as of** July **31 2** °25 . 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 soie.ly as that of a customer.** ........ - TI.tie:~-~.~ t Jc !:::\~I"-- **This filing\*\* conta:ins {check all applicable boxes):** .~ ~ {a) Stateme:nt of financial condition. ~{b) Notes to .consolidated .statement of financiai condition. ~ (c} Statement of income {loss} or, it there is other comprehensive inc.ome in the ·period(s} presented, a statement of comprehensive income (as d.efined in§ 210.1-02 of Regu1ation S-X}. ~} Statement of cas~1 flows. - ~e} State1nent of changes in stockholders' or partners' or sole proprietors equity. - □ {f) Statement of changes in liabilities subordinated to claims of creditors. - ~{g} Notes to consolidated financial statements. - '-1\_\_\_\_,h) Com:putation of 11et capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - Q (i} Computation oftangibfe net worth under 17 CFR 240.18a-2. - J2f'ij) Computation for determinat.ion of customer reserve requirem.ents pursuant to Exhibit A to 17 CFR 240.15c3-3. - □ (k) Comp-utation for determination of security-based swap reserve r,equirements pursuant to Exhibit 8 to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicab1e. - D (I) Computation for ,Determination of PAB Requirements under Exhibit A to§ 240.15c3-3. - D (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - D {n) l.nformation relating to possessior1 or control requirements for security-based swap customers under 17 CfR 240.15c3-3(p){2) or 17 CFR 240.18a-4, as applicable. - ,, *'¢* ~) ReconcHi.atjons, including appropri.ate explanations, of the FOCUS Report wrt:J1 computation of net capital or tangible net worth under 17 CfR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-21 as applicable,. and the reserve requirements under 17 CFR 240.15c3-3 or 1~7 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - 0 (p,} Summary of financiaf data for subsidiaries not consolidated in the statement•of fi11ancial condition . - .. jA'.Jq) Oath or affirmat~on in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 Cf-R 240.18a-7, as app!icabfe. - ~r) Compliance report ·in accordance with 17 CfR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - lfV-3-.1,,;;: · s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicabte. - ns-4-l:) t·ndependent pubfic accountant's report based on an examination of the statement of fin-a11cial condition. - (u) h1depe-ndent pubtk a<::countant,.s report based on an examination of the financtal report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as **applicabfe .** - . 0 (v} Independent public accountant's report b.ased on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - 0 {w) tndependent public accottntant's report based on a review of the exemption repo1t under 17 CFR 240.17a-5 or 17 CFR 240.18a-7~ as applicable. - - D {x) Suppletnenta1 reports on applying agreed-upon procedures, in accordance with.17 CFR 240.1Sc3-le or 17 CFR 240.17a-12 1 . as applicable. - **-r/-(v)** Report describrng .any material inadequacies foLJnd to exist or found to have existed since the date of the previous audit, or a statement that no materi,af inadequacies exist, u,nder 17 CFR 240~17a-12(k}. 0 (z) Other: \_\_\_\_\_\_\_\_\_ \_\_\_\_\_\_\_\_\_\_ \_\_\_\_ \_\_\_\_ \_\_\_\_ \_ \_ \_ \*\*To request confidential treatment of certajn portions of this filing, see 17 CFR 24D.17a-5(e){3} or 17 CFR 240.18a-7(cJ)(2)*1* as applicable. ----------------------------------------------- - · {2}------------------------------------------------ General Securities, Corp. Report on Audit of Financial Statements July 31, 2025 ![](_page_2_Picture_3.jpeg) • ### THOMAS FAUST, CPA Certified Public Accountant {3}------------------------------------------------ *General Securities, Corp. Table of Contents* ' *Report of Independent Registered Public Accounting Firm* *Financial Statements: Statement of"Financial Condition Statement of lnco1ne Statement of' Changes in Stockholder's Equity Statenient o.t· Cash Flows Notes to the Financial Statements Schedule I: Computation oj'Net Capital Unde,~ SEC Rule* J *5c3-l* *Report of Iridepen.dent Registered Public Accoitnting Firm Broker-Dealer's Exemption Report* ![](_page_3_Picture_4.jpeg) General Securitie~ Corp. {4}------------------------------------------------ ## **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** The Board of Directors General Securities, Corp. ### **Opinion on the Financial Statements** I have audited the accompanying statement of financial condition of General Securities, Corp., as of July 31, 2025, the related statements of income, changes in stockholder's equity, and cash flows for the year then ended, and the related notes and schedules (collectively referred to as the financial statements). In my opinion, the financial statements present fairly, in all material aspects, the financial position of General Securities, Corp., as of July 31, 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 General Securities, Corp.'s management. My responsibility is to express an opinion on General Securities, Corp.'s financial statements based on my audit. I am a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and am required to be independent with respect to General Securities, Corp. in accordance with the U.S. federal securities laws and the applicable rules and the regulations of the Securities and Exchange Commission and the PCAOB. I conducted my audit in accordance with the standards of the PCAOB. Those standards require that I pian and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. My 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. My 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. I believe that my audit provides a reasonable basis for my opinion. ### **Supplemental Information** Schedule I, Computation of Net Capital Under SEC Rule 15c3-1 has been subjected to audit procedures performed in conjunction with the audit of General Securities, Corp. 's financial statements. The supplemental information is the responsibility of General Securities, Corp. 's management. My audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming my opinion on the supplemental information, I evaluated whether the supplemental information, including its form and content, is presented in conformity with 17 C.F.R. §240.1 ?a-5. In my opinion, Schedule I, Computation of Net Capital Under SEC Rule 15c3-1 is fairly stated, in all material respects, in relation to the financial statements as a whole. ------------------~==~------------ -"· ![](_page_4_Picture_11.jpeg) {5}------------------------------------------------ ![](_page_5_Picture_0.jpeg) Thomas Faust, CPA, LLC d/b/a Thomas Faust, CPA I have served as the Company's auditor since 2018. Lafayette, Indiana October 24, 2025 ![](_page_5_Picture_4.jpeg) {6}------------------------------------------------ ## *GE1VERAL SECURITIES, CORP. STATEMENT OF FI1VANCIAL CONDITION AS OF JULY 31, 2025* #### **CURRENT ASSETS** #### **ASSETS** #### **LIABILITIES AND STOCKHOLDER'S EQUITY** #### **LIABILITIES** Accounts payable and accrued expenses payable Commissions payable | Cash and cash equivalents | 223,898
\$ | |---------------------------------|---------------| | Cash with clearing organization | 50,241 | | Accounts receivable | 17,290 | | TOTAL CURRENT ASSETS | 291,429 | | | | | TOTAL ASSETS | \$
291,429 | | Withheld and accrued payroll taxes | 1,840 | |-------------------------------------------------------------------------------|---------------| | Income taxes payable | 6,791 | | TOTAL LIABILITIES | 28,865 | | | | | STOCKHOLDER'S EQUITY | | | Common stock (30,000 shares authorized, 28,000 shares issued and outstanding) | 28,000 | | Additional paid-in capital | 87,848 | | Retained earnings | 532,216 | | Treasury stock | (385,500) | | TOTAL STOCKHOLDER'S EQUITY | 262,564 | | TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | \$
291,429 | | | | ### Page I 3 - THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE RNANCIAL STATEMENTS. General Securities/ Corp. 12,341 7,893 {7}------------------------------------------------ ## *GENERAL SECURITIES, CORP. STATEMENT OF INCOME FOR THE YEARENDEDJULY31, 2025* #### **REVENUE** | Commissions and 12b-1 fees from sale of investment company shares | \$ | 118,368 | |-------------------------------------------------------------------|----|---------| | Commissions on securities | | 37,822 | | Commissions on listed options | | 36,298 | | Other commissions | | 83,067 | | Other revenue | | 18,353 | | TOTAL REVENUE | | 293,908 | | | | | | EXPENSES | | | | Compensation and related benefits | | 120,835 | | Commissions | | 36,095 | | Clearing and execution charges | | 43,976 | | Regulatory fees and expenses | | 8,659 | | Occupancy | | 16,660 | | Other expenses | | 56,786 | | TOTAL EXPENSES | | 283,011 | | Net income before income taxes | | 10,897 | | Income tax provision | | 2,550 | | NET INCOME | \$ | 8,347 | Page/ 4 - THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCTAL STATEMENTS. General Securiites, Corp, {8}------------------------------------------------ ## *GENERAL SECURITIES, CORP. STATEMENT OF CHANGES IN STOCKHOLDER'S EQUIT.Y FOR THE YEAR ENDED JULY 31, 2025* | Stock | | | | | | Stock | | Total | |--------------|--------|--------|----------------------------------|-------|-------------------------------------------------------|-------|------------------------------------------|---------| | \$
28,000 | \$ | 87,848 | | | | | \$ | 254,217 | | | | | | 8,347 | | | | 8,347 | | | | | | | | | | | | \$
28,000 | \$ | 87,848 | | | | | \$ | 262,564 | | | Common | | Additional
Paid-In
Capital | | Retained
Earnings
\$ 523,869
-
\$ 532,216 | | Treasury
\$ (385,500)
\$ (385,500) | | ![](_page_8_Picture_2.jpeg) Page/ 5 - THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF rHE FINANCIAL STATEMENTS. General Securitiesr Corp. {9}------------------------------------------------ ## *GENERAL SECURITIES, CORP. STATEMENT OF CASH FLOWS FOR THE YEAR ENDED JULY 31, 2025* ### **CASH FLOWS FROM OPERATING ACTIVITIES** ### **NET INCREASE IN CASH AND CASH EQUIVALENTS** | Net Income | \$
8,347 | |-------------------------------------------------------------|-------------| | Adjustments to reconcile net income to net cash provided by | | | operating activities: | | | (Increase) decrease in operating assets: | | | Cash with clearing organization | 957 | | Accounts receivable | (2,145) | | Increase (decrease) in operating liabilities: | | | Accounts payable and accrued expenses payable | 3,868 | | Commissions payable | (4,359) | | Withheld and accrued payroll taxes | 585 | | Income taxes payable | 530 | | Net Cash Provided by Operating Activities | 7,783 | **CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR** **CASH AND CASH EQUIVALENTS AT END OF YEAR** ### **SUPPLEMENTAL CASH FLOW DISCLOSURES** Cash paid during the year for: Income taxes Interest Page / 6 - THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. • General Securities, Corp. ------------=--==-=-=======-------------- ••II ![](_page_9_Figure_10.jpeg) {10}------------------------------------------------ ### **GENERAL SECURITIES, CORP. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR** *JULY 31, 2025* #### **NOTE 1: ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** A summary of the Firm's significant accounting policies consistently applied in the preparation of the accompanying financial statements are as follows: - a. Nature of Operations- General Securities, Corp. (the Firm) was incorporated in the state of Missouri on August 21, 1969. The firm is registered with the Securities and Exchange Commission. The Firm's principal business activity is the sale of securities and doing business as a \$50,000 non-carrying, non-custodian brokerdealer. The Firm is a member of the Financial Industry Regulatory Authority (FINRA), and the Securities Investor Protection Corporation {SIPC). - b. Cash Equivalents-For purposes of the statements of cash flows, the Firm considers all highly liquid debt instruments with maturities of three months or less when purchased to be cash equivalents. There were cash equivalents of \$205,679 at July 31, 2025. - c. 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 estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. - d. Concentrations of Credit Risk-The Firm places its cash in accounts with a lo.cal financial institution, and money market accounts. At times, balances in these accounts may be exceed FDIC insured limits. The Firm did not have any accounts with balances in excess of insured limits at year-end. - e. Accounts Receivable-Accounts Receivable consists of commissions, fees and other amounts owed to the Firm. The Firm considers accounts receivable to be fully collectible. Uncollectible accounts receivable are charged directly against operations when they are determined to be uncollectible. Use of this method does not result in a material difference from the valuation method required by accounting principles generally accepted in the United States of America. - f. Recently Issued Accounting Pronouncement Adopted- In November 2023, the Financial Accounting Standards Board ('fFASB") issued Accounting Standards Update ("ASU") 2023-07, "Segment Reporting (Topic 280}: Improvements to Reportable Segment Disclosures," which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The Firm adopted this standard effective January 1, 2024. For further information., refer to Note 9. - g. Revenue Recognition-Revenue consists of commissions and 12b-1 fees on transactions of exchange listed equity securities, commissions on listed option transactions, commissions on annuities and other securities commissions. The Firm earns and records commissions on trades of exchange listed equities, options, and mutual funds on a trade-date basis. Revenue on 12b-1 fees are recognized and recorded as earned .. In May 2014, FASB issued ASU 2014-09, "Revenue from Contracts with Customers Topic 606" which supersedes nearly all existing revenue recognition guidance under generally accepted accounting principles. The Firm's revenue recognition policy conforms with the pronouncement by recognizing revenue in accordance with the five components of the pronouncement: - Identify the contract with the customer - Identify the performance obligation - Determine the transaction price - Allocate the transaction price to the performance obligation • Recognize revenue when the performance obligation is met - Page / 7 - General Securities, Corp. ---------------- 11 1 {11}------------------------------------------------ ### **GENERAL SECURITIES, CORP. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEA.R JULY 31, 2025** ### **NOTE 2: CLEARING BROKER AGREEMENT** The Firm clears security transactions through Hilltop Securities, Inc. (the clearing broker}. Under the terms of the clearing agreement, the c learing broker carries the accounts of the customers of General Securities, Corp. on a fully disclosed basis. The clearing broker executes transactions and settles contracts of securities for customer accounts, prepares confirmations and summary monthly statements and performs certain cashiering functions such as receiving and delivering securities. Under the agreement, the Firm is required to maintain a minimum cash deposit of \$50,000 which serves as a reserve for counterparty credit risk and settlement risk, as well as market risk on open un-hedged positions. #### **NOTE 3: INCOME TAX EXPENSE** The firm follows ASC subtopic 740-10 (formerly Statement of Financial Accounting Standard No. 109, "Accounting for Income Taxes"} for recording the provision for income taxes. ASC 7 40-10 requires the use of the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change. Deferred income taxes may arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as current or noncurrent, depending on the classification of assets and liabilities to which they related. Deferred taxes arising from temporary differences that are not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse. For the year ended July 31, 2025, the provision for income taxes consisted of Federal income tax expense of \$1,890 and state income tax expense of \$660. At July 31, 2025 there was also a payable of \$1,890 for current year Federal income taxes and a payable of \$660 for current year state income taxes. Tax years ending after July 31, 2022, remain subject to examination by taxing jurisdictions. ### **NOTE 4: ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES** In June 2006, the Financial Accounting Standards Board (FASB) issued FASB Interpretation Number 48 (FIN 48), Accounting for Uncertainty in Income Taxes - an Interpretation of FASB Statement No. 109 (SFAS 109). The interpretation contains a two-step approach to recognizing and measuring uncertain tax positions accounted for in accordance with SFAS 109. The Firm has elected to defer the adoption of FIN 48 as allowed in FASB Staff Position (FSP-48-3) issued December 30, 2008. The adoption of this standard is not currently anticipated to have a material impact on the Firm's financial position, results of operations, or cash flows; however, the effect on future financial statements of this pronouncement cannot be determined at this time. Management will continue to evaluate any uncertain tax positions, if any, during the deferral period. Page / 8 - General Securiti~ Corp. {12}------------------------------------------------ ### GENERAL SECURITIES, CORP. NOTES TO THE FINANCIAL STATE1WENTS *FOR THE YEAR JULY 31, 2025* ### **NOTE 5: COMMITMENTS AND CONTIGENCIES** On January 25, 2002, the Firm entered into an agreement with Southwest Securities, Inc. (the organization) whereby the organization will execute and clear securities transactions for the Firm on a fully disclosed basis. The original term of the agreement was for one year and is automatically renewable until written notice of termination is given 30 days prior to termination date. Under the terms of the agreement, the Firm is prohibited from entering into a similar agreement with another broker/dealer without prior approval from the organization. As of January 26, 2016, Southwest Securities, Inc. merged with Hilltop Holdings, Inc. and the Firm now executes and clears securities transactions through Hilltop Securities, Inc. a division of Hilltop Holdings, Inc. Management has evaluated other possible commitments and contingencies at July 31, 2025. They concluded that there were no other commitments or contingencies that would require recognition in the financial statements or disclosure in the related notes to the financial statements. #### **NOTE 6: RETIREMENT PLAN AND EMPLOYEE BENEFIT PLAN** The Firtn adopted a 401(k) retirement plan effective August 1, 1995. To be eligible, employees must be at least 18 years of age, complete 1,000 hours of service per year, and have completed at least one year with the Firm. Employees are allowed to make elective deferrals to the plan. The employer may make matching contributions to the accounts of all participants who make elective deferrals to the plan. Employee contributions to the plan are 100% vested at the time they are made. Employer contributions are fully vested after five years of service with the Firm. The Firm also has a non-qualified employee medical reimbursement plan. The plan was designed to assist employees (participants) in providing for medical and dental bills. The employees contribute from their payroll checks through payroll deductions. The funds are deposited in a separately maintained cash account. There is also a separately recorded liability representing the funds contributed by employees. #### **NOTE 7 : OFFICE LEASE** The Firm operates in a leased building on a month to month basis. Rent expense was \$12,100 for the year ended July 31, 2025. There were no future minimum lease payments under this lease. #### **NOTE 8: NET CAPITAL REQUIREMENTS** The Firm is required to maintain a minimum net capital under Rule 15c3-1 of the Securities and Exchange Commission. Net capital required under the rule is the greater of \$50,000 or 6 2/3 percent of the aggregate indebtedness of the Firm. At July 31, 2025, net capital as defined under this rule, equaled \$258,142 which was \$208,142 in excess of its minimum net capital requirement of \$50,000 and \$198,142 in excess of its 120% minimum net capital requirement. The ratio of aggregate indebtedness to net capital was 11.18%. #### **NOTE 9: SEGMENT REPORTING** The Firm is engaged in a single line of business as a securities broker-dealer which is comprised of investment services described in Note 1. The Firm 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 Firm. Additionally, the CODM uses excess net capital (see Note 8), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to maintain profits or pay distributions. The Firm's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using information of the Firm as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described in the policies listed in Note 1. Page / 9 - General Securitie5t Corp. {13}------------------------------------------------ ### **NOTE 10: FILING REQUIREMENTS** ### *GENERAL SECURITIES, CORP. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR JULY 31, 2025* There were no liabilities subordinated to claims of creditors during the year ended July 31, 2025 Accordingly, no Statement of Changes in Liabilities Subordinated to Claims of Creditors has been included in these financial statements as required by rule 17a-5 of the Securities and Exchange Commission. ### **NOTE 11: SUBSEQUENT EVENTS** Management has evaluated subsequent events through the date of the report of the independent registered accounting firm on the financial statements which is the date t hey were available to be issued. Management has concluded that no subsequent events have occurred that would require recognition or disclosure in the financial statements. ![](_page_13_Picture_5.jpeg) Page / 10 - General Securities, Corp. {14}------------------------------------------------ ## *GENERAL SECURITIES, CORP. SCHEDULE* I: *COMPUTATION OF NET CAPITAL UNDER SEC RULE 15c3-1* ### **AS OF JULY 3.1, 2025** ### **COMPUTATION OF NET CAPITAL** | Total ownership equity from Statement of Financial Condition | \$
262,564 | |--------------------------------------------------------------------------------|---------------| | Add other deductions or allowable credits | | | Less nonallowable assets from Statement of Financial Condition | {308} | | Net capital before haircuts on securities positions | 262,256 | | Less haircuts on securities | (4,114} | | Net Capital | \$
258,142 | | COMPUTATION OF BASIC NET CAPITAL REQUIREMENT | | | Minimum net capital required based on 6-2/3% of aggregate indebtedness | 1,925 | | Minimum dollar net capital requirement of reporting broker or dealer | 50,000 | | Excess Net Capital | \$
208,142 | | (A)-10% of total aggregate indebteness | 2,887 | | (B)-120% of minimum net capital requirement | 60,000 | | Net capital less greater of (A) or (B) | \$
198,142 | | COMPUTATION OF AGGREGATE INDEBTEDNESS | | | Total Aggregate Indebtedness liabilities from Statement of Financial Condition | \$
28,865 | | Adjustments for Aggregate Indebtedness | | | Total Aggregate Indebtedness | \$
28,865 | | | | Percentage of Aggregate Indebtedness to Net Capital **Reconciliation with Company's Computation of Net Capital Pursuant to Rule 17a-5(d)(4)** 11.18% As of July 31, 2025, there were no material differences between audited net capital above, and net capital as reported on PartllA of the Firm's most recently file unaudited FOCUS report. • Page/ 11-General Securities, Corp. ---------------=~!!!!!!!!!!!"""!""'!'!'!!!"!'! \_\_\_\_\_\_\_\_\_ \_ \_ {15}------------------------------------------------ ![](_page_15_Picture_0.jpeg) ## **REPORT OF INDEPENDEN\_T REGISTERED PUBLIC ACCOUNTING FIRM** The Board of Directors General Securities, Corp. I have reviewed management's statements, included in the accompanying Exemption Report of Broker and Dealers, in which (1) General Securities, Corp., identified the following provisions 17 C.F.R. § 15c3- 3(k) under which the Firm claimed the following exemption from 17 C.F.R. §2 4 0.15c3-3:(k)(2)(ii) and (2) General Securities, Corp. stated that General Securities, Corp. met the identified exemption provision throughout the most recent fiscal year without exception. The Firm is also filing this Exemption Report because the Firm's other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 are limited to effecting securities transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Firm. In addition1 the Firm did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, other than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (b)(2) of Rule 15c2- 4 and/or funds received and promptly transmitted for effecting transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company; did not carry accounts of or for customers; and did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. General Securities, Corp.'s management is responsible for compliance with the exemption provisions and its statements. My review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and accordingly included inquiries and other required procedures to obtain evidence about the Firm's compliance with the exemption provisions. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, I do not express such an opinion. Based on my review, I am not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, based on the provisions set forth in paragraph (k)(2)(ii) of Rule 1 Sc3-3 under the Securities Exchange Act of 1934 and the Firm's other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5, and related SEC Staff Frequently Asked Questions. ## Thomas Faust, CPA, LLC d/b/a Thomas Faust, CPA {16}------------------------------------------------ Lafayette, Indiana October 24, 2025 ![](_page_16_Picture_1.jpeg) ![](_page_16_Picture_2.jpeg) {17}------------------------------------------------ • ![](_page_17_Picture_0.jpeg) GeJ1er.~l Se~uriti.es Corp~ • •• . . ~- 2007 Fayette N. Kansas City, MO 64116 October 15, 2025 RE: Exemption Statement Rule 15c3-3 ### 816472-7170 FAX 660-829-9339 To the best of my knowledge and belief, l, David S. Miller., President and Chief Compliance Officer state that General Securities Corp is a registered broker~dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission {17 C.F.R. section 240.17a-5, "Reports to be made by certain brokers and deafers"}. This Exemption Report was prepared as required by 17 C.F.R. Section 240.17a-S(d)(I) and (4}. General Securities Corp claimed an exemption under provision 17 C.F.R. section 240. 15c3-3 **(k)(2}(ii)** as the . company is a non-carrying broker deal-er which promptly transmits all funds and delivers all securities received in connection with its activities as a broker-dealer, and does not otherwise hold funds or securities for, or owe money or securities to customers . General Securities Corp is also filing this Exemption Report because the Form's other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. & 240.17a-S are limited to effecting securities transactions via subscription on a subscription.way basis where funds are payable to the issuer or its agent and not to the Firm. In addition the Firm did not directly receive. Hold, or otherwise owe funds or securities for or to customers, other·than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (b}(2) of Rule 15c2-4 and /or funds received and promptly transmitted for effecting transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agents and not to General Securities, Corp., did not carry accounts of or for customers; and did not carry PAS accounts (as defined in Rule 15c3~3). General Securities Corp has maintained compliance with these exemption provisions throughout the entire fiscal year without exception. David S. Miller, President and Chief Compliance Officer .. Secr1rities Offered Through General Securities Corp\_ 2007 Fayette, North Kansas City1 MO 64116 (816) 472-7170 Members-of FINRA and SIPC Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.