# BULLISH BOB BAGLEY SECURITIES, INC. X-17A-5 (2025-12-18) — Broker-dealer annual report - Company: BULLISH BOB BAGLEY SECURITIES, INC. - Form: X-17A-5 - Filed: 2025-12-18 - Period: 2025-09-30 - Accession: 0000851866-25-000005 - CIK: 851866 - File #: 8-41372 - Type: Broker-dealer - Material weakness: No - Auditor: Phillip V George - Auditor location: celeste, TX - Contact: robert bagley - Phone: 9722855474 - Email: bbagley@bullish.org - Website: bullish.org - Signed by: robert bagley (ceo) Original filing: https://www.sec.gov/Archives/edgar/data/851866/000085186625000005/annualaudit2025-1.pdf --- {0}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | OMB APPROVAL | | |--------------------------|--| | OMB Number: 3235-0123 | | | Expires: Nov. 30, 2026 | | | Estimated average burden | | | nours per response: 12 | | | | | | SEC FILE NUMBER | | | 3-41372 | | # ANNUAL REPORTS FORM X-17A-5 PART III | | 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 | 10/01/24 | AND ENDING | 09/30/24 | | | | MM/DD/YY | | MM/DD/YY | | | | A. REGISTRANT IDENTIFICATION | | | | | NAME OF FIRM: Bullish Bob Bagley Securities, Inc. | | | | | | TYPE OF REGISTRANT (check all applicable boxes):
· Broker-dealer
Check here if respondent is also an OTC derivatives dealer | | | _ Major security-based swap participant | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | | 429 Country View Lane | | | | | | | (No. and Street) | | | | | Garland | Texas | | 75043 | | | (City) | (State) | | (Zip Code) | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | Bullish Bob Bagley | 972-285-5474 | | bbagley@bullish.org | | | (Name) | (Area Code - Telephone Number) | | (Email Address) | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filling*
Phillip V. George, PLLC | | | | | | | (Name - If individual, state last, first, and middle name) | | | | | 5179 CR 1026 | Celeste | | X
75423 | | | (Address) | (City) | | (State)
(Zip Code) | | | 02/24/09 | | 3366 | | | | (Date of Registration with PCAOB) (if applicable) | | (PCAOB Registration Number, if applicable) | | | | * Claims for exemption from the requirement that the annual reports of an independent public | FOR OFFICIAL USE ONLY | | | | 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 uniess the form displays a currently valid OMB control number. {1}------------------------------------------------ #### DATH OR AFFIRMATION | Robert M. Bagley, Jr. | swear (or affirm) that, to the best of my knowledge and belief, the | | |--------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------|-------| | tinancial report pertaining to the firm of Bullish Bob Bagley Securities, Inc. | | 35 01 | | 9/30 | 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 President 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. - [] 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. - [1] 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 240.18c3-1, 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 ್ oxist - [p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - (g) Oath or affirmation in accordance with 17 CFR 240.17a-5, 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. - [1 (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17a-12, as applicable. - [ (y) Report describing any material inadequacies 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). - O (z) Other: - \*\* To request confidential treatment of certain portions of this filing, see 17 CFR 240.18c-7(d)(2), as applicable. {2}------------------------------------------------ ## TEXAS ORDINARY CERTIFICATE OF ACKNOWLEDGMENT Civil Practice & Remedies Code § 121.007 THE COLLECTION COLLECTION COLLECTION COLLECTION COLLECTION COLUMNICO COLLECTION CONSULTION CONSULTION CONSULTION CONSULTION CONSULTION CONSULTION CONSULTION CONSULTION CONSUL The State of Texas County of Before me. Nome and Character of Notarizing Officer, e.g., "John Smith, Notary Public" this day personally appeared Name of Signer J known to me O proved to me on the oath of Name of Credible Witness □ proved to me through Mary Description of Identity Card or Document to be the person whose name is subscribed to the foregoing instrument and acknowledged to me that heishe executed the same for the purposes and consideration therein expressed. | KHALIA STEWART | |-----------------------| | Notary ID #134074026 | | My Commission Expires | | November 18, 2026 | Piace Notary Seal and/or Stamp Above Given under my hand and seal of office this 11 1 day of Month Day Year Signature of Notarizing Officer - OPTIONAL -Completing this Information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Description of Attached Document Title or Type of Document Document Date: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Signer(s) Other Than Named Above: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ ������������������������������������������������������������������������������������������������������������������������������������������������������������������������������ C2020 National Notary Association {3}------------------------------------------------ ## **CONTENTS** | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | | | | |-------------------------------------------------------------|------------|--|--| | | | | | | FINANCIAL STATEMENTS | | | | | Statement of financial condition | 2 | | | | Statement of income | 3 | | | | Statement of changes in stockholder's equity | 4 | | | | Statement of cash flows | 5 | | | | Notes to financial statements | 6 -
11 | | | | Schedule I: Supplemental information pursuant to Rule 17a-5 | 12 | | | | | | | | | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 13 | | | | Exemption report | 14 -
15 | | | {4}------------------------------------------------ #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Board of Directors Bullish Bob Bagley Securities, Inc. #### Opinion on the Financial Statements We have audited the accompanying statement of financial condition of Bullish Bob Bagley Securities, Inc. as of September 30, 2025, the related statements of income, changes in stockholder's equity, and cash flows for the year then ended, and the related notes (collectively refered to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of Bullish Bob Bagley Securities, Inc. as of September 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 Bullish Bob Bagley Securities, Inc.'s management. Our responsibility is to express an opinion on Bullish Bob Bagley Securities, Inc.'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 Bullish Bob Bagley Securities, Inc. 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 statements are 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 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. #### Auditor's Report on Supplemental Information The supplemental information contained in Schedule I has been subjected to audit procedures performed in conjunction with the audit of Bullish Bob Bagley Securities, Inc.'s financial statements. The supplemental information is the responsibility of Bullish Bob Bagley Securities, Inc.'s management. Our 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 our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with 17 C.F.R. §240.17a-5. In our opinion, the supplemental information contained in Schedule I is fairly stated, in all material respects, in relation to the financial statements as a what PHILLIP V. GEORGE, PLLC We have served as Bullish Bob Bagley Securities, Inc.'s auditor since 2009. Celeste, Texas November 21, 2025 ![](_page_4_Picture_14.jpeg) {5}------------------------------------------------ ## **BULLISH BOB BAGLEY SECURITIES, INC. Statement of Financial Condition September 30, 2025** ### **ASSETS** | Cash | \$
22,326 | |-----------------------------------------------------------|--------------| | Commissions receivable | 1,258 | | Securities owned, at fair value | 4,266 | | TOT AL ASSETS | \$
27,850 | | | | | LIABILITIES AND STOCKHOLDER'S EQUITY | | | Liabilities | | | Accounts payable | \$
1,003 | | Total liabilities | 1,003 | | Stockholder's Equity | | | Common stock, \$1.00 par value, 10,000 shares authorized, | | | 1,000 shares issued and outstanding | 1,000 | | Additional paid-in capital | 618,096 | | Accumulated deficit | (592,249) | | TOT AL STOCKHOLDER'S EQUITY | 26,847 | | TOT AL LIABILITIES AND STOCKHOLDER'S EQUITY | \$
27,850 | See notes to financial statements. 2 {6}------------------------------------------------ ## **BULLISH BOB BAGLEY SECURITIES, INC. Statement of Income Year Ended September 30, 2025** #### **Revenue** | Securities commissions | \$
12,667 | |-------------------------------------|----------------| | Mutual fund commissions | 4,747 | | Interest | 1,828 | | | | | TOTAL REVENUE | 19,242 | | Expenses | | | Clearing charges | 24,139 | | Compensation and related costs | 1,666 | | Occupancy and equipment costs | 18,136 | | Professional fees | 8,613 | | Regulatory fees | 238 | | Technology and communications | 1,684 | | Travel and entertainment | 5,751 | | Charitable contributions | 3,483 | | Other expenses | 2,575 | | TOT AL EXPENSES | 66,285 | | Net loss before other loss | (47,043) | | Other Loss | | | Unrealized loss on securities owned | (1 ,824) | | NET LOSS | \$
(48,867) | {7}------------------------------------------------ ## **BULLISH BOB BAGLEY SECURITIES, INC. Statement of Changes in Stockholder's Equity Year Ended September 30, 2025** | | Common
Shares | Common
Stock | Additional
Paid-in
Capital | Accumulated
Deficit | Total | | | |-------------------------------------|------------------|-----------------|----------------------------------|------------------------|--------------|--|--| | Balances at
September 30, 2024 | 1,000 | \$
1,000 | \$ 558,096 | \$ (543,382) | \$
15,714 | | | | Additional capital
contributions | | | 60,000 | | 60,000 | | | | Net loss | | | | (48,867) | (48,867) | | | | Balances at
September 30, 2025 | 1,000 | \$
1,000 | \$ 618,096 | \$ (592,249) | \$
26,847 | | | {8}------------------------------------------------ ## **BULLISH BOB BAGLEY SECURITIES, INC. Statement of Cash Flows Year Ended September 30, 2025** | Cash flows from operating activities: | | |----------------------------------------------------|----------------| | Net loss | \$
(48,867) | | Adjustments to reconcile net loss to net cash | | | used in operating activities: | | | Unrealized loss on securities owned | 1,824 | | Changes in assets and liabilities | | | Increase in commissions receivable | (1,258) | | Increase in accounts payable | 334 | | | | | Net cash used in operating activities | (47,967) | | | | | Cash flows from financing activities: | | | Additional capital contributions | 60,000 | | | | | Net change in cash | 12,033 | | Cash at beginning of year | 10,293 | | | | | Cash at end of year | \$
22,326 | | Supplemental Disclosures of Cash Flow Information: | | | Cash paid during the year for: | | | Interest | \$ | | Income taxes | \$ | {9}------------------------------------------------ ### **Note 1 - Nature of Business and Summary of Significant Accounting Policies** Nature of Business: Bullish Bob Bagley Securities, Inc. (the Company) was organized in May 1989 as a Texas corporation. The Company is a broker/dealer in securities registered with the Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA) and Securities Investor Protection Corporation (SIPC). The Company operates under the exemptive provisions of Rule 15c3-3(k)(2)(ii) ofthe Securities Exchange Act of 1934, and accordingly, is exempt from the remaining provisions of that Rule. For the Company's other business activities, it is considered a Non-Covered Firm exempt from 17 C.F.R. § 240.15c3-3. The Company does not hold customer funds or securities, carry accounts for customers or carry P AB accounts (as defined in Rule 15c3-3). The Company's operations consist primarily of providing securities brokerage services to individuals located in the state of Texas. Significant Accounting Policies: Use of Estimates The preparation 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 the 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. ### Segment Reporting The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of providing securities brokerage services. 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, 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 dividends. 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 segment are the same as those described in the summary of significant accounting policies. Segment financial information is identical to that presented in the accompanying financial statements. {10}------------------------------------------------ ### **Note 1 - Nature of Business and Summary of Significant Accounting Policies (Continued)** ### Fair Value of Financial Instruments Securities owned are held for investment purposes and are recorded at fair value in accordance with F ASB ASC 820, *Fair Value Measurements and Disclosures,* as described in Note 4. The increase or decrease in fair value is credited or charged to operations. The Company's other financial asset and liability amounts reported in the statement of financial condition are short-term in nature and approximate fair value. ### Revenue Recognition ### *Securities Commissions* The Company buys and sells securities on behalf of its customers. Each time a customer enters into a buy or sell transaction, the Company may charge a commission. Commissions 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 customer). 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 customer. Securities commissions also includes other revenue related to customer accounts which is recorded on the trade date. ### *Mutual Fund Commissions* The Company enters into arrangements with pooled investment vehicles (funds) to distribute shares to investors. The Company may receive distribution fees paid by the funds up front, over time, upon the investor's exit from the fund (that is, a contingent deferred sales charge), or as a combination thereof. The Company believes that its performance obligation is the sale of securities to investors and as such this is fulfilled on the trade date. Any fixed amounts are recognized on the trade date and variable amounts are recognized to the extent it is probable that a significant revenue reversal will not occur once the uncertainty is resolved. For variable amounts, as the uncertainty is dependent on the value of the shares at future points in time as well as the length of time the investor remains in the fund, both of which are highly susceptible to factors outside the Company's influence, the Company does not believe it can overcome this constraint until the market value of the funds and the investor activities are known, which are either monthly or quarterly. Distribution fees recognized in the current period are primarily related to performance obligations that have been satisfied in prior periods. {11}------------------------------------------------ ### **Note 2 - Transactions with Clearing Broker/Dealer** The Company has an agreement with a national clearing broker/dealer to provide clearing, execution and other related services. The agreement requires minimum monthly charges of \$2,000. The agreement also requires the Company to maintain a minimum of \$10,000 in cash and/or securities in accounts held with the clearing broker/dealer. ### **Note 3 - Net Capital Requirements** The Company is subject to the SEC 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. Rule 15c3-1 also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to 1. At September 30, 2025, the Company had net capital of \$26,207, which was \$21,207 in excess of its net capital requirement of \$5,000. The Company's net capital ratio was 0.04 to 1. ### **Note 4 - Fair Value/ Securities Owned** F ASB ASC 820 defines fair value, establishes a framework for measuring fair value, and establishes a hierarchy of fair value inputs. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. Valuation techniques that are consistent with the market, income or cost approach, as specified by F ASB ASC 820, are used to measure fair value. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: - *Level I.* Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date. - *Level 2.* Inputs other than quoted prices included within level 1 that are observable for the asset or liability either directly or indirectly. - *Level 3.* Unobservable inputs for the asset or liability. The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. {12}------------------------------------------------ ## **Note 4 - Fair Value/ Securities Owned (continued)** The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at September 30, 2025. Inverse Index Exchange traded fund: Valued at the last sale price on the exchange on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any reported sales, at the mean between the last available bid and asked price. The following table sets forth by level, within the fair value hierarchy, the Company's securities owned at fair value as of September 30, 2025 | | Level 1 | | Level 2 | | Level 3 | | Total | | |---------------------------------------|---------|-------|---------|--|---------|--|-------|-------| | Inverse index exchange
traded fund | \$ | 4,266 | \$ | | \$ | | \$ | 4,266 | | Total | \$ | 4,266 | \$ | | \$ | | \$ | 4,266 | Securities owned consist of holdings in ProShares UltraShort S&P500. Cost and fair value of securities owned at September 30, 2025, are as follows: | | | | Gross
Gross | | | | | | |------------------------|------|--------|----------------|------------|------------|--------|-------|----------| | | | | | Unrealized | Unrealized | | | Fair | | | Cost | | Gains | | Losses | | Value | | | Inverse index exchange | | | | | | | | | | traded fund | \$ | 56,749 | \$ | | \$ | 52,483 | | \$ 4,266 | | | | | | | | | | | | | \$ | 56,749 | \$ | | \$ | 52,483 | \$ | 4,266 | There were no transfers between level 1 and level 2 during the year. There were no assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3) during the year ended September 30, 2025. {13}------------------------------------------------ ### **Note 5 - Income Taxes** The Company has a current year tax loss; therefore, there is no provision for current income taxes. The Company has a net operating loss carry forward of approximately \$354,000 available to offset future taxable income. The Company also has cumulative unrealized losses on securities of approximately \$53,000. The carryforwards create a deferred tax asset of approximately \$85,000, which is fully reserved with a valuation allowance, therefore, there is no deferred tax asset recognized in the accompanying statement of financial condition. #### **Note 6 - Related Party Transactions/Economic Dependency/Concentration of Revenue** The sole shareholder has contributed significant amounts of additional capital to the Company for each of the last ten years. The sole shareholder intends to provide continuing capital contributions, but is not contractually obligated to do so. The sole shareholder and a related person generated all of the Company's commission revenue and received all of the compensation and related costs for the year ended September 30, 2025. The sole shareholder provides office space for the Company under a month-to-month lease at no cost to the Company. The Company is responsible for all office related costs and expenses. The Company is economically dependent upon the sole shareholder for his continued capital contributions, revenue, and use of office space. ### **Note** 7 - **Off-Balance-Sheet Risk** As discussed in Note 1, the Company's customers' secuntles transactions are introduced on a fully disclosed basis with its clearing broker/dealer. The clearing broker/dealer carries accounts of the customers of the Company and is responsible for execution, collection and payment of funds, and receipt and delivery of securities relative to customer transactions. Off-balance-sheet risk exists with respect to these transactions due to the possibility that customers may be unable to fulfill their contractual commitments wherein the clearing broker/dealer may charge any losses it incurs to the Company. The Company seeks to minimize this risk through procedures designed to monitor the credit worthiness of its customers and that customer transactions are executed properly by the clearing broker/dealer. #### **Note 8 - Concentration of Credit Risk** The Company has cash of\$16,270 and securities owned of \$4,266, or 74%, of its total assets held at the Company's clearing broker/dealer at September 30, 2025. {14}------------------------------------------------ #### **Note 9 - Contingencies** There are currently no asserted claims or legal proceedings against the Company, however, the nature of the Company's business subjects it to various claims, regulatory examinations, and other proceedings in the ordinary course of business. The ultimate outcome of any such action against the Company could have an adverse impact on the financial condition, results of operations, or cash flows of the Company. #### **Note 10 - Subsequent Events** Management has evaluated the Company's events and transactions that occurred subsequent to September 30, 2025, through November 21, 2025, the date which the financial statements were available to be issued. The Company's sole shareholder made an additional capital contribution of \$2,000 in October 2025. {15}------------------------------------------------ #### **Schedule** I #### **BULLISH BOB BAGLEY SECURITIES, INC. Supplemental Information Pursuant to Rule 17a-5 September 30, 2025** #### **Computation of Net Capital** | Total stockholder's equity qualified for net capital | \$
26,847 | |------------------------------------------------------------------------------------------------------------------------------------------|--------------| | Deductions and/or charges
Non-allowable assets: | | | Total deductions and/or charges | | | Net capital before haircuts on securities | 26,847 | | Haircuts on securities
Securities owned | 640 | | Net Capital | \$
26,207 | | Aggregate indebtedness
Accounts payable | | | Total aggregate indebtedness | \$
1,003 | | Computation of basic net capital requirement
Minimum net capital required (greater of\$5,000 or
6 2/3 % of aggregate indebtedness) | \$
5,000 | | Net capital in excess of minimum requirement | \$
21,207 | | Ratio of aggregate indebtedness to net capital | 0.04 to I | | | | #### **Reconciliation of Computation of Net Capital** There are no material differences between the preceding computation and the Company's corresponding unaudited Amended Part IIA of Form X-17 A-5. Accordingly, no reconciliation is deemed necessary. #### **Statement Regarding Changes in Liabilities Subordinated to Claims of General Creditors** No statement is required as no subordinated liabilities existed at any time during the year. #### **Statement Regarding the Exemption from Reserve Requirements and Possession or Control Requirements** The Company operates under the exemptive provisions of Rule 15c3-3(k)(2)(ii) of the Securities Exchange Act of 1934, and is also considered a Non-Covered Firm exempt from 17 C.F.R. § 240.15c3-3. The Company does not hold customer funds or securities. The Computation for Determination of Reserve Requirements and Information Relating to the Possession and Control Requirements are not required. See accompanying report of independent registered public accounting firm. {16}------------------------------------------------ # PHJLL[P V. GEORGE, PLLC cr.:rrnr, CD PUBLIC J.\CCOUl'ffANT # **REPORT or INDEPENDl'.:NT REGlSTEREU 1•uuuc ACCOUNTING FIRM** Board of Directors Bullish Bob Bagley Securities. Inc, We have reviewed management's statements, inducted in the accompanying Exernptlon Report, in ,,vhich(l} Bullish Bob Bagley Securities, Jnc. identified the following provision of 17 C.F.R. § l 5c3• 3(k) under ,vhich BuUish Bob Bagley Securitjes, Inc. claimed the fo llowing exemption from 17 C.F.R. §240.15cJ-3:(k)(2)(ii) ;.md {2) Bullish Bob Bagley Securities:, Inc. stated that Bullish Bob Bagley Securities, Inc. met the frlentificd exemption provisions throughout the most recent fiscal year \Vithout exception, The Company is also filing this Exemption Report because the Company's other business Bctivities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting ame:ndmems 1.0 17 CF.R. § 240. l 7a-5 are limited to effecting securities transactions via subscriptions on a subscript.ion \vay basis where the funds are payable to the issuer or its agr:nl and not lu thr;: Company. In .adJiilon, the Company did not directly or indirectly receive, hold, or otherwise 1)\.V¢ 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 l5c2-4 and/or funds rceeived and promptly transmitted for effecting transactions via subscriptions on a subscription way basis where the funds arc payable to the issuer *ot* its agent and not lo the Comp.any; did not carry accounts of 01' for cus:lomcrs; and did not carry PAB riccounts (as define({ in Rule 15c3-3) throughout the most recent fiscal yenr without exception. Bullish Bob Bagley Securities, lnc. 's management is responsible for compliance wilh ihe provisions comemplated by Footnote 74 of SEC Release No. 34-70073 adopting amendments to 17 CF.R. § 240. l 7a•5 and related SEC Staff frequently Asked Questions and its statements. Our review was conducted in accordance with the standards of the PubHc Company Accounting O,,crsighl Board (United Stales) anti, ac:ctm:lingly, indudc