# NOLAN SECURITIES CORP. X-17A-5 (2026-05-28) — Broker-dealer annual report - Company: NOLAN SECURITIES CORP. - Form: X-17A-5 - Filed: 2026-05-28 - Period: 2025-12-31 - Accession: 0000870702-26-000002 - CIK: 870702 - File #: 8-43354 - Type: Broker-dealer - Material weakness: No - Auditor: Fulvio and Associates, LLP - Auditor location: New York, NY - Contact: Leonard Schwalb - Phone: 212-535-5628 - Email: ischwalb1@msn.com - Website: fulviollp.com - Signed by: Bruce Kelly (President) Original filing: https://www.sec.gov/Archives/edgar/data/870702/000087070226000002/nscsr.pdf --- {0}------------------------------------------------ # KELLY SECURITIES CORPORATION D/B/A NOLAN SECURITIES CORPORATION STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025 #### WITH THE REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM This report is filed as a PUBLIC document in accordance with Rule l7a-5(e)(3) under the Securities Exchange Act of 1934. {1}------------------------------------------------ ## KELLY SECURITIES CORPORATION D/B/A NOLAN SECURITIES CORPORATION STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025 #### **CONTENTS** #### PAGES | Facing Page- Oath or Affirmation | 1-2 | |---------------------------------------------------------|-----| | Report of Independent Registered Public Accounting Firm | 3 | | Statement of Financial Condition | 4 | | Notes to Financial Statement | 5-9 | {2}------------------------------------------------ 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 8-43354 FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 AND ENDING\_12/31/2025 filing for the period beginning 01/01/2025 MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION NAME OF FIRM: Nolan Securities Corporation TYPE OF REGISTRANT (check all applicable boxes): ■ Broker-dealer □ Security-based swap 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.) 535 Main Road (No. and Street) Monterey MA 01245 (City) (State) (Zip Code) PERSON TO CONTACT WITH REGARD TO THIS FILING Leonard Schwalb 212-535-5628 Ischwalb1@msn.com (Name) (Area Code - Telephone Number) (Email Address) B. ACCOUNTANT IDENTIFICATION INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* Fulvio & Associates, LLP (Name – if individual, state last, first, and middle name) 5 West 37th Street, 4th Floor New York NY 10018 (Address) (City) (State) (Zip Code) 12/20/2018 6529 (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 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. {3}------------------------------------------------ #### OATH OR AFFIRMATION | Bruce P Kelley | swear (or affirm) that, to the best of my knowledge and belief, the | | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|-------| | tinancial report pertaining to the firm of Nolan Securities Corporation | | as of | | 12/31
7 025 | is ween and correct. I further swear (or affirm) that neither the company nor any | | | | partner, officer, director, or equivalent perset} (@0) be, has any proprietary interest in any account classified solely | | | as that of a customer. | AMARKA | | | Briller | | | | | Signature:
#01BA6399087 | | | 198388888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888 | ON
Title: | | | | 0 | | | | | | 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). SECURATION SECTIONAL - O (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-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - □ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - | (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - | (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - 層 (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 240.17a-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). - □ (z) Other: - \*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), as applicable. {4}------------------------------------------------ ## FULVIO & ASSOCIATES, LIP Certified Public Accountants New York Office: 5 West 37th Street, 4th Floor New York, New York 10018 TEL: 212-490-3113 FAX: 212-575-5159 www.fulviollp.com Connecticut Office: 95B Rowayton Avenue Rowavton, CT 06853 TEL: 203-857-4400 FAX: 203-857-0280 ## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholder of Kelly Securities Corporation D/B/A Nolan Securities Corporation: #### Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Kelly Securities Corporation D/B/A Nolan Securities Corporation (the "Company") as of December 31, 2025, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of Kelly Securities Corporation D/B/A Nolan Securities Corporation as of December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. #### Basis for Opinion This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the U.S. Securities and Exchange Commission (SEC) and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. 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 statement. We believe that our audit provides a reasonable basis for our opinion. We have served as the Company's auditor since 2018. New York, New York May 6, 2026 {5}------------------------------------------------ ## KELLY SECURITIES CORPORATION D/B/A NOLAN SECURITIES CORPORATION STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025 #### ASSETS | Cash and cash equivalents | \$
10,610 | |----------------------------------------------------------------------------|--------------| | Fixed assets (net of accumulated depreciation of \$177,874) | 2,070 | | TOTAL ASSETS | \$
12,680 | | LIABILITIES AND STOCKHOLDER'S EQUITY | | | LIABILITIES | | | Accounts payable and accrued expenses | \$
- | | TOTAL LIABILITIES | - | | Stockholder's equity | | | Common stock, no par value,100 shares authorized
issued and outstanding | 5 | | Additional paid-in-capital | 538,349 | | Accumulated deficit | (525,674) | | Total stockholder's equity | 12,680 | | TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | \$
12,680 | The accompanying notes are an integral part of this financial statement. {6}------------------------------------------------ #### NOTE 1. ORGANIZATION AND NATURE OF BUSINESS #### Organization Kelly Securities Corporation D/B/A Nolan Securities Corporation (the "Company") is a broker/dealer, registered with the U.S. Securities and Exchange Commission (the "SEC") and is a member of the Financial Industry Regulatory Authority, Inc. (the "FINRA"). #### Nature of Business The Company's purpose is to advise other companies on all financial matters, including advice on financing, securities offerings and private placement of securities. The Company does not carry customer accounts or perform custodial functions related to customer securities. #### NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES #### Basis of Presentation The financial statement has been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and complies with the Accounting Standards Codification ("ASC") of the Financial Accounting Standards Board ("FASB"). #### Cash and cash equivalents All short-term investments with an original maturity of three months or less are considered to be cash equivalents. #### Depreciation The cost of fixed assets is depreciated over their estimated useful lives on a straight line basis. Fixed assets costing \$1,000 or less are expensed. #### Fair Value Measurement - Definition and Hierarchy ASC Topic 820, Fair Value Measurement defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy which prioritizes the inputs to valuation techniques. 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 {7}------------------------------------------------ #### NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 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 ASC Topic 820, are used to measure fair value. In determining fair value, the Company uses various valuation approaches. A fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs are to be used when available. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 - Valuations based on inputs, other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Fair value is a market-based measure, based on assumptions of prices and inputs considered from the perspective of a market participant that are current as of the measurement date, rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Company's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Company did not hold any securities as of December 31, 2025. #### Concentration of Credit Risk The Company is engaged in various investment and brokerage activities in which counterparties primarily include broker-dealers, banks, and other financial institutions. In the event counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparty or issuer of the instrument. It is the Company's policy to review, as necessary, the credit standing of each counterparty. The Company maintains cash balances in bank accounts which, at times, exceed the FDIC insurance limits. {8}------------------------------------------------ #### NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) #### Use of Estimates The preparation of financial statement is in conformity with U.S. GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenue 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 broker-dealer, which is comprised of several classes of services, including advising other companies on all financial matters, including advise on financing, securities offerings and private placement of securities. The Company has identified the Chief Executive Officer 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 withdraw funds. 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. The financial information for the Company's single operating segment is the same as the financial information presented in the statement of financial condition. #### NOTE 3. INCOME TAXES For income tax purposes, the shareholder has elected that the Company be treated as an "S" corporation under Subchapter S of the Internal Revenue Code and for state income taxes. Accordingly, no provision has been made for both Federal and state income taxes since the net income or loss of the Company is to be included in the tax return of the individual shareholder. The Company recognizes and measures its unrecognized tax benefits in accordance with ASC Topic 740, Income Taxes. Under that guidance the Company assesses the likelihood, based on their technical merit, that tax positions will be sustained upon examination based on the facts, circumstances, and information available at the end of the period. The measurement of unrecognized tax benefits is adjusted when new information is available, or when an event occurs that requires a change. The Company has determined that there are no uncertain tax positions which require adjustment or disclosure on the financial statement. {9}------------------------------------------------ #### NOTE 4. NET CAPITAL REQUIREMENTS The Company is subject to the SEC Uniform Net Capital Rule (SEC Rule l5c3-l), 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 (and the rule of the 'applicable' exchange 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 December 31, 2025, the Company had net capital of \$10,610, which was \$5,610 in excess of its required net capital of \$5,000. The Company's net capital ratio was 0.00 to 1. #### NOTE 5. FIXED ASSETS Fixed assets at December 31, 2025 consist of the following: | | | Estimated Useful Life | |-------------------------------|---------------|-----------------------| | Automobile | \$
114,614 | 5 Yrs | | Office Equipment | 13,079 | 3-5 Yrs | | Furniture and fixtures | 37,452 | 7 Yrs | | Artwork | 14,799 | 7 Yrs | | | 179,944 | | | Less Accumulated Depreciation | (177,874) | | | | \$
2,070 | | Fixed assets are recorded at cost. The cost of fixed assets is depreciated over the estimated useful lives of the related assets utilizing the straight-line method. ## NOTE 6. RELATED PARTY TRANSACTIONS For the year ended December 31, 2025, consulting fees of \$41,400 were paid to a related party. #### NOTE 7. OFF BALANCE SHEET RISK The Company provides representations and warranties to counterparties in connection with a variety of commercial transactions and occasionally indemnifies them against potential losses caused by the breach of those representations and warranties. The Company may also provide standard indemnifications to some counterparties to protect them in the event additional taxes are owed or payments are withheld, due either to a change in or adverse application of certain tax laws. These indemnifications generally are standard contractual terms and are entered into in the normal course of business. The maximum potential amount of future payments that the Company could be required to make under these indemnifications cannot be estimated. However, the Company believes that it is unlikely it will have to make material payments under these arrangements and has not recorded any contingent liability in the financial statement for these indemnifications. {10}------------------------------------------------ #### NOTE 8. GUARANTEES ASC Topic 460, Guarantees, requires the Company to disclose information about its obligations under certain guarantee arrangements. ASC Topic 460 defines guarantees as contracts and indemnification agreements that contingently require a guarantor to make payments to the guaranteed party based on changes in an underlying factor (such as an interest or foreign exchange rate, security or commodity price, an index or the occurrence or nonoccurrence of a specified event) related to an asset, liability, or equity security of a guaranteed party. This guidance also defines guarantees as contracts that contingently require the guarantor to make payments to the guaranteed party based on another failure to perform under an agreement, as well as indirect guarantees of the indebtedness of others. Except for the indemnifications described in Note 7, the Company has issued no guarantees at December 31, 2025 or during the year then ended. #### NOTE 9. SHORT-TERM LOAN RECEIVABLE It is the Company's policy to make advances to commissioned brokers. These advances are repaid as commissions are earned. As of December 31, 2025 the Company has no outstanding advances. #### NOTE 10. SUBSEQUENT EVENTS Subsequent events have been evaluated through May 6, 2026 which is the date the financial statement is available to be issued. From January 1, 2026 through May 6, 2026 no events were identified which require disclosure. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.