# PORTFOLIO RESOURCES GROUP, INC. X-17A-5 (2025-03-03) — Broker-dealer annual report

- Company: PORTFOLIO RESOURCES GROUP, INC.
- Form: X-17A-5
- Filed: 2025-03-03
- Period: 2024-12-31
- Accession: 0000895218-25-000002
- CIK: 895218
- File #: 8-45380
- Type: Broker-dealer
- Material weakness: No
- Auditor: Mercurius & Associates LLP
- Auditor location: New Delhi, K7
- Contact: Nancy Baquero
- Phone: 3053720299 Ext 404
- Signed by: Antonio Camejo (President - CEO - CCO)

Original filing: https://www.sec.gov/Archives/edgar/data/895218/000089521825000002/prgfinancialstmt2024short.pdf

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Statement of Financial Condition December 31, 2024

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| I±gµY¥‹ÜgY¾gܵ‹Â¬m˾gÜY¾¾g¾Ü                                                  | -<br>/0-Ü        |
| Jµg±YeÜgÕ±g¥¾g¾Ü                                                               | 1,Ü              |
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| IgµÜY¾¾g¾Ü                                                                     | ,1%Ü             |
| R¬ÂYÜY¾¾g¾Ü                                                                    | Ü<br>%0-%331Ü   |
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| EY_Âg¾Ü                                                                    |                  |
| <ËgܬÜ_µ¬šgµ¾Ü                                                                   | 0)%<br>,%-Ü<br>Ü |
| :¬  ¾¾¬¥¾Ü±Y×Y_gÜ                                                            | -,%<br>1%/Ü      |
| <ËgܬܵgYÂgeܱYµÊÜ                                                                | %)%<br>1))Ü      |
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| R¬ÂYÜY_Âg¾Ü                                                              | /1)Ü             |
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| N¬aš¬egµ¾Üg³ËÂ×Ü                                                             |                  |
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| JYe¥ÜaY±ÂYÜ                                                                 | 31<br>0Ü         |
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| LgÂY¥geÜgY½¥‹¾Ü                                                               | 1/10/0Ü          |
| R¬ÂYÜ¾Â¬aš¬egµ¾Üg³ËÉÜ                                                       |                  |
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# Notes to Statement of Financial Condition December 31, 2024

#### 1. Organization and Business

Portfolio Resources Group, Inc. (the "Company") is a corporation formed under the laws of the state of Florida. The Company is a broker-dealer registered under the Securities Exchange Act of 1934 ("SEC") and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"), the Securities Investor Protection ("SIPC") and the Municipal Securities Rulemaking Board ("MSRB"). Consequently, its record keeping is in accordance with the rules and regulations prescribed by these agencies.

#### 2. Summary of Significant Accounting

### Policies Basis of Presentation

This financial statement was prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") which requires management to make estimates and assumptions that affect the reported amounts of assets and disclosure of contingent assets and liabilities at the financial statement. Actual results could differ from these estimates.

### Recent Accounting Pronouncements

### FASB ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

The FASB issued ASU 2023-07 on November 27, 2023, which is intended to improve reportable segment disclosure requirements. Under previous guidance, while entities were required to disclose segment revenue and measure of profit or loss, there has been limited disclosure around the reporting of segment expenses. In addition to enhanced disclosures about significant segment expenses, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The purpose of the amendments is to enable investors to better understand an entity's overall performance and assess potential future cash flows. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company has adopted the requirements of the expanded segment disclosures as of December 31, 2024

FASB ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures The FASB issued ASU 2023-09 on December 14, 2023, which amends income tax disclosures to provide information to better assess how an entity's operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. The new guidance requires the entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company is currently assessing the impact ASU 2023-09 will have on its income tax disclosures.

### Cash and Cash Equivalents

Cash includes cash held at a bank. As of December 31, 2024, the Company's cash and cash equivalents totaled \$1,248,586. The Company considers investments in money market funds to be cash equivalents. As of December 31, 2024, the Company has money market funds investments

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# Notes to Statement of Financial Condition December 31, 2024

straight-line basis over the lease term.

The Company's office space leases require it to make variable payments for the Company's proportionate share of the building's property taxes, insurance, and common area maintenance. These variable lease payments are not included in lease payments used to determine lease liability and are recognized as variable costs when incurred.

### Preferred Stock

The Company previously authorized issuance of 100,000 shares of Preferred Stock, par value \$1.00 per share which it designated as Series A Preferred Stock. The Series A Preferred Stock pays a dividend of 3% per annum from funds legally available for distribution. The stock had no conversion rights to Common Stock, had no voting rights except with respect to matters pertaining to its rights and preferences, was redeemable at par by the Company after one year and by shareholder at any time after 5 years and had preference over common stock upon liquidation.

During the year ended December 31, 2024, there were no share transactions recorded by the Company. There are currently no shares of Preferred Stock outstanding. See Note 10for the issued shares on December 31, 2024.

### Credit Losses

The Company follows the guidance in ASU 2016-13, Accounting for Financial Instruments - Credit Losses (Topic 326). ASU 2016-13 requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Previously, U.S. GAAP required an "incurred loss" methodology that delays recognition until it is probable a loss has been incurred. Under the new standard, the allowance for credit losses must be deducted from the amortized cost of the financial asset to present the net amount expected to be collected. The income statement will reflect the measurement of credit losses for newly recognized financial assets as well as the expected increases or decreases in expected credit losses that have taken place during the period. As of December 31, 2024, management has determined that the expected losses for the Company are de minimis and would not require financial statement recognition.

#### 3. Transactions with Related Parties

The Company maintains a human resources expense sharing agreement with Investment Resources International Inc., an affiliated company (the "Affiliate"). Pursuant to the agreement, the Company pays 90% of the total staff payroll, plus an additional 15% administrative service fee; this fee was 10% for the first six months of the year. The Affiliate provides employee services and other services to the Company. The Company and the Affiliate are related by common ownership. As of December 31, 2024, there is a due to related party of \$232,833 to the Affiliate.

The Company also has rent expense sharing arrangements with two affiliates, the Affiliate and Portfolio Resources Advisor Group, its affiliated investment advisory firm, to pay a share of the office rent to the Company. There are no amounts due from related parties on December 31, 2024. The Company receives pass-through reimbursements of clearing charges from its affiliated investment advisory firm for clearing charges they incurred for executing trades in their clients' investment advisory accounts. There are no pass-through reimbursements outstanding as of December 31, 2024, from affiliated investment advisory firm.

All transactions with related parties are settled in the normal course of business. The terms of any

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# Notes to Statement of Financial Condition December 31, 2024

of these arrangements may not be the same as those that would otherwise exist or result from agreements and transactions among unrelated parties.

### 4. Escrow Account at Clearing Broker

Included in the Escrow Account at Clearing Broker is \$732,425 which is deposits of brokers' escrow accounts. The Company withholds and deposits into this account 5% of gross commissions, typically up to \$75,000 per broker, although risk evaluations and deposits may vary by broker, as deposits to cover for errors, omissions and customer claims resulting from actions of the broker and not of the Company or its employees. The corresponding balance for these deposits is included in Due to brokers.

#### ട്. Regulatory Requirements

The Company is subject to SEC Unifom1 Net Capital Rule 15c3-1 under the Securities Exchange Act of 1934, 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. On December 31, 2024, the Company had net capital of approximately \$895,058 which exceeded the required net capital by approximately \$761,606. The Company's aggregate indebtedness to net capital ratio was 1.73 to 1. The Company does not hold customers' cash or securities. As such it is not affected by SEC Rule 15c3-3.

#### 6. Concentrations

All cash deposits are held by two U.S. financial institutions and therefore are subject to the credit risk at those financial institutions. The Company has not experienced any losses in such accounts and does not believe there to be any significant creat risk with respect to these deposits. A significant portion of the Company's customers are located in Venezuela and Israel.

### 7. Commitments, Contingencies and Other Uncertainties

The Company is an introducing broker and clears all transactions with and for customers on a fully disclosed basis with Pershing, LLC. The Company instructs all customers to transmit funds and securities to such clearing broker dealer. In connection with this arrangement, the Company is contingently liable for the payment of securities purchased and the delivery of securities sold by customers. The agreement may be canceled by either of the parties hereto upon sixty (60) days written notice or up to 30 days if various net capital requirements are not met.

#### Income Taxes ot

The components of the provision (benefit) for income taxes for the year ended December 31, 2024, are as follows:

| Current tax expense       |    |        |
|---------------------------|----|--------|
| Federal                   | ಕಾ | 85,000 |
| State                     |    | 4,927  |
| Other, net                |    | 1      |
| Total current tax expense |    | 89,927 |
|                           |    |        |

{7}------------------------------------------------

# Notes to Statement of Financial Condition December 31, 2024

Deferred taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. The temporary differences relate primarily to depreciable assets (use of different methods to calculate depreciation and amortization for financial and tax reporting purposes) and tax loss carryovers.

#### 9. Operating Leases

The Company occupied its former office space from 2006 until November 2024. On October 3, 2016, the Company signed an amended lease agreement extending the term of the lease to May 31, 2024, which also waived 4 months of 2017 rent and cancelled the previous provision for a letter of credit. The monthly payment for this lease was \$13,927, which represents base rent.

This lease was extended month for 6 additional months from June to November 2024. The monthly payment for the lease extension was \$20,890.41, which represents base rent.

The Company entered a five-year operating lease in December 2021 for copiers, expiring November 30, 2026. The monthly payment is \$255, which represents base rent. The Company also entered a four-year operating lease in February 2023 for a cloud-based secure printing. The monthly payment is \$34, with represents base rent.

Company recognized ROU asset on the commencement of lease which was equal to the present value of future payments to be made and corresponding operating lease liability of the equal amount. The ROU asset and liability is being amortized with the discounting rate taken on commencement of the lease and the balance outstanding as on December 31, 2024, is \$ 5,675.

| Weighted average remaining operating lease term    | 2.2 years |
|----------------------------------------------------|-----------|
| Weighted average discount rate of operating leases | 4.6%      |

The future minimum lease payments due under current active lease agreements are as follows:

| Year Ending December 31,          |    |       |
|-----------------------------------|----|-------|
| 2025                              |    | 3,476 |
| 2026                              |    | 3,476 |
| 2027                              |    | રવેર  |
| Total undiscounted lease payments |    | 7,498 |
| Less imputed interest             |    | (371) |
| Total lease liabilities           | ಕಿ | 7,126 |

The Company entered a new office space lease in October 2023 with commencement date being June 1st, 2024, or the date landlord delivers the premise to Tenant substantially complete, whichever is later and for a period of 125 calendar months commencement date as mentioned above. The first 5 months of lease period are waived. The monthly payment is \$13,762, which is the

{8}------------------------------------------------

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{9}------------------------------------------------

# Notes to Statement of Financial Condition December 31, 2024

#### 12. Subsequent events

The Company has evaluated events subsequent to the balance sheet date for items requiring recording or disclosure in the financial statements. The evaluation was performed through the date the financial statements were available to be issued. Based upon this review, the Company has determined that there were no events which took place that would have a negative material impact on its financial statements.


Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.