# PORTFOLIO RESOURCES GROUP, INC. X-17A-5 (2026-03-11) — Broker-dealer annual report - Company: PORTFOLIO RESOURCES GROUP, INC. - Form: X-17A-5 - Filed: 2026-03-11 - Period: 2025-12-31 - Accession: 0000895218-26-000001 - CIK: 895218 - File #: 8-45380 - Type: Broker-dealer - Material weakness: No - Auditor: HLB Gravier, LLP - Auditor location: Coral Gables, FL - Contact: Nancy Baquero - Phone: 3053720299 - Signed by: Antonio Camejo (President, CEO, CCO) Original filing: https://www.sec.gov/Archives/edgar/data/895218/000089521826000001/prgauditshort2025-v1.pdf --- {0}------------------------------------------------ # Portfolio Resources Group, Inc. Statement of Financial Condition December 31, 2025 {1}------------------------------------------------ ![](_page_1_Picture_0.jpeg) ![](_page_1_Picture_13.jpeg) {2}------------------------------------------------ | Assets | | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------| | Cash and cash equivalents | \$
1,690,981 | | Due from clearing broker | 388,998 | | Escrow account at clearing broker | 783,451 | | Operating lease right-of-use assets | 1,213,796 | | Prepaid expenses | 99,449 | | Deposits with clearing broker | 150,000 | | Fixed assets and leasehold improvements, net | 110,322 | | Other assets | 27,835 | | Total assets | \$
4,464,832 | | Liabilities and Stockholders' Equity | | | Liabilities | | | Due to brokers | \$
783,451 | | Commissions payable | 609,922 | | Due to related party | 185,211 | | Operating lease liabilities current | 77,484 | | Operating lease liabilities non-current | 1,220,505 | | Accounts payable and accrued expenses | 75,483 | | Total liabilities | 2,952,056 | | Commitments and Contingencies (see note 7) | | | Stockholders' equity | | | Common stock - 1,000,000 shares authorized \$1 par value;
183,369 shares issued; 164,444 outstanding and 18,925 held as
treasury stock
Preferred stock - 100,000 shares authorized of Series A preferred
shares \$1 para value; 100,000 shares issued; 0 shares outstanding | 183,369 | | Paid-in capital | 157,006 | | Treasury stock -
18,925 shares common; 100,000 shares preferred, at cost | (64,247) | | Retained earnings | 1,236,648 | | Total stockholders' equity
Total liabilities and stockholders' equity | 1,512,776
\$
4,464,832 | | The accompanying notes are an integral part of this financial statement. | | | | | {3}------------------------------------------------ 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 Corporation ("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 liabilities and disclosure of contingent assets and liabilities at the date of the financial statement. Actual results could differ from these estimates. ### Segment Reporting 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. See Note 11. ### Recent Accounting Pronouncements ### 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, 2025. The Company has adopted the standard effective January 1st, 2025. ### Cash and Cash Equivalents Cash includes cash held at a bank. As of December 31, 2025, the Company's cash and cash equivalents totaled \$2,474,432. The Company considers investments in money market funds to be cash equivalents. As of December 31, 2025, the Company has money market funds investments in the amount of \$2,212,624 comprising \$783,451 from escrow account and \$1,429,173 from Pershing cash account (being part of \$2,474,432). {4}------------------------------------------------ ### Income Taxes The Company records a deferred tax asset or liability based on the difference between the financial statement and tax basis of assets and liabilities as measured by the anticipated tax rates which will be in effect when these differences reverse. The measurement of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are not expected to be realized. The Company evaluates its tax positions for any uncertainties based on the technical merits of the position taken in accordance with authoritative guidance. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be upheld on examination by tax authorities. The Company has analyzed the tax positions taken and concluded that as of December 31, 2025, there are no uncertain tax positions taken, or expected to be taken, that would require recognition of a liability or disclosure in the financial statement. As of and for the year ended December 31, 2025, the Company did not have liability for any ### Fixed Assets and Leasehold Improvements ### Leases The Company recognizes right-of-use assets and lease liabilities on the statement of financial condition. The initial recognition of right-of-use assets ("ROU") and lease liabilities requires subjective assessment over the determination of the associated discount rates. The discount rate is the implicit rate if it is readily determinable or otherwise the Company uses its incremental borrowing rate. The implicit rates of our leases are not readily determinable and accordingly, we use our incremental borrowing rate based on the information available at the commencement date for all leases. The Company's incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms and in a similar economic environment. The Company's incremental borrowing rate is subjective and judgmental as the Company has no outstanding debt nor committed {5}------------------------------------------------ ### December 31, 2025 Portfolio Resources Group, Inc. Notes to Statement of Financial Condition credit facilities, secured or otherwise that would have comparable collateral or similar terms as their underlying office space. The Company has elected, for all underlying classes of assets, not to recognize ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less at lease commencement, and do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. We recognize lease cost associated with our short-term leases on a 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. ### Common Stock During the year ended December 31, 2025, the Board of Directors issued 41,111.11 additional shares, for a total of 164,444.44 shares. ### 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. It 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. There are currently no shares of Preferred Stock outstanding. ### Receivables from Clearing Broker The Company's receivables from clearing broker include amounts receivable from unsettled trades, including amounts related to futures and options on future contracts executed on behalf of customers, amounts receivable for securities failed to deliver, accrued interest receivables and cash deposits. A portion of the Company's trades and contracts are cleared through a clearing organization and settled daily between the clearing organization and the Company. Because of this daily settlement, the amount of unsettled credit exposure is limited to the amount owed to the Company for a very short period of time. The Company continually reviews the credit quality of its counterparties. As of December 31, 2025, the balance of Due from Clearing Broker was \$388,998 and of January 01, 2025, the balance was \$402,720. ### 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, {6}------------------------------------------------ ### December 31, 2025 Portfolio Resources Group, Inc. Notes to Statement of Financial Condition 2025, 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. 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, 2025, there is a due to related party of \$185,211 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, 2025. 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, 2025, from affiliated investment advisory firm. 4. Escrow Account at Clearing Broker 5. Regulatory Requirements All transactions with related parties are settled in the normal course of business. The terms of any of these arrangements may not be the same as those that would otherwise exist or result from agreements and transactions among unrelated parties. Included in the Escrow Account at Clearing Broker is \$783,451 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. The Company is subject to SEC Unifom1 Net Capital Rule 15c3-l 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, 2025, the Company had net capital of approximately \$1,230,777 which exceeded the required net capital by approximately \$1,114,893. The Company's aggregate indebtedness to net capital ratio was 1.41 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 credit risk with respect to these deposits. A significant portion of the Company's customers are located in Venezuela and Israel. {7}------------------------------------------------ 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. 8. Income Taxes The Company can be exposed to various asserted and unasserted potential claims encountered in the normal course of business. Loss contingencies, including claims, legal or regulatory actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonable estimated. All legal fees are expensed as incurred. As of Decembre 31, 2025, no such liabilities or claims were recorded or threatened. 9. Operating Leases 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. There are no significant deferred tax assets and liabilities as of December 31, 2025. 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. Year Ending December 31, 2026 3,000 2027 453 Total undiscounted lease payments 3,453 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, 2025, is \$ 3,342. | Weighted average remaining operating lease term | 1.2 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, | | |-----------------------------------|-------| | 2026 | 3,000 | | 2027 | 453 | | Total undiscounted lease payments | 3.453 | {8}------------------------------------------------ ### December 31, 2025 | Resources
Group,
Inc. | | | | |----------------------------------------------------------------------------|-----------|-------|--| | Portfolio
Notes
to
Statement of
Financial
December 31, 2025 | Condition | | | | Less
imputed
interest | | (111) | | Total lease liabilities \$ 3,342 The Company entered a new office space lease in October 2023 with commencement date being June 1st, 2025, or the date landlord delivers the premise to Tenant substantially complete, whichever is later and for a period of 125 calendar months commencing from commencement date as mentioned above. The first 5 months of lease period are waived. The monthly payment is \$13,762, which is the base rent for the remaining 7 months of the first 12 months of lease. Remodeling the new office began in July 2024 and works were completed by November 2024. However, by December 31, 2024, there were still some final inspections to be completed by the City of Coral Gables. Final inspection approval and the Certificate of Occupancy of the new office was issued by the City of Coral Gables in March 7th, 2025, date when the new lease will begin (commencement date). 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 of December 31, 2025, is \$1,210,454. | Weighted average remaining operating lease term | 9.7 years | |----------------------------------------------------|-----------| | Weighted average discount rate of operating leases | 7.5% | | Weighted average remaining operating lease term | | 9.7 years | | |-----------------------------------------------------------------------------------------|--------------|-----------|--| | Weighted average discount rate of operating leases | | 7.5% | | | The future minimum lease payments due under this new office space lease are as follows: | | | | | | | | | | Year Ending December 31, | | | | | 2026 | 169,189 | | | | 2027 | 174,264 | | | | 2028 | 179,492 | | | | 2029 | 184,877 | | | | 2030 | 190,423 | | | | 2031 | 196,136 | | | | 2032 | 202,020 | | | | 2033 | 208,081 | | | | 2034 | 214,323 | | | | 2035 | 132,456 | | | | Total undiscounted lease payments | 1,851,261 | | | | Less
imputed
interest | (556,614) | | | | | \$ 1,294,647 | | | {9}------------------------------------------------ ### Treasury Stock There are 18,925 shares of common stock that were previously repurchased by the Company at a cost of \$64,247. The shares are being held in treasury for reissuance. At the end of December 31, 2025, the total value of common treasury stock at cost is as follows: | 8,925 shares | \$
26,247 | |---------------|--------------| | 10,000 shares | 38,000 | | | \$
64,247 | There are 100,000 shares of preferred stock that were redeemed during 2017 at a cost of \$100,000. The shares are being held in treasury for reissuance at cost. 11. Segment Reporting The Company is engaged in a single line of business as a broker-dealer, which is comprised of several classes of services, offering full brokerage services to clients, including trading to execute purchase and sale of securities, incidental brokerage services as recommendations and account monitoring, and various operational services. Brokerage cash and margin accounts are introduced on a "fully disclosed basis" to our clearing firm, Pershing, LLC., a Bank of New York Mellon company. The Company has designated its chief executive officer and chief compliance officer, Antonio Camejo, as the chief operating decision maker ("CODM"). The CODM, together with Juan I. Sosa, chief operating officer (COO), review the Company financials on a monthly basis to evaluate performance. CODM and COO use gross and net income to evaluate the results of the business, focusing on the lines of revenue and expenses that generated an increase or decrease of net income from previous periods Additionally, the CODM and COO use excess net capital (see Schedule I) under Rule 15c3-1 of the Securities and Exchange Act of 1934, which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy as required by regulators. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM and COO manage the business activities using information from the Company as a whole. The accounting policies used to measure the profit and loss segment are the same as those described in the summary of significant accounting policies (See Note 2 Summary of Significant Accounting Policies). The Company derived 98% of total revenues earned during the year ended December 31, 2025, from Pershing LLC, its clearing firm. The significant expenses of the segment are reported on the accompanying income statement of this report. 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.