# VALDES & MORENO, INC. X-17A-5 (2026-04-16) — Broker-dealer annual report - Company: VALDES & MORENO, INC. - Form: X-17A-5 - Filed: 2026-04-16 - Period: 2025-12-31 - Accession: 0000933075-26-000004 - CIK: 933075 - File #: 8-47810 - Type: Broker-dealer - Material weakness: No - Auditor: David Lundgren & Company, CPAs, Chartered - Auditor location: Olathe, KS - Contact: Marco Listrom - Phone: 8162216700 - Email: marco@valdesmoreno.com - Website: valdesmoreno.com - Signed by: Marco Listrom (President) Original filing: https://www.sec.gov/Archives/edgar/data/933075/000093307526000004/Public_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 | | hours per response: 12 | | | SEC FILE NUMBER ## ANNUAL REPORTS FORM X-17A-5 PART IH | | PART IH | | | | | |---------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|---------------------------------------|------------------------|--------------------------------------------|--| | Information Required Pursuant to Rules 17a-S, 17a-12, and 18a-7 under the Sacurities Exchange Act of 1934 | FACING PAGE | | | | | | | 01/01/2025 | | | 12/31/2025 | | | FILING FOR THE PERIOD BEGINNING | MM/DD/YY | AND ENDING | | MM/DD/YY | | | | A. REGISTRANT IDENTIFICATION | | | | | | NAME OF FIRM: | Valdes & Moreno, Inc. | | | | | | TYPE OF REGISTRANT (check all applicable boxes):
Broker-dealer
Check here if respondent is also an OTC derivatives dealer | Security-based swap dealer | Major security-based swap participant | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)
819 Main Street, Room 304 | | | | | | | | (No. and Street) | | | | | | Parkville | | MO | | 64152 | | | (City) | | (State) | | (Zip Code) | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | Marco Listrom | 816-21-6700 | | marco@valdesmoreno.com | | | | (Name) | (Area Code-Telephone Number) | | (Email Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing | | | | | | | David Lundgren & Company, CPAs, Chartered | | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | | 505 North Mur-Len Road | Olathe | | KS | 66062 | | | [Address) | (City) | | (State) | (Zip Code) | | | (Date of Registration with PCAOB)(if applicablej | | | | (PCAOB Registration Number, if applicabie) | | | | FOR OFFICIAL USE ONLY | | | | | \* Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public accountant must be supported bya statement of facts and circumstances relied on as the basis of the exemption. See 17 CIR 240.17a-5(e)(1)til), if applicable. Persons whe are to respond to the cellection of infermetion contsined in thie ferm are net required to respond untess the form displaysa currently valid OMB control number. {1}------------------------------------------------ ### OATH OR AFFIRMATION | Marco Listrom | swear (or affirm) that, to the best of my knowledge and belief, the | | |----------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | financial report pertaining to the firm of ___ Valdes & Moreno, Inc. | | as of | | | 11 1275 - 12 6 11 2 2 2 4 11 16 0 1 2 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 | | Is true and correct. I further swear (or affirm) that nether the company nor any partner, officer, director, or equivelent person, as the case may proprietary interest in any account classified solely as that of a rustomer. | | State of Missour
County of | | |------------------|----------------------------------------------------|--| | | Subscribed and swom before me this
"day of Marc | | | My Commission Br | illion of the sales and Public al Ligent House | | Signature: Title: President This filing \*\* contains (check all applicable boxes): - (a) Statement of financial condition. - O (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 Langible net worth under 17 CFR 240.18+2. - [i] 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. - 0 (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 worth under 17 CFR 240.15c3-1, 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. - 1 (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. - ا - (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. - [x] Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17-12, 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 240.170-5(e)(2), as applicable. {2}------------------------------------------------ #### DAVID LUNDGREN & COMPANY CERTIFIED PUBLIC ACCOUNTANTS, CHARTERED 505 NoRTH MUR-LEN ROAD OLATHE, KANSAS 66062 DAVID B. LUNDGREN, MBA, СРА TELEPHONE (913) 782-9530 FACSIMILE (913) 782-9564 #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Stockholders of Valdes & Moreno, Inc #### Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Valdes & Moreno, Inc 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 Valdes & Moreno, Inc 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 Valdes & Moreno, Inc's management. Our responsibility is to express an opinion on Valdes & Moreno, Inc's financial statement based on our audit. We are apublic accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to Valdes & Moreno, Inc in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the РСАОВ. 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 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. WeDalel have served as Valdes & Moreno. Inc's auditor since 2015. Olathe, Kansas April 9, 2026 {3}------------------------------------------------ ### EXHIBIT A ### VALDÈS & MORENO, INC ### STATEMENT OF FINANCIAL CONDITION ### DECEMBER 31, 2025 #### ASSETS | Cash and cash equivalents | S | 317,475 | |---------------------------------------------------------------|---|-----------| | Cash with clearing broker | | 240,394 | | Deposit account with clearing broker | | 35.251 | | Trading account with clearing broker | | 552,300 | | Investment account with clearing broker | | | | Receivable from clearing broker | | 4,802 | | Receivable from shareholder | | 21,500 | | Prepaid Expenses | | 1 29 | | Receivable from independent contrator | | | | Office equipment (net of accumulated depreciation of \$9,334) | | | | TOTAL ASSECTS | S | 1,171,851 | ### LIABILITIES AND STOCKHOLDERS' EQUITY | LIAKILITIES | | | |--------------------------------------------|---|-----------| | Accounts payable | ਉ | 18,177 | | Independent contractors payable | | 2,500 | | Bank Loans Payable | | | | Accrued payroll | | 15.235 | | Accrued payroll taxes and benefits | | 6,721 | | Due to clearing broker | | 309,285 | | Trading Account - Short | | 325.032 | | Income taxes payable | | 4,220 | | Dividends payable | | | | Total liabilities | | 681.170 | | STOCKHOLDERS' EQUITY | | | | Capital stock | | 231,500 | | Retained earnings (deficit) | | 259,181 | | Total stockholders' equity | | 490,681 | | TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 5 | 1. 71.851 | {4}------------------------------------------------ # VALDÉS & MORENO, INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025 #### NOTE 1 SIGNIFICANT ACCOUNTING POLICIES #### A. Nature of the Business The Company was incorporated on July 13, 1994 and commenced business on May 2, 1995. The Company operates as a fully disclosed broker/dealer based in Kansas City, Missouri. All customer cash balances and securities are carried by a clearing broker. #### H. Management Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at December 31, 2025 and revenues and expenses during the year then ended. The actual outcome of the estimates could differ from the estimates made in the preparation of the financial statements. #### C. Brokerage 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 charges a commission, Commissions and related clearing expenses are recorded on a settlement date basis. The Company believes that contract performance is only complete when money changes hands and the risk/reward of a securities position has been transferred. The firm's clearing broker keeps its books and records on a settlement date basis, also. #### D. Investment Banking The Company underwrites sccurities for corporate and governmental entities who want to raise funds through the sale of securities. Investment banking revenues include takedowns or concessions arising from securities offerings in which the Company participates as an underwriter. Takedowns and concessions are recorded on settlement date per the discussion above in C. Underwriting fees (group and net-designated sales credits), and gains/losses, net of syndicate expenses, are recorded at the time the underwriting has been closed and payment has been received. The Company believes that significant actions need to be taken by an underwriting group subsequent to settlement of an offering to account for related focs and to figure the gain/loss of a syndicate. #### E. Placement Agent Fees Placement agent fees are recorded upon receipt, in accordance with the related placement agent agreement, after investor funds have been deposited with the issuer or private equity fund at closing. See independent auditor's report {5}------------------------------------------------ # VALDÉS & MORENO, INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025 #### F. Depreciable Assets Depreciable assets are recorded at cost and depreciated under the straight-line basis using the estimated useful lives of the asset ranging from of three to ten years. Maintenance and repairs are charged to operations when incurred. Betterments and renewals are capitalized. Depreciation for the year ended December 31, 2025 was \$0,00. #### C. Statement of Cash Flows Cash and Cash Equivalents - For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with an original maturity remining of six months or less to be cash equivalents. As such, for the year ending December 31, 2025, the Company had a certificate of deposit of \$112,533 maturing before June 30, 2026. Cash Paid/Accrued - Interest and Taxes - The amount of cash paid for interest and accrued income taxes for the year ended December 31, 2025 are as follows: | Cash paid - interest | 21.066 | |------------------------|--------| | Accrued = income taxes | | #### NOTE 2 NET CAPITAL REQUIREMENTS The Company is subject to the U.S. Securities and Exchange Commission's Uniform Net Capital Rule (Rule 15c3-1) which requires the maintenance of minimum net capital or a ratio of aggregate indebtedness to net capital, both as defined, of less than 15 to 1. At December 31, 2025, the Company had aggregate indebtedness of \$46,852 and net capital of \$387,641 which resulted in a ratio of .1209 to 1 and a ratio requirement of \$3,123 which was less than its minimum requirement of \$100,000. Therefore, at December 31, 2025, based on its minimum requirement, the Company had excess net capital of \$287,641. See independent auditor's report {6}------------------------------------------------ #### NOTES TO FINANCIAL STATEMENTS ### DECEMBER 31, 2025 #### NOTE 3 CAPITAL STOCK The Company is capitalized with the following issues of stock: Common stock, Class A, \$1 par value, 1,000 shares issued and outstanding, Controlling shareholder - 100% Common stock, Class B: \$ 01 par value, 100,000 shares issued and outstanding, Controlling shareholder - 92.40% Preferred stock; \$100 par value. 2,295 shares issued and outstanding, Controlling shareholder - 92.1569% #### NOTE 4 FAIR VALUE FASB 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 scil an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumcs that the transaction to sell the asset or transfor the liability occurs in the principal market, the most advantageous market. Valuation techniques that are consistent with the market, income or cost approach, as specified by FASB 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 1. 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. #### See independent auditor 's report {7}------------------------------------------------ ### NOTES TO FINANCIAL STATEMENTS #### DECEMBER 31, 2025 #### NOTE 4 FAIR VALUE (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. The following table presents the Company's fair value hierarchy for those assets and liabilitics measured at fair value on a recurring basis as of December 31, 2025. | | Level 1 | Level 2 | Level 3 | Total | |------------------------------|-----------|-----------|---------|-------------| | ASSETS | | | | | | Cash | \$204.941 | \$ 0 | \$ 0 | \$204.941 | | Cash equivalents | 112,533 | () | 0 | 112,533 | | Cash with
clearing broker | 275,645 | 0 | 0 | 275,645 | | ETF securities | 43,330 | 0 | 0 | 43,330 | | Treasury securities | () | () | 0 | 0 | | Municipal securities | 0 | 508.970 | 0 | 208,970 | | Total | \$636,449 | \$508,970 | | \$1,145,419 | ### Fair Value Measurements on a Recurring Basis As of December 31, 2025 See independent auditor's report {8}------------------------------------------------ ### NOTES TO FINANCIAL STATEMENTS ### DECEMBER 31, 2025 #### NOTE 5 INVESTMENTS The Company's investments are identified as follows: #### Trading Securities This is an account maintained by the company with its clearing broker to invest in securities on a short-term basis. Profit or loss from this activity is reflected in income throughout the current year. Long trading securities held at December 31, 2025 amounted to \$552,300. Short trading securities amounted to \$325,032. #### Hold-to-Maturity Bonds These types of bonds are held to their maturity date. At maturity, the Company will receive the face value of the bonds plus any accrued interest. When purchased the bonds were acquired at either a discount or premium and in accordance with GAAP this discount or premium is amortized to income over the life of the bond. At December 31, 2025, the fair value of these investments was \$0 with a corresponding face value of \$0, ### Available-for-Sale Bonds This category includes bonds that the company will not likely hold to maturity but are actively traded and marked to market monthly with the profit or loss recorded accordingly. At December 31, 2025, the fair value of these bonds coincides precisely with the bood nongitions included in Trading Securities above. #### INCOME TAXES NOTE 6 The Company follows the provisions of FASB accounting standards regarding unrecognized tax positions. Since the Company has not taken any tax positions for which the deductibility is uncertain, it has not provided for any increase in tax liability as of December 31, 2024. Tax years 2022 through 2024 are still open and subject to examination by the respective tax jurisdictions. The Company had net income in 2025 of approximately \$75,431. {9}------------------------------------------------ #### NOTES TO FINANCIAL STATEMENTS ### DECEMBER 31, 2025 #### NOTE 7 LEASE COMMITMENTS On January 1, 2023, the Company executed a new lease on office space for a one-year period, extendable annually, at an annual rate of \$10,200. Annual maturities are: | 2025 | | 10.200 | |------|----|--------| | 2026 | es | 10,200 | Office lease expense for 2025 was \$10,200. ### NOTE 8 SEGMENT REVENUE AND SIGNIFICANT EXPENSES The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of several classes of investment activities, including primarily underwriting and trading municipal securities, brokerage services, cash management, and consulting. The Company has identified its President as the chief operating decision maker ("CODM"), who uses net income to evaluate the results of the business and in the forecasting/planning process to manage the Company. Additionally, the CODM uses excess net capital (see Schedule I), 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 opcrations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using information about 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. | | Year Ended December 31, 2025 | | |------------------------------------|------------------------------|--| | Revenue: | \$640,601 | | | Less: | | | | Employee compensation and benefits | 345,133 | | | Floor brokerage and clearance fees | 17.794 | | | Technology and communications | 45,074 | | | Interest | 21,320 | | | Occupancy and equipment | 17.427 | | | Travel and Entertainment | 37,142 | | | Regulatory fees and expenses | 37.156 | | | Other expenses | 39.906 | | | Provision for income taxes | 4.218 | | | Net Income | \$75.431 | | #### NOTE 9 SUBSEQUENT EVENTS Management has evaluated subsequent events through April 9, 2026, the date on which the audited financial statements were issued. In its evaluation, nothing was noted that would require further disclosure in the financial statements, See independent auditor 's report Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.