# TRUSTFIRST INC. X-17A-5 (2025-03-31) — Broker-dealer annual report - Company: TRUSTFIRST INC. - Form: X-17A-5 - Filed: 2025-03-31 - Period: 2024-12-31 - Accession: 0000949317-25-000001 - CIK: 949317 - File #: 8-48509 - Type: Broker-dealer - Material weakness: No - Auditor: Faust, Thomas - Auditor location: Lafayette, IN - Contact: Terri Nations - Phone: 865-583-7392 - Email: don@trustfirst.com - Website: trustfirst.com - Signed by: Donald O. Taylor (President & CEO) Original filing: https://www.sec.gov/Archives/edgar/data/949317/000094931725000001/auditfiling2024-1.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 # ANNUAL REPORTS FORM X-17A-5 PART III | | SEC FITE NUMBER | | |--|-----------------|--| | | 8-48509 | | FACING PAGE | FILING FOR THE PERIOD BEGINNING
TrustFirst, Inc.
NAME OF FIRM·
TYPE OF REGISTRANT (check all applicable boxes): | MM/DD/YY
A. REGISTRANT IDENTIFICATION | 01/01/2024 ____ AND ENDING | 12/31/2024 | MM/DD/YY | |--------------------------------------------------------------------------------------------------------------------------|------------------------------------------|------------------------------------------------------------|-----------------|--------------------------------------------| | | | | | | | | | | | | | | | | | | | | | | | | | Security-based swap dealer
Broker-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.) | | | | | | 5908 Toole Drive, Suite A | | | | | | | (No. and Street) | | | | | Knoxville | TN | | | 37919 | | (City) | (State) | | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | Donald O. Taylor | 865-583-7390 | | | don@trustfirst.com | | (Name) | (Area Code - Telephone Number) | | (Email Address) | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | | Thomas Faust, CPA, LLC d/b/a Thomas Faust, CPA | | | | | | | | (Name - if individual, state last, first, and middle name) | | | | 174 Coldbrook Ct. | Lafayette | | IN | 47909 | | (Address) | (City) | | (State) | (Zip Code) | | 02/14/2018 | | 6479 | | | | (Date of Registration with PCAOB)(if applicable) | FOR OFFICIAL USE ONLY | | | (PCAOB Registration Number, if applicable) | \* 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. {1}------------------------------------------------ #### OATH OR AFFIRMATION | l, | Donald O. Taylor | | | | |----|------------------|--|--|--| |----|------------------|--|--|--| m = , swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of TrustFirst, Inc. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 12/31 officer, director, or equivalent of and correct. I further swear (or affirm) that neither the company nor any partner, officer, director, or equivalent person, as the case may an inining the the the the the the company nor any as that of a customer. Signature: STATE OF Title: TE NNE S SEE President & CEO 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. - □ (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - | Exhibit A to 17 CFR 240.18a-4, as applicable. - □ (I) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. □ <<< < < f - □ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. □ << \ lef - □ (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. - Cl (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-2, 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, 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. - | 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 240.15c3-1e or 17 CFR 240.17a-12, 1 as applicable. - □ (y) Report describing any material inadequacies found to exist or 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 240.17c-5(e)(3) or 17 CFR 240.18o-7(d)(2), as 1 applicable. {2}------------------------------------------------ TrustFirst, Inc. Report on Audit of Financial Statements December 31, 2024 \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ ![](_page_2_Picture_3.jpeg) {3}------------------------------------------------ ### TRUSTFIRST, INC. TABLE OF CONTENTS \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Report of Independent Registered Public Accounting Firm Financial Statements: Statement of Financial Condition Statement of Income Statement of Changes in Stockholder's Equity Statement of Cash Flows Notes to the Financial Statements Schedule l: Computation of Net Capital Requirements under SEC Rule 15c3-1 Report of Independent Registered Public Accounting Firm on Applying Agreed-Upon Procedures Related to an Entity's SIPC Assessment Reconciliation Report of Independent Registered Public Accounting Firm Broker-Dealer's Exemption Report {4}------------------------------------------------ ## THOMAS FAUST, CPA Certified Public Accountant 174 Coldbrook Ct. Lafayette, IN 47909 (765) 267-1156 thomasfaustcpa2@gmail.com ![](_page_4_Picture_2.jpeg) ### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Stockholders of TrustFirst, Inc. ### Opinion on the Financial Statements I have audited the accompanying statement of financial condition of TrustFirst, Inc., as of December 31, 2024, the related statements of income, changes in stockholders' equity, and cash flows for the year then ended, and the related notes and schedules (collectively referred to as the financial statements). In my opinion, the financial statements present fairly, in all material aspects, the financial position of TrustFirst, Inc. as of December 31, 2024 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 TrustFirst, Inc.'s management. My responsibility is to express an opinion on TrustFirst, Inc.'s financial statements based on my audit. I am a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and am required to be independent with respect to TrustFirst, Inc, in accordance with the U.S. federal securities laws and the applicable rules and the regulations of the Securities and Exchange Commission and the PCAOB. I conducted my audit in accordance with the standards of the PCAOB. Those standards require that I 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. My 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. My 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. I believe that my audit provides a reasonable basis for my opinion. #### Supplemental Information The Schedule l, Computation of Net Capital Under SEC Rule 15c3-1, has been subjected to audit procedures performed in conjunction with the audit of TrustFirst, Inc.'s financial statements. The supplemental information is the responsibility of TrustFirst, Inc.'s management. My 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 my opinion on the supplemental information, I evaluated whether the supplemental information, including its form and content, is presented in conformity with 17 C.F.R. §240.17a-5. In my opinion, Schedule l, Computation of Net Capital Under SEC Rule 15c3-1, is fairly stated, in all material respects, in relation to the financial statements as a whole. {5}------------------------------------------------ ![](_page_5_Picture_0.jpeg) Thomas Faust, CPA, LLC d/b/a Thomas Faust, CPA I have served as the Company's auditor since 2018. Lafayette, Indiana March , 2025 {6}------------------------------------------------ ## TRUSTFIRST, INC. STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2024 #### ASSETS | TRUSTFIRST, INC. | | |---------------------------------------|---------------| | STATEMENT OF FINANCIAL CONDITION | | | AS OF DECEMBER 31, 2024 | | | | | | ASSETS | | | ASSETS | | | Cash and cash equivalents | \$
121,424 | | Commissions receivable | 33,927 | | Accounts receivable | 13,107 | | Marketable securities | 96,398 | | Other assets | 42,994 | | TOTAL ASSETS | \$
307,850 | | LIABILITIES AND STOCKHOLDER'S EQUITY | | | LIABILITIES | | | Accounts payable and accrued expenses | 90,734 | | Payable to clearing agent | 19 | | TOTAL LIABILITIES | 90,753 | | STOCKHOLDER'S EQUITY | | | | | #### LIABILITIES AND STOCKHOLDER'S EQUITY | TOTAL ASSETS | \$
307,850 | | |------------------------------------------------------------------------|---------------|--| | LIABILITIES AND STOCKHOLDER'S EQUITY | | | | LIABILITIES | | | | | | | | | | | | TOTAL LIABILITIES | 90,753 | | | STOCKHOLDER'S EQUITY | | | | Common Stock (No Par Value, authorized 200,000 shares, 100,000 issued, | | | | 50,000 outstanding) | 354,300 | | | Additional Paid In Capital | 315,925 | | | Retained Deficit | (106,767) | | | Treasury Stock, 50,000 Shares at Cost | (346,361) | | | TOTAL STOCKHOLDER'S EQUITY | 217,097 | | | TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | \$
307,850 | | | | | | {7}------------------------------------------------ | TRUSTFIRST, INC. | | |-------------------------------------------|--------------------| | STATEMENT OF INCOME | | | FOR THE YEAR ENDED DECEMBER 31, 2024 | | | | | | | | | | | | REVENUE | | | Commissions | \$
135,328 | | 12b-1 trail fees
Managed fee income | 142,262
507,184 | | Investment income | 49,715 | | Other income | 20,006 | | TOTAL REVENUE | 854,495 | | | | | EXPENSES | | | Commissions and other compensation | 639,785 | | Clearing Expense | 45,208 | | Brokerage service expense | 35,696 | | Occupancy | 34,336 | | Professional fees | 74,198 | | Other expenses | 5,781 | | TOTAL EXPENSES | 835,004 | | Net Income before income tax | 19,491 | | Income tax benefit | 21,971 | | | | | NET INCOME | \$
41,462 | | | | | | | | Earnings (Loss) per share of common stock | \$ | {8}------------------------------------------------ ## STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY FOR THE YEAR ENDED DECEMBER 31, 2024 TRUSTFIRST, INC. | TRUSTFIRST, INC.
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE YEAR ENDED DECEMBER 31, 2024 | | | | | | | | |----------------------------------------------------------------------------------------------------------|---------------|---------------|-----------------|-----------------|----|----------|--| | | | | | | | | | | | | Additional | | | | | | | | Common | Paid-In | Treasury | Retained | | Total | | | | Stock | Capital | Stock | Earnings | | | | | BEGINNING BALANCE | \$
354,300 | \$
361,500 | \$
(346,361) | \$
(148,229) | \$ | 221,210 | | | Additional Paid In Capital | - | - | - | - | | - | | | Stockholder Distribution | | (45,575) | - | - | | (45,575) | | | | | | - | 41,462 | | 41,462 | | | Net Income | - | - | | | | | | {9}------------------------------------------------ #### CASH FLOWS FROM OPERATING ACTIVITIES | TRUSTFIRST, INC. | | |--------------------------------------------------------------|---------------| | STATEMENT OF CASH FLOWS | | | FOR THE YEAR ENDED DECEMBER 31, 2024 | | | | | | | | | CASH FLOWS FROM OPERATING ACTIVITIES | | | Net Income | \$
41,462 | | Adjustments to reconcile net income to net cash provided by | | | operating activities: | | | (Increase) decrease in operating assets: | | | (Increase) decrease in commissions receivable | (10,243) | | (Increase) decrease in accounts receivable | (13,107) | | (Increase) decrease in marketable securities | 16,081 | | (Increase) decrease in other assets | (34,189) | | Increase (decrease) in operating liabilities: | | | Increase (decrease) in accounts payable and accrued expenses | 68,223 | | Increase (decrease) in payable to clearing agent | (1,477) | | Net cash provided by operating activities | 66,750 | | CASH FLOWS FROM FINANCING ACTIVITIES | | | Stockholder distribution | (45,575) | | Net cash used in financing activities | (45,575) | | | | | NET INCREASE IN CASH AND CASH EQUIVALENTS | 21,175 | | CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 100,249 | | CASH AND CASH EQUIVALENTS AT END OF YEAR | \$
121,424 | | | | | SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES | | | Cash Paid During the Year for: | | | Interest | \$
- | | Income Taxes | \$
- | | | | Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.