# W.G. NIELSEN & CO. X-17A-5 (2026-04-02) — Broker-dealer annual report - Company: W.G. NIELSEN & CO. - Form: X-17A-5 - Filed: 2026-04-02 - Period: 2025-12-31 - Accession: 0001015257-26-000003 - CIK: 1015257 - File #: 8-49316 - Type: Broker-dealer - Material weakness: Yes - Auditor: Haynie & Company - Auditor location: Salt Lake City, UT - Contact: Teresa Crosier - Phone: 303-888-1512 - Email: tcrosier@wgnielsen.com - Website: wgnielsen.com - Signed by: Teresa L. Crosier (CCO/Finop) Original filing: https://www.sec.gov/Archives/edgar/data/1015257/000101525726000003/auditshortform.pdf --- {0}------------------------------------------------ N {1}------------------------------------------------ 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:
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Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | | | | |----------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|------------------------|--------------------------------------------|--| | | FILING FOR THE PERIOD BEGINNING January 1, 2025 AND ENDING December 31, 2025 | | | | | MM/DD/YY | | | MM/DD/YY | | | | A. REGISTRANT IDENTIFICATION | | | | | NAME OF FIRM: W.G. Nielsen & Co. | | | | | | TYPE OF REGISTRANT (check all applicable boxes):
Check here if respondent is also an OTC derivatives dealer | © Broker-dealer | | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box по.) | | | | | | 3200 Cherry Creek South Drive, Suite 470 | | | | | | (No. and Street) | | | | | Denver | CO | | 80209 | | | (City) | (State) | | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | (Zip Code) | | | Teresa L. Crosier | 303-830-1515 | | | | | (Name) | (Area Code - Telephone Number) | tcrosier@wgnielsen.com | | | | | | (Email Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | | Haynie & Co. | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | 1785 W. 2300 South | Salt Lake City UT | | 84119 | | | (Address) | (City) | (State) | (Zip Code) | | | 10/23/2003 | 457 | | | | | (Date of Registration with PCAOB)(if applicable) | | | (PCAOB Registration Number, if applicable) | | | | FOR OFFICIAL USE ONLY | | | | | * Claims for exemption from the required | | | | | exemption from the requirement that the annual reports be covers of an independent public accountant working in the regulent that the annual reports of an intereports of an independent public CFR 240.17=26)(1), if applicable. CFR 240.17a-5(e)(1)(ii), if applicable. an a more see se(1);) ; r application of information contained in this form are not required in respond unless the form displays a currently valid OMB control number. {2}------------------------------------------------ #### OATH OR AFFIRMATION | I Wayne G. Nielsen | , swear (or affirm) that, to the best of my knowledge and belief, the | | |--------------------------------------------------------------|-----------------------------------------------------------------------|-------| | Snancial report pertaining to the firm of W.G. Nielsen & Co. | | as of | million report por anning of the is true and correct. If further swear (or affirm) that neither the company nor any partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely as that of a customer. Sighature: Wayne G. Nielsen #### This fillng\*\* 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. - | | 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. - 口 (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-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, 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. - □ (u) Independent public accountant's report based on an examination of the financial report or 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 240.15c3-1e or 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 partions of this filing, see 17 CFR 240.170-5(e)(3) or 17 CFR 240.180-7(d)(2), as applicable. {3}------------------------------------------------ ![](_page_3_Picture_0.jpeg) ![](_page_3_Picture_1.jpeg) #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholder of W.G. Nielsen & Co. #### Opinion on the Financial Statements We have audited the accompanying statement of financial condition of W.G. Nielsen & Co. as of December 31, 2025, the related statements of income, changes in stockholder's equity, and cash flows for the year then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of W.G. Nielsen & Co. as of December 31, 2025, 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 W.G. Nielsen & Co.'s management. Our responsibility is to express an opinion on W.G. Nielsen & Co.'s financial statements 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 W.G. Nielsen & Co. in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission 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 statements are 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 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. 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. #### Auditor's Report on Supplemental Information The supplemental information contained in Schedule I - Computation of Net Capital Under Rule 15c3-1 of the Securities and Exchange Commission and Schedule II and III - Computation for Determination of Reserve Requirements and Information Relating to Possession or Control Requirements Under Rule 15c3-3 of the Securities and Exchange Commission has been subjected to audit procedures performed in conjunction with the audit of W.G. Nielsen & Co.'s financial statements. The supplemental information is the responsibility of W.G. Nielsen & Co.'s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with 17 C.F.R. §240.17a-5. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole. Haynıe Salt Lake City, Utah March 31, 2026 We have served as W.G. Nielsen & Co.'s auditor since 2021. ![](_page_3_Picture_15.jpeg) ![](_page_3_Picture_16.jpeg) {4}------------------------------------------------ # W.G. Nielsen & Co. Statement of Financial Condition | December 31, | 2025 | |-----------------------------------------------------------------------------------|-----------------| | Assets | | | Current assets: | | | Cash and cash equivalents | \$
363,284 | | Accounts receivable | 926,115 | | Investment | 2,287 | | Prepaid expenses and other assets | 11,320 | | Total current assets | 1,303,006 | | | | | Property and equipment: | 223,853 | | Office furniture and equipment | 59,200 | | Leasehold improvements | 283,053 | | Total property and equipment | 241,982 | | Less accumulated depreciation | 41,071 | | Property and equipment, net | | | Other assets: | | | | 149,719 | | Right of use operating lease asset | | | Total assets | \$
1,493,796 | | | | | Liabilities and Stockholder's Equity | | | Current liabilities: | \$
1,151,362 | | Accounts payable and other accrued expenses | 173,182 | | Operating lease liability | 1,324,544 | | Current and total liabilities | | | Stockholder's Equity: | | | Common stock, \$.01 par value; 100,000 shares authorized, 1,000 shares issued and | | | outstanding | 10 | | Additional paid-in capital | 1,486,287 | | Accumulated deficit | (1,317,045) | | Total stockholder's equity | 169,252 | | | | | Total liabilities and stockholder's equity | \$
1,493,796 | Confidential Pursuant to Rule 17a-5(e)(3) - See Accompanying Notes The financial statements and the related accompanying supplemental information has not been subjected to an audit, review, or compilation engagement and no assurance is provided on them. {5}------------------------------------------------ ### Note 1: Organization and Summary of Significant Accounting Policies (Continued) #### Investment Investments in marketable securities with readily determinable fair values and all investments in debt securities are stated at their fair values. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an ordinary transaction between market participants at the measurement date. A three-tier hierarchy prioritizes the inputs used in measuring fair value. These tiers include Level 1, defined as observable inputs such as quoted market prices in active markets; Level 2, defined as inputs other than quoted markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore, requiring an entity to develop its own assumptions. The asset's fair value measurement within the hierarchy is based on the lowest level of any input that is significant to the fair value measurement. #### Advertising costs Advertising costs are expensed as incurred. Advertising costs charged to expense was \$9,405 for the year ended December 31, 2025. #### Concentration of credit risk Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of accounts receivable and cash equivalents. The Company's cash and cash equivalents are held at financial institutions at which deposits are insured by the Federal Deposit Insurance Corporation (FDIC). At various times throughout the year ended December 31, 2025, the Company's cash demand deposits exceeded the FDIC's insurance limits. ### Depreciation and amortization Property and equipment are stated at cost. Depreciation on office furniture and equipment is provided by the straight-line method over the estimated useful lives of the related assets ranging from 3 to 10 years. Amortization of leasehold improvements is provided by the straight-line method over the shorter of the of the related assets or the lease term. #### Income taxes Effective January 1, 2014, the Company changed its tax status from a "C" corporation to "S" corporation. As an "S" corporation, the stockholder recognizes its share of income or loss on its individual tax return. {6}------------------------------------------------ ### Note 1: Organization and Summary of Significant Accounting Policies (Continued) ### Cash equivalents For purposes of the statement of cash flows, the Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. ### Revenue recognition Revenue is measured based on the amount of consideration specified in a contract with a customer. Revenue is recognized when performance obligations under the terms of the contract are satisfied, which generally occurs at the close of a transaction with a customer or with the transfer of control of information from consulting services to the customer. The Company generally recognizes contract revenue for financial reporting purposes over time for its consulting services and at a point in time for successful transaction. Refer to Note 7 - Revenue Recognition of the notes to the financial statements for additional information. ### Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in the right of use (ROU) assets, current operating lease liabilities and noncurrent operating lease liabilities in the balance sheet. ROU assets represent the right to use an underlying asset for the lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. As the discount rates in the Company's lease are not implicit, the Company estimated the incremental borrowing rate based on the rate of interest the Company would have to pay to borrow a similar amount on a collateralized basis over a similar term. The lease term includes options to extend the lease when it is reasonably certain that the Company will exercise that option. Leases with a term of 12 months or less are not recorded on the balance sheet. The lease agreements do not contain any residual value guarantees. ### New Accounting Pronouncement In November 2024, the Financial Accounting Standard Board (FASB) issued FASB Accounting Standards Update (ASU) No. 2024-03, Disaggregation of Income Statement Expenses. When this standard is adopted, the primary accounting change will require disclosure in the financial statements of specified information about certain costs and expenses. This new standard is effective for financial statements issued for annual periods beginning after December 15, 2026, with earlier adoption permitted. The Company is evaluating what impact this new standard will have on its financial statements. {7}------------------------------------------------ ### Note 1: Organization and Summary of Significant Accounting Policies (Continued) #### Segment Information The Company is managed as one reportable operating segment, financial advisory and management services. The segment information aligns with how the Company's Chief Operating Decision Maker ("CODM") reviews and manages the business. The Company's CODM is the Company's president. Financial information and annual operating plans and forecasts are prepared and reviewed by the CODM at the entity level. The CODM assesses performance for the one business segment and decides how to better allocate resources based on applicable financial benchmarks that are reported on the statement of financial condition and statement of income, as applicable. The Company's objective in making resource allocation is to optimize the financial results. The accounting policies of the one segment are the same as those described in the summary of significant accounting policies herein. For single reportable segment-level financial information, total assets, and significant non-cash transactions, see the financial statements. ### Note 2: Net Capital Requirements The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule for fully disclosed broker/dealers (rule 15c3-1) 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. At December 31, 2025 the Company had net capital of \$90,402 which was \$85,402 in excess of its required net capital of \$4,123. The Company had aggregate indebtedness in the amount of \$61,853 therefore, its net capital ratio was 0.68 to 1 at December 31, 2025. ### Note 3: Fair Value Measurements The following is a description of the valuation methodologies used for assets measured at fair value. Quoted market prices are used to determine the fair value of investments in publicly traded equity securities and exchange traded funds. Certificates of deposit, corporate bonds, and government obligations are valued using quotes from pricing vendors based on recent trading activity and other observable market data. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair value. Furthermore, while the Company believes their valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value could result in a different fair value measurement at the reporting date. {8}------------------------------------------------ ### Note 3: Fair Value Measurements (Continued) Information regarding assets at fair value on a recurring basis as of December 31, 2025 is as follows! | | | | Recurring Fair Value Measurements Using | | | | | | |-------------------------|---|-----------------|-----------------------------------------|---------|-------------|------|--------------|--| | | | | Quoted Prices | | | | | | | | | | in Active | | Significant | | | | | | | | Markets for | | Other | | Significant | | | | | | ldentical | | Observable | | Unobservable | | | | | Total Assets at | Assets | | Inputs | | Inputs | | | As of December 31, 2025 | | Fair Value | (Level 1) | | (Level 2) | | (Level 3) | | | | | | | | | | | | | Common stock | S | 2,287 Ş | | 2,287 Ş | | - S | | | | | | | | | | | | | | Total investments | S | 2,287 Ş | | 2,287 Ş | | - \$ | | | ### Note 4: Contingencies In the ordinary course of business, the Company enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. In addition, the Company has agreed to indemnify its officers, employees, agents or any person who serves on behalf of the Company from any loss, claim, damage, or liability which such person incurs by reason of his performance of activities of the Company, provided they acted in good faith. The Company is unable to develop an estimate of the potential amount of future payments that could potentially result from any hypothetical future claim but based on experience, the expected risk of loss related to the Company's indemnification was determined to be remote. {9}------------------------------------------------ ### Note 5: Leases The Company has an operating lease for approximately 4,800 square feet of office space for its corporate headquarters. The rental payments include common area charges and are subject to annual increases over the term of the lease. The lease obligation is through October 31, 2026. Total rental payments range from approximately \$15,685 to \$17,293. The lease has a weighted average remaining term of 0.83 years. The weighted average discount rate is 3.07%. Components of lease expense were as follows for the year ended December 31, 2025; | Year Ended December 31, 2025 | | | |---------------------------------------------------------------------------------|----|---------| | Operating lease cost | S | 197,866 | | Supplemental cash flow information and other information relating to the lease: | | | | Cash paid for operating lease liabilities | \$ | 203,496 | | Maturities of lease liabilities are as follows: | | | | 2026 | \$ | 173,182 | | Total lease payments | | 173,182 | | Less imputed interest | | 2,477 | | Total | 5 | 170,705 | {10}------------------------------------------------ ## Note 6: Income Taxes Effective for years beginning lanuary 1, 2022, the State of Colorado has allowed for a voluntary Pass-Through Entity Tax (PTET) election, which is made on an annual basis. T Tax (PT) election, which is made on an annual basic, The PTET, when electronic of Entry (Pris. Through Entity Colorado income taxes on the resulting operations and deduct the Coloral ( Sociol) which is made on annual basis. The PTET, when elected and the Comrugh Entity income taxes on the resulting operations and deduct the costs of the Component included the take on the resulting and deduct the costs of the Parle Company to pay income. For financial statement purposes, any payments for PTT are tread as askindiers. Fo and and the below statement purposes, any payments for PTET are treat. For the year ended December 31, 2025, the Company has elected the PTET. The Company is subject to accounting guidance issued by the FASB related to "Accounting for Uncertainty in Income Taxes." The guidance applies to all tax positions accounted the history in oubject to accounting succised by the FASB related to "Accounting for Uncertainty in Income Taxes." The guidance applies to all tax positions accounted for in in the finance upplies to an tax positions accounted for in the financial. in a previously filed tax return or expected to be taken in a future tax return. The Company has analyzed its filing positions in Federal and state it is required to file income tax returns. Management believes the Company's positions and deductions will tax returns in has many in Federal and state jurisdictions where it is required to file income tax returns Management believes the Company's positions will be suctined on au andicipate any nagement beleves the spartions will benefer in s reguled to the income operations on the Company's positions and the sustains on its sustained on dit and dit a operations of result in a material adverse effect on its datained on abor and does not tax benefit or cash flow recognizes the accrual of any interest or penaltes or penalter to the of the connious. The Company recognizes the accrual of any interest or penalts of and to unecession of an t an benefits in income tax expense. The Company recognized n The Company is no longer subject to U.S. Federal income tax examinations for years prior to 2021. The Company is no longer subject to Colorado income tax examinations for ye ations for the conger subject to U.S. Federal income tax examinations for your car e no longer subject to Colorado income tax examinations for years prior to 2020. ## Note 7: Revenue Recognition The Company provides various sell-side and buy-side at tients, as well as consulting services to clients, as well as consulting services to other and buy-side advisory consulting services to clients, as well as consulting services related to other capital transactions services tec. The Company recogni as considere to other capital transations such as debt issuances, equity nasconsulting and and the various consulting services in accordance with Fease, etc. The company recepcies Customers", as amended, referred to as "Topic 606". Topic 606 effen a five serie - 1. Identify the contract - 2. Identify the performance obligations of the contract - 3. Determine the transaction price of the contract - - 4. Allocate the transaction price of the contract 5. Recognize revenue 5. Recognize revenue The Company has two primary revenue streams: 1) a success fee based on the successful close of a transaction with a client, and 2) retainer income, considered consulting rev a class (1) as the primaly revenue streams: 1) a successful closed for work to be of a transaction with a client, and 2) retainer income, considered consulting revenue, that and the systemer income, considered consulting revenue, that is invoiced for work of armer of a following 30 days for ongoing work with clients that is not contingent on a cl {11}------------------------------------------------ ## Note 7: Revenue Recognition (Continued) The Company considers a contract with a client that may include services related to the above to be one overall performance obligation that is delivered over time as overall the above to be one overall services is not an input to another contract and is not deserv services. The deliver services is not an input to another contract, and is not devisery services. The delivery of such Company is not producing separate deliverables to a client related with other Company is not producing separate deliverables to a client, rather providing ongoing consulting services. Success fees are defined as a certain percentage of the economic value of a transaction, and are contingent on the successful closing of a transaction, thus are considered variable on a transaction, and are contingent on the a transaction. Retainer amounts related variable consideration a fraces and one and action, the considered variable consideration based on the likelihood of success. a transaction. Retainer amounts related to other consulting services ar The separate amounts for success fees and monthly retainer payments for services are defined in contracts with clients. The Company as and monthly retailer payments for services are defined in contracts with amount for which it is probable that a sienificant relative to contracts to d amount for which it is probable that a significant reversal of success relative to contracts to determine any occur in future periods. All facts and circumstances related to each active client applicable to a success fee are taken into account to determine whether it is probable that a significant reversal will not occur. Constraints account to recognition of the success fee is subject to certain factors on assessment recognition of the success fee is subject to certain factors outside the Constraints on assessment of the Company's of the Company's experience with similar transactions in the particular ine company's influence, including the Company's amounts relative to an individual transaction, in most case the unpred amounts relative to an individual transaction. In most cases, the assessment of the varie of the range of fee success fee concludes with the recognition of the success the as success fee concludes with the recognition of the success the asriable consideration of the the performance obligation is considered satisfiel and the natestion closes and t the performance obligation is considered satisfied, and the potential reversal of the fee amount is known, consideration is no longer considered probable consideration is no longer considered probable. The Company considers one overall performance obligation in contracts with clients. The treatment of the retainer fee and the success fee has been described above, with the s fee and the success for the overall performance obligation in contracts with clients. The retainer of the retainer consideration. The Company recognizes revenue relative to the ongoing retainer payments with clients as services are performed on a monthly basis. Clients are typically billed at the blightig readiner payments with clients are performed month, and at month-end, the revenue relative to the socultier t month, and at month-end, the typening of the consulting of the month for services to be rendered during the the transfer of control of information relative to the consulting the transfer of control of a revenue to the consulting services delivered to the client is receptized, as that point. {12}------------------------------------------------ # Note 8: Major Customers Revenues earned from major customers are summarized in the table below, expressed as a percentage of consulting and financial advisory fees for the year ended December 31, 2 and financial advisor on major customers are summarized in the table and financial advisory fees for the year ended December 31, 2025: | Customer #1 | | |-------------|-----| | Customer #2 | 32% | | Customer #3 | 18% | | Customer #4 | 15% | | | 13% | | | 78% | # Note 9: Profit Sharing Plan The Company has established a 401(k) profit sharing plan ("the Plan"). Any employee who is 21 and has completed one year of qualifying service is eligible to participate in one partil has established a 401(k) profit sharily ("he Plan"). Any employee who is 2 and has completed part year of qualifying service is eligibe in the Plan. Employer cont particle in askyear period. In participate in the Plan Emirination in is 2 and has completed Harbor 401() Plan Sateler period. Effective lanuary of Christian into the Plan th Harry of gamplyes over a six-year period. Effective lanuary 1, 2005, the Company of the Plan vest to S S S P (401(k) Plan. Sate Harbor non-elective contributions and to the b (183) (1) / Mil. Safe Harbor non-elective contributions are equal to become a Safe Sato, on 2025. Safe Harbor non-elective contributions are equal to 26, 534 compense not t of the mail a 225. Sare Harbor non-elective contributions into # Note 10: Subsequent Events Subsequent events have been evaluated by management as of the date of these financial statements. This date represents the date the financial statements were available to be represents the nave been evaluated by management as of the date represents the date the financial statements were available to be issued. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.