# IBS HOLDING CORPORATION X-17A-5 (2026-04-15) — Broker-dealer annual report - Company: IBS HOLDING CORPORATION - Form: X-17A-5 - Filed: 2026-04-15 - Period: 2025-12-31 - Accession: 0001017283-26-000003 - CIK: 1017283 - File #: 8-49385 - Type: Broker-dealer - Material weakness: No - Auditor: Driven PSC - Auditor location: Guaynabo, PR - Contact: Alan B Levin - Phone: 5612208858 - Email: alan@ibsgroup.net - Website: ibsgroup.net - Signed by: Alan B . Levin (CFO) Original filing: https://www.sec.gov/Archives/edgar/data/1017283/000101728326000003/2025_IBS_Holding_Corp.pdf --- {0}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ## ANNUAL REPORTS FORM X-17A-5 PART III FACING PAGE 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: IBS Holding Corporation dba I-Bankers Securities, Inc. TYPE OF REGISTRANT (check all applicable boxes): [] Broker-dealer □ Check here if respondent is also an OTC derivatives dealer □ Security-based swap dealer OMB APPROVAL sec file number 8-49385 OMB Number: 3235-0123 Estimated average burden hours per response: 12 Expires: Nov. 30, 2026 ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) #### 1200 N Federal Hwy, Suite 215 | | (No. and Street) | | |------------|------------------|------------| | Boca Raton | Florida | 33432 | | (City) | (State) | (Zip Code) | PERSON TO CONTACT WITH REGARD TO THIS FILING | Alan Levin | 561-220-8858 | alan(@ibsgroup.net | |------------|--------------------------------|--------------------| | (Name) | (Area Code - Telephone Number) | (Email Address) | | | B. ACCOUNTANT IDENTIFICATION | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* Driven, PSC | B7 Tabonuco Street. Ste 302 Guaynabo | (Name - if individual, state last, first, and middle name) | PR | 00968 | |----------------------------------------------------------------------------------------------|------------------------------------------------------------|---------|--------------------------------------------| | (Address) | (City) | (State) | (Zip Code) | | 09/23/2021 | | 6817 | | | (Date of Registration with PCAOB)(if applicable) | | | (PCAOB Registration Number, if applicable) | | | FOR OFFICIAL USE ONLY | | | | | | | | | * Claims for exemption from the requirement that the annual reports of an independent public | | | | ntant must be supported by a s tement of facts and circumstances relied on a 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 | | Alan Levin | |--|------------| \_ swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of IBS Holding Corporation dba I-Bankers Securities, Inc. as of 12/31 2 025 , is true and correct. I 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. ![](_page_1_Picture_4.jpeg) | Signature: | | |-----------------------------------|--| | Title:
Chief Financial Officer | | Notary Public 4-15-2026 #### 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. - [ (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. - [ (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 capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, 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 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 portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), as applicable. {2}------------------------------------------------ ![](_page_2_Picture_0.jpeg) ## IBS HOLDING CORPORATION DBA I-BANKERS SECURITIES, INC. Consolidated Financial Statements With Supplemental Information and Report of Independent Registered Public Accounting Firm December 31, 2025 {3}------------------------------------------------ ## TABLE OF CONTENTS | TABLE OF CONTENTS | | | |----------------------------------------------------------------------------------------|----------|--| | | Page No. | | | Report of Independent Registered Public Accounting Firm | 3-4 | | | Financial Statements | | | | Consolidated Statement of Financial Condition | 5 | | | Consolidated Statement of Income | 6 | | | Consolidated Statement of Changes in Stockholders' Equity | 7 | | | Consolidated Statement of Cash Flows | 8 | | | Notes to Consolidated Financial Statements | 9-26 | | | Supplemental Information to Financial Statements | | | | Schedule I Computation of Net Capital Pursuant to Rule 15c3-1 of the Securities and | | | | Exchange Act of 1934 and Reconciliation of Form X-17A-5 Part II filing to Consolidated | | | | Statement of Financial Condition | 27 | | | Schedule I (continued) Reconciliation of Form X-17A-5 Part II filing to Consolidated | | | | Statement of Financial Condition | 28 | | | Schedule II Computation for Determination of Reserve Requirements | | | | Under Rule 15c3-3 of the Securities and Exchange Commission | 29 | | | | | | | Schedule III Information Relating to Possession or Control Requirements Under | | | | Rule 15c3-3 of the Securities and Exchange Commission | 29 | | | Report of Independent Registered Public Accounting Firm on Applying Agreed | | | | Upon Procedures (SIPC-7) | 30-31 | | | SIPC - 7A | 32-33 | | | Reconciliation of FOCUS Part II Revenues to SIPC-7A Revenues | 34 | | | Report on Broker Dealer Exemption | 35-36 | | | Management Exemption Report | 37 | | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Stockholders of IBS Holding Corporation: #### Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated statement of financial condition of IBS Holding Corporation (the "Company") and subsidiary as of December 31, 2025, the related consolidated statements of income, changes to stockholders' equity, and cash flows for the year then ended, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company 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 the Company's management. Our responsibility is to express an opinion on the Company's consolidated 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 the Company 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 consolidated 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 consolidated 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 consolidated 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 consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion. PO BOX 363343 San Juan Puerto Rico 00936-3343 T: (+1) 787 725 1500 www.drivenadvisors.com {5}------------------------------------------------ To the Board of Directors and Stockholders of IBS Holding Corporation Page 2 Auditors' Report on Supplemental Information The Schedule I - Computation of Net Capital under Rule 15c3-1 of the Securities and Exchange Commission Act of 1934, and Reconciliation of Form X-17A-5 Part II Filing to Consolidated Statement of Financial Condition, Schedule II - Computation for Determination of Reserve Requirement Pursuant to Rule 15c3-3 of the Securities and Exchange Commission and Schedule III-Information Relating to the Possession or Control Requirements Under Rule 15c3-3 of the Securities and Exchange Commission (the "Schedules") have been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. The supplemental information is the responsibility of the Company's management. Our 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 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 Schedules are fairly stated, in all material respects, in relation to the financial statements as a whole. We have served as the Company's auditor since 2024. Driven, P.S.C. License No. 329 Expires December 1, 2027 Guaynabo, Puerto Rico April 15, 2026 ![](_page_5_Picture_7.jpeg) DPSC329-1849 IBS HOLDING CORPORATION {6}------------------------------------------------ # IBS HOLDING CORPORATION DBA I-BANKERS SECURITIES, INC. CONSOLIDATED STATEMENT OF FINANCIAL CONDITION As of December 31, 2025 | IBS HOLDING CORPORATION | | |------------------------------------------------------------------------------------------------------------|-----------------------| | DBA I-BANKERS SECURITIES, INC.
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
As of December 31, 2025 | | | ASSETS | 2025 | | Cash and cash equivalents | \$
2,527,660 | | Restricted deposit with clearing organization | 150,000 | | Accounts receivable, net of allowance for credit losses of \$300,000 | 1,319,051 | | Due from clearing firm | 402,977 | | Due from related party | 3,929,590 | | Financial instruments owned, at fair value 5
Other receivables | 17,200,757
151,800 | | Investments in related entity – equity method
3 | 255,080 | | Property and equipment, net | 2,238,228 | | Operating lease right-of-use assets | 159,005 | | Prepaid expenses and other assets | 331,178 | | Total Assets | \$ 28,665,326 | | LIABILITIES AND STOCKHOLDERS' EQUITY | | | LIABILITIES: | | | Accounts payable and accrued expenses | \$
942,296 | | Payable to clearing firm | 207,494 | | Securities sold, not yet purchased, at fair value | 41,605 | | Due to related party | 2,347,846 | | Operating lease liabilities | 165,693 | | Deferred tax liability | 96,186 | | Income taxes payable | 342,485 | | Total Liabilities | 4,143,605 | | STOCKHOLDERS' EQUITY: | | | Common stock, \$0.01 par value, 100,000 authorized shares | | | 53,000 shares outstanding | 530 | | Additional paid in capital | 933,206 | | Less 32,000 shares of common stock in treasury, at cost | (320,000) | | Retained Earnings | 23,907,985 | | Total Stockholders' Equity | 24,521,721 | | Total Liabilities and Stockholders' Equity | \$ 28,665,326 | | | | {7}------------------------------------------------ # IBS HOLDING CORPORATION DBA I-BANKERS SECURITIES, INC. CONSOLIDATED STATEMENT OF INCOME Year Ended December 31, 2025 | IBS HOLDING CORPORATION
DBA I-BANKERS SECURITIES, INC.
CONSOLIDATED STATEMENT OF INCOME | | |-----------------------------------------------------------------------------------------------|-----------------| | Year Ended December 31, 2025 | | | | | | REVENUES: | 2025 | | Commissions | \$
2,796,176 | | Underwriting | 985,550 | | Consulting | 5,430,305 | | Gain from proprietary trading, net | 8,174,055 | | Transfer pricing revenue | 32,123 | | Interest income | 333,647 | | Total Revenues | 17,751,856 | | GENERAL AND ADMINISTRATIVE EXPENSES: | | | Commissions, compensation, and benefits | 5,562,399 | | Clearing costs | 243,374 | | Technology and communications | 304,405 | | Consulting fees | 6,339,307 | | Depreciation and amortization | 317,986 | | Occupancy | 169,168 | | Professional fees | 201,907 | | Regulatory expenses | 116,157 | | Provision for credit losses | 488,572 | | Interest expense | 36,004 | | Other operating expenses | 744,148 | | Total Expenses | 14,523,427 | | | | | INCOME BEFORE INCOME TAXES | 3,228,429 | | PROVISION FOR INCOME TAXES: | | | | | | Current | 354,966 | | Deferred | 96,186 | | Total Provision for income taxes | 451,152 | | NET INCOME | \$ 2,777,277 | {8}------------------------------------------------ # IBS HOLDING CORPORATION DBA I-BANKERS SECURITIES, INC. CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY Year ended December 31, 2025 | | | | | IBS HOLDING CORPORATION | | | |------------------------------|-------|--------|---------------|--------------------------------|-----------------------------------------------------------|-------------| | | | | | DBA I-BANKERS SECURITIES, INC. | | | | | | | | Year ended December 31, 2025 | CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Additional | | | | | | | Common | Paid in | Treasury | Retained | | | | Stock | | Capital | Stock | Earnings | Total | | Balance at January 1, 2025 | \$ | 530 | \$ 933,206 \$ | (320,000)
\$ | 25,999,514 \$ | 26,613,250 | | Net Income | | - | - | - | 2,777,277 | 2,777,277 | | Dividends | | | | | | | | Cash | | - | - | - | (4,250,547) | (4,250,547) | | Paid In Kind | | - | - | - | (618,259) | (618,259) | | Balance at December 31, 2025 | \$ | 530 | \$ 933,206 \$ | (320,000)
\$ | 23,907,985 \$ | 24,521,721 | | | | | | | | | {9}------------------------------------------------ # IBS HOLDING CORPORATION DBA I-BANKERS SECURITIES, INC. CONSOLIDATED STATEMENT OF CASH FLOWS Year ended December 31, 2025 | IBS HOLDING CORPORATION
DBA I-BANKERS SECURITIES, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS | | |---------------------------------------------------------------------------------------------------|-----------------------| | Year ended December 31, 2025 | | | CASH FLOWS FROM OPERATING ACTIVITIES | 2025 | | Net Income | \$
2,777,277 | | Adjustments to reconcile Net Income to Net Cash provided by operating activities | | | Securities received in lieu of cash | (1,487,500) | | Depreciation and amortization | 317,986 | | Provision for credit losses | 488,572 | | Non-cash lease expense | (83,510) | | Deferred taxes | 96,186 | | Changes in assets and liabilities: | | | Accounts receivable | (37,872) | | Due from clearing firm | 378,626 | | Due from related party | 2,229,306 | | Prepaid expenses and other assets | (1,769) | | Financial instruments owned, at fair value
Securities sold, not yet purchased, at fair value | (1,756,213)
41,605 | | Accounts payable and accrued expenses | 214,918 | | Payable to clearing firm | (226,333) | | Due to related party | 2,347,846 | | Operating lease liability | 85,811 | | Other receivables | 92,824 | | Income tax payable | 342,485 | | Net cash provided by operating activities | 5,820,245 | | CASH FLOWS FROM INVESTING ACTIVITIES - | | | Capital contributed to equity method investment | (60,000) | | Net cash used in investing activities | (60,000) | | CASH FLOWS FROM FINANCING ACTIVITIES - | | | Dividend distribution | (4,250,547) | | Net cash used in financing activities | (4,250,547) | | Net cash increase for the year | 1,509,698 | | Cash and restricted cash at beginning of year | 1,167,962 | | Cash and restricted cash at end of year | \$
2,677,660 | | Cash and restricted cash consists of: | | | Cash and cash equivalents | \$
2,527,660 | | Restricted deposit with clearing organization | \$
150,000 | | Total cash and restrcited cash at end of year | \$
2,677,660 | | | | | Supplemental cash flow disclosure:
Cash paid for income tax | \$
(250) | | Cash paid for interest expense | \$
(36,003) | | | | | Non-cash financing activities:
In-kind dividend distribution of securities | \$
(618,259) | | Lease assets obtained in exchange for lease obligations | \$
(91,657) | | | | {10}------------------------------------------------ ## NOTE A - BUSINESS AND ORGANIZATION ## Incorporation and Professional Affiliations IBS Holding Corporation (the "Company") was incorporated in Texas in July 1996. The Company is registered as a broker-dealer with the Securities and Exchange Commission ("SEC"), does business under the name I-Bankers Securities, Inc., is a member of the Financial Industry Regulatory Authority ("FINRA"), and the Securities Investor Protection Corporation ("SIPC") and the securities commissions of appropriate states. The consolidated financial statements include the accounts of Island Capital II LLC, a wholly owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation. #### Nature of Business The Company operates under the provisions of paragraph (k)(2)(ii) of Rule 15c3-3 of the Securities Exchange Act of 1934 and, accordingly, is exempt from the remaining provisions of that rule except those other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 limited to (1) proprietary trading; and (2) receiving transaction-based compensation for identifying potential merger and acquisition and financing opportunities for clients, placement fees, underwriting, and advisory services. The requirements of paragraph (k)(2)(ii) provide that the Company clear all transactions on behalf of customers on a fully disclosed basis with a clearing broker dealer. The clearing broker-dealer carries all the accounts of the customers and maintains and preserves all related books and records as are customarily kept by a clearing broker-dealer. The principal business activities of the Company include underwriting primary offerings of equity securities; investment banking consulting/advisory services; sales of securities to institutional and individual investors; and trading of securities for its own account. The Company also is the sole owner of Island Capital LLC, an entity which owns a vessel for charter and personal use. The assets and operating costs of this entity are eliminated from the statement of financial condition and from the computation of Net Capital in accordance with SEC Rule 15c3-1. #### Use of estimates The preparation of the Company's consolidated financial statements is in conformity with accounting principles generally accepted in the United States of America ("US GAAP") and 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Although the Company bases its estimates and assumptions on historical experience and market information (when available) and on various other factors that it believes to be reasonable under the circumstances, management exercises significant judgment in the final determination of its estimates. Actual results could differ from those estimates. {11}------------------------------------------------ ## NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES #### Segment Reporting The Company operates in two reportable segments in accordance with ASC 280, Segment Reporting. Operating segments are determined based on information regularly reviewed by the Company's Chief Operating Decision Maker ("CODM"), identified as the Chief Executive Officer, for purposes of resource allocation and performance assessment, consistent with ASC 280-10-50-1 through 50-11. The Company's reportable segments are: (i) its broker-dealer operations, which comprise its principal line of business and generate all revenues through securities brokerage and related activities, and (ii) a separate segment that holds a long-lived asset and does not generate revenues. These segments are organized based on differences in business activities and economic characteristics, and discrete financial information is prepared and reviewed by the CODM. 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. When excluding unrealized, realized and interest income, the Company derived 56% of its total revenues from three corporate Business Combination clients resulting from the underwriting of two Special Purpose Acquisition Corporations several years ago. Please refer to the Statement of Income for the segment's revenue and expenses for the year ended December 31, 2025. The CODM evaluates segment performance based on income (loss) from operations before income taxes, which is consistent with the measurement basis used in the Company's consolidated financial statements. The internal reporting package provided to the CODM, which is consistent with U.S. GAAP, includes detailed revenue and expense information for the broker-dealer segment and expense and asset information for the second segment. This information is used to assess performance, monitor expenses, and support capital allocation decisions. Liabilities are not allocated to segments and are not reviewed by the CODM. For the year ended December 31, 2025, the broker-dealer segment generated substantially all of the Company's consolidated revenues and operating results. The second segment did not generate any revenues, interest income nor incur any interest expense. It did incur operating expenses of approximately \$528,787 and \$316,827 in depreciation and amortization expense. As of December 31, 2025, the second segment held a long-lived asset with a carrying value of approximately \$2,238,030, net of accumulated depreciation. Segment assets are reviewed by the CODM for purposes of evaluating capital deployment, consistent with ASC 280-10-50-22. The broker-dealer segment represents substantially all consolidated assets, while the second segment consists solely of the long-lived asset described above. In accordance with ASC 280-10-50-30, the Company's segment information is prepared on the same basis as its consolidated financial statements, and amounts reported for segment revenues, expenses, and assets reconcile to the corresponding consolidated totals. The broker-dealer segment represents substantially all consolidated revenues, while consolidated expenses include those of both segments. Intercompany amounts, if any, are eliminated in consolidation. {12}------------------------------------------------ ## NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) #### Segment Reporting (Continued) Three corporate clients each accounted for 10% or more of revenues for the year ended December 31, 2025. Substantially all revenues and long-lived assets are located in the United States. This disclosure reflects the Company's internal management reporting structure and is intended to align with the requirements of ASC 280 and the presentation expectations for audited financial statements filed pursuant to Rule 17a-5 under the Securities Exchange Act of 1934. #### Cash and Cash Equivalents: The Company has defined cash and cash equivalents as cash held at financial institutions and highly liquid investments with maturities of less than three months when acquired that are not held for sale in the ordinary course of business. The Company occasionally holds cash in financial institutions in excess of the Federal Deposit Insurance Corporation ("FDIC") insured limits. Cash held at the clearing firm are covered under SIPC and supplemental account protection up to \$100 million. The Company periodically reviews the financial condition of the financial institutions and assesses the credit risk of such institutions. The amount above insured limits in all accounts totaled approximately \$202,149 at December 31, 2025. #### Financial Instruments Owned, at Fair Value: Proprietary securities transactions related to financial instruments owned, at fair value, and securities sold, not yet purchased, at fair value if any, are recorded on the trade-date as if they had settled and carried at fair market value in accordance with FASB ASC 820, Fair Value Measurement. Realized and unrealized gains and losses from financial instruments owned are reflected in gain from proprietary trading in the statement of income. During 2025, the Company made non-cash Distributions totaling \$618,259. #### Property and Equipment, net: Property and equipment are recorded at cost net of accumulated depreciation. Depreciation is provided on a straight-line method over the estimated useful lives of the respective assets. The cost of maintenance and repairs, which do not improve or extend the life of the respective assets are charged to expense as incurred; major renewals and betterments are capitalized. When items of property or equipment are sold or retired, the related cost and accumulated depreciation are removed from the accounts, and any gain or loss is included in the results of operations. Property and equipment are periodically evaluated for impairment and no impairment was deemed necessary during the year ended December 31, 2025. #### Accounts Receivable, Net of Allowance for Credit Losses: The Company monitors the credit quality of its receivables on an ongoing basis to evaluate collectability and estimate expected credit losses in accordance with FASB ASC 326. Receivables primarily arise from the Company's broker-dealer operations and are often associated with long-standing client relationships. In certain instances, collection is dependent upon complex and extended events, including the completion of financing transactions, business combinations (including SPAC-related transactions), and the registration and liquidity of underlying securities, as well as other contingent factors. {13}------------------------------------------------ ## NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) ## Accounts Receivable, Net of Allowance for Credit Losses (Continued) Credit quality is assessed using qualitative and quantitative indicators, including aging of receivables, historical collection experience, counterparty type, and specific knowledge of client circumstances and transaction status. Although receivables are generally considered to be of high credit quality due to the nature of counterparties and established relationships, management monitors exposures where collectability is dependent on future events or market conditions. The amortized cost basis of receivables represents amounts expected to be collected and is reduced by an allowance for credit losses reflecting management's estimate of lifetime expected credit losses. The allowance is developed using historical loss experience, adjusted for current conditions and reasonable and supportable forecasts, together with individual reserves for receivables where collection risk has increased due to transaction-specific factors. As of December 31, 2025, and 2024, the accounts receivable balances amounted to \$1,319,051 and \$1,769,755, respectively. For the year ended December 31, 2025, the Company recorded an allowance for credit losses of approximately \$300,000. While overall historical credit losses have not been material, this reserve reflects management's assessment of certain receivables subject to heightened uncertainty related to timing and execution of underlying transactions. Changes in the allowance are driven by updates to receivable aging, transaction-specific developments, and revisions to assumptions regarding the timing and probability of collection. Management believes the allowance for credit losses is adequate based on information currently available; however, actual results may differ as underlying events and market conditions evolve. Balance at January 1, 2025 - \$ Provision for credit losses 488,572 Write off of credit loss (188,572) Balance at December 31, 2025 300,000 \$ During the year ended December 31, 2025, the allowance for credit losses increase was mainly driven by a provision of \$488,572, partially offset by a permanent impairment and write-off of \$188,572, resulting in a balance of \$300,000 at period end. These adjustments were primarily due to the identification and evaluation of specific receivables with elevated collection risk. | Balance at January 1, 2025 | S | | |------------------------------|---|------------| | Provision for credit losses | | 488,572 | | Write off of credit loss | | (188,572) | | Balance at December 31, 2025 | | \$ 300,000 | #### Due from Clearing Firm: The Company clears certain of its proprietary and customer transactions through another broker dealer on a fully disclosed basis. The receivables totaling \$402,977 consist of commissions owed to the Company, which on December 31, 2025, amounted to \$175,477, and a clearing conversion credit associated with the signing of a new clearing agreement in 2025, which on December 31, 2025, amounted to \$227,500. The commissions owed are usually paid within seven to ten days following the close of the prior month. The clearing conversion credit is applied quarterly at a rate of \$17,500 per quarter. {14}------------------------------------------------ #### NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) #### Due from and to Related Parties: The Company is involved in significant financing and other transactions and has significant related party balances with affiliates. The receivables from related parties are uncollateralized, but the Company has verified the ability of the related party to repay. The Company considers these related party receivables to be all collectible and accordingly, management believes that an allowance for credit loss is not required. As of December 31, 2025, loans receivable from shareholder amounted to \$3,929,590 which was comprised of \$3,925,870 in principal plus accrued interest of \$3,720. During 2025, receivables from related parties repaid was \$2,189,498 consisting of \$146,932 for interest accrued as of the date of the payment and \$2,042,566 towards the outstanding loan principal balance. The stated interest rate is 0.91%. These notes are not collateralized and do not have a specified repayment term. While the notes are subject to extended repayment terms, the related parties can repay the notes on demand. These notes receivable are considered fully collectable based on managements' assessment of the related parties' financial condition and their historical repayment patterns. As of December 31, 2025, the Company has a due-to balance of \$2,347,846 in favor of IB Capital LLC. The Company paid IB Capital LLC \$1,691,596 in January 2026. #### Other Receivable Net of Allowance for Credit Losses: The Company had other receivables as of December 31, 2025, totaling \$151,800. The balance was comprised of \$68,071 in unpaid and accrued US Treasury interest receivable on its investments and \$75,000 in a forgivable loan and \$8,729 in accrued interest to one of its registered representatives, with a remaining term of 2 years and accruing interest at 6% per year. #### Income Taxes: The Company and its subsidiary computes its income taxes on a separate return basis and utilizes the asset and liability method of accounting for income taxes, as prescribed by Accounting Standards Codification 740 – Income Taxes (ASC 740). The Company evaluates uncertain tax positions under ASC 740 "Income Taxes". ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. Differences between tax positions taken, or expected to be taken, in a tax return and the benefit recognized and measured pursuant to the interpretation are referred to as "unrecognized benefits." A liability is recognized (or amount of net operating loss carry forward or amount tax refundable is reduced) for an unrecognized tax benefit because it represents an enterprise's potential future obligation to the taxing authority for a tax position that was not recognized because of applying the provisions of ASC 740. In accordance with ASC 740, interest costs related to unrecognized tax benefits are required to be calculated (if applicable) and would be classified as "Interest expense, net" in the statements of operations. Penalties would be recognized as a component of "General and administrative expenses." The Company has no uncertain tax positions related to tax years that remain subject to examination by relevant tax authorities. As of December 31, 2025, the company has recorded a current tax expense of \$354,966 and a deferred tax liability of \$96,186. {15}------------------------------------------------ ## NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) #### Revenue Recognition: Revenue from contracts with customers includes commission income and fees from investment banking related to underwriting and consulting income. The recognition and measurement of revenue is based on the assessment of individual contract terms. Significant judgment is required to determine whether performance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of the Company's progress under the contract; whether revenue should be presented gross or net of certain costs; and whether constraints on variable consideration should be applied due to uncertain future events. Revenue is measured based on performance obligations and the consideration specified in a contract with a customer. The Company recognizes revenue at the point in time that it satisfies a performance obligation by transferring control over goods or service to a customer. The Company's revenues include: - a. Commissions - b. Underwriting income - c. Consulting income #### Commission: 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 the trade date (the date that the Company fills the trade order by finding and contracting with a counterparty and confirms the trade with the customer). The Company believes that the performance obligation is satisfied on the trade date because that is when the underlying financial instrument or purchaser is identified, the pricing is agreed upon and the risks and rewards of ownership of the securities have been transferred to/from the customer. On December 31, 2025, the receivable from our clearing firm, which is recorded under Due from clearing firm on the consolidated statement of financial condition balance was \$175,477. #### Underwriting Income These services include being engaged to provide underwriting services on behalf of the issuer of securities as the lead underwriter or as part of a syndicate of underwriters. The Company recognizes revenue on trade date, which is the date on which the Company purchases the securities. It is at this time that the performance obligations of the offering, as described in the engagement letter or underwriting invitation, has been completed. The Company underwrites securities for business entities that want to raise funds through a sale of securities, and those Revenues are earned from fees arising from securities offerings in which the Company acts as an underwriter as clearly indicated in the Registration filing. The Company believes that the trade date is the appropriate point in time to recognize revenue for securities underwriting transactions as there are no significant actions which the Company needs to take subsequent to this date and the issuer obtains the control and benefit of the capital markets offering at that point. {16}------------------------------------------------ ## NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) ## Revenue Recognition (Continued) #### Consulting income: The Company recognizes revenue in accordance with FASB ASC 606, Revenue from Contracts with Customers. Consulting revenues are primarily derived from investment banking activities, including advisory services related to business combinations, mergers and acquisitions, and capital raising transactions. The Company's contracts with customers typically include a combination of non-refundable retainers, milestone-based fees, and success-based fees. The Company evaluates each arrangement to identify its performance obligations and determine the appropriate timing of revenue recognition. Success-based fees, which represent a significant portion of the Company's revenues, are contingent upon the closing of a transaction. These fees are generally recognized at a point in time upon consummation of the underlying transaction, as this represents the point at which the Company's performance obligation is satisfied and the fee becomes fixed or determinable. Due to the contingent nature of these arrangements, revenue is constrained until the closing event occurs, as it is not probable that a significant reversal of revenue would not occur prior to that time. Non-refundable retainers and upfront fees are assessed to determine whether they represent payment for distinct services or an advance payment for a single performance obligation. In most cases, such retainers do not represent a separate performance obligation but rather constitute advance payments for advisory services that culminate in a transaction. Accordingly, these amounts are deferred and recognized as revenue upon completion of the related performance obligation, typically at the closing of the transaction. To the extent a contract is terminated prior to completion, the Company recognizes revenue for any amounts that are non-refundable and for which no further performance obligations remain. Milestone-based fees, if any, are evaluated to determine whether the associated milestones represent distinct performance obligations or form part of a single combined performance obligation. Revenue associated with such fees is recognized when the applicable milestone is achieved, provided that the Company has satisfied its performance obligation and the consideration is no longer constrained. The Company applies significant judgment in evaluating the timing of revenue recognition, including the identification of performance obligations, the assessment of variable consideration and related constraints, and the determination of when control of the promised services transfers to the customer. These judgments are particularly relevant given the transaction-based and contingent nature of the Company's investment banking activities. This policy is consistent with the Company's internal reporting and control framework and reflects the economic substance of its advisory arrangements, as typically evaluated in broker-dealer audits conducted pursuant to Rule 17a-5. {17}------------------------------------------------ ## NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) ## Leases: The Company accounts for its leases in accordance with FASB ASC 842, Leases. The Company is a lessee on two non-cancellable operating leases for its Connecticut and Florida offices. The leases expire in April 2028 and March 2027, respectively. The annual cost of the Connecticut lease is approximately \$32,000 and the Florida lease is approximately \$130,000. The Company determines if an arrangement is a lease, or contains a lease, at inception of a contract and when the terms of an existing contract are changed. The Company recognizes a right of use (ROU) asset and a lease liability at the commencement date of the lease and uses the present value of lease payments using the implicit rate if it is readily determinable; otherwise, the Company uses its incremental borrowing rate to calculate the right-of-use asset and lease liability at the inception of the lease and recognizes lease cost for lease payments on a straight-line basis over the lease term. 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 does not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. ROU assets are periodically evaluated for impairment, and no impairment was deemed necessary during the year ended December 31, 2025. ## Equity Method of accounting for equity investments: ASC 323 Investments — Equity Method and Joint Ventures provides guidance on the criteria for determining whether you have an investment that qualifies for the equity method of accounting and how to account for the investment under US GAAP. The equity method is an appropriate means of recognizing increases or decreases measured by generally accepted accounting principles (GAAP) in the economic resources underlying the investments. Furthermore, the equity method of accounting more closely meets the objectives of accrual accounting than does the cost method because the investor recognizes its share of the earnings and losses of the investee in the periods in which they are reflected in the accounts of the investee. The investor then has a degree of responsibility for the return on its investment, and it is appropriate to include in the results of operations of the investor its share of the earnings or losses of the investee. Influence tends to be more effective as the investor's percentage of ownership in the voting stock of the investee increases. Investments of non-voting stock or relatively small percentages of voting stock of an investee tend to be passive in nature and enable the investor to have little or no influence on the operations of the investee. The Company has an investment in IB Direct, LLC. which is the holding company of I-Bankers Direct, LLC., and IBD Wealth Management LLC. in which it uses the equity method for its investment. {18}------------------------------------------------ ## NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) ## ACCOUNTING GUIDANCE RECENTLY ADOPTED Income Taxes ASU 2023-09 - In December 2023, the ASU 2023-09 was issued to enhance the transparency and decision usefulness of income tax disclosures, primarily through expanded requirements for rate reconciliation and income taxes paid. The Company adopted ASU 2023-09 effective January 1, 2025. The adoption did not have an impact on the Company's financial position, results of operations, or cash flows, as the guidance is disclosure-only in nature. The Company has updated its income tax disclosures in the accompanying financial statements to comply with the new requirements, including enhanced rate reconciliation and disaggregation of income taxes paid, where applicable. Cost Method Life ## NOTE C – PROPERTY AND EQUIPMENT, NET The following table sets forth the components of the Company's property and equipment as of December 31, 2025. | Income Taxes ASU 2023-09 - In December 2023, the ASU 2023-09 was issued to enhance the transparency
and decision usefulness of income tax disclosures, primarily through expanded requirements for rate | | | | | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------|---------------|----------|--| | The Company adopted ASU 2023-09 effective January 1, 2025. The adoption did not have an impact on the
Company's financial position, results of operations, or cash flows, as the guidance is disclosure-only in
nature. The Company has updated its income tax disclosures in the accompanying financial statements to
comply with the new requirements, including enhanced rate reconciliation and disaggregation of income | | | | | | | | | | | | The following table sets forth the components of the Company's property and equipment as of December | | | | | | | | Method | Life | | | | Cost | | | | | Computers and Equipment | \$
27,637 | Straight Line | 3 Years | | | Furniture | 12,352 | Straight Line | 7 Years | | | Boat
Total | \$
3,197,161
3,237,150 | Straight Line | 10 Years | | | Accumulated Depreciation | 998,922 | | | | For the year ended December 31, 2025, the Company recorded depreciation and amortization expense of \$317,986. #### NOTE D - NET CAPITAL The Company, as a registered broker dealer, is subject to the Securities and Exchange Commission Uniform Net Capital Rule (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. As of December 31, 2025, the Company had net capital of \$5,044,070 which was \$4,795,036 in excess of its required net capital of \$249,034. The aggregate indebtedness ratio was 0.74 to 1. {19}------------------------------------------------ ## NOTE E – CLEARING BROKER AND CLEARANCE AGREEMENT The Company has an agreement with a clearing broker to execute and clear, on a fully disclosed basis, customer accounts of the Company. In accordance with this agreement, the Company is required to maintain a deposit in cash or securities. The deposit with its clearing broker is refundable but, subject to offsets if the Company ceases doing business with the clearing broker before the natural contract expiration. Amounts payable to its clearing organization as of December 31, 2025, consists of clearing firm expenses for December 2025 activity in addition to an amount payable to the clearing broker dealer as of December 31, 2025, which consists of margin debt collateralized by securities owned. As of December 31, 2025, the balance payable to the clearing firm was \$207,494 and the amount due from the clearing firm was \$402,977, per the consolidated statement of financial condition. ## NOTE F – CONTINGENCIES In accordance with US GAAP, when necessary, the Company establishes an accrued liability for contingent litigation and regulatory matters when those matters present loss contingencies that are both probable and can be reasonably estimated. In such cases, there still may be an exposure to loss in excess of any amounts reasonably estimated and accrued. When a loss contingency is not both probable and estimable, the Company does not establish an accrued liability, but continues to monitor, in conjunction with any outside counsel handling a given matter, further developments that would make such loss contingency both probable and reasonably estimable. Once the Company establishes an accrued liability with respect to a loss contingency, the Company continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established, and appropriate adjustments are made when necessary. In making these decisions, management bases its judgments on its knowledge of the situation, consultation with legal counsel and its historical experience in resolving similar matters. In many lawsuits, arbitrations and regulatory proceedings, it is not possible to determine whether a liability has been incurred or to estimate the amount of that liability until the matter is close to resolution. Management has evaluated all known and potential claims and contingencies and have concluded that there are no matters that require inclusion in or adjustment to the financial statements. {20}------------------------------------------------ ## NOTE G – RELATED PARTY TRANSACTIONS Transactions with related parties are measured on the basis of the amounts agreed to by the parties. Because of the related party relationship, the terms and conditions of these transactions may differ from those that would have been obtained from transactions with independent third parties. The Company receives and provides services to IB Capital LLC, an entity that is related through common ownership (the Affiliate). The total amount of revenue for the year ended December 31, 2025, related to services provided by the Company to the Affiliate was \$276,277 as follows: services offered under a Transfer Pricing agreement for \$32,123, consulting service provided for under a revenue sharing agreement for \$218,750 and an expense sharing agreement under which services were provided by the Company to the affiliate totaling \$25,404. The Affiliate also provided services to the Company related to the investment banking advisory agreements of the Company with its corporate clientele and through revenue and commission sharing agreements that the Company has with the Affiliate. Consulting services provided by the Affiliate under a revenue sharing agreement totaled \$3,139,239 and commissions shared with the affiliate under a revenue sharing agreement totaled \$2,557,875. Transactions with related parties are measured on the basis of the amounts agreed to by the parties. Because of the related party relationship, the terms and conditions of these transactions may differ from those that would have been obtained from transactions with independent third parties. ## NOTE H – FAIR VALUE MEASUREMENTS US GAAP and FASB ASC 820 defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy which prioritizes the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a 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 ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three broad levels: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 – Inputs other than quoted market prices that are observable, either directly or indirectly, and reasonably available. Observable inputs are the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Company; Level 3 – Unobservable inputs which reflect the assumptions that the Company develops based on available information about what market participants would use in valuing the asset or liability. {21}------------------------------------------------ ## NOTE H – FAIR VALUE MEASUREMENTS (CONTINUED) A description of the valuation techniques applied to the company's major categories of assets and liabilities measured at fair value on a recurring basis follows. - U.S. Government Securities. U.S. government securities are valued using quoted market prices. Valuation adjustments are not applied. Accordingly, U.S. government securities are generally categorized in level 1 of the fair value hierarchy. - Exchange-Traded Equity Securities. Exchange-traded equity securities are generally valued based on quoted prices from the exchange. To the extent these securities are actively traded, valuation adjustments are not applied, and they are categorized in level 1 of the fair value hierarchy; otherwise, they are categorized in level 2 or level 3 of the fair value hierarchy. - Derivative Contracts. Derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in level 1 of the fair value hierarchy. Listed derivatives that are not actively traded are valued using the same approaches as those applied to OTC derivatives; they are generally categorized in level 2 of the fair value hierarchy. - Private Placement Units and Representative Shares. Private placement units typically include restricted equity securities or convertible instruments issued by privately held entities. The fair value of these investments is determined using recent transaction prices, adjusted for factors such as the time elapsed since the transaction, changes in market or company-specific conditions, and any known significant events or developments. They are categorized in level 3 of the fair value hierarchy. Asset Level 1 Level 2 Level 3 Total - Private Companies. Investments in private operating companies are generally valued using a market approach. The market approach utilizes pricing multiples derived from comparable public companies or recent market transactions. They are categorized in level 3 of the fair value hierarchy. | are generally categorized in level 2 of the fair value hierarchy.
Private Placement Units and Representative Shares. Private placement units typically include

restricted equity securities or convertible instruments issued by privately held entities. The fair
value of these investments is determined using recent transaction prices, adjusted for factors such | not actively traded are valued using the same approaches as those applied to OTC derivatives; they | | | the exchange and are categorized in level 1 of the fair value hierarchy. Listed derivatives that are | | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|----------------|------------------|------------------------------------------------------------------------------------------------------|--| | as the time elapsed since the transaction, changes in market or company-specific conditions, and
any known significant events or developments. They are categorized in level 3 of the fair value
hierarchy. | | | | | | | Private Companies. Investments in private operating companies are generally valued using a market

approach. The market approach utilizes pricing multiples derived from comparable public
companies or recent market transactions. They are categorized in level 3 of the fair value hierarchy. | | | | | | | The following table presents the Company's fair value hierarchy for those assets and liabilities measured at
fair value on a recurring basis as of December 31, 2025: | | | | | | | | | | | | | | Asset | Level 1 | Level 2 | Level 3 | Total | | | Securities Owned | | | | | | | US Government debt | \$4,406,551 | \$
- | \$
- | \$4,406,551 | | | Exchange traded equities | 2,389,742 | - | | - 2,389,742 | | | Warrants & rights | - | 159,126 | - | 159,126 | | | Private investment | - | - | 5,476,000 | 5,476,000 | | | Restricted exchange traded equities
Total | 4,769,338
\$11,565,631 | -
\$159,126 | -
\$5,476,000 | 4,769,338
\$17,200,757 | | | | | | | | | | Liabilities
Securities Sold, Not Yet Purchased | Level 1 | Level 2 | Level 3 | Total | | {22}------------------------------------------------ ## NOTE H – FAIR VALUE MEASUREMENTS (CONTINUED) | IBS HOLDING CORPORATION | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------|--| | DBA I-BANKERS SECURITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2025 | | | | | | | | | | | | On December 31, 2025, private securities consisted of shares held by the Company in several businesses.
The following table provides a reconciliation between the beginning and ending balance of assets measured | | | | Level 3 Assets at Fair Value, at January 1, 2025 | \$
5,476,000 | | | Non-Cash Purchase | 575,000 | | | Transfers into (out of) Level 3 | - | | | Unrealized gain (loss)
Realized gain (loss) | 3,671,000
(4,246,000) | | | | On December 31, 2025, private securities consisted of shares held by the Company in several businesses.
The following table provides a reconciliation between the beginning and ending balance of assets measured
at fair value on a recurring basis that used significant unobservable inputs (Level 3): | | | | | |-------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------|-----------------------------------------|------------------------|--------| | | | | | | | | | The following table provides information on the valuation techniques for each major category of assets
measured at fair value on a recurring basis with a significant Level 3 balance. | | | | | | | Fair Value at | | Significant Unobservable Input(s): | | | | | December 31, | Valuation | Uncertaint of the Fair Value to Changes | | | | Assets | 2025 | Technique(s) | in the Unobservable Inputs | | Range | | Private equity | \$
5,476,000 | Market approach | Transaction price of Class B units sold | | \$4.42 | | Special Purpose Vehicle | | | | | | | Private Placement Units | - | Income approach | Discounted Cash Flow | | - | | NOTE I – LEASES
Operating Leases | The Company leases certain office space and equipment under various operating leases. In addition to rent,
the Company pays for taxes, insurance, maintenance, and other operating expenses. The Company
recognized lease cost for lease payments on a straight-line basis over the term of the lease, excluding
renewal periods, unless renewal of the lease is reasonably assured. | | | | | | as of December 31, 2025: | The following summarizes the line items in the balance sheet which includes amounts for operating leases | | | | | | | Operating lease right-of-use asset, net of accumulated amortization of \$147,341
Operating lease liability | | | \$159,005
\$165,693 | | | | | | | | | #### NOTE I – LEASES #### Operating Leases | Operating lease right-of-use asset, net of accumulated amortization of \$147,341 | \$159,005 | |----------------------------------------------------------------------------------|-----------| | Operating lease liability | \$165,693 | {23}------------------------------------------------ # IBS HOLDING CORPORATION DBA I-BANKERS SECURITIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2025 Fixed operating lease costs: 107,754 \$ Variable lease costs: 61,414 \$ Total occupancy costs: 169,168 \$ ## NOTE I – LEASES (CONTINUED) The components of lease expense reflected on the statement of income as a component of occupancy expense were as follows: | Fixed operating lease costs: | S | 107,754 | |------------------------------|---|---------| | Variable lease costs: | | 61,414 | | Total occupancy costs: | | 169,168 | For the year ended December 31, 2025, total lease payments amounted to \$102,940. As all existing leases are classified as operating leases under the new standard, the Company has determined that the identified operating leases did not contain non-lease components and required no further allocation of the total lease cost. Additionally, the agreements in place did not contain information to determine the rate implicit in the leases, so the Company used its incremental borrowing rate as the discount rate. The Company's weighted average discount rate is 4.3% and the weighted average remaining lease term is approximately 21 months. 2026 108,547 \$ 2027 52,325 2028 11,510 Total minimum lease payments 172,382 \$ Amounts representing interest not yet incurred (6,689) Present value of lease obligations 165,693 \$ Maturities of lease liabilities as of December 31, 2025, were as follows: | 2026 | S | 108,547 | |------------------------------------------------|---|---------| | 2027 | | 52,325 | | 2028 | | 11,510 | | Total minimum lease payments | S | 172,382 | | Amounts representing interest not yet incurred | | (6,689) | | Present value of lease obligations | S | 165,693 | ## NOTE J – EQUITY METHOD INVESTMENTS The Company accounts for investments in companies where it does not exercise control and whose results are not consolidated under the equity method. Significant influence is generally considered to exist when our ownership interest in the voting stock of the investee is within quantitative guidance, although other factors, such as representation on the investee's board of directors and the impact of commercial arrangements, are also considered in determining whether the equity method of accounting is appropriate. Under the equity method of accounting, the investments are initially recorded at cost and subsequently adjusted by the Company's proportionate share of the investee's net income or losses and any dividend distributions. {24}------------------------------------------------ ## NOTE J – EQUITY METHOD INVESTMENTS (CONTINUED) We record contributions and distributions as an increase or decrease in the carrying value of the investment, respectively. When the Company's interest in an equity method investment company is reduced to zero, the Company records no further losses in its Consolidated Statement of Income unless the Company has an outstanding guarantee obligation or has committed additional funding to such equity method investment company. When such equity method investment company subsequently report income, the Company will not record its share of such income until it exceeds the amount of the Company's share of losses not previously recognized. The Company also evaluates the equity method investments for potential impairment whenever events or changes in circumstances indicate that there is other than a temporary decline in value of the investment. Such events include, but are not limited to, sustained operating losses by the investee or long-term negative changes in the investee's industry and sales of ownership interests at prices below our carrying value of our investment. No impairment charges were recorded in relation to the equity method investments during the year ended December 31, 2025. December 31, 2025 195,080 \$ 60,000 \$ - \$ 255,080 \$ The Company uses the equity method of accounting for its investment in IB Direct, LLC, and it is related to the Company through common ownership. The Company owns 67.91% of the investee's outstanding shares but the bases in all other investors has been depleted, and the Company has made 100% of the capital contributions since, to sustain operations. The Company's investment is represented by Class C non-voting shares. The following table represents the roll forward of the Company's equity investment in the investee: | | Beginning | | Ending | | | | | | |------------|--------------------------------|--|-------------------------|--|----------------------------------|--|--|--------------------------------| | Year Ended | Investment at
Equity Method | | Capital
Contribution | | Equity in Net
Income / (Loss) | | | Investment at
Equity Method | | | | | | | | | | | | | | | | | | | | | Investment at Equity Method as of December 31, 2025, amounted to \$255,080 as reported on the statement of financial condition. IB Direct, LLC had total assets of \$845,430 and total liabilities of \$590,214. For the year ended December 31, 2025, IB Direct had no profit or loss from operations and received \$60,000 in contributions from the Company to continue covering its operational costs accrued in prior years. {25}------------------------------------------------ #### NOTE K – INCOME TAXES | | IBS HOLDING CORPORATION | | | |-----------|---------------------------------------------------------------------------------------|------|-----------| | | DBA I-BANKERS SECURITIES, INC. | | | | | NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | | | | | December 31, 2025 | | | | | | | | | | | | | | | The provision for (benefit from) income taxes is as follows: | 2025 | | | Current: | | | | | | Federal | \$ | 338,669 | | | State and local | | 16,297 | | | Total current tax benefit | \$ | 354,966 | | Deferred: | | | | | | Federal | \$ | 96,186 | | | State and local | - | | | | Total deferred tax expense | | 96,186 | | | Total provision for (benefit from) income taxes | \$ | 451,152 | | | The components of the Company's net deferred tax assets (liabilities) are as follows: | | | | | | | | | | Deferred tax assets | | | | | Fixed assets | | 160,746 | | | Accrued professional fees | | 13,034 | | | Allowance for doubtful accounts
Valuation allowance | - | 63,000 | | | Deferred tax assets | | 236,780 | | | | | | | | Deferred tax liabilities | | | | | Unrealized loss | \$ | (314,319) | | The provision for (benefit from) income taxes is as follows: | | 2025 | |---------------------------------------------------------------------------------------|---------|-----------------| | Federal | | \$
338,669 | | | | | | | | | | Federal | | \$
96,186 | | | | | | | | | | | | | | The components of the Company's net deferred tax assets (liabilities) are as follows: | | | | Deferred tax assets | | | | Fixed assets | | 160,746 | | Accrued professional fees | | 13,034 | | Allowance for doubtful accounts | | 63,000 | | Valuation allowance | | - | | Deferred tax assets | | 236,780 | | Deferred tax liabilities | | | | Unrealized loss | | \$
(314,319) | | Investment in partnerships | | (18,647) | | Valuation allowance | | - | | Deferred tax liabilities | | (332,966) | | Net deferred tax liability | | \$
(96,186) | | | | | | | | | | Statutory federal income tax rate | 21.00% | | | State taxes | 0.40% | | | Permanent differences | 3.47% | | | Prior year true up | 0.06% | | | Valuation allowance | -10.95% | | | Effective tax rate | 13.98% | | The difference between income tax expense computed by applying the federal statutory corporate tax rate and actual income tax is as follows: | Statutory federal income tax rate | 21.00% | |-----------------------------------|---------| | State taxes | 0.40% | | Permanent differences | 3.47% | | Prior year true up | 0.06% | | Valuation allowance | -10.95% | | Effective tax rate | 13.98% | The Company accounts for income taxes in accordance with FASB ASC 740, Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for operating loss and tax credit carryforwards. Deferred tax assets are reduced by a valuation allowance when, in management's judgment, it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. {26}------------------------------------------------ ## NOTE K – INCOME TAXES (CONTINUED) For the year ended December 31, 2025, the Company's effective income tax rate differed from the U.S. federal statutory rate of 21% primarily due to the impact of state and local income taxes, net of federal benefit, nondeductible expenses, and other permanent differences. Discrete items and changes in valuation allowances, if any, are recognized in the period in which they occur and may impact the effective tax rate. In accordance with ASU 2023-09 and FASB ASC 740-10-50-10B, the Company provides information regarding the primary drivers of differences between the statutory and effective tax rates. Reconciling items are evaluated based on both quantitative and qualitative factors. Individual reconciling items that represent 5% or more of the amount computed by applying the statutory federal income tax rate to pre-tax income are separately disclosed, while items below this threshold are aggregated and presented as "other," as appropriate. The Company has identified state and local income taxes and certain permanent differences as the primary reconciling items meeting this threshold for the year ended December 31, 2025. The Company's income tax provision reflects taxes payable for the current year and the change during the year in deferred tax assets and liabilities. Cash taxes paid are primarily attributable to U.S. federal and state taxing jurisdictions. For the year ended December 31, 2025, income taxes paid to U.S. federal authorities and to various state and local jurisdictions are disclosed separately when material, with amounts paid to individual jurisdictions representing 5% or more of total income taxes paid presented separately, and amounts below this threshold aggregated. The Company files income tax returns in the United States federal jurisdiction and in various state jurisdictions and remains subject to examination by taxing authorities for the years 2023 through 2025. This disclosure is intended to comply with the enhanced transparency requirements of ASU 2023-09 and is consistent with the presentation expectations for audited financial statements filed pursuant to Rule 17a-5. As of December 31, 2025, the company had no net operating loss carryforward. ## NOTE L – CONCENTRATIONS Bank balances at times may exceed federally insured limits. Generally, these deposits may be redeemed upon demand and, therefore, bear minimal risk. The amount above federally insured limits in all accounts totaled approximately \$202,149 at December 31, 2025. {27}------------------------------------------------ #### NOTE M – RETIREMENT PLANS ## Cash Balance Plan The Company formerly sponsored the IBS Holding Corporation Cash Balance Plan ("Cash Balance Plan"). The Cash Balance Plan was a defined benefit plan which covered substantially all employees of the Company who met the years of employment and hours worked per year requirement. Qualified Participants' (other than Owner Participants) received a contribution credit of 3% of their plan compensation as defined by the plan after the end of each plan year. A participants' cash balance, as computed at the end of the plan year, provided for an annual interest credit of 5% and all contributions were subject to three-year cliff vesting. In November 2024, the Company filed a Standard Termination Notice Single-Employer Plan Termination pertaining to the Cash Balance Plan and received approval in June 2025. Shortly thereafter, all funds were distributed to plan participants. For the year ended December 31, 2025, the Company's made no contribution to the Cash Balance Plan. #### Profit Sharing Plan The Company participates in a defined contribution profit-sharing plan (the "Plan"). The Company maintains the Plan and the expense is allocated to the Company by a formula determined by management. The Plan provides for profit-sharing contributions for all employees who are employed by the Company on the last day of the plan year, have attained 21 years of age and who have completed one thousand hours of service within the plan year. The profit-sharing contribution percentage is determined at the discretion of senior management and is based on each participating employees' total compensation for the measurement year. Plan contributions are based on the compensation of the participants and all contributions are subject to a six-year graded vesting. For the year ended December 31, 2025, the Company's accrued a contribution to the profit-sharing plan for \$81,219. These amounts are included in employee compensation and benefits in the consolidated statement of income. ## NOTE N – SUBSEQUENT EVENTS Subsequent events were evaluated through April 15, 2026, the date which the consolidated financial statements were available to be issued. There have been no material subsequent events that occurred during such period that would require disclosure in this report or would be required to be recognized in the consolidated financial statements as of December 31, 2025. {28}------------------------------------------------ #### SUPPLEMENTAL SCHEDULE I # IBS HOLDING CORPORATION DBA I-BANKERS SECURITIES, INC. COMPUTATION OF NET CAPITAL UNDER RULE 15c3-1 OF THE SECURITIES AND EXCHANGE COMMISSION ACT OF 1934 AS OF DECEMBER 31, 2025 | SUPPLEMENTAL SCHEDULE I | | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------| | IBS HOLDING CORPORATION
DBA I-BANKERS SECURITIES, INC.
COMPUTATION OF NET CAPITAL UNDER RULE 15c3-1
OF THE SECURITIES AND EXCHANGE COMMISSION ACT OF 1934
AS OF DECEMBER 31, 2025 | | | Total Ownership Equity | \$
24,521,721 | | Non-Allowable Assets | | | Deposit with clearing organization | 100,000 | | Accounts receivable and other receivables | 1,402,779 | | Due from clearing firm | 227,500 | | Financial instruments owned, at fair value | 10,245,338 | | Investment in related entity - equity method | 2,493,093 | | Property and equipment, net | 215 | | Receivables - related parties
Prepaid expenses and other assets | 3,929,590
331,180 | | | | | Total non-allowable assets | 18,729,695 | | Net Capital before Security Haircuts | 5,792,026 | | Security Haircuts (including Undue Concentration) | 747,956 | | Net Capital, as adjusted | \$5,044,070 | | Required Net Capital | 249,034 | | | | | Excess Net Capital | \$4,795,036 | | Aggregate Indebtedness per financial statements | \$3,735,502 | | AI Allowance for contingent liabilities
Total Aggregate Indebtedness | -
\$3,735,502 | | Aggregate indebtedness to Net Capital | 0.74 : 1 | | | | | Reconciliation with Company's computation
(included in FOCUS Part II of Form X-17A-5 as of December 31, 2025) | | | Net capital, as reported in Company's Part II (Unaudited) FOCUS report
Audited adjustments to record: | \$ | | Net audit adjustments | | | Net capital per the preceding (as per the amended FOCUS Part II) | \$ | | | | | | | | 27 | | | | | ## Reconciliation with Company's computation (included in FOCUS Part II of Form X-17A-5 as of December 31, 2025) | Audited adjustments to record: | | |--------------------------------|--| | | | | | | {29}------------------------------------------------ # SUPPLEMENTAL SCHEDULE I (CONTINUED) IBS HOLDING CORPORATION DBA I-BANKERS SECURITIES, INC. RECONCILIATION OF FORM X-17A-5 PART II FILING TO CONSOLIDATED STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2025 | SUPPLEMENTAL SCHEDULE I (CONTINUED) | | | | |--------------------------------------------------------------------------|--------------------------------|------------------|--------------------------------| | | IBS HOLDING CORPORATION | | | | | DBA I-BANKERS SECURITIES, INC. | | | | RECONCILIATION OF FORM X-17A-5 PART II FILING TO | | | | | CONSOLIDATED STATEMENT OF FINANCIAL CONDITION | | | | | | AS OF DECEMBER 31, 2025 | | | | | | | | | | | | | | | | | I-Bankers Securities, Inc | | | | Subsidiary | stand-alone | | | | excluded and | Form X-17A-5 | | ASSETS | 2025 | eliminations | Part II filing | | Cash and cash equivalents | \$
2,527,660.00 | \$
- | \$
2,527,660.00 | | Deposit with clearing organization | 150,000 | - | 150,000 | | Accounts receivable | 1,319,051 | - | 1,319,051 | | Due from Clearing Firm | 402,977 | - | 402,977 | | Due from related parties | 3,929,590 | 528,787 | 4,458,377 | | Financial instruments owned, at fair value 5 | 17,200,757 | - | 17,200,757 | | Other receivables
Investment in related entities – equity method | 151,800
255,080 | -
1,709,226 | 151,800 | | Property and equipment, net | 2,238,228 | | 1,964,306 | | Operating right of use asset | 159,005 | (2,238,013)
- | 215
159,005 | | Prepaid expenses and other assets | 331,178 | - | 331,178 | | Total Assets | \$
28,665,326 | \$
- | \$
28,665,326 | | | | | | | LIABILITIES AND STOCKHOLDER'S EQUITY | | | | | LIABILITIES | | | | | Accounts payable and accrued expenses | \$
942,296 | \$
- | \$
942,296 | | Payable to clearing firm | 207,494 | - | 207,494 | | Securities Sold, Not Yet Purchased, at fair value | 41,605 | - | 41,605 | | Due to related party | 2,347,846 | - | 2,347,846 | | Operating lease liability | 165,693 | - | 165,693 | | Deferred tax liability | 96,186 | - | 96,186 | | Income taxes payable | 342,485 | - | 342,485 | | Total Liabilities | 4,143,605 | - | 4,143,605 | | | | | | | Stockholders' Equity | | | | | Common stock, 100,000 shares of \$.01 par value | | | | | Authorized, 53,000 shares issued and outstanding | 530 | - | 530 | | Additional paid in capital | 933,206 | - | 933,206 | | Less: Treasury Stock | (320,000) | - | (320,000) | | | | | | | Retained Earnings | 23,907,985 | - | 23,907,985 | | Total Stockholder's Equity
Total Liabilities and Stockholder's equity | \$
24,521,721
28,665,326 | \$
-
- | \$
24,521,721
28,665,326 | {30}------------------------------------------------ #### SCHEDULE II # COMPUTATION FOR DETERMINATION OF RESERVE REQUIREMENTS UNDER RULE 15c3-3 OF THE SECURITIES AND EXCHANGE COMMISSION AS OF DECEMBER 31, 2025 Other business activities contemplated by Footnote 74 of the SEC Release No.34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 – No information to report. The Entity claims an exemption under Rule 15c3-3(k)(2)(ii) and therefore is not subject to the reserve requirements of Rule 15c3-3 for these business lines. # SCHEDULE III INFORMATION RELATING TO THE POSSESSION OR CONTROL REQUIREMENTS UNDER RULE 15c3-3 OF THE SECURITIES AND EXCHANGE COMMISSION AS OF DECEMBER 31, 2025 Other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 – No information to report. The Entity claims an exemption under Rule 15c3-3(k)(2)(ii) and therefore is not subject to the possession or control requirements of Rule 15c3-3 for these business lines. {31}------------------------------------------------ ![](_page_31_Picture_0.jpeg) #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON APPLYING AGREED-UPON PROCEDURES To the Board of Directors and Stockholders of IBS Holding Corporation: We have performed the procedures included in Rule 17a-5(e)(4) under the Securities Exchange Act of 1934 and in the Securities Investor Protection ("SIPC") Series 600 Rules, which are enumerated below on the accompanying General Assessment Reconciliation (Form SIPC-7) for the year ended December 31, 2025. Management of IBS Holding Corporation, (the "Company") is responsible for its Form SIPC-7 and for its compliance with the applicable instructions on Form SIPC-7. Management of the Company has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of assisting you and SIPC in evaluating the Company's compliance with the applicable instructions on Form SIPC-7 for the year ended December 31, 2025. Additionally, SIPC has agreed to and acknowledged that the procedures performed are appropriate for their intended purpose. This report may not be suitable for any other purpose. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The sufficiency of these procedures is solely the responsibility of those parties specified in this report. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose. The procedures we performed, and our findings are as follows: - 1) Traced and compared the listed assessment payments in Form SIPC-7 with respective cash disbursement records entries, noting no differences; - 2) Traced and compared the Total Revenue amounts reported on the Annual Audited Report Form X-17A-5 Part III for the year ended December 31, 2025 with the Total Revenue amount reported in Form SIPC-7 for the year ended December 31, 2025, noting no differences; - 3) Traced and compared any adjustments reported in Form SIPC-7 with supporting schedules and related schedules and working papers, noting no differences; - 4) Recalculated the arithmetical accuracy of the calculations reflected in Form SIPC-7 and in the related schedules and working papers supporting the adjustments, noting no differences; and - 5) Traced and compared the amount of any overpayment applied to the current assessment with the Form SIPC-7 on which it was originally computed noting no differences. PO BOX 363343 San Juan Puerto Rico 00936-3343 T: (+1) 787 725 1500 www.drivenadvisors.com {32}------------------------------------------------ To the Board of Directors and Stockholders of IBS Holding Corporation Page 2 We were engaged by the Company to perform these agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the AICPA and in accordance with the standards of the Public Company Accounting Oversight Board. We were not engaged to and did not conduct an examination or a review engagement, the objective of which would be the expression of an opinion or conclusion, respectively, on the Company's Form SIPC-7 and for its compliance with the applicable instructions on Form SIPC-7 for the year ended December 31, 2025. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement. This report is intended solely for the information and use of the Company and SIPC and is not intended to be and should not be used by anyone other than these specified parties. License No. 329 Expires December 1, 2027 Guaynabo, Puerto Rico April 15, 2026 DPSC329-1862 IBS HOLDING CORPORATION {33}------------------------------------------------ #### SECURITIES INVESTOR PROTECTION CORPORATION SIPC-7A 37 REV 0722 #### AMENDED GENERAL ASSESSMENT FORM For the fiscal year ended \_12/31/2025 | | Determination of "SIPC NET Operating Revenues" and General Assessment for:
MEMBER NAME
SEC No.
IBS HOLDING CORPORATION
8-49385
and ending_12/31/2025
For the fiscal period beginning ___ 1/1/2025 | | |---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------| | 1 | | \$ 17,751,856.00 | | | Total Revenue (FOCUS Report - Statement of Income (Loss) - Code 4030) | | | 2 | Additions:
a Total revenues from the securities business of subsidiaries (except foreign
subsidiaries) and predecessors not included above.
b Net loss from principal transactions in securities in trading accounts.
c Net loss from principal transactions in commodities in trading accounts.
d Interest and dividend expense deducted in determining item 1.
e Net loss from management of or participation in the underwriting or
distribution of securities.
f Expenses other than advertising, printing, registration fees and legal fees
deducted in determining net profit management of or participation in
underwriting or distribution of securities.
g Net loss from securities in investment accounts. | | | | Add lines 2a through 2g. This is your total additions. | \$ 0.00 | | 3 | Add lines 1 and 2h | \$ 17,751,856.00 | | 4 | Deductions: | | | | a Revenues from the distribution of shares of a registered open end investment
company or unit investment trust, from the sale of variable annuities, from the
business of insurance, from investment advisory services rendered to
registered investment companies or insurance company separate accounts
and from transactions in security futures products.
b Revenues from commodity transactions. | | | | c Commissions, floor brokerage and clearance paid to other SIPC members
\$ 243,374.00
in connection with securities transactions. | | | | d Reimbursements for postage in connection with proxy solicitations. | | | | e Net gain from securities in investment accounts.
f 100% commissions and markups earned from transactions in (1) certificates
of deposit and (ii) Treasury bills, bankers acceptances or commercial paper
that mature nine months or less from issuance date.
g Direct expenses of printing, advertising, and legal fees incurred in connection
with other revenue related to the securities business (revenue defined by | | | | Section 16(9)(L) of the Act).
\$ 6,187,060.00
h Other revenue not related either directly or indirectly to the securities business.
Deductions in excess of \$100,000 require documentation | | | | 5 a Total interest and dividend expense (FOCUS Report - Statement
of Income (Loss) - Code 4075 plus line 2d above) but
not in excess of total interest and dividend income
\$ 36,004.00 | | | | b 40% of margin interest earned on customers securities accounts
(40% of FOCUS Report - Statement of Income (Loss) -
Code 3960) | | | | \$ 36,004.00
c Enter the greater of line 5a or 5b | | | 6 | Add lines 4a through 4h and 5c. This is your total deductions. | \$ 6,466,438.00 | | 7 | Subtract line 6 from line 3. This is your SIPC Net Operating Revenues. | \$ 11,285,418.00 | Page 1 {34}------------------------------------------------ SIPC-7A 37 REV 0722 #### SECURITIES INVESTOR PROTECTION CORPORATION #### AMENDED GENERAL ASSESSMENT FORM For the fiscal year ended \_12/31/2025 | | | | \$ 16.928.00 | |-------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------| | | | | \$ 0.00 | | | | \$ 19,965.00 | | | | \$ 0.00
\$ 0.00
\$ 0.00
\$ 1,374.00
\$ 18,591.00 | \$ 19,965.00 | | | | | | \$ 19,965.00 | | | | \$ 16,928.00 | | | | | \$ 0.00 | | | | | \$ 19,965.00 | | | | | | (\$ 3,037.00) | | | | | \$ 0.00 | | | | | \$ 0.00 | | | | | (\$ 3,037.00) | | Designated Examining Authority
DEA: FINRA
IBS HOLDING CORPORATION
1200 N FEDERAL HWY STE 215
BOCA RATON, FL 33432 | FYF
2025 | Month
Dec | | | SEC No.
8-49385
MEMBER NAME
MAIL ING ADDRESS | Current overpayment/credit balance, if any
General assessment from last filed 2025 SIPC-7 or 7A
a Overpayment(s) applied on all 2025 SIPC-6 and 6A(s)
b Overpayment(s) applied on all 2025 SIPC-7 and 7A(s)
c Any other overpayments applied
d All payments applied for 2025 SIPC-6 and 6A(s)
e All payments applied for 2025 SIPC-7 and 7A(s)
f Add lines 11a through 11e
LESSER of line 10 or 11f.
a Amount from line 8
b Amount from line 9
c Amount from line 12
Amount you owe SIPC. Add lines 13d and 14.
16 Overpayment/credit carried forward (if applicable) | Multiply line 7 by .0015. This is your General Assessment.
d Subtract lines 13b and 13c from 13a. This is your assessment balance due.
Interest (see instructions) for 44 days late at 20% per annum | | Subsidiaries (S) and predecessors (P) included in the form (give name and SEC number) 7 | By checking this box, you certify that you have the authority of the SIPC member to sign this member, you are authorized, and do hereby consent, to the storage and handling by SIPC of the data in accordance with SIPC's Privacy Policy | IBS HOLDING CORPORATION | Alan Levin | |-------------------------|------------------------| | (Name of SIPC Member) | (Authorized Signatory) | | 4/15/2026 | alan@ibsgroup.net | | (Date) | (e-mail address) | Completion of the "Authorized Signatory" line will be deemed a signature. This form and the assessment payment are due 60 days after the end of the fiscal year. Page 2 {35}------------------------------------------------ # IBS HOLDING CORPORATION DBA I-BANKERS SECURITIES, INC. ## Reconciliation of FOCUS Part IIA Revenues to SIPC-7A Revenues For the Year Ended December 31, 2025 | IBS
HOLDING
CORPORATION
DBA
I-BANKERS
SECURITIES, | INC. | | |------------------------------------------------------------------|------|-----------------| | Reconciliation of FOCUS Part IIA Revenues to | | | | SIPC-7A Revenues | | | | For the Year Ended December 31, 2025 | | | | | | | | Total Audited Revenues | \$ | 17,751,856 | | Deductions per SIPC-7A | | 6,466,438 | | Total Revenues per SIPC-7A | | 11,285,418 | | Amount due per general assessment @ .0015 | \$ | 16,928 | | | | | | Amounts Paid to SIPC
SIPC 6 | \$ | Amount
1,374 | | SIPC-7 | | 6,241 | | SIPC-7A | | 12,350 | | Total amount paid | \$ | 19,965 | | Reconciled Underpayment / (Overpayment) | \$ | (3,037) | | | | | | | | | | | | | | | | | {36}------------------------------------------------ ![](_page_36_Picture_0.jpeg) #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Stockholders of IBS Holding Corporation: We have reviewed management's statements, included in the accompanying Management Exemption Report, in which (1) IBS Holding Corporation (the "Company") identified the following provision of 17 C.F.R. §15c3-3(k) under which the Company claimed the following exemption from 17 C.F.R. §240.15c3-3: (k)(2(ii) exemption provision and (2) the Company stated that the Company met the identified exemption provisions throughout the most recent fiscal year without exception. The Company is also filing this Exemption Report because the Company's other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 are limited to: proprietary trading; receiving transaction-based compensation for identifying potential merger and acquisition opportunities for clients, and financing opportunities for clients, placement fees, underwriting, and advisory services; and commission sharing. In addition, the Company did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, other than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (b)(2) of Rule 15c2-4 and/or funds received and promptly transmitted for effecting transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company; did not carry accounts of or for customers; and did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. The Company's management is responsible for compliance with the provisions contemplated by Footnote 74 of SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 and related SEC Staff Frequently Asked Questions and its statements. Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about the Company's compliance with the exemption . A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion. PO BOX 363343 San Juan Puerto Rico 00936-3343 T: (+1) 787 725 1500 www.drivenadvisors.com {37}------------------------------------------------ To the Board of Directors and Stockholders of IBS Holding Corporation Page 2 Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, based on the provisions set forth in paragraph (k)(2)(ii) of Rule 15c3-3 under the Securities Exchange Act of 1934 and the Company's other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5, and related SEC Staff Frequently Asked Questions. License No. 329 Expires December 1, 2027 Guaynabo, Puerto Rico April 15, 2026 ![](_page_37_Picture_6.jpeg) DPSC329-1861 BS HOLDING CORPORATION {38}------------------------------------------------ ![](_page_38_Picture_0.jpeg) ## MANAGEMENT EXEMPTION REPORT IBS Holding Corporation (dba I-Bankers Securities Inc.), (the "Company") is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.17a-5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. § 240.17a-5(d)(1) and (4). To the best of its knowledge and belief, the Company states the following: - (1) The Company claimed exemption from 17 C.F.R. § 240.15c3-3 under the provisions of 17 C.F.R. §240.15c3-3 (k)(2)(ii). - (2) The Company met the identified exemption provisions in 17 C.F.R. §240.15c3-3 (k)(2)(ii) throughout the most recent fiscal year without exception. - (3) The Company is also filing this Exemption Report because the Company's other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 are limited to (1) proprietary trading; (2) receiving transaction-based compensation for identifying potential merger and acquisition and financing opportunities for clients, placement fees, underwriting, advisory services and commission sharing. The Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. ## IBS Holding Corporation dba I-Bankers Securities, Inc. I, Alan B. Levin, swear (or affirm) that, to my best knowledge and belief, this Exemption Report is true and correct. By: Alan B. Levin Chief Financial Officer April 15, 2026 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.