# GRIFFIN SECURITIES, INC. X-17A-5 (2025-12-03) — Broker-dealer annual report - Company: GRIFFIN SECURITIES, INC. - Form: X-17A-5 - Filed: 2025-12-03 - Period: 2025-09-30 - Accession: 0001038485-25-000003 - CIK: 1038485 - File #: 8-50186 - Type: Broker-dealer - Material weakness: No - Auditor: Alperin, Nebbia & Associates, CPA, PA - Auditor location: Fairfield, NJ - Contact: Julia Lancian - Phone: 212-509-6932 - Signed by: Adrian Stecyk (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1038485/000103848525000003/Public.pdf --- {0}------------------------------------------------ # UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OMB APPROVAL OMB Number: Expires: Estimated average burden hours per response: # ANNUAL REPORTS FORM X-17A-5 PART III SEC FILE NUMBER 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 _____________________ AND ENDING ______________________ | | | |-----------------------------------------------------------------------------------------|----------|----------| | | MM/DD/YY | MM/DD/YY | # A. REGISTRANT IDENTIFICATION NAME OF FIRM: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ TYPE OF REGISTRANT (check all applicable boxes): Broker-dealer Security-based swap dealer Major security-based swap participant Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | _____________________________________________________________________________________ | | | | |----------------------------------------------|---------------------------------------------------------------------------------------|-----------------|------------|--| | | (No. and Street) | | | | | | _____________________________________________________________________________________ | | | | | (City) | (State) | | (Zip Code) | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | _____________________________________________________________________________________ | | | | | (Name) | (Area Code – Telephone Number) | (Email Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | | _____________________________________________________________________________________ | | | | | | (Name – if individual, state last, first, and middle name) | | | | | | _____________________________________________________________________________________ | | | | | (Address) | (City) | (State) | (Zip Code) | | | | | | | | \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ (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 be covered by the reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable. Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. {1}------------------------------------------------ # OATH OR AFFIRMATION I, \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_, swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_, as of \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_, 2\_\_\_\_\_, 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. Signature: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Title: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Notary Public # This filing\*\* contains (check all applicable boxes): (a) Statement of financial condition. \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ - (b) Notes to consolidated statement of financial condition. - (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - (d) Statement of cash flows. - (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - (f) Statement of changes in liabilities subordinated to claims of creditors. - (g) Notes to consolidated financial statements. - (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - (i) Computation of tangible net worth under 17 CFR 240.18a-2. - (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - (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. - (l) 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 report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17a-12, as applicable. - (y) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). - (z) Other: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ - \*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), as applicable. {2}------------------------------------------------ **GRIFFIN SECURITIES, INC.** ## **(S.E.C. NO. 8 - 50186)** #### **STATEMENT OF FINANCIAL CONDITION** #### **SEPTEMBER 30, 2025** **\*\*\*\*\*\*\*** {3}------------------------------------------------ # **GRIFFIN SECURITIES, INC.** # **TABLE OF CONTENTS** | | Page | |----------------------------------|--------------| | Independent Auditor's Report | 5 | | Financial Statement | | | Statement of Financial Condition | 6 | | Notes to Financial Statements | 7
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10 | # **INDEPENDENT AUDITOR'S REPORT** {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) # **Report of Independent Registered Public Accounting Firm** To the Board of Directors of Griffin Securities, Inc. # Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Griffin Securities, Inc. (the "Company") as of September 30, 2025, and the related notes and schedules (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of September 30, 2025, in conformity with accounting principles generally accepted in the United States of America. #### Basis for Opinion This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this financial statement 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 financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. We have served as the Company's auditor since 1998. Alperin, Nebbia & Associates, CPA, PA Fairfield, New Jersey November 28, 2025 {5}------------------------------------------------ # **GRIFFIN SECURITIES, INC. STATEMENT OF FINANCIAL CONDITION SEPTEMBER 30, 2025** # **ASSETS** | Current Assets: | | |----------------------------------------------------------------------------|---------------| | Cash and cash equivalents | \$
212,435 | | Accounts receivable | 24,225 | | Marketable securities | 13,116 | | Advances to employees | 10,000 | | Other current assets | 2,651 | | Total current assets | 262,427 | | Property and Equipment: | | | Office equipment | 130,120 | | Less: accumulated depreciation | (130,120) | | | - | | Total Assets | \$
262,427 | | | | | LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY) | | | Current Liabilities: | | | Accounts payable and accrued expenses | \$
20,013 | | Interest payable | 20,000 | | | 40,013 | | Liabilities Subordinated to Claims of General Creditors: | | | Subordinated loans from stockholders | 600,000 | | Total Liabilities | 640,013 | | Commitments and Contingencies | | | Stockholders' Equity (Deficiency):
Common stock, 200 shares authorized, | | | 48.18 shares issued and outstanding, no par value | - | | Additional paid in capital | 1,580,206 | | Accumulated deficit | (1,957,792) | | Total Stockholders Equity (Deficiency) | (377,586) | | Total Liabilities and Stockholders' Equity (Deficiency) | \$
262,427 | | | | See notes to the Statement of Financial Condition {6}------------------------------------------------ # **GRIFFIN SECURITIES, INC. NOTES TO THE STATEMENT OF FINANCIAL CONDITION SEPTEMBER 30, 2025** ### 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ## Nature of Business Griffin Securities, Inc., (the "Company"), is a securities broker-dealer servicing primarily institutional clients. # Use of Estimates The preparation of the Statement of Financial Condition in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingencies in the Statement of Financial Condition. Actual results could differ from the estimates included in the Statement of Financial Condition. # Cash and Cash Equivalents Cash and cash equivalents include investments in money market funds. ## Marketable Securities Marketable securities are valued at market value with the resulting difference between cost and market included in income. # Concentration of Cash The Company maintains cash accounts with Citibank, N.A. Deposits held in noninterest-bearing transaction accounts are aggregated with any interest-bearing deposits the owner may hold in the same ownership category, and the combined total is insured up to at least \$250,000. # Accounts Receivable Accounts receivable is reported at the amount management expects to collect from outstanding balances. Differences between the amount due and the amount management expects to collect are reported in the results of operations of the year in which those differences are determined, with an offsetting entry to a valuation allowance for trade accounts receivable. Balances still outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to trade accounts receivable. #### Credit Losses It is the policy of management to review outstanding receivables at year end, as well as the bad debt write-offs experienced in the past and establish an allowance for credit losses for uncollectible amounts. # Property and Equipment Property and equipment are carried at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets ranging from 3 to 5 years. {7}------------------------------------------------ # **GRIFFIN SECURITIES, INC. NOTES TO THE STATEMENT OF FINANCIAL CONDITION SEPTEMBER 30, 2025** # SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) #### Fair Value Measurements The Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurement and Disclosure, defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Fair value is the price that would be received to sell and asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In accordance with ASC Topic 820-10-35, the Company groups investments at fair value into three levels based on the markets in which the investments are traded and the reliability of the assumptions used to determine fair value. These levels are: Basis of Fair Value Measurement - Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; - Level 2 Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly; - Level 3 Prices or valuation that require inputs that are significant to the fair value measurement and unobservable. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. At September 30, 2025, the Company had classified all of its securities owned at fair market value at Level 1 for ASC Topic 820-10-35 purposes. # Revenue Recognition Investment banking and advisory fees are recognized at the point in time that performance of obligations under the respective arrangements are completed. Such obligations include, but are not limited to, marketplace analysis, preparation of required placement memoranda and market presentations and initial investor introductions. Research service fees are recognized when services are provided and collectability is reasonably assured. Employee retention credit is a one-time credit issued by the Federal Government and was recorded when received. #### Segment Reporting The Accounting Standards Update (ASU) 2023-07 issued by the Financial Accounting Standards Board (FASB) introduced enhancements to segment reporting requirements for public entities, including brokerdealers. The update aimed to improve the transparency and usefulness of financial disclosures for investors and other stakeholders. ASU 2023-07 disclosure requirements are effective for fiscal years starting after December 15, 2023. The Company has identified its President as the Chief Operating Decision Maker as specified in the ASU 2023-07. Company management reviewed the ASU 2023-07 disclosure requirements and determined that no additional disclosures are required as the Company has only one reportable segment. {8}------------------------------------------------ # **GRIFFIN SECURITIES, INC. NOTES TO THE STATEMENT OF FINANCIAL CONDITION SEPTEMBER 30, 2025** # SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) # Income Taxes The Company is treated as a Subchapter C corporation for tax purposes. The provision for income taxes includes federal income and various state income and franchise taxes currently payable, and those deferred because of temporary differences between the financial statement and tax bases of assets and liabilities. Deferred income taxes result primarily from deductions and income recorded on the financial statements but not yet allowable or reportable for income tax purposes. The Company uses the asset and liability method to account for deferred income taxes. The asset and liability method requires the recognition of deferred income tax liabilities and assets for the expected future tax consequences of temporary differences between tax bases and financial reporting bases of assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is not reasonably assured that some portion or all of the deferred tax assets will be realized. The Company recognizes and measures tax positions taken or expected to be taken in its tax return based on their technical merit and assesses the likelihood that the positions will be sustained upon examination based on the facts, circumstances and information available at the end of each period. ## Retirement Plan The Company maintains a 401(k)-retirement plan covering substantially all employees. The Company matches 100% of the first 4% of the active participant's compensation contributed to the plan. # 2. OTHER CURRENT ASSETS Other current assets consisted primarily of the prepaid FINRA fee and prepaid insurance at September 30, 2025. # 3. RELATED PARTY TRANSACTIONS The Company subleases office space from a related party owned by two shareholders. The Company provides advisory services to affiliates. # 4. REGULATORY REQUIREMENTS The Company is subject to the Securities and Exchange Commission's 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. At September 30, 2025, the Company had net capital of \$180,645, which was \$80,645 in excess of its required net capital of \$100,000. The Company's net capital ratio was 0.22 to 1. The Company relies on Footnote 74 of the 2013 Release to the Securities and Exchange Act to be compliant with the provisions of SEC Rule 15c3-3. {9}------------------------------------------------ # **GRIFFIN SECURITIES, INC. NOTES TO FINANCIAL STATEMENTS YEAR ENDED SEPTEMBER 30, 2025 CONFIDENTIAL** # 5. INCOME TAXES During the past few years, the Company incurred a cumulative net operating loss. In assessing the realizability of any resulting deferred tax asset, management considers whether it is more likely than not that some portion of the deferred tax asset will not be materialized. The ultimate realization of the deferred tax asset is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductive. Management has determined that a valuation allowance against the deferred tax asset is appropriate in light of the company's operating losses in prior years. However, due to the accumulated losses, the Company has established net operating loss carry forwards of \$1,561,000 for Federal and \$1,880,000 for state available to offset future taxable income. This carryforward begins expiring in 2043. The Company complies with the provisions of Accounting for Uncertainty in Income Taxes (FASB ASC 740-10). Under FASB ASC 740-10, the Company is required to evaluate each of its tax positions to determine if they are more likely than not to be sustained if the taxing authority examines the respective position. The Company has evaluated each of its tax positions and has determined that no additional provision or liability for uncertain income tax positions is necessary. The Company files income tax returns in the U.S. federal jurisdiction, New York State and New York City. The Company is no longer subject to U.S. federal income tax examination by tax authorities for years before 2021. # 6. LIABILITIES SUBORDINATED TO THE CLAIMS OF GENERAL CREDITORS The Company has entered into several Subordinated Debt Arrangements in the total amount of \$600,000. Such arrangements carry 5% per annum interest rate and mature at various dates thru December 28, 2025. # 7. COMMITMENTS AND CONTINGENCIES The Company sub-leases office space from a related party owned by two shareholders under month-tomonth arrangement. # 9. SUBSEQUENT EVENTS Subsequent events were evaluated through the date the Statement of Financial Condition was available to be issued, and no such events require disclosure. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.