# GLENDALE SECURITIES, INC. X-17A-5 (2025-04-01) — Broker-dealer annual report - Company: GLENDALE SECURITIES, INC. - Form: X-17A-5 - Filed: 2025-04-01 - Period: 2024-12-31 - Accession: 0001198404-25-000002 - CIK: 1198404 - File #: 8-65604 - Type: Broker-dealer - Material weakness: No - Auditor: DCPA - Auditor location: CENTURY CITY, CA - Contact: Eric Flesche - Phone: 8189071505 - Email: audit@dcpapro.com - Website: dcpapro.com - Signed by: Paul Eric Flesche (CFO) Original filing: https://www.sec.gov/Archives/edgar/data/1198404/000119840425000002/annual_report2.pdf --- {0}------------------------------------------------ Glendale Securities, Inc. Report Pursuant to Rule 17a-5 (d) Financial Statements For the Year Ended December 31, 202 {1}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 A. REGISTRANT IDENTIFICATION OMB APPROVAL OMB Number: Expires: Estimated average burden hours per response: SEC FILE NUMBER # 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 \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ AND ENDING \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ MM/DD/YY MM/DD/YY # NAME OF FIRM: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ | NAME OF FIRM: _______________________________________________________________________ | | | | |---------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|--------------------------------------------|------------| | TYPE OF REGISTRANT (check all applicable boxes):
Broker-dealer
Check here if respondent is also an OTC derivatives dealer | Security-based swap dealer | Major security-based swap participant | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | _____________________________________________________________________________________ | | | | | | (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. {2}------------------------------------------------ | Paul Eric Flesche | , swear (or affirm) that, to the best of my knowledge and belief, the | | |----------------------------------------------------------------------|----------------------------------------------------------------------------------------|-------| | financial report pertaining to the firm of GLENDALE SECURITIES, INC. | | as of | | 12/31 | 2 024 is true and correct I further swear (or affirm) that neither the company nor any | | | 1111
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82 | | | Signature: | | |------------|--| | Title: | | - - - - - - - - - - - - - - - - - - - - - - - - - - - {3}------------------------------------------------ | A notary public or other officer completing this certificate verifics only the identity of the individual who signed the document to which this certificate is attached, and n | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | State of California | | US ANGELE
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Entry # | | Notary contact: | | other | | Affiant(s) Thumbprint(s) Describe: | | | | | | | | | | | | | | | | | {4}------------------------------------------------ DCPA # 2121 AVE OF THE STARS #800 424-253-1212 CENTURY CITY, CA 90067 AUDIT@DCPAPRO.COM REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To The Board of Directors and the Stockholders of Glendale Securities, Inc.: ### Opinion on the Financial Statements We have audited the accompanying statement of financial condition of Glendale Securities, Inc. (the "Company") as of December 31, 2024 cash flows for the year then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States. ### 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 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 financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. ### Supplemental Information Information is the responsibility of th 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, Schedules I, II and III are fairly stated, in all material respects, in relation to the financial statements taken as a whole. We have served as the Company's auditor since 2022. DCPA Century City, California March , 2025 {5}------------------------------------------------ ### Glendale Securities, Inc. Statement of Financial Condition December 31, 2024 | Assets | | |-------------------|--| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Assets | | | | | | Liabilities | | | | | | | | | | | | | | | | | | | | | Total Liabilities | | | | | | | | | | | The accompanying notes are an integral part of these financial statements. {6}------------------------------------------------ # Glendale Securities, Inc. Statement of Income For the Year Ended December 31, 2024 | Revenues | | |----------------|--| | | | | | | | | | | | | | | | | Total Revenues | | | Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Expenses | | | | | | | | | Net Income | | The accompanying notes are an integral part of these financial statements. {7}------------------------------------------------ ## Glendale Securities, Inc. Statement of Changes in Equity For the Year Ended December 31, 2024 | Common
Stock
Shares | Stock | Common | Paid In
Capital | Retained
Earnings | Total | |---------------------------|-------|--------|--------------------|----------------------|-------| | | | | | | | | | | | | | | | | | | | | | {8}------------------------------------------------ ### Glendale Securities, Inc. Statement of Cash Flows For the Year Ended December 31, 2024 ### Cash Flows from Operating Activities: | Supplemental Disclosure of Cash Flow Information | | | |--------------------------------------------------|--|--| | | | | | | | | {9}------------------------------------------------ ### Note 1 Organization and Nature of Business ### Note 2 Significant Accounting Policies Basis of Presentation Use of Estimates Commissions | Commissions | | |-------------------|--| | | | | | | | Total Commissions | | Securities Inventory Services {10}------------------------------------------------ Note 2 Significant Accounting Policies (continued) Accounts Receivable Clearing Brokers Fixed Assets - Income Taxes , Income Taxes Investments in Ventures {11}------------------------------------------------ ### Note 3 - Fair Value of Investments and Assets at Cost - - - # Fair Value Measurements As of December 31, 2024 | | Level 1 | Level 2 | Level 3 | Total | | |--------|---------|--------------|------------|--------------|--| | Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | \$
- | \$ 1,635,740 | \$ 345,578 | \$ 1,981,318 | | # Fair Value Measurement of Level 3 Investments | Beginning Balance at December 31, 2023 | | |----------------------------------------|--| | | | | | | | | | | Ending Balance at December 31, 2024 | | {12}------------------------------------------------ ### Note 3 - Fair Value (continued) ### Note 4 Commissions and Fees Payable ### Note 5 Provision For Income Taxes | Federal | State | Local | Total | |---------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | {13}------------------------------------------------ ### Note 6 Litigation ### Note 7 Net Capital Requirements ### Note 8 Pension Plan ### Note 9 Operating Lease {14}------------------------------------------------ ### Note 9 Operating Lease (continued) | At December 31, 2024 future minimum lease payments under this agreement were as follow | | | | | | |----------------------------------------------------------------------------------------|--|--|--|--|--| |----------------------------------------------------------------------------------------|--|--|--|--|--| | 2025 | 103,131 | |-----------------------------------|------------| | 2026 | 97,640 | | Total undiscounted lease payments | 200,771 | | Less imputed interest | (1,352) | | Total lease liability | \$ 199,419 | | | | ### Note 10 - Concentrations ### Note 11 Subsequent Events ### Note 12 Segment Reporting {15}------------------------------------------------ ### Note 13 Recently Issued Accounting Pronouncements {16}------------------------------------------------ # Glendale Securities, Inc. Schedule I Computation of Net Capital Pursuant to SEA Rule 15c3-1 December 31, 2024 | Net Capital | \$
1,114,712 | | |-------------|-----------------|--| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | {17}------------------------------------------------ # Glendale Securities, Inc. Schedule II Computation for Determination of Reserve Requirements Pursuant to SEA Rule 15c3-3 As of December 31, 2024 {18}------------------------------------------------ ## Glendale Securities, Inc. Schedule III Information Relating to Possession or Control Requirements under SEA Rule 15c3-3 As of December 31, 2024 {19}------------------------------------------------ Glendale Securities, Inc. Report on Exemption Provisions Pursuant to Provisions of 17 C.F.R. § 15c3-3(k) For the Year Ended December 31, 202 {20}------------------------------------------------ DCPA # CENTURY CITY, CA 90067 AUDIT@DCPAPRO.COM REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To The Board of Directors and the Stockholders of Glendale Securities, Inc.: We have reviewed management's statements, included in the accompanying Exemption Report, in which (1) Glendale Securities, Inc. identified the following provisions of 17 C.F.R. § 15c3-3(k) under which Glendale Securities, Inc. claimed an exemption from 17 C.F.R. § 240.15c3-3: (k)(2)(ii) (the "exemption provisions"), (2) Glendale Securities, Inc. stated that Glendale Securities, Inc. met the identified exemption provisions throughout the year ended December 31, 2024 without exception, and (3) Glendale Securities, Inc. Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a- that the Company did not identify any exceptions to this assertion throughout the year ended December 31, 2024. Glendale Securities, Inc. exemption provisions, and the provisions of Footnote 74, 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 Glendale Securities, Inc.'s compliance with the exemption provisions. 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. 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 Non-Covered Firm provision. DCPA Century City, California March , 2025 {21}------------------------------------------------ ![](_page_21_Picture_0.jpeg) # Glendale Securities, Inc. Exemption Report For the Year Ended December 31, 2024 Glendale 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. Section 240.17a -5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. Section 240.17a-5(d)(1) and (4). To the best of its knowledge and belief, the Company states the following: 1) The Company claimed an exemption from 17 C.F.R. § 240.15c3-3 under the following 2) The Company met the identified exemption provisions in 17 C.F.R. §240.15c3-3 (k) - provisions of 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 Companys 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) advisory services for DTC Eligibility; and (2) direct sales of mutual funds. The Company (1) 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; (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. Glendale Securities, Inc. I, Paul E. Flesche, swear (or affirm) that, to my best knowledge and belief, this Exemption Report is true and correct. By: Title: CFO {22}------------------------------------------------ Glendale Securities, Inc. Report on the SIPC Annual Assessment Pursuant to Rule 17a-5(e)4 For the Year Ended December 31, 2024 {23}------------------------------------------------ DCPA # 2121 AVE OF THE STARS #800 424-253-1212 CENTURY CITY, CA 90067 AUDIT@DCPAPRO.COM REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON APPLYING AGREED-UPON PROCEDURES To The Board of Directors and the Stockholders of Glendale Securities, Inc.: 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 Corporation (SIPC) Series 600 Rules, which are enumerated below and were agreed to by Glendale Securities, Inc. and the SIPC, solely to assist you and SIPC in evaluating Glendale Securities, Inc. Reconciliation (Form SIPC-7) for the year ended December 31, 2024. Glendale Securities, Inc. is responsible for its Form SIPC-7 and for its compliance with those requirements. This agreed-upon procedures engagement was conducted in accordance with standards established by the Public Company Accounting Oversight Board (United States) and in accordance with attestation standards established by the American Institute of Certified Public Accountants. 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) Compared the listed assessment payments in Form SIPC-7 with respective cash disbursement records 2) Compared the Total Revenue amount reported on the Annual Audited Report Form X-17A-5 Part III for the year ended December 31, 2024 with the Total Revenue amount reported in Form SIPC-7 for 3) Compared any adjustments reported in Form SIPC-7 with supporting schedules and working papers, 4) Recalculated the arithmetical accuracy of the calculations reflected in Form SIPC-7 and in the related 5) Compared the amount of any overpayment applied to the current assessment with the Form SIPC-7 on - entries, noting no differences; - the year ended December 31, 2024, noting no differences; - noting no differences; - schedules and working papers supporting the adjustments, noting no differences; and - which it was originally computed, noting no differences. We were not engaged to and did not conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on Glendale Securities, Inc. applicable instructions of the Form SIPC-7 for the year ended December 31, 2024. 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. This report is intended solely for the information and use of Glendale Securities, Inc. and the SIPC and is not intended to be and should not be used by anyone other than these specified parties. Century City, California March , 2025 {24}------------------------------------------------ # Glendale Securities, Inc. Schedule of Securities Investor Protection Corporation Assessments and Payments For the Year Ended December 31, 2024 | Glendale Securities, Inc.
Schedule of Securities Investor Protection Corporation
Assessments and Payments
For the Year Ended December 31, 2024 | | | |---------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------| | | Amount | | | Total assessment | \$ | 8,302 | | SIPC-6 general assessment | | | | Payment made on July 31, 2024 | | (2,963) | | SIPC-7 general assessment | | | | Payment made on March 13, 2025 | | (5,480) | | Total assessment balance | | | | (overpayment carried forward) | \$ | (141) | Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.