Full text of SAPENO INC.'s X-17A-5 filed 2026-01-29 (period 2025-11-30). Broker-dealer annual report from SEC EDGAR — readable, searchable, and available as markdown for AI agents.
{0}------------------------------------------------ # SAPENOINC. FINANCIAL STATEMENT AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM NOVEMBER 30, 2025 {1}------------------------------------------------  **MERCURIUS** & **ASSOCIATES** LLP +91 11 **4559 6689** info@ma1llp.com <sup>~</sup> **www.ma1llp.com** #### **Report of Independent Registered Public Accounting Firm** #### **To the Shareholders and Board of Directors of Sapeno Inc.** #### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of the Sapeno Inc. (the "Company") as of November 30, 2025, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respect, the financial position of the Company as of November 30, 2025, in conformity with accounting principles generally accepted in the United States of America. #### **Basis for Opinion** The financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the company's 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 from 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 statement. 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 statement. We believe that our audit of the financial statement provides a reasonable basis for our opinion. #### **Mercurius** & **Associates LLP** We have served as the Company's Auditor since 2023. New Delhi, India January 29,…Read the full text as markdown