# TOR BROKERAGE LLC X-17A-5 (2025-03-28) — Broker-dealer annual report
- Company: TOR BROKERAGE LLC
- Form: X-17A-5
- Filed: 2025-03-28
- Period: 2024-12-31
- Accession: 0001323893-25-000001
- CIK: 1323893
- File #: 8-66903
- Type: Broker-dealer
- Material weakness: No
- Auditor: Davila Advisory, LLC
- Auditor location: St. Louis, MO
- Contact: Victor Sandor
- Phone: 201-960-0918
- Email: vsandor@torbrokerage.com
- Website: torbrokerage.com
- Signed by: Victor Sandor (CCO)
Original filing: https://www.sec.gov/Archives/edgar/data/1323893/000132389325000001/PUBLIC.pdf
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| | UNITED STATES
SECURITIES AND EXCHANGE COMMISSION | | 0MB APPROVAL
0MB Number: 323S-0123 | | | |
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| | ANNUAL REPORTS | | | | | |
| | | 8-66903 | | | | |
| | PART Ill | | | | | |
| | FACING PAGE
Information Required Pursuant to Rules 17a•S, 17a•12, and 18a•7 under the Securities Exchanae Act of 1934 | | | | | |
| FILING FOR THE PERIOD BEGINNING | _______
01/01/2024
_ | AND ENDING 12/31/2024 | | | | |
| | MM/DD/VY | | MM/DD/VY | | | |
| | A. REGISTRANT IDENTIFICATION | | | | | |
| NAME oF FIRM: Tor Brokerage LLC | | | | | | |
| 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.) | | | | | |
| 9019 Old River Road, 2nd Floor | | | | | | |
| | (No. and Street) | | | | | |
| North Bergen | NJ | | 07047 | | | |
| (City) | (State) | | (Zip Code) | | | |
| PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | |
| Victor Sandor | 201-941-0002 | vsandor@torbrokerage.com | | | | |
| | (Area Code - Telephone Number)
(Email Address) | | | | | |
| | 8, ACCOUNTANT IDENTIFICATION | | | | | |
| Davila Advisory, LLC | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | |
| | (Name - if individual, state last, first, and middle name) | | | | | |
| 10135 Manchester Rd, Suite 206 | St. Louis | | 63122
MO | | | |
| (Address)
11/12/2019 | (City) | (State)
6667 | (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)(l){li), If applicable.
**Persons who are** to **respond** to **the wllectlon of information contained** in **this** form **are not required** to **respond unless** the form **displays a currently valid 0MB control** number.
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#### **OATH OR AFFIRMATION**
| | financial report pertaining to the firm of Tor Brnkenige LLC | | | as of |
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| 12/31 | 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. | | | |
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| | | Signature: | | |
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| | | Title:
c | c. | .···· |
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| | This filing•• contains (check all applicable boxes): | | | |
| l!!iil | (a) Statement of financial condition. | | | |
| | Iii (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 ot | | | |
| | 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. | | | |
| D | (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.lSa-2. | | | |
| | □ U} Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.1Sc3-3. | | | |
| D | (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.lSa-4, as appllcable. | | | |
| D | (I) Computation for Determination of PAS Requirements under Exhibit A to§ 240.15c3-3. | | | |
| D | (m) Information relating to possession or control requirements for customers under 17 CFR 240.1Sc3-3. | | | |
| | D (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR | | | |
| | 240.1Sc3-3(p)(2) or 17 CFR 240.lSa-4, as applicable. | | | |
| D | (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.lSa-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 | | | |
| | CFR 240.15c3-3 or 17 CFR 240.lBa-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. | | | |
| | iii (q) Oath or affirmation in accordance with 17 CFR 240.17a-S, 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.lSa-7, as applicable. | | | |
| | Iii (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.lSa-7, or 17 CFR 240.17a-12, as applicable. | | | |
| D | (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 | | | |
| D | 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.lSa-7, as applicable.
(x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-le or 17 CFR 240.17a-12, | | | |
| D | as applicable. | | | |
| D | (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.l 7a-12(k).
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| | D (z) Other.
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applicable.
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## STATEMENT OF FINANCIAL CONDITION
DECEMBER 31, 2024
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#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board of Directors and Members of TOR Brokerage LLC
#### **Opinion on the Financial Statement**
We have audited the accompanying statement of financial condition of TOR Brokerage LLC (the "Company") as of December 31, 2024, and the related notes ( collectively referred to as the "financial statement"). In our opinion, the statement of financial condition presents fairly, in all material respects, the financial position of TOR Brokerage LLC as of December 31, 2024 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 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 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 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 provides a reasonable basis for our opinion.
We have served as TOR Brokerage LLC's auditor since 2021.
Saint Louis, Missouri March 27, 2025
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## STATEMENT OF FINANCIAL CONDITION
## DECEMBER 31, 2024
### ASSETS
| Cash | \$376,195 |
|---------------------------------------------|-----------|
| Due from clearing broker | 425,046 |
| Accounts receivable | 965 |
| Prepaid expenses | 9,205 |
| Equipment (net of accumulated depreciation) | 4,994 |
| TOTAL ASSETS | \$816,405 |
### LIABILITIES AND MEMBERS' EQUITY
| LIABILITIES
Accrued expenses and other liabilities | \$342,357 |
|-------------------------------------------------------|-----------|
| MEMBERS' EQUITY | 474,048 |
| TOTAL LIABILITIES AND MEMBERS' EQUITY | \$816,405 |
The accompanying notes are an integral part of this statement.
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### NOTES TO FINANCIAL STATEMENT
### FOR THE YEAR ENDED DECEMBER 31, 2024
### 1. NOTES ON SIGNIFICANT BUSINESS ACTIVITIES
Tor Brokerage LLC (the "Company") was organized in the State of Delaware in February 2005 and began doing business as a registered broker-dealer in securities with the Securities and Exchange Commission in October 2005. The Company is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). In this capacity, it executes both riskless principal and agency transactions for its customers.
In the normal course of its business, the Company enters into financial transactions where the risk of potential loss due to changes in market (market risk) or failure of the other party to the transaction to perform (counterparty risk) exceeds the amounts recorded for the transaction.
The Company's policy is to continuously monitor its exposure to market and counterparty risk through the use of a variety of financial, position and credit exposure reporting and control procedures. In addition, the Company has a policy of reviewing the credit standing of each broker-dealer, clearing organization, customer and/or other counterparty with which it conducts business.
The Company introduces its customer transactions to its clearing broker Velocity Clearing, LLC, in accordance with the terms of its clearance agreement. In connection therewith, the Company has agreed to indemnify the clearing broker for losses that the clearing broker may sustain related to the Company's customers.
The clearing and depository operations for the Company's proprietary and customer transactions are performed by its clearing broker pursuant to the clearance agreement.
### 2. SIGNIFICANT ACCOUNTING POLICIES
Security transactions and financing with the clearing broker are classified as operating activities on the statement of cash flows since this is the Company's principal business.
The Company maintains its books and records in accordance with accounting principles generally accepted in the United States of America which require management to make estimates and assumptions in determining the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from these estimates.
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#### NOTES TO FINANCIAL STATEMENT (Continued)
#### FOR THE YEAR ENDED DECEMBER 31, 2024
The Company recognizes revenue when it is realized or realizable and earned. The fee on a transaction is earned and recognized when the transaction is completed.
The the Company recognizes revenue in accordance to ASC Topic 606, Revenue from Contracts with Customers ("ASC Topic 606"). The new revenue recognition guidance requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance requires an entity to follow a five-step model to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, ( d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved.
The Company has a commission sharing agreement with another broker dealer. The Company identifies satisfaction of its performance obligation as the execution of a transaction from an accepted account by the other broker dealer. Commissions generated in this way are recognized on a trade date basis as is standard industry practice.
Accounts receivable are stated at the original invoice amount less an allowance for credit losses, based on a review of all outstanding accounts, in accordance with FASB ASC 326-20, which requires the Company to estimate expected credit losses over the life of its financial assets and certain off-balance sheet exposures as of the reporting date based on relevant information about past events, current conditions, and reasonable and supportable forecasts. The allowance for credit losses is reported as a valuation account on the statement of financial condition that adjusts the asset's cost basis. Changes in the allowance for credit losses are reported as credit loss expense. Receivables are written off when deemed uncollectible. Any recoveries of receivables previously written off are recorded when received. Management has determined that an allowance for credit losses was not necessary at December 31, 2024.
Equipment is stated at cost. Depreciation is provided using the straight line method of depreciation over the estimated useful lives of five to seven years. Accumulated depreciation as of December 31, 2024 is \$768.00
#### **3. CASH IN BANK**
The Company maintains cash and cash equivalents with financial institutions. Funds deposited with a single bank are insured up to \$250,000 in the aggregate by the Federal Deposit Insurance Corporation ("FDIC"). Deposits with a single brokerage institution are insured up to \$500,000 per customer, including up to \$250,000 for cash deposits, by the Securities Investor Protection Corp. ("SIPC"). The Company considers all highly liquid instruments purchased with a maturity date of three months or less when purchased to be cash equivalents. At times, cash balances may exceed the insured limits. The Company has not experienced any losses in such accounts.
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### NOTES TO FINANCIAL STATEMENT (Continued)
### FOR THE YEAR ENDED DECEMBER 31, 2024
### 4. INCOME TAXES
The Company is recognized as a Limited Liability Company, (an "LLC"), by the Internal Revenue Service. As an LLC, the Company is not subject to income taxes. The members are liable for federal and state income taxes on the Company's taxable income. The Company is liable for State of New Jersey Franchise Taxes.
FASB provides guidance for how uncertain tax positions should be recognized, measured, disclosed and presented in the financial statements. This requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained "when challenged" or "when examined" by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense and liability in the current year. The tax years that remain subject to examination are 2020, 2021, 2022, and 2023. For the year ended December 31, 2023 management has determined that there are no material uncertain income tax positions
### 5. RULE 15C3-3
The Company is exempt from the provisions of Rule 15c3-3 under paragraph (k)(2)(ii) in that the Company carries no margin accounts, promptly transmits all customer funds and delivers all securities received, does not otherwise hold funds or securities for or owe money or securities to customers and effectuates all financial transactions on behalf of customers on a fully disclosed basis.
### 6. NET CAPITAL REQUIREMENTS
The Company is subject to the Securities and Exchange Commission's Net Capital Rule 15c3-1, which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. At December 31, 2024, the Company had net capital of \$458,884 which exceeded the minimum requirement of \$22,824 by \$ 436,060 The Company's ratio of aggregate indebtedness to net capital was 0.7461 to 1.
### 7. LIABILITIES SUBORDINATED TO THE CLAIMS OF GENERAL CREDITORS
As of December 31, 2024 the Company had not entered into any subordinated loans agreements.
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## NOTES TO FINANCIAL STATEMENT (Continued)
## FOR THE YEAR ENDED DECEMBER 31, 2024
### 8, MAJOR CUSTOMERS
For the year ended December 31, 2024, one customer represented 95.8% of total revenue.
## 9.COMMITMENTS AND CONTINGENT LIABILITIES
The Company had no underwriting commitments, no contingent liabilities and had not been named as a defendant in any lawsuit at December 31, 2024.
# 10. SEGMENT REPORTING
The Company is engaged in a lines of business as a securities broker-dealer, which is comprised of commission income earned through commission sharing agreements as well as referral revenue. The Company has identified Victor Sandor as the chief operating decision maker ("CODM"), who uses net income to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. Additionally, the CODM uses excess net capital (see Note 6), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or pay dividends. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because CODM manages the business activities using the profit and loss of the segment are the same as those described in the summary of significant accounting policies. The company derived 95.8 percent of its total revenues from a single external customer in 2024.information of the Company as a whole. 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. The company derived 95.8 percent of its total revenues from a single external customer in 2024
## 11. SUBSEQUENT EVENTS
Events have been evaluated through the date that these financial statements were available to be issued and no further information is required to be disclosed.
Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.