# AMERICAN INDEPENDENT SECURITIES GROUP, LLC X-17A-5 (2026-03-27) — Broker-dealer annual report - Company: AMERICAN INDEPENDENT SECURITIES GROUP, LLC - Form: X-17A-5 - Filed: 2026-03-27 - Period: 2025-12-31 - Accession: 0001324107-26-000001 - CIK: 1324107 - File #: 8-66905 - Type: Broker-dealer - Material weakness: Yes - Auditor: LMHS, P.C. - Auditor location: Norwell, MA - Contact: Ryan Carlson - Phone: 2084893131 - Email: ryan@americanlsg.com - Website: americanlsg.com - Signed by: Ryan Carlson (Principal) Original filing: https://www.sec.gov/Archives/edgar/data/1324107/000132410726000001/public20251.pdf --- {0}------------------------------------------------ | | | | Estimated average burden
hours per response: 12 | | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|-----------------|----------------------------------------------------|--| | | ANNUAL REPORTS | | SEC FILE NUMBER | | | | FORM X-17A-S | | 8-66905 | | | | PART Ill | | | | | | 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 O 1/01/2025 | | | A~D ENDING 12/31/2025 • | | | | MM/DD/VY | | MM/DD/VY | | | | A. REGISTRANT IDENTIFICATION | | | | | | NAME oF FIRM: American Independent Securities Group,LLC | | | | | TYPE OF REGISTRANT (check all applicable boxes):
[!] Broker-dealer
D Check here if respondent is also an OTC derivatives dealer
664 S Rivershore Ln, Ste 150 | D Security-based swap dealer
ADDRESS Of PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | D Major security-based swap participant | | | | (No. and Street) | | | | | Eagle | Idaho | | 83616 | | | (City) | (State) | | (Zip Code) | | | | | | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | Ryan Carlson | 208-489-3131 | | Ryan@AmericanlSG.com | | | (Name) | (Area Code - Telephone Number) | | (Email Address) | | | | 8. ACCOUNTANT IDENTIFICATION | | | | | LMHS, P.C | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing• | | | | | | (Name - if individual, state last, first, and middle namel | | | | | 80 Washington Street, Building S | Norwell | | 02061
MA | | | (Address) | (City) | (State)
3373 | (Zip Code) | | | (Date of Registration with PCAOB)(if applicable) | | | IPCAOB Re11:istration Number if aoplicable | | | | FOR OFFICIAL USE ONLY | | | | | | | | | | 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 0MB control number. {1}------------------------------------------------ #### OATH OR AFFIRMATION I, Ryan Carlson swear (or affirm) that, to the best of my knowledge and belief, the financial report **pertaining** to the firm of American Independent Securities Group, LLC as of 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 asthatofacustomer. . ~ **/J** / ![](_page_1_Picture_5.jpeg) | Signature: | {~ | | |------------|----|--| | CEO | | | This **filing•• contains (check all applicable boxes):** - **]X'** (a) Statement of financial condition. - ~ (b) Notes to consolidated statement of financial condition. - D (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 (d) Statement of cash flows. - D (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - D (f) Statement of changes in liabilities subordinated to claims of creditors. - D (g) Notes to consolidated financial statements. - D (h) Computation of net capital under 17 CFR 240.1Sc3-1 or 17 CFR 240.lSa-1, as applicable. - D (i) Computation of tangible net worth under 17 CFR 240.18a-2. - D U) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - D (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 1.7 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.lSa-4, as applicable. - D (1) Computation for Determination of PAB Requirements under Exhibit A to§ 240.15c3-3. - D (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - D (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.1.Sa-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 240.18a-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. - D (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - D (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. - D (r) Compliance report in accordance with 17 CFR 240.17a-S or 17 CFR 240.18a-7, as applicable. - D (s) Exemption report in accordance with 17 CFR 240.1.7a-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. - D (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. - D (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.l7a-12, 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 CF R 240.17a-12(k). D (z) other:----------------------------- --------- - - 0 ro 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}------------------------------------------------ # **AMERICAN INDEPENDENT SECURITIES GROUP, LLC** **Report Pursuant to Rule 17a-5(d)** **For the Year ended December 31, 2025** {3}------------------------------------------------ ### **AMERICAN INDEPENDENT SECURITIES GROUP, LLC** Financial Statements and Other Financial Information Year ended December 31, 2025 ### **Contents** | Report of Independent Registered Public Accounting Firm………………………………… 2 | | |------------------------------------------------------------------------|-----------| | Audited Financial Statements | | | Statement of Financial Condition
Notes to Financial Statements | 3
4-10 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) #### *Report of Independent Registered Public Accounting Firm* To the Member American Independent Securities Group, LLC Eagle, Idaho #### *Opinion on the Financial Statements* We have audited the accompanying statement of financial condition of American Independent Securities Group, LLC, as of December 31, 2025, 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 American Independent Securities Group, LLC as of December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. #### *Basis for Opinion* These financial statements are the responsibility of the entity's management. Our responsibility is to express an opinion on these 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 American Independent Securities Group, LLC 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. LMHS?. C LMHS, P.C. We have served as the American Independent Securities Group, LLC's auditor since 2022. Norwell, Massachusetts March 20, 2026 ![](_page_4_Picture_12.jpeg) \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ {5}------------------------------------------------ ## American Independent Securities Group, LLC Statement of Financial Condition As of December 31,2025 #### ASSETS #### CURRENT ASSETS | Cash and cash equivalents | \$
1,096,424 | |-----------------------------------------------------|-----------------| | Commissions receivable | 824,464 | | Prepaid and other assets | 173,861 | | Clearing deposit | 50,000 | | Total current assets | 2,144,749 | | Property and equipment, at cost, net of accumulated | | | depreciation of \$12,798 | 3,395 | | Right of use Operating Lease | 91,416 | | | 94,811 | | Total assets | \$
2,239,560 | | LIABILITIES AND MEMBER'S EQUITY | | | CURRENT LIABILITIES | | | Commissions payable | \$
713,221 | | Operating Lease Liability - Long-term portion | 91,416 | | Long-term Liability - Clearing Payment | 630,000 | | Accrued liabilities | 65,396 | | Total liabilities | 1,500,032 | | | 739,527 | | MEMBER'S EQUITY | | | Total liabilities and member's equity | \$
2,239,560 | See accompanying notes to financial statements {6}------------------------------------------------ ### **NOTE 1 - PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES** #### *Nature of Business* American Independent Securities Group, LLC ("AISG" or "the Company") was formed December 30, 2004, as an Idaho Limited Liability Company operating as a broker/dealer in securities under the Securities Exchange Act of 1934 and is a member of the Financial Industry Regulatory Authority ("FINRA"). The Company limits its activity to selling mutual fund investments, annuities, and general securities on a "fully disclosed basis." The Company operates in the northwest region of the United States. The Company will continue perpetually unless dissolved by the member. The Company operates under the provisions of Paragraph (k)(2)(ii) of Rule 15c3-3 of the Securities and Exchange Commission and, accordingly, is exempt from the remaining provisions of that Rule. Essentially, the requirements of Paragraph (k)(2)(ii) provide that the Company clear all transactions with and for customers on a fully disclosed basis with a clearing broker/dealer and promptly transmit all customer funds and securities to the clearing broker/ dealer. The clearing broker/dealer carries all of the accounts of such customers and maintains and preserves all related books and records as are customarily kept by a clearing broker/dealer. On March 10, 2025, there was a transfer of 51% of the LLC between members. There was no impact to the firm's net capital structure and requirements as a result of this transaction. #### *Basis of Accounting* The financial statements of the Company have been prepared on the accrual basis of accounting and accordingly reflect all significant receivables, payables and other liabilities. #### *Security Transactions* Proprietary securities transactions, commission revenue and related expenses are recorded on a trade date basis. Liabilities for trade date basis purchases of securities represent obligations to the Company's clearing broker/dealer for transactions executed but not yet settled. #### *Commissions Receivable* Commissions receivable result from commissions earned on sales of investments. Commissions are generally received within forty-five days from the date of the sale of the related investments. #### *Personal Assets and Liabilities* In accordance with the generally accepted method of presenting financial statements of limited liability companies, the financial statements do not include the personal assets and liabilities of the member, including his/her obligations for income taxes on the net income of the Company or his/her right to a refund based on its net loss. {7}------------------------------------------------ ### **NOTE 1 - PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES, CONTINUED:** #### *Income Taxes* Federal and state income taxes are not payable by, or provided for, the Company. Members are taxed individually on their share of Company earnings. The Company's net income is allocated to the member in accordance with their ownership percentages. During 2025, the Company elected to participate in the Idaho Affected Business Entity tax program administered by the Idaho State Tax Commission. Under this election, certain state income taxes attributable to the Company's owners are paid at the entity level rather than by the individual owners. For the year ended December 31, 2025, the Company paid \$52,000 related to this election. These payments are recorded as income tax expense in the accompanying statement of operations. #### *Use of Estimates* The preparation of financial statements in conformity with generally accepted accounting principles in the United States 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. #### *Cash and cash equivalents* Cash and cash equivalents generally consist of cash on hand, cash in banks and highly liquid investments with an original maturity of three months or less from the statement of financial condition date. #### *Property and Equipment* Property and equipment are stated at cost. The cost of property and equipment is depreciated over the estimated useful lives (2-10 years). Depreciation is computed using the straight-line method. Expenditures for major renewals or betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Disposals are removed from property and equipment accounts with any gain or loss reflected in the statement of income. #### *Concentrations of Credit Risk* The Company is not subject to concentrations of credit risk associated with cash and cash equivalents. Deposits are maintained in Boise, Idaho area financial institutions and are insured by the Federal Deposit Insurance Corporation. The Company and its subsidiaries are engaged in various trading and brokerage activities in which counterparties primarily include broker-dealers, banks, and other financial institutions. In the event counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparty or issuer of the instrument. It is the Company's policy to review, as necessary, the credit standing of each counterparty. {8}------------------------------------------------ ### **NOTE 1 - PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES, CONTINUED:** #### *Fair Value Measurements* The Company recognizes fair value measurements based upon a fair value hierarchy. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (which are considered level 1 measurements) and the lowest priority to unobservable inputs (which are considered level 3 measurements). The three levels of the fair value hierarchy are as follows: 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 for similar instruments in active markets, quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly. Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. On December 31, 2025, the Company had no assets or liabilities that would be subject to recurring valuations. #### **NOTE 2 – REVENUE RECOGNITION** #### *New Accounting Pronouncements* In June 2016, the FASB issued new guidance amending the current incurred loss impairment methodology. The new standard amends the methodology that reflects expected credit losses requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance is effective for periods beginning after December 15, 2019. The Company has determined adoption of this standard does not impact the financial statement amounts. #### **Revenue from Contracts with Customers** #### *Significant Judgments* Revenue from contracts with customers includes commission income and asset management services. 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. {9}------------------------------------------------ ### **NOTE 2 – REVENUE RECOGNITION, CONTINUED:** #### *Commissions* *Brokerage commissions*. 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. *Distribution fees.* The Company enters into arrangements with managed accounts or other pooled investment vehicles (funds) to distribute shares to investors. The Company may receive distribution fees paid by the fund up front, over time, upon the investor's exit from the fund (that is, a contingent deferred sales charge), or as a combination thereof. The Company believes that its performance obligation is the sale of securities to investors and as such this is fulfilled on the trade date. Any fixed amounts are recognized on the trade date and variable amounts are recognized to the extent it is probable that a significant revenue reversal will not occur once the uncertainty is resolved. For variable amounts, as the uncertainty is dependent on the value of the shares at future points in time as well as the length of time the investor remains in the fund, both of which are highly susceptible to factors outside the Company's influence, the Company does not believe that it can overcome this constraint until the market value of the fund and the investor activities are known, which are usually monthly or quarterly. Distribution fees recognized in the current period are primarily related to performance obligations that have been satisfied in prior periods. #### *Asset Management* *Investment advisory fees*. The Company provides investment advisory services on a daily basis. The Company believes the performance obligation for providing advisory services is satisfied over time because the customer is receiving and consuming the benefits as they are provided by the Company. Fee arrangements are based on a percentage applied to the customer's assets under management. Fees are received quarterly and are recognized as revenue at that time as they relate specifically to the services provided in that period, which are distinct from the services provided in other periods. {10}------------------------------------------------ #### **NOTE 2 – REVENUE RECOGNITION, CONTINUED:** *Disaggregated Revenue from Contracts with Customers* The following table presents revenue by major source. | 2025 | | |---------------------------------------------|--------------| | REVENUE FROM CONTRACTS WITH CUSTOMERS | | | | | | COMMISSIONS | | | Brokerage Commissions | \$2,549,512 | | Distribution Fees | \$1,301,858 | | TOTAL COMMISSIONS REVENUE | \$3,851,370 | | | | | ASSET MANAGEMENT FEES | | | Investment advisory fees | \$8,375,623 | | TOTAL ASSET MANAGEMENT FEES | \$8,375,623 | | | | | TOTAL REVENUE FROM CONTRACTS WITH CUSTOMERS | \$12,226,993 | | TOTAL REVENUE FROM OTHER CUSTOMERS -NON 606 | \$ 567,372 | | TOTAL REVENUE | \$12,794,365 | ### **NOTE 3 - STATEMENT OF CHANGES IN LIABILITIES SUBORDINATED TO CLAIMS OF GENERAL CREDITORS** As of December 31, 2025, the Company did not have any subordinated liabilities. Accordingly, a Statement of Changes in Liabilities Subordinated to Claims of General Creditors has not been included in this financial report. ### **NOTE 4 - RESERVE REQUIREMENTS** The Company is exempt from Securities and Exchange Commission Rule 15c3-3 under section (k)(2)(ii) and, therefore, is not required to make the periodic computation for determination of reserve requirements and information relating to the possession and control requirements under Rule 15c3-3. ### **NOTE 5 - NET CAPITAL REQUIREMENTS** Pursuant to the net capital requirements of Rule 15c3-1 of the Securities and Exchange Act of 1934, the Company is required to maintain a minimum net capital, as defined under such provisions. Net capital and the related net capital ratio may fluctuate on a daily basis. On December 31, 2025, the Company had a net capital of \$550,274, and net capital requirements of \$50,000. The Company does not have any custodian accounts or investor funds held. {11}------------------------------------------------ #### **NOTE 6 - COMMITMENTS & CONTINGENCIES** In the normal course of business, the Company and its advisors are exposed to potential liability from customers that utilize the Company's services. The Company was not involved in any claims or litigations for which the Company had not accrued any loss contingency amounts in its financial statements. It is possible, however, that future circumstances could change, or new information become available with regard to claims and actions asserted against the Company that could result in a materially unfavorable outcome on the Company's financial position. #### **NOTE 7 – LEASES** The Company signed a sixty-two-month operating lease for office space starting February 2022, which will expire April 2027. The first and thirteenths month rent are waived per the lease agreement. Rent expense under this agreement for 2025 was \$59,420. During the year ended December 31, 2025, the Company received payments from subtenant totaling \$30,999. Future minimum lease commitments are as follows: | | Year ending | Lease | |---------------------------------|---------------|-------------| | | December 31st | Commitments | | | 2026 | 71,031 | | | 2027 | 20,385 | | Total Lease Payments | | 91,416 | | Less Interest Factor | | 0 | | Total operating lease liability | | 91,416 | | ROU Asset: \$ 91,416 | | | | Weighted-Average Remain Term: | 1.33 | | #### **Note 8 – SEGMENT REPORTING** The Company is engaged in two lines of business as a securities broker-dealer and a registered investment advisor, which is comprised of several classes of services, traditional securities business, investment company shares and investment advisory business. The Company has identified its President 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 5), 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 distributions. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using 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. {12}------------------------------------------------ #### **Note 8 – SEGMENT REPORTING, CONTINUED** *Significant revenue segments* | Source | % of Revenue | |----------------------------|--------------| | Asset Management Fees | 65% | | All Securities Commissions | 25% | | Investment Company Shares | 10% | #### **NOTE 9- Incentive Credit (or Clearing Broker Incentive Credit)** During 2025, the Company agreed to a ten-year extension with its clearing broker. As an inducement for entering into the agreement, the clearing broker paid the Company an incentive credit of \$700,000. The incentive credit is being amortized over the life of the agreement. As of December 31, 2025, the unamortized balance of the credit was \$630,000. ### **NOTE 10 – SUBSEQUENT EVENTS** The Company has evaluated the need for disclosures and adjustments resulting from subsequent events through the date the financial statements were available to be issued. This evaluation did not result in any subsequent events that necessitated disclosures or adjustments. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.