# S. GOLDMAN ADVISORS, LLC X-17A-5 (2026-03-30) — Broker-dealer annual report - Company: S. GOLDMAN ADVISORS, LLC - Form: X-17A-5 - Filed: 2026-03-30 - Period: 2025-12-31 - Accession: 0001350902-26-000003 - CIK: 1350902 - File #: 8-67229 - Type: Broker-dealer - Material weakness: No - Auditor: Sanville & Company LLC - Auditor location: Dallas, TX - Contact: Gerald Jaeger - Phone: 2124045732 - Email: jaeger@goldmanadvisors.com - Website: goldmanadvisors.com - Signed by: Sheldon Goldman (Senior Managing Director) Original filing: https://www.sec.gov/Archives/edgar/data/1350902/000135090226000003/SGoldmanAdvisors25Short.pdf --- {0}------------------------------------------------ # **S. GOLDMAN ADVISORS, LLC STATEMENT OF FINANCIAL CONDITION FOR YEAR-END DECEMBER 31, 2025** *Filed in accordance with rule 17a-5(e)(3) as a PUBLIC DOCUMENT* {1}------------------------------------------------ #### UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | ANNUAL REPORTS | | |----------------|--| | FORM X-17A-5 | | | PART III | | OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 | SEC FILE NUMBER | | |-----------------|--| | 8-67729 | | | Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | FACING PAGE | | | | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|----------|-----------------|--------------------------------------------| | FILING FOR THE PERIOD BEGINNING 01/01/2025 AND ENDING 12/31/2025 | | | | | | | MM/DD/YY | | | MM/DD/YY | | | A. REGISTRANT IDENTIFICATION | | | | | NAME OF FIRM: S Goldman Advisors LLC | | | | | | TYPE OF REGISTRANT (check all applicable boxes):
@ Broker-dealer - D 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.) | | | | | | 599 Lexington Avenue, Floor 35A | | | | | | | (No. and Street) | | | | | New York | | New York | | 10022 | | (City) | | (State) | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | Gerald Jaeger | 212-404-5732 | | | gerry jaeger@goldmanadvisors.com | | (Name) | (Area Code - Telephone Number) | | (Email Address) | | | | B. ACCOUNTANT DENTIFICATION | | | | | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | | Sanville & Company LLC
(Name - if individual, state last, first, and middle name) | | | | | | 325 North Saint Paul Street, Suite 3100 | Dallas | | lexas | 75201 | | (Address) | (City) | | (State) | (Zip Code) | | 09/18/2003 | | 169 | | | | (Date of Registration with PCAOB)(if applicable) | | | | (PCAOB Registration Number, if applicable) | | * Claims for avantion from the roquirement that the annual conored by the reports of an indonomant public | FOR OFFICIAL USE ONLY | | | | irement that the annual reports be covered by the reports of an independent p 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}------------------------------------------------ #### OATH OR AFFIRMATION | Sheldon Goldman | |-----------------| | | , swear (or affirm) that, to the best of my knowledge and belief. the financial report pertaining to the firm of S Goldman Advisors LLC December 31 2 º25 \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ partner, officer, director, or equivalent person, as the case may proprietary interest in any account classified solely as that of a customer. | STATE OF | New | | | |------------------|-----------------------------------|--------|------| | | COUNTY OF SUHUIL COUnt | | | | | SUBSCRIBED AND SWORN TO BEFORE ME | | | | THIS QUAN DAY OF | | . la s | d026 | | 84 | | | | | | ANIIA | | | | | NOTARY PUBLIC | | | #### This filing \*\* contains (check all applicable boxes): ![](_page_2_Figure_6.jpeg) - (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). - O (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. - [] [] 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. - [1) 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. - O (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 capible 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 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 240.17e-12, as applicable. - | a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). - O (z) Other: \*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18c-7(d)(2), as applicable. {3}------------------------------------------------ ## **CONTENTS** | | Page | |---------------------------------------------------------|------| | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 1 | | FINANCIAL STATEMENTS | | | Statement of Financial Condition | 2 | | Notes to the Financial Statements | 3 -6 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) #### Report of Independent Registered Public Accounting Firm To the Members and those charged with governance S. Goldman Advisors, LLC #### Opinion on the Statement of Financial Condition We have audited the accompanying statement of financial condition of S. Goldman Advisors, LLC (the Company) as of December 31, 2025, and the related notes (collectively, the statement of financial condition). In our opinion, the statement of financial condition presents fairly, in all material respects, the financial position of the Company as of December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. #### Basis for Opinion This statement of financial condition is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's statement of financial condition 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 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 statement of financial condition is free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. Our audit included performing procedures to assess the risks of material misstatement of financial condition, 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 statement of financial condition. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the statement of financial condition. We believe that our audit provides a reasonable basis for our opinion. We have served as the Company's auditor since 2025. Sanville & Company, LLC Dallas, Texas March 20, 2026 325 North Saint Paul Street Suite 3100 Dallas, Texas 75201 214.738.1998 {5}------------------------------------------------ ## **STATEMENT OF FINANCIAL CONDITION** #### **DECEMBER 31, 2025** ## **ASSETS** | Cash and cash equivalents | \$
946,455 | |-------------------------------------------|-----------------| | Accounts Receivable | 975,000 | | Receivable from Clearing Broker | 35,420 | | Property and equipment | 1,655 | | Prepaid expenses and other assets | 19,376 | | Total Assets | \$
1,977,906 | | LIABILITIES AND MEMBER'S EQUITY | \$
25,866 | | Accrued expenses and other liabilities | 250,000 | | Income taxes payable
Total Liabilities | 275,866 | | | 1,702,040 | | Member's equity | | | Total Liabilities and Member's Equity | \$
1,977,906 | These financial statements and schedule are deemed confidential pursuant to subparagraph (e)(3) of Rule 17a-5 of the Securities Exchange Act. The accompanying notes are an integral part of these financial statements. {6}------------------------------------------------ ## **NOTES TO THE FINANCIAL STATEMENTS** ## **DECEMBER 31, 2025** #### **1. ORGANIZATION AND NATURE OF BUSINESS** S. Goldman Advisors, LLC ("SGA"), a single member limited liability company formed under Delaware law, is a broker-dealer registered with the Securities and Exchange Commission (the "SEC"). SGA is also a member of the Financial Industry Regulatory Authority ("FINRA"). SGA provides investment banking and financial advisory services principally related to mergers and acquisitions, restructurings and public offerings and private placements of debt and equity. In addition, SGA operates as an introducing broker for which it earns commissions, and SGA is also licensed to trade for its own account. The Goldman Group LLC ("Goldman Group"), a single member limited liability company formed under Delaware law, is the sole owner of SGA. SGA is the sole owner of S Goldman Capital LLC ("SGC"). SGA is taxed as C Corporation for Federal and State purposes. ## **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** #### **a) Revenue Recognition** Revenue comes from fees earned from financial advisory services, including mergers and acquisitions, private and public debt and equity offerings and restructurings. Revenue also comes from firm commitment underwritings of public equity and debt offerings. Revenue is recorded when the underlying transaction is completed and the income is reasonably determinable. During 2025, 100% of revenues were received from three clients. Revenues are recognized when control of the promised services is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services upon satisfaction of the performance obligation. #### **b) Income Taxes** SGA files a consolidated tax return with The Goldman Group. In accordance with the tax sharing agreement SGA is responsible for its current separate return tax liability. SGA is not required to remit cash to the Goldman Group or otherwise reimburse it for any deferred tax liabilities or future tax obligations that have not resulted in an actual cash tax payment for the Goldman Group. The financial statements include a provision for income taxes of \$250,000 for the year ended December 31, 2025. {7}------------------------------------------------ # **NOTES TO THE FINANCIAL STATEMENTS (cont'd)** #### **DECEMBER 31, 2025** ## **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)** SGA recognizes deferred tax assets or liabilities for the future tax consequences of events that have been recognized differently in their financial statements and tax returns. The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. SGA prepares its tax returns on a cash basis. Accordingly, SGA records deferred tax assets or liabilities for the increase or decrease in future years' tax liabilities related to the temporary differences which arise by utilizing these two accounting methods. Deferred taxes are primarily attributable to prepaid expenses and accrued expenses for financial statement purposes. In accordance with ASC 740, Income Taxes, SGA is required to disclose unrecognized tax benefits resulting from uncertain tax positions. The Company operates in the United States of America and in state and local jurisdictions. At December 31, 2025, SGA did not have any unrecognized tax benefits or liabilities. There are presently no ongoing income tax examinations. #### **c) Cash Equivalents** Cash equivalents are money market funds and other highly liquid financial instruments with an original maturity of less than three months. ## **d) Property and Equipment** Property and equipment are stated at cost. Depreciation is computed by straight-line and accelerated methods over the estimated useful lives of the assets. Leasehold improvements are amortized over the estimated useful lives of the assets. #### **e) Use of Estimates** The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. #### **f) Concentration of Credit Risk** SGA maintains cash in bank deposit accounts which, at times, may exceed federally insured limits. SGA has not experienced any losses in such accounts and does not believe it is exposed to any unusual credit risk on these funds. {8}------------------------------------------------ # **NOTES TO THE FINANCIAL STATEMENTS (cont'd)** #### **DECEMBER 31, 2025** #### **3. PROPERTY AND EQUIPMENT** Property and equipment consisted of the following at December 31, 2025: | Furniture and fixtures | \$ 247,272 | |--------------------------------|-------------| | Equipment | 89,909 | | Leasehold improvements | 261,469 | | | 598,650 | | Less: accumulated depreciation | 596,995 | | | \$
1,655 | Depreciation amounted to \$2,688 in 2025. # **4. RELATED PARTY TRANSACTIONS** During 2025, SGA paid \$650,000 to Goldman Group for administrative services. In addition in 2025, SGA paid \$24,252 to Aurora Capital Management LLC ("ACM") for asset management services, and \$400,000 for payroll expense. During 2025, SGA made \$900,000 in capital contributions to SGC, a wholly owned subsidiary, contributions were characterized as a distribution for FINRA purposes. As noted in footnote 1, SGA is the sole owner of SGC. #### **5. NET CAPITAL REQUIREMENT** SGA is subject to the SEC Uniform Net Capital Rule 15c3-1 which requires the maintenance of minimum net capital, as defined, which is the greater of \$100,000 or the minimum net capital required based on aggregate indebtedness. At December 31, 2025, SGA's net capital was \$706,009 which was \$606,009 in excess of its required net capital of \$100,000. SGA's ratio of aggregate indebtedness to net capital was 0.4 to 1. {9}------------------------------------------------ # **NOTES TO THE FINANCIAL STATEMENTS (cont'd)** #### **DECEMBER 31, 2025** ## **6. COMMITMENTS AND CONTINGENCIES** SGA has a sublease agreement with Goldman Group on a month to month basis. The current monthly payment is \$23,977. Rent expense totaling \$299,798 is charged to the financial statements for the year ended December 31, 2025. #### **7. SEGMENT REPORTING** The Company is a broker dealer, registered with the SEC. The Company provides several classes of financial advisory services, as defined in Revenue Recognition. Sheldon Goldman, the Company's Senior Managing Director, is the chief operating decision maker ("CODM"). The Company's operations constitute a single operating segment and therefore, a single reportable segment, as the CODM manages the business activities using information of the Company as a whole. The CODM manages the business through evaluation of cash flow in correlation with revenue and expense estimates, in addition to net capital requirements. The accounting policies used to measure profit and loss of the segment are the same as those described in the summary of significant accounting policies. As mentioned, the Company derived 100% of its revenues from three external customers. ## **8. PENSION PLANS- 401(K) PLAN** SGA provides a qualified 401(k) defined contribution plan covering substantially all fulltime employees who have met certain age and length of service requirements. Eligible employees may elect to contribute a percentage of their salary up to a specified maximum. SGA's voluntary contribution will vary depending on the profitability of SGA. SGA's voluntary contributions are included in compensation and benefits expense. Total voluntary contributions amounted to \$137,000 in 2025. #### **9. SUBSEQUENT EVENTS** These financial statements were approved by management and available for issuance on the date of the Independent Registered Public Accounting Firm Report. Subsequent events have been evaluated through this date. There were no material subsequent events requiring disclosures or adjustments. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.