# GALILEO GLOBAL SECURITIES, LLC X-17A-5 (2026-04-14) — Broker-dealer annual report - Company: GALILEO GLOBAL SECURITIES, LLC - Form: X-17A-5 - Filed: 2026-04-14 - Period: 2025-12-31 - Accession: 0001356107-26-000001 - CIK: 1356107 - File #: 8-67275 - Type: Broker-dealer - Material weakness: No - Auditor: Ohab and Company, PA - Auditor location: Maitland, FL - Contact: Katarina Mrvaljevic - Phone: 2123326036 - Email: fpages@galileo-securities.com - Website: galileo-securities.com - Signed by: Katarina Mrvaljevic (CFO) Original filing: https://www.sec.gov/Archives/edgar/data/1356107/000135610726000001/galileoaudit2025.pdf --- {0}------------------------------------------------ #### # 8-67275 |





















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| | | | Galileo Global Securities, LLC








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| | | | 1230 Avenue of the Americas 16F
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| | | | | Francois Pages
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| | | | | | | | | OHAB AND COMPANY, PA





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| | | | 100 E SYBELIA AVENUE SUITE 130 | MAITLAND | | FL | 32751 | |






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| | JULY 28, 2004 | | 1839 | | | |























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Galileo Global Securitties, LLC | | 12/31






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CEO | | #### - ■ - - ■ - ■ - ■ - - ■ - ■ - - - - - - - - - ■ - - ■ - - ■ - - - - - - {2}------------------------------------------------ ## **YEAR ENDED DECEMBER 31, 2025** {3}------------------------------------------------ ## **GALILEO GLOBAL SECURITIES, LLC CONTENTS** | | Page | |---------------------------------------------------------------------------|------| | Independent Auditors' Report | 2 | | Statement of Financial Condition | 3 | | Statement of Operations | 4 | | Statement of Changes in Member's Equity | 5 | | Statement of Cash Flows | 6 | | Notes to Financial Statements | 7-11 | | Supplementary Information | 12 | | Computation of Net Capital Pursuant to Uniform 12 Net Capital Rule 15c3-1 | 13 | | Computation for Determination of Reserve Requirements | 14 | | Information Realting to the Possession or Control Requirements | 15 | | Independent Auditors' Exemption Report | 16 | | Exemption Report | 17 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) {5}------------------------------------------------ ## **STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025** | ASSETS | 2025 | |---------------------------------------|---------------| | Cash and cash equivalents | \$
28,971 | | Fees receivable | 152,813 | | Allowance for Doubtful Accounts | (25,000) | | Investments | 20,725 | | Property & Equipment | 1,891 | | Other assets | 5,354 | | Total assets | \$
184,754 | | LIABILITIES AND MEMBER'S EQUITY | | | LIABILITIES: | | | Accounts payable and accrued expenses | \$
87,521 | | Total liabilities | 87,521 | | MEMBER'S EQUITY (Note 2) | 97,233 | | Total liabilities and member's equity | \$
184,754 | The accompanying notes are an integral part of this statement. {6}------------------------------------------------ ## **STATEMENT OF OPERATIONS DECEMBER 31, 2025** | REVENUE: | | | |----------------------------|----------------|-----------------| | Fees and placement income | | \$
209,691 | | Interest Income | | 4,095 | | Reimbursed expenses | | 36,400 | | Unrealized Gain (Loss) | | (1,132) | | | Total revenue | 249,054 | | EXPENSES:
(Note 3) | | | | Commission Expenses | | 84,509 | | Dividend Expense | | 2,504 | | Marketing Expenses | | 3,304 | | Personnel Expense | | 300,562 | | Professional fees | | 13,085 | | Regulatory expenses | | 16,173 | | General and administrative | | 53,798 | | Travel and Entertainment | | 2,793 | | | Total expenses | \$
476,729 | | Exchange Gain/(Loss) | | (641) | | NET (LOSS) | | \$
(228,315) | The accompanying notes are an integral part of this statement. {7}------------------------------------------------ ### **STATEMENT OF CHANGES IN MEMBER'S EQUITY YEAR ENDED DECEMBER 31, 2025** | BALANCE, December 31, 2024 | \$
305,548 | |----------------------------|---------------| | Member contributions | 20,000 | | Net Income/(Loss) | (228,315) | | BALANCE, December 31, 2025 | \$
97,233 | {8}------------------------------------------------ ## **STATEMENT OF CASH FLOW YEAR ENDED DECEMBER 31, 2025** | CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(Loss)
Adjustments to reconcile net loss to net cash used in
operating activities: | \$
(228,315) | |----------------------------------------------------------------------------------------------------------------------------------------------|-----------------| | Allowance for Doubtful Accounts | 25,000 | | Depreciation | 600 | | Increase in Fees receivable | (31,620) | | Decrease in marketable securities | 1,132 | | Increase in other assets | (2,952) | | Derease in accounts payable and accrued expenses | (14,992) | | Net cash flows used in operating activities | (251,147) | | CASH FLOWS FROM INVESTING ACTIVITIES: | | | CASH FLOWS FROM FINANCING ACTIVITIES: | | | Member (capital) contributions | 20,000 | | Net cash flows provided in financing activities | 20,000 | | NET DECREASE IN CASH AND CASH EQUIVALENTS | (231,147) | | CASH AND CASH EQUIVALENTS,
beginning of year | 260,118 | | CASH AND CASH EQUIVALENTS,
end of year | \$
28,971 | The accompanying notes are an integral part of this statement. {9}------------------------------------------------ ## **FOOTNOTES TO FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 2025** #### *NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES* #### *Organization and business* Galileo Global Securities, LLC (the "Company" or "GGS") was organized as a limited liability company under the laws of the State of New York, on November 10, 2005, and is wholly owned by its CEO, Mr. Francois Pages since January 31st, 2013. During 2006, the Company registered as a broker-dealer pursuant to Section 15(b) of the Securities Exchange Act of 1934. The Company, which is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"), carries no customer funds or securities and therefore is exempt from the reserve and possession or control requirements. The Company's business operates principally in the United States of America from its shared office facility located in New York, New York. The Company is registered in 17 States (CA, CO, CT, DC, FL, IL, IN, MD, MA, MI, NJ, NY, NC, OH, PA, TX, VA). The Company is a limited purpose broker/dealer authorized to provide senior-level, independent advice to corporations and governments in investment banking and international capital markets, mainly targeting companies with cross-border needs in the area of Advisory, Mergers & Acquisitions and Private Placements of private equity capital. #### *Income taxes* The Company files its income tax returns as a single-owner LLC, on the cash basis and is not subject to federal or state income taxes. Therefore, income or losses reflected on the tax returns of GGS pass directly through to its member's individual income tax return. The Company is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any tax related appeals or litigation processes, based on the technical merits of the position. De-recognition of a tax benefit previously recognized results in the Company recording a tax liability that reduces net assets. However, the Company's conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analyses of and changes to tax laws, regulations and interpretations thereof. The Company recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income taxes payable, if assessed. No interest expense or penalties have been recognized as of and for the year ended December 31, 2025. #### *Revenue recognition* The Company's main source of revenue is advisory fees for independent advice on Mergers & Acquisitions services and Placement of private equity capital. The Company recognizes revenue in accordance with the core principle of (ASC) 606 by utilizing the following five steps: (i) identify the contract with the customer; (ii) identify contractual performance obligations, (iii) booking of the retainer fees contractually due by the customers , (iv) determine success fee, if any, in view of the fulfillment of the various contractual performance obligations and (v) recognize revenue when the performance obligations are satisfied. {10}------------------------------------------------ ## **FOOTNOTES TO FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 2025** ### *NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)* Revenue from contracts with customers includes fees from advisory 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. The company receives reimbursement for fees paid on behalf of Reps, which is included in Other Income in the amount of \$36,400. ## *Cash and cash equivalents* As of December 31, 2025, the Company held all its cash in its banking accounts (JP Morgan Chase checking and Interactive Brokers LLC brokearge accounts). The company considers all time deposits held in banks with initial terms of maturity of three months or less to be cash equivalents for the purposes of the statement of financials conditions. #### *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 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. #### *Securities Investment* As of December 31, 2025, the Company held two lines of Investment in private equity securities issued by Bye Aerospace, Inc., and Roambee Corporation and one Investment in public XTI Aircraft Company shares. These shares are valued at market as of the closing of the accounts. Bye Aerospace, Inc. and Roambee Corporation shares are not tradeable in a listed market and have been valued in following the guidelines of the NVCA (National Venture Capital Association). These securities are considered a level 3 securities. These shares were obtained in lieu of cash as retainer fee in a Private Placement assignment with a Customer of the Company. #### *Credit Losses* Galileo Global Securities, LLC follows ASC Topic 326, Financial Instruments – Credit Losses ("ASC 326"). ASC 326 impacts the impairment model for certain financials assets by requiring a current expected credit loss ("CECL") methodology to estimate expected credit losses over the entire life of the financial asset. Under the accounting {11}------------------------------------------------ ## **FOOTNOTES TO FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 2025** #### *NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)* update, Galileo Global Securities, LLC has the ability to determine that there are no expected credit losses in certain circumstance (e.g. based on the credit quality of the customer). Galileo Global Securities, LLC had accounts receivable as of December 31, 2024 and 2025 of \$121,193 and \$152,813 respectively. ## *NOTE 2 - FAIR VALUE HIERARCHY* FASB ASC 820 defines fair value, establishes a framework for measuring fair value, and establishes a hierarchy of fair value inputs. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market partcipants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advanatgeous market. Valuation techniques that are consistent with the market, income or cost approach, as specified by FASB ASC 820, are used to measure fair value. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date. Level 2 – Inputs other than quoted prices within level 1 that are observable for the asset or liability either directly or indirectly. Level 3 – Unobservable inputs for the asset or liability. The availability of observable inputs can vary from security to security and it's affected by a wide variety of factors, including, for example, the type of security, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the detrmination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determning fair value is greatest for instruments categorized in level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 are as follows: | | Level 1 | Level 2 | Level 3 | |-------------------|----------|---------|----------| | Securities owned: | \$56 | \$0 | \$20,669 | | Money Market: | \$22,299 | \$0 | \$0 | | Total | \$22,355 | \$0 | \$20,669 | {12}------------------------------------------------ ## **FOOTNOTES TO FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 2025** #### *NOTE 3 - NET CAPITAL REQUIREMENTS AND REGULATORY MATTERS* Pursuant to the net capital provisions of Rule 15c3-1 of the Securities Exchange Act of 1934, the Company is required to maintain a minimum net capital, as defined under such provisions. On December 31, 2025, the Company had a net capital of \$19,812 and net capital requirement of \$5,835. The Company's net capital ratio (aggregate indebtedness to net capital) was 4.42 to 1. ## *NOTE 4 - COMMITMENTS AND RELATED PARTY TRANSACTIONS* The Company is provided office space and facilities at 1230 Avenue of the Americas, 16F, New York, NY 10020 from the Studio By Tishman Speyer, under a service agreement signed on October 26, 2025. Under this agreement Galileo Life Sciences, LLC ('GLS'), designated leaseholder, will pay gross monthly rent to the Studio By Tishman Speyer and ad-hoc utilities through October 2025, while the company is committed to paying \$3,523 towards the base rent. The total paid to GLS in 2025 was \$42,349 towards rent and utilities. The total received from Galileo Global Advisors, LLC for reimbursed expenses, such as software, web, IT, and phone services in 2025 was \$6,400. There are no commitments or contingencies at year end December 31, 2025. ### *NOTE 5 – PROPERTY AND EQUIPMENT* *Property and equipment at December 31, 2025 consisted of the following:* - *Computer equipment: \$1,891* The depreciation expense for the year 2025 was \$600. ### *NOTE 6 - SUBSEQUENT EVENTS* The Company has performed an evaluation of subsequent events through the date the financial statements were available to be issued. The evaluation did not result in any subsequent events that required disclosures and/or adjustments. #### *NOTE 7 – BROKER DEALER – SINGLE REPORTABLE SEGMENT* The company is engaged in single a line of business as a securities broker dealer, which is comprised of investment banking and advisory services. The company has identified its CEO 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 access net capital (see Note 3), 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 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 {13}------------------------------------------------ ## **FOOTNOTES TO FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 2025** same as those described in the summary of significant accounting policies. The Company derived 43 percent of its total revenues from a single external customer in 2025. ## *NOTE 8 – COMPANY CONDITION* The Company has a loss of \$228,315 for the year ended December 31, 2025 and has received a capital contribution from its member for working capital. The Company member has agreed to provide capital contribution to the Company as necessary for it to continue opeartions and maintain compliance with minimum net capiral requirements. Management expects the Company to continue as a going concern and the accompanied financial statements have been prepared on a going-concern basis without adjustments for realization in the event the Company ceases to continue as a going concern. {14}------------------------------------------------ **SUPPLEMENTARY INFORMATION** {15}------------------------------------------------ ## **GALILEO GLOBAL SECURITIES, LLC SCHEDULE I COMPUTATION OF NET CAPITAL PURSUANT TO NET CAPITAL RULE 15c3-1 DECEMBER 31, 2025** | CREDITS: | | |-------------------------------------------------------------|--------------| | Member's equity | \$
97,233 | | Total credits | 97,233 | | DEBITS: | | | Non-allowable assets: | | | Net fees & reimbursements receivable | 49,450 | | Investments | 20,725 | | Other assets | 7,246 | | Total debits | 77,421 | | NET CAPITAL | 19,812 | | Minimum requirements of 6-2/3% of aggregate indebtedness of | | | \$87,521 or \$5,000, whichever is greater | 5,835 | | Excess net capital | \$
13,977 | | AGGREGATE INDEBTEDNESS: | | | Total Liabilities | \$
87,521 | | TOTAL AGGREGATE INDEBTEDNESS | \$
87,521 | | RATIO OF AGGREGATE INDEBTEDNESS TO NET CAPITAL | 4.42 to 1 | **NOTE:** There are no material differences between the above computation and the Company's corresponding unaudited Part IIA of Form X-17A-5 as of December 31, 2025 {16}------------------------------------------------ ## **GALILEO GLOBAL SECURITIES, LLC SCHEDULE II COMPUTATION FOR DETERMINATION OF RESERVE REQUIREMENTS UNDER RULE 15c3-3 OF THE SECURITIES EXCHANGE ACT DECEMBER 31, 2025** With Respect to the Computation for Determination of Reserve Requirements under Rule 15-c3-3 the Company does not claim an exemption under paragraph (k) of SEA Rule 15-c3-3 pertaining to certain other business activities that the Company performs in reliance upon Footnote 74 of the SEC Release No. 34-70073. The Company does not hold customer funds or securities. {17}------------------------------------------------ ## **GALILEO GLOBAL SECURITIES, LLC SCHEDULE III INFORMATION RELATING TO THE POSSESSION OR CONTROL REQUIREMENTS UNDER RULE 15c3-3 OF THE SECURITIES EXCHANGE ACT DECEMBER 31, 2025** With Respect to the Information Relating to the Possession or Control Requirements under Rule 15-c3-3 the Company does not claim an exemption under paragraph (k) of SEA Rule 15-c3-3 pertaining to certain other business activities that the Company performs in reliance upon Footnote 74 of the SEC Release No. 34-70073. The Company does not hold customer funds or securities. {18}------------------------------------------------ ![](_page_18_Picture_0.jpeg) {19}------------------------------------------------ ## **GALILEO GLOBAL SECURITIES, LLC EXEMPTION REPORT DECEMBER 31, 2025** #### **GALILEO GLOBAL SECURITIES, LLC** #### **EXEMPTION REPORT** Galileo Global Securities, LLC (the "Company") is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.17a-5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. §240.17a-5(d)(1) and (4). To the best of its knowledge and belief, the Company states the following: - (1) The Company does not claim an exemption under paragraph (k) of 17 C.F.R. § 240. 15c3-3, and - (2) The Company is filing this Exemption Report relying on Footnote 74 of the SEC Release No. 34- 70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company limits its business activities exclusively to Financial Advisory, Private Placements for Companies, Fund Raising for Private Assets Funds, M&A Advisory receiving retainers, and transaction-based compensation. The Company (1) do 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 and/or funds received and promptly transmitted for effecting transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company); (2) do not carry accounts of or for customers; and did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. Galileo Global Securities, LLC I, Francois Pages, swear (or affirm) that, to my best knowledge and belief, this Exemption Report is true and correct. **By:** Title: CEO February 17 ,2026 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.