# EMPIRE ASSET MANAGEMENT Co X-17A-5 (2026-03-26) — Broker-dealer annual report
- Company: EMPIRE ASSET MANAGEMENT Co
- Form: X-17A-5
- Filed: 2026-03-26
- Period: 2025-12-31
- Accession: 0001386252-26-000001
- CIK: 1386252
- File #: 8-67520
- Type: Broker-dealer
- Material weakness: No
- Auditor: Ohab & Company
- Auditor location: Maitland, FL
- Contact: Gregg Zeoli
- Phone: 2124178247
- Email: gzeoli@gemprisam.com
- Website: gemprisam.com
- Signed by: Gregg Zeoli (CEO)
Original filing: https://www.sec.gov/Archives/edgar/data/1386252/000138625226000001/publicem.pdf
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| AND AND EXCHANAL FRONAMAS COMMESTO
UNITED STATES |
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| |
#### ANNUAL REPO FORM X-17A III TRAS
hours per response: Estimated average burden Expires: Nov. 30, 2026 OMB Number: 3235-0123 OMB APPROVA 12
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| | SEC FILE NUMBER |
FACING PAGE
Filings Information Pursuant to Rules The Securities Schange the Securities Exchange Act of 10 ON MANDE 100000000
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| | 11/00/WW | |
| and the same of the seat of the state of the state of the states of the states of the | | |
| | MM | AND ENDING 11731122 |
A. REGISTRANT IDENTIFICATION
our of medmo memore assement Company, LLC
TYPE OF REGISTRANT (check all applicable boxes):
El Broker-dealer D Check here if respondent is also an OTC derivatives dealer D Security-based swap dealer
D Major security-based swap participant
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### 28 BroadWay 12th Floor
| Gregg Zeoli
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State) | ə qalınmışdır. Bu mənələri və qalınmışdır. Bu mənist
AN | No. and Street) |
|-----------------------------|----------------------------------------|----------------|------------------------------------------------------------|-----------------|
| gzeoli@gemprisam.com | | (Zip Code) | 100008 | |
(Name) Submit February (Area Code - Telephone Number) 77-11 1-024 1
8. ACCOUNTANT IDENTIFICATION
(Email Address)
and in the the miner of and one and server on only the mach and the mach and
### Ohab & Company
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| Address | City | State | Zip Code) |
| | | 6881 | |
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| | AND OFFICIAL UNEST OFFICE OFFICE | | |
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### О НА ОД FRIMATION
finence report perfectionism to the firm of Ender Assess Mandement and 1, Gregg Zeoli C71C 2020 is true and correct. I further sweer (or affirm) that neither the company non any sweer (or affirm) that, to the best of my knowledge and belief, the TO SE
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Commission Expires March 17, 2030 NOTARY PUBLIC, STATE OF NEW YORK Registration No. 01BAG299082 Qualified in New York County LAURREN M. BANJANY
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## This filing " contains (check all applicable boxes);
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- (a) Statement of financial condition.
- (b) Notes to consolidated statement of financial condition.
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### **PUBLIC FILING**
EMPIRE ASSET MANAGEMENT COMPANY LLC FINANCIAL STATEMENTS
AND INDEPENDENT AUDITOR'S REPORT
YEAR ENDED DECEMBER 31, 2025
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#### EMPIRE ASSET MANAGEMENT COMPANY LLC FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR'S REPORT YEAR ENDED DECEMBER 31, 2025
### TABLE OF CONTENTS
| | | | Statement of financ
Financial Statements: |
|--|--|--|----------------------------------------------------------------------------------------------------------------------------|
| | | | Notes to financial statements ………….3-12
Report of independent registered public accounting firm 1
ial condition 2 |
.
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Maitland. Fi. 32751 100 E. Sybelia Ave. Suite 130
Certified Problic Accountants 1 minif: pain in openpeco.com
Felephone 407-740-7311 Fax 407-740-644
# МЯГЭ ЭМТИЦОЭЭА ЭШӨҮЧ СЭЯЭТҮГЭЭЯ ТИЭДИЭЧЭОИ ЗО ТЯОЧЭЯ
o LLC To the Members
### Online on the Financial Satesment
in the United States of America patalesse (llereneb selaind builynnosse dijw វៀយហូរហូតទេ ១៤ ទី ១៨ វាមព្យាល វាមណីមួយ អ្នកម្រីសម្រាប់ ass enquilisod leiburgung edit , stoegen leineism ile ni , yiner sinessa memator no ul ("inemetats leionem") add se of benefer v(sylice) selon beteler and broad to se
### noiniqO not siste
Securities and Exchange Commission and the PCAOB əyi ilə sudiyembər bura səlu əldə səlinməs yerəpə, çılı ədə qalınması və qalınmış və qalında çıxır. Şara çıxır və bir şarında ç () no no ın çırında çıxır və ya vardırılır. Bu mənin çəkində bir çıxmalı və bir çıxmalı sildi
noiniqo noo rol sieed eldenoseen e sebivond fibus no tedt eveilled eW stremeters leiburğu ədə yoxdur. Bu bulunda səhləmə seçilərin və qalınmış və qarının sərəmişə quesilində quesində quesində quesində quesində quesində quesində quesində quesində quesində bur sunowe əq buppelər əsuspirə "siseq isə e uo "bununun sənnəsond yong sıxın əsayə of puodsal req, sempeond building me pure of any of one of any requesters leisueum and to presente program i satır isinətən in əsər əi inəmələrin ədə əsasən və mənisəs əldən əsasən mətbul olunmuşdur. and and the minder spirity of the sprepries and to spreprose of this esseement of the run belowing and
propo press No. falleray
ESOS өзгиг тойрив г.Э.1] үпыqmo0 төвтөрыным төггөө өлстөө өмөн өМ
Maitland, Florida
March 24, 2026
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#### Current assets: Assets Cash and cash equivalents 552,778 \$ Other receivables Advisory fees receivable 1,099,997 and clearing organizations 1,873,804 Receivables from and deposits with broker – dealers Investment – marketable securities at FMV 513,326 17,461 Total current assets Prepaid expenses and other assets 94,730 4,152,096 (net of accumulated depreciation) Furniture, fixtures and equipment 13,896 Other assets: Pension asset 1,329,772 ROU Asset 318,136 Security deposits 55,866 Total assets Total other assets 1,703,774 \$5,869,766 Current liabilities: LIABILITIES AND MEMBERS' EQUITY Accounts payable and accrued expenses 625,995 \$ Lease liability 336,622 Pension payable 72,000 Commissions payable 918,808 Total current liabilities 1,953,425 Long term lease liabilty Long term liabilities : 0 Total liabilities 1,953,425 Members' equity 3,916,341 Total liabilities and members' equity 5,869,766 \$
EMPIRE ASSET MANAGEMENT COMPANY LLC STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025
See Report of Independent Registered Public Accounting Firm. The accompanying notes are an integral part of this statement.
2
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## **NOTE 1 – BUSINESS DESCRIPTION**
cleared through another broker (clearing broker) that settles all transactions and maintains customer accounts. clients by the Company include securities brokerage and investment banking. All securities transactions are with the SEC and is a member of the Financial Industry Regulatory Authority (FINRA). Services provided to Section 203 of the limited liability company laws of New York State. The Company is a broker-dealer registered Empire Asset Management Company LLC ("The Company", we, us) was formed November 2, 2006 under
# **NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**
### **USE OF ESTIMATES**
The preparation of the financial statements, in conformi ty with generally accepted accounting principles, differ from those estimates. also affect the reported amounts of revenue and expenses during the reporting period. Actual results could liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Estimates requires management to make estimates and assumptions that affect the reported amounts of assets and
### **INCOME TAXES**
surcharge is imposed on the Company's allocable income. recognized by the members for income tax purposes. For New York City income tax purposes an entity level Under existing provisions of the Internal Revenue Code, the income or loss of a limited liability company is
### **METHOD OF ACCOUNTING**
The financial statements have been prepared on the accrual basis of accounting.
## **FURNITURE FIXTURES AND EQUIPMENT**
are capitalized, while the cost or replacements, maint Additions to property, plant and equipment are recorded at cost. The cost of major additions and betterments enance and repairs, that do not improve or extend the useful lives of the related assets are expensed as incurred.
Depreciation is provided principally on the stra ight-line method over estimated useful lives.
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# **NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)**
## **FURNITURE FIXTURES AND EQUIPMENT (continued)**
to the estimated fair value. value of the asset. If the carrying value exceeds the estimated recoverable amounts, we write down the asset flows expected for the use of the asset plus residual value from the ultimate disposal exceeds the carrying occurrence of a triggering event, we review the asset to assess whether the estimated undiscounted cash that the carrying value of such assets may not be recoverable or the assets are being held for sale. Upon the We evaluate property, plant and equipment for impairment when events or changes in circumstances indicate
## **INVESTMENTS-PROPRIATARY TRADING**
and ownership is transferred to the counterparty. believes its performance obligations are satisfied on trade date because that is when the pricing is agreed on the statement of financial condition. Gains and losses are recorded on a monthly basis. The company their fair value and have been valued at net asset values (NAV) have been reviewed by management in Investments in marketable securities with readily determinable fair values and debt securities are reported at
## **CASH AND CASH EQUIVALENTS**
The Company has defined cash equivalents as highly liquid cash investments with original maturities of less than three months that are not held for sale in the ordinary course of business.
of December 31, 2025, the company had \$302,777 in excess of the FDIC limit. depository insurance limits. Management believes that credit risk related to these deposits is minimal. As At times during the year, the Company had cash balances in financial institutions that exceed Federal
### **SUBSEQUENT EVENTS**
statements were available to be issued. During this The company has evaluated subsequent events through March 25, 2025, which is the date the financial period there were no material subsequent events that would require disclosure.
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## **NOTE 3 – RECEIVABLES FROM AND DEPOSITS WITH BROKER-DEALERS AND CLEARING ORGANIZATIONS**
#### **Credit Losses**
The company follows ASC Topic 326, Financial Inst ruments – Credit Losses ("ASC 326"). ASC 326 ("CECL") methodology to estimate expected credit losse impacts the impairment model for certain financial assets by requiring a current expected credit loss s over the entire life of the financial asset. Under in certain circumstances (e.g., based on the credit quality of the customer). the accounting update, the Company has the ability to determine that there are no expected credit losses
respectively. The company had accounts receivable as of December 31, 2024, and 2025 of \$17,849 and \$ 6,461
Amounts receivable from broker-dealers and clearing or ganizations at December 31, 2025 consist of fees statement of financial condition at December 31, 2025. "receivables from and deposits with broker-dealers and clearing organizations" in the accompanying requires that the Company maintain a deposit of \$150,000 with the clearing broker which is included in broker-dealer on a fully disclosed basis. The agreement between the Company and the clearing broker and commissions receivable at that date. The Company clears customer transactions through another
## **CONCENTRATIONS OF CREDIT RISK**
The Company is engaged in various brokerage activities in which counterparties primarily include brokerdealers, banks, and other financial institutions. In the event counterparties do not fulfill their obligations, the and it is the Company's policy to review, as nec Company may be exposed to risk. The risk of default depends on the credit worthiness of the counterparty, essary, the credit standing of each counterparty.
The Company maintains all of its cash in financial institutions, which at times, may exceed federally insured significant credit risk on cash. limits. The Company has not experienced any losses in such accounts and believes it is not subject to any
# **NOTE 4: REVENUE FROM CONTRACTS WITH CUSTOMERS**
### **Significant Judgments**
based on the assessment of individual contract terms. investment banking and asset management services. The recognition and measurement of revenue is Revenue from contracts with customers includes commission income and fees from brokerage, insurance, 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 should be applied due to uncertain future events) measure of the Company's progress under the contract; and whether constraints on variable consideration multiple performance obligations are identified; when to recognize revenue based on the appropriate
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### **NOTE 5 – INVESTMENTS**
prices in active markets. Investment income is The Company's Investments in marketable securities are presented at fair market value based upon quoted recognized when earned. Investments with maturities of less than one year from the balance sheet date are classified as current assets.
At December 31, 2025, investments consist of the following:
| | Equity Securities (Stocks) | Debt securities (Corporate Bonds) | |
|------------|----------------------------|-----------------------------------|------|
| \$ 513,325 | 48,727 | \$ 464,598 | 2025 |
valuation techniques used to measure fair value into three broad levels: specified by FASB ASC 820, are used to measure fair value. The fair value hierarchy prioritizes the inputs to advantageous market. Valuation techniques that are consistent with the market, income or cost approach, as liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the sell an asset or paid to transfer a liability in an orderly transaction between market participants at the hierarchy which prioritizes the inputs to valuation techniques. Fair value is the price that would be received to Measurement, defines fair value, establishes a framework for measuring fair value, and establishes a fair value Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 820, Fair Value
- ¾ Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities the Company has the ability to assess.
- ¾ Level 2 inputs are inputs (other than the quoted prices included within level 1) that are observable for the asset or liability, either directly or indirectly.
- ¾ Level 3 inputs are unobservable inputs for the asset or liability and rely on management's own judgments about the assumptions that market participants would use in pricing the asset or liability.
At December 31, 2025, the Company's investments are classified as follows based on fair values:
| | Level 3 | Level 2 | Level 1 | Category | |
|------------|---------|---------|-----------|------------|------|
| \$ 513,325 | - | \$0 | \$513,325 | Fair Value | 2025 |
There were no transfers between inputs 1,2,3 for year-end December 31, 2025.
6 See Report of Independent Registered Public Accounting Firm. The accompanying notes are an integral part of this statement.
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## **NOTE 6 - FURNITURE, FIXTURES AND EQUIPMENT**
| Net furniture, fixtures and equipment | Less: Accumulated depreciation | Total: | Leasehold improvements | Office
equipment | Furniture and fixtures | |
|---------------------------------------|--------------------------------|---------|------------------------|---------------------|------------------------|--|
| \$13,896 | 531,848 | 545,744 | 80,829 | 134,731 | \$330,184 | |
Depreciation expense for the year ended December 31, 2025, was \$13,896.
### **NOTE 7 - LEASES**
The weighted average term of these leases was .92 2025 were \$318,136 and \$336,622 respectively, and were included on the statement of financial condition. primarily lease office space. Operating lease right of use assets and lease liabilities as of December 31, The Company is party to contracts where it leases property from others. As a lessee, the Company years and the weighted average discount rate used to 31, 2025 was \$422,021 which included \$59,745 of variable cost expensed as incurred measure lease liabilities was 4.75%. The total operating lease expenses for the year ended December
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## **NOTE 8 – LEASES - CONTINUED**
Future minimum lease payments, as of December 31, 2025, are as follows:
| Date | Amount |
|------------------------------------------|-----------|
| 2026 | \$343,310 |
| Thereafter | \$0 |
| Total undiscounted future lease payments | \$343,310 |
| Less: Imputed interest | -\$6,688 |
| Total reported lease liability | \$336,622 |
## **NOTE 9 - COMMITMENTS AND CONTINGENCIES**
#### Legal Matters:
Management is unable to estimate the potential outcome therefore no liability has been recorded. The Company is involved in a legal claim for breach of contract which we are defending vigorously.
## **NOTE 10 - BROKER–DEALER REGULATION**
charged with the protection of the financial markets and the interests of those participating in those markets. and state agencies, securities exchanges, and self-regulating organizations, each of which has been The Company and the financial services industry in general are subject to stringent regulation by U.S. federal
### **NOTE 11 – PENSION PLAN**
qualified employees. Benefits under this plan are based on years of service and compensation. Cash Balance Defined benefit plan - The Company has a qualified defined benefit pension plan for all
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See Report of Independent Registered Public Accounting Firm. The accompanying notes are an integral part of this statement.
9
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## **NOTE 11 – PENSION PLAN - continued**
Description of Investment Policies and Strategies
return annually to meet expense and income needs to provide for sufficient annual asset growth. The overall objective of the retirement plan is to produce an asset allocation that will generate 5.75% total
| PLAN ASSET CATEGORY | Total | Markets Level
(1) | Active Observable
Inputs Level (2) | Unobservable
Level (3) | |
|--------------------------|-------------|----------------------|---------------------------------------|---------------------------|--|
| Money Markets: | \$298,733 | \$298,733 | | | |
| Equity: | \$2,440,902 | \$2,440,902 | | | |
| Fixed Income: | \$0 | \$0 | | | |
| Alternative Investments: | \$485,123 | | \$485,123 | | |
| | \$3,224,758 | \$2,739,635 | \$485,123 | \$0 | |
to remain at the target levels set above. Funds for the retirement plan are invested in equity and debt securities and are rebalanced when needed
reviewed by the Company. Performance is reviewed monthly based on performance results and benchmarks are compiled and
Cash Flows
The Company does not expect to pay retirement benefits in the next 10 years.
| 2031-2035 | 2030 | 2029 | 2028 | 2027 | 2026 | |
|-----------|------|------|------|------|---------|-----------------|
| 0 | 0 | 0 | 0 | 0 | \$
0 | Retirement Plan |
December 31, 2025: The following table provides the components of the net periodic benefit cost for the plan for the years ended
| Service cost | \$296,135 |
|-----------------------------------------------|-----------|
| Interest cost on projected benefit obligation | 75,989 |
| Expected return on plan assets | 158,084 |
| Amortization of (gain)/loss | -0- |
| Net periodic pension cost (income) | \$214,040 |
See Report of Independent Registered Public Accounting Firm. The accompanying notes are an integral part of this statement.
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### EMPIRE ASSET MANAGEMENT COMPANY LLC YEAR ENDED DECEMBER 31, 2025 NOTES TO FINANCIAL STATEMENTS
## **NOTE 11 – PENSION PLAN - continued**
Prior service costs are amortized over eight years for the retirement plan.
Assumptions used in developing the net periodic benefit cost at December 31, 2025 were:
| plan assets | Expected long-term rate of return on | Rate of compensation increase | Discount rate |
|-------------|--------------------------------------|-------------------------------|---------------|
| 5.75% | | 0.00% | 5.00% |
Basis Used to Determine the Expected Long-Term Rate on Assets
The 5.75% asset return assumption was chosen to reflect anticipated long-term investment return.
### **NOTE 12 – INCOME TAXES**
Company is liable for New York state income taxes on its net taxable income. Instead, the stockholders are liable for individual federal income taxes on their respective shares. The Under those provisions the Company does not pay federal corporate income taxes on its taxable income. The Company has elected to be taxed under the provisions of Subchapter S of the internal revenue Code.
The Company follows the provisions of uncertain tax positions as addressed in FASB Accounting Standards The Company has no tax position at December 31, 2025 Codification 740-10-65-1. The Company recognized no increase in the liability for unrecognized tax benefits. for which the ultimate deductibility is highly certain interest and penalties at December 31, 2025. such interest or penalties were recognized during the period presented. The Company had no accruals for accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. No but for which there is uncertainty about the timing of such deductibility. The Company recognizes interest
The provision for income taxes consists of the following in 2025:
| New York State Corporation Tax | New York City Corporation Tax |
|--------------------------------|-----------------------------------|
| 3,675 | \$6,171 |
| | Pass Through Entity Tax
56,161 |
Total \$66,007
See Report of Independent Registered Public Accounting Firm. The accompanying notes are an integral part of this statement.
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### EMPIRE ASSET MANAGEMENT COMPANY LLC YEAR ENDED DECEMBER 31, 2025 NOTES TO FINANCIAL STATEMENTS
## **NOTE 13– OFF BALANCE SHEET RISK**
broker on a fully-disclosed basis. All of the customer Pursuant to a clearance agreement, the Company introduces all of its securities transactions to its clearing 's money balances and long and short security positions from the clearing broker (commissions ear Company and the clearing broker monitor collateral on the customer's accounts. In addition, the receivable deposit of not less than \$150,000. In accordance with industry practice and regulatory requirements, the carrying securities transactions introduced by the Company and must maintain, at all times, a clearing has agreed to indemnify the clearing broker for losses, if any, which the clearing broker may sustain from are carried on the books of the clearing broker. In accordance with the clearance agreement, the Company ned) is pursuant to the clearance agreement.
financing of various customer securities transactions In the normal course of business, the Company's customer activities involve the execution, settlement and . These activities may expose the Company to offthe Company has to purchase or sell the financial instrument underlying the contract as a loss. balance sheet risk in the event the customer or other broker is unable to fulfill its contracted obligations and
Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.