# GLOBAL FRONTERA MARKETS INC. X-17A-5 (2026-02-18) — Broker-dealer annual report - Company: GLOBAL FRONTERA MARKETS INC. - Form: X-17A-5 - Filed: 2026-02-18 - Period: 2025-12-31 - Accession: 0001405650-26-000001 - CIK: 1405650 - File #: 8-67668 - Type: Broker-dealer - Material weakness: No - Auditor: WithumSmithBrown, PC - Auditor location: New York, NY - Contact: Phyllis Chin - Phone: 212-751-4422 - Signed by: Stanley Chan (Chief Compliance Officer) Original filing: https://www.sec.gov/Archives/edgar/data/1405650/000140565026000001/gfmipublic25.pdf --- {0}------------------------------------------------ # GLOBAL FRONTERA MARKETS INC. STATEMENT OF FINANCIAL CONDITION AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM DECEMBER 31, 2025 {1}------------------------------------------------ **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** 0MB APPROVAL 0MB Number: 3235--0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 # **ANNUAL REPORTS FORM X-17A-5 PART Ill** | hours per response: 12 | | |------------------------|--| | SEC FILE NUMBER | | |
| | | Information Required Pursuant to Rules 17a-5, 17a-12, and lSa-7 under the Securities Exchange Act of 1934 | | FACING PAGE | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|------------------------------------|---------------|-----------------------------------------|-------------------| | FILING FOR THE PERIOD BEGINNING | | ________
| |
AND ENDING | ________

_ | | | | MM/DD/VY | | | MM/DD/VY | | | | A. REGISTRANT IDENTIFICATION | | | | | NAME OF FIRM: | | | | ____________________________ | _ | | TYPE OF REGISTRANT (check all applicable boxes):
□ Broker-dealer

D Check here if respondent is also an OTC derivatives dealer | □ Security-based swap dealer | | | □ Major security-based swap participant | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | | | !"#\$% | | (No. and Street) | | | | | | | | | | | | &'(
(City) | | | &(
(State) | |
(Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | | | | | | ,%* %- . / / | | )%* +%
(Name) | |
(Area Code - Telephone Number) | \$\$ | (Email Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this f
0%"/1/%23 '#)+
0%
1
%23 | )+ | | | iling* | | | | (Name - if individual, state last, first, and middle name) | | | | | | \$3 4'*#5% | | &'( | | &( |
\$5 | | (Address) | | (City) | | (State) | (Zip Code) | | | | | | | | | | | FOR OFFICIAL USE ONLY | | | | | * Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public
accountant must be supported by a statement of facts and circumstances relied on as the basis of the exempt ion. See 17
CFR 240.17a-S(e)(l)(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 0MB control number. | | | | | | {2}------------------------------------------------ ### OATH OR AFFIRMATION I, St nley Chan swear (or affirm) that, to th best of my know! dg and b Ii f, the financial report pertaining to the firm of Global Frontera Markets Inc. s of December 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 sol ly as that of a customer. **Signature:** ~~ Trtle : Chief Compliance Officer ### **This filing•• contains (check all applicable boxes):** - (a) Statement of financial condition. - iii {b) Notes to consolidated statement of financial condition. - □ {c) Statement of income {loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in§ 210.1-02 of Regulation S-X). - □ (d) Statement of cash flows. - 0 (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - □ (f) Statement of changes in liabilities subordinated to daims of creditors. - □ (g) Notes to consolidated financial statements. - 0 (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - 0 (i) Computation of tangible net worth under 17 CFR 240.18a-2. - □ 0) 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. - 0 {I) 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. - □ {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. - 0 {o) Reconciliations, induding 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. - 0 (p) summary of financial data for subsidiaries not consolidated in the statement of financial condition. - iii (q) Oath or affirmation in accordance with 17 CFR 240.17a-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. - iii {t) Independent public accountant's report based on an examination of the statement of financial condition. - 0 (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.lSa-7, or 17 CFR 240.17a-12, as applicable. - □ (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.lSa-7, as applicable. - 0 (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17a-12, as applicable. - 0 (y) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). - 0 (z) other: \_\_\_\_\_\_\_\_\_\_\_\_ \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_ - 0 To 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), os applicable. {3}------------------------------------------------ | | PAGE | |---------------------------------------------------------|------| | Report of Independent Registered Public Accounting Firm | | | | | | Financial Statement | | | Statement of Financial Condition | 2 | | Notes to the Financial Statement | 3-7 | | | | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) # REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholder and Those Charged with Governance of Global Frontera Markets Inc .: ### Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Global Frontera Markets Inc. (the "Company") as of December 31, 2025, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement 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 financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion. We have served as the Company's auditor since 2014. New York, New York February 18, 2026 {5}------------------------------------------------ ### -- - ### |




| | | | | |----------------------------------------|---|----------|--|--| | | | | | | |
| | | | | | ,-./ | + | '%(%! | | | | 0123-45467892:-; | | !! | | | | <27=14:>5238.4: | | !"## | | | | ?:/21-2:. | | \$% \$ | | | | @8:-A-2:. | + | '#"& \$ | | | |



B
CDE
F | | | | | |
GHGIGJGK | | | | | | L778=6:.3->-MA2-65-771=252;326.2. | + | % %& | | | | N=2:80-126: | | &!&" | | | | @8:-AA4-M4A4:42. | | %'# " | | | | JOPQOIRCKSTGJU | | | | | | ,89986.:87V+W(&3-1X-A=2 | | | | | | &(((./-12.-=:/814Y254=25-658=:.:-6546Z | | &( | | | | L554:486-A3-45[467-34:-A | | """%""( | | | | L77=9=A-:2552\474: | | )"'!%(!* | | | | @8:-A.:87V/8A521].2^=4:> | | &!#" | | | | @8:-AA4-M4A4:42.-65.:87V/8A521].2^=4:> | + | '#"& \$ | | | <22-77893-6>46Z68:2.:8:/2\46-674-A.:-:2926:W {6}------------------------------------------------ ### 1. Nature of business and summary of significant accounting policies ### Nature of Business Global Frontera Markets Inc. (the "Company") is a corporation formed under the laws of Delaware on May 15, 2007. On January 14, 2008, the Company became a broker-dealer and as such, is registered with the U.S. Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Authority ("FINRA"). The Company is wholly-owned by Frontera Capital Group Limited (the "Parent"). The Company maintains all of its regulatory licenses and may only act as agent in selling securities in private placements, generally under Securities Act Regulation D. The distribution platform for the Frontera Capital Group in the US and the Americas. With a strategy to focus on distributing to professional investors in the Americas fixed income securities linked to or issued by sovereign entities and corporates in emerging and mostly frontier countries which are the target geography of Frontera Capital Group. ## Going Concern Consideration The Company's management has evaluated ASU No. 2014-15, Going Concern ("ASU 2014-15"). The Company's ability to continue depends on an improvement in performance and financial support from the Parent. The financial statement does not reflect any adjustment should the Company be unable to continue as a going concern. As of December 31, 2025, the Company had \$640,423 in its operating bank accounts and a working capital surplus of \$293,884. The Parent has the financial wherewithal and intends to provide financial support to the Company sufficient for it to satisfy its obligations as they come due until at least one year from February 18, 2026 and will satisfy, on a timely basis, and obligations of the Company if the Company is unable to satisfy them when due. ## Basis of Presentation The financial statement has been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). This financial statement was approved by management and available for issuance on February 18, 2026. Subsequent events have been evaluated through this date. ## Cash The Company has significant cash balances at one financial institution which throughout the year regularly exceed the federally insured limit of \$250,000. Any loss incurred or a lack of access to such have a significant adverse impact on the Company's financial condition, results of operations, and cash flows. {7}------------------------------------------------ # RSTUVSWXTYZ[XV\VX][Z^\_Y`a YTZ[^ZTZb[W\_YVY`\_VS^ZVZ[\[YZ cdedfgdhijklmln - --- - -- !!" # # \$% &'()\*+,)-../).+(0&'()\*+,)12+3242)2/. 5 --- -6 % -44'7+(,/8'\*&\*/02)1'../. 9:5 ;<2(+(,2+4=(.)\*>?/().@&\*/02)1'../. !: ;!" -A- ---B----C ----D - B -B--- - --%5 - - ----9---%--- - E- -- 9-----B: - --F- E- --%D-9------%5 9---- % =(,'?/G+H/. -9:IJ 5-%5 9--- DD -% --- - - 9- ----- -9- - -9-- -9- %K9-- -9-- --- E% > 5 F-B- -A--DLD -- - 9-%:DLD -A----D D - - --D--%5 --- F-- D CMCC --99-D -%N- --D ----- - --D-- -% > 9OP -A 9- - M -- DD--D --- - --%5 DE- --D- -DQM DE - %CD B- DE- D --MF-A%5--B- D-- - CD----D - ----B - D-% {8}------------------------------------------------ # GLOBAL FRONTERA MARKETS INC. NOTES TO THE FINANCIAL STATEMENT December 31, 2025 Management'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 files its income tax returns in the U.S. federal and local jurisdictions. Any potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with U.S. federal, state and local tax laws. The Company had no uncertain tax positions at December 31, 2025. Further, there were no tax related interest or penalties included in the financial statement. ## Use of Estimates The preparation of the financial statement in conformity with GAAP requires management to make estimates and assumptions that affect the amounts disclosed in the financial statement. Actual differ from those estimates. ### Translation of Foreign Currency and Foreign Exchange Gain/Loss Assets and liabilities denominated in foreign currencies are translated into United States dollar amounts at the December 31, 2025 exchange rates. Transactions denominated including income and expenses, are translated into United States dollar amounts on the transaction date. Adjustments arising transactions are reflected in the Statement of Operations. The Company has a vendor that invoices in a foreign currency. No amount was due to this vendor at December 31, 2025. ### Segment Reporting The Company follows ASC 280, Segment Reporting (including adoption of ASU 2023-07), which requires to disclose segment data based on how management makes decisions about allocating resources to segments and evaluating performance. The Company is engaged in a single line of business as a securities broker-dealer which is comprised of acting as agent in selling securities in private placements. The Company has identified its director and chief as the chief operating decision makers ("CODM"), who uses net income to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. The total assets used by the CODM are presented to the CODM in the same manner in which they are presented in the accompanying Statement of Financial Condition. Additionally, the CODM uses excess 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 Company derived all of its revenue from its Parent in 2025, which is located in Abu Dhabi, United Arab Emirates. {9}------------------------------------------------ # GLOBAL FRONTERA MARKETS INC. NOTES TO THE FINANCIAL STATEMENT December 31, 2025 ### 2. Related parties The Parent agrees to pay all invoices received from suppliers and third parties on the Company's operations continue without interruption. As of December 31, 2025, the amount due to Parent was \$312,198. The activities of the Company include significant transactions with related parties and may not necessarily be indicative of the conditions that would have existed or the results of operations if the Company had operated as an unaffiliated business. ### 3. Net capital requirement As a registered broker-dealer, the Company is subject to the Uniform Net Capital Rule (Rule 15c3-1) under the Securities Exchange Act of 1934, which requires the maintenance of minimum net capital, as defined, equal to the greater of \$5,000 or 6 2/3% of aggregate indebtedness, as defined. At December 31, 2025, the Company had net capital of approximately \$294,000 that was approximately \$271,000 in excess of its required net capital of \$23,103. The Company's ratio of aggregate indebtedness to net capital was 1.18 to 1 at December 31, 2025. ### 4. Income taxes The Company adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, on January 1, 2025, prospectively. The Company's effective tax rate differs from the federal statutory tax rate as a result of the valuation allowance. The Company's effective tax rate differs from the statutory tax rates as a result of income being apportioned out of New York and state and local minimum taxes. Management assesses the available positive evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. A significant piece of objective negative evidence was the cumulative loss incurred in recent years. Such objective evider other subjective evidence, such as projections for further growth. Accordingly, the Company has recorded a full valuation allowance. The increase in the valuation allowance during the current period was approximately \$22,000. The amount of the deferred tax asset considered realizable could be adjusted if estimates of future taxable income during the carryforward period or increased, or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence, such as projections for growth. Certain tax attributes are subject to an annual limitation as a result of the change of ownership as defined under Internal Revenue Code Section 382. As of December 31, 2025, the Company had net operating loss carryforwards of approximately \$14,823,000 for federal purposes available to offset future taxable income. The federal net operating loss carryforwards generated prior to March 31, 2018 expire commencing in 2036. However, the federal net operating losses generated in the year ended March 31, 2019 and forward in the amount of approximately \$12,509,000 may be carried forward indefinitely. {10}------------------------------------------------ # GLOBAL FRONTERA MARKETS INC. NOTES TO THE FINANCIAL STATEMENT December 31, 2025 Additionally, the Company has state and city net operating loss carryforwards of approximately \$8,563,000, respectively, as of December 31, 2025. The state and city net operating loss carryforwards begin to expire in 2036. The Company recognizes the effect of income tax positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50 % likely of being realized. As of December 31, 2025, the Company does not have any unrecognized tax benefits resulting from such tax positions. ## 5. Employee benefit plan The Company maintains a retirement plan (the "Plan"), pursuant to Section 401(k) of the Internal Revenue Code, for eligible participants to make voluntary contributions of a portion of their annual compensation, on a deferred basis, subject to limitations provided by the Internal Revenue Code. The Company matches up to 5% of employee contributions to the Plan. ### 6. Subsequent events No other events or transactions subsequent to December 31, 2025, the date the financial statent was issued require recognition or disclosure in this financial statement. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.