# VALKYRIE EQUITIES CORPORATION X-17A-5 (2026-02-20) — Broker-dealer annual report - Company: VALKYRIE EQUITIES CORPORATION - Form: X-17A-5 - Filed: 2026-02-20 - Period: 2025-12-31 - Accession: 0001507076-26-000003 - CIK: 1507076 - File #: 8-68754 - Type: Broker-dealer - Material weakness: No - Auditor: Phillip V. George - Auditor location: Celeste, TX - Contact: Joseph Hansen - Phone: 469-964-2675 - Email: joe.hansen@valkyrieequities.com - Website: valkyrieequities.com - Signed by: Joseph D Hansen (FINOP) Original filing: https://www.sec.gov/Archives/edgar/data/1507076/000150707626000003/vec2025annrprtx17A5public1.pdf --- {0}------------------------------------------------ #### **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** ## **ANNUAL REPORTS FORM X-17A-5 PART Ill** | 0MB Number; 3235-0123 | |--------------------------| | fxplres: Nov. 30, 2026 | | Estimated average burden | | hours per response: 12 | | SEC FILE NUMBER | | |-----------------|--| | 8-68754 | | | | | | | | **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 01/01/ 2025** MM/DD/VY AND ENDING 1213112025 MM/DD/VY **A. REGISTRANT** IDENTIFICATION NAME OF FIRM: Valkyrie Equities Corporation TYPE OF REGISTRANT (check all applicable boxes): ~ Broker-dealer □ Security-based swap dealer D Check here If respondent Is also an OTC derivatives dealer 0 Major security-based swap participant **ADDRESS** OF **PRINCIPAL PLACE OF BUSINESS; (Do not use a P.O. box no.)** 14455 Webb Chapel Road, Suite 201 Dallas (City) (No. and Street) Texas (State) PERSON TO CONTACT WITH REGARD TO THIS FILING 75234 (Zip Code) Joseph D. Hansen 469-964-2675 Joe.hansen@valkyrieequities.com (Name) (Area Code -Telephone Number) (Email Address) **8. ACCOUNTANT IDENTIFICATION** INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained In this filing\* Phillip V. George, PLLC (Name - If Individual, state last, first, and middle name) 5179 CR 1026 Celeste Texas (Address) (City) (State) 02/24/2029 3366 75423 (Zip Code) (Date of Registration with PCAOB)(if applicable) (PCAOB Registration Number, if applicable) **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 exemption. See 17 CFR 240.17a-5(e)(l}(ii), if applicable. Persons who are to respond to the collecffon of Information contained In this form are not required to respond unless the form di,plays a currently valid 0MB control number. {1}------------------------------------------------ #### OATH OR AFFIRMATION | I, Joseph D. Hansen | | | | | | swear (or affirm) that, to the best of my knowledge and belief, the | |---------------------|--|----|-----------------------------------------------------------------------------------|--|--|---------------------------------------------------------------------| | | | | financial report pertaining to the firm of Valkyrie Equilies Corporation | | | 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 as that of a customer. | Signatures | | | | |------------------------------------------|--|--|--| | Title:
Financial Operations Principal | | | | #### This fillng""" contains (check all applicable boxes): - iiiil (a) Statement of financial condition. - iii (b) Notes to consolidated statement offinanclal condition. - □ (c) Statement of income (loss) or, If there Is other comprehensive Income In the perlod(s) presented, a statement of comprehensive Income (as defined In§ 210.1-02 of Regulation S-X). - □ (d) Stat~ment of cash flows. - O (e) Statement of changes In stockholders' or partners' or sole proprietor's equity. - 0 (f) Statement of changes In liabilities subordinated to claims of creditors. - 0 (g) Notes to consolidated financial statements. - D (h) Computation of net capltal under 17 CFR 240.15c3-1 or ').7 CFR 240.18a-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 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - □ (I) 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 240.18a-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. - □ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - li!!I (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or17 CFR 240.18a-7, as applicable. - □ (r) Compliance report In accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-i, as applicable. - □ (s) Exemption report in accordance with 17 CFR 240.17a-5 or 1? CFR 240.18a-7, as appllcable. - □ (t) Independent public accountant's report based on an examination of the statement offlnancial condition. - iiiil (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. - D (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. - D (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 appllcable. - □ (x) Supplemental reports on applying agreed-upon procedures, In accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17a-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 statementthat no material inadequacies exist, under 17 CFR 240.17a-12(k). □ (z)other: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_ - - \*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e}(3} or 17 CFR 240.1Ba-7(d}(2}, as applicable. {2}------------------------------------------------ #### **PUBLIC TREATMENT REQUESTED** ( #### **CONTENTS** | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 1 | |---------------------------------------------------------|-----| | Financial Statement | | | Statement of financial condition | 2 | | Notes to financial statement | 3-6 | | | | {3}------------------------------------------------ # PHILLIP V. GEORGE, PLLC CERTIFIED PUBLIC ACCOUNTANT ## **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** Board of Directors Valkyrie Equities Corporation ## **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of Valkyrie Equities Corporation as of December 31, 2025, and the related notes (collectively referred to as the financial statement). In our opinion, the statement of financial condition presents fairly, in all material respects, the financial position of Valkyrie Equities Corporation as of December 31, 2025 in confo1mity with accounting principles generally accepted in the United States of America. ## **Basis for Opinion** This financial statement is the responsibility of Valkyrie Equities Corporation's management. Our responsibility is to express an opinion on Valkyrie Equities Corporation's fi-iiancial 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 Valkyrie Equities Corporation in accordance with the U.S. federal securities laws and the ~pplicable 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 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. QA,v,;i\_p~ PHILLIP V. GEORGE, PLLC We have served as Valkyrie Equities Corporation's auditor since 2023. Celeste, Texas February 1, 2026 ![](_page_3_Picture_13.jpeg) {4}------------------------------------------------ ## **VALKYRIE EQUITIES CORPORATION Statement of Financial Condition December 31, 2025** ## **ASSETS** | Cash | \$ 73,031 | |-------------------------------------|-----------| | Commissions receivable | 600 | | Prepaid expenses | 2,181 | | Income taxes receivable -
Parent | 861 | | TOTAL ASSETS | \$ 76,673 | ## **LIABILITIES AND STOCKHOLDER'S EQUITY** #### **Liabilities** | Accrned commissions
Accrned expenses | \$ | 849
6,000 | |-------------------------------------------------------------------------------------------------------------------------|----|---------------------| | TOTAL LIABILITIES | | 6,849 | | Stockholder's Equity | | | | Common Stock, 1,000,000 shares authorized, no par value,
35,833 shares issued and outstanding
Accumulated deficit | | 158,416
(88,592) | | TOTAL STOCKHOLDER'S EQUITY | | 69,824 | | TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | | \$ 76,673 | {5}------------------------------------------------ #### **VALKYRIE EQUITIES CORPORATION Notes to Financial Statement December 31, 2025** #### **Note 1** - **Nature of Business and Summary of Significant Accounting Policies** Nature of Business: Valkyrie Equities Corporation (the Company) was incorporated in April 2009 as a Texas corporation. The Company is a wholly owned subsidiary of Tyme Capital Holdings Incorporated (Tyme or Parent), a Texas corporation. The Company is registered with the Securities and Exchange Commission (SEC) and is a member of the Financial Industty Regulatmy Authority (FINRA) and Securities Investors Protection Corporation (SIPC). The Company is considered a Non-Covered Firm exempt from 17 C.F.R. § 240.15c3- 3 relying on Footnote 74 of the SEC Release.No. 34-70073 adopting amendments to 17 C.F.R. § 240.l 7a-5. The Company limits its business activities exclusively to effecting securities transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company and participating in distributions of securities ( other than film commitment unde1writings) in accordance with the requirements of paragraphs (a) or (b)(2) of Rule 15c2-4. • The Company operates as a mutual fund retailer whose customers are individuals primarily in Texas. The Company also participates in private placements, with related due diligence services, for s~all to medium businesses in Texas. Significant Accounting Policies: #### Use of Estimates The preparation of financial statements in confonnity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of the 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. #### Segment Repoliing The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of several classes of services, including mutual fund retailer and participation in private placements. The Company has identified its President as the chief operating decision maker("CODM"), who-uses -nei-income-to -evaluate the- results of the business, predominantly in the forecasting process, to manage the Company. Additionally, the CODM uses excess net capital, 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 same as those described in the summaiy of significant accounting policies. Segment financial information is identical to that presented in the accompanying financial statements. {6}------------------------------------------------ #### **VALKYRIE EQUITIES CORPORATION Notes to Financial Statement December 31, 2025** #### **Note 1** - **Nature of Business and Summary of Significant Accounting Policies, continued** #### Revenue Recognition Revenue from contracts with customers includes mutual fund and private placement commissions and due diligence fees. The recognition and measurement of revenue is based on the assessment of individual contract terms. Significant judgment is required to determine whether perfo1mance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligatio:qs are identified; when to recognize revenue based on the appropriate measure of the CQmpany's progress under the contract; whether revenue should be presented gross or net of certain costs; and whether constraints on variable consideration should be *1* applied due to uncertain future events. *Mutual fund commissions:* The Company enters into airnngements with 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 defened 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 unce1tainty 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 ai·e usually monthly or quarterly. Distribution fees recognized in the cmTent period are primarily related to performance obligations that have been satisfied in prior periods. *Private placement commissions:* The Company participates in private placement offerings of securities on a best-efforts basis. Each time a customer enters into a buy transaction, the Company may charge a commission. Commissions are recognized on the trade date. The Company believes that the perfonnance obligation is satisfied on the trade date because that is when the underlying interest is identified, the pricing is agreed upon and the risks and rewards of ownership have been transferred to the customer. These amounts are considered variable consideration as the unce1tainty is dependent on the achievement of certain levels of investment have been reached as specified in th~ offeringmemorandums, whichishigltly susceptible to factors outside the Company's influence. Revenues are recognized once it is probable that a significant reversal will not occur. *Due diligence fees:* The Company provides due diligence services and believes the perf01mance obligation for providing the services is satisfied over time because the customer is receiving and consuming the benefits as they are provided by the Company. Fees are recognized as revenue monthly as they relate specifically to the services provided in that period, which are distinct from the services provided in other periods. No such fees were earned or recognized during the year. {7}------------------------------------------------ #### **VALKYRIE EQUITIBS CORPORATION Notes to Financial Statement December** 31, **2025** #### **Note 1** - **Nature of Business and Summary of Significant Accounting Policies, continued** #### Current Expected Credit Losses ( The Company accounts for estimated credit losses on financial assets measured at an amortized cost basis and certain off-balance sheet credit exposures in accordance with F ASB ASC 326-20, *Financial Instruments* - *Credit Losses.* F ASB ASC 326- 20 requires the Company to estimate expected credit losses over the life of its financial assets and ce1tain off-balance sheet exposures as of the reporting date based on relevant info1mation about past events, cunent conditions, and reasonable and suppmtable forecasts. The Company records the estimate of expected credit losses as an allowance for credit losses. For financial assets measured at an amortized cost basis the allowance for credit losses is reported as a valuation account on the balance sheet that adjusts the asset's ammtized cost basis. Changes in the allowance for credit losses are reported in Credit Loss expense. • #### Income Taxes The Company is included in the consolidated Federal income tax return and in the combined Texas return withits Parent. Federal and Texas income taxes are recorded using the separate company method to comply with financial reporting rules. Any resulting provision or benefit for income taxes realized by the Company is recorded as a receivable from or payable to Parent. #### **Note 2** - **Net Capital Requirements** The Company is subject to the SEC Uniform Net Capital Rule (SEC Rule 15c3-l), which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. Rule l 5c3-1 also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to 1. At December 31, 2025, the Company had net capital of \$66,782, which was \$61, 782 in excess of its required net capital of \$5,000. The Company's net capital ratio was 0.10 to 1. #### **Note 3** - **Concentration of Revenue and Services/Office Lease/Related Party Transactions** A shareholder of the Parent, who is also an\_ officer and registered. securities representative of the Company, generated 100% of the revenue and received 100% of the commissions expense during the year, of which \$849 is payable at year-end. The Company maintains office facilities in Dallas, Texas. The office facility is provided to the Company at no cost by a director/shareholder of the Parent. The Company has a federal income tax receivable from the Parent totaling \$861 at December 31, 2025. {8}------------------------------------------------ #### **VALKYRIE EQUITillS CORPORATION Notes to Financial Statement December 31, 2025** #### **Note 4** - **Contingencies** The Company's business subjects it to various claims, regulat01y examinations, and other proceedings in the ordinary course of business. The Company currently has one lawsuit claim filed against it seeking damages of approximately \$1 million. The nature of this claim is related to the Company's activities in the securities indust1y. The Company's legal counsel's opinion is that the outcome of the litigation will not have a material impact on the Company's financial condition; therefore, no provision has been made in the accompanying financial statements related to this lawsuit. The Company intends to vigorously defend itself against this action; however, the ultimate O!Jtcome of this and any other actions against the Company could have an adverse impact on the :financial condition, results of operations, or cash flows of the Company. #### **Note 5** - **Subsequent Events** The Company has performed an·evaluation of events that have occuned subsequent to December 31, 2025, and through Februaiy 1, 2026, the date the financial statements were available to be issued. There have been no material subsequent events that occml'ed during such period that would require disclosure in this report 9r\_would be required to be recognized in the financial statements as of December 31, 2025. • 6 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.