# KAYAN SECURITIES, INC. X-17A-5 (2026-02-24) — Broker-dealer annual report - Company: KAYAN SECURITIES, INC. - Form: X-17A-5 - Filed: 2026-02-24 - Period: 2025-12-31 - Accession: 0001509399-26-000001 - CIK: 1509399 - File #: 8-68770 - Type: Broker-dealer - Material weakness: No - Auditor: Jennifer Wray CPA PLLC - Auditor location: Sugar Land, TX - Contact: YONG SOO KIM - Phone: 2137390998 - Email: yskim@kayansecurities.com - Website: kayansecurities.com - Signed by: Yong Soo Kim (President) Original filing: https://www.sec.gov/Archives/edgar/data/1509399/000150939926000001/auditreport2025_1.pdf --- {0}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | OMB APPROVAL | | |--------------------------|--| | OMB Number: 3235-0123 | | | Expires: Nov. 30, 2026 | | | Estimated average burden | | | hours per response: 12 | | | | | # ANNUAL REPORTS FORM X-17A-5 PART III | hours per response: 12 | | |------------------------|--| | SEC FILE NUMBER | | | 8-68770 | | 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/YY AND ENDING 12/31/2025 A. REGISTRANT IDENTIFICATION NAME OF FIRM: Kayan Securities, Inc. TYPE OF REGISTRANT (check all applicable boxes): Broker-dealer Security-based swap dealer Check here if respondent is also an OTC derivatives dealer MM/DD/YY Major security-based swap participant ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) 3470 Wilshire Blvd., #626 Los Angeles (City) (No. and Street) CA (State) 90010 (Zip Code) Yong Soo Kim (Name) PERSON TO CONTACT WITH REGARD TO THIS FILING (213)739-0998 (Area Code - Telephone Number) yskim@kayansecurities.com (EmailAddress) B. ACCOUNTANT IDENTIFICATION INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* Jennifer Wray CPA PLLC (Name - if individual, state last, first, and middle name) 800 Bonaventure Way, #168 Sugar Land TX 77479 (Address) (City) 11/30/2016 (State) 6328 (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 bya 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. {1}------------------------------------------------ #### OATH OR AFFIRMATION I, YONG SOO KIM swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Kayan Securities, Inc. \_ as of 12/31 2025 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. Title: President ## This filing\*\* contains (check all applicable boxes): - (a) Statement of financial condition. - Π (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. - (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. - Π (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. - Π (j) 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. - (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. - (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. - Π (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. - Π (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 report or financial statements under CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. 17 - 미 (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. - Π (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 240.17a-12, as applicable. - (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). - (z) Other: - \*\*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), applicable. as {2}------------------------------------------------ # Table of Contents | | | Page(s) | |-----------------------------------|--------------------------------------------------------------------------------------------------------------------------|---------| | | Report of Independent Registered Public Accounting Firm | 1 | | Statement of Financial Condition | | 2 | | Statement of Operations | | 3 | | Statement of Shareholders' Equity | | 4 | | Statement of Cash Flows | | 5 | | Notes to Financial Statements | | | | Supporting Schedules | | 6 -10 | | Supplementary Schedule: | | | | I. | Computation of Net Capital UnderRule15c3-1 | 11 | | | II. Computation for Determination of Reserve Requirements
Under Rule 15c3-3 of the Securities and Exchange Commission | 12 | | | III. Information Relating to the Possession or Control Requirements
Under Rule 15c3-3 | 13 | | | Report of Independent Registered Public Accounting Firm | 14 | | Exemption Report | | 15-16 | {3}------------------------------------------------ # REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To Shareholder of Kayan Securities, Inc. #### Opinion on the Financial Statements We have audited the accompanying statement of the financial condition of Kayan Securities, Inc. as of December 31, We have addited the accompanying statement of the midned sequity, and cash flows for the year ended 2025, the Teated Statements of Operatorio, thanged in the entered to as the "financial statements"). In our December 31, 2020, and the related hotel and belal respects, the financial position of Kayan Securities, Inc., 1005 opinion, the Intalical statements present laily, in arrincenal coppositions for the year ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. #### Basis for Opinion These financial statements are the responsibility of Kayan Securities, Inc.'s management. Our responsibility is fre These Infancial statements and the financial statements based on our audit. Ne are apublic accounting firm expless an opinon on Rayan Counting Oversight Board (United States) (PCAOB) and and the end the onlined to be registered with the Public Ouriling To Cromany To Croigh Ce 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 we conducted out addit in accordance with the other the financial statements are frea of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, 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 section made financial statements. Our audit also included evaluating the accounting principles used and significant estimates made Imandal statents. Our addit also included overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. #### Auditor's Report on Supplemental Information The supplementary information contained in Schedules I, II & III has been subjected to audit procedures performed in conjunction with the audit of Kayan Securities, Inc.'s financial statements. The supplemental information is the responsibility of Kayan Securities, Inc.'s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with 17 C.F.R. §240.17a-5. In our supplementary schedule is fairly stated, in all material respects, in relation to the financial statements as a whole. Jennifer Wray CPA PLLC February 23, 2026 We have served as Kayan Securities, Inc.'s auditor since 2019. Sugar Land, Texas {4}------------------------------------------------ ## Kayan Securities, Inc. Statement of Financial Condition December 31, 2025 #### Assets | Cash
Clearing broker deposit
Commissions receivable | | 17,416
49,565
5.482 | |---------------------------------------------------------------------------------------------------|--------|---------------------------| | Property and Equipment, at cost, net of accumulated
depreciation of \$9,233 | | 0
2,748 | | Rent deposit
Total Assets | | \$ 75,211 | | Liabilities and Stockholder's Equity | | | | Liabilities | | | | Accrued expenses | | S
296 | | Accrued Restitution interest payable | | 4,199 | | Accrued Restitution to customer | | 6,522 | | Total Liabilities | | 11,017 | | Stockholder's Equity | | | | Common stock, \$.01 par value, 100,000 shares
authorized; 10,967 shares issued and outstanding | \$ 110 | | | Retained earnings (deficit) | 64,084 | 64.194 | | Total Liabilities and Stockholder's Equity | | \$ 75,211 | See accompanying notes to the financial statement {5}------------------------------------------------ ## Kayan Securities, Inc. Statement of Operation December 31, 2025 | Revenues | | |------------------------------------------|------------------| | Commissions | ಲ್ಲಿಕ
151,843 | | 12b1 fees | 23,214 | | Mutual fund sale | 12,430 | | Interest income | 6.903 | | Misc. income | 4,755 | | Total Revenues | 199,145 | | Direct Costs | | | Commission expense | 14,957 | | Clearing expenses | 38,157 | | Total Direct Costs | 53,114 | | Gross Profit | 146,031 | | Expenses | | | Accrued Restitution Interest expense | 1,991 | | Business Insurance | 1,052 | | Office expense | 6,109 | | Parking | 1,688 | | Professional fees | 7,020 | | Regulatory fees | 9,119 | | Lease Expense | 21,799 | | Telephone | 3,943 | | Tax | 671 | | Dues and subscriptions | 1,207 | | All other expenses | 428 | | Total Expenses | 55,027 | | Income before provision for income taxes | 37,150 | | Income tax provision | 800 | | Net Income | 90,204 | See accompanying notes to the financial statements {6}------------------------------------------------ ## Kayan Securities, Inc. Statement of Stockholder's Equity December 31, 2025 | | Common
Stock
Shares | Common
Stock | Paid-In
Capital | | | Retained
Earnings
(Deficit) | Total | | |-----------------------------------|---------------------------|-----------------|--------------------|----|---|-----------------------------------|-----------|--| | Balance, December 31, 2024 10,967 | | \$ 110 | ಕಾ | 0 | ക | 42,080 | \$ 42,190 | | | Net Income | | | | | | 90,204 | 90,204 | | | Capital Contribution | | | | | | 0 | 0 | | | Capital Distribution | | | | 0 | | (68,200) | (68,200) | | | Balance, December 31, 2025 | 10,967 | \$ 110 | ಕೆ | -0 | | \$ 64.084 | \$ 64,194 | | See accompanying notes to the financial statements {7}------------------------------------------------ ## Kayan Securities, Inc. Statement of Cash Flows December 31, 2025 | Cash Flows from Operating Activities: | | |----------------------------------------------|-----------| | Net income | \$90,204 | | Changes in operating assets and liabilities: | | | Commissions receivable | 3,494 | | Clearing Deposit | (1,184) | | Accounts payable | 16 | | Commission payable | (3,191) | | Accrued Restitution to customer | (26,087) | | Accrued Restitution Interest payable | 1,991 | | Net Cash Provided by Operating Activities | 65,243 | | | | | Financing Activities: | | | Capital distribution | (68,220) | | Cash Flows from Financing Activities | (68,220) | | | | | Net increase in cash | (2,957) | | Cash - beginning of the year | 20.373 | | Cash - year end | \$ 17.416 | | | | See accompanying notes to the financial statements {8}------------------------------------------------ #### Note 1 - Organization and Nature of Business Kayan Securities, Inc. (the "Company") was incorporated on July 22, 2009. The Company is a broker-dealer registered with the Securities and Exchange Commission (SEC), and a member of the Financial Industry Regulatory Authority ("FINRA"), and the Securities Investor Protection Corporation("SIPC"). ### Note 2 - Significant Accounting Policies Basis of Presentation - The Company conducts the following types of business as a securities broker-dealer, which comprises several classes of services, including: - · Broker or dealer retailing corporate equity securities over-the-counter - · Broker or dealer selling corporate debt securities - · Underwriter or selling group participant (corporate securities other than mutual funds - · Mutual fund retailer - · U.S. government securities broker - · Broker or dealer selling variable life insurance or annuities - · Put and call broker or dealer or option writer - · Non-exchange member arranging for transactions in listed securities by exchange member - · Private placements of securities - · Broker or dealer selling tax shelters or limited partnerships in primary distributions - · Broker or dealer selling tax shelters or limited partnerships in the secondary market Under its membership agreement with FINRA and pursuant to Rule 15c3 (k) (2) (ii), the Company conducts business on a fully disclosed basis and does not execute or clear securities transactions for customers. Accordingly, the Company is exempt from the requirement of Rule 15c3-3 under the Securities Exchange Act of 1934 pertaining to the possession or control of customer assets and reserve requirements. Use of Estimates - The preparation of financial statements in conformity with U.S. generally accepted accounting principles 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. Commissions - Commissions income and related clearing expenses are recorded on a trade-date basis as securities transactions occur. {9}------------------------------------------------ ### Note 2 - Significant Accounting Policies (continued) Income Taxes - The Company has elected to be taxed under the provisions of subchapter S of the Internal Revenue Code and comparable State of California statutes wherein the Company's the incernal and state income is taxed directly to the shareholder. Additionally, the state of California imposes a 1.5% state franchise tax on the corporation's taxable income. The tax returns are prepared on a cash basis, however no deferred taxes are reported as the impact on the financial statements are not material. The accounting principles generally accepted in the United States of America provide accounting and disclosure guidance about positions taken by an organization in its tax returns that might be uncertain. Management has considered its tax positions and believes that all of the positions taken by the Company in its Federal and State organization tax returns are more likely than not to be sustained upon examination. The Company is subject to examinations by U.S. Federal and State tax authorities from 2022 to the present, generally for three years after they are filed. Depreciation - Depreciation is provided on a straight-line basis using estimated useful lives of five to ten years. Leasehold improvements are amortized over the lesser of the economic useful life of the improvement or the term of the lease. #### Note 3 - Fair Value Unless otherwise indicated, the fair value of all reported assets and liabilities that represent financial instruments(none of which are held for trading purposes) approximate the carrying value of such amounts. ## Note 4 - Receivable From and Payable to Broker-Dealers and Clearing Organizations Amounts receivable from and payable to broker-dealers and clearing organizations at December 31, 2025, consist of the following: | | Receivable | Payable | |-----------------------------------------|------------|---------| | Fees and commissions receivable/payable | \$ 5.482 | \$ 209 | #### Note 5 - Clearing Broker Deposit The Company has an agreement with a clearing broker which requires a minimum deposit of \$50,000. But during September 2012, the Company withdrew \$5,000 under the permission of the clearing broker. The deposit accrues interest. At December 31, 2025, the deposit balance is \$49,566. {10}------------------------------------------------ #### Note 6 - Concentration of Credit Risk The Company is engaged in various trading and brokerage activities in which counter-parties primarily include broker-dealers, banks, and other financial institutions. In the event counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counter-party or issuer of the instrument. It is the Company's policy to review, as necessary, the credit standing of each counter-party. ### Note 7 - Net Capital Requirements The Company is subject to the Securities and Exchange Commission Uniform Net Capital rule (SEC Rule 15c3-1), 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 15c3-1 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 \$61,446 which was \$56,446 in excess of its required net capital of \$5,000. The Company's aggregate indebtedness to net capital ratio was 0.18 to 1. #### Note 8 - Income Taxes As discussed in Note 2 - Significant Accounting Policies, the company is subject to a 1.5% tax on net income over the minimum tax of \$800. At December 31, 2025, the Company recorded the franchise tax of \$800. #### Note 9 - Exemption from the SEC Rule 15c3-3 The Company is an introducing broker-dealer that clears all transactions with and for customers on a fully disclosed basis with an independent securities clearing company and promptly transmits all customer funds and securities to the clearing company, which carries all of the accounts of such customers and maintains and preserves such books and records pertaining thereto pursuant to the requirements of the SEC Rule 17a-3 and 17a-4, as are customarily made and kept by a clearing broker or dealer. {11}------------------------------------------------ ## Note 10 - Operating Lease Commitments On December 15, 2010, the Company entered into a lease for office space under a non-On Decomber 13, 2016, the The lease has been relocated and extended for another twelve months, commencing on December 1, 2025 and terminating on November 30, 2026. ## Note 11 - Contingencies, Guarantees, or Claims The Company has no other contingencies, guarantees, or claims as of December 31, 2025. ## Note 12 - Subsequent Events Management has reviewed the results of operations for the period of time from its year end December 31, 2025 through February , 2026, the date the financial statements were available to be issued, and has determined that no adjustments are necessary to the amounts reported in the accompanying financial statements nor have any subsequent events occurred, the nature of which would require disclosures. | Commission | 151,843 | Revenue from agency trades of stocks, bonds, options, | |----------------------|---------|--------------------------------------------------------------------------------------------| | | | and ETFs. in the customers' accounts. Charged 0.1-5% per transaction amounts. | | 12b-1 fees | 23,214 | Trail commission from mutual fund holdings. Usually 0.25 % annually | | Mutual fund
sales | 12,430 | New sales from customers' accounts. Commission rate is specified on the Prospectus. | | Interest income | 6,903 | Margin interest participation as administrative fee: 0.5% of customers' margin interest | | | | and, Interest from clearing deposit with Wedbush Securities Inc. 2.0%-2.75% during
2025 | | Misc. income | 4,755 | The Firm's associated persons bear their FINRA registration fee, and parking space fee | | Total revenues | 199,145 | | ## Note 13 -- Revenue Recognition(ASC 606) {12}------------------------------------------------ #### Note 14 -- Segment Reporting(ASC 280) The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of agency transactions and subscription-based transactions. The Company has identified its President, Yong Soo Kim, 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 excess net capital, which is not a measure of profit or 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 summary of significant accounting policies. The Company did not derive more than 10% of its total revenues from a single external customer in 2025. {13}------------------------------------------------ ## Kayan Securities, Inc. Schedule I - Computation of Net Capital Requirements Pursuant to Rule 15c3-1 December 31, 2025 | Computation of Net Capital
Total stockholder's equity from statement of financial condition
Nonallowable assets:
Rent deposit
Net Capital | \$ 64,194
(2,748)
\$ 61,446 | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------| | Computation of Net Capital Requirements
Minimum net aggregate indebtedness -
6.67% of net aggregate indebtedness | \$ 734 | | Minimum dollar net capital required | \$ 5,000 | | Net Capital required (greater of above amounts)
Excess Net Capital | \$ 5,000
\$56,446 | | Computation of Aggregate Indebtedness
Total liabilities | \$ 11,017 | | Aggregate indebtedness to net capital | 0.18 | | Reconciliation
The following is a reconciliation of the above net capital computation with the
Company's corresponding unaudited computation pursuant to Rule 179-5(d)(4): | | | Net Capital Per Company's Computation | \$ 61,446 | | |---------------------------------------|-----------|--| | Variance: | 0 | | | Net Capital Per Audited Report | \$ 61,446 | | See accompanying notes to the financial statements {14}------------------------------------------------ ## Kayan Securities, Inc. Schedule II - Computation for Determination of Reserve Requirements Pursuant to Rule 15c3-3 As of December 31, 2025 A computation of reserve requirement is not applicable to Kayan Securities, Inc. as the Company qualifies for exemption under Rule 15c3-3(k)(2)(ii). {15}------------------------------------------------ # Kayan Securities, Inc. Schedule III – Information Relating to the Possession Or Control Requirements Under Rule 15c3-3 As of December 31, 2025 Information Relating to the Possession or Control Requirements is not applicable to Kayan Securities, Inc. as the Company qualifies for exemption under Rule 15c3-3(k)(2)(ii). {16}------------------------------------------------ ## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To Shareholder of Kayan Securities, Inc. We have reviewed management's statements, included in the accompanying Exemption Report, in white (1) Kayan Securities, anolojmod We nave reviewed than agement of 17 C.F.R. §15c3-3(k) under which Kayan Securities, Inc. claimed Securities, including provisions on of the company met the identified exemption in 17 C and exemplon Ton' 17 C. . . . . . (240.1600 (0(1)(2)(1) (2) . . ) . (3) The Company is also filing this also filing this Exemption Report because the Company's other business activities contemplated by Foothot 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 are limited to inquer or in agent transaction via subscriptions on the a subscription way basis where the funds are payable to the issuer of wade not to the company; and the Company (1) did not directly or indirectly receive, hold, or otherwits on securities for or to customers, (other than money or other consideration received and prompitted in offective securities for to 'co-customers', (other than more) experience and prompty transmitted for effecting in the engel complance with paragraph (a) of (b)(2) of Rail Two Tunds are payable to the issue or its agent transacibilis via subscriptions of a carse 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. Kayan Securities, Inc's management is responsible for compliance with the exemption (K)(2)(ii) and with the provisions contemplated by Footnote 74 of SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 and related SEC Staff Frequently Asked Questions and its statements. Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Keard Our revew was conducted in according the and other required procedures to obtain evidence about Kayan (Unlied States) and, accordingly, inolded inquirios and other is substantially less in scope than an Securities, the s complianoo "which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be make revisions of featle statements referred to above for them to be fairly stated, in all material respects, based on the provisions set forth in paragraph (k)(2)(ii), and of Rule 15c3-3 under the Securities Exchange Act of 1934 and the Company's other in paragraph (1)(2)(1), and of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5, and related SEC Staff Frequently Asked Questions. Jennifer Wray CPA PLLC Sugar Land, Texas. Feb 23, 2026 {17}------------------------------------------------ Member FINRA/SIPC ![](_page_17_Picture_1.jpeg) 3470 Wilshire Blvd., Ste. #626, Los Angeles, California 90010 (T) (213)739-0998 (F) (213)739-2686 # Kayan Securities, Inc's Exemption Report Kayan Securities, Inc (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 17C.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 claimed [an]exemption from 17 C.F.R. § 240.15c3-3 under the following provisions of 17 C.F.R. §240.15c3-3 (k)(2)(ii) (2) The Company met the identified exemption provisions in 17 C.F.R. §240.15c3-3 (k) throughout the most recent fiscal year without exception. (3) The Company is also filing this Exemption Report because the Company's other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 are limited to, effecting securities transaction via subscriptions on the a subscription way basis where the funds are payable to the issuer or its agent, not to the company; and the Company (1) did 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) did 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. {18}------------------------------------------------ Kayan Securities, Inc. I, Yong Soo Kim, swear that, to my best knowledge and belief, this Exemption Report is true and correct. By: Kasym Title:President Date of Report: 12/31/2025 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.