# BULL MARKET SECURITIES, INC. X-17A-5 (2023-04-14) — Broker-dealer annual report

- Company: BULL MARKET SECURITIES, INC.
- Form: X-17A-5
- Filed: 2023-04-14
- Period: 2022-12-31
- Accession: 0001661652-23-000004
- CIK: 1661652
- File #: 8-69718
- Type: Broker-dealer
- Material weakness: No
- Auditor: OHAB and Company, PA
- Auditor location: Maitland, FL
- Contact: Douglas Colombo
- Phone: 312-718-2573
- Email: dcolombo@bullmarketus.com
- Website: bullmarketus.com
- Signed by: Douglas Colombo (FINOP)

Original filing: https://www.sec.gov/Archives/edgar/data/1661652/000166165223000004/final2.pdf

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## Bull Market Securities, Inc.

(A Wholly-Owned Subsidiary of Goldon Company Trade S.A.)

### FINANCIAL STATEMENTS

December 31, 2022

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#### UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

OMB APPROVAL OMB Number: 3235-0123 Expires: Oct. 31, 2023 Estimated average burden hours per response: 12

### ANNUAL REPORTS FORM X-17A-5 PART III

sec file number 8-69718

FACING PAGE

Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934

AND ENDING\_12/31/2022 01/01/2022 FILING FOR THE PERIOD BEGINNING MM/DD/YY MM/DD/YY

A. REGISTRANT IDENTIFICATION

# NAME OF FIRM: Bull Market Securities, Inc.

TYPE OF REGISTRANT (check all applicable boxes):

■ Broker-dealer □ Check here if respondent is also an OTC derivatives dealer

ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)

## 175 SW 7th Street, Suite 1405

|                                                                                                   | (No. and Street)                                           |         |                                            |            |
|---------------------------------------------------------------------------------------------------|------------------------------------------------------------|---------|--------------------------------------------|------------|
| Miami                                                                                             | ﻠ                                                          |         |                                            | 33130      |
| (City)                                                                                            |                                                            | (State) |                                            | (Zip Code) |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                      |                                                            |         |                                            |            |
| Douglas Colombo                                                                                   | 312-718-2573                                               |         | Dcolombo@bullmarketus.com                  |            |
| (Name)                                                                                            | (Area Code - Telephone Number)                             |         | (Email Address)                            |            |
|                                                                                                   | B. ACCOUNTANT IDENTIFICATION                               |         |                                            |            |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*<br>OHAB AND COMPANY, PA | (Name - if individual, state last, first, and middle name) |         |                                            |            |
| 100 E SYBELIA AVE, SUITE 130  MAITLAND                                                            |                                                            |         | FL                                         | 32751      |
| (Address)                                                                                         | (City)                                                     |         | (State)                                    | (Zip Code) |
| JULY 28, 2004                                                                                     |                                                            | 1839    |                                            |            |
| (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 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)(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.

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#### OATH OR AFFIRMATION

| Lautaro Marra                                                           | swear (or affirm) that, to the best of my knowledge and belief, the                                                                 |         |
|-------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------|---------|
| tinancial report pertaining to the firm of Bull Market Securities, Inc. |                                                                                                                                     | , as of |
| December 31                                                             | , 2 022                                                                                                                             |         |
|                                                                         | 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.                                                  |                                                                                                                                     |         |
|                                                                         |                                                                                                                                     |         |

Signature:

|               | Commonwoomwany                               |                                   |
|---------------|----------------------------------------------|-----------------------------------|
|               | Notary Public State of Flonda                | Title:<br>Chief Executive Officer |
|               | cunfer Warnes = " Jornes = " Jonnifer Warner |                                   |
| Notary Public | Comminimummunum                              |                                   |

#### This filing\*\* contains (check all applicable boxes):

- (a) Statement of financial condition.
- □ (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.
- (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.
- | (i) 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.
- worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-2, 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.
- (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.
- □ (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 statements under 17 CFR 240.17a-5, 17 CFR 240.18a-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 240.18a-7, as applicable.
- | (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17a-12, as applicable.
- O (y) Report describing any material inadequacies 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).
- O (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), as applicable.

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### Bull Market Securities, Inc. (A Wholly-Owned Subsidiary of Goldon Company Trade S.A.) Table of Contents December 31, 2022

| Report of Independent Registered Public Accounting Firm                                                                                                              | PAGE(S)<br>1 - 2 |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|
| FINANCIAL STATEMENTS<br>Statement of Financial Condition                                                                                                             | 3                |
| Statement of Operations                                                                                                                                              | ব                |
| Statement of Changes in Liabilities Subordinated to Claims of General Creditors                                                                                      | 5                |
| Statement of Changes in Stockholder's Equity                                                                                                                         | 6                |
| Statement of Cash Flows                                                                                                                                              | 7                |
| Notes to Financial Statements                                                                                                                                        | 8-14             |
| SUPPLEMENTARY INFORMATION<br>Computation of Net Capital and Aggregate Indebtedness Pursuant to Rule 15c3-1<br>of the Securities and Exchange Commission - Schedule I | 15               |
| INFORMATION REGARDING COMPLIANCE WITH RULE 15c3-3                                                                                                                    |                  |
| Report of Independent Registered Public Accounting Firm                                                                                                              | 16               |
| Statement on Exemption from the Computation of Reserve Requirements and                                                                                              |                  |
| Information for Possession or Control Requirements Under Rule 15c3-3 - Schedule II                                                                                   | 17               |
| Exemption Report under Rule 17a-5(d)(4) of the Securities and Exchange Commission                                                                                    | 18               |

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![](_page_4_Picture_0.jpeg)

100 E. Sybelia Ave. Suite 130 Maitland. FL 32751

Certified Public Accountants Email: pam a ohabco.com

Telephone 407-740-7311 Fax 407-740-6441

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholder's of Bull Market Securities, Inc.

#### Opinion on the Financial Statements

We have audited the accompanying statement of financial condition of Bull Market Securities, Inc. as of December 31, 2022, the related statements of operations, changes in liabilities subordinated to claims of general creditors, changes in stockholder's equity, and cash flows for the year then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of Bull Market Securities, Inc. as of December 31, 2022, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion

These financial statements are the responsibility of Bull Market Securities, Inc.'s management. Our responsibility is to express an opinion on Bull Market Securities, Inc.'s financial statements 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 Bull Market Securities, Inc. 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 statements are 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 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 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.

#### Auditor's Report on Supplemental Information

The Schedules I and II have been subjected to audit procedures performed in conjunction with the audit of Bull Market Securities, Inc.'s financial statements. The supplemental is the responsibility of Bull Market Securities, Inc.'s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented 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 opinion, the Schedules I and II are fairly stated, in all material respects, in relation to the financial statements as a whole.

Ofal and

We have served as Bull Market Securities, Inc.'s auditor since 2021.

Maitland, FL

April 14, 2023

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### Bull Market Securities, Inc. (A Wholly-Owned Subsidiary of Goldon Company Trade S.A.) Statement of Financial Condition December 31, 2022

| ASSETS                                                   |               |
|----------------------------------------------------------|---------------|
| Cash                                                     | \$<br>135,626 |
| Deposit with clearing broker                             | 170,879       |
| Receivable from clearing broker                          | 331,511       |
| Other assets                                             | 59,996        |
| Operating lease right-of-use assets                      | 22,619        |
|                                                          |               |
| Total assets                                             | \$<br>720,631 |
|                                                          |               |
| LIABILITIES AND STOCKHOLDER'S EQUITY                     |               |
| Liabilities                                              |               |
| Accounts payable                                         | \$<br>32,487  |
| Due to affiliate                                         | 117,854       |
| Subordinated loan interest payable                       | 6,974         |
| Liabilities subordinated to claims of general creditors  | 100,000       |
| Operating lease liability                                | 23,819        |
| Total liabilities                                        | 281,134       |
|                                                          |               |
| Stockholder's Equity                                     |               |
| Common stock, \$0.01 par value; 1,000 shares authorized, |               |
| issued, and outstanding                                  | 10            |
| Additional paid-in capital                               | 1,699,990     |
| Accumulated deficit                                      | (1,260,503)   |
| Total stockholder's equity                               | 439,497       |
|                                                          |               |
| Total liabilities and stockholder's equity               | \$<br>720,631 |

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### Bull Market Securities, Inc. (A Wholly-Owned Subsidiary of Goldon Company Trade S.A.) Statement of Operations For the Year Ended December 31, 2022

| Revenues                                             |              |
|------------------------------------------------------|--------------|
| Commissions (Including \$41,212 from Parent)         | S<br>491,418 |
| Riskless principal (Including \$61,796) from Parent) | 369,588      |
| 12b-1 distribution fees                              | 26,571       |
| Other income                                         | 161,071      |
| Total revenues                                       | 1,048,648    |
|                                                      |              |
| Expenses                                             |              |
| Professional fees                                    | 346,249      |
| Compensation and benefits                            | 440,017      |
| Clearance and execution fees                         | 254271       |
| Office and other expenses                            | 87,593       |
| Occupancy expense                                    | 48,560       |
| Insurance and regulatory                             | 40,376       |
| Interest expense                                     | 2,040        |
| Depreciation                                         | 1,053        |
| Total expenses                                       | 1,220,159    |
|                                                      |              |

| Net loss<br>(171,511) |
|-----------------------|
|-----------------------|

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### Bull Market Securities, Inc. (A Wholly-Owned Subsidiary of Goldon Company Trade S.A.) Statement of Changes in Liabilities Subordinated to Claims of General Creditors December 31, 2022

| Balance at December 31, 2021                                     | S | 100,000 |
|------------------------------------------------------------------|---|---------|
| Changes on subordinated claims of general creditors - no changes |   |         |
| Balance at December 31, 2022                                     |   | 100,000 |

The accompanying notes are an integral part of the financial statements.

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### Bull Market Securities, Inc. (A Wholly-Owned Subsidiary of Goldon Company Trade S.A.) Statement of Changes in Stockholder's Equity For the Year Ended December 31, 2022

|                                         | Common Stock |   | Additional |                    |                        |            |
|-----------------------------------------|--------------|---|------------|--------------------|------------------------|------------|
|                                         | Shares       |   | Amount     | Paid-In<br>Capital | Accumulated<br>Deficit | Total      |
| Stockholder's equity, beginning of year | 1,000        | S | 10         | \$1,499,990        | \$ (1,088,992)         | \$ 411,008 |
| Capital contributions                   |              |   |            | 200,000            |                        | 200,000    |
| Net loss                                |              |   |            |                    | (171,511)              | (171,511)  |
| Stockholder's equity, end of year       | 1,000        | ટ | 10         | \$1,699,990        | \$ (1,260,503)         | \$ 439,497 |

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### Bull Market Securities, Inc. (A Wholly-Owned Subsidiary of Goldon Company Trade S.A.) Statement of Cash Flows For the Year Ended December 31, 2022

| Cash flows from operating activities:                                 |    |                      |
|-----------------------------------------------------------------------|----|----------------------|
| Net loss                                                              | \$ | (171,511)            |
| Adjustments to reconcile net loss to net                              |    |                      |
| cash used in operating activities                                     |    |                      |
| Depreciation                                                          |    | 1,053                |
| Interest on liabilities subordinated to claims of general creditors   |    | 2,040                |
| Net amortization of lease asset and liability                         |    | 876                  |
| Changes in operating assets and liabilities                           |    |                      |
| Decrease in deposit with clearing broker                              |    | 79,121               |
| Increase in receivable from clearing broker                           |    | (264,668)            |
| Increase in other assets                                              |    | (301)                |
| Increase in accounts payable                                          |    | 19,622               |
| Total adjustments                                                     |    | (162,257)            |
| Net cash used in operating activities                                 |    | (333,768)            |
| Cash flows provided by financing activities:<br>Capital contributions |    | 200,000              |
| Net cash provided by financing activities                             |    | 200,000              |
| Net decrease in cash<br>Balance, beginning of year                    |    | (133,768)<br>269,394 |
|                                                                       |    |                      |
| Balance, end of year                                                  | \$ | 135,626              |
| Supplemental disclosures of cash flow information:                    |    |                      |
| Income taxes                                                          | \$ |                      |
| Interest                                                              | S  |                      |

The accompanying notes are an integral part of the financial statements.

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### Bull Market Securities, Inc. (A Wholly-Owned Subsidiary of Goldon Company Trade S.A.) Notes to Financial Statements For the Year Ended December 31, 2022

### NOTE 1: NATURE OF OPERATIONS

Bull Market Securities, Inc. (the "Company"), is a Florida corporation registered as a broker/dealer with the Securities and Exchange Commission ("SEC"). The Company's operations consist primarily of introducing customer accounts on a fully disclosed basis to its clearing broker/dealer whereby it does not hold customer funds or securities. The Company is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection (SIPC). The Company is a wholly-owned subsidiary of Goldon Company Trade S.A. (the "Parent").

The Company primarily solicits foreign customer, specifically from Argentina. The customers' proportions are 70% individuals and 30% institutions and corporations. The products that are offered by the firm are: US equities, American Depository Receipts, ETFs, Options, Offshore Mutual Funds and Foreign Fixed Income. The products are offered in an agency and riskless principal basis.

Since inception in October 2015, the Company has been dependent on its Parent to make capital contributions to support its startup and operations and to maintain compliance with SEC Rule 15c3-1. The Parent has committed to continue providing the necessary capital to the Company for it to maintain compliance with SEC Rule 15c3-1 and for it to continue to meet its obligations.

### NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

### Basis of Financial Statement Presentation

The accounting policies and reporting practices of the Company conform to the predominant practices in the broker-dealer industry and are in accordance with accounting principles generally accepted in the United States of America ("US GAAP").

### Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

### Cash

For purposes of reporting cash flow, cash and cash equivalents include money market accounts and any highly liquid debt instruments purchased with a maturity of three months or less, which approximates fair value.

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### Bull Market Securities, Inc. (A Wholly-Owned Subsidiary of Goldon Company Trade S.A.) Notes to Financial Statements For the Year Ended December 31, 2022

### NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

### Revenue Recognition

Revenue from contracts with customers includes commission income and trading gains. The recognition and measurement of revenue is based on the assessment of individual contract terms. Significant judgment is required to determine whether performance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of the Company's progress under the contract; whether revenue should be presented gross or net of certain costs; and whether constraints on variable consideration should be applied due to uncertain future events.

Commissions - Commissions revenue include Riskless principal transactions, commissions and mutual fund commissions and trading. The Company buys and sells securities on behalf of its customers. Each time a customer enters into a buy or sell transaction, the Company charges a commission. Commissions and related clearing expenses are recorded on the trade date (the date that the Company fills the trade order by finding and contracting with a counterparty and confirms the trade with the customer). The Company believes that the performance obligation is satisfied on the trade date because that is when the underlying financial instrument or purchaser is identified, the pricing is agreed upon and the risks and rewards of ownership of the securities have been transferred to/from the customer.

12b-1 distribution fees - The Company enters into arrangements with managed accounts or other 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 deferred 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 reversal will not occur once the uncertainty is resolved. For variable amounts, as the uncertainty 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 are usually monthly or quarterly. Distribution fees recognized in the current period are primarily related to performance obligations that have been satisfied in prior periods.

Other income - Miscellaneous clearing agent fees, charges to customers which includes handling fees, ACAT revenue charges, margin rebates, postage income, etc. The Company believes that its performance obligation for fees is fulfilled on the trade date.

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### Bull Market Securities, Inc. (A Wholly-Owned Subsidiary of Goldon Company Trade S.A.) Notes to Financial Statements For the Year Ended December 31, 2022

### NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

### Income Taxes

The Company records deferred taxes using the asset and liability method. Deferred taxes are recorded to reflect the tax consequences on future years of temporary differences between the tax basis of assets and liabilities and their financial reporting amounts at year end, based on enacted tax laws and statutory tax rates applicable to periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.

### Concentration of Credit Risk

The Company maintains cash at banks and other financial institutions. The balances are insured by the Federal Deposit Insurance Corporation up to \$250,000. Cash deposits, at times, exceed federally insured limits. The Company has not experienced any losses in its cash, and believes that there is no significant risk with respect to these deposits.

### Government and Other Regulation

The Company's business is subject to significant regulation by various governmental agencies and self-regulatory organizations. Such regulation includes, among other things, periodic examinations by these regulatory bodies to determine whether the Company is conducting and reporting its operations in accordance with the applicable requirements of these organizations.

### Computation of Customer Reserve

The Company is exempt from customer reserve requirements and providing information relating to possession or control of securities pursuant to Rule 15c3-3 of the Securities Exchange Act of 1934. The Company meets the exempting provisions of Paragraph (k)(2)(ii).

### NOTE 3: DEPOSIT WITH CLEARING BROKER

The Company has an agreement with AXOS Clearing, LLC (the "Clearing Broker") to execute and clear trades on a fully disclosed basis for both customer and proprietary accounts of the Company. The Company is required to maintain a \$150,000 deposit on hand with the Clearing Broker, and as of December 31, 2022 has maintained such balance.

### NOTE 4: RECEIVABLE FROM CLEARING BROKER

Receivable from Clearing Broker results from the Company's normal securities transactions. As of December 31, 2022, the amount due from its current Clearing Broker was \$331,511.

{14}------------------------------------------------

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{15}------------------------------------------------

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{16}------------------------------------------------

### Bull Market Securities, Inc. (A Wholly-Owned Subsidiary of Goldon Company Trade S.A.) Notes to Financial Statements For the Year Ended December 31, 2022

#### NOTE 9: NET CAPITAL REQUIREMENTS

The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule (Rule 15c3-1), which requires the maintenance of minimum net capital at an amount equal to the greater of \$250,000 or 6 2/3% of aggregate indebtedness, and requires that the ratio of aggregate indebtedness to net capital, both as defined, not to exceed 15 to 1. At December 31, 2022, the Company had net capital of \$479,501 which was \$229,501 in excess of its required minimum net capital of \$250,000. The Company's ratio of aggregate indebtedness to net capital was .35 to 1.

### NOTE 10: COMMITMENTS AND CONTENGENCIES

The Company has no commitments or contingencies other than the office lease disclosed in Note 5 and the subordinated loan disclosed in Note 5.

#### NOTE 11: COMPANY CONDITION

The Company had a net loss for the year ended December 31, 2022. The Company's stockholder has agreed to provide additional capital to the Company as necessary for it to continue to operate and maintain compliance with minimum net capital requirements. Management expects the Company to continue as a going concern, and as such, these financial statements have been prepared on a going concern basis.

### NOTE 12: SUBSEQUENT EVENTS

Subsequent events were evaluated through the date the financial statements were available to be issued. The financial statements were approved and authorized for issue by management on April 14, 2023. No subsequent events were noted.

{17}------------------------------------------------

### SUPPLEMENTARY INFORMATION

{18}------------------------------------------------

Bull Market Securities, Inc. (A Wholly-Owned Subsidiary of Goldon Company Trade S.A.) Computation of Net Capital and Aggregate Indebtedness Pursuant to Rule 15c3-1 of the Securities And Exchange Commission -Schedule I December 31, 2022

| December 31,                                            |    | 2022     |
|---------------------------------------------------------|----|----------|
| Total stockholder's equity                              | S  | 439,497  |
| Additions                                               |    |          |
| Liabilities subordinated to claims of general creditors |    | 100,000  |
| Deductions                                              |    |          |
| Other assets                                            |    | 59,996   |
| Net capital                                             |    | 479,501  |
| Minimum net capital requirement (NOTE 9)                |    | 250,000  |
| Excess net capital                                      | \$ | 229,501  |
|                                                         |    |          |
| December 31,                                            |    | 2022     |
| Schedule of Aggregated Indebtedness:                    |    |          |
| Accounts payable                                        | S  | 32,487   |
| Due to affiliate                                        |    | 117,854  |
| Subordinated loan interest payable                      |    | 6,974    |
| Excess lease liability over right-of-use assets         |    | 1,200    |
| Aggregate indebtedness                                  | \$ | 158,515  |
| Ratio of aggregate indebtedness to net capital          |    | .35 to 1 |

There are no material differences between the Company's computation of the net capital presented above and the Company's unaudited Form X-17a-5, Part IIA as of December 31, 2022, as filed.

{19}------------------------------------------------

INFORMATION REGARDING COMPLIANCE WITH RULE 15c3-3

{20}------------------------------------------------

Bull Market Securities, Inc. (A Wholly-Owned Subsidiary of Goldon Company Trade S.A.) Statement on Exemption From the Computation of Reserve Requirements and Information for Possession or Control Requirements Under Rule 15c3-3 - Schedule II December 31, 2022

In accordance with the exempted provisions of SEC Rule 15c3-3, specifically exemption k(2)(ii), the Company is exempt from the computation of a reserve requirement and the information relating to the possession or control requirements.

{21}------------------------------------------------

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{22}------------------------------------------------

### Bull Market Securities, Inc. 175 SW 7th Street, Suite 1405 Miami, FL 33130

#### Bull Market Securities, Inc.'s Exemption Report

Bull Market 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 17 C.F.R. § 240.17a-S(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 provision of 17 C.F.R. § 240.15c3-3 (k): (2) (ii)

(2) The Company met the identified exemption provision in 17 C.F.R. § 240.15c3-3(k) throughout the most recent fiscal year from January 1, 2022 through December 31, 2022 without exception.

Lautaro Marra, CEO Bull Market Securities, Inc.

I, Douglas Colombo, affirm that, to my best knowledge and belief, this Exemption Report is true and correct.

Douglas Colombo Bv:

Title: FINOP

Date: March 14, 2023


Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.