# BULL MARKET SECURITIES, INC. X-17A-5 (2024-04-26) — Broker-dealer annual report - Company: BULL MARKET SECURITIES, INC. - Form: X-17A-5 - Filed: 2024-04-26 - Period: 2023-12-31 - Accession: 0001661652-24-000002 - CIK: 1661652 - File #: 8-69718 - Type: Broker-dealer - Material weakness: No - Auditor: OHAB and Company, PA - Auditor location: Maitland, FL - Contact: Douglas Colombo - Phone: 3127182573 - Email: dcolombo@bullmarketus.com - Website: bullmarketus.com - Signed by: Douglas Colombo (FINOP) Original filing: https://www.sec.gov/Archives/edgar/data/1661652/000166165224000002/bms123123.pdf --- {0}------------------------------------------------ Bull Market Securities, Inc. (A Wholly Owned Subsidiary of Goldon Company Trade S.A.) FINANCIAL STATEMENTS December 31, 2023 {1}------------------------------------------------ CONFIDENTIAL 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 | | SEC FILE NUMBER | | 8-69718 | ### ANNUAL REPORTS FORM X-17A-5 PART III | 8-69718 | |---------| | | | Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | FACING PAGE | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|-----------------------|-----------------|--------------------------------------------| | | 01/01/2022 | AND ENDING 12/31/2023 | | | | 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
_ Security-based swap dealer __ Major security-based swap participant
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 | i | | | 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*
OHAB AND COMPANY, PA | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | 100 E SYBELIA AVE, SUITE 130 MAITLAND | | | ﻠ | 32751 | | (Address) | (City) | | (State) | (Zip Code) | | JULY 28, 2004 | | 1839 | | | | (Date of Registration with PCAOB)(if applicable) | FOR OFFICIAL USE ONLY | | | (PCAOB Registration Number, if applicable) | \* 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. {2}------------------------------------------------ ### OATH OR AFFIRMATION | Lautaro Marra | swear (or affirm) that, to the best of my knowledge and belief, the | |-------------------------------------------------------------------------|-----------------------------------------------------------------------------------------| | financial report pertaining to the firm of Bull Market Securities, Inc. | as of | | December 31 | 2 023 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. ![](_page_2_Figure_3.jpeg) | Signature: | | |-----------------------------------|--| | Title:
Chief Executive Officer | | Notary Public ### 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. - □ (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. - 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. - (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 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. - | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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. - | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | CFR 240.18a-7, as applicable. - | (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17a-12, as applicable. - | (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). - [ (z) Other: \*\* To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.180-7(d)(2), as applicable. {3}------------------------------------------------ | Table | of
Contents | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------| | Report
of
Independent
Registered
Public
Accounting
Firm
| PAGE
1 | | FINANCIAL
STATEMENTS
Statement
of
Financial
Condition
| 2 | | Statement
of
Operations
| 3 | | Statement
of
Changes
in
Liabilities
Subordinated
to
Claims
of
General
Creditors
| 4 | | Statement
of
Changes
in
Stockholder's
Equity | 5 | | Statement
of
Cash
Flows
| 6 | | Notes
to
Financial
Statements | 7 | | SUPPLEMENTARY
INFORMATION
Computation
of
Net
Capital
and
Aggregate
Indebtedness
Pursuant
to
Rule
15c3
1
of
the
Securities
and
Exchange
Commission

INFORMATION
REGARDING
COMPLIANCE
WITH
RULE
15c3
3 | 17 | | Report
of
Independent
Registered
Public
Accounting
Firm
| 18 | | Exemption
Report
under
Rule
17a
5(d)(4)
of
the
Securities
and
Exchange
Commission
| 19 | | Statement
on
Exemption
from
the
Computation
of
Reserve
Requirements
and
Information
for
Possession
or
Control
Requirements
Under
Rule
15c3
3 | 20 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) 100 E. Sybelia Ave. Suite 130 Maitland, FL 32751 Certified Public Accountants Email: pam@ohabco.com Telephone 407-740-7311 Fax 407-740-6441 ### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Stockholder 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, 2023, 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, 2023, 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 РСАОВ. 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 information 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 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 opinion, the Schedules I and II are fairy stated, in all material respects, in relation to the financial statements as a whole. of at and Cripany. We have served as Bull Market Securities, Inc.'s auditor since 2021. Maitland, Florida April 24, 2024 {5}------------------------------------------------ # Bull Market Securities, Inc. (A Wholly Owned Subsidiary of Goldon Company Trade S.A.) Statement of Financial Condition December 31, 2023 | December
December
31,
Assets
Cash
\$
Deposit
with
clearing
broker
Receivable
from
clearing
broker
Other
assets
Marketable
securities
Operating
lease
right
of
use
assets
Total
assets
\$
Liabilities
and
Stockholder's
Equity
Liabilities
Accounts
payable
\$
Taxes
payable
Due
to
affiliate
Subordinated
loan
interest
payable
Liabilities
subordinated
to
claims
of
general
creditors
Operating
lease
liability
Total
liabilities
Stockholder's
Equity
Common
stock,
\$0.01
par
value;
1,000
shares
authorized,
issued,
and
outstanding | Additional
paid
in
capital
Accumulated
deficit | 1,699,990
(892,358) | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------|------------------------| | 100,218
246,479
164,887
60,729
490,260
24,776
1,087,349
11,667
12,000
117,854
9,014
100,000
29,172
279,707 | | 10 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 31,
2023 | | Statement
of
Financial
Condition | | | | | | | {6}------------------------------------------------ # Bull Market Securities, Inc. (A Wholly Owned Subsidiary of Goldon Company Trade S.A.) Statement of Operations For the Year Ended December 31, 2023 | December
31, | 2023 | |---------------------------------------------------------------------|-----------| | Revenues | | | Commissions
\$ | 428,345 | | Riskless
principal
(Including
\$206,145
from
Parent) | 1,073,830 | | 12b
1
distribution
fees | 7,484 | | Advisory
fees | 18,243 | | Interest
income | 242,638 | | Unrealized
gains | 12,445 | | Other
income | 37,912 | | Total
revenues | 1,820,897 | | Expenses | | | Professional
fees | 439,893 | | Compensation
and
benefits | 552,854 | | Clearance
and
execution
fees | 276,430 | | Office
and
other
expenses | 63,315 | | Occupancy
expense | 59,387 | | Insurance
and
regulatory | 45,780 | | Interest
expense | 2,040 | | Depreciation | 1,053 | | Total
expenses | 1,440,752 | | | | | Net
Income
before
taxes | 380,145 | | Income
tax
expense | (12,000) | | Net
Income
\$ | 368,145 | | | | {7}------------------------------------------------ ## 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, 2023 | \$
100,000 | Balance
at
December
31,
2022 | |---------------|-----------------------------------------------------------------------------| | | | | changes | Changes
on
subordinated
claims
of
general
creditors
no | {8}------------------------------------------------ # Bull Market Securities, Inc. (A Wholly Owned Subsidiary of Goldon Company Trade S.A.) Statement of Changes in Stockholders Equity For the Year Ended December 31, 2023 | | | Statement | of | Changes
in | Stockholder's | Equity | |-----------------------------------------------------|--------|-----------|--------|--------------------------|-------------------|---------------| | | | For | the | Year
Ended | December
31, | 2023 | | | | | | | | | | | | | | | | | | | Common | Stock | | Additional
Paid
In | Accumulated | | | | Shares | | Amount | Capital | Deficit | Total | | Stockholder's
equity,
beginning
of
year | 1,000 | \$ | 10 | \$
1,699,990 | \$
(1,260,503) | \$
439,497 | | Net
income | | | | | 368,145 | 368,145 | {9}------------------------------------------------ # Bull Market Securities, Inc. (A Wholly Owned Subsidiary of Goldon Company Trade S.A.) Statement of Cash Flows For the Year Ended December 31, 2023 | flows
from
operating
activities:
income
\$
368,145
Adjustments
to
reconcile
net
income
to
net
cash
provided
by
operating
activities
Depreciation
1,053
Interest
on
liabilities
subordinated
to
claims
of
general
creditors
2,040
Net
amortization
of
lease
asset
and
liability
3,196
Purchase
of
marketable
securities
(490,260)
Changes
in
operating
assets
and
liabilities
Increase
in
deposit
with
clearing
broker
(75,600)
Decrease
in
receivable
from
clearing
broker
166,624
Increase
in
other
assets
(1,786)
Decrease
in
accounts
payable
(20,820)
Increase
in
taxes
payable
12,000
Total
adjustments
(403,553)
Net
cash
provided
by
operating
activities
(35,408)
decrease
in
cash
(35,408)
beginning
of
year
135,626
end
of
year
\$
100,218
disclosures
of
cash
flow
information:
taxes
\$ | 31,
2023 | | | \$ | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|--|--------------------|----| | Cash
Net
Net
Balance,
Balance,
Supplemental | December | | Income
Interest | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | {10}------------------------------------------------ # Bull Market Securities, Inc. (A Wholly Owned Subsidiary of Goldon Company Trade S.A.) Notes to Financial Statements For the Year Ended December 31, 2023 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 Companys 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 Corporation (SIPC). The Company is a wholly owned subsidiary of Goldon Company Trade S.A. (the Parent). The Company primarily solicits foreign customers, 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 US GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. approximates fair value. ### 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 {11}------------------------------------------------ ## Bull Market Securities, Inc. (A Wholly Owned Subsidiary of Goldon Company Trade S.A.) Notes to Financial Statements For the Year Ended December 31, 2023 NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Receivable from Clearing Broker The Company's receivable from clearing broker includes amounts receivable from unsettled trades on behalf of customers, accrued interest receivables and cash deposits. Credit Losses The Company follows ASC Topic 326, Financial Instruments Credit Losses (ASC 326). ASC 326 impacts the impairment model for certain financial assets by requiring a current expected credit loss (CECL) methodology to estimate expected credit losses over the entire life of that financial asset. Under ASC 326, the Company has the ability to determine that there are no expected credit losses in certain circumstances (e.g. based on the credit quality of the customer). The Company had accounts receivable as of December 31, 2023 of \$164,887. There are no expected credit losses as of December 31, 2023. Marketable Securities Marketable securities consist of U.S. treasury bills and are classified as trading securities and recorded at fair value. The Company uses the specific identification method in determining realized gains and losses on the sale of securities. Net unrealized and realized gains and losses on marketable securities are reported in earnings. Other assets Other assets consist of deposits, prepaid expense and furniture and equipment. Furniture and Equipment Depreciation for furniture and equipment is provided for on a straight line basis over the estimated useful lives of such assets. The estimated useful life of the furniture and equipment is five years. Furniture and equipment with a cost of \$8,603 and related accumulated depreciation of \$7,901 are included in other assets on the accompanying statement of financial condition. For the year ended December 31, 2023, depreciation expense amounted to \$1,053. at inception. ### Leases The Company accounts for leases in accordance with Accounting Standards Codification 842, Leases (ASC 842). The Company determines if an arrangement contains a lease at inception based on whether or not the Company has the right to control the asset during the control period and other facts and circumstances. The Company evaluates the classification of leases as operating or finance {12}------------------------------------------------ ## Bull Market Securities, Inc. (A Wholly Owned Subsidiary of Goldon Company Trade S.A.) Notes to Financial Statements For the Year Ended December 31, 2023 NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Leases (Continued) The Company has determined that all leases under which they are the lessee to be operating leases. The Company is the lessee in a lease contract when they obtain the right to control the asset. Operating lease right of use (ROU) assets represent the Companys right to use an underlying asset for the lease term, and lease liabilities represent the Companys obligation to make lease payments arising from the lease, both of which are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The Company determines the lease term by assuming the exercise of renewal options that are reasonably certain. As most of the Companys leases do not provide an implicit interest rate, the Company uses the Daily Treasury Yield Curve Rate from the U.S. Department of the Treasury over the period of the lease based on the information available at the commencement date in determining the present value of future payments. Leases with a lease term of 12 months or less at inception are not recorded on the Companys statement of financial condition and are expensed on a straight line basis over the lease term in the Companys statements of operations. Revenue Recognition Revenue from contracts with customers includes commission income and riskless principal. 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 Companys 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 includes commissions from mutual funds 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. Riskless principal Revenue from riskless principal transactions is recognized on the trade date as the Company believes the performance obligation is fulfilled on that date. {13}------------------------------------------------ ## Bull Market Securities, Inc. (A Wholly Owned Subsidiary of Goldon Company Trade S.A.) Notes to Financial Statements For the Year Ended December 31, 2023 NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Revenue Recognition (Continued) 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 revenue 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. Advisory fees The Company provides investment advisory services on a daily basis. The Company believes the performance obligation for providing advisory services is satisfied over time because the customer is receiving and consuming the benefits as they are provided by the Company. Fee arrangements are on a percentage applied to the customers assets under management. Fees are received monthly or quarterly and are recognized as revenue at the time as they relate specifically to the services provided in that period. Interest income The Company receives a monthly rebate from its clearing broker based on the monthly average balance of customers debit balances and credit balances pursuant to the terms of the Companys clearing agreement. The Company believes that the performance obligation is met when the interest has been credited to the Companys account each month by its clearing broker. Other income Other income includes miscellaneous clearing agent fees, charges to customers which includes handling fees, ACAT revenue charges, postage income, etc. The Company believes that its performance obligation for fees is fulfilled on the trade date. 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. {14}------------------------------------------------ ## Bull Market Securities, Inc. (A Wholly Owned Subsidiary of Goldon Company Trade S.A.) Notes to Financial Statements For the Year Ended December 31, 2023 NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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 Companys 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 agreements with StoneX Financial Services Company and Velocity Clearing, LLC 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 deposits of \$150,000 with StoneX Financial Services Company and \$146,479 with Velocity Clearing, LLC, and as of December 31, 2023 has maintained such deposits. NOTE 4: RECEIVABLE FROM CLEARING BROKER Receivable from Clearing Broker results from the Companys normal securities transactions. As of December 31, 2023, the amount due from its current Clearing Broker was \$164,887. {15}------------------------------------------------ # Bull Market Securities, Inc. (A Wholly Owned Subsidiary of Goldon Company Trade S.A.) Notes to Financial Statements For the Year Ended December 31, 2023 NOTE 5: LEASES In July 1, 2021 the Company entered into a lease for new office space for 12 months with monthly lease payments of \$3,600. The lease included a 1 year option to renew with a 3% annual increase. The lease was further extended on July 1, 2023 for 12 months with monthly lease payments of \$4,899. Payments due under the lease contract includes fixed payments plus variable payments for taxes, insurance and common area maintenance. Upon execution of the lease extension on July 1, 2023, the Company increased the ROU asset to \$45,136 and lease liability of \$53,195 on the statement of financial condition. The present value was calculated utilizing the Daily Treasury Yield Curve Rate from the U.S. Department of the Treasury as of July 1, 2023 of 2.6%, based on the terms of the lease and the interest rate environment at the date of inception. Office lease costs of \$53,394 for the year ended December 31, 2023 are included in occupancy expenses on the accompanying statement of operations. For the year ended December 31, 2023, total cash paid for the leases was \$56,191. The components of office lease cost are as follows: For the year ending December 31, 2023 Operating lease cost \$ 53,394 Variable lease cost 2,797 | For
the
year
ending
December
31, | | 2023 | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------|---------------------------------------------| | Operating
lease
cost
Variable
lease
cost | \$ | 53,394
2,797 | | | \$ | 56,191 | | The
future
minimum
rental
payments
are
as
follows:
For
the
year
ending
December
31,
Less
imputed
interest | \$
\$ | 2023
29,394
(222)
29,172 | | NOTE
6:
LIABILITIES
SUBORDINATED
TO
CLAIMS
OF
GENERAL
CREDITORS
The
Company
entered
into
a
12
month
subordinated
loan
agreement
with
the
S.A.
(the
Affiliate),
which
began
on
July
25,
2019
where
the
Affiliate
loaned
the
at
an
annual
interest
rate
of
2%.
The
note
automatically
extends
12
months
on
each
year
unless
written
notice
is
given
by
the
lender.
Principal
and
interest | Bull
Market
Company
the
maturity
are
due
on | Brokers
\$100,000
date
July
25, | | 2024.
As
of
December
31,
2023,
the
subordinated
loan
was
\$100,000.
12 | | | {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, 2023 NOTE 7: INCOME TAXES | For
the
Year
Ended | December | 31,
2023 | | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------|--------------------------------------------------------------------|--| | NOTE
7:
INCOME
TAXES | | | | | The
Company's
provision
for
income
taxes
for
the
2023
consists
of
the
following: | | | | | For
the
years
ended
December
31, | | 2023 | | | Current
tax
expense | \$ | 12,000 | | | Deferred
tax
expense | | | | | Total | \$ | 12,000 | | | The
provision
for
income
taxes
differs
from
that
computed
by
applying
federal
rates
to
income
before
income
tax
expense
due
to
net
operating
loss
carryforwards | and
state
utilized. | statutory | | | The
Company
has
approximately
\$896,000
of
Federal
and
\$853,000
of
State
carryforwards
which
have
no
expiration.
Utilization
of
Federal
net
operating
of
the
Company's
future
taxable
earnings. | net
losses
is
limited | operating
loss
to
80% | | | As
of
December
31,
2023,
the
Company's
deferred
federal
and
state
approximately
\$232,600.
Due
to
the
uncertain
nature
of
the
ultimate
realization
tax
asset,
the
Company
has
established
a
full
valuation
allowance
against
deferred
tax
asset
and
will
recognize
these
benefits
only
as
reassessment
realizable.
The
valuation
allowance
decreased
\$84,681
during
the
year | tax
assets
of
the
net
the
benefits
demonstrates
ended
2023. | totaled
deferred
of
the
net
they
are
Ultimate | | approximately \$232,600. Due to the uncertain nature of the ultimate realization of the net deferred tax asset, the Company has established a full valuation allowance against the benefits of the net deferred tax asset and will recognize these benefits only as reassessment demonstrates they are realizable. The valuation allowance decreased \$84,681 during the year ended 2023. Ultimate realization is dependent upon several factors, among which is future earnings. While the need for this valuation allowance is subject to periodic review, if the allowance is reduced, the tax benefits of the net deferred tax assets will be recorded in future operations as a reduction of the Companys income tax expense. The Company has not recognized any respective liability for unrecognized tax benefits as it has no known tax positions that would subject the Company to any material income tax exposure. A reconciliation of the beginning and ending amount of unrecognized tax benefits is not included, nor is there any interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses, as there are no unrecognized tax benefits. Tax years that remain open to examination are years ending December 31, 2020 and after. {17}------------------------------------------------ # Bull Market Securities, Inc. (A Wholly Owned Subsidiary of Goldon Company Trade S.A.) Notes to Financial Statements For the Year Ended December 31, 2023 NOTE 8: FAIR VALUE MEASUREMENTS Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices, such as: Quoted prices for similar assets or liabilities in active markets; Quoted prices for identical or similar assets or liabilities in inactive markets; Inputs, other than quoted prices, that are: observable; or can be corroborated by observable market data. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. - - - - - measurement. Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value The asset or liabilitys fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2023. U.S. Treasury bills: Valued using quoted pricing for treasuries. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings. {18}------------------------------------------------ ## Bull Market Securities, Inc. (A Wholly Owned Subsidiary of Goldon Company Trade S.A.) Notes to Financial Statements For the Year Ended December 31, 2023 NOTE 8: FAIR VALUE MEASUREMENTS (Continued) | | | | For
the
Year | Ended
December | 31, | 2023 | |-------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------|-----------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------|---------------------------|-----------------------------------| | NOTE
8:
FAIR
VALUE | MEASUREMENTS | (Continued) | | | | | | Assets
and
liabilities | measured
at | fair
value
on
a | recurring
basis, | are
summarized | below: | | | | | Quoted
Market
Prices
in
Active
Markets
(Level
1) | Other
Observable
Inputs
(Level
2) | Unobservable
Inputs
(Level
3) | | Total | | December
31,
2023 | | | | | | | | U.S.
Treasury
bills | \$ | 490,260 | \$ | \$ | \$ | 490,260 | | There
were
no
transfers
2023. | between | level
1,2
or
3 | investments
during | the
year
ended | December | 31, | | NOTE
9:
RELATED
PARTY | TRANSACTIONS | | | | | | | The
Company
entered
2016
and
was
amended
Company.
For
the
year
\$117,854
due
to
the | into
a
on
November
ended
Affiliate
relating | management
1,
2017
December
31,
2023,
to
this | agreement
with
the
where
the
Affiliate
there
were
no
agreement
at
December | Affiliate,
which
began
provides
various
shared
services.
The
31,
2023. | on
services
Company | October
7,
to
the
has | | The
Company
conducts | trading | transactions
with
principal
were
earned | the
Parent.
from
transactions | During
the
year
ended
with
the
Parent. | December | 31, | {19}------------------------------------------------ # Bull Market Securities, Inc. (A Wholly Owned Subsidiary of Goldon Company Trade S.A.) Notes to Financial Statements For the Year Ended December 31, 2023 NOTE 10: 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, 2023, the Company had net capital of \$837,108 which was \$587,108 in excess of its required minimum net capital of \$250,000. The Companys ratio of aggregate indebtedness to net capital was .17 to 1. NOTE 11: COMMITMENTS AND CONTENGENCIES The Company has no commitments or contingencies other than the office lease disclosed in Note 6 and the subordinated loan disclosed in Note 7. NOTE 12: COMPANY CONDITION The Company has an accumulated deficit at December 31, 2023. The Companys 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 13: SUBSEQUENT EVENTS The Company has performed an evaluation of subsequent events through the date the financial statements were issued. The following item occurred: The Company entered into an office lease commencing April 1, 2024 for office space in New York City. The lease term is for 5 years with payments of \$7,657 per month. {20}------------------------------------------------ # SUPPLEMENTARY INFORMATION {21}------------------------------------------------ # Bull Market Securities, Inc. (A Wholly Owned Subsidiary of Goldon Company Trade S.A.) Exchange Commission For the Year Ended December 31, 2023 | | Exchange
Commission | | |---------------------------------------------------------------------------------------------------------------------|------------------------|----------------| | For
the
Year
Ended | December
31, | 2023 | | | | | | December
31, | | 2023 | | Total
stockholder's
equity | \$ | 807,642 | | Additions | | | | Liabilities
subordinated
to
claims
of
general
creditors | | 100,000 | | Deductions | | | | Other
assets | | 60,729 | | Net
capital
before
haircuts
on
securities
positions | | 846,913 | | Haircuts
on
securities | | 9,805 | | Net
capital | | 837,108 | | Minimum
net
capital
requirement
(NOTE
11) | | 250,000 | | Excess
net
capital | \$ | 587,108 | | | | | | Schedule
of
Aggregated
Indebtedness: | | | | December
31, | | 2023 | | Accounts
payable | \$ | 11,667 | | Due
to
affiliate | | 117,854 | | Subordinated
loan
interest
payable
Excess
lease
liability
over
right
of
use
assets | | 9,014
4,396 | | Aggregate
indebtedness | \$ | 142,931 | | | | | | Ratio
of
aggregate
indebtedness
to
net
capital | | .17
to
1 | {22}------------------------------------------------ INFORMATION REGARDING COMPLIANCE WITH RULE 15c3 3 {23}------------------------------------------------ ![](_page_23_Picture_0.jpeg) 100 E. Sybelia Ave. Suite 130 Maitland, FL 32751 Certified Public Accountants Email: pam(@ohabco.com Telephone 407-740-7311 Fax 407-740-6441 ### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholder of Bull Market Securities, Inc. We have reviewed management's statements, included in the accompanying Exemption Report, in which (1) Bull Market Securities, Inc. identified the following provision of 17 C.F.R. §15c3-3(k) under which Bull Market Securities, Inc. claimed an exemption from 17 C.F.R. §240.15c3-3: (k)(2)(ii) (exemption provision) and (2) Bull Market Securities, Inc. stated that Bull Market Securities, Inc. met the identified exemption provision throughout the most recent fiscal year without exception. Bull Market Securities, Inc.'s management is responsible for compliance with the exemption provision and its statements. Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about Bull Market Securities, Inc.'s compliance with the exemption provision. A review is substantially less in scope than an examination, the objective of 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 made to management's statements referred to above for them to be fairly stated, in all material respects, based on the provision set forth in paragraph (k)(2)(ii) of Rule 15c3-3 under the Securities Exchange Act of 1934. Maitland, Florida April 24, 2024 {24}------------------------------------------------ ### Miami, FL., 33130 175 SW 7th Street, Suite 1616 Bull Market Securities, Inc roqe Rentler, Secondities, Inc.'s Executive Music təsinin fəsiləsinin cinsinə aid bitki növü. İstinadlar Respublikasının filmləri fəsiləsinin filmləri filmləri fəsiləsinin filmləri filmləri filmləri fəsil sərsi (1974) — Azərbaycan Respublikasının sili tərədən olunan (1)(1978-eü ildə Ş. S. A.Ə. T. yd bəyindən seç bəydən qoyunların siyasət siya çıxır. İlk sinfindən bir ən bir ən bir ən bir ən bir ən bir ən ət əhəqədə " ,ə-ə və qalında və ən qalınma qəbul və səsinin əsərlərin əsasən və bərən mərkəzi və bərən mərkəzi və bir və bərənin qalındır. Bu və başının qalında ç -ελείχε οι τρείανε τοικού φοιοίείροι ο εί ("γαραπού" οι την του του του (ii) (S) :(x) દ-દેગ્દી : 042 ટી ... ન.ર ərin cinsinə cinsinə filmləri film və və və və və və və və və və və və .noideaxe thouliw i202 .rc reduced upporty 2202 .j. ഗ്രാമ്പ്യ സമ്മാലു 120m ədi mərkəzi (1)ç - 25 nəfər 2017 niyanın məliqməxə bəliyyəsi əmir təmin əmələ ən qalınmış və qalınmışdır. 1977-ci ildə bir və qalında çəkildə bir (19 Bull Market Securities, Inc. and correct. ərir si hoqqa qorqunəxi sidi. İstinadlar əsbəlmədə təsvir tipli ः/व Laustro Marine I Title: Chief Executive Officer ם מחוק מוצרים (2020/02/2020 {25}------------------------------------------------ ### 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 December 31, 2023 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. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.