# LIQUIDLY IAS, LLC X-17A-5 (2026-03-30) — Broker-dealer annual report - Company: LIQUIDLY IAS, LLC - Form: X-17A-5 - Filed: 2026-03-30 - Period: 2025-12-31 - Accession: 0001761876-26-000003 - CIK: 1761876 - File #: 8-70270 - Type: Broker-dealer - Material weakness: No - Auditor: Sanville & Company, LLC - Auditor location: Dallas, TX - Contact: Anusha Harid - Phone: 9143203625 - Email: anusha.harid@liquidlypro.com - Website: liquidlypro.com - Signed by: Anusha Harid-Paoletti (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1761876/000176187626000003/liquidlyauditreport.pdf --- {0}------------------------------------------------ # Liquidly IAS, LLC Financial Statements and Supplemental Information For the Year Ended December 31, 2025 {1}------------------------------------------------ #### OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 # ANNUAL REPORTS FORM X-17A-5 8-70270 PART Ili 7 FACING PAGE information Required Pursuant to Rules 17a-5, 178-12, and 18a-7 under the Securities Exchange Act of 1934 | FILING
FOR
THE
PERIOD
BEGINNING | 1/1/25 | | | | | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------|----------------------------|------------------------|------------------------------|--| | | ANDENDING
MM/DD/YY | | 12/31/25
MM/0D/YY | | | | A. | REGISTRANT | IDENTIFICATION | | | | | IAS,
LLC
Liquidly
NAME
OF
FIRM: | | | | | | | TYPE
OF
REGISTRANT
all
(check
applicable
&
Broker-dealer
O
Security-based
O
Check
here
if respondent
Is also an OTC derivatives | boxes):
dealer
swap
dealer | Major | security-based
swap | participant | | | ADDRESS
OF
PRINCIPAL
PLACE
OF
BUSINESS: | not
use
(Do | a P.O,
box
no.) | | | | | 225
West
Street
34th | (No. and Street) | | | | | | New
York | NY | | 122
cn | | | | (City) | | (State) | | (Zip Code) | | | PERSON
TO
CONTACT
WITH
REGARD | TO
THIS
FILING | | | | | | Harid-Paoletti
Anusha | 914-320-3625 | | | anusha.harid@liquidlypro.com | | | (Name) | CodeTelephone | Number) | | Address) | | | | B. ACCOUNTANT | IDENTIFICATION | | | | | INDEPENDENT
PUBLIC
ACCOUNTANT
Sanville
& Company | whose
are
reports | contained | in this
filing* | | | | (Name | — if individual,
state | and middle
last, first, | name) | | | | 325
N.
Saint
Paul
#3100
Street, | Dallas | | | 75201 | | | (Address) | (City) | | | (Zip Code} | | | 9/18/03 | | | 169 | | | | | FOR
OFFICIAL | USE
ONLY | {PCAOB Registration | if
Number, | | | * Claims
for exemption
from
the
requirement | that
the annual
reports | be covered | by the reports | of an independent
public | | accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii}, if applicable. Personswhoareto respondto thecollectionofinformationcontainedin thisformarenotrequiredto responduniesstheform displays a currently valid OMB control number. {2}------------------------------------------------ #### OATH OR AFFIRMATION #### Anusha Harid-Paoletti swear (or affirm) that, to the best of my knowledge and belief, | rt pertaining to the firm of Liquidly IAS, LLC December 31 2.025\_ is true and correct. | further swear (or affirm) that neitherthecompany 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. CEO Signature:f ay OF, Title: #### Notary Public #### This fiting\*\* contains (check all applicable boxes): - 88 (a) Statement of financial condition. - 1 (b) Notes to consolidated statement of financial condition. - Statement ot income (loss) or, If there is other comprehensive Income in the perlod(s) presented, a statement of comprehensive income {as defined in § 210.1-02 of Regulation S-x). - {d) 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, - 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 240.15¢3-3. - {k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR or Exhibit A to 17 CFR 240.18a-4, as applicable. OWOWWORMW - (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 240.15¢3-3. - (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR or 17 CFR 240.18a-4, as applicable. OWO - (0) 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 applicabie, 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 240.28a-7, as applicable, - (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - 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 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 or 17 CFR 240.17a-12, as applicable. 60 - {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 oo - (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. {3}------------------------------------------------ #### Contents | | | | Page | |---------------|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------| | Report | of | Firm
Public
Accounting
Registered
Independent
; | 1 | | Statement | of | Condition
Financial | 2 | | Statement | of | Operations | 3 | | Statement | of | Member'
Equity | 4 | | Statement | of | Flows
Cash | | | to
Notes | Financial | Statements | 6-8 | | Supporting | | Schedules | | | Supplementary | | Schedule: | | | | E | Under
Rule
15c3-1
of
Net
Computation
Capital | 10 | | | Il. | and
the
Reserve
the
Determination
of
for
Requirements
Computation
for
Broker
Control
to
Possession
or
Information
Requirements
Relating
15c3-3
Dealers
to
Rule
pursuant | 11 | | Exemption | Report | | | | | Report | of
Public
Firm
Registered
Accounting
Independent | 12 | | | Exemption | Report | 13 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) ## Report of Independent Registered Public Accounting Firm To the Member and Those Charged With Governance Liquidly IAS, LLC ## Opinion on the Financial Statements We have audited the accompanying statement of financial condition of Liquidly IAS, LLC (the Company) as of December 31, 2025, the related statements of operations, changes in member's equity, and cash flows for the year then ended, and the related notes to the financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, 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. #### Emphasis of Matter - Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 6 to the financial statements, the Company does not generate revenues and relies on financial support from a parent company to fund its operations. This condition raises substantial doubt about the ability to continue as a going concern for a period of one year from the date the financial statements are issued. plans to mitigate this doubt include continued financial support from the parent company. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified in respect of this matter. #### Basis for Opinion These financial statements are the responsibility of the management. Our responsibility is to express an opinion on the Company'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 the Company in accordance with 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. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the internal control over financial reporting. Accordingly, we express no such opinion. 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 > 325 North Saint Paul Street Suite 3100 Dallas, Texas 75201 214.738.1998 {5}------------------------------------------------ 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. #### Supplemental Information The supplementary information contained in Schedule |, Computation of Net Capital Under SEC Rule 15c3-1, Schedule |I, Computation for Determination of Reserve Requirements Under SEC Rule 15c3-3, and Schedule III, Information Relating to the Possession or Control Requirements Under SEC Rule 15c3-3 has been subjected to audit procedures performed in conjunction with the audit of the financial statements. The supplemental information is the responsibility of the 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 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 supplementary information contained in Schedule |, Computation of Net Capital Under SEC Rule 15c3-1, Schedule II, Computation for Determination of Reserve Requirements Under SEC Rule 15c3-3, and Schedule III, Information Relating to the Possession or Control Requirements Under SEC Rule 15c3-3 is fairly stated, in all material respects, in relation to the financial statements as a whole. We have served as the Company's auditor since 2025. Sanville & Company, LLC Dallas, Texas February 24, 2026 {6}------------------------------------------------ # Liquidly IAS, LLC Statement of Financial Condition December 31, 2025 ### Assets | Cash
and
cash
equivalents | 16,284 | |---------------------------------------------------|--------| | and
other
assets
Prepaid
expenses | 938 | | Total
Assets | 17,222 | | Liabilities
and
Member's
Equity | | | Liabilities | | | Accounts
payable | 6,851 | | Due
related
to
party | 1,596 | | Total
Liabilities | 8,447 | | Member's
Equity | | | Member's
Equity | 8,775 | | Total
Member's
Equity | 8,775 | | Total
Liabilities
And
Member's
Equity | 17,222 | The accompanying notes are an integral part of these financial statements. {7}------------------------------------------------ # For The Year Ended December 31, 2025 Liquidly IAS, LLC Statement of Operations #### Revenues | Total
Revenues | | |----------------------------------------|----------------| | Expenses | | | &
services
Legal
professional | 19,450 | | fee
Expense
sharing | 1,248 | | Insurance | 1,220 | | fees
Regulatory | 2,311 | | Other
operating
expenses | 2,468 | | Total
Expenses | 26,697 | | Net
Loss | \$
(26,697) | The accompanying notes are an integral part of these financial statements. 3 {8}------------------------------------------------ # Statement of Changes in Member's Equity For the Year Ended December 31, 2025 Liquidly IAS, LLC | | Total | | |------------------------------------------|----------|----------| | | Member's | | | | Equity | | | 2025
Balance
at
January
1, | \$ | 6,472 | | Net
loss | | (26,697) | | Contributions | | 29,000 | | Distributions | | | | 2025
Balance
December
at
31, | \$ | 8,775 | The accompanying notes are an integral part of these financial statements. {9}------------------------------------------------ # Liquidly IAS, LLC Statement of Cash Flows For the Year Ended December 31, 2025 | Cash
flow
from
activities:
operating | | | |--------------------------------------------------------------------------------------------------------|-------|----------------| | Net
loss | | \$
(26,697) | | Non-cash
contributions
to
reconcile
loss
cash | | 7,000 | | net
to
net
Adjustments
and
cash
activities: | | | | equivalents
provided
by
operating
(used
in)
decrease
in
:
(Increase) | | | | Prepaid
expenses | (582) | | | Accounts
payable | 4,413 | | | Due
related
to
party | 1,594 | | | Total | | 5,425 | | | | | | Net
cash
and
cash
activities
equivalents
provided
by
(used
in)
operating | | (14,272) | | | | | | | | | | Net
cash
activities
a
by
(used
provided
financing
in) | | | | Contributions | | 22,000 | | Distributions
Net
cash | | | | by
activities
provided
(used
in)
financing | | 22,000 | | | | | | Net
increase
in
cash
and
cash
(decrease)
equivalents | | 7,728 | | Cash
and
cash
December
equivalents
at
2024
31, | | 8,556 | | Cash
and
cash
equivalents
December
at
2025
31, | | \$
16,284 | The accompanying notes are an integral part of these financial statements. 5 {10}------------------------------------------------ ## Liquidly IAS, LLC NOTES TO FINANCIAL STATEMENTS ### Note 1 — Nature of Business and Summary of Significant Accounting Policies Liquidly IAS, LLC (the "Company") was organized on December 8, 2017 as a limited liability company in accordance with the laws of the State of Delaware. Liquidly IAS, LLC was approved as a registered broker-dealer with the Securities and Exchange Commission (SEC) on January 2, 2020 and is a member of the Financial Industry Regulatory Authority (FINRA) and Securities Investor Protection Corporation (SIPC). The Company is a wholly owned subsidiary of Liquidly, Inc. (the "Member'). The Company's principal business activity and purposes of the Company is to operate and sponsor an alternative trading system (ATS) to facilitate secondary trades in the private funds sold through its online platform. The Company will also conduct business as placement agent and facilitator of limited partnership interests in private funds and private assets sold on a best efforts via an online platform. #### Basis of Presentation The accounting policies and reporting practices of the Company conform to the practices in the broker-dealer industry and are in accordance with accounting principles generally accepted in the United States of America. #### Government and Other Regulation The business is subject to significant regulation by various governmental agencies and self-regulatory organizations, including the SEC and FINRA. 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. As a registered broker dealer, the Company is subject to the SEC's net capital rules (Rule 15c3-1) which require that the Company maintain a minimum net capital, as defined. The Company is exempt from Rule 15c3-3 of the Securities and Exchange Commission. Cash and Cash Equivalents - The Company considers all highly liquid debt instruments having original maturities of three months or less at the date of purchase to be cash equivalents. The Company may, during the ordinary course of business, maintain account balances with banks in excess of federally insured limits. The Company has not experienced losses on these accounts, and Management believes that the Company is not exposed to significant risks on such accounts. At December 31, 2025, cash and cash equivalents were held in a non- interest-bearing account at Citibank totaling \$16,284. {11}------------------------------------------------ ## Note 1 — Nature of Business and Summary of Significant Accounting Policies (continued) Management Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at December 31, 2025 and revenues and expenses during the year then ended. Actual results could differ from those estimates. Income Taxes - No provisions have been made for income taxes since the Company is a single member limited liability company and is considered a disregarded entity for income tax purposes. The sole member is liable for income taxes based on the Company's taxable income. ## Note 2 — Uniform Net Capital Rule 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 and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. The rule also provides that equity capital may not be withdrawn if the resulting capital ratio would exceed 10 to 1. As of December 31, 2025, the Company had net capital of \$7,837 which was \$2,837 in excess of its required net capital of \$5,000. The Company's ratio of aggregate indebtedness to net capital was 1.08 to 1. ### Note 3— Commitment and Related Party Transactions The Company has an Expense Sharing Agreement (ESA) in place with its Parent whereby the Parent charges the Company for occupancy charges, employee compensation, travel, entertainment, marketing, technology and business development charges. Charges allocated by the Parent are included in the Statement of Operations and totaled \$1,248 for the year ended December 31, 2025. As of December 31, 2025 the Company owes the Parent \$1,596 for allocation of expenses and other cash advances. {12}------------------------------------------------ ## Note 4-— Commitment and Contingencies The Company is exposed to various asserted and unasserted potential claims encountered in the normal course of business. As of December 31, 2025, and through the date of this report, there were no such claims. # Note 5 — Subsequent Events The subsequent events for the Company have been evaluated by management through the date financial statements were available to be issued. It was determined that there were no subsequent events to recognize in the financial statements. #### Note 6 - Segment Reporting The Accounting Standards Update (ASU) 2023-07 issued by the Financial Accounting Standards Board (FASB) introduced enhancements to segment reporting requirements for public entities, including broker-dealers. The update aimed to improve the transparency and usefulness of financial disclosures for investors and other stakeholders. ASU 2023-07 disclosure requirements are effective for fiscal years starting after December 15, 2024. The chief operating decision maker is the Chief Executive Officer of the Company and determined that no additional disclosures are required as the Company has only one reportable segment. ## Note 7 —- Going Concern The firm generated \$0 revenue in 2025. While the firm expects it will generate revenue in 2026, it will continue to be supported by its parent, Liquidly Inc. through capital contributions until such time it can independently sustain its existence. Additionally, the parent is currently in the process of raising a round of financing which it will use to continue the support of the firm. {13}------------------------------------------------ Supplemental Information {14}------------------------------------------------ #### Liquidly IAS, LLC Schedule | - Computation of Net Capital Requirements Pursuant to Rule 15c3-1 As of December 31, 2025 # Computation of net capital | Member's
equity | \$ | 8,775 | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|--------------|----------|-------------------------| | Total
Member's
Equity | | | \$ | 8,775 | | Less:
Non-allowable
assets
Prepaid
expense
Total
non-allowable
assets | | (938) | | 938 | | Net
Capital | | | | 7,837 | | of
net
Computation
capital
requirements
Minimum
net
capital
requirement
6
2/3
of
indebtedness
net
percent
aggregate
Minimum
dollar
net
required
capital
Net
of
capital
required
(greater
above)
Excess
net
capital
indebtedness
Aggregate | \$
\$ | 563
5,000 | \$
\$ | 5,000
2,837
8,447 | | Ratio
of
indebtedness
to
aggregate
net
capital | | | | 108% | There was no material difference between net capital computation shown here and the net capital computation shown on the Company's unaudited Form X-17A-5 reported dated December 31, 2025. {15}------------------------------------------------ ## Liquidly IAS, LLC Schedule I & II[- Computation for Determinization of Reserve Requirements and Information Relating to Possession or Control Requirements Pursuant to SEA Rule As of December 31, 2025 For the year ended December 31, 2025, the Company is not exempt from the provision of Rule 15c3-3. The Company is relying on Footnote 74 to SEC Release 34-70073, which is discussed in Q & A 8 of the related FAQ issued by SEC staff. The Company does not effect transactions for anyone defined as a customer under Rule 15c3-3. Accordingly, there are no items to report under the requirements of this Rule. {16}------------------------------------------------ ![](_page_16_Picture_0.jpeg) #### Report of Independent Registered Public Accounting Firm To the Member and Those Charged With Governance Liquidly IAS, LLC We have reviewed the accompanying Exemption Report of Liquidly IAS, LLC (the Company) as of and for the fiscal year ended December 31, 2025, in which management asserts that: 1. The Company did not claim an exemption under any paragraph of 17 C.F.R. § 240.15c3-3(k); 2. The Company is filing this Exemption Report in reliance on Footnote 74 of SEC Release No. 34-70073 because it limited its securities business activities to (1) broker or dealer selling tax shelters or limited partnerships in primary distributions (2) broker or dealer selling tax shelters or limited partnerships in the secondary market (3) private placement of securities (4) the firm will operate an alternative trading system for secondary transactions of private equity securities throughout the fiscal year ended December 31, 2025 exclusively to the activities described in that footnote; and 3. Throughout the fiscal year ended December 31, 2025, the Company: (i) did not receive, hold, or owe funds or securities for or to customers (except amounts received and promptly transmitted in accordance with 17 C.F.R. § 240.15c2-4(a) or (b)(2)); (ii) did not carry accounts of or for customers; and (iii) did not carry proprietary accounts of other broker-dealers. Management of the Company is responsible for the assertions in the Exemption Report and for compliance with the applicable requirements. We conducted our review in accordance with attestation standards established by the Public Company Accounting Oversight Board (United States). A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's assertions. Accordingly, we do not express such an opinion. Based on our review, nothing came to our attention that caused us to believe that management's assertions referred to above are not fairly stated, in all material respects, based on the requirements set forth in Footnote 74 of SEC Release No. 34-70073 and related provisions of Rule 17a-5. Company, LLC Sanville & Company, LLC Dallas, Texas February 24, 2026 325 North Saint Paul Street Suite 3100 Dallas, Texas 75201 214.738.1998 {17}------------------------------------------------ # Liquidly IAS, LLC Exemption Report Liquidly IAS, LLC (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 This Exemption Report was prepared as required by 17 C.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 is considered ""Non-Covered Firm" exempt from 17 C.F.R. §240.15c3-3 and is filing an Exemption Report relying on footnote 74 to SEC Release 34-70073, and as discussed in Q&A 8 of the related FAQ issued by the SEC staff. The Company limits its business activities exclusively to: (1) broker or dealer selling tax shelters or limited partnerships in primary distributions (2) broker or dealer selling tax shelters or limited partnerships in the secondary market (3) private placement of securities (4) the firm will operate an alternative trading system for secondary transactions of private equity securities. (2) 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 (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3), throughout the most recent fiscal year without exception. I, Anusha Harid, swear (or affirm) that, to my best knowledge and belief, this exemption report is true and correct. Regards, Anusha Harid Chief Executive Officer Date of Report: February 24, 2026 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.