# APEX DIRECT X-17A-5 (2026-04-02) — Broker-dealer annual report - Company: APEX DIRECT - Form: X-17A-5 - Filed: 2026-04-02 - Period: 2025-12-31 - Accession: 0001788631-26-000004 - CIK: 1788631 - File #: 8-70414 - Type: Broker-dealer - Material weakness: No - Auditor: RSM US LLP - Auditor location: Chicago, IL - Contact: Paul Duckworth - Phone: 214-765-1100 - Email: pduckworth@apexfintechsolutions.com - Website: apexfintechsolutions.com - Signed by: Paul Duckworth (FINOP) Original filing: https://www.sec.gov/Archives/edgar/data/1788631/000178863126000004/EDGAR_AFBS_YE_2025_PUBLIC.pdf --- {0}------------------------------------------------ # APEX FINTECH BROKERAGE SERVICES LLC (formerly known as FinTron Invest LLC) Statement of Financial Condition With Report of Independent Registered Public Accounting Firm December 31, 2025 Files as public information pursuant to Rule 17A-5(d) under the Securities Exchange Act of 1934 and Regulation 1.10(g) of the Commodity Exchange Act. {1}------------------------------------------------ 8-70414 | 01/01/2025 | 12/31/2025 | |------------|------------| Apex Fintech Brokerage Services LLC ■ ## 350 N. St. Paul Street, Suite 1300 | Dallas | TX | | 75201 | |------------------------------|--------------|-------------------------------------|-------| | | | | | | | | | | | Paul Duckworth | 214-765-1100 | PDuckworth@apexfintechsolutions.com | | | | | | | | | | | | | RSM US LLP | | | | | | | | | | 30 S. Wacker Dr., Suite 3300 | Chicago | IL | 60606 | | | | | | | 09/24/2003 | | 49 | | | | | | | | | | | | | | | | | | | | | | {2}------------------------------------------------ #### OATH OR AFFIRMATION | Paul Duckworth | swear (or affirm) that, to the best of my knowledge and belief, the | | |----------------|-----------------------------------------------------------------------------------------|-------| | | tınancial report pertaining to the firm of Apex Fintech Brokerage Services LLC | as of | | December 31 | 2 025 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 soley as that of a customer. > DocuSigned by: Paul Vuckwoodli 31805C5B15AB479... Signature Title: FINOP | This filing** contains (check all annlicable 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. - [1) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - [ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - □ (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - □ (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - □ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - | | | Oath or affirmation in accordance with 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. - | (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 | | |---------------------------------------------------------|--| | Financial Statement | | | Statement of Financial Condition | | | Notes to the Statement of Financial Condition | | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) #### **Report of Independent Registered Public Accounting Firm** To the Member and the Board of Directors of Apex Fintech Brokerage Services LLC #### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of Apex Fintech Brokerage Services LLC (the Company) as of December 31, 2025, and the related notes (collectively, the financial statement). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. #### **Basis for Opinion** This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to 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 statement is 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 Company's 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 statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. 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 statement. We believe that our audit provides a reasonable basis for our opinion. 1 We have served as the Company's auditor since 2025. Chicago, Illinois March 31, 2026 {5}------------------------------------------------ | | | December 31,
2025 | |-----------------------------------------------------------|---|----------------------| | Assets | | | | Cash | S | 376,154 | | Receivables from customers (net of allowance of \$60,000) | | 15,026 | | Receivables from broker-dealer | | 152,121 | | Receivables from affiliates | | 8,144 | | Prepaid expenses | | 30,484 | | Other assets | | 3,974 | | Total assets | S | 585,903 | | Liabilities and member's equity | | | | Liabilities | | | | Payables to Affiliates | | 16,982 | | Accrued expenses and other liabilities | | 91,777 | | Total liabilities | | 108,759 | | Commitments and contingencies | | | | Member's equity | | | | Member's equity | | 477,144 | | Total member's equity | | 477,144 | | Total liabilities and members's equity | S | 585,903 | {6}------------------------------------------------ ### 1. ORGANIZATION AND NATURE OF BUSINESS Apex Fintech Brokerage Services LLC (the "Company") is a broker-dealer registered with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry ("FINRA"). The Company is a wholly owned subsidiary of FinTron Inc. (the "Parent" or "FinTron"). FinTron is a wholly owned subsidiary of Apex Fintech Solutions Inc. ("Apex Fintech Solutions"). Additionally, the Company is a member of the Securities Investor Protection Corporation (SIPC). SIPC provides limited coverage to investors on their brokerage firm becomes insolvent. SIPC also, in many cases, protects customers from unauthorized trading in, or theft from, their securities accounts. The Company was incorporated on August 29, 2019, as a limited liability company in accordance with the laws of the State of New York. The Company was formerly known as FinTron Invest LLC. On October 15, 2024, the Company's Parent, FinTron Inc. underwent a merger with Apex FS Merger Sub Inc. On November 16, 2024, the Company changed its name from FinTron Invest LLC to Apex Fintech Brokerage Services LLC. To date the Company provided minimal brokerage services through a mobile phone application, with an emphasis on education for the newer investor. The Company clears its securities transactions on a fully disclosed basis through Apex Clearing Broker"), a wholly-owned subsidiary of Apex Fintech Solutions. The accompanying financial statement has been prepared on a going concern basis of accounting. To date, the Company has experienced losses primarily due to its lack of revenue producing activities, while incurring significant fixed costs. Management has received a letter of support from its ultimate Parent, Apex Fintech Solutions, that it has the ability and intent to fund operations through at least one year and a day beyond the date of the auditor's report. The Company's 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 rule (Rule 15c3-1) which requires that the Company mantain a minimum net capital, as defined. The Company claims exemption from SEA Rule 15c3-3 pursuant to paragraph k(2)(ii) of the Rule. #### 2 SIGNIFICANT ACCOUNTING POLICIES #### Basis of Presentation and Use of Estimates The Statement of Financial Condition has been prepared in accounting principles generally accepted in the United States of America ("U.S. GAAP") as established by the Financial Accounting Standards Board ("FASB"). The preparation of the Statement of Financial Condition in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosures of contingent assets and liabilities in the notes to the Statement of Financial Condition at the Statement of Financial Condition. On an ongoing basis, management evaluates its significant estimates, including, but not limited to, the useful lives of property and equipment, the estimate of credit losses and provision for income taxes. In accordance with U.S. GAAP, management bases its estimates on historical experience and on various other assumptions that management believes are reasonable under the circumstances. Actual results could differ materially from such estimates. Management believes that the estimates utilized in preparing the Statement of Financial Condition are reasonable. #### Reclassification Where applicable, certain amounts in the prior years consolidated financial statements have been reclassified to conform to current year presentation. There were no material or significant rearrangements or reclassifications made during the year, and these reclassifications had no impact on the results of operations. {7}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{8}------------------------------------------------ December 15, 2025. The Company is in the process of evaluating the impact of ASU 2025-05 on its financial statements. ### Recently Accounting Pronouncements - Adopted On March 29, 2024, the FASB issued ASU 2024-02, Codification Improvements - Amendments to Remove References to the Concept Statements ("ASU 2024-02"). ASU 2024-02 contains amendments to the FASB Accounting Standards Codification that remove references to various FASB Concepts Statements. In most instances, the references are extraneous and not required to understand or apply the guidance. In other instances were used in prior Statements to provide guidance in certain topical areas. ASU 2024-02 was effective for fiscal years beginning after December 15, 2024. The Company adopted this standard on January 1, 2025. There was no impact on the Company's Financial Statements from recently adopted accounting standards. #### 3. RECEIVABLES FROM BROKER-DEALER Receivables from broker-dealer consist of the following: | | December 31,
2025 | | |-----------------------------|----------------------|---------| | Deposits from broker-dealer | | 152,121 | Receivable from broker-dealer is considered past due when payments are not received on a timely basis in accordance with the Company's credit terms. Accounts considered uncollectible are written off. The Company's estimate of the allowance for credit losses is based on historical experience, its evaluation of the current status of receivables, and unusual circumstances, if any. As of December 31, 2025, the Company has not recorded any allowance for credit losses on this balance. #### 4. RECEIVABLES FROM CUSTOMERS Receivables from customers consist of the following: | | December 31.
2025 | | |----------------------------------------------------------|----------------------|--| | Receivables from customers, net of allowance of \$60,000 | 15.026 | | Receivable from customers are considered past due when payments are not received on a timely basis in accordance with the Company's credit terms. Accounts considered uncollectible are written off. The Company's estimate of the allowance for credit losses is based on historical experience, its evaluation of the current status of receivables, and unusual circumstances, if any. ## Allowance for Credit Losses The following presents the activity in the Company's allowance for credit losses for Receivables from clients: | | December 31,
2025 | | |--------------------------------------------------|----------------------|--| | Allowance at beginning of period | | | | Plus: credit loss expense for the current period | 60,000 | | | Allowance at end of period | 60.000 | | #### Receivables and Contract Balances Receivables are recognized when the Company has an unconditional right to invoice and receive payment under a contract with a customer and are derecognized when cash is received. Receivables primarily consist of transaction-based revenue receivables and are reported in Receivables from customers in the Statement of Financial Condition. {9}------------------------------------------------ The receivables balances for the periods indicated were as follows: | | December 31,
2025 | | |--------------------------------------------|----------------------|--------| | Receivables at the beginning of the period | | 13,311 | | Receivables at end of the period | | 15,026 | | Increase in receivables during the period | | 1,715 | The difference between the opening and ending balances in receivables for the year ended December 31, 2025, was primarily driven by an increase in transaction-based revenue due to increased trading volumes. ### Concentration of Receivables For the year-ended December 31, 2025, two clients accounted for 100% of the Company's receivables from customers. #### 5. COMMITMENTS AND CONTINGENCIES From time to time, the Company may become involved in various legal matters and regulatory inquries or examinations in the ordinary course of conducting business. As of December 31, 2025, and through the date of this report there were no such claims. #### 6. RELATED PARTIES TRANSACTIONS The Company regularly enters into certain expense sharing agreements with wholly-owned subsidiaries of Apex Fintech Solutions, and shares support functions and administrative services with Apex Fintech and certain of its affiliates, whereby these entities charge the Company for, among other things, pass through costs for third party vendors that are shared amongst the entities, rent and related operating expenses and taxes, costs related to technology and costs related to employee services. On October 7, 2025, the Apex Fintech Solutions and its subsidiaries entered into a services and expense sharing agreement ("SESA") with PEAK6 Group, PEAK6 Services and PEAK6 Investments LLC ("PEAK6 Investments", and together with PEAK6 Group and PEAK6 Services, the "PEAK6 Providers"), an affiliate of PEAK6 Holdings, under which the SSA is amended and restated in its entirety. Under the terms of the SESA, the PEAK6 Providers to provide shared services, including human resources, technology, facility, legal, finance and accounting services. The PEAK6 Providers are entitled to fees and other payouts for these shares services pursuant to the SESA. The PEAK6 Providers bill Apex Fintech for these supporting services and Apex Fintech allocates the expenses for these supporting services to the provisions of the expense sharing agreements. #### FinTron, Inc. The FinTron allocates the cost of the services to the Company without the requirement. The Company treats such contributed expenses as contributed capital. During the year ended December 31, 2025, the FinTron allocated \$1,014,670 to the Company. In addition, FinTron made a non-cash contribution of \$187,241 representing amounts paid to ACC on behalf of the Company. The Company allocated \$1,875 to the FinTron. As of December 31, 2025, the Company had a payable of \$16,982 recorded in the Statement of Financial Condition as Payables to affiliates. #### Apex Clearing Corporation Apex Clearing Corporation (''Apex Clearing'') performs clearing services for the Clearing Agreement, the Company enters directly with its customers and records the related clearing revenue on a gross basis. Pursuant to the revenue sharing agreement the Company and Apex Clearing, the Company pays Apex Clearing revenue generated from these arrangements. For the year ended December 31, 2025, the Company recorded \$22,500 of clearing revenue allocated to Apex Clearing. As of December 31, 2025, the Company had a net receivable from Apex Clearing Corporation of \$8,144 recorded in the Statement of Financial Condition as Receivables from affiliates. All execution, clearing and brokerage fees are paid to Apex Clearing, and the related receivables from broker-dealer are recorded by Apex Clearing. {10}------------------------------------------------ #### SEGMENT REPORTING 7. The Company operates a single line of business as a broker-dealer, which comprises several classes of services, including clearing and executing of trades, carrying accounts and securities for customers on either a fully disclosed or omnibus basis, and also providing prime brokerage, margin lending, and other back office services. The Company has identified its Chief Executive Officer as the chief operating decision maker ("CODM"), who uses net income to evaluate the results of the business, predominantly in the forecasting process, to manage the Company, the CODM uses excess net capital as disclosed in Note 8, Regulatory Requirements, which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy. The Company has determined that it has one reportable segment in accordance with ASC 280, Segment Reporting. The accounting policies used to measure the profit and loss of the segment are the same as those described in Note 2, Summary of Significant Accounting Policies. As the Company's operations comprise of a single reporting segment, the segment assets are reflected on the Statement of Financial Conditions as "total assets". #### 8. REGULATORY REQUIREMENTS The Company is a broker-dealer subject to the SEC Uniform Net Capital Rule ("Rule 15c3-1") under the Securities Exchange Act of 1934. Under the more restrictive of the Company is required to maintain "net capital" equivalent to the greater of \$5,000 or 6 2/3 % of aggregate indebtedness and that the ratio of Aggregate Indebtedness to Net Capital shall not exceed 15 to 1. The Company does not carry the accounts of its customers and accordingly is exempt from Rule 15c3-3(k)(2)(ii) from preparing the Computation for Determination of Reserve Requirements pursuant to Rule 15c3-3. The table below summarizes net capital, minimum net capital, and excess net capital: | | | December 31, 2025 | | |---------------------|---|-------------------|--| | Net Capital | A | 282,421 | | | Minimum Net Capital | | 7.251 | | | Excess Net Capital | | 275,170 | | As of December 31, 2025, Aggregate Indebtedness as a percentage of Net Capital was 38.51%. #### 9. SUBSEQUENT EVENTS The Company evaluates subsequent events through the date on which the financial statements were issued. The Company has determined that there are no material subsequent events that occurred that could require an adjustment to these financial statements. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.