# THE GROWTH STAGE INC. X-17A-5 (2026-02-18) — Broker-dealer annual report - Company: THE GROWTH STAGE INC. - Form: X-17A-5 - Filed: 2026-02-18 - Period: 2025-12-31 - Accession: 0001796927-26-000002 - CIK: 1796927 - File #: 8-70467 - Type: Broker-dealer - Material weakness: No - Auditor: David Lundgren & Co. - Auditor location: Olathe, KS - Contact: Kimberly Ryan - Phone: 248-224-8713 - Email: kim.ryan@thegrowthstage.com - Website: thegrowthstage.com - Signed by: Gregory Bunn (President) Original filing: https://www.sec.gov/Archives/edgar/data/1796927/000179692726000002/tgsauditshort25.pdf --- {0}------------------------------------------------ | | 01/01/2025 | | 12/31/2025 | |-------------------------------|----------------|------|-----------------------------| | | | | | | | | | | | | | | | | The
Growth | Stage,
Inc. | | | | | | | | | | | | | | | | | | | | | | | | 1460
Broadway,
Suite | 8031 | | | | | | | | | New
York | NY | | 10036 | | | | | | | | | | | | Kimberly
Ryan | 248-224-8713 | | kim.ryan@thegrowthstage.com | | | | | | | | | | | | | | | | | David
Lundgren
&
Co. | | | | | | | | | | 505
N.
Mur-Len
Road | Olathe | KS | 66062 | | | | | | | May
1,
2015 | | 6075 | | | | | | | {1}------------------------------------------------ 12/31 025 Gregory Bunn President - - - - - - - - - - - - - - - - - - - - - - - - - - - {2}------------------------------------------------ # The Growth Stage, Inc. Financial Statements Pursuant to Rule 17a-5 under the Securities Exchange Act of 1934 For the year ended December 31, 2025 {3}------------------------------------------------ # The Growth Stage, Inc. December 31, 2025 ## Contents | | Page | |---------------------------------------------------------|-------| | United States Securities and Exchange Commission | | | Annual Reports Form Facing Page | i | | Oath or Affirmation | ii | | Report of Independent Registered Public Accounting Firm | 2 | | Financial Statements | | | Statement of Financial Condition | 3 | | Notes to Financial Statements | 4 - 7 | | | | {4}------------------------------------------------ #### **DAVID LUNDGREN** & **COMPANY CERTIFIED PUBLIC ACCOUNTANTS, CHARTERED 505 NORTH MUR-LEN ROAD OLATHE. KANSAS 66062** **DAVID 8. LUNDGREN, MBA, C:PA** **TELEPHONE (913) 782-9530 FACSIMILE (91 3} 782-9564** #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Stockholders of The Growth Stage, Inc. #### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of The Growth Stage, Inc. as of December 31, 2025, and the related notes (collectively referred to as the ufinancial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of The Growth Stage, Inc. 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 Growth Stage, lnc.'s management. Our responsibility is to express an opinion on The Growth Stage, Inc. '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 Growth Stage, Inc. in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and thePCAOB. 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. 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 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 **our2)~/4-/ t** We have served as The Growth Stage, lnc.'s auditor since 2024. Olathe, Kansas February 9, 2026 {5}------------------------------------------------ # The Growth Stage, Inc. ## Statement of Financial Condition As at December 31, 2025 | ASSETS | | | |-------------------------------------------------------------------------------------------------|---------------------|--| | Cash and Cash Equivalents | 300,342 | | | Prepaid Expenses | 5,102 | | | TOTAL ASSETS | ______
\$305,444 | | | | | | | | | | | LIABILITIES | | | | Accounts Payable and Accrued Expenses | 453 | | | TOTAL LIABILITIES | 453 | | | | | | | Common Stock, \$0.01 par value, 1,000 shares authorized, 1,000 shares
issued and outstanding | 10 | | | Additional Paid-In-Capital | 271,009 | | | Retained Earnings | 33,972 | | | | 304,991 | | | | \$305,444 | | The accompanying notes are an integral part of these financial statements. {6}------------------------------------------------ ### 1. Organization The Growth Stage, Inc. ( and incorporated in the State of Delaware on September 30, 2019. TGS is a subsidiary of The Growth Stage Limited , a UK registered company. On December 9, 2020, the Financial Industry Regulatory Authority Capital Acquisition Broker registered with the Securities and Exchange Commission The Company has adopted a calendar year. The Company, located in New York City, New York, limits its business exclusively to the sale of private placement securities and merger and acquisition advisory services. ### 2. Significant Accounting Policies #### Basis of Financial Statement Presentation The financial statements of the Company have been prepared in conformity with . In preparing the financial statements, management is required to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results will differ from such estimates and such differences may be material to the financial statements. ### Functional and Reporting Currency The functional currency of the Company is the United States Dollar ("USD"). Transactions denominated in foreign currencies are remeasured into USD, with transaction gains and losses recorded in the Statement of Income. #### Cash and Cash Equivalents Cash and cash equivalents are comprised of highly liquid investments, including deposits in banks with original maturities of three months or less. #### Revenue Revenue from contracts with customers includes success fees related to best efforts private placement offerings and marketing services. The recognition and measurement of revenue is based on the assessment of individual contract terms. Revenue for success fees is generally recognized at the point in time that performance under the arrangement is completed (the closing date of the transaction) or the contract is cancelled. Success fees are considered variable consideration as the uncertainty is {7}------------------------------------------------ dependent on the timing and amount of the closing, both of which are highly susceptible influence. Revenues are recognized once it is probable that a significant reversal will not occur. for advisory arrangements is generally recognized at the point in time that performance under the arrangement is completed (the closing date of the transaction) or the contract is cancelled. The Company provides marketing services to the Parent. The Company believes the performance obligation for providing marketing services is satisfied over time because the Parent is receiving and consuming the benefits as they are provided by the Company. ### Income Taxes As of December 31, 2025, open Federal tax years subject to examination include the tax years ended December 31, 2024, 2023 and 2022. The Company is also subject to state income taxes. As of December 31, 2025, the Company had no uncertain tax positions, or interest of penalties that qualify for either recognition or disclosure in the financial statements. In accordance with FASB ASC 740-10, the Company undergoes an annual analysis of its various tax positions, assessing the likelihood of those positions being upheld with relevant tax authorities, as defined by FASB ASC 740-10. At December 31, 2025, the Company had no tax positions with relevant tax authorities, as defined by FASB ASC 740- 10. At December 31, 2025, the Company has no tax positions that would not be held up under examination. ### Leases The Company leases office space in New York City, New York, on a six-month basis without penalty or future obligation. The rental agreement may be terminated by the Company upon 30 written notice of its intent to vacate. ### Fair Value of Financial Instruments The Company estimates that the fair value of financial instruments recognized on the statement of financial condition approximates their carrying value, as such financial instruments are short term in nature. Other assets and liabilities with short and intermediate-term maturities and defined settlement amounts, including receivables, payables and accrued expenses, are reported at their contractual amounts, with approximate fair value. {8}------------------------------------------------ #### Credit Losses The Company follows ASC Topic 326, Financial Instruments ASC 326 impacts the impairment model for certain financial assets by requiring a current entire life of the financial asset. Under the accounting update, 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 no accounts receivable as of December 31, 2025. ### 3. Single Reportable Segment The Company is engaged in a single line of business as a securities broker dealer, which is comprised of several classes of services, including private placement offerings, advisory services on mergers and acquisitions, and marketing businesses. The Company has net income to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. Additionally, the CODM uses excess net capital (see Note 6), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or pay dividends. The reportable segment, because the CODM manages the business activities using information of the Company as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies. The company derived 74 percent of its total revenues from a single external customer in 2025. ### 4. Concentration of Risk The Company maintains its cash with major financial institutions, which at times may exceed the FDIC limit. The Company has not experienced any losses in such accounts. ### 5. Related-Party Transactions The Company is under the control of the Parent and is economically dependent on the Parent. The existence of that control and dependency creates operating results and financial position significantly different than if the Companies were autonomous. {9}------------------------------------------------ Transactions between the Company and the Parent were not consummated on terms The Company and the Parent have entered into an Expense Sharing and Intercompany Services Ag -month term, automatically renewable for successive 12-month terms unless cancelled by either party. Expense shared with the Parent include communications, technology and general overhead and administrative expenses incurred in the normal course of business. Based on the terms in this agreement, the allocations of the Company may not be inclusive of all economic benefits received from or provided to the Parent. The Company does occasionally incur costs which belong to the Parent and are therefore charged to the Parent for reimbursement of those costs. During the year ended December 31, 2025, there were no expense sharing transactions under the ESA. Under the ESA, from time to time the Company may perform marketing services for its Parent, for which TGS receives a fee. In the year ended December 31, 2025, the Company recognized \$48,644 for marketing services performed. ### 6. Net Capital Requirements The Company is subject to SEC Uniform Net Capital Rule (SEC Rule 15c3-1), which requires the maintenance of a minimum net capital, as defined, equal to the greater of \$5,000 or 6 2/3% of aggregate indebtedness. At December 31, 2025, the Company had net capital of \$299,889 which was \$294,889 in excess of its required net capital of \$5,000. 0.0015 to 1. The Company is considered a Non-Covered Firm and does not claim an exemption from SEA Rule 15c3-3, in reliance on footnote 74 to SEC Release 34-70073. ### 7. Commitments and Contingencies As of December 31, 2025, the Company had no commitments or contingencies that required disclosure. ### 8. Subsequent Events For disclosure purposes in the financial statements, the Company has evaluated subsequent events through the date the financial statements were available to be issued. There are no material events that would require adjustments to, or disclosure in, the Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.