# LODAS SECURITIES, LLC X-17A-5 (2026-02-23) — Broker-dealer annual report - Company: LODAS SECURITIES, LLC - Form: X-17A-5 - Filed: 2026-02-23 - Period: 2025-12-31 - Accession: 0001849463-26-000002 - CIK: 1849463 - File #: 8-70676 - Type: Broker-dealer - Material weakness: No - Auditor: Ernst Wintter & Associates LLP - Auditor location: Walnut Creek, CA - Contact: Mandy Jordan - Phone: 9139916369 - Email: david.brant@acaglobal.com - Website: lodasmarkets.com - Signed by: Kevin McCormack-Lane (President) Original filing: https://www.sec.gov/Archives/edgar/data/1849463/000184946326000002/pblc25.pdf --- {0}------------------------------------------------ ### LODAS SECURITIES, LLC ### FINANCIAL STATEMENT ### DECEMBER 31, 2025 PUBLIC DOCUMENT Filed Pursuant to Rule 17a-5(e)(3) as a Public Document {1}------------------------------------------------ #### **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** 0MB APPROVAL 0 MB Number: 3235-0123 Expires: Nov 30, 2026 Estimated average burden hours per response: 12 # **ANNUAL REPORTS FORM X-17 A-5 PART Ill** | | | | SEC FILE NUMBER | |--|--|--|-----------------| |--|--|--|-----------------| 8-70676 **FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934** FILING FOR THE PERIOD BEGINNING \_\_\_ 1 \_ 11\_ 12\_ 0 \_ 2 \_ 5 \_\_\_ AND ENDING \_\_\_ 12 \_ 1 \_ 3 \_ 11\_ 2 \_ 02\_ 5 \_\_ \_ MM/DD/VY MM/DD/VY **A. REGISTRANT IDENTIFICATION** NAME OF FIRM: LODAS SECURITIES, LLC TYPE OF REGISTRANT (check all applicable boxes): ~ Broker-dealer D Security-based swap dealer D 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.) 5800 Foxridge Drive, Suite 306 Mission (City) (No. and Street) KS (State) PERSON TO CONTACT WITH REGARD TO THIS FILING 66202 (Zip Code) David Brant 402-215-1352 david.brant@acaglobal.com (Name) (Area Code -Telephone Number) (Email Address) **B. ACCOUNTANT IDENTIFICATION** INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing \* Ernst Wintter & Associates LLP (Name - if individual, state last, first, and middle name) 675 Ygnacio Valley Road , Suite A200 Walnut Creek CA (Address) 02/24/2009 (City) (State) 3438 **FOR OFFICIAL USE ONLY** 94596 (Zip Code) \* 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-S(e)(l)(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 0MB control number.** {2}------------------------------------------------ #### **OATH OR AFFIRMATION** I, Kevin McCormack-Lane swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of LODAS Securities, LLC as of ~D~e=c=e~m~b=e=r~3~1 \_\_\_\_\_\_\_ ~, 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 solely as that of a customer. Signatufwuz. **.A'{~-c:{4/ZL** Title: President Notary Public #### **This filing\*\* contains (check all applicable boxes):** - ~ (a) Statement of financial condition. - ~ (b) Notes to consolidated statement of financial condition. - D (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 (d) Statement of cash flows. - D (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - D (f) Statement of changes in liabilities subordinated to claims of creditors. - D (g) Notes to consolidated financial statements. - D (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - D (i) Computation of tangible net worth under 17 CFR 240.18a-2. - D (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - D (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. - D (I) Computation for Determination of PAB Requirements under Exhibit A to§ 240.15c3-3. - D (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - D (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. - D (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. - D (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - @ (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - D (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - D (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. - D (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. - D (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. - D (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. - D (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17a-12, as applicable. - D (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 240.17a-12(k). D (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}------------------------------------------------ ![](_page_3_Picture_0.jpeg) | Title | Form X-17A-5_3 PUBLIC LODAS 2025 (2) | |-------------------------|------------------------------------------| | Filename | Form_X-17 A-5_3_PUBLIC_LODAS_2025_2_.pdf | | Document ID | bd1c6558383e7ddb5706c71d07a65ebf017a2382 | | Audit trail date format | MM/ DD /YYYY | | Status | • Signed | ### Document History | SENT | 02 I 13 / 2026
13:01 :41 UTC-6 | Sent for signature to Kevin McCormack-Lane
(kevin@lodasmarkets.com) from kevin@lodasmarkets.com
IP: 107.201.11.244 | |----------------|-----------------------------------|--------------------------------------------------------------------------------------------------------------------------| | VIEWED | 02 I 13 / 2026
13:03:02 UTC-6 | Viewed by Kevin McCormack-Lane (kevin@lodasmarkets.com)
IP: 107.201.11.244 | | SIGNED | 02 I 13 / 2026
13:03:08 UTC-6 | Signed by Kevin McCormack-Lane (kevin@lodasmarkets.com)
IP: 107.201.11.244 | | 0
COMPLETED | 02 I 13 / 2026
13:03:08 UTC-6 | The document has been completed. | {4}------------------------------------------------ ## LODAS SECURITIES, LLC FINANCIAL STATEMENT DECEMBER 31, 2025 ### TABLE OF CONTENTS | Report oflndependent Registered Public Accounting Firm 2 | | |-----------------------------------------------------------|--| | Statement of Financial Condition 3 | | | Notes to Financial Statement 4-7 | | {5}------------------------------------------------ *675 Ygnacio Valley Road, Suite A200 Walnut Creek, CA 94596* *(925) 933-2626 Fax (925) 944-6333* #### **Report of Independent Registered Public Accounting Firm** To the Member of LODAS Securities, LLC #### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of LODAS Securities, LLC (the "Company") as of December 31 , 2025, and the related notes (collectively referred to as 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 the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial 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 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. We have served as the Company's auditor since 2022. Walnut Creek, California February 19, 2026 {6}------------------------------------------------ # LODAS SECURITIES, LLC STATEMENT OF FINANCIAL CONDITION DECEMBER 31 , 2025 | Assets | | | |------------------------------------------|--|---------| | Cash | | 248,290 | | Cash deposit at cearing broker | | 100,000 | | Due from clearing broker | | 8,174 | | Accounts receivable | | 40,000 | | Prepaid expenses | | 19,281 | | Total assets | | 415,745 | | Liabilities and Member's Equity | | | | Liabilities: | | | | Accounts payable and accrued liabilities | | 17,762 | | Commissions payable | | 4,600 | | Due to member | | 62,425 | | Deferred revenue | | 75,000 | | Total liabilities | | 159,787 | | Member's equity: | | | | Total member's equity | | 255,958 | | Total liabilities and member's equity | | 415,745 | See accompanying notes to financial statement {7}------------------------------------------------ #### 1. Organization LODAS Securities, LLC (the "Company"), was organized as a Kansas limited liability company on January 15, 2021 as Realto Securities, LLC. The Company changed its name to LODAS Securities, LLC on January 26, 2023 . The Company is a wholly owned subsidiary of LODAS Markets, Inc. (the "Member"). The Company depends on the technology platform development of the Member. The Company was approved as an introducing broker-dealer registered by the Securities and Exchange Commission ("SEC") on November 29, 2021 , as an alternative trading system registered by the SEC on July 8, 2023, and is a member of the Financial Industry Regulatory Authority ("FINRA"). The Company provides online and offline brokerage services for primary and secondary transactions in registered and unregistered securities. The Company uses Axos Clearing LLC ("Axos") as its clearing broker. ### 2. Significant Accounting Policies ### Method of Accounting The financial statement has been prepared on the accrual basis of accounting. #### Cash and Cash Equivalents The Company considers all demand deposits held in banks and certain highly liquid investments with maturities of three months or less, other than those held for sale in the ordinary course of business, to be cash equivalents. At December 31 , 2025 there were no cash equivalents. #### Accounts Receivable and Due from Clearing Broker Accounts receivable and due from clearing broker are carried at the invoiced or contracted amounts. The Company accounts for estimated credit losses on financial assets measured at an amortized cost basis in accordance with F ASB ASC 326-20 - Financial Instruments-Credit Losses. F ASB ASC 326-20 requires the Company to estimate expected credit losses over the life of its financial assets as of the reporting date based on relevant information about past events, current conditions, and reasonable and supportable forecasts. The Company records the estimate of expected credit losses as an allowance for credit losses. For financial assets measured at an amortized cost basis the allowance for credit losses is reported as a valuation account on the statement of financial condition that is deducted from the asset's amortized cost basis. Changes in the allowance for credit losses are reported as credit loss expense on the statement of income. Per management's analysis, no allowance was considered necessary as of December 31 , 2025 . #### Fair Value of Financial Instruments Unless otherwise indicated, the fair value of all reported assets and liabilities that represent financial instruments approximate the carrying values of such amounts. The Company has no financial instruments required to be reported at fair value on a recurring basis at December 31 , 2025. {8}------------------------------------------------ #### 2. Significant Accounting Policies (Continued) #### Securities Transactions Customer securities transactions are executed and cleared by an independent clearing broker on a fully disclosed basis. Related commission income and expenses are recorded on a trade date basis. ### Use of Estimates The preparation of the financial statement, in conformity with generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement. Estimates also affect the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. #### Income Taxes The Company is treated as a disregarded entity for Federal and state income tax purposes. Accordingly, no income tax provision has been included in the financial statement because income or loss of the Company is reported individually by the owner of the Company. The Company follows the provisions of Financial Accounting Standards Board ASC 740, Income Taxes, to evaluate uncertain tax positions. The standard prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company did not have any uncertain tax positions at December 31 , 2025. The Company is no longer subject to examination by taxing authorities for tax years before 2022. #### Segment Reporting The Company operates as a single reportable segment, focusing on broker dealer activities, mainly trading registered and unregistered securities. All material financial information, including revenue, expenses, and assets, is reviewed and managed by the Company's Chief Operating Decision Maker (CODM). The Company has identified the President as the CODM. As a result of operating as a single segment entity, the Company's financial statements reflect its overall performance without disaggregation into multiple segments. The accounting policies used to measure the profit and loss of the segment are the same as those described in the policies listed in this report. 3. Net Capital As a broker dealer, the Company is subject to the SEC' s regulations and operating guidelines, which require the Company to maintain a specified amount of net capital, as defined, and a ratio of aggregate indebtedness to net capital as derived, not exceeding 15 to 1. The Company's net capital is computed under Rule 15c3- 1, was \$196,677 at December 31 , 2025, which exceeded required net capital of \$10,652 by \$186,025. The ratio of aggregate indebtedness to net capital was 0.81 to 1. {9}------------------------------------------------ ### 4. Reserve and Possession and Control Requirements Rule 15c3-3 of the SEC provides a formula for the maintenance by broker-dealers ofreserves in connection with customer related transactions and standards regarding physical possession or control of fully paid and excess margin securities. The Company is exempt from the provision of Rule 15c3-3 under the Securities Exchange Act of 1934, in that the Company's activities are limited to those set forth in the conditions for exemption appearing in (k)(2)(ii) of the Rule. In addition, The Company relies on Footnote 74 of the SEC Release No. 34-70073 for its selling agent, referral, and platform lines of business. #### 5. Clearing Broker Requirements The Company has a clearing agreement with Axos. The clearing agreement requires the Company to maintain a clearing deposit of \$100,000. As of December 31 , 2025, the total deposit at Axos was \$100,000 as presented on the statement of financial condition. In addition, the agreement requires that the Company always maintain excess net capital of \$75,000 or more. 6. Revenue from Contracts with Customers A receivable is recognized when a performance obligation is met prior to receiving payment from the clearing broker. At January 1, 2025 and December 31 , 2025, the Company had due from clearing broker of \$39,295 and \$8,174, respectively. At January 1, 2025 and December 31 , 2025, the Company had accounts receivable of \$0 and \$40,000, respectively. Alternatively, fees received prior to the completion of the performance obligation would be recorded as deferred revenue on the statement of financial condition until such time when the performance obligation is met. At January 1, 2025 and December 31 , 2025, the Company had \$0 and \$75,000 of deferred revenue, respectively. ### 7. Related-Party Transactions The Company is party to an expense sharing agreement with the Member for operational and administrative support. Shared expenses include, but are not limited to, payroll, occupancy, and overhead costs. The Company is not obligated to reimburse or compensate the Member for shared costs. The Company's results of operations would differ significantly from those obtained if the entities were autonomous. The Company records an obligation to the Member for direct broker-dealer expenses paid on its behalf At December 31 , 2025, the amount due to the Member totaled \$62,425. {10}------------------------------------------------ #### 8. Risk Concentration Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash. For the year ended December 31 , 2025, the Company maintains cash balances which, at times, may exceed federally insured limits. The Company has not experienced any losses on its cash deposits. As of December 31 , 2025, 100% of the accounts receivable was related to one customer. A single registered representative generated substantially all revenue and related commission expense during 2025 . The loss of this individual or a significant decline in their production could severely affect the Company's operations 9. Financial Instruments with Off-Balance Sheet Credit Risk As a securities broker, the Company introduces transactions on behalf of customers. The Company introduces these transactions for clearance to a clearing firm on a fully disclosed basis. In the normal course of business, the Company's customer activities involve the handling of orders for securities transactions and settlement by its clearing broker. The agreement between the Company and its clearing broker provides that the Company is obligated to assume any exposure related to nonperformance by its customers. These activities may expose the Company to off-balance sheet risk in the event the customer is unable to fulfill its contracted obligations. In the event the customer fails to satisfy its obligations, the Company may be required to purchase or sell financial instruments at the prevailing market price to fulfill the customer's obligation. The Company controls this off-balance sheet credit risk by monitoring its customer transactions and reviewing information it receives from its clearing broker on a daily basis and reserving for doubtful accounts when necessary. #### 10. Subsequent Events The Company has evaluated subsequent events through the date which the financial statement was issued. There are no subsequent events that require disclosure. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.