# NCMG LLC X-17A-5 (2026-02-25) — Broker-dealer annual report - Company: NCMG LLC - Form: X-17A-5 - Filed: 2026-02-25 - Period: 2025-12-31 - Accession: 0001891784-26-000001 - CIK: 1891784 - File #: 8-70824 - Type: Broker-dealer - Material weakness: No - Auditor: Forvis Mazars LLP - Auditor location: New York, NY - Contact: Tim Biggins - Phone: 646-876-0109 - Email: tim@ncmg.llc - Website: ncmg.llc - Signed by: Tim Biggins (Principal Executive Officer) Original filing: https://www.sec.gov/Archives/edgar/data/1891784/000189178426000001/ncmg25shortedgar.pdf --- {0}------------------------------------------------ **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** 0MB APPROVAL 0MB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 ### **ANNUAL REPORTS FORM X-17A-5 PART** Ill | SEC FILE NUMBER | | |-----------------|--| | 8-70824 | | **FACING PAGE** **Information Required Pursuant to Rules 17a-5, 17a-12, and lSa-7 under the Securities Exchange Act of 1934** | FILING FOR THE PERIOD BEGINNING 0 1/01 /25 | | AND ENDING 12/31 /25 | |--------------------------------------------|--|----------------------| | | | | MM/DD/YY MM/DD/YY **A. REGISTRANT IDENTIFICATION** ## NAME OF FIRM : NCMG LLC TYPE OF REG ISTRANT {check all applicable boxes): C!J Broker-dealer □ Securit y-based sw ap dealer □ Check here if respondent is also an OTC derivatives dealer □ Major security-based swap participant ADDRESS OF PRINCIPAL PLACE OF BUSINESS: {Do not use a P.O. box no.) # 767 3rd Ave, Ste 2102 | | (No. and Street) | | | | |-------------------------------------------------------------------------------------------|------------------------------------------------------------|--------------------------------------------|--------------|--| | New York | NY | | 10017 | | | (City) | (State) | | | | | PERSON TO CONTACT WITH REGARD TO THIS FI LI NG | | | | | | Tim Biggins | 646-876-0109 | | tim@ncmg.llc | | | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT w hose reports are contained in this f
Forvis Mazars LLP | | iling* | | | | | (Name - if individual, state last, first, and middle name) | | | | | 135 West 50th Street | New York | NY | 10020 | | | (Address) | (City) | (State) | (Zip Code) | | | 10/16/2003 | | 686 | | | | te of Registcatioo with PCAOB)[if applicable)
r | | (PCAOB Registcatioo Nombec, if applicable) | | | | | FOR OFFICIAL USE ONLY | | | | | | | | | | \* Claims for exemption from the requirement that t he annua l reports be covered by the reports of an independent public accou ntant must be supported by a statement of facts and circumstances relied on as the basis of the exempt ion . See 17 CFR 240.17a-S(e)(l)(ii), if applicable. **Persons who are to respond to t he collection of information contained in this form are not required to respond unless the form displays a currently valid 0MB control number.** {1}------------------------------------------------ #### OATH OR AFFIRMATION I, Tim Biggins swear (or affirm ) t hat, to t he best of my kn owledge and belief, t he fi nancial report pertaining to the firm of NCMG LLC as of December 31 2~ is true and correct. I furt her sw ear (or affirm) t hat neit her t he company nor any partner, officer, director, or equivalent person, as t he case may be, has any proprietary interest in any account classifi ed solely as t hat of a customer. Signature: Timothy Biggins Tit le: Principal Executive Officer #### **This filing\*\* contains (check all applicable boxes):** - iii (a) Statement of financial condit ion. - iii (b) Notes to consolidated statement of financial condit ion. - □ (c) Statement of income (loss) or, if t here is ot her 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 clai ms of cred itors. - □ (g) Notes to consolidated financial statements. - □ (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as appl icable. - □ (i) Computat ion 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 determinat ion of security-based swap reserve requirements pursuant to Exh ibit B to 17 CFR 240.15c3-3 or Exh ibit 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 requ irements 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 capita l or t angible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requ irements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as appl icable, if material differences exist, or a statement t hat no material differences exist. - □ (p) Summary of fi nancial data for subsidiaries not consolidated in the statement of financial condit ion. - iii (q) Oath or affirmat ion in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - □ (r) Compliance report in accordance wit h 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as appl icable. - □ (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - iii (t) Independent public accountant's report based on an examination of the statement of financial cond ition. - □ (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 appl icable. - □ (v) Independent public accountant's report based on an examination of certain statements in the compl iance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - □ (w) Independent publ ic 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 240.15c3-1e or 17 CFR 240.17a-12, as applicable. - □ (y) Report describing any material inadequacies found to exist or found to have existed since t he date of t he 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 240.18a-7{d}(2), as applicable. {2}------------------------------------------------ **Signature: - 1'= ----.--------** Tim B1gg1ns (Feb 24, 2026 14:46:44 EST) **Email: tim@ncmg.llc** {3}------------------------------------------------ # **ncmg25facingshort** Final Audit Report 2026-02-24 | Created: | 2026-02-24 | |-----------------|----------------------------------------------| | By: | Peter Sinelnikov (PSinelnikov@sddco.com) | | Status: | Signed | | Transaction ID: | CBJCHBCAABAAjQ9D2beDfbNtOdMKrt4oKcfXgv4No7EX | # **"ncmg25facingshort" History** - ~ Document created by Peter Sinelnikov (PSinelnikov@sddco.com) 2026-02-24 - 7:22:46 PM GMT - f8'. Document emailed to Tim Biggins (tim@ncmg.llc) for signature 2026-02-24 - 7:22:51 PM GMT - ~ Email viewed by Tim Biggins (tim@ncmg.llc) 2026-02-24 - 7:45:43 PM GMT - 0e Document e-signed by Tim Biggins (tim@ncmg.llc) Signature Date: 2026-02-24 - 7:46:44 PM GMT - Time Source: server - **G** Agreement completed. 2026-02-24 - 7:46:44 PM GMT {4}------------------------------------------------ ### **NCMGLLC (A Wholly Owned Subsidiary of NCMG Holdings LLC)** Financial Statement December 31 , 2025 (With Report oflndependent Registered Public Accounting Firm) {5}------------------------------------------------ | | Page | |---------------------------------------------------------|------| | Report of Independent Registered Public Accounting Firm | | | Financial Statement: | | | Statement of Financial Condition | 2 | | Notes to Financial Statement | 3 | {6}------------------------------------------------ Forvis Mazars, LLP 135 West 50th Street New York, NY 10020-1299 **P** 212.812.7000 I **F** 212.375.6888 **forvismazars.us** ![](_page_6_Picture_1.jpeg) #### **Report of Independent Registered Public Accounting Firm** Managing Member NCMG LLC #### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of NCMG LLC (the "Company") as of December 31 ,2025, including 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 financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. We have served as the Company's auditor since 2024 **New York, New York February 24, 2026** {7}------------------------------------------------ # **NCMGLLC** #### **(A Wholly Owned Subsidiary of NCMG Holdings LLC)** Statement of Financial Condition December 31 , 2025 | Assets | | |---------------------------------------|-----------------| | Cash | \$
767,328 | | Accounts receivable | 301 ,997 | | Prepaid expenses | 1,944 | | Due From Affiliate | 7,500 | | Total Assets | \$
1,078,769 | | Liabilities and Member's Equity | | | Accrued expenses and accounts payable | \$
89,043 | | Total Liabilities | 89,043 | | Total Member's Equity | 989,726 | | Total Liabilities and Member's Equity | \$
1,078,769 | The accompanying notes are an integral part of this financial statement. {8}------------------------------------------------ #### **1. Business and Organization** NCMG LLC (the "Company") is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA") and became a registered broker-dealer under the Securities Exchange Act of 1934 effective August 3, 2022. The Company, a Delaware limited liability company was formed in October 1, 2021 and commenced operations on August 3, 2022 as a wholly owned subsidiary of NCMG Holdings LLC (the "Parent"). The Company is approved to engage in private placements, and firm commitment underwritings. #### **2. Summary of Significant Accounting Policies** This financial statement has been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). All amounts are expressed in United States dollars (U.S. dollars) unless otherwise stated. The following is a summary of the significant accounting and reporting policies used in preparing the financial statement. #### *(a) Use of Estimates* The preparation of the financial statement requires management to make certain estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement. Actual results could differ from those estimates. #### *(b) Cash* Cash consists of cash held at one financial institution which at times may exceed federally insured limits of \$250,000. The Company has not experienced any losses on these accounts and is not exposed to any significant credit risk with respect to its depository institutions. As of December 31, 2025, the Company was over the limit by \$517,328. #### *(c) Accounts Receivable and Allowance for Credit Losses* The Company applies Accounting Standards Codification ("ASC") 326, Financial Instruments - Credit Losses ("CECL") which requires earlier recognition of credit losses, while also providing additional transparency about credit risk The CECL methodology utilizes a lifetime "current expected credit loss" measurement objective for the recognition of credit losses for certain financial assets at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. The methodology replaces the multiple existing impairment methods in current GAAP, which generally require that a loss be incurred before it is recognized. Under the accounting update, the Company has the ability to determine there are no expected credit losses in certain circumstances (e.g., based on collateral arrangements or based on the credit quality of the borrower or issuer). For certain financial assets measured at amortized cost, the Company has concluded that there are de minimis expected credit losses based on the nature and contractual life or expected life of the financial assets and immaterial historic and expected losses. The Company identified fees receivable carried at amortized cost as impacted by ASC 326. {9}------------------------------------------------ **NCMGLLC (A Wholly Owned Subsidiary of NCMG Holdings LLC) Notes to Financial Statement December 31, 2025** #### **2. Summary of Significant Accounting Policies ( continued)** The allowance for credit losses is based on the Company's expectation of the collectability of financial instruments carried at amortized cost, including fees receivable utilizing the CECL framework. The Company considers factors such as historical experience, credit quality, age of balances and current and future economic conditions that may affect the Company's expectation of the collectability in determining the allowance for credit losses. The Company's expectation is that the credit risk associated with fees receivables is not significant until they are 90 days past due on the contractual arrangement and expectation of collection in accordance with industry standards. There was an Accounts Receivable balance of \$301,997 at December 31, 2025. #### *(d) Revenue recognition* The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC Topic 606"), which requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company follows a five-step model to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. #### **Underwriting Fees** The Company earns underwriting fees in securities offerings in which the Company acts as an underwriter in initial public offerings or follow-on equity offerings. Fee revenue relating to underwriting commitments is recorded at the point in time when all significant items relating to the underwriting process have been completed and the amount of the underwriting revenue has been determined. Generally, this is the point at which all of the following have occurred: (i) the issuer's registration statement has become effective with the SEC or the other offering documents are finalized; (ii) the Company has made a firm commitment for the purchase of securities from the issuer; and (iii) the Company has been informed of the number of securities that it has been allotted. Generally, the role of the members of the underwriting syndicate, including the lead and participating underwriters, is that of a principal for their respective share of the underwriting expenses because (a) the underwriters obtain control of these services and combine them with other services as part of delivering on their performance obligation and (b) based on the weight of the indicators in Financial Accounting Standards Board ("F ASB ") ASC 606-10-5 5-3 9. Consequently, in accordance with FASB ASC 606-10-55-37B, the Company, as an underwriter, reflects its proportionate share of the underwriting costs on a gross basis. {10}------------------------------------------------ #### **2. Summary of Significant Accounting Policies ( continued)** #### **Advisory fees:** The Company earns advisory fees from providing corporate finance and capital markets consulting services. Advisory engagements generally fall into two categories: (i) transaction-based advisory arrangements, under which the Company provides financial consulting services in connection with capital-raising transactions, including initial public offerings, and earns successbased fees contingent upon the closing of the transaction, and (ii) strategic alliance arrangements, which include recurring referral retainers, research and issuer coverage fees, and success-based referral fees related to capital markets transactions. Transaction-based advisory fees are recognized at the point in time when the related transaction closes and the Company's performance obligation is satisfied. Fixed referral and research fees under strategic alliance arrangements are recognized over time as the related services are provided, while success-based referral fees are recognized at the time the applicable transaction closes. #### *(f) Income Taxes* At December 31, 2025, management has determined that the Company had no uncertain tax positions that would require financial statement recognition. This determination will always be subject to ongoing reevaluation as facts and circumstances may require. The Company remains subject to U.S. federal and state income tax audits subsequent to the date it commenced operations. In accordance with ASC Topic 740, Income Taxes, the Company evaluates its tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by tax authorities. Management has analyzed the tax positions taken by the Company, and has concluded that there were no uncertain tax positions that would have a material effect on the financial statements as of December 31, 2025. #### *(g) Segment Reporting* The Company is engaged in a single line of business as a securities broker-dealer, which comprises of underwriting fees. 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. Additionally, the CODM uses excess net capital (see Note 7), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or make profit distributions. The Company's operations constitute a single operating segment and therefore, a single 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 this segment are the same as those described in the summary of other significant accounting policies noted above. {11}------------------------------------------------ #### **3. Related-Party Transactions** On August 1, 2022 the Company entered into an administrative services agreement ("ASA") with Nephron Research LLC ("Nephron Research"), a related party for the provision of office space to the Company. In connection with this arrangement, there were no outstanding amounts due to Nephron Research at December 31, 2025. As of December 31, 2025, there was a \$7,500 receivable from affiliate for tax services paid by the Company on behalf of the affiliate. #### **4. Net Capital** The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule (Rule 15c3-l), which requires the maintenance of minimum regulatory net capital, and also requires that the ratio of aggregate indebtedness to regulatory net capital, both as defined, shall not exceed 15 to 1. As of December 31, 2025, the Company had net capital of \$678,285, which exceeded its requirement of \$100,000 by \$578,285. The ratio of aggregate indebtedness to regulatory net capital was 0.13 to 1. #### **5. Commitments & Contingencies** The Company may be subject to claims and litigation in the ordinary course of business. In management's opinion, based upon the information available as of the date these financials are available to be issued, there are no litigation claims against the Company that would have a material impact on the financial condition, operating results, or cash flows of the Company. #### **6. Subsequent Events** The Company has evaluated the need for disclosures or adjustments resulting from subsequent events through February 24, 2026, the date these financials were issued, and no other subsequent events were present. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.