# COMPOSER SECURITIES LLC X-17A-5 (2026-03-31) — Broker-dealer annual report
- Company: COMPOSER SECURITIES LLC
- Form: X-17A-5
- Filed: 2026-03-31
- Period: 2025-12-31
- Accession: 0001965825-26-000001
- CIK: 1965825
- File #: 8-71057
- Type: Broker-dealer
- Material weakness: No
- Auditor: Mercurius & Associates LLP
- Auditor location: New Delhi, K7
- Contact: Bruno Machado
- Phone: 55 11 98925-0974
- Email: bruno@composer.trade
- Website: composer.trade
- Signed by: Bruno Machado (CCO)
Original filing: https://www.sec.gov/Archives/edgar/data/1965825/000196582526000001/COM-Public-Report.pdf
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08-71057
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| Composer Securities LLC
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| 427 Middleton Way
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| Chesapeake
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| Bruno Machado
+55 11 98925-0974
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| Mercurius & Associates LLP
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| A-94/8 Wazirpur Industrial Area New Delhi | | | India | 110052 | | |
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| 02/10/2009 | | 3223 | | | | |
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Bruno Machado Composer Securities LLC
12/31 025
CCO
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# **Composer Securities LLC**
**Financial Statements and Supplemental Schedules**
**Pursuant to Rule 17a-5 under the**
**Securities Exchange Act of 1934**
**For the Year Ended December 31, 2025**
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# **Composer Securities LLC**
## TABLE OF CONTENTS
## **Report of Independent Registered Public Accounting Firm**
### **Financial Statements**
| Statement of Financial Condition | 1 |
|----------------------------------|-----|
| Notes to Financial Statements | 2-5 |
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# **Composer Securities LLC**
### Statement of Financial Condition For the Year Ended December 31, 2025
| Assets | \$ |
|------------------------------------------------|-----------|
| Cash and Cash Equivalents | 883,741 |
| Stripe USD Account | 35,645 |
| Accounts Receivable | 96,071 |
| Deposits with Clearing Firm | 225,290 |
| Due from Clearing Firm | 1,542 |
| Prepaid Assets | 4,115 |
| Total Assets | 1,246,404 |
| Liabilities and Member's Equity
Liabilities | |
| Accrued Expenses | 5,665 |
| Deferred Revenue | 513,778 |
| Due to Related Party | 225,577 |
| Total Liabilities | 745,020 |
| Member's Equity | 501,384 |
| Total Liabilities and Member's Equity | 1,246,404 |
See accompanying notes to financial statements
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#### **1. Nature of Operations and Summary of Significant Accounting Policies**
#### *Nature of Operations*
Composer Securities LLC (the "Company") is a Delaware limited liability company incorporated on January 12, 2023. The Company is wholly owned by its parent, Composer Technologies, US ("Parent"), a Delaware incorporated company, whose ultimate parent is Composer Technologies, a company incorporated in Canada.
The purpose of the Company is to carry on a general securities brokerage business. The transactions entered into on behalf of the Company's account holders are cleared by Apex Clearing Corporation and Alpaca Securities LLC ("the Company's Clearing Brokers") on a fully disclosed basis and therefore the Company is exempt under the provisions of paragraph (k)(2)(ii) of SEC Rule 15c3-3.
The Company is a registered broker-dealer under the Securities Exchange Act of 1934 with the Securities and Exchange Commission (the "SEC") as of September 12, 2023. The Company is also a member of the Financial Industry Regulatory Authority ("FINRA") and the Securities Investor Protection Corporation ("SIPC").
#### *Basis of Presentation*
The accompanying financial statements has been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP").
#### *Estimates*
The presentation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates.
#### *Cash*
The Company defines cash equivalents as overnight time deposits and short-term, highly liquid investments with original maturities of three months or less at the time of purchase. At December 31, 2025, cash and cash equivalents consisted solely of cash.
#### *Income Taxes*
The Company complies with FASB ASC 740, income taxes. The Company is treated as a disregarded entity for federal income tax purposes, in accordance with single member limited liability company rules. All tax effects of the Company's income or loss are passed through to the Parent. Therefore, no provision or liability for Federal Income Taxes is included in these financial statements.
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#### *Revenue Recognition*
The Company accounts for revenue in accordance with The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC 606"), Revenue from Contracts with Customers ("ASC 606"). The guidance requires an entity to follow a five-step model to recognize revenue in order 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.
### **2. Affiliate Transactions**
In September 2023 the Company entered into an expense sharing agreement with Composer Technologies Inc. Each quarter expenses, including Insurance, Taxes, Broker's Regulatory fees, Professional fees and Technology expenses are allocated based upon the agreed % agreed upon in the agreement for that quarter. Any direct costs incurred or recognized by the Company are paid directly by the Company or allocated 100% to the Company and are not included in the expenses sharing allocation. During the year ended December 31, 2025, expenses allocated totaled \$3,000,276 of which \$213,651 is due to the related parties.
#### **3. Fair Value Measurements**
Financial assets and liabilities are classified based on inputs used to establish fair value as follows:
Level 1 - Valuation inputs are unadjusted quoted market prices for identical assets or liabilities in active markets;
Level 2- Valuation inputs are quoted prices for identical assets or liabilities in markets that are not active, quoted market prices for similar assets and liabilities in active markets and other valuation techniques utilizing observable inputs directly or indirectly related to the asset or liability being measured;
Level 3 - Valuation techniques utilize inputs that are unobservable and significant to the fair value measurement.
At December 31, 2025, The carrying value of short-term financial instruments, such as cash is recorded at amounts that approximate the fair value of these instruments. These financial instruments generally expose the Company to limited credit risk and have no stated maturities or have short-term maturities and, where applicable, carry interest rates that approximate market rates.
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#### **4. Net Capital Requirements**
Pursuant to the net capital provisions of Rule 15c3-1 of the Securities Exchange Act of 1934, the Company is required to maintain a minimum level of net capital, as defined under such provisions. Additionally, the Company is required to maintain a net capital ratio (a ratio of aggregate indebtedness to net capital) of not more than 1500%. At December 31, 2025, the Company had net capital of \$461,623 which was \$411,955 in excess of its required capital of \$49,668. The Company's ratio of aggregate indebtedness to net capital was 1.6139 to 1 as of December 31, 2025.
The Company does not handle cash or securities on behalf of customers. Therefore, the Company is exempt from the requirements of SEC Rule 15c3-3.
#### **5. Recently Issued Accounting Standards**
The Financial Accounting Standards Board (the "FASB") has established the Accounting Standards Codification ("Codification" or "ASC") as the authoritative source of generally accepted accounting principles ("GAAP") recognized by FASB. The principles embodied in the Codification are to be applied by nongovernmental entities in the preparation of financial statements in accordance with GAAP in the United States. New accounting pronouncements are incorporated into the ASC through the issuance of Accounting Standards Updates ("ASUs").
Company management has reviewed the accounting standards updates issued by the FASB that were either newly issued or had effective implementation dates that would require their provisions to be reflected in the financial statements for the year ending December 31, 2025. Based upon this review, the Company has implemented the pronouncements that required adoption (if any). They have also concluded that the remaining pronouncements have either limited or no application to the Company, and in all cases, implementation would not have a material impact on the financial statements taken as a whole.
#### **6. Commitments and Contingencies**
The Company does not have any commitments, guarantees, or contingencies, including arbitration or other litigation claims that may result in a loss or a future obligation.
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### **7. ASC 280 Segment Reporting**
The Company is engaged in a single line of business as a broker-dealer. which is comprised of several classes of services, including Order Flow Income and Subscription Income. The Company has identified its CBO as the chief operating decision maker ("CODM") who uses net income to evaluate the results of the business, predominantly in the forecasting process in deciding whether to reinvest profits into the brokerage services segment or into other parts of the entity, such as for acquisitions or distributions, to manage the Company. Additionally, the CODM uses excess net capital detailed under Note 4, 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 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 segment are the same as those described in the summary of significant accounting policies found under Note 1. The Company derived total revenues earned during the year ended December 31, 2025 from multiple customers. The significant expenses of the segments are reported on the accompanying income statement of this report.
#### **8. Subsequent Events**
Management has evaluated the Company's events and transactions through the date the financial statements were available to be issued. The Company has determined that no subsequent events or transactions occurred during that period requiring recognition or disclosure.
Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.