# EDGAR Filing Document

**Accession Number:** 0001904616
**File Stem:** 0001213900-25-054467
**Filing Date:** 2025-6
**Character Count:** 48853
**Document Hash:** 582414379e54192ce374b6a5bc36cb0c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-054467.hdr.sgml**: 20250616

**ACCESSION NUMBER**: 0001213900-25-054467

**CONFORMED SUBMISSION TYPE**: 1-SA

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250228

**FILED AS OF DATE**: 20250616

**DATE AS OF CHANGE**: 20250616

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Baker Global Asset Management Inc.
- **CENTRAL INDEX KEY:** 0001904616
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES [6200]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 1-SA
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 24R-00908
- **FILM NUMBER:** 251048488

**BUSINESS ADDRESS:**
- **STREET 1:** 3 WEST GARDEN STREET, SUITE 407
- **CITY:** PENSACOLA
- **STATE:** FL
- **ZIP:** 32502
- **BUSINESS PHONE:** 5169311090

**MAIL ADDRESS:**
- **STREET 1:** 3 WEST GARDEN STREET, SUITE 407
- **CITY:** PENSACOLA
- **STATE:** FL
- **ZIP:** 32502

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 1-SA**

☒ **SEMIANNUAL REPORT PURSUANT TO REGULATION A**

or

☐ **SPECIAL FINANCIAL REPORT PURSUANT TO REGULATION A**

**For the fiscal semiannual period ended February 28, 2025**

**<u>BAKER GLOBAL ASSET MANAGEMENT INC.</u>**

(Exact name of issuer as specified in its charter)

---

| | |
|:---|:---|
| **New York** | **11-2432960** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer <br> Identification No.) |

---

**<u>3 West Garden Street, Suite 407</u>**

**<u>Pensacola, FL 32502</u>**

(Full mailing address of principal executive offices)

**<u>(516) 931-1090</u>**

(Issuer's telephone number, including area code)

**Item 1. Management's Discussion and Analysis of Financial Condition and Results of Operations**

**Use of Terms**

Except as otherwise indicated by the context and for the purposes of this report only, references in this report to "we," "us," "our," "our company," the "Company" or "Baker Global" refer to Baker Global Asset Management Inc., a New York corporation.

**Special Note Regarding Forward Looking Statements**

Certain information contained in this report includes forward-looking statements. The statements herein which are not historical reflect our current expectations and projections about our future results, performance, liquidity, financial condition, prospects and opportunities and are based upon information currently available to us and our interpretation of what is believed to be significant factors affecting the businesses, including many assumptions regarding future events.

Forward-looking statements are generally identifiable by use of the words "may," "should," "expect," "anticipate," "estimate," "believe," "intend," or "project" or the negative of these words or other variations on these words or comparable terminology. Actual results, performance, liquidity, financial condition, prospects and opportunities could differ materially from those expressed in, or implied by, these forward-looking statements as a result of various risks, uncertainties and other factors. Actual events or results may differ materially from those discussed in forward-looking statements as a result of various factors, including, without limitation, the risks outlined under "Item 1. Business—Risk Factors" included in our most recent Annual Report on Form 1-K, and matters described in this report generally. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this report will in fact occur.

Potential investors should not place undue reliance on any forward-looking statements. Except as expressly required by the federal securities laws, there is no undertaking to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

**Overview**

We are a holding company that owns all of the issued and outstanding capital stock of Benjamin Securities, Inc., or Benjamin and BGIC Inc., or BGIC. Benjamin is a boutique investment firm established in 1977 and has been a FINRA licensed broker-dealer since 1979 and a registered investment advisor registered with the SEC since 1987. BGIC is our subsidiary which established in 2024 as a proprietary investment vehicle. On May 24, 2022, FINRA granted the application of Benjamin to expand its business to include investment banking services, and the application was confirmed complete by FINRA on October 20, 2022. Our broker-dealer business engages in the purchase and sales of securities for individuals, high net worth individuals and retirement plans with typical investable assets in the range of $100,000 to $5,000,000 in exchange for a commission and our investment advisory business serves the same type of clients for a fee based on a percentage of assets under management. We do not have a minimum account size; rather, we aim to establish long-term relationships with our customers. Our investment strategy is that of the classic value investor, seeking growth and dividends compounding returns for long-term capital appreciation and income. We typically select individual stocks or bonds for our clients based on value, sustainable earnings growth and consistent dividends over time. Investments are diversified across industries and geographical regions and each customer's portfolio is custom designed based on age, risk tolerance and other personal objectives.

**Growth Strategies**

Our strategy is to grow our core businesses of asset management and advisory services. We believe that asset management is one of the fastest growing segments of the financial services industry. Not only will we focus on internal growth of our asset management and advisory services business, but we will also consider acquiring other advisory firms that not only fit with our strategy, but present favorable returns on invested capital.

We intend to expand our investment banking services, as well as principal investments and trading. Investment banking represents an opportunity for us as a member of a selling group, as an underwriter, as well as in mergers and acquisitions advisory work.

In addition, we will be looking to expand our geographic reach. We believe there is plenty of growth opportunity by expanding our geographic reach nationally, as well as internationally.

**Recent Developments**

On November 13, 2023, we conducted an initial closing of this offering, pursuant to which we sold 58,960 shares of our common stock at a price of $5.00 per share, for gross proceeds to our company of $294,800.

On July 12, 2024, we conducted a final closing of this offering, pursuant to which we sold 73,100 shares of our common stock at a price of $5.00 per share, for gross proceeds to our company of $365,500.

**Results of Operations** 

***Comparison of Six Months Ended February 28, 2025 and February 29, 2024***

 ****

The following table sets forth key components of our results of operations during the six months ended February 28, 2025 and February 29, 2024.

---

| | | |
|:---|:---|:---|
|  | **For Six Months <br> Ended February 28, <br> 2025 and February 29,<br> 2024** | **For Six Months <br> Ended February 28, <br> 2025 and February 29,<br> 2024** |
|  | **2025<br> (unaudited)** | **2024<br> (unaudited)** |
| **Revenue:** | | |
| &nbsp;&nbsp;&nbsp;Commissions | $437925 | $- |
| &nbsp;&nbsp;&nbsp;Advisory fees | 7403472 |  |
| &nbsp;&nbsp;&nbsp;Other | 6135337 |  |
| &nbsp;&nbsp;&nbsp;Income from Investment in Benjamin Securities |  | 625458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $13976734 | $625458 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Employee compensation and related payroll taxes | $4906545 | $— |
| &nbsp;&nbsp;&nbsp;Commissions and clearance | 4895606 |  |
| &nbsp;&nbsp;&nbsp;Professional fees | 1512609 | 22169 |
| &nbsp;&nbsp;&nbsp;Other | 663455 | 4020 |
| &nbsp;&nbsp;&nbsp;Meals, entertainment and auto | 60455 |  |
| &nbsp;&nbsp;&nbsp;Occupancy | 49083 |  |
| &nbsp;&nbsp;&nbsp;Exchange fees and dues | 30117 |  |
| &nbsp;&nbsp;&nbsp;Dues and subscriptions | 22685 |  |
| &nbsp;&nbsp;&nbsp;Data services | 14499 |  |
| &nbsp;&nbsp;&nbsp;Telephone | 13285 |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 3346 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | $12171685 | $26189 |
| &nbsp;&nbsp;&nbsp;Current Taxes | $369165 | $- |
| &nbsp;&nbsp;&nbsp;Net profit | $1435884 | $599269 |

---

For the six months ended February 28, 2025, we generated revenue in the amount of $13,976,734 and our expenses totaled $12,171,685, which consisted primarily of compensation for employee and related payroll taxes, commissions and clearance, professional fees and other expenses incurred in connection with general operations. As a result of the foregoing, our net profit for the six months ended February 28, 2025 was $1,435,884.

For the six months ended February 29, 2024, we generated revenue in the amount of $625,458 and our expenses totaled $26,189, which consisted primarily of professional fees and other expenses incurred in connection with general operations. As a result of the foregoing, our net profit for the six months ended February 29, 2024 was $599,269.

 ****

**Liquidity and Capital Resources**

As of six months ended February 28, 2025, we had cash and cash equivalents in the amount of $3,225,278. The following table sets forth a summary of our cash flows for the periods presented:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** |
|  | **February 28, <br> 2025** | **February 29, <br> 2024** |
| Net cash provided by (used in) operating activities | $44241 | $599269 |
| Net cash provided by (used in) financing activities | 32123 | 5100 |
| Cash and cash equivalents at beginning of period | 3148913 | 56655 |
| Cash and cash equivalents at end of period | $3225278 | $118816 |

---

 

Net cash used in operating activities was $44,241 for the six months ended February 28, 2025, as compared to $599,269 for the six months ended February 29, 2024. The principal use of cash for operating activities was to fund our operating expenses during our development of the Company.

Net cash used in financing activities was $32,123 for the six months ended February 28, 2025, as compared to $5,100 net cash used in investing activities for the six months ended February 29, 2024. The principal use of cash for operating activities was to fund our operating expenses during our development of the Company.

Net cash at the beginning of the period was $3,148,913 for the six months ended February 28, 2025 and at the end of such period was $3,225,278, as compared to $56,655 at the beginning of the period for the six months ended February 29, 2024 and $118,816 at the end of such period.

Net cash increased by $76,365 during the six months ended February 28, 2025 as compared to $62,161 for the six months ended February 29, 2024.

***Capital Expenditures and Other Obligations***

We incurred no capital expenditures during the six months ended February 28, 2025 and February 29, 2024, respectively.

**Critical Accounting Policies and Estimates**

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires our management to make assumptions, estimates and judgments that affect the amounts reported, including the notes thereto, and related disclosures of commitments and contingencies, if any. We have identified certain accounting policies that are significant to the preparation of our financial statements. These accounting policies are important for an understanding of our financial condition and results of operation. Critical accounting policies are those that are most important to the portrayal of our financial condition and results of operations and require management's difficult, subjective, or complex judgment, often as a result of the need to make estimates about the effect of matters that are inherently uncertain and may change in subsequent periods. Certain accounting estimates are particularly sensitive because of their significance to financial statements and because of the possibility that future events affecting the estimate may differ significantly from management's current judgments. We believe the following critical accounting policies involve the most significant estimates and judgments used in the preparation of our financial statements:

**Basis of Accounting**

The financial statements are prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.

**Use of Estimates**

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Accordingly, actual results could differ from those estimates and such differences could be material.

**Cash and Cash Equivalents**

The Company and its Subsidiary define cash equivalents as highly liquid investments, with original maturities of less than three months that are not held for sale in the ordinary course of business.

**Revenue Recognition**

Effective July 1, 2018, the Company and its Subsidiaries, adopted ASC Topic 606, Revenue from Contracts with Customers ("ASC Topic 606"). The new revenue recognition guidance 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 guidance requires an entity to follow 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. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. The Company and its Subsidiary applied the modified retrospective method of adoption which resulted in no adjustment as of September 1, 2018 to opening members equity. The new revenue recognition guidance does not apply to revenue associated with financial instruments, interest income and expense, leasing and insurance contracts.

*Significant Judgement*

Significant judgement is required to determine whether performance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of the Company and its Subsidiary's progress under the contract; and whether constraints on variable consideration should be applied due to uncertain future events.

*Advisory fees*

Advisory fees are earned by the Subsidiary for providing general investor-related advice and are earned, in accordance with the terms of their respective contracts, only when performance obligations have been fully met.

*Corporate Advisory Fees*

 

Benjamin Securities Inc. offers corporate advisory services, consulting, and investment banking. The firm earns revenues from fees.

 

*Commission Revenue and Related Clearing Expenses*

Commissions for brokering securities transaction, and related clearing expenses are recorded by Benjamin Securities Inc. when earned, on a trade date basis.

 

*Other revenue*

Other revenue includes interest income and reimbursed postage fees. Postage fee reimbursements are recognized as they are incurred.

 

*Receivables and Contract Balances*

Receivables arise when the Company and its Subsidiary have an unconditional right to receive payment under a contract with a customer and are derecognized when the cash is received. There are no receivable balances as of February 28, 2025 and February 29, 2024.

Contract assets arise when the revenue associated with the contract is recognized prior to the Company and its Subsidiaries Contract liabilities arise when customers remit contractual cash payments in advance of the Company and its subsidiaries satisfying its performance obligations under the contract and are derecognized when the revenue associated with the contract is recognized when the performance obligation is satisfied.

**Due from Clearing Brokers**

<br> Deposits with clearing brokers consist of deposits of cash or other short term securities held by other clearing organizations or exchanges. The carrying amounts approximate their fair value due to their short-term nature. This financial instrument generally has no stated maturities or has short-term maturities and carries interest rates that approximate market rates.

**Income Taxes**

The Company and its Subsidiaries are taxed under the provisions of Subchapter C of the Internal Revenue Code. The amount of current and deferred taxes payable is recognized as of the date of the financial statements, utilizing currently enacted tax laws and rates. Deferred tax expenses or benefits are recognized in the financial statements for the changes in deferred tax liabilities or assets between years. The tax years 2024, 2023, 2022, and 2021 remain open to examination by the major taxing jurisdictions to which the entity is subject.

**Recently Issued Accounting Pronouncements** 

In February 2016, the FASB issued ASU No. 2016-02, Leases ("ASU 2016-02"). This update requires all leases with a term greater than 12 months to be recognized on the balance sheet through a right of use asset and a lease liability and the disclosure of key information pertaining to leasing arrangements. This new guidance is effective for years beginning after December 15, 2018, with early adoption permitted. The Company and its Subsidiary are evaluating the effect that ASU 2016-02 will have on its financial statements with related disclosures. The Company and its Subsidiary believe the impact of the ASU is minimal due to the nature of the lease.

**Item 2. Other Information**

We have no information to disclose that was required to be in a report on Form 1-U during the semiannual period covered by this Form 1-SA, but was not reported.

We are an emerging growth company as that term is used in the Jumpstart Our Business Startups Act of 2012, as amended, and, as such, we have elected to take advantage of certain reduced public company reporting requirements for this prospectus and future filings.

**Item 3. Financial Statements**

**INDEX TO FINANCIAL STATEMENTS OF BAKER GLOBAL ASSET MANAGEMENT INC.**

---

| | |
|:---|:---|
|  | **Page** |
| **Unaudited Financial Statements for the Six Months Ended February 28, 2025 and February 29, 2024** |  |
| [Balance Sheets as of February 28, 2025 and August 31, 2024](#fin_001) | F-4 |
| [Statements of Operations for the Six Months Ended February 28, 2025 and February 29, 2024](#fin_002) | F-5 |
| [Statements of Stockholders' Equity (Deficit) for the Six Months Ended February 28, 2025 and February 29, 2024](#fin_003) | F-6 |
| [Statements of Cash Flows for the Six Months Ended February 28, 2025 and February 29, 2024](#fin_004) | F-7 |
| [Notes to the Unaudited Financial Statements](#fin_005) | F-8 - F-13 |

---

**BAKER GLOBAL ASSET MANAGEMENT INC AND SUBSIDIARIES**

**CONSOLIDATED FINANCIAL STATEMENTS**

**TOGETHER WITH AUDITORS' REPORT**

**FOR THE PERIOD FEBRUARY 28, 2025 & FEBRUARY 29, 2024**

**BAKER GLOBAL ASSET MANAGEMENT INC AND SUBSIDIARIES**

**TABLE OF CONTENTS**

**FOR THE PERIOD FEBRUARY 28, 2025 & FEBRUARY 29, 2024**

---

| | |
|:---|:---|
| **Consolidated Financial Statements:** |  |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Financial Condition](#fin_001) | F-4 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Income](#fin_002) | F-5 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Changes in Stockholders' Equity](#fin_003) | F-6 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Cash Flows](#fin_004) | F-7 |
| &nbsp;&nbsp;&nbsp;[Notes to Consolidated Financial Statements](#fin_005) | F-8 - F-13 |

---

**BAKER GLOBAL ASSET MANAGEMENT INC AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION**

**FOR THE PERIOD OF FEBRUARY 28, 2025 & AUGUST 31, 2024**

---

| | | |
|:---|:---|:---|
|  | **As of February 28,**<br>**2025** | **As of<br> August 31,**<br>**2024** |
| **ASSETS** |  |  |
| **Current Assets**:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $3225278 | $3148913 |
| &nbsp;&nbsp;&nbsp;Accounts Receivable | 3264375 | 2423854 |
| &nbsp;&nbsp;&nbsp;Due from clearing brokers | 602210 | 629683 |
| &nbsp;&nbsp;&nbsp;Right of Use Asset - Operating Leases | 207551 | 230989 |
| &nbsp;&nbsp;&nbsp;Securities not readily marketable | 20039 | 447 |
| &nbsp;&nbsp;&nbsp;Other assets | 99971 | 94540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $7419425 | $6528426 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $4669787 | $5246796 |
| &nbsp;&nbsp;&nbsp;Right of Use Liability - Operating Leases | 323112 | 230989 |
| &nbsp;&nbsp;&nbsp;Note payable | 90083 | 90083 |
| &nbsp;&nbsp;&nbsp;Loan Payable | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $5082983 | $5567868 |
| **STOCKHOLDERS' EQUITY:** |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | 331930 | 331930 |
| &nbsp;&nbsp;&nbsp;Preferred stock | 200000 | 200000 |
| &nbsp;&nbsp;&nbsp;Additional Paid in Capital |  |  |
| &nbsp;&nbsp;&nbsp;Retained Earnings | 1804512 | 428628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | $2336442 | $960558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $7419425 | $6528426 |

---

The accompanying notes are an integral part of this statement.

**BAKER GLOBAL ASSET MANAGEMENT INC AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF INCOME**

**FOR THE PERIOD FEBRUARY 28, 2025 & FEBRUARY 29, 2024**

---

| | | |
|:---|:---|:---|
|  | **For The Year Ended<br> February 28,** | **For The Year Ended<br> February 28,** |
|  | **2025** | **2024** |
| **Revenue:** |  |  |
| &nbsp;&nbsp;&nbsp;Commissions | $437925 | $- |
| &nbsp;&nbsp;&nbsp;Advisory fees | 7403472 |  |
| &nbsp;&nbsp;&nbsp;Other | 6135337 |  |
| &nbsp;&nbsp;&nbsp;Income from Investment in Benjamin Securities |  | 625458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $13976734 | $625458 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Employee compensation and related payroll taxes | 4906545 | $- |
| &nbsp;&nbsp;&nbsp;Commissions and clearance | 4895606 |  |
| &nbsp;&nbsp;&nbsp;Professional fees | $1512609 | 22169 |
| &nbsp;&nbsp;&nbsp;Other | 663455 | 4020 |
| &nbsp;&nbsp;&nbsp;Meals, entertainment and auto | 60455 |  |
| &nbsp;&nbsp;&nbsp;Occupancy | 49083 |  |
| &nbsp;&nbsp;&nbsp;Exchange fees and dues | 30117 |  |
| &nbsp;&nbsp;&nbsp;Dues and subscriptions | 22685 |  |
| &nbsp;&nbsp;&nbsp;Data services | 14499 |  |
| &nbsp;&nbsp;&nbsp;Telephone | 13285 |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 3346 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | $12171685 | $26189 |
| Earnings Before Income Tax | 1805048 | 599269 |
| Current Taxes |  |  |
| &nbsp;&nbsp;&nbsp;Federal Income Tax | 236326 |  |
| &nbsp;&nbsp;&nbsp;State Income Tax | 132839 |  |
|  | 369165 | - |
| Deferred Taxes |  |  |
| &nbsp;&nbsp;&nbsp;Federal Income Tax |  |  |
| &nbsp;&nbsp;&nbsp;State Income Tax | - |  |
|  | - | - |
| Net Income | $1435884 | 599269 |

---

The accompanying notes are an integral part of this statement.

**BAKER GLOBAL ASSET MANAGEMENT INC AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY**

**FOR THE PERIOD FEBRUARY 28, 2025 & FEBRUARY 29, 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Preferred Stock Amount** | **Common Stock Amount** | **Additional paid in Capital Account** | **Retained Earnings** | **Total Stockholder's Equity** |
| **Balance at August 31, 2023** | $598015 | $2900 |  | $321637 | $922552 |
| Net Income | $- | $- |  | $601029 | $601029 |
| Redemption of Preferred Stock | $- | $- |  | $- | $- |
| Issuance of common stock | $- | $- |  | $- | $- |
| Preferred stock dividends and adjustments | $87985 | $- | $70100 | $(154745) | $3340 |
| **Balance at February 29, 2024** | $686000.00 | $2900.00 | $70100 | $767921.11 | $1526921 |
| Net Income |  |  |  | $(366053.60) | $(366054) |
| Redemption of Preferred Stock |  |  |  |  | $- |
| Issuance of common stock |  |  |  |  | $- |
| Preferred stock dividends and adjustments | $(486000.00) |  | $(70000) | $295691.01 | $(260309) |
| **Balance at August 31, 2024** | $200000 | $2900 | $100 | $697559 | $900559 |
| Net Income |  |  |  | $1435884 | $1435884 |
| Redemption of Preferred Stock | $- | $- |  | $- | $- |
| Issuance of common stock | $- | $- |  | $- | $- |
| Preferred stock dividends and adjustments | $- | $- |  | $- | $- |
| **Balance at February 28, 2025** | $200000 | $2900 | $100 | $2133442 | $2336442 |

---

The accompanying notes are an integral part of this statement.

**BAKER GLOBAL ASSET MANAGEMENT INC AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**FOR THE PERIOD FEBRUARY 28, 2025 & FEBRUARY 29, 2024**

---

| | | |
|:---|:---|:---|
|  | **For The Year Ended<br> February 28/29,** | **For The Year Ended<br> February 28/29,** |
|  | **2025** | **2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |
| Net income | $1435884 | $599269 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of right of use asset (Increase) decrease in operating assets: | 23438 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivables | (840521) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from clearing brokers | 27473 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right of Use Asset |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities not readily marketable | (19593) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (5431) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non cash items included in net income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (577009) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 44241 | 599269 |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in Benjamin Securities |  | (542208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | - | (542208) |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right of Use Asset - Liability | 92123 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid in capital |  | 70100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid and other capital adjustments | (60000) | (65000) |
| Net cash (used in) provided by financing activities | 32123 | 5100 |
| **NET (DECREASE) INCREASE IN CASH** | 76364 | 62161 |
| **CASH AT BEGINNING OF THE YEAR** | 3148913 | 56655 |
| **CASH AT END OF THE YEAR** | $3225278 | $118816 |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid during the year for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and penalties | $3346 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | $369165 |  |
| **NON-CASH INVESTING AND FINANCING ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right of Use Asset - Operating Leases | $207551.30 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right of Use Liability - Operating Leases | $323112.22 |  |

---

The accompanying notes are an integral part of this statement.

**BAKER GLOBAL ASSET MANAGEMENT INC AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE PERIOD FEBRUARY 28, 2025 & FEBRUARY 29, 2024**

1. Organization and Nature of Business

Baker Global Asset Management, Inc. (the "Company") is a Corporation that was formed in the state of New York and commenced operations on May 12, 2010. The Company wholly-owns Benjamin Securities, Inc., and BGIC Inc. (the "Subsidiaries").

Benjamin Securities, Inc., was incorporated under the laws of the State of Delaware, is a broker-dealer registered with the Securities Benjamin Securities, Inc. acts as an introducing broker, and its activities consist of accepting customer orders for equity and fixed income securities that are executed and processed by the clearing broker and providing advisory services to its customers.

BGIC is a subsidiary of Baker Global Asset Management, Inc. established in 2024 as a proprietary investment vehicle. All significant intercompany transactions have been eliminated in the consolidated financial statements presented.

2. Significant Accounting Policies

**Basis of accounting**

The financial statements are prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.

**Use of estimates**

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Accordingly, actual results could differ from those estimates and such differences could be material.

**Cash and cash equivalents**

The Company and its Subsidiaries define cash equivalents as highly liquid investments, with original maturities of less than three months that are not held for sale in the ordinary course of business.

**Revenue recognition**

Effective July 1, 2018, the Company and its Subsidiaries, adopted ASC Topic 606, Revenue from Contracts with Customers ("ASC

*Significant Judgement*

 

Significant judgement is required to determine whether performance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of the Company and its subsidiaries' progress under the contract; and whether constraints on variable consideration should be applied due to uncertain future events.

*Advisory fees*

 

Advisory fees are earned by Benjamin Securities Inc. for providing general investor-related advice and are earned, in accordance with the terms of their respective contracts, only when performance obligations have been fully met.

**BAKER GLOBAL ASSET MANAGEMENT INC AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE PERIOD FEBRUARY 28, 2025 & FEBRUARY 29, 2024**

2. Significant Accounting Policies (continued)

*Corporate Advisory Fees*

 

Benjamin Securities Inc. offers corporate advisory services, consulting, and investment banking. The firm earns revenues from fees

*Commission Revenue and Related Clearing Expenses*

 

Commissions for brokering securities transaction, and related clearing expenses are recorded by Benjamin Securities Inc. when earned, on a trade date basis.

*Other revenue*

 

Other revenue includes interest income and reimbursed postage fees. Postage fee reimbursements are recognized as they are incurred.

*Disaggregation of Revenue*

 

All of the Company and its Subsidiaries revenues as of February 28, 2025 have been disaggregated on the Statement of Income.

**Revenue recognition**

*Receivables and Contract Balances*

 

Receivables arise when the Company and its Subsidiaries have an unconditional right to receive payment under a contract with a

Contract assets arise when the revenue associated with the contract is recognized prior to the Company and its Subsidiaries Contract liabilities arise when customers remit contractual cash payments in advance of the Company and its subsidiaries satisfying its performance obligations under the contract and are derecognized when the revenue associated with the contract is recognized when the performance obligation is satisfied.

3. Due from clearing brokers

Deposits with clearing brokers consist of deposits of cash or other short term securities held by other clearing organizations or exchanges. The carrying amounts approximate their fair value due to their short-term nature. This financial instrument generally has no stated maturities or has short-term maturities and carries interest rates that approximate market rates.

4. Income taxes

The Company and its Subsidiaries are taxed under the provisions of Subchapter C of the Internal Revenue Code. The amount of current and deferred taxes payable is recognized as of the date of the financial statements, utilizing currently enacted tax laws and rates. Deferred tax expenses or benefits are recognized in the financial statements for the changes in deferred tax liabilities or assets between years. The tax years 2024, 2023, 2022, and 2021 remain open to examination by the major taxing jurisdictions to which the entity is subject.

**BAKER GLOBAL ASSET MANAGEMENT INC AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE PERIOD FEBRUARY 28, 2025 & FEBRUARY 29, 2024**

5. Leases

In February 2016, the FASB issued ASU No. 2016-02, Leases ("ASU 2016-02"). This update requires all leases with a term greater than 12 months to be recognized on the balance sheet through a right of use asset and a lease liability and the disclosure of key information pertaining to leasing arrangements. This new guidance is effective for years beginning after December 15, 2018, with early adoption permitted. The Company and its subsidiaries are evaluating the effect that ASU 2016-02 will have on its financial statements with related disclosures. The Company and its subsidiaries believe the impact of the ASU is minimal due to the nature of the lease.

6. Financial Instruments with Off-Balance Sheet Risk

In the normal course of business, Benjamin Securities Inc. customer activities involve the execution and settlement of various customer securities transactions. The activities may expose the Company and its Subsidiaries to off-balance-sheet risk in the event the customer or the other broker is unable to fulfill its contracted obligations and the Subsidiaries has to purchase or sell the financial instrument underlying the contract at a loss. The Subsidiaries does not carry the accounts of their customers and does not process or safekeep customer funds or securities, and is therefore exempt from rule 15c3-3 of the Securities and Exchange Commission.

7. Concentration of Credit Risk

The Company and its Subsidiaries maintain principally all cash balances in two financial institution which, at times, may exceed the amount insured by the Federal Deposit Insurance Corporation. The exposure to the Company and its Subsidiaries is solely dependent upon daily bank balances and the strength of the financial institution. The Company and its Subsidiaries have not incurred any losses on this account. At February 28, 2025 the amount in excess of insured limits were $2,975,278.

**BAKER GLOBAL ASSET MANAGEMENT INC AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE PERIOD FEBRUARY 28, 2025 & FEBRUARY 29, 2024**

8. Fair Value of Financial Instruments

The Company complies with FASB ASC 820 "Fair Value Measurements and Disclosures," for assets and liabilities measured at fair value on a recurring basis. ASC 820 accomplishes the following key objectives:

Defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; establishes a three-level hierarchy (the "Valuation Hierarchy") for fair value measurements; requires consideration of the Company's creditworthiness when valuing liabilities; and expands disclosures about instruments measured at fair value.

The Valuation Hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument's categorization within the Valuation Hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The three levels of the Valuation Hierarchy and the distribution of the Company's financial assets within it are as follows:

Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 – inputs to the valuation methodology included quoted prices for similar assets and liabilities in active markets, and inputs

Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.

A financial instrument's level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Company. The Company considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The following is a summary of the financial assets measured at fair value as of February 28, 2025:

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| | | | |
|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** |
| Securities not readily marketable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $447 |

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Financial instruments are carried at market value on the Statement of Financial Condition. These instruments include cash and cash equivalents, accounts receivable, accrued expenses and other liabilities, and deferred revenue.

There were no transfers between Level measurements during the period ended February 29, 2024 and February 28, 2023. There were no other financial assets or liabilities measured at fair value under ASC 820 as of February 29, 2024 and February 28, 2023.

**BAKER GLOBAL ASSET MANAGEMENT INC AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE PERIOD FEBRUARY 28, 2025 & FEBRUARY 29, 2024**

9. Commitments: Operating Lease

In February 2016, the FASB established Topic 842, Leases, by issuing Accounting Standards Update (ASU) No. 2016-02, which As of February 28, 2025 the Company has a right-of-use asset totaling $207,551 from recording of the lease liability, which is On July 1, 2024, the Company entered into a 5-year lease agreement for office space in Pensacola, Florida. In November 2023, the Company entered into an 18-month lease agreement for office space in Miami, Florida. In April, 2024, the Company entered into a 5-year lease agreement for office space in Albany, New York. The leases are secured by a total of $11,500 deposit held by the respective landlords, which is included in the other assets on the statement of financial condition.

As of February 28, 2025, the rent expense was $49,082.

<u>Maturity Analysis and Reconciliation to the Statement of Financial Position</u>

A summary of the future lease payments for operating leases, reconciled to the lease liabilities recorded at February 28, 2025 as follows:

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| | |
|:---|:---|
|  | **Operating Leases** |
| 2025 | $47019 |
| 2026 | $47890 |
| 2027 | $48787 |
| 2028 | $49710 |
| 2029 and thereafter | $37583 |
| Total Long-term lease obligations | $230989 |

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The weighted average remaining lease term is 4 years and 9 months, and the weighted average discount rate used was the five year treasury rate of 4.38% as of December 31, 2024.

10. Income taxes

The Company is taxed under the provisions of Subchapter C of the Internal Revenue Code. The amount of current and deferred taxes payable is recognized as of the date of the financial statements, utilizing currently enacted tax laws and rates. Deferred tax expenses or benefits are recognized in the financial statements for the changes in deferred tax liabilities or assets between years. The tax years 2023, 2022 and 2021 remain open to examination by the major taxing jurisdictions to which the entity is subject.

The Company accounts for uncertainties in income taxes under the provisions of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) ("Topic") 740-10-05, Accounting for Uncertainty in Income Taxes. The Topic clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements. The Topic 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 Topic provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.

As of February 28, 2025, the Company had accrued tax liability in the amount of $504,692.

As of February 28, 2025, the Company had an accrued deferred tax asset in the amount of $55,000.

**BAKER GLOBAL ASSET MANAGEMENT INC AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE PERIOD FEBRUARY 28, 2025 & FEBRUARY 29, 2024**

11. Note Payable

The Company entered into a note and warrant agreement with a third party ("the Holder") on July 19, 2019 which was then amended on September 30, 2020. The Holder purchased an unsecured promissory note (the "Note") issued by the Company in the amount of $370,000, at an interest rate of 10% per annum. In connection with such purchase of the Note, the Holder also received a warrant for the purchase of such number of shares of the Common Stock of the Company, no par value per share that is equal to the quotient of $37,000 divided by the price per share at which securities of the Company are sold in its next planned offering under Reg A of the Act or any other public or private offering of its securities (the "Warrant"). The Note and accrued interest was $40,083 February 29, 2024 and February 28, 2025.

On October 27, 2022, the company entered into a note in the amount of $50,000, payable interest only at 1% per month. The note was originally a one year term and was extended for an additional year in 2023 and 2004.

The Company has two notes payable as of February 29, 2025 in the amount of $90,083.

12. Capital Structure

The Company's equity capital consists of the following. As of February 28, 2025, Baker Global Asset Management Inc. had 100,000,000 shares authorized. Common stock shares issued and outstanding as of February 28, 2025 were 1,960,000 and preferred stock shares issued and outstanding were 200,000.

Holders of Preferred Stock receive a 10% dividend which is accrued annually and paid with the availability of funds.

As of February 28, 2025, all dividend payment obligations have been paid.

13. Subsequent Events

The Company and its Subsidiaries have evaluated events subsequent to the statement of financial condition date for items requiring recording or disclosure in the Consolidated financial statements. The evaluation was performed through the date the financial statements were available to be issued.

**Item 4. Exhibits**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 2.1 | [Restated Certificate of Incorporation of Baker Global Asset Management Inc., incorporated by reference to the Company's Regulation A Offering Statement on Form 1-A as filed with the SEC on April 20, 2023](http://www.sec.gov/Archives/edgar/data/1904616/000121390023031361/ea177085ex2-1_bakerglobal.htm) |
| 2.2 | [Bylaws of Baker Global Asset Management Inc., incorporated by reference to the Company's Regulation A Offering Statement on Form 1-A as filed with the SEC on April 20, 2023](http://www.sec.gov/Archives/edgar/data/1904616/000121390023031361/ea177085ex2-2_bakerglobal.htm) |
| 4 | [Form of Subscription Agreement, incorporated by reference to the Company's Regulation A Offering Statement on Form 1-A as filed with the SEC on April 20, 2023](http://www.sec.gov/Archives/edgar/data/1904616/000121390023031361/ea177085ex4_bakerglobal.htm) |
| 6.1 | [10% Unsecured Promissory Note between Baker Global Asset Management, Inc. and MJC Builders of Knollwood, Inc. dated July 16, 2019, incorporated by reference to the Company's Regulation A Offering Statement on Amendment No. 2 to Form 1-A as filed with the SEC on June 7, 2023](http://www.sec.gov/Archives/edgar/data/1904616/000121390023047156/ea179889ex6-2_bakerglobal.htm) |
| 6.2 | [Lease Agreement dated October 30, 2023 between Brigantia LLC and Benjamin Securities Inc., incorporated by reference to the Company's Form 1-K as filed with the SEC on February 8, 2024](https://www.sec.gov/Archives/edgar/data/1904616/000121390024011645/ea192997-1k_bakerglobal.htm) |
| 6.3 | [Lease Agreement dated April 1, 2024 between Rosetti Associates and Benjamin Securities Inc., incorporated by reference to the Company's Form 1-K as filed with the SEC on January 17, 2025](https://www.sec.gov/Archives/edgar/data/1904616/000121390025004693/ea022798001ex6-3_baker.htm) |
| 6.4 | [Lease Agreement dated July 3, 2024 between One Palafox Place, LLC and Benjamin Securities Inc., incorporated by reference to the Company's Form 1-K as filed with the SEC on January 17, 2025](https://www.sec.gov/Archives/edgar/data/1904616/000121390025004693/ea022798001ex6-4_baker.htm) |
| 6.5 | [Placement Agent Agreement dated April 19, 2023 between Baker Global Asset Management, Inc. and Alexander Capital, L.P., incorporated by reference to the Company's Regulation A Offering Statement on Form 1-A as filed with the SEC on April 20, 2023](http://www.sec.gov/Archives/edgar/data/1904616/000121390023031361/ea177085ex6-4_bakerglobal.htm) |
| 6.6 | [Fully Disclosed Clearing Agreement dated August 20, 2013 between RBC Capital Markets, LLC and Benjamin Securities, Inc., incorporated by reference to the Company's Regulation A Offering Statement on Form 1-A as filed with the SEC on April 20, 2023](http://www.sec.gov/Archives/edgar/data/1904616/000121390023031361/ea177085ex6-5_bakerglobal.htm) |
| 6.7 | [FINRA Membership Agreement CRD No. 7754 with respect to Benjamin Securities, Inc. dated June 14, 2022, incorporated by reference to the Company's Regulation A Offering Statement on Form 1-A as filed with the SEC on April 20, 2023](http://www.sec.gov/Archives/edgar/data/1904616/000121390023031361/ea177085ex6-6_bakerglobal.htm) |
| 6.8 | [Amendment to Placement Agent Agreement dated May 18, 2023 between Baker Global Asset Management, Inc. and Alexander Capital, L.P., incorporated by reference to the Company's Regulation A Offering Statement on Amendment No. 1 to Form 1-A as filed with the SEC on May 19, 2023](http://www.sec.gov/Archives/edgar/data/1904616/000121390023041256/ea178907ex6-7_bakerglobal.htm) |
| 6.9 | [Form of Lock-Up Agreement, incorporated by reference to the Company's Regulation A Offering Statement on Amendment No. 1 to Form 1-A as filed with the SEC on May 19, 2023](http://www.sec.gov/Archives/edgar/data/1904616/000121390023041256/ea178907ex6-8_bakerglobal.htm) |

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**SIGNATURES**

Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
| Date: June 16, 2025 | **BAKER GLOBAL ASSET MANAGEMENT, INC.** | **BAKER GLOBAL ASSET MANAGEMENT, INC.** |
|  | /s/ William Thomas Baker | /s/ William Thomas Baker |
|  | Name: | William Thomas Baker |
|  | Title: | CEO, President and Chief Compliance Officer |

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Pursuant to the requirements of Regulation A, this report has been signed below by the following persons on behalf of the issuer and in the capacities and on the dates indicated.

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| | | |
|:---|:---|:---|
| **SIGNATURE** | **TITLE** | **DATE** |
| /s/ William Thomas Baker | CEO, President and Chief Financial Officer | June 16, 2025 |
| William Thomas Baker | (*principal executive officer and <br> principal financial and accounting officer*) |  |

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