# A.G. QUINTAL INVESTMENT COMPANY INC. X-17A-5 (2026-03-05) — Broker-dealer annual report - Company: A.G. QUINTAL INVESTMENT COMPANY INC. - Form: X-17A-5 - Filed: 2026-03-05 - Period: 2025-12-31 - Accession: 0000081567-26-000003 - CIK: 81567 - File #: 8-11684 - Type: Broker-dealer - Material weakness: No - Auditor: Fulvio and Associates, LLP - Auditor location: New York, NY - Contact: Mark A Quintal - Phone: 508-995-2611 - Email: mquintal@quintalinvestment.com - Website: quintalinvestment.com - Signed by: Mark A. Quintal (President) Original filing: https://www.sec.gov/Archives/edgar/data/81567/000008156726000003/agqinvestshortform7.pdf --- {0}------------------------------------------------ ### A.G. QUINTAL INVESTMENT COMPANY, INC. Report of the Independent Registered Public Accounting Firm #### STATIEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025 {1}------------------------------------------------ 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: l 2 SEC FILE NUMBER 8-11684 # **ANNUAL REPORTS FORM X-17A-5 PART 111** | Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | FACING PAGE | | | | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|-----------------------------------------|-----------------------------------------|--| | FILING FOR THE PERIOD BEGINNING O 1/01/2025 | | | AND ENDING 12/31/2025 | | | | MM/DD/YY | | MM/DD/YY | | | | A. REGISTRANT IDENTIFICATION | | | | | NAME OF FIRM; A.G. QUINTAL INVESTMENT COMPANY, INC | | | | | | TYPE OF REGISTRANT (check all applicable boxes):
0 Broker-dealer
D Security-based swap dealer
□ Check here if respondent Is also an OTC derivatives dealer | | D Major security-based swap participant | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not u se a P.O. box no.) | | | | | | 2177 ACUSHNET AVENUE | | | | | | | (No. and Street) | | | | | NEW BEDFORD | MA | | 02745 | | | (City) | (State) | | (Zip Code) | | | PERSON TO CONTACT W ITH REGARD TO THIS FILING | | | | | | MARK QUINTAL | 508-995-2611
mquintal@quintalinvestment.com | | | | | (Name) | (Area Code - Telephone Number)
(Email Address) | | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | | Fulvio & Associates, LLP | | | | | | | (Name - If individual, state last, first, and middle name) | | | | | 5 West 37th Street, 4th Floor New York | | NY | 10018 | | | (Address) | (City) | (State) | (Zip Code) | | | 12/20/2018 | | 6529 | | | | | | | (eCAOB ""'""U°" Nombe,, • applicable) I | | | | FOR OFFICIAL USE ONLY | | | | • 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** t, Mark Quintal swear (or affirm) that, to the, best of my knowledge and belief, the financial report pertaining to the firm of A.G. QUINTAL INVESTMENT COMPANY, INC. as of 12/31 2~ 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. ![](_page_2_Picture_4.jpeg) #### **This filing\*\* contains (check all applicable boxes):** - I!!! (a) Statement of financial condition. - I!!! (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) 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-l, as applicable. - □ (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.l&a-4, as applicable. - □ (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.lSa-4, as applicable. - D (o) Reconciliations, including appropriate explanations, ofthe FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.lSa-1, or 17 CFR 240.lSa-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.lSa-4, as applicable, if material differences exist, or a statement that no material differences exist. - □ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - I!!! (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as appli·cable. - □ (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. - **ii** (t) Independent public accountant's **report** based on an examination of the statement of financial condition. - □ (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 rreport under 17 CFR 240.17a-5 or 17 CFR 240.lSa-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. - □ (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 <:FR 240.15c3-le 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 fifing, see 17 CFR 240. l 7a-5{e)(3) or 17 CFR 240.18a-7(d)(2), as applicable. {3}------------------------------------------------ ### STATEMENT OF FINANCIAL CONDITION DECEMBER 31 , 2025 #### CONTENTS PAGE(S) | Oath or Affirmation
Facing Page - | 1 | |---------------------------------------------------------|------| | Report of Independent Registered Public Accounting Firm | 2 | | Statement of Financial Condition | 3 | | Notes To Financial Statement | 4-10 | {4}------------------------------------------------ *Certified Public Accountants* NewYork Office: 5 West 37th Street, 4th Floor New York, New York 10018 TEL: 212-490-3113 FAX: 212-575-5159 www.fulviollp.com Connecticut Office: 95B Rowayton Avenue Rowayton, CT 06853 TEL: 203-857-4400 FAX: 203-857-0280 ## **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Board of Directors and Shareholders of A.G. Quintal Investment Company, Inc.: ## **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of A.G. Quintal Investment Company, Inc. (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 A.G. Quintal Investment Company, Inc. as of December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. ### **Basis for Opinion** This financial statement is the responsibility of the 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 U.S. Securities and Exchange Commission (SEC) and thePCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial 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 2026. ~~~~~~/ ~P New York, New York / March 2, 2026 {5}------------------------------------------------ #### **STATEMENT OF FINANCIAL CONDITION** #### **December 31, 2025** #### **ASSETS** | Cash | \$
15,464 | |-----------------------------------------------------------|---------------| | Receivable from broker-dealers and clearing organizations | 105,070 | | Securities owned: | | | Marketable securites, trading, at fair value | | | Common stocks | 45,901 | | Pref erred stocks | 1,092 | | Exchange traded funds | 16,316 | | Other assets | 5,465 | | | \$
189,308 | #### **LIABILITIES AND STOCKHOLDERS' EQUITY** | Liabilities: | | |----------------------------------------------------------|---------------| | Payable to broker-dealers and clearing organizations | \$
4,049 | | Accounts payable, accrued expenses and other Liabilities | 18,472 | | | 22,521 | | Stockholders' equity: | | | Common stock, no par value, authorized 15,000 shares, | | | 1,200 shares issued and outstanding | 90,696 | | Retained earnings | 76,091 | | Total stockholder's equity | 166,787 | | | \$
189,308 | The accompanying notes are an integral part of these financial statements. {6}------------------------------------------------ ### NOTES TO FINANC~AL STATEMENT #### DECEMBER 31, 2025 #### 1. DESCRIPTION OF ORGANIZATION AND NATURE OF BUSINESS A.G. QUINTAL INVESTMENT COMPANY, INC. (the "Company") was organized as a C Corporation under the Laws of the State of Massachusetts in January 1989. The Company is a registered broker-dealer with the U.S. Securities and Exchange Commission ("SEC") and the Financial Industry Regulatory Authority **("FINRA").** In this capacity, it executes agency transactions for its customers and forwards all such transactions to Pershing, LLC ("Pershing") the Company's clearing agent, on a fully disclosed basis. The Company primarily sells securities and mutual funds to retail customers. In the normal course of its business, the Company enters into financial transactions where the risk of potential loss due to changes in market (market risk) or failure of the other party to the transaction to perform (counterparty risk) exceeds the amounts recorded for the transaction. The Company's policy is to continuously monitor its exposure to market and counterparty risk through the use of a variety of financial, position and credit exposure reporting and control procedures. In addition, the Company has a policy of reviewing the credit standing of each broker-dealer, clearing organization, customer and/or other counterparty with which it conducts business. The Company introduces its customer transactions to Pershing via a tri-party clearing agreement with Monarch Capital Group LLC with whom it has a correspondent relationship for execution and clearance in accordance with the terms of a clearance agreement. In connection therewith, the Company has agreed to indemnify Pershing and Monarch Capital Group LLC for losses that the clearing broker may sustain related to the Company's customers. As of December 31 , 2025, amounts were owed to the clearing broker by these customers, which were in connection with normal, delivery-againstpayment, cash-account transactions. Securities purchased by customers in connection with those transactions are held by the clearing broker as collateral for the amounts owed. ### 2. SUMMARY OF SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ### Basis of Presentation and Use of Estimates The Company maintains its books, records and financial statement under fine accrual basis in accordance with generally accepted accounting principles in the United States of America {7}------------------------------------------------ ### NOTES TO FINANCIAL STATEMENT (continued) ### DECEMBER 31, 2025 ### 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) (U.S. GAAP) and in compliance with the Accounting Standards Codification ("ASC") of the Financial Accounting Standards Board ("FASB"), which requires management to make estimates and assumptions in determining the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities. at the date of the financial statement and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates. Fair Value Measurement - Definition and Hierarchy Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches. A fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs are to be used when available. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 - Valuations based on inputs, other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Fair value is a market-based measure, based on assumptions of prices and inputs considered from the perspective of a market participant that are current as of the measurement date, rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Company's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. {8}------------------------------------------------ #### NOTES TO FINANCIAL STATEMENT (continued) #### DECEMBER 31 , 2025 #### 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety of factors, including the type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for investments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement Fair Value - Valuation Techniques and Inputs Investments in securities and securities sold short that are freely tradable and are listed on major securities exchanges are valued at their last reported sales price as of the valuation date. Many over-the-counter ("OTC") contracts have bid and ask prices that can be observed in the marketplace. Bid prices reflect the highest price that the marketplace participants are willing to pay for an asset. Ask prices represent the lowest price that the marketplace participants are willing to accept for an asset. For securities whose inputs are based on bid-ask prices, the Company's valuation policies do not require that fair value always be a predetermined point in the bid-ask range. The Company's policy for securities traded in the OTC markets and listed securities for which no sale was reported on that date are generally valued at their last reported "bid" price. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Securities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 of the fair value hierarchy. {9}------------------------------------------------ ## NOTES TO FINANCIAL STATEMENT (continued) ### DECEMBER 31, 2025 ### 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) #### Marketable Securities Owned, at Fair Value Securities are valued at fair value, cost is determined on the specific identification basis. At December 31, 2025, all securities were classified as trading securities, and are all level one securities under the fair value hierarchy and valued at\$ 63,309. #### Credit Losses The Company complies with ASC Topic 326 - "Financial Instruments - Credit Losses" ("ASC Topic 326") which replaces the incurred loss methodology with the current expected credit loss ("CECL") methodology. The new guidance applies to financial assets measured at amortized cost, held-to-maturity debt securities and off-balance sheet credit exposures. For on-balance sheet assets, an allowance must be recognized at the origination or purchase of in-scope assets and represents the expected credit losses over the contractual life of those assets. Expected Credit losses on off-balance sheet credit exposures must be estimated over the contractual period the Company is exposed to credit risk as a result of a present obligation to extend credit. Receivables from clearing broker: The Company's receivables from clearing broker include amounts receivable from unsettled trades, including amounts receivable for securities failed to deliver, accrued interest receivables and cash deposits. A portion of the Company's trades are cleared through a clearing organization and settled daily between the clearing organization and the Company. Because of this daily settlement, the amount of unsettled credit exposures is limited to the amount owed the Company for a very short period of time. The Company continually reviews the credit quality of its counterparties. ### Segment Reporting The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of several classes of services, including principal transactions and agency transactions. The Company has identified the 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 which is not a measure of profit and loss, {10}------------------------------------------------ ### NOTES TO FINANCIAL STATEMENT (continued) ### DECEMBER 31, 2025 ### 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or withdraw funds. 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. #### Property and Equipment Property and equipment are recorded at cost. The cost of maintenance and repairs is charged to operations as incurred. Major improvements to property and equipment are capitalized. Depreciation is computed using the accelerated method over the estimated useful lives of the asset. #### 3. PROVISION FOR INCOME TAXES The Company is recognized as a C Corporation by the Internal Revenue Service and the Commonwealth of Massachusetts. As such, it is subject to federal and state income taxes. The Company's income or loss is reported to its tax returns. FASB provides guidance for how uncertain tax positions should be recognized, measured, disclosed and presented in the financial statement. This requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained "when challenged" or "when examined" by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense and liability in the current year. The tax years that remain subject to examination are 2022, 2023, 2024 and 2025. DECEMBER 31 , 2025 management has determined that there are no material uncertain income tax positions. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in portfolio maintenance fees, if assessed. No interest expense or penalties have been assessed for the year ended December 31 , 2025. {11}------------------------------------------------ ## NOTES TO FINANCIAL STATEMENT (continued) ### DECEMBER 31 , 2025 ### 4. RELATED PARTY TRANSACTION The Company leases office space on a month-to-month basis from Quintal Realty Trust LLC, a related entity. DECEMBER 31 , 2025, rent expense under this arrangement was \$12,000. The Company has elected, for all underlying classes of assets, not to recognize right of use assets and lease liabilities for short-term leases that have a lease term of 12 months or less at lease commencement. ### 5. CONCENTRATION OF CREDIT RISK The Company maintains cash and cash equivalents with regulated financial institutions. Funds deposited with a single bank are insured up to \$250,000 per depositor in the aggregate by the Federal Deposit Insurance Corporation ("FDIC"). Deposits with a single brokerage institution are insured up to \$500,000 per customer, including up to \$250,000 for cash deposits, by the Securities Investor Protection Corp. ("SIPC"). In the normal cot.Jrse of business, substantially all of the Company's securities transactions, money balances, and security positions are transacted with the Company's broker. The Company is subject to credit risk to the extent a broker with which it conducts busine-ss is unable to fulfill contractual obligations on its behalf. The Company's management monitors the financial condition of those brokers and does not anticipate losses from these counterparties. As of December 31 , 2025 receivable from clearing broker were \$ 105,070. ### 6. PROPERTY AND EQUIPMENT Property and equipment consisted of the following at December 31 , 2025: | Office & Computer Equipment | \$ 5,631 | | |-------------------------------|----------|--| | Less Accumulated Depreciation | 5,631 | | | Property and equipment, net | \$
0 | | During the year ended December 31 , 2025 the Company disposed of fully depreciated assets with original cost of\$ 31 ,544. {12}------------------------------------------------ ## NOTES TO FINANCIAL STATEMENT (continued) ## DECEMBER 31 , 2025 ## 7. COMMITMENTS AND CONTINGENT LIABILITIES As of December 31 , 2025, there were no commitments or contingencies that require disclosure. ### 8. LIABILITIES SUBORDINATED TO THE **CLAIMS** OF GENERAL CREDITORS As of December 31 , 2025, the Company had not entered into any subordinated loans agreements. ### 9. NET CAPITAL REQUIREMENTS The Company is subject to the Securities and Exchange Commission's Net Capital Rule 15c3~ 1, which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. At December 31 , 2025, the Company had net capital of \$151 ,527 which exceeded the minimum requirement of \$100,000 by \$51 ,527. The Company's ratio of aggregate indebtedness to net capital ratio was 0.15 to 1. ### 10. RULE 15C3-3 AG.Quintal Investment Company, Inc. is exempt from the reserve requirements of Rule 15c3-3 as its transactions are limited, such that they do not handle customer funds or securities, accordingly, the computation for determination of reserve requirements pursuant to Rule 15c3-3 and information relating to the possession or control requirement pursuant to Rule 15c3-3 are not applicable. ### 11. SUBSEQUENTEVENTS Events have been evaluated through the date that this financial statement were available to be issued on March 2, 2026. No material subsequent events occurred during this period that were required to be recognized or disdosed in the Company's financial statement. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.