# GATEWAY FINANCIAL AGENCY CORPORATION X-17A-5 (2025-02-24) — Broker-dealer annual report - Company: GATEWAY FINANCIAL AGENCY CORPORATION - Form: X-17A-5 - Filed: 2025-02-24 - Period: 2024-12-31 - Accession: 0000920073-25-000001 - CIK: 920073 - File #: 8-46992 - Type: Broker-dealer - Material weakness: No - Auditor: Ohab and Company, PA - Auditor location: Maitland, FL - Contact: Susan Neculae - Phone: 863-993-2682 - Email: paiti@ohabco.coin - Website: ohabco.coin - Signed by: Susan Neculae (Treasurer) Original filing: https://www.sec.gov/Archives/edgar/data/920073/000092007325000001/annualaudit2024.pdf --- {0}------------------------------------------------ **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** **OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12** **OMB APPROVAL** **SEC FILE NUMBER** # **ANNUAL REPORTS FORM X-17A-5 PART III** **FACING PAGE** **Information Required Pursuant to Rules 17a-5,17a-12, and 18a-7 under the Securities Exchange Act of 1934** HUNG FOR THE PERIOD BEGINNING *#7Op300.4* AND ENDING */^3f7xo34* MM/DD/YY MM/DD/YY **A. REGISTRANT IDENTIFICATION** NAME OF FIRM: *J£Ar£WA^\_J^4A\*/eL^^ \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_* TYPE OF REGISTRANT (check all applicable boxes): S'Broker-dealer Security-based swap dealer Major security-based swap participant Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | _________________/O4 | | / | | (No. and Street) | | | AVt___________________ | |----------------------------------------------|--------|--------------------|--------------|-------------------------------------------------------------|--------------------|-----------------|-------------------------------------| | | | | | | | | | | | (City) | | | (State) | | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | | | | | | | | | | | | | | | | | | | | | (Name) | | | (Area Code - | Telephone Number) | | (Email Address) | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports | | | | B. ACCOUNTANT IDENTIFICATION
are contained | in this
filing* | | | | | | OkiAH
(Name -if | A^ | (LoMPAdP
individual, state last, first, and middle name) | Pa | | | | | | | | | | | | | (Address) | | | (City) | | | (State) | (Zip Code) | | 0713
________ | 21 | | | QOo^___________________________ | | | /S37__________________ | | (Date of Registration with PCAOB)(if | | | | applicable)(PCAOB | | | Registration Number, if applicable) | accountant must be supported by a statement of facts and circumstances relied on as the basis ofthe exemption. See 17 CFR 240.17a-5(e)(l)(ii), if applicable. **Persons who are to respond to the collection ofinformation contained in thisform are not required to respond unlessthe form displays a currently valid OMB control number.** {1}------------------------------------------------ #### **OATH OR AFFIRMATION** I, *Sviftd dZ-C-ULtt*\_\_\_\_\_\_\_\_\_ \_\_\_\_\_\_, swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of *GtA^^Af fi^A^^lAL AQ>^d.'/ Co&PoR.A'TlOfiJ*, as of *D&L&.MIZE.R* 3/*, 2014* , 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. | | State of Florida
County of Charlotte | |---------------|----------------------------------------------------------------------------------------------------------------| | | The foregoing Inatrument was acknowledged before me | | | w
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"otaiy tagnaure | Signature: / " Title: \_\_. # **Notary name1^!^^ rglZ^yiotary Public** *'7%£A5o£££* **' MAYRA YAOIRA PALAFOX • Li A^i Notary Public • State of Florida ' w Commission \* HH 464288 '"®'' ay Comm. Expires Nov 14. 2027** **This filing\*\* contains (check all applicable boxes):** - (a) Statement of financial condition. - (b) Notes to consolidated statement of financial condition. - (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. - (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - (f) Statement of changes in liabilities subordinated to claims of creditors. - (g) Notes to consolidated financial statements. - (h) Computation of net capital under 17 CFR 240.15c3-l or 17 CFR 240.18a-l, as applicable. - (i) Computation 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 determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - (I) Computation for Determination of PAB Requirements under Exhibit A to § 24O.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 requirements 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, ofthe FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-l, 17 CFR 240.18a-l, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - ~ (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 applicable. - (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - (t) Independent public accountant's report based on an examination ofthe 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. - (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - (w) Independent public accountant's report based on a review ofthe 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-le or 17 CFR 240.17a-12, as applicable. - (y) Report describing any material inadequaciesfound 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). - (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}------------------------------------------------ # **GATEWAY FINANCIAL AGENCY CORPORATION** **FINANCIAL STATEMENTS DECEMBER 31, 2024** {3}------------------------------------------------ ![](_page_3_Picture_0.jpeg) 100 E. Sybelia Ave. Suite 130 Maitland, FL 32751 *Certified Public Accountants* **Email: paiTi@ohabco.coin** Telephone 407-740-7311 Fax 407-740-6441 #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholder's of Gateway Financial Agency Corporation #### **Opinion on the Financial Statements** We have audited the accompanying statement of financial condition of Gateway Financial Agency Corporation as of December 31, 2024, the related statements of income and retained earnings, changes in stockholder's equity, and cash flows for the year then ended, and the related notes and schedules (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of Gateway Financial Agency Corporation as of December 31,2024, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. #### **Basis for Opinion** These financial statements are the responsibility of Gateway Financial Agency Corporation s management. Our responsibility is to express an opinion on Gateway Financial Agency Corporation's financial statements 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 Gateway Financial Agency Corporation 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 statements are 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 statements, 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 statements. 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 statements. We believe that our audit provides a reasonable basis for our opinion. #### **Auditor's Report on Supplemental Information** The Schedule I has been subjected to audit procedures performed in conjunction with the audit of Gateway Financial Agency Corporation's financial statements. The supplemental information is the responsibility of Gateway Financial Agency Corporation's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with 17 C.F.R. §240.17a-5. In our opinion, Schedule I is fairly stated, in all material respects, in relation to the financial statements as a whole. We have served as Gateway Financial Agency Corporation's auditor since 2020. Maitland, Florida February 10, 2025 {4}------------------------------------------------ # **GATEWAY FINANCIAL AGENCY CORPORATION BALANCE SHEET DECEMBER 31, 2024** #### **ASSETS** | Assets
Current | | |---------------------------|--------------| | Cash | \$
24,648 | | Commissions
Receivable | 5,000 | | Expenses
Prepaid | 1,550 | | Assets
Total | \$
31,198 | #### **LIABILITIES AND STOCKHOLDER'S EQUITY** | Liabilities
Current | | |------------------------------------------------------------------------------------|--------------| | Accounts
Payable | \$
275 | | Commissions
Payable | 3,750 | | Fees
Professional
Payable | 4,167 | | FINRA
Assessment
Payable | 1,080 | | Liabilities
Total | 9,272 | | Stockholder's
Equity | | | 200
1500
Common
Stock,
Shares
Authorized,
Shares
Outstanding, | | | No
Value
Par | \$
7,282 | | Additional
Paid-In
Capital | 2,809 | | Retained
Earnings | 11,835 | | Stockholder's
Total
Equity | 21,926 | | Stockholders's
Total
Liabilitites
&
Equity | \$
31,198 | {5}------------------------------------------------ # **GATEWAY FINANCIAL AGENCY CORPORATION STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2024** | Revenue | | |------------------------------------------------|--------------| | Commissions
Sales
From
Mutual
Fund | \$
12,463 | | Fees
Distribution | 42,094 | | Interest
Income | 1 | | Total
Revenue | 54,558 | | Agent's
Commission
Expense | 36.354 | | Gross
Profit | 18,204 | | Expenses
Operating | | | Office
Expense | 3,336 | | Licenses
Fees
and | 3,105 | | Taxes | 375 | | Fees
Professional | 7,326 | | Total
Expenses
Operating | 14,142 | | Loss
Profit
or
From
Operations | 4,062 | | Retained
Earnings | | | 1 2023
Balance,
January | 7,773 | | 31,2024
Balance,
December | \$
11.835 | **Read Independent Auditor's Report and Notes to Financial Statements** {6}------------------------------------------------ # **GATEWAY FINANCIAL AGENCY CORPORATION STATEMENT OF CASH FLOWS - INDIRECT METHOD FOR THE YEAR ENDED DECEMBER 31, 2024** | Operations:
Net
Income | \$ | 4,062 | |------------------------------------------------------------------------------------------------|----------|----------| | Adjustments: | | | | in
Expenses
Increase
Prepaid | \$ | (
14) | | in
Increase
Accounts
Payable | \$ | 250 | | Provided
by
Cash
Operations | \$ | 4,298 | | 2023
Cash
at
1,
January | \$ | 20.350 | | 31,
2024
Cash
at
December | \$ | 24,648 | | Supplemental
Disclosure:
Cash
paid
for
Interest
Cash
paid
for
Taxes | \$
\$ | 0
0 | **Read Independent Auditor's Report and Notes to Financial Statements** {7}------------------------------------------------ # **GATEWAY FINANCIAL AGENCY CORPORATION STATEMENT OF CHANGES IN STOCKHOLDER'S EQUITY DECEMBER 31, 2024** | | Common
Stock | Additional
Paid
-
In
Retained
Capital
Earnings | | Total
Stockholder's
Equity | | |-------------------------------------|-----------------|------------------------------------------------------------------|-------|----------------------------------|--------------| | 31,
Balance,
December
2023 | \$
7,282 | \$ | 2,809 | \$
7,773 | \$
17,864 | | Net
Income | 0 | | 0 | 4,062 | 4,062 | | 31,
2024
Balance,
December | \$
7,282 | \$ | 2,809 | \$
11,835 | \$
21,926 | {8}------------------------------------------------ # **GATEWAY FINANCIAL AGENCY CORPORATION NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024** ### **Note 1 - Nature ofBusiness and Summary of Significant Accounting Policies** #### **Nature of Business** **Gateway Financial Agency Corporation (the "Company") operates a Securities Broker/Dealer. The Company earns commissions from the sale of mutual funds, variable annuities and variable life insurance. The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of one service, the sale of mutual funds, variable annuities and variable life insurance.** #### **Cash and Cash Equivalents** **For purposes of reporting the statement of cash flows, the Company considers all cash accounts, which are not subject to withdrawl restrictions or penalties, and all highly liquid debt instruments purchased with a maturity ofthree months or less to be cash equivalents. Cash balances in excess of FDIC and similar insurance coverage are subject to the usual banking risks associated with funds in excess of those limits. At December 31, 2024, the Company had no uninsured cash balances.** #### **Income Taxes** **The Company has elected to be treated as an "S" Corporation whereby the individual stockholders are taxed on their share ofthe Company's taxable income. Therefore, no provisions for income taxes or credits are included on these financial statements. Tax returns for the period 2019 - 2024 are open to examination by the Internal Revenue Service.** #### **Estimates** **The preparation offinancial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date ofthe financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those amounts.** #### **Credit Losses** **The Company follows ASC Topic 326, Financial Instruments - Credit Losses ("ASC 326"). ASC 326 impacts the impairment model for certain financial assets by requiring a current expected credit loss ("CECL") methodology to estimate expected credit losses over the entire life ofthe financial asset. Under the accounting update, the Company has the ability to detennine that there are no expected credit losses in certain circumstances (e.g, based on the credit quality ofthe customer).** **The Company had accounts receivable as of December 31, 2023 and 2024 of \$ 5,000. and \$5,000. respectively.** #### **Note 2 - Net Capital Requirement** **As of December 31, 2024, the total net capital of the Company is twenty thousand three hundred seventy six dollars (\$20,376) which is fifteen thousand three hundred seventy six dollars (\$15,376) in excess of its net capital requirement offive thousand dollars (\$5000).** {9}------------------------------------------------ # **GATEWAY FINANCIAL AGENCY CORPORATION NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024** #### **(Continued)** #### **Note 3 - Revenue Recognition** **Revenue is recognized in accordance with FASB ASC Topic 606 as services are rendered and the contracts identified performance obligations have been satisfied. Commissions and fees received from the sale of mutual funds and variable annuities are recognized at the time the associated service is fulfilled, including the investment company receiving the application which is based on the track date.** #### **Distribution Fees** **The Company only enters into arrangements with Mutual Fund companies. The Company may receive distribution fees paid by the funds up front, over time or upon the investor's exit from the fund, known as contingent deferred sales charge.** **The Company believes that it's performance obligation is the sale of mutual fund shares and as such this is fulfilled on the trade date. Distribution fees recognized in the current period are primarily related to performance obligations that have been satisfied in prior periods.** #### **Note 4 - Additional Requirements** **The Company submitted a Computation ofNet Capital, a Computation of Aggregate Indebtedness and the Percentage ofAggregate Indebtedness to Net Capital with the December 31, 2024 FOCUS Report Part DA. There is no material difference between the audited computation and the un-audited computation filed on Part IIA.** **The Company operates under Limited Business exemption (k) (1) from SEC Rule 15c3-3.** #### **Note 5 - Related Party Transactions** **The owners ofthe Company provide it office space, equipment, supplies and services necessary to conduct business operations for a monthly fee.** **Included in the Financial Statements are the following amounts that have been paid to related parties.** | Agents
Expense
to
Compensation
Paid
Owner | \$
36,354. | |-----------------------------------------------------------|---------------| | Office
Expense
to
Owner
Reimbursement
Paid | 3,300. | {10}------------------------------------------------ # **GATEWAY FINANCIAL AGENCY CORPORATION** NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024 (Continued) #### **Note 6 - Subordinated Liabilities** The Company has no liabilities subordinated to general creditors during the current or prior years. #### **Note 7 - Contingencies** The Company is unaware of any commitments or contingencies. The Company is not currently involved in any legal actions and currently has no attorney retained. #### **Note 8 - Segment Report** The Company is engaged in a single line of business as a secutities broker-dealer, which is comprised of one service, the sale of mutual funds, variable annuities and variable life insurance. The Company has identified its president as the chief operating decision maker ("CODM"), who uses net income to evaluate the results ofthe business, predominantly in the forecasting process, to manage the company. Additionally, the CODM uses excess net capital (see Note 2), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest the 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 ofthe segment are the same as those described in the summary of significant accounting policies. #### **Note 9 - Subsequent Events** Management has evaluated subsequent events through the date on which the financial statements were available to be issued. The Company determined it has no events or transactions occurring that require disclosure. {11}------------------------------------------------ # **GATEWAY FINANCIAL AGENCY CORPORATION** SCHEDULE 1 - COMPUTATION OF NET CAPITAL UNDER RULE 15C3-1 DECEMBER 31, 2024 | of
Net
Computation
Capital | | |-------------------------------------------------------------------------------|--------------| | offinancial
Total
Ownership
Equity
from
statement
condition | 21,926
\$ | | Less | | | Non-allowable
assets: | | | expenses
Prepaid | (1,550) | | Net
Capital | 20,376
\$ | | of
Net
Basic
Computation
Capital
Requirement | | | Minimum
net
\$5,000
capital
required | 5,000
\$ | | ofminimum
Net
in
excess
capital
requirement | 15,376
\$ | | Aggregate
Indebtedness | 9,272
\$ | | of
to
net
Ratio
aggregate
indebtedness
capital | 45.5% | **There are no material differences between the above computation and the computation included in the Company's corresponding unaudited Form X-17A-5 Part IIA filing as of December 31, 2024.** {12}------------------------------------------------ ![](_page_12_Picture_0.jpeg) 100 E. Sybelia Ave. Suite 130 Maitland, FL 32751 *Certified Public Accountants* Email: pam@ohabco.com Telephone 407-740-7311 Fax 407-740-6441 #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Stockholder's of Gateway Financial Agency Corporation We have reviewed management's statements, included in the accompanying Exemption Report in which (1) Gateway Financial Agency Corporation identified the following provision of 17 C.F.R. §15c3-3(k) under which Gateway Financial Agency Corporation claimed an exemption from 17 C.F.R. §240.15c3-3: (k)(1) (exemption provision) and (2) Gateway Financial Agency Corporation stated that Gateway Financial Agency Corporation met the identified exemption provision throughout the most recent fiscal year without exception. Gateway Financial Agency Corporation's management is responsible for compliance with the exemption provision and its statements. Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about Gateway Financial Agency Corporation's compliance with the exemption provision. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, based on the provision set forth in paragraph (k)(1) of Rule 15c3-3 under the Securities Exchange Act of 1934. Ohab and Company, PA Maitland, Florida February 10, 2025 {13}------------------------------------------------ # Gateway Financial Agency Corporation **Member FINRA** **Rule 15c3-3 Exemption Report for the Year Ended December 31, 2024** **To the best ofmy knowledge and belief Gateway Financial Agency Corporation, Broker/Dealer;** - **1. Operated under the (k)(l) exemption during the previous calendar year** - **2. Met the provisions ofthe exemption throughout the calendar year by limiting it's business actities to the sale of securities of Registered Investment Companies (Mutual Funds) without exception.** **Signed by: Susan Neculae FINOP** **Date:** *\_\_\_3/bdU£j^^^* **15c3-3 Exemption** **1576 NW Pine Creek Avenue Arcadia, FL 34266 Phone 863-993-2682 FAX 863-993-2682** Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.