# GOLD COAST SECURITIES, INC. X-17A-5 (2022-03-31) — Broker-dealer annual report
- Company: GOLD COAST SECURITIES, INC.
- Form: X-17A-5
- Filed: 2022-03-31
- Period: 2021-12-31
- Accession: 0001135057-22-000002
- CIK: 1135057
- File #: 8-53148
- Type: Broker-dealer
- Material weakness: No
- Auditor: Farber Hass Hurley LLP
- Auditor location: Chatsworth, CA
- Contact: Tae P. Ho
- Phone: (805) 496-3660
- Email: tho@gcsec.com
- Website: gcsec.com
- Signed by: Tae P. Ho (President)
Original filing: https://www.sec.gov/Archives/edgar/data/1135057/000113505722000002/GCS2021.pdf
---
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## GOLD COAST SECURITIES, INC.
### FINANCIAL STATEMENTS
AS OF
DECEMBER 31,2021
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#### UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
OMB APPROVAL OMB Number: 3235-0123 Expires: Oct. 31, 2023 Estimated average burden hours per response: 12
#### ANNUAL REPORTS FORM X-17A-S PART III
SEC FILE NUMBER
8-53148
FACING PAGE
Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934
FILING FOR THE PERIOD BEGINNING 01/01/21 AND ENDING 12/31/21 MM/DD/YY MM/DD/YY
A. REGISTRANT IDENTIFICATION
# NAME OF FIRM: Gold Coast Securities, Inc.
TYPE OF REGISTRANT (check all applicable boxes):
[!] Broker-dealer 0 Security-based swap dealer o Major security-based swap participant [J Check here if respondent is also an OTC derivatives dealer
ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)
# 275 E. Hillcrest Drive, Suite 225
| | (No. and Street) | |
|----------------------------------------------|---------------------------------------------------------------------------|-----------------|
| Thousand Oaks | CA | 91360 |
| (City) | (State) | (Zip Code) |
| PERSON TO CONTACT WITH REGARD TO THIS FILING | | |
| Tae P. Ho | (805) 496-3660 | tho@gcsec.com |
| (Name) | (Area Code - Telephone Number) | (Email Address) |
| | B. ACCOUNTANT IDENTIFICATION | |
| | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | |
| Farber Hass Hurley LLP | | |
| | (Name - if individual, state last, first, and middle name) | |
| 9301 Oakdale Ave., Ste 230, Chatsworth | | CA | 91311 |
|-----------------------------------------------|-----------------------|---------|------------|
| (Address) | (City) | (State) | (Zip Code) |
| 10/22/03 | | 223 | |
| rte
of R,gl""tioo wRh PCAOBllif 'oolk.bI'l | | | |
| | 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-5(e)(1)(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 OMB control number.
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### **OATH OR AFFIRMATION**
I, \_T\_ae\_P.\_H\_o --', swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Gold Coast Securities, 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 asthatofacustomer. 4v
| Signature: | | |
|------------|--|--|
| | | |
## **This filing\* contains (check all applicable boxes):**
- I!!!i (a) Statement of financial condition.
- D (b) Notes to consolidated statement of financial condition.
- I!!!i (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).
- I!!!i (d) Statement of cash flows.
- I!!!i (e) Statement of changes in stockholders' or partners' or sole proprietor's equity.
- I!!!i (f) Statement of changes in liabilities subordinated to claims of creditors.
- I!!!i (g) Notes to consolidated financial statements.
- I!!!i (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable.
- D (i) Computation oftangible net worth under 17 CFR 240.18a-2.
- I!!!i (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3.
- o (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.
- D (I) Computation for Determination of PAB Requirements under Exhibit Ato § 240.15c3-3.
- I!!!i (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 240.18a-4, as applicable.
- I!!!i (0) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, 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.
- D (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition.
- I!!!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.
- D (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- I!!!i (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- I!!!i (t) Independent public accountant's report based on an examination of the statement of financial condition.
- D (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 report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- I!!I (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.
- I!!!i (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e 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 filing, see* 17 *CFR 240.17a-5(e)(3)* or 17 *CFR 240.18a-7(d)(2), as applicable.*
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#### GOLD COAST SECURITIES, INC. FINANCIAL STATEMENT INDEX December 31, 2021
| Report of Independent Registered Public Accounting Firm | 1 |
|------------------------------------------------------------------------------------------------------------------------------------------------------|----|
| Statement of Financial Condition | 2 |
| Statement of Income | 3 |
| Statement of Changes in Liabilities Subordinated to Claims of
General Creditors | 4 |
| Statement ofChanges in Stockholders' Equity | 5 |
| Statement of Cash Flows | 6 |
| Notes to Financial Statements | 7 |
| Supplementary Information | |
| Computation ofNet Capital Under SEC Rule 15c3-1
Schedule I - | 15 |
| Computation for Determination ofReserve Requirements
Schedule II -
Under SEC Rule 15c3-3 | 16 |
| Information Relating to Possession or Control Requirements
Schedule III -
Under SEC Rule 15c3-3 | 17 |
| Schedule of Segregation Requirements and Funds In
Schedule IV -
Segregation for Customers' Regulated Commodity Futures and Options
Accounts | 18 |
| Assertions Regarding Exemption Provisions | 19 |
| Report of Independent Registered Public Accounting Firm | 20 |
| Independent Accountants' Agreed-Upon Procedures Report on Schedule of
Assessment and Payments (SIPC-7) | 21 |
| SIPC Supplemental Report | 22 |
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**..Farber Bass Burley** LLP
Certified Public Accountants 9301 Oakdale Avenue, Suite 230 Telephone: (818) 895-1943 Chatsworth, CA 91311 Facsimile: (818) 727-7700 www.fhhcpas.com
### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board ofDirectors and Shareholders of Gold Coast Securities, Inc.
#### Opinion on the Financial Statements
We have audited the accompanying statement offinancial condition ofGold Coast Securities, Inc. as ofDecember 31, 2021, and the related statements of income, changes in shareholders' equity, changes in liabilities subordinated to claims of general creditors, and cash flows for the year then ended, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly in all material respects, the fmancial position of Gold Coast Securities, Inc. as of December 31,2021, 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 Gold Coast Securities, Inc.'s management. Our responsibility is to express an opinion on Gold Coast Securities, Inc.'s financial statements based on our audit. Weare a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to Gold Coast Securities, Inc. 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.
#### Supplemental Information
The Schedule I, Computation of Net Capital Under Rule 15c3-1, Schedule II, Computation of Determining Reserve Under Rule 15c3-3, Schedule ill, Information for Possession or Control Requirements Under Rule 15c3-3, and Schedule IV, Schedule of Segregation Requirements and Funds have been subjected to audit procedures performed in conjunction with the audit of Gold Coast Securities, Inc.'s financial statements. The supplemental information is the responsibility of Gold Coast Securities, Inc.'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, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.
Farber Hass Hurley LLP
We have served as Gold Coast Securities, Inc.'s auditor since 2001. Chatsworth, California March 31, 2022
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## GOLD COAST SECURITIES, INC. STATEMENT OF FINANCIAL CONDITION December 31, 2021
### ASSETS
| Cash and cash equivalents | \$
23,808 |
|----------------------------------------------------------------------------------------------------------------|-----------------------|
| Deposit with clearing organization | 25,000 |
| Receivable from broker-dealers and clearing organization | 83,050 |
| Other receivables | 7,968 |
| Office furniture and equipment, at cost, less accumulated depreciation
of\$7,491 | 5,143 |
| Officer advances | 35,000 |
| Other assets | 23,215 |
| Total assets | \$
203,184 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |
| Accounts payable and accrued expenses
Deferred revenue, net | \$
45,613
9,229 |
| Total liabilities | 54,842 |
| Commitments and contingent liabilities | |
| Liabilities subordinated to claims of general creditors | |
| Stockholders' equity:
Common stock, no par value, Series A voting shares, 200 shares | |
| authorized, 102 shares issued and outstanding
Common stock, no par value, Series B non-voting shares, 1,300 | 5,843 |
| shares authorized, 284.66 shares issued and outstanding | 67,655 |
| Additional paid-in capital | 17,991 |
| Retained earnings | 56,853 |
| Total stockholders' equity | 148,342 |
| Total liabilities and stockholders' equity | \$
203,184 |
The accompanying notes are an integral part ofthese financial statements.
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#### GOLD COAST SECURITIES, INC. STATEMENT OF INCOME For the Year Ended December 31, 2021
| Revenues: | |
|------------------------------------------------|--------------|
| Commissions | |
| Brokerage commissions | \$
25,262 |
| Distribution fees | 252,801 |
| Insurance revenue | 898,390 |
| Trailing commissions and fees | 312,125 |
| Investment advisory and management fees | 526,639 |
| Representative monthly fees | 59,010 |
| Reimbursement income | 14,779 |
| Miscellaneous income | 3,982 |
| Interest and dividend income | 1 |
| Total Revenue | 2,092,989 |
| Expenses: | |
| Commissions | 1,136,974 |
| Investment advisory and management fee expense | 445,271 |
| Employee compensation and benefits | 248,816 |
| Regulatory and insurance expense | 77,029 |
| Occupancy | 57,126 |
| Clearing | 40,406 |
| Legal and professional fees | 22,328 |
| Communications and data processing | 6,845 |
| Supplies and printing | 5,873 |
| Website maintenance and documentation | 4,979 |
| Bad debt expense | 3,618 |
| Postage and delivery | 2,451 |
| Depreciation and amortization | 2,227 |
| Other | 8,251 |
| Total Expenses | 2,062,194 |
| Income before income tax provision | 30,795 |
| Income tax provision | 800 |
| Net income | \$
29,995 |
The accompanying notes are an integral part ofthese financial statements.
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#### GOLD COAST SECURITIES, INC. STATEMENT OF CHANGES IN LIABILITIES SUBORDINATED TO CLAIMS OF GENERAL CREDITORS For the Year Ended December 31, 2021
| Subordinated borrowings at beginning of year | \$ |
|----------------------------------------------|----|
| Increases: | |
| Decreases: | |
| Subordinated borrowings at end of year | \$ |
The accompanying notes are an integral part ofthese financial statements.
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#### GOLD COAST SECURITIES, INC. STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY For the Year Ended December 31, 2021
| | | Series A | | Series B | Additional | | |
|-------------------|--------------|----------|--------------|-----------------|------------|----------|---------------|
| | Common Stock | | Common Stock | | Paid-in | Retained | Stockholders' |
| | Shares | Value | Shares | Value | Capital | Earnings | Equity |
| Balance at | | | | | | | |
| December 31, 2020 | 102 | \$5,843 | | 284.66 \$67,655 | \$17,991 | \$26,858 | \$118,347 |
| Net income | - | - | - | - | - | \$29,995 | \$29,995 |
| Balance at | | | | | | | |
| December 31, 2021 | 102 | \$5,843 | | 284.66 \$67,655 | \$17,991 | \$56,853 | \$148,342 |
The accompanying notes are an integral part of these financial statements.
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## GOLD COAST SECURITIES, INC.. STATEMENT OF CASH FLOWS For the Year Ended December 31, 2021
| | 2021 |
|-----------------------------------------------------------|--------------|
| Cash flows from operating activities: | |
| Net income | \$
29,995 |
| Adjustments to reconcile net loss to net cash provided by | |
| (used in) operating activities: | |
| Bad debt expense | 3,618 |
| Depreciation and amortization | 2,227 |
| Changes in: | |
| Receivable from broker-dealers and clearing organization | (7,164) |
| Other assets | 4,760 |
| Officer advances | (35,000) |
| Accounts payable and accrued expenses | 1,382 |
| Deferred revenue, net | 7,948 |
| Total adjustments | (22,229) |
| Net cash provided by operating activities | 7,766 |
| Net increase in cash and cash equivalents | 7,766 |
| Cash and cash equivalents at beginning of year | 16,042 |
| Cash and cash equivalents at end of year | \$
23,808 |
| Supplemental cash flow disclosures: | |
| Income tax payments | \$
800 |
| Interest payments | \$ |
The accompanying notes are an integral part of these financial statements.
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#### GOLD COAST SECURITIES, INC. NOTES TO FINANCIAL STATEMENTS December 31, 2021
## **1. Organization and Nature** of Business
Gold Coast Securities, Inc. (a C-corporation) (the "Company) is a broker-dealer registered with the Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA). The Company is a Delaware corporation, headquartered in California, and began operations in January 2001.
## **2. Significant Accounting Policies**
## *Basis ofPresentation*
The Company is engaged in business as a securities broker-dealer, which comprises several classes of services, including both principal and agency transactions involving retailing corporate equity securities, mutual funds, corporate debt, municipal bonds, and U.S. government securities; selling life insurance and annuities; and providing investment advisory and management services.
## *Use ofEstimates*
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date ofthe financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
### *Cash and Cash Equivalents*
Cash and cash equivalents include cash on hand and money market accounts. The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.
### *Property and Equipment*
Property and equipment are stated at cost. Depreciation has been provided using the straight-line method over the useful lives of the assets, which range from three to seven years.
### *Revenue Recognition*
In accordance with ASU No. 2014-09, "Revenue from Contracts with Customers" ("ASC Topic 606") revenues from contracts with customers is recognized when, or as, the Company satisfies its performance obligations to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
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#### GOLD COAST SECURITIES, INC. NOTES TO FINANCIAL STATEMENTS December 31,2021
### 2. Significant Accounting Policies (continued)
### *Revenue Recognition (continued)*
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 considerations 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 revenue recognition guidance does not apply to revenue associated with financial instruments, interest income and expenses, leasing and insurance contracts.
### Commissions and Distribution Fees
The Company buys and sells securities on behalf of its customers. When a customer enters into such a transaction, the Company charges or receives a commission. Commissions and related clearing expenses are recorded on a trade date basis. The Company believes that the performance obligation is satisfied on the trade date because that is when the underlying pricing is agreed upon, and the risk and rewards of ownership have been transferred to the customer.
### Trailing Commissions and Fees
The Company incurs distribution costs and receives trailing commissions and fees for the marketing to and servicing of customers who have purchased mutual funds and insurance products. The trailing commissions and fees revenue are variable in nature and generally based on a percentage of the market value of the customers' investment holdings in trail-eligible assets as of a given date. The Company has determined that the trailing commissions and fees are constrained and are only recognized as revenue at a point in time when the trail becomes known (usually monthly or quarterly), which is determined by the contractual terms with the product provider.
### Investment Advisory Revenue
The Company charges or receives a management fee in connection with management and investment advisory services performed for customers in managed accounts. The management fee is a percentage of the customer's investment holdings as of a given date (usually end of quarter or end of month), and the performance obligation related to the transfer of services is satisfied over a period of time (usually quarterly or monthly). The revenue from the investment advisory services is recorded when the performance obligation for the period of time covered by the management fee is earned. The unearned portion is recorded as deferred revenue, net of associated fees and expenses.
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#### GOLD COAST SECURITIES, INC. NOTES TO FINANCIAL STATEMENTS December 31, 2021
## **2. Significant Accounting Policies (continued)**
## *Income Taxes*
Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due plus deferred taxes related primarily to differences between the basis of depreciation and realization of net operating losses for financial and income tax reporting. The amount of current and deferred taxes payable or refundable 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.
## *Fair Value ofFinancial Instruments*
Carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair values due to the short maturities of such instruments.
## *Concentration ofCredit Risk*
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and clearing organization accounts receivable. The Company places substantially all of its cash deposits with one high-quality financial institution.
## *Subsequent Events*
The Company evaluated subsequent events through March 31, 2022, the date the financial statements were available to be issued.
## **3. Recently Issued Accounting Standards**
The Financial Accounting Standards Board (the "FASB") has established the Accounting Standards Codification ("Codification" or "ASC") as the authoritative source of generally accepted accounting principles ("GAAP") recognized by the FASB. The principles embodied in the Codification are to be applied by nongovernmental entities in the preparation of financial statements in accordance with GAAP in the United States. New accounting pronouncements are incorporated into the ASC through the issuance ofAccounting Standards Updates ("ASUs").
ASUs issued before March 30, 2022 and effective after December 31, 2020 are not expected to have a material effect on the Company's Statement of Financial Condition, Statement of Income, Statement of Changes in Stockholder's Equity, or Statement of Cash Flows.
## **4. Guarantees**
FASB ASC 460, Guarantees, requires the Company to disclose information about its obligations under certain guarantee arrangements. FASB ASC 460 defines guarantees
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#### GOLD COAST SECURITIES, INC. NOTES TO FINANCIAL STATENIENTS December 31, 2021
## 4. Guarantees (continued)
as contracts and indemnification agreements that contingently require a guarantor to make payments to the guaranteed party based on changes in an underlying factor (such as an interest or foreign exchange rate, security or commodity price, an index or the occurrence or nonoccurrence of a specified event) related to an asset, liability or equity security of a guaranteed party. This guidance also defines guarantees as contracts that contingently require the guarantor to make payments to the guaranteed party based on another entity's failure to perform under an agreement as well as indirect guarantees of indebtedness ofothers.
The Company has issued no guarantees at December 31,2021, or during the year then ended.
## 5. Cash Segregated Under Federal and Other Regulations
Cash of \$25,000 has been segregated in a special reserve bank account for the benefit of customers under Rule 15c3-3 of the SEC on agreements for proprietary accounts of introducing brokers.
## 6. Receivable From and Payable Clearing Organizations
Amounts receivable from and payable to clearing organizations were as follows for the year ending December 31, 2021:
| December 31, 2021 | Receivable | Parable |
|--------------------------------------------------|--------------|-----------|
| Receivable
from
product
sponsors
and | | |
| clearing organization | \$
83,050 | \$
51 |
| Fees and commissions receivable/payable | 7,968 | 45,562 |
| | 91.018
\$ | \$ 45.613 |
The Company has an agreement to clear substantially all of its proprietary and customer transactions through another broker-dealer (Pershing LLC) on a fully disclosed basis. Pershing LLC is responsible for handling and monitoring all securities lending activities (collateralized financings) related to securities borrowed and securities loaned transactions.
## 7. Commitments and Contingencies
The Company has an operating lease for 1,782 square feet of office space in Thousand Oaks, California. The Company's lease will terminate on November 30, 2022. Current monthly rental payments are approximately \$3,800.
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#### GOLD COAST SECURITIES, INC. NOTES TO FINANCIAL STATEMENTS December 31, 2021
## 7. **Commitments and Contingencies (continued)**
Future minimum lease payments under the operating lease are as follows:
| Year ending December 31,: | | | | |
|---------------------------|------|----|--------|--|
| | 2022 | \$ | 41,592 | |
| | | | | |
| | | \$ | 41,592 | |
| | | | | |
Lease payments for the year ended December 31, 2021 was \$45,934, which is included in occupancy expense.
In February 2016, the FASB issued ASD 2016-02, "Leases," that provides a new accounting guidance related to leases effective January 2019 for terms longer than 12 months. ASD 2016-02 establishes a right-of-use model that requires a lessee to record a right-of-use (ROD) asset and a lease liability on the balance sheet. Since the Company has not entered into any lease obligation greater than 12 months, the Company was not required to record a ROD asset and lease liability.
## **8. Property and Equipment**
Property and equipment consist ofthe following as of December 31, 2021:
| Computer, Phone & Equipment
Less: Accumulated Depreciation | \$
12,634
(7,491) |
|---------------------------------------------------------------|-------------------------|
| Total Property and Equipment | \$
5,143 |
Depreciation expense for the year ended December 31, 2021 was \$2,227.
## 9. **Major Revenue Concentration**
For the year ended December 31, 2021, variable annuity, mutual fund, and management fee revenue were approximately 40%, 27% and 25%, of total revenue, respectively. The Company expects that most of this revenue will be recurring. In addition, approximately 22% of total revenues were generated from one insurance company. Approximately another 13% of total revenues were generated from one mutual fund company.
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#### GOLD COAST SECURITIES, INC. NOTES TO FINANCIAL STATEMENTS December 31, 2021
## 9. Major Revenue Concentration (continued)
With respect to clearing organization receivables, such receivables normally arise from fees generated through clearing and execution services performed for the Company's numerous customers. The Company has contractual arrangements with highly-rated broker-dealers, mutual fund companies, and insurance companies as the source of these revenues. As of December 31, 2021, three product providers had balances of approximately 19%, 17%, and 10% of total receivables from Broker-Dealers and Clearing Organization. In addition, the Company's clearing firm had a balance of approximately 11% of total receivables from Broker-Dealers and Clearing Organization.
The Company maintains reserves for potential credit losses, as applicable and such losses, in the aggregate, have not exceeded management's expectations. The Company had a bad debt expense for 2021 of\$3,618.
## 10. Income Tax
The primary timing differences between book and tax expense reporting are depreciation expense and the utilization of the Net Operating Loss (NOL) carryforward. At December 31, 2021, the Company had a state and federal NOL carryforward of approximately \$114,000 and \$23,000, respectively, which will expire by 2035. As of December 31,2021 there are no assurances the Company will be able to utilize such losses. As such, the Company has recognized a full allowance for any deferred taxes, and has recognized the minimum state franchise tax of \$800, for the year 2021.
The Company recognizes and measures its unrecognized tax benefits in accordance with Financial Accounting Standards Board (FASB) Accountings Standards Codification (ASC) 740, *Income Taxes.* Under that guidance the Company assesses the likelihood, based on their technical merit, that tax positions will be sustained upon examination based on the facts, circumstances and information available at the end of each period. The measurement of unrecognized tax benefits is adjusted when new information is available, or when an event occurs that requires a change. The Company does not have any tax positions at the end of the year for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within twelve months of the reporting date.
The Company is generally not subject to feder~l, state, or local tax examinations by taxing authorities for years before 2018. As of December 31, 2021, no taxing authority has proposed any adjustments to the Company's tax position.
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#### GOLD COAST SECURITIES, INC. NOTES TO FINANCIAL STATEMENTS December 31, 2021
## 11. Capital Requirements
The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule (SEC rule l5c3-l), which requires the maintenance of minimum net capital (i.e., \$50,000) and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to I (and the rule of the "applicable" exchange also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to 1). At December 31, 2021, the Company's net capital measured \$68,007 and its net capital ratio was 0.81 to 1.
## 12. Related Party Transactions
During 2021, the Company provided an officer of the Company an advance of \$35,000, which is reported on the Statement of Financial Condition as Officer advances. The advance carries no interest and is due for repayment by December 31, 2022.
## 13. COVID-19
The worldwide outbreak of COVID-19 may lead to an adverse impact on the financial markets and the economy. In the event that such an adverse impact was to occur for a substantial period of time, the operations and financial performance of the Company may be adversely affected. However, the severity of such an event, should it occur, is uncertain and cannot be predicted.
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#### GOLD COAST SECURITIES, INC.
Supplementary Information Pursuant to Rule 17a-5 of the Securities Exchange Act of 1934
As of December 31,2021
{18}------------------------------------------------
### **Schedule I**
#### GOLD COAST SECURITIES, INC. Computation ofNet Capital Under Rule 15c3-1 ofthe Securities and Exchange Commission As ofDecember 31, 2021
| Net capital
Total stockholders' equity
Deduct stockholders' equity not allowable for capital | \$
148,342 |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------|
| Total stockholders' equity qualified for net capital
Add:
Subordinated borrowings allowable in computation of net capital
Other (deductions) or allowable credits - deferred income taxes payable | 148,342 |
| Total capital and allowable subordinated borrowings
Deductions and/or charges:
Nonallowable assets:
Office furniture and equipment
5,143
Other assets - registered representative receivables, net
7,968
Office advance
35,000
Receivable from broker-dealers, in excess ofrelated payables
9,010
Other assets - prepaid expenses and deposits
23,214 | 148,342
80,335 |
| Net capital before haircuts on securities positions
Haircuts on securities positions | 68,007 |
| Net capital per audited [mancial statements | 68.007
\$ |
| Aggregate indebtedness
Items included in statement of[mancial condition:
Accounts payable, accrued expenses, and deferred revenue, net,
Items not included in statement offinancial condition | 54,842
\$ |
| Total aggregate indebtedness (AI) | \$
54,842 |
| Computation of basic net capital requirement
Minimum net capital required (6-2/3% of AI) | \$
3,656 |
| Minimum dollar net capital requirement | \$
50,000 |
| Minimum net capital required (greater of above): | \$
50,000 |
| Excess net capital over minimum net capital required | \$
18,007 |
| Excess net capital at 1,500 percent (net capital- 6.67% of AI) | \$
64.351 |
| Excess net capital at 1,000 percent (net capital - 10% of AI) | \$
62,523 |
| Ratio: Aggregate indebtedness to net capital | 0.81 to 1 |
There are no material differences between the preceeding computation and the Company's corresponding unaudited part II of Form X-17A-5 as ofDecember 31, 2021
See Report ofIndependent Registered Public Accounting Firm
{19}------------------------------------------------
## Schedule II
#### GOLD COAST SECURITIES, INC. Computation for Determination ofReserve Requirements Under Rule 15c3-3 ofthe Securities and Exchange Commission As of December 31, 2021
Gold Coast Securities, Inc. is exempt from the reserve requirement, as it operates pursuant to SEC Rule 15c3-3(k)(2)(ii) (the Customer Protection Rule), clearing securities transactions on a fully disclosed basis through its clearing firm.
With respect to securities transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to Gold Coast Securities, Inc., the Company does not claim an exemption from Rule 15c3-3 in reliance upon footnote 74 of SEC Release No. 34-70073 dated July 30, 2013, and as discussed in Question 8 of the related FAQ released by SEC staff on April 4, 2014.
Gold Coast Securities, Inc. does not hold customer funds or safekeep customer securities.
See Report ofIndependent Registered Public Accounting Firm
{20}------------------------------------------------
## Schedule III
#### . GOLD COAST SECURITIES, INC. Information Relating to Possession or Control Requirements Under Rule 15c3-3 ofthe Securities and Exchange Commission As ofDecember 31,2021
Gold Coast Securities, Inc. is exempt from the possession or control requirement, as it operates pursuant to SEC Rule 15c3-3(k)(2)(ii) (the Customer Protection Rule), clearing securities transactions on a fully disclosed basis through its clearing firm.
With respect to securities transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to Gold Coast Securities, Inc., the Company does not claim an exemption from Rule 15c3-3 in reliance upon footnote 74 of SEC Release No. 34-70073 dated July 30, 2013, and as discussed in Question 8 of the related FAQ released by SEC staff on April 4, 2014.
Gold Coast Securities, Inc. does not hold customer funds or safekeep customer securities.
See Report ofIndependent Registered Public Accounting Firm
{21}------------------------------------------------
## **Schedule IV**
GOLD COAST SECURITIES, INC. Schedule of Segregation Requirements and Funds In Segregation for Customers' Regulated Commodity Futures and Options Accounts As of December 31, 2021
**Not applicable**
See Report of Independent Registered Public Accounting Firm
{22}------------------------------------------------
Member FINRA & SIPC
#### **Exemption Report December 31,2021**
Gold Coast Securities, Inc. (the "Company") is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.17a-5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. § 240.17a-5(d)(1). To the best of its knowledge and belief, the Company states the following:
(1) The Company claimed an exemption from 17 C.F.R. § 240. 15c3-3 under the provisions of 17 C.F.R. §240.15c3-3 (k)(2)(ii). The Company met the identified exemption provisions in 17 C.F.R. §240.15c3-3 (k)(2)(ii) throughout the most recent fiscal year without exception.
(2) The Company is also filing this Exemption Report because the Company's other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 are limited to effecting securities transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company, and the Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customer, (other than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (b)(2) of Rule 15c2-4 and/or funds received and promptly transmitted for effecting transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company); (2) did not carry accounts of or for customers; and (3) did not carry PAS accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception.
I, Tae P. Ho, swear (or affirm) that, to my best knowledge and belief, this Exemption Report is true and correct. ./
~~
Chief Tae P. Executive Ho Officer Gold Coast Securities, Inc.
;JJI/f)? *OZ"Z-*
Date
275 E. Hillcrest Drive, Suite 225, Thousand Oaks, CA 91360 Tel. 805-496-3660 888-474-4610 Fax 805-496-3880
www.gcsec.com
{23}------------------------------------------------
Certified Public Accountants 9301 Oakdale Avenue, Suite 230 Telephone: (818) 895-1943 Chatsworth, CA 91311 Facsimile: (818) 727-7700 www.fhhcpas.com
## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of Gold Coast Securities, Inc.
We have reviewed management's statements, included in the accompanying Exemption Report, in which (1) Gold Coast Securities, Inc. (the "Company") identified the following provisions of 17 C.F.R. §15c3-3(k) under which Gold Coast Securities, Inc. claimed an exemption from 17 C.F.R. §240.15c3-3: k(2)(ii) (the "exemption provision") and (2) Gold Coast Securities, Inc. stated that Gold Coast Securities, Inc. met the identified exemption provision throughout the most recent fiscal year without exception.
The Company is also filing this Exemption Report because the Company's other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 are limited to effecting securities transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company, and the Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, other than funds received and promptly transmitted in compliance with paragraph (a) or (b)(2) of Rule 15c2-4 and/or funds received and promptly transmitted for effecting transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company; (2) did not carry accounts of or for customers; (3) and did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception.
Gold Coast Securities, Inco's management is responsible for compliance with the exemption provisions 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 Gold Coast Securities, Inc. '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 provisions set forth in paragraph (k)(2)(ii) of Rule 15c3-3 under the Securities Exchange Act of 1934 and the Company's other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240. 17a-5, and related SEC StaffFrequently Asked Questions.
Farber Hass Hurley LLP
Chatsworth, California March 3 1, 2022
{24}------------------------------------------------
**• Farber Hass Hurley LLP**
Certified Public Accountants 9301 Oakdale Avenue, Suite 230 Telephone: (818) 895-1943 Chatsworth, CA 91311 Facsimile: (818) 727-7700 www.fhhcpas.com
#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON APPLYING AGREED-UPON PROCEDURES
To the Board of Directors and Shareholders of Gold Coast Securities, Inc.
We have performed the procedures included in Rule 17a-5(e)(4) under the Securities Exchange Act of 1934 and in the Securities Investor Protection Corporation (SIPC) Series 600 Rules, which are enumerated below on the accompanying General Assessment Reconciliation (Form SIPC-7) for the year ended December 31, 2021. Management of Gold Coast Securities, Inc. (Company) is responsible for its Form SIPC-7 and for its compliance with the applicable instructions on Form SIPC-7.
Management of the Company has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of assisting you and SIPC in evaluating the Company's compliance with the applicable instructions on Form SIPC-7 for the year ended December 31,2021. Additionally, SIPC has agreed to and acknowledged that the procedures performed are appropriate for their intended purpose. This report may not be suitable for any other purpose. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The sufficiency of these procedures is solely the responsibility of those parties specified in this report. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose. The procedures we performed and our findings are as follows:
- 1) Compared the listed assessment payments in Form SIPC-7 with respective cash disbursement records entries, noting no differences;
- 2) Compared the Total Revenue amount reported on the Annual Audited Report Form X-17A-5 Part III for the year ended December 31,2021 with the Total Revenue amount reported in Form SIPC-7 for the year ended December 31,2021, noting no differences;
- 3) Compared any adjustments reported in Form SIPC-7 with supporting schedules and working papers, noting no differences;
- 4) Recalculated the arithmetical accuracy of the calculations reflected in Form SIPC-7 and in the related schedules and working papers supporting the adjustments, noting no differences; and
- 5) Compared the amount of any overpayment applied to the current assessment with the Form SIPC-7 on which it was originally computed, noting no differences.
We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the AlCPA and in accordance with the standards of the Public Company Accounting Oversight Board (United States). We were not engaged to and did not conduct an examination or a review engagement, the objective of which would be the expression of an opinion or conclusion, respectively, on the Company's Form SIPC-7 and for its compliance with the applicable instructions on Form SIPC-7 for the year ended December 31,2021. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.
We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.
This report is intended solely for the information and use of the Company and SIPC and is not intended to be and should not be used by anyone other than these specified parties.
Farber Hass Hurley LLP
Chatsworth, California March 31, 2022
{25}------------------------------------------------
| SIPC-7 | |
|----------------|--|
| (36-REV 12/18) | |
SECURITIES INVESTOR PROTECTION CORPORATION P,o. Box ~2185 WashingtqA, D,C.,20090-2185 202·371-8300 SIPC..7 SIPC-7 i36·REV 12/18) GQneral Assessment Reconciliation H3p-REV 12/18)
For lhefiscal year ended, 202.,-,1,,-'.;..'~~........
[Read carefuHylhe instrl.lctitlhsih ynur ,Wnrking C'opy b.e/ore completing l!Jis Formi
## TO BE FILED BY ALLSIPO Ml:M~ERS WITH FISCAL Y;e..AR ENDINGS
1, Name of Membor, address. Designated ExamIning AllthorHy, 193AAct (~gisJratiol1 no.,ano monlhin which fiscalvearends lor purposes of Ihe audit requiremenlof SEC Rulel7a.5:· .
| 15'3148
FINRA
DEC
GOLD COAST SECURITIES, INC.
275 E HILLCREST DR.,STE215
THOUSAND OAKS, CA 91360-8241
L | | Note: If any of the intormationshown Oft the
mailing label r13qlJir~s correction, please e.mail
any corrections to forrn@sipc.org and so
'
ind.icate 9ft the form med.
Name',and IfJlephonl'!, number 01 person 10
contact respecHng this form.
TAE P. HO, (805) 496~3660 |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2, A,Gen€ral
Assessment (Hem 2e from page 2) | | S770 |
| Loss p£lymellt made wrlh SIPC-6Iiled (exclude Interest)
8
07/29/2021 | | (.385 |
| Dale Paid | | |
| C. Less prior Qvorpaymonlapplied | | (.------- |
| LL Assessment bi:\lance due ar(overpayment) | | 385 |
| Interes! cornputedon late payment (see rnslfu,ction EJ for_'_',,_,days at 20% pe(ani1Uffi
E, | | |
| F. Tolai assessment balance and inlerestdue (or oviHpayrneiitcanied forward) | | |
| -.,j the bolt
G PAYMENT:
Check mailed to P.O. 80x0 Funds wfreciD
(must be sarne as F above)
Total
, | ACHD
38S
,\$r,;.";' | ~~~-_~_ |
| H. Overpaymenl carried forward | l(~ | =-,------,J |
| 3. Subsidiaries (S)and prMeC6ssiHS (PJ rnclude~ in Ul'isIOlrn'{9ive natrie alid 1934 Ac,! registriltion number): | | |
| fheS iPC membec( sul!mltl1ng this form and the
person by whom itis executed represent thereby | gOLD COA~T | SECURITIES, INC. |
| [[lat all InfafltlaUon conlaln(ld herein is lrue, porrMt
ilfit! complete. | | |
| | | |
| ,20_,22_'
Dated nle~
day a! February
, | | |
| ThiS form and theasse,ssffient payment Is' due 60 days afte.r 'Hu;; end (jJjh~ fi\$c.~t yeilr. Retain th¢ Working Copy of this form
for a period of no1 less than Ii year~,tbe latest 2yeaJs Inan eosilyaccessl,bleplace. | | |
| ffi Dates,
:s:Poslmarked
Received | | |
| LLI | | | |
|-----|---------------------------------|---------------------|-------------------|
| LLI | ;;: Calculations _~____
' | DQetimalit~tioil_~~ | Forward Copy
_ |
| IX: | C,.') Ex.ceptions:, | | |
| a | U; Disposition of !lX,cept!ons: | | |
{26}------------------------------------------------
### **OETERMlNATIONOf ,ISJPG MeT ClPERA:rJNG Reve.NUI:S·' AND GEN.E'QA.L ASSeS\$MENT** Amourl!~foS the Hsp.at period
| | b.eg1nn log 01/01/2021
andeOplflg 121aU2Q21 |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------|
| Item No.
2:;, Tala! revenue (FOCUS Line 12!PartHA Une 9. COQIi!40,3,d) | Ellrtllnate cents
~~;092;9a9 |
| 2i\ iiddltions:
(1 ) Total revenues IromfhesecurHiesbusiness olsubs.idiaries (elwept foreign sub.sidlarlasl and
predecessors not Included above, | |
| i2l Ne! loss from prinCipal Itarrsatt!Ofls In securities in Iradil'l{plCCounts, | |
| (3) Net loss from principal Iran~acHo.ns in commodities in tradlnQ aCCQunts. | |
| (4) lrlleres(. and dividend expense dllQUcled in delermini'ngJtem2a, | |
| (5) Not lass from managenient ot or particlpaHonirilhe underwl!tlri9W diSlrjbuliohofsecuritles, | |
| (6) EXp6f1Sesntner than advertising, printing, registration!easand lega! lees' deducted in determining net
profit lrom mahagement of or participation in underw/ilitigoi' dislrihutionaf securities, | |
| (7) Net lOgS fromsscurities in investment a:eCQunts, | |
| Total additions | |
| ie Deo\lcllons:
(1) Revenues !rom the diSldbution oi shares of a registered l)P~n~fldlnvesJmentt;ol'!1pany
qr Qolt
investment trust. fromlne saleo!variable annuities, I(Omlh~~\l~lness of insu~anGe,fmminvllstmeni
advisory servIces rendered 10 registered lnv~J;tment cOrilpaii!esorin~urance
~ompany SeptHale
accounts, and frem transactions In security futures produPls, | 1;463,862 |
| (2) Revenues trol11commodilytrilr'lsaClfons. | |
| (3) Commissibns, HOD!' broker,l!lge and Clea(al1C~ .pa.id 19. pthersecuriti es tran,sacUons,
' | 40.158 |
| (4) Reil11QutsemenlS lor posrageinconlleclioll with proxy so!icjfaliOJh | |
| (5) Netgilin from tecuriflesln Investment aecounls', | |
| :~1 i GOO!;; of cornmlssionssnd markups earned from fransactionsill,(i)cer:!tfJcatf1S of depo\$:it and
[ii) Treasury bills·" bankers aeceplancesor commeroiaLpaper t~aJmatlHe nine months or less
from issuance dale, | |
| (7j DirGct expenses oj p:tiritingatlvertisfng and le.galfees inourred inclYnnectlon with aliter revenue
rAlated te HlGsecurilh:s business [revenlJedefineo fly S"CtfPl1 16(9){Lj 01 the Act). | |
| (8) DIMr r(jvemHlllot related either directlYiH indir!M:lly tOlhe securities business,
(See lilstruCtion Cl: | |
| FEES FROM REPRESENTATIVES | 75,943 |
| (Deductions in excess()fli~O,OOO requir13 documGntatiQJiI | |
| (9) (i) Total interest and diVidend expense (I=ObUS Une22IPA'RT!I~ line i3,
Code 4075 plus line 2b(4Jabove) butnpl in~xcass
Of lo!zd {nietos! and (iividend incoma,\$,~'~~~~~~~~~_ | |
| '(ii) 40% oj fTf4rgin interellleamed gil cusl(jmers S,Elourltfes
accounls (40% 01 fOCUS !joe 5,Code39(0);\$~_;._ ,, | |
| Enter lhegreatero! Hoe (il or (ii) | |
| Total deductions | 1,579;961 |
| 2d, SI PC Nsl Operating Revenues | \$513,028 |
| 2e GO(Joral Assessment @ .0015 | (to page 1, Hne2,A,i |
Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.