# EDGAR Filing Document

**Accession Number:** 0000920073
**File Stem:** 0000920073-23-000001
**Filing Date:** 2023-2
**Character Count:** 22612
**Document Hash:** 85c1ec16db2317ce189d32e3e6f73b19
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000920073-23-000001.hdr.sgml**: 20230206

**ACCESSION NUMBER**: 0000920073-23-000001

**CONFORMED SUBMISSION TYPE**: X-17A-5

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230206

**DATE AS OF CHANGE**: 20230206

**EFFECTIVENESS DATE**: 20230206

**PERIOD START**: 20220101

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GATEWAY FINANCIAL AGENCY CORPORATION
- **CENTRAL INDEX KEY:** 0000920073
- **IRS NUMBER:** 710744027
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** X-17A-5
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 008-46992
- **FILM NUMBER:** 23588939

**BUSINESS ADDRESS:**
- **STREET 1:** 1576 NW PINE CREEK AVENUE
- **CITY:** ARCADIA
- **STATE:** FL
- **ZIP:** 34266
- **BUSINESS PHONE:** 863-993-2682

**MAIL ADDRESS:**
- **STREET 1:** 1576 NW PINE CREEK AVENUE
- **CITY:** ARCADIA
- **STATE:** FL
- **ZIP:** 34266

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GATEWAY FINANCIAL AGENCY CORP                           /BD
- **DATE OF NAME CHANGE:** 20020307

### Attached PDF Documents

**Attachment 1:** `ANNUALAUDIT2022.PDF.pdf`

# 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-5

# PART III

# SEC FILE NUMBER

# 8-46992

# 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 01/01/2022 AND ENDING 12/31/2022

MM/DD/YY

MM/DD/YY

# A. REGISTRANT IDENTIFICATION

NAME OF FIRM: GATEWAY FINANCIAL AGENCY CORPORATION

TYPE OF REGISTRANT (check all applicable boxes):

☑ 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.)

1576 NW PINECREEK AVE.

(No. and Street)

ARCADIA

(City)

FL

(State)

34266

(Zip Code)

PERSON TO CONTACT WITH REGARD TO THIS FILING

SUSAN NECULAE

863-993-2682

GWAYFIN@YMAIL.COM

(Name)

(Area Code - Telephone Number)

(Email Address)

# B. ACCOUNTANT IDENTIFICATION

INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*

OHAB AND COMPANY, PA

(Name - if individual, state last, first, and middle name)

100 E. SYBELIA AVE. SUITE 130 MAITLAND FL 32751

(Address)

(City)

(State)

(Zip Code)

JULY 28, 2004

1839

(Date of Registration with PCAOB)(if applicable)

(PCAOB Registration Number, if applicable)

# 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.

# OATH OR AFFIRMATION

I, SUSAN NECULAE, swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of GATEWAY FINANCIAL AGENCY CORPORATION, as of DECEMBER 31, 22, 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.

Desoto County FL 02/03/2023

Roxane Wilson

Notary Public

Signature: Susan Neculae

Title: TREASURER

![img-0.jpeg](img-0.jpeg)

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 240.15c3-1 or 17 CFR 240.18a-1, 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.
☐ (l) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3.
☑ (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, 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.
☐ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition.
☑ (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 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.
☐ (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 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 CFR 240.15c3-1e or 17 CFR 240.17a-12, as applicable.
☐ (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).
☐ (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.

# GATEWAY FINANCIAL AGENCY
CORPORATION
FINANCIAL STATEMENTS
DECEMBER 31, 2022

# Gateway Financial Agency Corporation
Member FINRA

Rule 15c3-3 Exemption Report for the Year Ended December 31, 2022

To the best of my knowledge and belief Gateway Financial Agency Corporation, Broker/Dealer;

1. Operated under the (k)(1) exemption during the previous calendar year
2. Met the provisions of the 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
Susan Neculae

Date: JANUARY 4, 2023

15c3-3 Exemption

1576 NW Pine Creek Avenue Arcadia, FL 34266
Phone 863-993-2682 FAX 863-993-2682

O

hab and Company, P.A.

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, P.A.

Ohab and Company

Maitland, Florida

January 27, 2023

O

hab and Company, P.A.

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

# Opinion on the Financial Statements

We have audited the accompanying statement of financial condition of Gateway Financial Agency Corporation as of December 31, 2022, 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 (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, 2022, 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, the Schedule I is fairly stated, in all material respects, in relation to the financial statements as a whole.

Shel and Company, P.A.

We have served as Gateway Financial Agency Corporation's auditor since 2020.

Maitland, FL

January 27, 2023

# GATEWAY FINANCIAL AGENCY CORPORATION

## BALANCE SHEET

### DECEMBER 31, 2022

ASSETS

| Current Assets |  |  |
| --- | --- | --- |
| Cash | $ | 23,869 |
| Prepaid Expenses |  | 1,522 |
| Total Assets | $ | 25,391 |

LIABILITIES AND STOCKHOLDER'S EQUITY

| Current Liabilities |  |  |
| --- | --- | --- |
| Accounts Payable | $ | 275 |
| Professional Fees Payable |  | 2,969 |
| FINRA Assessment Payable |  | 1,140 |
| Total Liabilities |  | 4,384 |
| Stockholder's Equity |  |  |
| Common Stock, 1500 Shares Authorized, 200 Shares Outstanding, No Par Value | $ | 7,282 |
| Additional Paid-In Capital |  | 2,809 |
| Retained Earnings |  | 10,916 |
| Total Stockholder's Equity |  | 21,007 |
| Total Liabilities & Stockholders's Equity | $ | 25,391 |

Read Independent Auditor's Report and Notes to Financial Statements

# **GATEWAY FINANCIAL AGENCY CORPORATION  
STATEMENT OF INCOME AND RETAINED EARNINGS  
FOR THE YEAR ENDED DECEMBER 31, 2022**

| Revenue |  |
| --- | --- |
| Commissions From Mutual Fund Sales | $5,246 |
| Distribution Fees | 39,752 |
| Interest Income | 2 |
| Total Revenue | 45,000 |
| Agent's Commission Expense | 33,598 |
| Gross Profit | 11,402 |
| Operating Expenses |  |
| Office Expense | 3,322 |
| Licenses and Fees | 3,095 |
| Taxes | 375 |
| Professional Fees | 4,187 |
| Total Operating Expenses | 10,979 |
| Profit or Loss From Operations | 423 |
| Retained Earnings |  |
| Balance, January 1 2022 | 10,493 |
| Balance, December 31, 2022 | $10,916 |

Read Independent Auditor's Report and Notes to Financial Statements

# GATEWAY FINANCIAL AGENCY CORPORATION
## STATEMENT OF CASH FLOWS - INDIRECT METHOD
### FOR THE YEAR ENDED DECEMBER 31, 2022

| Operations: |  |
| --- | --- |
| Net Income | $423 |
| Adjustments: |  |
| Decrease in Accounts Payable | ( 487) |
| Cash Provided by Operations | $( 64) |
| Cash at January 1, 2022 | $23,933 |
| Cash at December 31, 2022 | $23,869 |
| Supplemental Disclosure: |  |
| Cash paid for Interest | $0 |
| Cash paid for Taxes | $0 |

Read Independent Auditor's Report and Notes to Financial Statements

# GATEWAY FINANCIAL AGENCY CORPORATION
## STATEMENT OF CHANGES IN STOCKHOLDER'S EQUITY
### DECEMBER 31, 2022

|  | Common Stock | Additional Paid - In Capital | Retained Earnings | Total Stockholder's Equity |
| --- | --- | --- | --- | --- |
| Balance, December 31, 2021 | $7,282 | $2,809 | $10493 | $20,584 |
| Net Income | 0 | 0 | 423 | 423 |
| Balance, December 31, 2022 | $7,282 | $2,809 | $10,916 | $21,007 |

Read Independent Auditor's Report and Notes to Financial Statements

# GATEWAY FINANCIAL AGENCY CORPORATION

# NOTES TO THE FINANCIAL STATEMENTS

# DECEMBER 31, 2022

# Note 1 - Nature of Business 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.

# 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 of three 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, 2022, 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 of the Company's taxable income. Therefore, no provisions for income taxes or credits are included on these financial statements. Tax returns for the period 2019 - 2022 are open to examination by the Internal Revenue Service.

# Estimates

The preparation of financial 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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those amounts.

# Note 2 - Net Capital Requirement

As of December 31, 2022, the total net capital of the Company is nineteen thousand four hundred eighty five dollars ($19,485) which is fourteen thousand four hundred eighty five dollars ($14,485) in excess of it's net capital requirement of five thousand dollars ($5000).

Read Independent Auditor's Report

# GATEWAY FINANCIAL AGENCY CORPORATION
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2022

(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 trade 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 of Net Capital, a Computation of Aggregate Indebtedness and the Percentage of Aggregate Indebtedness to Net Capital with the December 31, 2022 FOCUS Report Part IIA. 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 of the 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 Compensation Expense Paid to Owner $33,598.

Office Expense Reimbursement Paid to Owner 3,300.

Read Independent Auditor's Report

# GATEWAY FINANCIAL AGENCY CORPORATION

# NOTES TO THE FINANCIAL STATEMENTS

# DECEMBER 31, 2022

(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 - 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.

Read Independent Auditor's Report

# GATEWAY FINANCIAL AGENCY CORPORATION
## SCHEDULE 1 - COMPUTATION OF NET CAPITAL UNDER RULE 15C3-1
### DECEMBER 31, 2022

| Computation of Net Capital |  |
| --- | --- |
| Total Ownership Equity from statement of financial condition | $21,007 |
| Less |  |
| Non-allowable assets: |  |
| Prepaid expenses | (1,522) |
| Net Capital | $19,485 |
| Computation of Basic Net Capital Requirement |  |
| Minimum net capital required $5,000 | $5,000 |
| Net capital in excess of minimum requirement | $14,485 |
| Aggregate Indebtedness | $4,384 |
| Ratio of aggregate indebtedness to net capital | 22.5% |

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, 2022

Read Independent Auditors Report and Notes to Financial Statements

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM X-17A-5

### ANNUAL AUDITED REPORT

### Filer Information

**Filer CIK:** 0000920073

**Filer CCC:** XXXXXXXX

**Is this a LIVE or TEST filing?:** LIVE

**Would you like a Return Copy?:** No

### Submission Information

**Report Period Begin Date:** 01-01-2022

**Report Period End Date:** 12-31-2022

**Type of Registrant:** Broker-dealer

**Any material weaknesses identified?:** No

### Registrant Identification

**Name of Broker-Dealer:** GATEWAY FINANCIAL AGENCY CORPORATION

**Business Address:** 1576 NW PINE CREEK AVENUE, ARCADIA, FL, 34266

**Contact Person:** Susan Neculae

**Contact Phone:** 8639932682

### Independent Public Accountant Identification

**Accountant Name:** Ohab and Company, PA

**Accountant Address:** 100 E. Sybelia Avenue Suite 130, Maitland, FL, 32751

**Accountant Type:** Certified Public Accountant

### OATH OR AFFIRMATION

I, **Susan Neculae**, swear (or affirm) that, to the best of my knowledge and belief, the accompanying financial statements and supporting schedules pertaining to the firm of **GATEWAY FINANCIAL AGENCY CORPORATION**, as of **12-31-2022**, are true and correct.

**Signature:** Susan Neculae

**Title:** Treasurer

**Notarized:** Yes