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Great Pacific- second submission in full received 6-10 scanned 7-9-190 C_ ;1'CD FCL CL_a �C o� C Co 3 000) G) CD aop0 CCn: N Z U cD N go � (ncn�C)rn :2. 0 (n _3—DS 0 o(Dcn0 cu (D o) M- U rt 0) CD ch N -` co � d7 m� 0 co rn w o o cD 0 52 `. I �I 0 rr �' llyll M D00 o � � N o L, C EM- 0 n m� LIuJ �z C= Q c CITY OF LA QUINTA BROKER/DEALER REQUEST FOR INFORMATION FY 2018/19 CALIFORNIA FINANCE DEPARTMENT 78-495 Calle Tampico La Quinta, CA 92253 (760) 777-7150 City of La Quinta Page 0 of 8 Finance Department Broker/Dealer RFI FY 2018/19 SECTION I: BACKGROUND INFORMATION AND SELECTION PROCESS The City of La Quinta (hereafter referred to as the "City") actively manages an operational portfolio in accordance with the California Government Code and the City's Investment Policy. As of December 31, 2018, total assets of the portfolio were approximately $130 million consisting of U.S. Treasury, Corporate, and Agency obligations; investment in Local Government Investment Pools (LGIP); and negotiable Certificates of Deposit. The Investment Policy may be obtained at: https://laglaserweb.lagointaca.gov/WebLink/DocView.aspx?id=483099&dbid =1&repo=CityofLaQuinta The Policy is also attached at the end of this document for your convenience. The City only transacts securities with broker/dealers that are on the City's Authorized Financial Dealers and Institutions list. To select new broker/dealers, the City uses an open process to ensure all interested brokers may compete for placement on the City's approved list. During the Request for Information (RFI), prospective broker/dealers are required to provide information on their practice, financial condition, and other factors. The intent is to enter a long-term relationship, therefore, the integrity of the firm and the personnel assigned to the City's account is of primary importance. To be considered, broker/dealers must: Confirm that they are a member of the Financial Industry Regulatory Authority (FINRA), are registered with the Securities & Exchange Commission (SEC), and possess all other required licenses. State in writing their acceptance and understanding of the City's written Investment Policy. Provide the City with audited annual financial statements. All firms with whom the City does business must have a stable financial condition. Have the ability to conduct transactions on a delivery vs. payment (DVP) basis. Have been in operation for more than five (5) years. Have adequate financial strength and capital to support the level of trading that is approved. Adequate financial strength will be assessed by a review of the balance sheet and income statement of the broker/dealer. Provide institutional or middle -market coverage. Retail -oriented offices without institutional client capabilities do not qualify. It is important that the firm provide related services that will enhance the account relationship, which could include: An active secondary market for its securities. Internal credit research analysis on commercial paper, bankers' acceptances and other securities it offers for sale. Be willing to purchase securities from the City's portfolio. Be capable of providing market analysis, economic projections, portfolio analysis, interest earnings projections, and newsletters. SECTION II: APPLICATION DEADLINE AND REQUIRED DOCUMENTS To be considered, each broker/dealer candidate must submit the completed application and all of the following required documents by no later than am on March 2.9R 2(219. A completed "Broker/Dealer Questionnaire and Certification." A resume on each firm employee with whom the City would be trading. Copies of the firm's most recent Annual Reports, Form 10-Ks, and audited financial statements. Confirmation of registration with the Securities & Exchange Commission (SEC) Confirmation that the account representative(s) and the firm are members of the Financial Industry Regulatory Authority (FINRA). 2 Copy of the last two years of SEA rule 15c3-1 - net capital requirement for broker dealers. Samples of fixed -income research reports or market information that the firm regularly provides to public sector clients. These documents may be delivered in person, electronically, by post, or by courier to: City of La Quinta Finance Department Attention: Rosemary Hallick 78495 Calle Tampico La Quinta CA, 92253 Finance@laquintaca.gov If a brokerldealer candidate fails to submit the above -referenced documents by the specified deadline, then its RFI shall be deemed to have been automatically re1ected by the City. If you have any questions about this RFIi_please contact Rosemary Hallick at (760) 777-7058 or Karla Campos at (760) 777-7073. SECTION III:SELECTION PROCESS An initial screening will be performed to ensure the firm meets the City's minimum requirements. The applications of the broker/dealers that successfully pass the initial screening will be further reviewed for suitability by City Staff and members of the City's Financial Advisory Commission. Final recommendations will be made to City Council for approval to be added to the Authorized Financial Dealers and Institutions list. Completion of this Request for Information is not a guarantee that a broker/dealer candidate will be authorized to provide financial service to the City. SECTION IV: BROKER/DEALER QUESTIONNAIRE 3 ta � doa CALIFORNIA BROKER/DEALER QUESTIONNAIRE AND CERTIFICATION 1. Name of Firm: Great Pacific Securities 2. Physical Address of Trading Office: 151 Kalmus Drive H8 Costa Mesa, CA 92626 Physical Address of Corporate Headquarters: SAME 3. Telephone of Trading Office: (714)-619-3019 Telephone of Corporate Headquarters: (.714)-619-3019 4. Broker's Representative(s) to the City (attach resume(s)): Name: Peter Li Title: Institutional Account Executive Telephone: (714)-619-3019 5. Manager/Partner-in-charge (attach resume): Name: Christopher Vinck-Luna Title: President Telephone: (714)-619-3019 6. Please indicate the staffing level for your office: Management: 2 Trading:4 Sales: 20 Operations/Clearing : 2 7. Which of the above personnel have read the City's Investment Policy? Peter Li, Christopher Vinck-Luna 8. Which instruments are offered regularly by your local office? (Must equal 100%) X % U.S. Treasuries X % BA's X % Comm. Paper X % C D's Mutual Funds X % Agencies (specify) : SUPRAS, World Bank, IBRD, IFC, IADB 0 91 Great Pacific Securities has access to all major broker/dealer inventories of Certificate of deposits, US government agency securities, prime commercial paper, corporate notes and Local California municipal debt and can provide competitive pricing on such securities. Great Pacific Securities maintains an online inventory of bonds on Bloomberg's bulletin board platform and can also model clients portfolio for informational purposes on Bloomberg as well for portfolio management assistance to determine holes in cash flow and model coupon payments. References -- Please identify your most directly comparable public sector clients in our geographical area. Entity: City of Palo Alto Contact: Tarun Narayan Telephone :(65D)329-2362 Client Since: 2012 Entity: City of Glendale Contact: Rafi Manoukian Telephone: (818)-548-2066 Client Since: 2013 10. Has your firm been subject to any litigation, arbitration, or regulatory proceedings, either pending, adjudicated, or settled, that involved allegations of improper, fraudulent, disreputable or unfair activities related to the sale of securities to or the purchase of securities from institutional clients? If so, explain. M 11. Has your firm or your local office, or representatives assigned to this account, been subject to a regulatory or state/ federal agency investigation for alleged improper, fraudulent, disreputable or unfair activities related to the sale of securities or money market instruments that resulted in a suspension or censure? If so, explain. No 12. Are you aware of any current or pending complaints that are unreported to FINRA against .you or your firm? If so, explain. No 13. Explain your clearing and safekeeping procedures, custody and delivery process. All transactions with the City of La Quinta be conducted on a delivery vs. payment (DVP) basis. Since Great Pacific Securities is not your designated 5 depository, custody of securities and safekeeping requirements are not applicable Who audits these fiduciary responsibilities? Fiduciary systems are audited by FINRA and the SEC. Great Pacific Securities clears all trades through Broadcort, a division of Bank of America Merrill Lynch and these processes are audited annually by an independent auditing firm. Latest Audit Report Date _ 2018 14. Describe the method your firm would use to establish capital trading limits for the City of La Quinta. Great Pacific Securities has a fully disclosed clearing agreement with Bank of America/Merrill Lynch (BOAML). As such, BOAML acts a principal on all of Great Pacific Securities transactions. GPS does not have a predetermined limit for its clients, but instead places a limit on each client in accordance with their creditworthiness. GPS routinely executes trades for public sector accounts in excess of $300 Million per transaction. While trading over $7 Billion a month with public sector clients, the firm has lines in place that can support the needs of any public sector client 15. Is your firm a member in the Securities Investor Protection Corporation (SIPC). insurance program? Yes. X _No If yes, explain primary and excess coverage and carriers. 16. Does your firm regularly report to the Market Reports Division of the Federal Reserve Bank of New York as a 'primary dealer"? Yes No X 17. Is your firm owned by a holding company? Yes_ No X 18. Does your firm comply with the Federal Reserve Bank's capital adequacy guidelines? Yes X, 90x min. requirement. No 19. Does your firm offer investment training to clients? Yes X No Gel 20. Does your firm have professional liability insurance? Yes X No__ If yes, please provide the insurance carrier, limits and expiration date. Insurance Carrier: National Union Fire Insurance Company of Pittsburgh, PA Limit of Liability: $250,00❑ Expiration Date: November 1, 2019 21. Is your firm a member of the Financial Industry Regulatory Authority(FINRA)? List your FINRA/NASD Registration Number and attach current FINRA broker check report. CRD# : 29251/SEC# : 8-44398 22. Do you have any relatives who work at the City of La Quinta? Yes No X If yes, please provide their full name, position and department. 23. Is your firm currently licensed as a broker/dealer by the State of California? Do you maintain an office in California? Yes 24. Do you maintain an office in La Quinta or Riverside County? Yes No—X 25. Please enclose the following: Latest audited financial statements; Samples of reports, transaction confirmations and any other research/publications the City would receive if you were approved; Samples of research reports and/or publications that your firm regularly provides to clients; and Complete schedule of fees and charges for transactions. 7 SECTION V: ACKNOWLEDGEMENT and CERTIFICATION My firm will notify the City immediately, by telephone, and, in writing, in the event of a material adverse change in its financial condition, or of any violation of Municipal Securities Rulemaking Board Rule G-37. ***CERTIFICATION*** I hereby certify that I have personally read the Investment Policy of the City of La Quinta and the California Government Codes pertaining to the investments of the City. We have implemented reasonable procedures and a system of controls designed to prevent imprudent investment activities arising out of transactions conducted between our firm and the City of La Quinta. All sales personnel will be routinely informed of the City's investment objectives, horizons, outlooks, strategies and risk constraints whenever we are so advised by the City. We pledge to exercise due diligence in informing the City of La Quinta of all foreseeable risks associated with financial transactions conducted with our firm. By signing this document, we authorize the City of La Quinta to conduct any and all background checks. Under penalties of perjury, I Certify that the responses to this questionnaire are true and accurate to the best of my knowledge and that I am authorized to execute this request for information. Firm Name: Great Pacific Securities Broker Representative Signature: � Date: Title: Institutional Acc Sales Manager and/or Managing Partner Signature: - - Date: Title: President Print Name: irrj Print Name:�,�� *This form must be signed by a registered principal or an individual with signing authority on behalf of the firm. Peter Li Institutional Account Executive As an account executive with Great Pacific Securities, Peter specializes in working with the investment needs of his institutional clients. Whether keeping pace with an active portfolio manager or developing alternatives for the manager with less time to devote specifically to his portfolio, Peter understands that each has specific needs and requirements. He recognizes that the structure and maintenance of a portfolio requires careful evaluation of every position, including the various influences that may impact the security over its full term. Mr. Li earned a Bachelor of Arts Degree in Economics from the University of California, Irvine. Since joining the industry his focus has been on fixed income securities for institutional clients. He holds Series 7 and 63 licenses. FINRA CRD #: 6048346 M r, M M Christopher V. Vinck President Christopher "Chris" Vinck is President of Great Pacific Securities. Mr. Vinck is responsible for overseeing all investment banking, underwriting and trading activity at the firm. He has focused on developing trading platforms and servicing the needs of institutional clients since 1993. During his tenure at GPS he has helped build the infrastructure for several funds. Mr. Vinck acts as the primary contact for many of the firm's public sector issuers, including The State of California, DASNY and the County of Los Angeles. Mr. Vinck was also the firm's lead contact with the U.S. Treasury through the TARP program as Great Pacific aided in the for the disposition of the Governments holdings of Citigroup and AIG. He also oversees 3P (public private partnership) consulting engagements for the firm, consulting on the $950 million Presidio Parkway project and the California High Speed Rail Project. Prior to joining Great Pacific Securities in 1996, Mr. Vinck was the Senior Vice President of Sepulveda and Smith Securities in Los Angeles. Chris Vinck earned a Bachelor of Science Degree in Business Administration from the University of Southern California and an MBA with honors from The Anderson School at UCLA. He holds FINRA Series 7, 24, 53, 55, and 63 licenses. FINRA CRD #: 2447335 11 Organization Registration Status Organization CRD Number: 29251 Organization Name: GREAT PACIFIC SECURITIES Organization SEC Number: 8-44398 Applicant Name: GREAT PACIFIC SECURITIES No IA Record SEC / SRO / Jurisdiction Registration Status Status Effective Date SEC Approved - 08/25/1994 FINRA Approved - 04/08/1993 IEX Approved - 08/16/2016 NYSE-ARCA Terminated -CEASED AS AN ARCA-ETP FIRM 12/18/2007 NQX Terminated -FILED - BDW 11/26/2007 AZ Approved - 07/02/2003 AR Approved - 08/25/2011 CA Approved 04/16/1993 CO Approved - 05/12/2003 CT Approved - 10/20/2010 FL Approved - 10/08/1993 GA Approved - 05/02/1996 _ HI Approved - 07/13/2015 Approved - 06/19/1997 IL Approved - .06/20/2000 IN Approved - 12/13/2018 IA Approved - 10/03/2002 KS Approved - 03/31/1994 LA Approved - 07/26/2006 MD Approved - 06/08/2010 MA Approved 05/03/1999 MI Approved '01/24/2011 MN Terminated-FIRM'S REQUEST 12/31/2010 MO Approved - 11/01/2010 MT Approved - 06/22/2009 NV Approved 09/09/1997 NJ Approved 08/13/2012 NM Approved -DP: CHRISTOPHER V. VINCK CRD 2447335 04/25/2011 NY Approved 09/06/2011 NC__. Approved - 02/24/2010 OH Approved 03/15/2011 OK Approved 110/25/2012 OR Approved 106/27/2002 TX Approved 104/24/1996 UT Terminated -BDW 12/19/2007 VA Approved 02/25/2010 WA _ Approved - _08/04/2000 WI Approved 09/15/2010 WY_ Approved 102/05/2010 X m c� v 0 a m 3 0 3 0 0 t. W X 0 _0 CD cn o cn Cl)n cD rt 0 om; o C_0 �>0 Z Z G) CD cD r10 0 4h. N 'Q � W a and kf br, L, m c� a) �i o u) 00) —° q (A � � 5 C m C r U U- C O O a) E O O cn Y a)c 'O -0 •� Q f U � O (B •� O Q U) '• n U U �•-� Y to 0) (D . 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O n D C o a. rb G1 0 0 W W f� w w O O p 9 �. 0 o o W W a L a N r 0 0�° lif in ih r r O O N r Ln V O1 W r r ,I-- 00 00 N 00 F W o G � N N V W °v r 0\00 W r rpp A rp O ry S f0 Z W F+ 00 W p i W O F O W F 00 n x n � m N NI �0 � ;o itINI I IO I co I I00 !'71:!7��CI0 N W N O 00 O W F N F O 0000 A 00 In N l~JI Ln l~J1 00 \ � V W A V I~DI��. 00I� 0000 N L LIki 1 IVI-�, GREAT PACIFIC SECURITIES FINANCIAL STATEMENTS AND ACCOMPANYING SUPPLEMENTARY INFORMATION REPORT PURSUANT TO SEC RULE 17a-5(d) FOR THE YEAR ENDED DECEMBER 31, 2017 GREAT PACIFIC SECURITIES Table of Contents SEC Form X-17A-5 Report of Independent Registered Public Accounting firm Statement of Financial Condition Statement of Income Statement of Stockholders' Equity Statement of Cash Flows Statement of Changes in Subordinated Borrowings Notes to Financial Statements Supplementriry Information Schedule I Statement of Net Capital Schedule 11 Determination of Reserve Requirements Schedule III Information Relating to Possession or Control Assertions Regarding Exemption Provisions Report of Independent Registered Public Accounting firm SIPC Form 7 Independent Accountant's Report on Applying Agreed Upon Procedures Related to an Entity's SIPC Assessment Reconciliation PAGE 1 2 3 4 5 6 7 8-11 12 13 13 14 15 UNITED STATES Ohf13 APPROVAL SECURITIESANDEXCnAKGECOiMMISSION W Number: 3235-o123 Washington, D.C, 20549 Expires: March 31, 2018 Estimated average burden ANNUAL AUDITED REPORT haars errgs once...... t2.00 FORM X-17A-5 seG rILE lvUMHN PART Ili 0-44398 FACING PACE Information Required. of Brokers and Dealers Pursuant to Section 17 of the Securities Exchange Act of 1934 and Rule I7a-5 Thereunder REPORT FOR TBEPERIODI3EGINNING- -_ 01/01/17 ANDI-:P)i7!!J(i 17131117 MWDp/YY/YY MM/DD/YY A. REGISTRANTMENTIFICATION NAME OF BROKER -DEALER: Great Pacific Securities OF F AL uss ONI.,Y ADDRESS OF PRINCIPAL PLA.CB OF 13USINESS: (Do not use P.O. Box No.) RM I.D. NO. IS s ri a Su' 8 Cristo a (No. and Street) CA (City) (State) (Zip Code) NAME AND TELEPHONE NUMBER OF PERSON TO CONTACT IN REGARD TO THIS REPORT - Dave Swoislt (Area Cndo—Telephone Numher) B. ACCOUNTANT IDENTII+TCATION INDEPENDENT PUBLIC ACCOUNTANT whose opinion Is contained in this Report* Brian W. A---.. Ar (Name - jf lndiuidagt, ✓rate fare, fR:si, nriddle irnnra) 18401 BurbankBlvd. 41120Try' CA 35 (Address) (City) (State) (Zip Code) CHECK ONE: © Certified Public Accountant ❑ Public Accountant ❑ Accountant not resident in United States or any of Its possessions. FOR OP'FICiAL USE ONLY "Claims for exemptionAorn Lire rrqulranrent that The annual report be covered by the opinion of on independeW public accountant neust be supported by a .rtateenenr qfjacts and on as the basfs far the exemption, Sue SeWon 240.17a S(e)(2) Potential persona who are to respwttl to the collection of Infornretion contained In this form are not roqulrod to respond SEC 1410 (06-02) unless the form dlaplays a currently valid OM13 Central cumber. OATH OR A)FlFII2MATION 1, _ Davu swci'h swear (or affinn) that, to the Bost of my knowledge and belief the accompanying financial statement and supporting schedules pertaining to the firer of reafpacifrc 5r�curitfac - , as of Dece er 31 2017T, are true and correct. I further swear (or affirm) that neither the company nor any partner, proprietor, principal officer or director has any proprietary interest in any account classified solely as that of a custoinor, except as follows: � ��"A"L( urn+ Notary Public Signature Title This report #+ contains (oheck all applicable boxes); 0 (a) Facing Page. (b) Staternent of Financial Condition. ® (c) Statement of Income (Loss). L] (d) Statement of Changes in Financial Condition. ® (o) Statement of Changes in Stockholders' Equity or Partners' or Sole Proprietors' Capital. ❑ (f) Slalemcnt ofChangcs in Liabititias Subordinated to Claims of Creditors. (g) Computation of Nct Capital. © (h) Computation for Determination of Reserve Requiremems Pursuant to Rule 156-3. 0 (1) lnforntatian RoWD9 to the Pnssusipn or Control Requh-ements Under Rule 150-3, ® 0) A Reconciliation, inckiding appropriate explanation of the Computation of Net Capital Under Rule 150-1 and the Computation for Determination ofthe Reuerve Requiroments Under Exhibit A of Rule 150-3. ❑ (k) A Reconciliation between the nudited and unaudited Stalements of Financial Condition with respect to methods of consolidation. © (1) An Oath or Affirmation, ® (m) A copy of the SIPC Supplemental Roport. ❑ (n) A report desorlbing any material inadequacies• found to exist or found to have existed since the date of the previous audit. "For conditions of confidential breatnient of MYain portions of this filing, see section 240.17a-S(e)(3). CALIFORNIA JURAT WITH AFFIANT STATEMENT GOVERNMENT CODE § 8202 See Attached Document (Notary to cross out lines 1-6 below) ❑ See Statement Below (Lines 1-6 to be completed only by document signer[s], not Notary) 3 4 b Signature of Document Signer No. 1 Signature of Document Signer No. 2 (if any) A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of California County of Ofl nof2. V MK71 MARIE CROMER Notary Publlc - CaIlFornla Orange County COmmISslOn R 219521 I My Comm. Expires May 1, 202T Place Notary Seal Above Subscribed and sworn to (or affirmed) before me on this 3 day of '10AMaeW 20 15, by Date Month Year (and (9) Name(s) of Signer(s) proved to me on the basis of satisfactory evidence to be the person(s) who appeared before me. Signature Sure of Notary Public OPTIONAL Though this section is optional, completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Description of Attached Document Title or Type of Document: �' _ Document Date: P .3f. ob17 ArZln.4--'r fi ttt Number of Pages: —,Q_ Signer(s) Other Than Named Above: 02016 Natlonal Notary Association - www,NationaiNotary.org - 1-800-US NOTARY (1-800-876-6827) Item #5910 BRIAN W. ANSON Certified PvbIL.4rcountant 18401 Burbaak Blvd„ Suite 120, Tarzana, CA 91356 • Tel. (818) 636-5660 • Fax (818) 401-8818 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholders' and Board of Directors of Great Pacific Securities Opinion on the Financial Statements I have audited the accompanying statement of financial condition of Great Pacific Securities as of December 31, 2017, the related statements of income, changes in shareholders' equity, cash flows, and changes in subordinated borrowings for the year then ended, and the related notes and Schedule I, Statement of Net Capital Under Rule 150-1, Schedule 11, Determination of Reserve Requirements Under Rule 15c3-3 (exemption), and Schedule III, Information Relating to Possession or Control Requirements Under Rule 15c3-3 (exemption) (collectively referred to as the financial statements). In my opinion, the financial statements present fairly, in all material respects, the financial position of Great Pacific Securities as of December 31, 2017, 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 Great Pacific Securities' management. My responsibility is to express an opinion on Great Pacific Securities' financial statements based on my audit. I am a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and am required to be independent with respect to Great Pacific Securities in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. I conducted my audit in accordance with the standards of the PCAOB. Those standards require that I 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. My 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. My audit also included evaluating the accounting principles used and significant estimates made by management, as evaluating the overall presentation of the financial statements. I believe that my audit provides a reasonable basis for my opinion. J/ 0 Brian W. Anson, CPA I have served as Great Pacific Securities' auditor since 2004. Tarzana, California February 16, 2018 2 GREAT PACIFIC SECURITIES Statement of Financial Condition December 31, 2017 ASSETS Cash Accounts Receivable Due from Clearing Firm Bonds Secured Demand Notes Other Assets Total Assets LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Accounts Payable Other Accrued Expenses Payroll Taxes Accrued Commissions and Salaries SEP payable Subordinated Borrowings (Note 5) Total Liabilities STOCKHOLDERS' EQUITY Common stock, 1,000,000 shares authorized, no par value, 890,000 shares issued and outstanding at stated value of $0.02 per share Additional Paid in Capital Retained Eamings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 87,256 37,229 809,058 457,127 8,000,000 13,450 $ 9,404,120 $ 108,525 11,025 104,733 150,028 33,497 8,000,000 $ 8,407,808 $ 17,801 2,260 976,2S I $ 996,312 $ 9,404,120 The accompanying notes are an integral part of these financial statements 3 GREAT PACIFIC SECURITIES Statement of Income For the Year Ended December 31, 2017 REVENUES (Note 2) Principal Transactions Commissions Options Interest Income Underwriting Other Revenue Total Revenues ID}NWRI13W, Clearing Charges Commissions Insurance Employee Compensation and Benefits Interest Legal and Professional Fees Occupancy (Note 8) Pension Plan Quotation Travel and Entertainment Other Operating Expenses Total Expenses NET INCOME BEFORE INCOME TAX EXPENSE LESS: INCOME TAX EXPENSE (Note 6) NET INCOME $ 3,949,773 906,844 1,060 8,954 1,176,814 75,000 $ 6,118,445 201,8S7 1,982,451 76,915 2,209,483 338,320 67,800 102,854 313,025 243,733 30,211 520,373 $ 6,087,022 $ 31,423 800 $ 30,623 The accompanying notes are an integral part of these financial statements 4 GREAT PACIFIC SECURITIES Statement of Stockholders' Equity For the Year Ended December 31, 2017 Additional Total Common Paid In Retained Stockholders' Stock Capital Earnings Equity Beginning balance, January 1, 2017 $17,801 $ 29,260 $918,628 $ 965,689 Net income 30,623 30,623 Ending balance, December 31, 2017 $17,801 $ 29,260 $949,251. $ 996,312 The accompanying notes are an integral part of these financial statements GREAT PACIFIC SECURITIES Statement of Cash Flows For the Year Ended December 31, 2017 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 30,623 Adjustments to reconcile net income to net cash used used in operating activities: (Increase) decrease in assets Accounts Receivable (35,309) Due from Clearing Firm 613,701 Bonds (457,127) Secure Demands Notes (3,900,000) Other Assets 1,186 Increase (decrease) in liabilities Accounts Payable (20,142) SEP payable 33,497 Payroll Taxes (40,423) Accrued Commissions and Salaries (50,595) Due to Clearing Firm 1,144 Other Accrued Expenses (32,657) Subordinated Borrowings 3,900,000 Total adjustments $ 13,275 Net cash used in operating activities $ 43,898 CASH FLAWS FROM FINANCING ACTIVITIES: Dividends 0 Net cash used in financing activities $ Net Increase in cash $ 43,898 Cash at beginning of year 43,358 Cash at end of year $ 87,256 Supplemental Disclosures Cash paid during the year for: Interest $ 338,320 State Income taxes $ 800 The accompanying notes are an integral pant of these financial statements 6 GREAT PACIFIC SECURITIES Statement of Subordinated Borrowings For the Year Ended December 31, 2017 Subordinated borrowings at January 1, 2017 Increases: Issuance of subordinated notes with rollover provision Decreases: 4,100,000 3,900,000 Subordinated borrowings, December 31, 2017 8,000,000 The accompanying notes are an integral part of these financial statements GREAT PACIFIC SECURITIES Notes to Financial Statements December 31, 2017 Note 1: NATURE OF BUSINESS Great Pacific Securities (the "Company") was incorporated in the State of California under Subchapter S and is certified as a Minority Business Enterprise ("MBE"). The Company is registered with the Securities and Exchange Commission ("SEC") as of April 8, 1993, and is a member of the Financial Industry Regulatory Authority ("F1NRA") and the Municipal Securities Rulemaking Board ("MSRB"). All shares of the Company are owned by David Swoish, The Swoish Family Trust, and Christopher Vinck. The Company conducts business as an introducing and intermediary broker -dealer. The Company trades exempt government securities on a principal basis and accepts equity securities on an agency basis. Trades are cleared on a fully disclosed basis through Broadcort Capital Corporation, a division of Merrill Lynch/Bank of America. Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of 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 disclosures of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Cash and Cash Eauivalents Company maintains its cash in bank deposit accounts which at times, may exceed uninsured limits. The Company has not experienced any losses in such accounts. Cash equivalents include highly liquid investments purchased with an original maturity of three months or less. Revenue Recognition Trades are recorded on a trade date basis with related commissions income and expenses also recorded on a trade date basis. Management estimates that 20% of the revenues were generated in the state of California. Concentrations of Credit Risk The Company is engaged in various trading and brokerage activities in which counterparties primarily include broker -dealers, banks, and other financial institutions. In the event counterparties do not fulfill their obligations, the Company may be exposed to risk. Note 3: NET CAPITAL REQUIREMENTS The Company is subject to uniform net capital Rule (Rule 150-1) of the Securities and Exchange Commission, which requires both the maintenance of minimum net capital and the maintenance of a maximum ratio of aggregate indebtedness to net capital. On December 31, 2017, the Company's net capital of $8,935,119 exceeded the minimum net capital requirement of $100,000 by $8,835,119, and the Company's ratio of aggregate indebtedness of $407,808 to net capital was 0.05:1, which is less than the 15:1 maximum ratio requirement. GREAT PACIFIC SECURITIES Notes to Financial Statements December 31, 2017 Note 4: RETIREMENT PLAN The Company has sponsored a Simplified Employee Pension Plan covering substantially all of its employees. Contributions to the plan are made exclusively by the Company. For the year ended December 31, 2017, the Company's pension expense was $313,025. Note 5: SUBORDINATED BORROWINGS At December 31, 2017, the Company had two subordinated notes of $4,000,000 each, bearing interest of 5% per annum with a maturity date of September 30, 2020. On September 29"', 2017 the Company was approved by FINRA to increase their subordinated borrowings from $ 4,100,000 to $ 8,000,000. The subordinated borrowings are available in computing net capital under the SEC's Uniform Net Capital Rule. Note 6: INCOME TAXES The Company and its stockholders have elected S Corporation status under the federal and state tax laws. As a result, the Company is not liable for corporate income taxes and a portion of certain state income taxes. Instead, the stockholders are taxed on the Company's taxable income in their individual income tax returns. For the year ended December 3 I, 2017, the components of the income tax expense are as follows: State income tax expense $ 800 Note 7: FAIR VALUE MEASUREMENT The Company adopted ASC Topic 820, requiring a fair value measurement of certain financial instruments on a recurring basis. The adoption of ASC Topic 820 did not impact the Company's financial condition or results of operations. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability. ASC Topic 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three levels of the fair value hierarchy are described below: Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access. Level 2 — Valuations based on quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full tern of the assets or liabilities. Level 3 — Valuations based on inputs that are supportable by little or no market activity and that are significant to the fair value of the asset or liability. GREAT PACIFIC SECURITIES Notes to Financial Statements December 31, 2017 The following table sets forth by level, within the fair value hierarchy, the Company's assets at fair value as of December 31, 2017: Leven _ Level Level Total Bonds $ 457,127 $ 0 $ 0 $ 457,127 Total Investments at Fair Value 45 1 7 $ 0 $ 0 4= Bonds -Valued at the closing price reported in the active market in which the bonds are traded. Note 8: LEASE OBLIGATIONS The Company leases its facilities in Costa Mesa, CA under a 10-year operating lease that expires on August 31, 2024. The monthly lease payment is $7,500. Future lease payments are as follows: Year Total Lease Amount 2018 90,000 2019 90,000 2020 90,000 2021 90,000 2022 90,000 2023 90,000 2024 60,000 Additionally, the Company entered into a lease agreement in New York, NY in July 2017 with 6 months commitment of $2,500/per month; thereafter the company signed another six months lease commitment at $1,530 per month. Total rental expense for the year ended December 31, 2017 was $102,854 for the above leases. Note 9: RELATED PARTY TRANSACTIONS Great Pao LLC provided the Company with office space under a lease agreement. Great Pac is a related party which shares common ownership with the Company. The Company incurred a total of $90,000 in related party rent expense for the year ended December 31, 2017. Note 10: RECENT PRONOUNCEMENTS ASC 606, Revenue from Contracts with Customers, was issued on May 28, 2014. ASC 606 provides guidance related to revenue from contracts with customers. Guidance applies to all entities and to all contracts with customers, with the exception of the following transactions noted in ASC 606-10: lease contracts, insurance contracts, financial instruments and other contractual rights or obligations, guarantees, nonmonetary exchanges between entities in the same line of business. For public business entities, certain not -for -profit entities, and certain employee plans, the effective date for ASC 606 is annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2017. Early application is permitted only as of annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. The l0 GREAT PACIFIC SECURITIES Notes to Financial Statements December 31, 2017 effective date for all other entities is annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. Note 11: SUBSEQUENT EVENTS The management has reviewed the results of operations for the period of time from December 31, 2017 through February 16, 2018, the date the financial statements were available to be issued and has determined that no adjustments are necessary to the amounts reported in the accompanying financial statements, nor have any subsequent events occurred, the nature of which would require disclosure. GREAT PACIFIC SECURITIES Schedule I Statement of Net Capital December 31, 2017 roctis 12/31/17 Audit I2131/17 Change Stockholders' Equity, December 31, 2017 $ 996,312 $ 996,312 Add: Non allowable liabilities Subordinated Borrowings 8,000,000 8,000,000 - Less: Non allowable assets Accounts Receivable (37,229) (37,229) Other Assets (13,450) (13,450) - Tentative net capital Haircuts: NET CAPITAL Minimum net capital Excess net capital Aggregate indebtedness Ratio of aggregate indebtedness to net capital $ 8,945,633 $ 8,945,633 - 10,514 10,514 $ 8,935,119 $ 8,935,119 100,000 100,000 $ 8,835,119 $ 8,835,I19 - $ 407,808 $ 407,808 - 0.05:1 0.05:1 - There were no noted differences between the audit and focus filed at December 31, 2017. The accompanying notes are an integral part of these financial statements I2 GREAT PACIFIC SECURITIES December 31, 2017 Schedule It Determination of Reserve Requirements Under Rule 15c3-3 of the Securities and Exchange Commission The Company is exempt from the Reserve Requirement of computation according to the provision of Rule 150-3(k)(2)(ii). Schedule III Information Relating to Possession or Control Requirements Under Rule 150-3 The Company is exempt from the Rule l 5c3-3 as it relates to Possession and Control requirements under the (k)(2)(ii) exemptive provision. The accompanying notes are an integral part of these financial statements 13 GREAT PACIF_'IC -,3S E C U R I T I E S Assertions Regarding Exemption Provisions We, as directors of management of Great Pacific Securities ("the Company"), are responsible for compliance with the annual reporting requirements under Rule 17a-5 of the Securities Exchange Act of 1934. Those requirements compel a broker or dealer to file annuals reports with the Securities Exchange Commission (SEC) and the broker or dealer's designated examining authority (DEA). One of the reports to be included in the annual filing is an exemption report prepared by an independent public accountant based upon a review of assertions provided by the broker or dealer. Pursuant to that requirement, the management of the Company hereby makes the following assertions: Identified Exemption Pravisian: The Company claims exemption from the custody and reserve provisions of Rule 15c3-3 by operating under the exemption provided by Rule 156-3, Paragraph (k)(2)(ii). Statement RWardiug Meetlug Exemption Provision: The Company met the identified exemption provision without exception throughout the period ending January 1, 2017 through December 31, 2017. Great Pacific Secur' By: David Swoish —CEO (Name and Title) February M 2018 (Date) 151 Kalmus Dr. Suite H-8, Costa Mesa, CA 92626 • (714) 619-3015 • Fax: (714) 619-3019 E-mail: info@greatpac.com • Member F1NR4/SIPC/MSRB BRIAN W. ANSON Certified PxblicAccountant _ 18401 &Erbank Blvd., Suite 120, Tarzana, CA 91356 • Tel. (818) 636-5660 , Fax (818) 401-8818 .REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Board of Directors Great Pacific Securities Costa Mesa, California I have reviewed management's statements, included in the accompanying Great Pacific Securities Exemption Report in which (1) Great Pacific Securities identified the following provisions of 17 C.F.R. §15c3-3(k) under which Great Pacific Securities claimed an exemption from 17 C.F.R. §240.15c3-3: (k)(2)(ii) (the "exemption provision") and 2 Great Pacific Securities stated that Great Pacific Securities met the identified exemption provisions throughout the most recent fiscal year without exception. Great Pacific Securities'. management is responsible for compliance with the exemption provision and its statements. My 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 Great Pacific Securities' 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, I do not express such an opinion. Based on my review, I am 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. Brian W. Anson Certified Public Accountant Tarzana, California February 16, 2018 IS r SECURITIES INVESTOR PROTECTION CORPORATION SIPIC-7 P.O. Box 92185 Washinglon, D.C. 20090-2185 SIPC-7 202.371-8300 (35-REV 61117) General Assessment Reconciliation (35-REV 6i17) For the liscal year onded 1213112017 (Read carefully the instructions in your.VJorking Copy before completing this Feria) TO BE PILED BY ALL SIPC MEMBERS WITH FISCAL YEAR FNDINGS 1, Name of Member, address, Designated Examining Authorily, 1934 Acl registration no. and month in which fiscal year ends for purposes of the audit requirement of SEC Rule 17a-5 Note: If any of the information shown on the 16'15--3022*`*"'°*'••• *—MIXEDAADC220 mailing label requires correction, please e-mail 44398 FINRA DEC GREAT PACIFIC SECURITIES 161 KALMUS DR STE H8 COSTA MESA, CA 92626.5971 L— 2. A. General Assessment (item 2e from page 2) 8. Less payment made with SIPC-6 filed (exclude interest) Date Paid C. Less prior overpayment applied D. Assessment balance due or (overpayment) any corrections to form@sipc.org and so indicate on the lorm filed. Name and telephone number of person to contact respecting this form. E. Interest computed on late payment (see instruction E) for________.days at 20% per annum F. Total assessment balance and inleresl due (or overpayment carried forward) $._ I-- (��-a G. PAID WITH THIS FORM: Check enclosed, payable to SIPC Total (must be salve as F above) H. Overpayment carried forward $( 1 3. Subsidiaries (S) and predecessors (P) included in [his lorm (give name and 1934 Act registration number); The SIPC member submitting this form and the person by whom it is executed represent thereby that all information contained herein is true, corrocl�+ auto 11 Corporals zO!a p(, hip or olher orpanlimlon) and complete. �� _r } - - -- IAulharieed Rfpnniur�} Dated the 161 day of (lGL✓�I , 20_]Z . CLL�lil� iTrll�j This form and the assessment payment is due 60 days after the end of the fiscal year. Retain the Working Copy of this form for a period of not less than 6 years, the latest 2 years in an easily accessible place. M Dales: B�; Postmarked Received Reviewed w Liu Documentation __�_ Forward Copy c� Exceptions: a cn Disposition of exceptions: DETERMINATION OF "SIPC NET OPERATING REVENUES" AND GENERAL ASSESSMENT Amounts for the fiscal period beginning 1/1/2017 and ending 12/31/2017 Eliminate cents Item No. 2a. Total revenue (FOCUS Line 12iParl IIA Line 9, Code 4030) 2b, Additions: (1) Total revenues Irom the securities business of subsidiaries (except foreign subsidiaries) and predecessors not included above. (2) Net loss Irom principal transactions in securilies in trading accounts, (3) Net loss from principal transactions in commodilies in trading accounts. (4) Interest and dividend expense deducted in delermining item 2a. (5) Net loss from management of or participation in the underwriting or distribution of securities. (6) Expenses other than advertising, printing, registration lees and legal fees deducted in determining net profit from management of or participation in underwriting or distribution of securities. (7) Net loss from securities in investment accounts. Total additions 2c. Deductions: (1) Revenues from the distribution of shares of a registered open end investment company or unit investment trust, from the sale of variable annuities, Irom the business of insurance, Irom investment advisory services rendered to registered investment companies or insurance company separate accounts, and Irom transactions in security futures products. (2) Revenues Irom commodity transactions. (3) Commissions, floor brokerage and clearance paid to other SIPC members in connection with secudites transactions. (4) Reimbursements for postage in connection with proxy solicitation. (5) Net gain from securities in investment accounts. (6) 100% of commissions and markups earned from transactions in (i) certificates of deposit and (ii) Treasury bills, bankers acceptances or commercial paper that mature nine months or less �_ 7 from issuance dale. (7) Direct expenses of printing advertising and legal lees incurred in connection with other revenue ` related to the securities business (revenue defined by Seclion 16(9)(1-) of the Act). (B) Other revenue not related either directly or indirectly to the securities business. (See Instruction C): (Deductions in excess of $100,000 require documentation) (9) (i) Total interest and dividend expense (FOCUS Line 22/PART IIA Line 13, Code 4075 plus line 2b(4) above) but not in excess of total interest and dividend income. (11) 40% of margin interest earned on customers securities accounts (40% of FOCUS line 5, Code 3960). $ Enter the greater of line (i) or (ii)" Total deductions t,.!*La0_._� 2d. SIPC Nei Operating Revenues $ �� �5 i 9Ur� 2e. General Assessment @ .0015 5e _ _'.�� '�) 9�- (to page 1, line 2.A.) 2 BRIAN W. ANSON Cerii fed Public Accountant 18401 Burbank Blvd., Suite 120, Tarzana, CA 91356 • Tel. (818) 636-5660 - Fax (818) 401-8818 Independent Accountant's Report on Applying Agreed — Upon Procedures Related to an Entity's SIPC Assessment Reconciliation. Board of Directors Great Pacific Securities Costa Mesa, California In accordance with Rule 17a-5(e)(4) under the Securities Exchange Act of 1934 and with the SIPC Series 600 Rules, I have performed the procedures enumerated below, which were agreed to by Great Pacific Securities and the Securities Investor Protection Corporation ("SIPC") with respect to the accompanying General Assessment Reconciliation (Form SIPC-7) of Great Pacific Securities (the "Company") for the year ended December'31, 2017, solely to assist you and SIPC in evaluating Great Pacific Securities' compliance with the applicable instructions of the General Assessment Reconciliation (Form SIPC-7). Management is responsible for the Company's compliance with those requirements. This agreed -upon procedures engagement was conducted in accordance with attestation standards established by the Public Company Accounting Oversight Board (United States). The sufficiency of these procedures is solely the responsibility of those parties specified in this report. Consequently, I 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 I performed and my findings are as follows: Compared the listed assessment payments in Form SIPC-7 with respective cash disbursement records entries noting no differences; 2. Compared the Total Revenue amounts reported on the Annual Audited Report Form X- 17A-5 Part III for the year ended December 31, 2017, with the Total Revenue amounts reported in Form SIPC-7 for the year ended December 31, 2017 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. I was not engaged to, and did not conduct an examination, the objective of which would be the expression of an opinion on compliance with the applicable instructions of the Form SIPC-7. Accordingly, I do not express such an opinion, Had I performed additional procedures, other matters might have come to my attention that would have been reported to you. This report is intended solely for the information and use of the specified parties listed above and is not intended to be and should not be used by anyone other than these specified parties. Brian 1�r Anson Certified Public Accountant Tarzazaa, California February 16, 2018 GREAT PACIFIC SECURITIES FINANCIAL STATEMENTS AND NYING SUPPLEMENTARY INFORMATION REPORT PURSUANT TO SEC RULE 17a-5(d) FOR THE YEAR ENDED DECEMBER 31, 2018 GREAT PACIFIC SECURITIES Table of Contents SEC Form X-17A-5 Report of Independent Registered Public Accounting firm Statement of Financial Condition Statement of Income Statement of Stockholders' Equity Statement of Cash Flows Statement of Changes in Subordinated Borrowings Notes to Financial Statements Supplementary Information Schedule I Statement of Net Capital Schedule II Determination of Reserve Requirements Schedule III Information Relating to Possession or Control Report of Independent Registered Public Accounting firm Assertions Regarding Exemption Provisions Independent Accountant's Report on Applying Agreed Upon Procedures Related to an Entity's SIPC Assessment Reconciliation SIPC Form 7 PAGE 1 2 3 4 5 6 7 8-12 13 14 14 15 16 UNITE DSTATES 0MI3 APP(it]VRL SECURITIES AND EXCHANGE COMMISSION OMB Number . 3235-0123 Washington, D.C.2f1549 Expires August 31, 2020 Estimated average burden ANNUAL AUDITED REPORT hours perns onse......12.00 FORM x-17A-5 SECFILE LMB-R PART III e-4439$ FACING PAGE Information Required of Brokers and Dealers Put-sttant to Section 17 of the Securities Exchange Act of 1934 and Rule 17a-5 Thereunder REPORT FOR THE PERIOD BEGINNIN001/01 /2018 _ AND ENDING 12/31/2018 MMlDD1YY MIv11DDlYY A. RE, GISTRANT IDENTII+'ICATION NAME OF BROKER -DEALER: Great Pacific Securities OFFICl�USE ONLY ADDRESS OF PRINCIPAL PLACE OF BUSINESS; (Do not use P.O. Box No,) FIRM I.D, NO, 151 Kalmus Drive, Suite H8 " (No. and Street) Costa Mesa CA 92626 (City) (State) (Zip Coda) NAME AND TELEPHONE NUMBER OF PERSON TO CONTACT IN REGARD TO THIS REPORT Dave Swotsh (Aron Code — Telephone Number) & ACCOUNTANT IDENTIFICATION INDEPENDENT PUBLIC ACCOUNTANT whose opinion is contahied in this Report* Brian W. Anson, CPA (Name- tf Individual, stare last, ftrsl, nNdAle acute) 18401 Burbank Blvd., #120 Tarzana CA (Address) CHECK ONE (City) FCertified Publio Accountant 1-1 Public Accountant Accountant not resident in United States or any of its possessions, RQA OFF ICIAL U5E t71ILY (Slate) 91356 (Zip Code) *Claims for exemption frvin the requirement that [lie antntal report be covered by Ilia opinion ofan lndapendetrl public accountant mrtst be srtpporled by a state+ttent of facts rind elrcunistalices celled ar as the basis for the exeniplion. See SWIM 24017a-5(e)(2) potential porsons who are to respond to the oolleellon of 11-05 Information contained In thisform are not required to respond SAC 1410 ) unless the form displays n currently valid OMB oontrol number. OATH OR AFFIRMATION I Dave Swolsh ,swear (or affirm) that, to the best of my knowledge and belief the accompanying financial Statement and supporting schedules pertaining to the firm of Great Paelfle Securities of December 31 2018 , are true and correct, I further swear (or affirm) that neither 1ho company nor any partner, propriotor, principal officer or director has any proprietary Interest In any account classifled solely as that of a customer, except as follows; Signature �ED ✓� � , � Title ~l Notary Public This report ** contains (check all applicable boxes); 0 (a) Facing Page. (b) Statement of Pinanclal 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, J -02 of Regulation S-X). (d) Statement of Changes In Financial Condition. (e) Statement ofChnnges in Stockholders' Equity or- Partners' or Sole Proprietors' Capital. •(p Statement of Changes in Liabilities Subordhtatcd to Claims of Creditors. (g) Computation of Net Capital. (h) Computation for Determination of Reserve Requirements Pursuant to Rule 1503-3. (1) information Relating to the Possession or Control Rcquircmonts Under Rule 150-3. 0) A Reconciliation, including appropriate explanation oftheComputation of NetCapital Under Rule 15o3-1 and the Computation for Determination of the Reserve Requirements Under Exhibit A of Rule 150-3. (k) A Reconciliation between the audited and unaudited Statements of Financial Condition wlth respect to methods of consolidation, B(1) An Oath or Affirmation., (m) A copy of the S1PC Supplemental Report. [ (n) A reportdoscribing any material lividequacies found to OxWor found to hayp. existed sincethe dato ofthe previous audit. **For condhlonr of confideprllallreannenl of cerlaln porYtOrts, of ibis filing, see secrlon 240.1?a-S(e)(3). . CALIFORNIA JURAT WITH AFFIANT STATMMSNT GOVERNMENT CODE § 8202 see Attached Document (Notary to cross out lines 1-6 below) See Statement Below (Lines 1--6 to be completed only by document slgner[s], not Notary) Signature of Document Signer No. 1 I Signature of Document Signer No, 2 (if any) A notary public or other officer completing this certificate verities only the Identity of the individual who signed the document to which this certificate Is attached, and not the truthfulness, accuracy, or valldity of that document. State of California County of PAM BRk6HIEtt•9RQWN ti0rnnd9slOn 2133601 Notary Public • Callfcrnia a orange County h3 COMM. Ex irgs Doc 9, 2018 ~ Seal Place Notary Seal Above Subscribed and sworn to (or affirmed) before me an this le -day of r- JQ, r, 20� by Date Month Year (1) O 1 S (and {Q}� Name(s) of Signer(s) proved to me on the basis of satisfactory evidence to be tie- lsarso {sj who appeared before me. Signature F Signature of Notary Public OPTIONAL Though this section is optional, completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Description of Attached Document Title or Type of Document: t/Gt� Auk �� pv vl-L , Document Date: r8 Number of Pages: 2 Sfgner(s) Other Than Named Above: s'Y..�"ti^'SeG��U4iC�{ftSS1S,'CSC'ivUC:4)Lidr• i'WIW.0wxV—r '.Ste{y4: 02014 National Notary Association - www.NationalNotary.org • 1.800-US NOTARY (1-800-876-6827) item #5910 BRIAN W. ANSON Certified Public Accountant _ 18401 Burbank Blvd., Suite 120, Tarzana, CA 91356 - Tel. (818) 636.5660 - Fax (818) 401-8818 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholders' and Board of Directors of Great Pacific Securities Opinion on the Financial Statements I have audited die accompanying statement of financial condition of Great Pacific Securities as of December 31, 2018, the related statements of income, changes in shareholders' equity, and cash flows for the year then ended, and the related notes (collectively referred to as the financial statements). In my opinion, the financial statements present fairly, in all material respects, the financial position of Great Pacific Securities as of December 31, 2018, 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 Great Pacific Securities' management. My responsibility is to express an opinion on Great Pacific Securities' financial statements based on my audit. I am a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and am required to be independent with respect to Great Pacific Securities in accordance with the U.S, federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. I conducted my audit in accordance with the standards of the PCAOB. Those standards require that I 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. My 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. My audit also included evaluating the accounting principles used and significant estimates made by management, as evaluating the overall presentation of the financial statements. I believe that my audit provides a reasonable basis for my opinion. Supplemental Information The information contained in Schedule 1, II, and III ("Supplemental Information") has been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. The Supplemental Information is the responsibility of the Company's management. My audit procedures included determining whether the Supplemental Information reconciles to the financial statements or the underlying accounting and other records, as applicable, and perfonning procedures to test the completeness and accuracy of the information presented in the Supplemental Information. In forming my opinion on the Supplemental Information, I evaluated whether the Supplemental Information, including its form and content is presented in conformity with 17 C.F.R. § 240.17a-S. In my opinion, Schedules I, lI, and III are fairly stated, in all material respects, in relation to the financial statements taken as a whole. BreanW A/ Anson Certified Public Accountant I have served as Great Pacific Securities' auditor since 2003, Tarzana, California February 14, 2019 W GREAT PACIFIC SECURITIES Statement of Financial Condition For the Year Ended December 31, 2018 ASSETS Cash Accounts Receivable Due from Clearing Firm Bonds Secured Demand Notes Other Assets Total Assets LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Accounts Payable Payroll Taxes Accrued Commissions and Salaries Other Accrued Expenses Subordinated Borrowings (Note 6) Total Liabilities STOCKHOLDERS' EQUITY Common stock, 1,000,000 shares authorized, no par value, 890,000 shares issued and outstanding at stated value of $0.02 per share Additional Paid in Capital Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 216,718 45,932 68,537 1,033,969 8,000,000 17,034 $ 9,382,190 135,480 105,120 133,291 3,113 8,000,000 $ 8,377,004 $ 17,801 782,260 205,125 $ 1,005,186 $ 9,382,190 The accompanying notes are an integral part of these financial statements 3 GREAT PACIFIC SECURITIES Statement of Income For the Year Ended December 31, 2018 REVENUES (Note 3) Commissions Underwriting Interest Income Other Revenue Total Revenues EXPENSES Clearing Charges Commissions Insurance Employee Compensation and Benefits Interest Legal and Professional Fees Occupancy (Note 9) Pension Plan Quotation Travel and Entertainment Other Operating Expenses Total Expenses NET INCOME BEFORE INCOME TAX EXPENSE LESS: INCOME TAX EXPENSE (Note 7) NET INCOME $ 5,778,806 1,773,233 81,261 34,610 $ 7,667,910 $ 253,121 2,300,652 95,020 3,337,698 399,960 57,825 108,451 318,022 231,517 46,482 389,488 $ 7,538,236 $ 129,674 800 $ 128,874 The accompanying notes are an integral part of these financial statements 4 GREAT PACIFIC SECURITIES Statement of Stockholders' Equity For the Year Ended December 31, 2018 Additional Total Common Paid In Retained Stockholders' Stock Capital Earnings Equity Beginning balance, January 1, 2018 $17,801 $ 902,260 $ 76,251 $ 996,312 Dividend (120,000) (120,000) Net income 128,874 128,874 Ending balance, December31, 2018 $17,801 $ 782,260 $ 205,125 $ 1,005,186 The accompanying notes are an integral part of these financial statements GREAT PACIFIC SECURITIES Statement of Cash Flows For the Year Ended December 31, 2018 CASH FLOWS FROM OPERATING ACTIVITIES Net Income $ 128,874 Adjustments to reconcile net income to net cash provided by operating activities: (Increase) decrease in assets Accounts Receivable (8,703) Due from Clearing Firm 4,536 Bonds 156,031 Other Assets (472) Increase (decrease) in liabilities Accounts Payable (6,542) Payroll Taxes 387 Accrued Commissions and Salaries (16,737) Due to Clearing Finn (1,144) Other Accrued Expenses (6,767) Total adjustments $ 120,588 Net cash provided by operating activities $ 249,462 CASH FLOWS FROM FINANCING ACTIVITIES: Dividends (120,000) Net cash used in financing activities $ (120,000) Net Increase in cash $ 129,462 Cash at beginning of year 87,256 Cash at end of year $ 216,718 Supplemental Disclosures Cash paid during the year for: Interest $ 399,960 State Income taxes $ 800 The accompanying notes are an integral part of these financial statements 6 GREAT PACIFIC SECURITIES Statement of Subordinated Borrowings For the Year Ended December 31, 2018 Subordinated borrowings at January I, 2018 Increases: Issuance of subordinated notes with rollover provision Decreases: 8,000,000 Subordinated borrowings, December 31, 2018 8,000,000 The accompanying notes are an integral part of these financial statements GREAT PACIFIC SECURITIES Notes to Financial Statements December 31, 2018 Note 1: ORGANIZATION AND NATURE OF BUSINESS Great Pacific Securities (the "Company") was incorporated in the State of California under Subchapter S and is certified as a Minority Business Enterprise ("MBE"). The Company is registered with the Securities and Exchange Commission ("SEC") as of April 8, 1993, and is a member of the Financial Industry Regulatory Authority ("FINRA") and the Municipal Securities Rulemaking Board ("MSRB"). All shares of the Company are owned by David Swoish, The Swoish Family Trust, and Christopher Vinck. The Company has adopted a calendar year. The Company conducts business as an introducing and intermediary broker -dealer. The Company trades exempt government securities on a principal basis and accepts equity securities on an agency basis. The Company operates under SEC Rule 150-3(k)(2)(ii), which provides all customer transactions are cleared through another broker dealer on a fully disclosed basis. Transactions are cleared through Broadcort Capital Corporation, a division of Merrill Lynch/Bank of America. Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of 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 disclosures of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Cash and Cash Eauivalents Company maintains its cash in bank deposit accounts which at times, may exceed uninsured limits. The Company has not experienced any losses in such accounts. The Company considers as cash all short term investments with an original maturity of three months or less to be cash equivalents. All of the Company's cash and cash equivalents are held at high credit quality financial institutions. Concentrations of Credit Risk The Company is engaged in various trading and brokerage activities in which counterparties primarily include broker -dealers, banks, and other financial institutions. In the event counterparties do not fulfill their obligations, the Company may be exposed to risk. Revenue Recognition The Company underwrites municipal bond offerings by contracting to purchase and then sell offerings on a best effort basis. Commission revenues are recorded by the Company on the trade date reported by the clearing broker with whom it does business. The difference between the price paid and the issue price, the gross underwriting spread, is recognized as underwriting income on the trade date of the sale. Equity trades are conducted on an agency basis and commission revenues are recorded by the Company on the trade date reported by the clearing broker. The GREAT PACIFIC SECURITIES Notes to Financial Statements December 31, 2018 Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) financial statements of the Company have been prepared on the accrual basis of accounting and accordingly reflect all significant receivables, payables and other liabilities. Management estimates that 20% of the revenues were generated in the state of California. ASC 606 Revcntrc Rcco nition Revenue is measured based on a consideration specified in a contract with a customer, and excludes any sales incentives and amounts collected on behalf of third parties. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. Taxes and regulatory fees assessed on transactions, by a government authority, and collected from a customer, are excluded from revenue. The reportable segments of revenue generated by the Company are described below. Commissions: This includes performance obligations related to transactions that are subject to SEA Rule IOb-10 for renumeration that needs to be disclosed. It also includes any transaction when the Company is engaged as an agent. It does not include net gains or losses from transactions made by the Company when acting as a principal, or riskless principal. Net Gains or Losses on Principal Trades: Included are realized and unrealized gains and losses from proprietary trading and net gains or losses from "riskless" principal transactions. Interest/Rebate/Dividend Income. Included are rebates and/or interest earned on securities borrowings; margin interest; interest earned from customer bank sweep into FDIC insured products and interest and/or dividends on securities held in the Company's inventory. Revenue from Underwriting and Selling Group participation: Included is revenue from bond underwritings and selling group participation in any capacity. In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update "(ASU") 2014-09, Revenue from Contracts with Customers: Topic 606, to supersede nearly all existing revenue recognition guidance under GAAP. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date, which deferred the effective date for implementation of ASU 2014-09 by one year and is now effective, with early adoption permitted but not earlier than the original effective date. ASU 2014-09 also requires new qualitative and quantitative disclosures, including disaggregation of revenues and descriptions of performance obligations. The new standard is in effect for fiscal years beginning July 1, 2019, and interim periods therein, using the modified retrospective method. The Company has performed an assessment of its revenue contracts as well as worked with industry participants on matters of interpretation and application and has not identified any material changes to the timing or amount of its revenue recognition under ASU 2014-09. The Company's accounting policies did not change materially as a result of applying the principles of revenue recognition from ASU-2014-09 and are largely consistent with existing guidance and current practices applied by the Company, GREAT PACIFIC SECURITIES Notes to Financial Statements December 31, 2018 Note 3: NET CAPITAL REQUIREMENTS The Company is subject to uniform net capital Rule (Rule 150-1) of the Securities and Exchange Commission. Minimum net capital is the greater of $100,000 or 6 2/3 of aggregate indebtedness which is $46,359. In this case the minimum net capital is $100,000. On December 31, 2018, the Company's net capital of $8,916,961 exceeded the minimum net capital requirement of $100,000 by $8,816,961, and the Company's ratio of aggregate indebtedness of $463,593 to net capital was 0.05:1, which is less than the 15:1 maximum ratio requirement. Note 4: RETIREMENT PLAN The Company has sponsored a Simplified Employee Pension Plan covering substantially all of its employees. Contributions to the plan are made exclusively by the Company. For the year ended December 31, 2018, the Company's pension expense was $318,022. Note 5: SUBORDINATED BORROWINGS At December 31, 2018, the Company had two subordinated notes of $4,000,000 each, bearing interest of 5% per annum with a maturity date of September 30, 2020. On September 29, 2017 the Company was approved by FINRA to increase their subordinated borrowings from $ 4,100,000 to $ 8,000,000. The subordinated borrowings are available in computing net capital under the SEC's Uniform Net Capital Rule. The subordinated borrowings are secured by its members' securities collateral account. Note 6: INCOME TAXES The Company and its stockholders have elected S Corporation status under the federal and state tax laws. As a result, the Company is not liable for corporate income taxes and a portion of certain state income taxes. Instead, the stockholders are taxed on the Company's taxable income in their individual income tax returns. For the year ended December 31, 2018, the components of the income tax expense are as follows: State income tax expense $ 800 Note 7: FAIR VALUE MEASUREMENT The Company adopted ASC Topic 820, requiring a fair value measurement of certain financial instruments on a recurring basis. The adoption of ASC Topic 820 did not impact the Company's financial condition or results of operations. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability. 10 GREAT PACIFIC SECURITIES Notes to Financial Statements December 31, 2018 Note 7: FAIR VALUE MEASUREMENT (Continued) ASC Topic 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three levels of the fair value hierarchy are described below: Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access. Level 2— Valuations based oil quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the frill term of the assets or liabilities. Level 3 — Valuations based on inputs that are supportable by little or no market activity and that are significant to the fair value of the asset or liability. The following table sets forth by level, within the fair value hierarchy, the Company's assets at fair value as of December 31, 2018: Level Leve12 Level Total Bonds $ 1,033,969 $ 0 $ 0 $1,033,969 Investments at Fair Value $_.1,031,W $ 0 $ 0 liluam Bonds are valued at the closing price reported in the active market in which the bonds are traded. Note 8: LEASE OBLIGATIONS The Company leases its facilities in Costa Mesa, CA with a related party Great Pac LLC under a 10-year operating lease that expires on August 31, 2024. The monthly lease payment is $7,500. Future lease payments are as follows: Year Total_ Lease Amount _ 2019 90,000 2020 90,000 2021 90,000 2022 90,000 2023 90,000 2024 60,000 In March 2018 the Company entered into a 6 months lease agreement in New York, NY at a rate of approximately $1,500 a month. The lease was renewed on October 1, 2018 for 6 months at tile same rate. Future minimum lease commitment for year ending December 31, 2019 is $4,500. Total rental expense for the year ended December 31, 2018 was $108,451 for the above leases. GREAT PACIFIC SECURITIES Notes to Financial Statements December 31, 2018 Note 9: SUBSEQUENT EVENTS The management has reviewed the results of operations for the period of time from December 31, 2018 through February 14, 2019, which is the date the financial statements were available to be issued. Based upon this review the Company has determined that there were no events which took place that would have a material impact on its financial statements, which would require disclosure. 12 GREAT PACIFIC SECURITIES Schedule 1 Statement of Net Capital December 31, 2018 Stockholders' Equity, December 31, 2018 Add: Non allowable liabilities Subordinated Borrowings Less: Non allowable assets Accounts Receivable Other Assets Tentative net capital Haircuts: NET CAPITAL Minimum net capital Excess net capital Aggregate indebtedness Ratio of aggregate indebtedness to net capital There were no noted differences between the audit and focus filed at December 31, 2018. Focus 12/31/18 Audit 12/31/18 Change $ 1,005,186 $ 1,005,186 8,000,000 8,000,000 (45,932) (45,932) (17,034) (17,034) - $ 8,942,220 $ 8,942,220 25,259 25,259 - $ 8,916,961 $ 8,916,961 - 100,000 100,000 - $ 8,816,961 $ 8,816,961 $ 463,593 $ 463,593 - 0.05:1 0.05:1 - The accompanying notes are an integral part of these financial statements 13 GREAT PACIFIC SECURITIES December 31, 2018 Schedule II Determination of Reserve Requirements Under Rule 15c3-3 of the Securities and Exchange Commission The Company is exempt from the Reserve Requirement of computation according to the provision of Rule 150-3(k)(2)(ii). Schedule III Information Relating to Possession or Control Requirements Under Rule 15c3-3 The Company is exempt from the Rule 150-3 as it relates to Possession and Control requirements under the (k)(2)(ii) exemptive provision. The accompanying notes are an integral part of these financial statements 14 BRIAN W. ANSON Cer(f aed Public Accountant 18401 Burbank Blvd., Suite 120, Tarzana, CA 91356 - Tel. (818) 636-5660 , Fax (818) 401-8818 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Board of Directors Great Pacific Securities Costa Mesa, California I have reviewed management's statements, included in the accompanying Great Pacific Securities Exemption Report in which (1) Great Pacific Securities identified the following provisions of 17 C.F.R. § 15c3-3(k) under which Great Pacific Securities claimed an exemption from 17 C.F.R. §240.150-3: (k)(2)(ii) (the "exemption provision") and (2) Great Pacific Securities stated that Great Pacific Securities met the identified exemption provisions throughout the most recent fiscal year without exception. Great Pacific Securities' management is responsible for compliance with the exemption provision and its statements. My 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 Great Pacific Securities' 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, I do not express such an opinion. Based on my review, I am 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 1503-3 under the Securities Exchange Act of 1934. Brian W. Anson Certified Public Accountant Tarzana, California February 14, 2019 15 Arr- S GREAT PACIFIC 11Ctj R ITI ES Great Pacific Securities Assertions Regarding Exemption Provisions We, as directors of management of Great Pacific Securities ("the Company"), are responsible for compliance with the annual reporting requirements under Rule 17a-5 of the Securities Exchange Act of 1934. Those requirements compel a broker or dealer to file annuals reports with the Securities Exchange Commission (SEC) and the broker or dealer's designated examining authority (DEA). One of the reports to be included in the annual filing is an exemption repoit prepared by an independent public accountant based upon a review of assertions provided by the broker or dealer. Pursuant to that requirement, the management of the Company hereby makes the following assertions: Identified Exemption Provision:_ The Company claims exemption from the custody and reserve provisions of Rule 15c3-3 by operating under the exemption provided by Rule 156-3, Paragraph (k)(2)(ii). Statement Re n. Ming Meeting Exemption Provision: The Company met the identified exemption provision without exception throughout the period ending January 1, 2018 through December 31, 2018. Great Pacific Securities (Naina on 1a) 13y; r (Date) 16 151 Kalmus Drive, Suite H-8 • Costa Mesa, California 92626 • (714) 619-3000 • Fax (714) 619-3019 Email: info@greatpac.com • Member PINRA/SIPCIMSRH BRIAN W. ANSON Certi led Agggyntant 18401 Burbank Blvd., Suite 120, Tarzana, CA 91356 • Tel, (818) 636-5660 - Fax (818) 401-8818 Independent Accountant's Report on Applying Agreed — Upon Procedures Related to an Entity's SIPC Assessment Reconciliation. Board of Directors Great Pacific Securities Costa Mesa, California In accordance with Rule 17a-5(e)(4) under the Securities Exchange Act of 1934 and with the SIPC Series 600 Rules, I have performed the procedures enumerated below, which were agreed to by Great Pacific Securities and the Securities Investor Protection Corporation ("SIPC") with respect to the accompanying General Assessment Reconciliation (Form SIPC-7) of Great Pacific Securities (the "Company") for the year ended December 31, 2018, solely to assist you and SIPC in evaluating Great Pacific Securities' compliance with the applicable instructions of the General Assessment Reconciliation (Form SIPC-7). Management is responsible for the Company's compliance with those requirements. This agreed -upon procedures engagement was conducted in accordance with attestation standards established by the Public Company Accounting Oversight Board (United States). The sufficiency of these procedures is solely the responsibility of those parties specified in this report. Consequently, I 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 I performed and my 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 amounts reported on the Annual Audited Report Form X- 17A-5 Part III for the year ended December 31, 2018, with the Total Revenue amounts reported in Form SIPC-7 for the year ended December 31, 2019 noting no differences; 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•? 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. I was not engaged to, and did not conduct an examination, the objective of which would be the expression of an opinion on compliance with the applicable instructions of the Form SIPC-7. Accordingly, I do not express such an opinion. Had I performed additional procedures, other matters might have come to my attention that would have been reported to you. This report is intended solely for the information and use of the specified parties listed above and is not intended to be and should not be used by anyone other than these specified parties. Brian W. Anson Certified Public Accountant Tarzana, California February 14, 2019 SECURITIES INVESTOR PROTECTION CORPORATION �2�) S'P��'a' P.O. Box 92185 Washington, D.C. 20090-2185S�202-371-6300 (36-REV 12118) General Assessment Reconclllation (36-REy For the fiscal year ended 12/31/18 (Read carefully the instructions in your Working Copy before completing this Form) TO BE FILED BY ALL SIPC MEMBERS WITH FISCAL YEAR ENDINGS 1. Name of Member, address, Designated Examining Authority, 1934 Act registration no. and month in which fiscal year ends for purposes of the audit requirement of SEC Rule 17a-5: GREAT PACIFIC SECURITIES Note' If any of the information shown othe mailing labsl requires correction, please a -mall 151 KALMUS DRiVE STE H8 any corrections to form@sipc.org and so COSTA MESA, CA 92626 Indicate on the form filed. L_ 2. A. General Assessment (item 2e from page 2) B. Less payment made with SIPC-6 filed (exclude interest) IVRO/lz Date Paid C. Less prior overpayment applied D. Assessment balance due or (overpayment) Name and telephone number of person to contact respecting this form. DAVID SWOISH 714-619--3000 E. Interest computed on late payment (see instruction E) for ---days at 20% per annum F. Total assessment balance and interest due (or overpayment carried forward) Q. PAYMENT: q the box Check mailed to P.O. Box IiFunds Wired El ACHE] Total (must be some as F above) H. Overpayment carried forward $ q 1 o`1q c 14,2-?Z.. ) `1, 7 %% 3. Subsidiaries (S) and predecessors (P) included in this form (give name and 1934 Act registration number): The SIPC member submitting this lorm and the person by whom it is executed represent thereby GREAT PACIFIC SECURITIES that all information contained herein is true, correct and complete. [Name el Car u Ptner umginitanon) t _, {+1uShQrit� lure) Dated the 6th day of FEBRUARY 20 19 CEO i t nisi This form and the assessment payment Is due 60 days after the end of the fiscal year. Retain the Working Copy of this form for a period of not less than 6 years, the latest 2 years In an easily accessible place. w Dates: Postmarked Received Reviewed W y Calculations Documentation Forward Copy W tr c� Exceptions: rL ua Disposition of exceptions: 1 DETERMINATION OF "SIPC NET OPERATING REVENUES" AND GENERAL ASSESSMENT Amounts for the fiscal period beginning I Fr and ending Item No. 2a. Total revenue (FOCUS Line 12lPart IIA Line 9, Code 4030) 2b, Additions: (1) Total revenues from the securities business of subsidiaries (except foreign subsidiaries) and predecessors not included above. (2) Net loss from principal transactions in securities in trading accounts. (3) Net lose from principal transactions In commodities In trading accounts. (4) Interest and dividend expense deducted In determining item 2a. (5) Net loss from management of or participation In the underwriting or distribution of securities. (6) Expenses other than advertising, printing, registration fees and legal lees deducted in determining net profit from management of or participation in underwriting or distribution of securities. (7) Nei loss from securities In investment accounts. Total additions Eliminate cents r -Z 2c. Deductions: (1) Revenues from the distribution of shares of a registered open end Investment company or unit investment trust, from the sale of variable annuities, from the business of insurance, from investment advleaty services rendered to registered investment companies or insurance company separate accounts, and from transactions in security futures products. (2) Revenues from commodity transactions. (3) Commissions, floor brokerage and clearance paid to other SIPC members in connection with a v Q securities transactions. I (4) Reimbursements for postage In connection with proxy solicitation. (5) Net gain from securities in investment accounts. (6) 100% of commissions and markups earned from transactions in (1) certificates of deposit and (It) Treasury bills, bankers acceptances or commercial paper that mature nine months or less from issuance date. (7) Direct expenses of printing advertising and legal fees incurred In connection with other revenue related to the securities business (revenue defined by Section 16(9)(L) of the Act), (8) Other revenue not related either directly or indirectly to the securities business. (See Instruction C): (Deductions in excess of $100,000 require documentatlon) (9) (1) Total Interest and dividend expense (FOCUS Line 221PART IIA Line 13, Code 4076 plus line 2b(4) above) but not in excess //�� interest dividend income. $ 0 of total and _..r (ii) 40% of margin Interest earned on customers securities FOCUS line 5, Code 3960). accounts (40% of Enter the greater of line (1) or (ii) Total deductions —may 2d. SIPC Net Operating Revenues 2e. General Assessment @ .0015 $�r ❑ t (to page t, line 2.A.) 2