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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">UNITED STATES</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">SECURITIES AND EXCHANGE COMMISSION</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Washington, D.C. 20549</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">FORM&nbsp;8&#8209;K</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">CURRENT REPORT</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Date of Report (Date of earliest event reported): November 8, 2010</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">GATEWAY ENERGY CORPORATION</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">(Exact name of registrant as specified in its charter)</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman,serif">Delaware</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman,serif">000-06404</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman,serif">44-0651207</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1.4pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman,serif">(State or other jurisdiction of incorporation)</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1.4pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman,serif">(Commission </FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1.4pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman,serif">File Number)</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1.4pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman,serif">(I.R.S. Employer Identification Number)</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: 80%; FONT-SIZE: 12pt" face="Times New Roman,serif">1415 Louisiana Street, Suite 4100 Houston, Texas&nbsp;<BR>
</FONT></B><FONT style="LINE-HEIGHT: 80%; FONT-SIZE: 12pt" face="Times New Roman,serif">(Address of principal executive offices)</FONT></P>
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<P style="TEXT-ALIGN: center; TEXT-INDENT: 0.9pt; MARGIN: 0in 0in 0pt 0pt" align=center><B><FONT style="LINE-HEIGHT: 80%; FONT-SIZE: 12pt" face="Times New Roman,serif">77002<BR>
</FONT></B><FONT style="LINE-HEIGHT: 80%; FONT-SIZE: 12pt" face="Times New Roman,serif">(Zip Code)</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Registrant&#146;s telephone number, including area code:&nbsp; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">(713) 336-0844</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Check the appropriate box below if the Form 8&#8722;K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</FONT></P>
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<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Wingdings>&#168;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&nbsp; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>
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<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Wingdings>&#168;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&nbsp; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>
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<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Wingdings>&#168;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17&nbsp;CFR 240.14d-2(b))</FONT></P>
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<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Wingdings>&#168;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17&nbsp;CFR 240.13e-4(c))</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif">2034750.1</FONT></P>
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<P style="TEXT-INDENT: -58.5pt; MARGIN: 0in 0in 0pt 58.5pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Item&nbsp;4.02&nbsp;&nbsp;&nbsp; Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">On November 8, 2010, the audit committee of the Board of Directors of Gateway Energy Corporation (the &#147;Company&#148;) concluded that the Company&#146;s consolidated financial statements for the year ended December 31, 2009 should be restated because it incorrectly recorded the full amount of the gain on sale of discontinued operations related to the sale of the Shipwreck Gathering System in June 2009.&nbsp; The Company concluded that a portion of the gain should have been deferred and that the associated transactions were incorrectly accounted for under U.S. generally accepted accounting principles (&#147;GAAP&#148;).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">The Company has concluded that there were accounting errors with respect to the gain on sale of discontinued operations related to the sale of the Shipwreck Gathering System, which was completed on June 30, 2009.&nbsp; The consideration for the sale was a $200,000 note, payable in four quarterly installments and assumption of associated liabilities.&nbsp; The Company currently has $150,000 outstanding on the note receivable, and the purchaser is delinquent on the note.&nbsp; Since the Company cannot estimate when the collection on the note will be made, the gain is calculated according to Accounting Standard Codification (&#147;ASC&#148;) Topic 605 &#147;Revenue Recognition&#148;, using the cost recovery method.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The following tables set forth the effects of the restatement on certain line items within our consolidated balance sheet at December 31, 2009 and our consolidated statement of operations for the year ended December 31, 2009:</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">December 31, 2009</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman,serif">As Restated</FONT></B></P>
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<P><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">As Previously Filed</FONT></B></P>
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<P><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD vAlign=bottom width=408>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif"></FONT></P>
</TD>
     <TD vAlign=bottom width=160>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7></TD>
     <TD style="TEXT-INDENT: 0px" vAlign=bottom width=7></TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7>
<P><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width=160>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7>
<P><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">Deferred gain on sale of discontinued operations</FONT></P>
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<P align=center><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;$</FONT></FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">100,800</FONT></P>
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     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7></TD>
     <TD style="TEXT-INDENT: 0px" vAlign=bottom width=7></TD>
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<P><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman,serif">$</FONT></P>
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     <TD vAlign=bottom width=160 align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">-</FONT></P>
</TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7>
<P><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD vAlign=bottom width=408>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">TOTAL LIABILITIES</FONT></P>
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<P align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD vAlign=bottom width=160 align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">1,076,041</FONT></P>
</TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7></TD>
     <TD style="TEXT-INDENT: 0px" vAlign=bottom width=7></TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7>
<P><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width=160 align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">975,241</FONT></P>
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     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7>
<P><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">Accumulated deficit</FONT></P>
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<P align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif"></FONT></P>
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     <TD vAlign=bottom width=160 align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">(10,225,235</FONT></P>
</TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7>
<P><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">)</FONT></P>
</TD>
     <TD style="TEXT-INDENT: 0px" vAlign=bottom width=7></TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7>
<P><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width=160 align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">(10,124,436</FONT></P>
</TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7>
<P><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman,serif">)</FONT></P>
</TD></TR>
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     <TD vAlign=bottom width=408>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">TOTAL SHAREHOLDERS&#146; EQUITY</FONT></P>
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<P align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif"></FONT></P>
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     <TD vAlign=bottom width=160 align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">12,019,873</FONT></P>
</TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7></TD>
     <TD style="TEXT-INDENT: 0px" vAlign=bottom width=7></TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7>
<P><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width=160 align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">12,120,673</FONT></P>
</TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7>
<P><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD vAlign=bottom width=408>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right>
<P align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif"></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=324 colSpan=5 align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">Year Ended December 31, 2009</FONT></B></P>
</TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7>
<P><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD vAlign=bottom width=408>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right>
<P align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif"></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=160>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">As Restated</FONT></B></P>
</TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7></TD>
     <TD vAlign=bottom width=7 align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" vAlign=bottom width=7>
<P><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=160>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">As Previously Filed</FONT></B></P>
</TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7>
<P><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD vAlign=bottom width=408>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">Gain on disposal of assets, net of tax</FONT></P>
</TD>
     <TD vAlign=bottom align=right>
<P align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">$</FONT></FONT></P>
</TD>
     <TD vAlign=bottom width=160 align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">217,380</FONT></P>
</TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7></TD>
     <TD style="TEXT-INDENT: 0px" vAlign=bottom width=7></TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7>
<P><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD vAlign=bottom width=160 align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">318,180</FONT></P>
</TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7>
<P><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD vAlign=bottom width=408>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">Income from discontinued operations</FONT></P>
</TD>
     <TD vAlign=bottom align=right>
<P align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif"></FONT></P>
</TD>
     <TD vAlign=bottom width=160 align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">61,483</FONT></P>
</TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7></TD>
     <TD style="TEXT-INDENT: 0px" vAlign=bottom width=7></TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7>
<P><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width=160 align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">162,283</FONT></P>
</TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7>
<P><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD vAlign=bottom width=408>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">Net loss</FONT></P>
</TD>
     <TD vAlign=bottom align=right>
<P align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif"></FONT></P>
</TD>
     <TD vAlign=bottom width=160 align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">(320,284</FONT></P>
</TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7>
<P><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman,serif">)</FONT></P>
</TD>
     <TD style="TEXT-INDENT: 0px" vAlign=bottom width=7></TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7>
<P><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width=160 align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">(219,484</FONT></P>
</TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7>
<P><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman,serif">)</FONT></P>
</TD></TR>
<TR>
     <TD vAlign=bottom width=408>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom align=right>
<P align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif"></FONT></P>
</TD>
     <TD vAlign=bottom width=160 align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7></TD>
     <TD style="TEXT-INDENT: 0px" vAlign=bottom width=7></TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7>
<P><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width=160 align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7>
<P><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD vAlign=bottom width=408>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">Basic and diluted income (loss) per share:</FONT></P>
</TD>
     <TD vAlign=bottom align=right>
<P align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif"></FONT></P>
</TD>
     <TD vAlign=bottom width=160 align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7></TD>
     <TD style="TEXT-INDENT: 0px" vAlign=bottom width=7></TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7>
<P><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width=160 align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7>
<P><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD vAlign=bottom width=408>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">&nbsp;&nbsp; Discontinued operations</FONT></P>
</TD>
     <TD vAlign=bottom align=right>
<P align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD vAlign=bottom width=160 align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">-</FONT></P>
</TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7></TD>
     <TD style="TEXT-INDENT: 0px" vAlign=bottom width=7></TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7>
<P><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width=160 align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">0.01</FONT></P>
</TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7>
<P><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD vAlign=bottom width=408>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman,serif">&nbsp;&nbsp; Net income (loss)</FONT></P>
</TD>
     <TD vAlign=bottom align=right>
<P align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif"></FONT></P>
</TD>
     <TD vAlign=bottom width=169 align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">(0.02</FONT></P>
</TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7>
<P><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman,serif">)</FONT></P>
</TD>
     <TD style="TEXT-INDENT: 0px" vAlign=bottom width=7></TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7>
<P><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width=169 align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="Times New Roman,serif">(0.01</FONT></P>
</TD>
     <TD style="TEXT-ALIGN: left" vAlign=bottom width=7>
<P><FONT style="FONT-SIZE: 12pt" color=black face="Times New Roman,serif">)</FONT></P>
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<P style="TEXT-INDENT: -58.5pt; MARGIN: 0in 0in 0pt 58.5pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>





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<div style="page:WordSection1;"><p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">The Company&#8217;s audit
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intends to file amendments to its Form 10-K for the year ended December 31,
2009 and its Form 10-Qs for the quarterly periods ended June 30, 2009,
September 30, 2009, March 31, 2010 and June 30, 2010 to reflect the foregoing
restatement as promptly as practicable.</font></p>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">SIGNATURES</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">Date:&nbsp; November 9, 2010</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">GATEWAY ENERGY CORPORATION</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 3in"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">By:&nbsp;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Frederick M.&nbsp;Pevow, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frederick M. Pevow, Jr.</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 3.75in"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer</FONT></P>
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{"company-data": {"conformed-name": "GATEWAY ENERGY CORP/NE", "cik": "0000040194", "assigned-sic": "4922", "irs-number": "440651207", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-06404", "film-number": "101175987"}, "business-address": {"street1": "1415 LOUISIANA STREET", "street2": "STE 4100", "city": "HOUSTON", "state": "TX", "zip": "77002", "phone": "713-600-1044"}, "mail-address": {"street1": "1415 LOUISIANA STREET", "street2": "STE 4100", "city": "HOUSTON", "state": "TX", "zip": "77002"}, "former-company": [{"former-conformed-name": "GATEWAY GATHERING SYSTEMS INC", "date-changed": "19941012"}, {"former-conformed-name": "GATEWAY SPORTING GOODS CO", "date-changed": "19920703"}]}
gateway8-k.htm - Generated by SEC Publisher for SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8‑K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 8, 2010
GATEWAY ENERGY CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
000-06404
44-0651207
(State or other jurisdiction of incorporation)
(Commission
File Number)
(I.R.S. Employer Identification Number)
1415 Louisiana Street, Suite 4100 Houston, Texas
(Address of principal executive offices)
77002
(Zip Code)
Registrant's telephone number, including area code:
(713) 336-0844
Check the appropriate box below if the Form 8−K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
2034750.1
Item 4.02    Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
On November 8, 2010, the audit committee of the Board of Directors of Gateway Energy Corporation (the "Company") concluded that the Company's consolidated financial statements for the year ended December 31, 2009 should be restated because it incorrectly recorded the full amount of the gain on sale of discontinued operations related to the sale of the Shipwreck Gathering System in June 2009.  The Company concluded that a portion of the gain should have been deferred and that the associated transactions were incorrectly accounted for under U.S. generally accepted accounting principles ("GAAP").
The Company has concluded that there were accounting errors with respect to the gain on sale of discontinued operations related to the sale of the Shipwreck Gathering System, which was completed on June 30, 2009.  The consideration for the sale was a $200,000 note, payable in four quarterly installments and assumption of associated liabilities.  The Company currently has $150,000 outstanding on the note receivable, and the purchaser is delinquent on the note.  Since the Company cannot estimate when the collection on the note will be made, the gain is calculated according to Accounting Standard Codification ("ASC") Topic 605 "Revenue Recognition", using the cost recovery method.
The following tables set forth the effects of the restatement on certain line items within our consolidated balance sheet at December 31, 2009 and our consolidated statement of operations for the year ended December 31, 2009:
December 31, 2009
As Restated
As Previously Filed
Deferred gain on sale of discontinued operations
$
100,800
$
-
TOTAL LIABILITIES
1,076,041
975,241
Accumulated deficit
(10,225,235
)
(10,124,436
)
TOTAL SHAREHOLDERS' EQUITY
12,019,873
12,120,673
Year Ended December 31, 2009
As Restated
As Previously Filed
Gain on disposal of assets, net of tax
$
217,380
$
318,180
Income from discontinued operations
61,483
162,283
Net loss
(320,284
)
(219,484
)
Basic and diluted income (loss) per share:
Discontinued operations
$
-
0.01
Net income (loss)
(0.02
)
(0.01
)
The Company's audit
committee has discussed this matter with its independent auditors.  The Company
intends to file amendments to its Form 10-K for the year ended December 31,
2009 and its Form 10-Qs for the quarterly periods ended June 30, 2009,
September 30, 2009, March 31, 2010 and June 30, 2010 to reflect the foregoing
restatement as promptly as practicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date:  November 9, 2010
GATEWAY ENERGY CORPORATION
By:
/s/ Frederick M. Pevow, Jr.
Frederick M. Pevow, Jr.
President and Chief Executive Officer