Atlantica (ALDA) 10-Q 27 Oct 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Oct. 27, 2014
Document and Entity Information	'	'
Entity Registrant Name	'ATLANTICA INC	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-14	'
Amendment Flag	'false	'
Entity Central Index Key	'0001062506	'
Current Fiscal Year End Date	'--12-31	'
Entity Common Stock, Shares Outstanding	'	2,458,590
Entity Filer Category	'Smaller Reporting Company	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Well-known Seasoned Issuer	'No	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'

ATLANTICA_INC_Balance_Sheets_U

ATLANTICA, INC. Balance Sheets (Unaudited) (USD $)	Sep. 30, 2014	Dec. 31, 2013
CURRENT ASSETS	'	'
Cash	$0	$0
Prepaid expense	0	5,000
Total Current Assets	0	5,000
Total Assets	0	5,000
CURRENT LIABILITIES	'	'
Accounts Payable	43,633	14,283
Accounts Payable - Related Parties	810,000	720,000
Note Payable - Related Parties	320,271	303,383
Interest Payable - Related Parties	90,804	62,894
Total Current Liabilities	1,264,708	1,100,560
Total Liabilities	1,264,708	1,100,560
STOCKHOLDERS' EQUITY (DEFICIT)	'	'
Preferred Stock: 10,000,000 shares authorized of $0.0001 par value, no shares issued and outstanding	0	0
Common Stock: 50,000,000 shares authorized of $0.0001 par value, 2,458,590 shares issued and outstanding	246	246
Additional Paid-in Capital	125,456	125,456
Accumulated Deficit	-1,390,410	-1,221,262
Total Stockholders' Equity (Deficit)	-1,264,708	-1,095,560
Total Liabilities and Stockholders' Equity (Deficit)	$0	$5,000

ATLANTICA_INC_Balance_Sheets_P

ATLANTICA, INC. Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Statement of Financial Position	'	'
Preferred Stock authorized	10,000,000	10,000,000
Preferred Stock par value	$0.00	$0.00
Preferred Stock outstanding	0	0
Common Stock authorized	50,000,000	50,000,000
Common Stock par value	$0.00	$0.00
Common Stock outstanding	2,458,590	2,458,590
Common Stock issued	2,458,590	2,458,590

ATLANTICA_INC_Statements_of_Op

ATLANTICA, INC. Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Statement	'	'	'	'
REVENUES	$0	$0	$0	$0
EXPENSES	'	'	'	'
General and administrative	35,720	35,795	141,238	143,798
Total expenses	35,720	35,795	141,238	143,798
OTHER INCOME (EXPENSE)	'	'	'	'
Interest expense	-9,896	-8,392	-27,910	-23,196
Total other income (expense)	-9,896	-8,392	-27,910	-23,196
NET INCOME (LOSS)	($45,616)	($44,187)	($169,148)	($166,994)
BASIC LOSS PER SHARE	($0.02)	($0.02)	($0.07)	($0.07)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	2,458,590	2,458,590	2,458,590	2,458,590

ATLANTICA_INC_Statements_of_Ca

ATLANTICA, INC. Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES	'	'
Net Income (Loss)	($169,148)	($166,994)
Common stock issued for services	0	0
(Increase) decrease in prepaid expenses	5,000	0
Increase (decrease) in accounts payable	119,350	72,705
Increase in accrued interest	27,910	23,196
Net Cash Used For Operating Activities	-16,888	-71,093
CASH FLOWS FROM INVESTING ACTIVITIES	0	0
CASH FLOWS FROM FINANCING ACTIVITIES	'	'
Proceeds from note payable - related party	16,888	71,093
Capital contributed by shareholder	0	0
Net Cash Provided by Financing Activities	16,888	71,093
NET INCREASE (DECREASE) IN CASH	0	0
CASH AT BEGINNING OF PERIOD	0	0
CASH AT END OF PERIOD	0	0
CASH PAID FOR:	'	'
Interest	0	0
Taxes	$0	$0

Significant_Accounting_Policie

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2014
Notes	'
Significant Accounting Policies	'
	NOTE 1 - BASIS OF PRESENTATION
	This summary of significant accounting policies of Atlantica, Inc. (the “Company”) is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements.  All adjustments which are necessary for a fair statement of the results for interim periods have been included.
	The Company has applied early adoption of Topic 915 for the current financial year although compliance with this standard is mandatory only with effect from December 15, 2014. The effect of the change is to provide information that is useful to present and potential investors, creditors, donors, and other capital market participants in making rational investment, credit, and similar resource allocation decisions.  The Company entered into the Development Stage January 1, 1997, and the cumulative information was not useful to present and potential investors, creditors, donors, and other capital market participants in making rational investment, credit, and similar resource allocation decisions.
	a. Organization and Business Activities
	The financial statements presented are those of Atlantica, Inc. The Company was incorporated in the State of Utah on March 3, 1938. The Company name at that time was Red Hills Mining Company. On February 5, 1953, the Company changed its name to Allied Oil and Minerals Company. On January 8, 1971, the Company changed its name to Community Equities Corporation. On March 26, 1996, the Company changed its name to Atlantica, Inc.
	The Company had two subsidiaries; Keys Equities, Inc., a Florida corporation incorporated on July 31, 1996, and Allied Equities, Inc. (“Allied”), a Florida corporation incorporated on July 15, 1996. On March 1, 1998, the Company transferred its right, title and interest in a mining claim in Utah to Allied. The mining claim had a book value of $0.00.  On March 1, 1998, the Company distributed the shares of the two subsidiaries to its shareholders in a liquidating dividend.
	We have had no material business operations since March 7, 1997. The Company’s only activity since that time has consisted of taking actions necessary to restore and preserve its good standing in the State of Utah.  The Company presently has no significant assets.  The Company intends to continue to seek out the acquisition of assets, property or a business that may be beneficial to the Company and its stockholders. In considering whether to complete any such acquisition, the Board of Directors will make the final determination and the approval of stockholders will not be sought unless required by applicable law, the articles of incorporation or bylaws of the Company or contract.
	b. Accounting Method
	The Company’s financial statements are prepared using the accrual method of accounting. The Company has elected a December 31 year-end.
	c. Estimates
	The preparations of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
	d. Cash and Cash Equivalents
	The Company considers all highly liquid investments with original maturities at the date of purchase of three months or less to be cash equivalents.
	NOTE 2 - LIQUIDITY / GOING CONCERN
	The Company’s financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not established revenues sufficient to cover its operation costs. The Company is seeking to acquire, or merge with, an existing operating company.
	The Company does not have significant assets, nor has it established operations and has accumulated losses since inception. These factors raise substantial doubt about the Company’s ability to continue as a going concern. It is the intent of the Company to seek a merger with an existing, well-capitalized operating company. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
	The Company is relying on Mirabella Holdings, LLC (“Mirabella”), its majority shareholder, to pay all of our operating and other expenses until we can complete a reorganization or merger. While Mirabella currently pays the Company's limited operating and other expenses, on the Company's behalf, Mirabella is not obligated to pay any of those expenses and the Company can provide no assurance that Mirabella will continue to pay any of those expenses in the future.  Mirabella paid $16,888 in expenses for the Company during the nine months ended September 30, 2014.  Currently, any such loans that may be provided to us from time to time by Mirabella are made pursuant to a demand promissory note that has been issued by us to Mirabella, which loans are unsecured, payable on demand and bear interest at a rate of 10% per annum, compounded quarterly.  See the description of that demand promissory note contained in Part III, Item 13 of our Annual Report on Form 10-K for the year ended December 31, 2008, and a copy of that note included in Part IV, Item 15 of that Report.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2014
Notes	'
Commitments and Contingencies	'
	NOTE 3 - COMMITMENTS AND CONTINGENCIES
	Contingencies -The Company has not been active for several years.  Management believes that there are no unrecorded valid outstanding liabilities from prior operations.  If a creditor were to come forward and claim a liability, the Company has committed to contest the claim to the fullest extent of the law.  Due to various statutes of limitations and because of the likelihood that such an old liability would not still be valid no amount has been accrued in these financial statements for any such contingencies.

Common_Stock

Common Stock	9 Months Ended
	Sep. 30, 2014
Notes	'
Common Stock	'
	NOTE 4 – COMMON STOCK
	On January 26, 2007, the majority stockholders of the Company voted in favor of amending and restating the Company's Articles of Incorporation to change the total number of shares which the corporation shall be authorized to issue to 60,000,000 shares of capital stock, such total number of shares shall consist of 50,000,000 shares of $0.0001 par value common voting stock (“Common Stock”) and 10,000,000 shares of preferred stock, having a par value of $0.0001 per share.  The majority stockholders also approved a one for ten (1: 10) reverse stock split of the Company's issued and outstanding common shares effective following notice thereof to the National Association of Securities Dealers, Inc. (the "NASD") and the subsequent advice from the NASD of its effectiveness.  The reverse stock split was effective on February 15, 2007.  The stock split is reflected on a retroactive basis.
	The Company did not issue any shares of capital stock during the three month period ended September 30, 2014.

Loss_per_share

Loss per share	9 Months Ended
	Sep. 30, 2014
Notes	'
Loss per share	'
	NOTE 5 - LOSS PER SHARE
	The following data show the amounts used in computing loss per share for the periods presented:
		For the Three Months Ended September 30, 2014		For the Three Months Ended September 30, 2013		For the Nine Months Ended September 30, 2014		For the Nine Months Ended September 30, 2013
	Loss available to common shareholders (numerator)	$	-45,616	$	-44,187	$	-169,148	-166,994
	Weighted average number of common shares outstanding during the period used in loss per share (denominator)		2,458,590		2,458,590		2,458,590	2,458,590
	Basic loss per share	$	-0.02	$	-0.02	$	-0.07	-0.07
	Dilutive loss per share was not presented as the Company had no common equivalent shares for all periods presented that would affect the computation of diluted loss per share.

Related_Party_Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2014
Notes	'
Related Party Transactions	'
	NOTE 6 - RELATED PARTY TRANSACTIONS
	Mirabella paid expenses of $16,888 during the nine months ended September 30, 2014 that were recorded as additional loans by shareholders which totaled $320,271 at September 30, 2014.  The accrued interest related to the outstanding loans was $27,910 for the nine months ended September 30, 2014, and  total accrued interest as of September 30, 2014 was $90,804.  The loans are evidenced by a promissory note, are unsecured, are due on demand and accrue interest at the rate of 10% per annum,  compounded quarterly.  No payments of principal or interest were made during the quarter ended September 30, 2014.  The note was issued by the Company on April 29, 2009 and covers all loans made by Mirabella to the Company since November 6, 2007, as well as any such loans that may be made by Mirabella in the future.  A copy of the note was filed as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2008; see Part IV, Item 15 of that Report.
	On April 29, 2009, the Company entered into a management services agreement (the “Management Services Agreement”) with Richland, Gordon & Company (“Richland”), a private investment firm beneficially owned by Alan D. Gordon, the Company’s President and Chief Executive Officer and one of the Company’s directors.  Pursuant to the Management Services Agreement, Richland provides certain financial and management consulting services to the Company, including, among other things, advice regarding the Company's operations, identification of potential businesses for the Company to acquire or other suitable business combinations for the Company, and advice regarding the Company's general preparation for its initial acquisition, other business combination or financing transaction that may occur in the future.
	The Management Services Agreement has a term of ten years and provides for the Company to pay to Richland an annual management fee equal to the greater of (i) $120,000 or (ii) 5% of the Company's consolidated EBITDA (as defined in the agreement).  The management fee is payable in quarterly installments in arrears, on April 15, July 15, October 15 and January 15 of each year, with respect to the immediately preceding calendar quarter, equal to the greater of (i) $30,000 or (ii) 5% of the Company's consolidated EBITDA for the immediately preceding calendar quarter, with such payments commencing July 15, 2009 and covering services provided by Richland during the period from January 1, 2008 (prior to the date of the agreement) and continuing through the quarter ended September 30, 2014; however, the management fees accrue and are not initially payable to Richland until the Company’s completion of its initial acquisition or financing that occurs subsequent to the date of the agreement.  Accordingly, we accrued management fees payable to Richland totaling $30,000 during the quarter ended September 30, 2014, which fees, along with any other management fees that may subsequently accrue, are due and payable to Richland if and when such an acquisition or financing is completed by the Company.
	The Management Services Agreement also provides for the Company to pay a separate, cash transaction-based fee for investment banking services that Richland provides in connection with future acquisitions and financing transactions that may be completed by the Company.  This transaction-based fee equals 1% of the transaction value of any acquisitions or other business combinations or debt or equity financings completed by the Company subsequent to the date of the agreement; however, the amount of the initial transaction-based fee payable to Richland is reduced by the amount of all accrued but unpaid management fees earned by Richland under the agreement.  To date, no transaction-based fee has accrued or is otherwise payable by the Company to Richland.
	Under the Management Services Agreement, the Company also reimburses Richland for all reasonable out-of-pocket expenses incurred by Richland in providing its services to the Company and indemnifies Richland and its agents and affiliates for any liabilities that they may incur in connection with providing these services.  This expense reimbursement is payable on April 15, July 15, October 15 and January 15 of each year, with respect to expenses incurred by Richland during the immediately preceding calendar quarter.  To date, no such expenses have been incurred by Richland and, accordingly, no expenses have been reimbursed by the Company to Richland and no expense reimbursement obligation has been accrued or is otherwise payable by the Company.
	A copy of the Management Services Agreement was filed as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2008; see Part IV, Item 15 of that Report.

Subsequent_Events

Subsequent Events	9 Months Ended
	Sep. 30, 2014
Notes	'
Subsequent Events	'
	NOTE 7 – SUBSEQUENT EVENTS
	The Company has evaluated subsequent events pursuant to ASC Topic 855 from the balance sheet date through the date the financial statements were issued, and determined there are no other events to disclose.

Significant_Accounting_Policie1

Significant Accounting Policies: Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2014
Policies	'
Basis of Presentation	'
	NOTE 1 - BASIS OF PRESENTATION
	This summary of significant accounting policies of Atlantica, Inc. (the “Company”) is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements.  All adjustments which are necessary for a fair statement of the results for interim periods have been included.
	The Company has applied early adoption of Topic 915 for the current financial year although compliance with this standard is mandatory only with effect from December 15, 2014. The effect of the change is to provide information that is useful to present and potential investors, creditors, donors, and other capital market participants in making rational investment, credit, and similar resource allocation decisions.  The Company entered into the Development Stage January 1, 1997, and the cumulative information was not useful to present and potential investors, creditors, donors, and other capital market participants in making rational investment, credit, and similar resource allocation decisions.
	a. Organization and Business Activities
	The financial statements presented are those of Atlantica, Inc. The Company was incorporated in the State of Utah on March 3, 1938. The Company name at that time was Red Hills Mining Company. On February 5, 1953, the Company changed its name to Allied Oil and Minerals Company. On January 8, 1971, the Company changed its name to Community Equities Corporation. On March 26, 1996, the Company changed its name to Atlantica, Inc.
	The Company had two subsidiaries; Keys Equities, Inc., a Florida corporation incorporated on July 31, 1996, and Allied Equities, Inc. (“Allied”), a Florida corporation incorporated on July 15, 1996. On March 1, 1998, the Company transferred its right, title and interest in a mining claim in Utah to Allied. The mining claim had a book value of $0.00.  On March 1, 1998, the Company distributed the shares of the two subsidiaries to its shareholders in a liquidating dividend.
	We have had no material business operations since March 7, 1997. The Company’s only activity since that time has consisted of taking actions necessary to restore and preserve its good standing in the State of Utah.  The Company presently has no significant assets.  The Company intends to continue to seek out the acquisition of assets, property or a business that may be beneficial to the Company and its stockholders. In considering whether to complete any such acquisition, the Board of Directors will make the final determination and the approval of stockholders will not be sought unless required by applicable law, the articles of incorporation or bylaws of the Company or contract.

Significant_Accounting_Policie2

Significant Accounting Policies: Fiscal Period and Accounting Method (Policies)	9 Months Ended
	Sep. 30, 2014
Policies	'
Fiscal Period and Accounting Method	'
	b. Accounting Method
	The Company’s financial statements are prepared using the accrual method of accounting. The Company has elected a December 31 year-end.

Significant_Accounting_Policie3

Significant Accounting Policies: Use of Estimates (Policies)	9 Months Ended
	Sep. 30, 2014
Policies	'
Use of Estimates	'
	c. Estimates
	The preparations of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Significant_Accounting_Policie4

Significant Accounting Policies: Cash and Cash Equivalents (Policies)	9 Months Ended
	Sep. 30, 2014
Policies	'
Cash and Cash Equivalents	'
	d. Cash and Cash Equivalents
	The Company considers all highly liquid investments with original maturities at the date of purchase of three months or less to be cash equivalents.

Significant_Accounting_Policie5

Significant Accounting Policies: Liquidity / Going Concern (Policies)	9 Months Ended
	Sep. 30, 2014
Policies	'
Liquidity / Going Concern	'
	NOTE 2 - LIQUIDITY / GOING CONCERN
	The Company’s financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not established revenues sufficient to cover its operation costs. The Company is seeking to acquire, or merge with, an existing operating company.
	The Company does not have significant assets, nor has it established operations and has accumulated losses since inception. These factors raise substantial doubt about the Company’s ability to continue as a going concern. It is the intent of the Company to seek a merger with an existing, well-capitalized operating company. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
	The Company is relying on Mirabella Holdings, LLC (“Mirabella”), its majority shareholder, to pay all of our operating and other expenses until we can complete a reorganization or merger. While Mirabella currently pays the Company's limited operating and other expenses, on the Company's behalf, Mirabella is not obligated to pay any of those expenses and the Company can provide no assurance that Mirabella will continue to pay any of those expenses in the future.  Mirabella paid $16,888 in expenses for the Company during the nine months ended September 30, 2014.  Currently, any such loans that may be provided to us from time to time by Mirabella are made pursuant to a demand promissory note that has been issued by us to Mirabella, which loans are unsecured, payable on demand and bear interest at a rate of 10% per annum, compounded quarterly.  See the description of that demand promissory note contained in Part III, Item 13 of our Annual Report on Form 10-K for the year ended December 31, 2008, and a copy of that note included in Part IV, Item 15 of that Report.

Loss_per_share_Loss_per_share_

Loss per share: Loss per share (Tables)	9 Months Ended
	Sep. 30, 2014
Tables/Schedules	'
Loss per share	'
		For the Three Months Ended September 30, 2014		For the Three Months Ended September 30, 2013		For the Nine Months Ended September 30, 2014		For the Nine Months Ended September 30, 2013
	Loss available to common shareholders (numerator)	$	-45,616	$	-44,187	$	-169,148	-166,994
	Weighted average number of common shares outstanding during the period used in loss per share (denominator)		2,458,590		2,458,590		2,458,590	2,458,590
	Basic loss per share	$	-0.02	$	-0.02	$	-0.07	-0.07

Significant_Accounting_Policie6

Significant Accounting Policies: Liquidity / Going Concern (Details) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Details	'	'
Proceeds from note payable - related party	$16,888	$71,093
Related Party Transaction, Rate	10.00%	'

Common_Stock_Details

Common Stock (Details) (USD $)	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Details	'	'
Common Stock authorized	50,000,000	50,000,000
Common Stock par value	$0.00	$0.00
Preferred Stock authorized	10,000,000	10,000,000
Preferred Stock par value	$0.00	$0.00
Stockholders' Equity, Reverse Stock Split	'The majority stockholders also approved a one for ten (1: 10) reverse stock split of the Company's issued and outstanding common shares effective following notice thereof to the National Association of Securities Dealers, Inc. (the 'NASD') and the subsequent advice from the NASD of its effectiveness. The reverse stock split was effective on February 15, 2007. The stock split is reflected on a retroactive basis.	'

Loss_per_share_Loss_per_share_1

Loss per share: Loss per share (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Details	'	'	'	'
Loss available to common shareholders (numerator)	($45,616)	($44,187)	($169,148)	($166,994)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	2,458,590	2,458,590	2,458,590	2,458,590
BASIC LOSS PER SHARE	($0.02)	($0.02)	($0.07)	($0.07)

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Details	'	'	'	'	'
Proceeds from note payable - related party	'	'	$16,888	$71,093	'
Note Payable - Related Parties	320,271	'	320,271	'	303,383
Interest expense	9,896	8,392	27,910	23,196	'
Interest Payable - Related Parties	$90,804	'	$90,804	'	$62,894
Accounts Payable, Interest-bearing, Interest Rate	10.00%	'	10.00%	'	'