Atlantica (ALDA) 10-Q 10 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 10, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	000-24379
Entity Registrant Name	ATLANTICA INC.
Entity Central Index Key	0001062506
Entity Tax Identification Number	43-0976473
Entity Incorporation, State or Country Code	UT
Entity Address, Address Line One	c/o Richland
Entity Address, Address Line Two	Gordon & Company
Entity Address, Address Line Three	11450 SE Dixie Highway
Entity Address, City or Town	Hobe Sound
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33455
City Area Code	(772)
Local Phone Number	545-9002
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		2,458,590

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash
Total Current Assets
Total Assets
CURRENT LIABILITIES
Accounts Payable	1,636,781	1,591,151
Accounts Payable - Related Parties	1,867,456	1,803,339
Note Payable - Related Parties	693,714	681,527
Interest Payable – Related Parties	871,976	798,197
Total Current Liabilities	5,069,927	4,874,214
Total Liabilities	5,069,927	4,874,214
Commitments and Contingencies
STOCKHOLDERS’ DEFICIT
Preferred Stock: 10,000,000 shares authorized of $0.0001 par value, no shares issued and outstanding
Common Stock: 50,000,000 shares authorized of $0.0001 par value, 2,458,590 shares issued and outstanding, respectively	246	246
Additional Paid-in Capital	125,456	125,456
Accumulated Deficit	(5,195,629)	(4,999,916)
Total Stockholders' Deficit	(5,069,927)	(4,874,214)
Total Liabilities and Stockholders' Deficit

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred Stock Shares Authorized	10,000,000	10,000,000
Preferred Stock Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock Shares Outstanding	0	0
Common Stock Shares Authorized	50,000,000	50,000,000
Common Stock Par Or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock Shares Outstanding	2,458,590	2,458,590

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
REVENUES
EXPENSES
General and administrative	70,336	373,656	121,934	1,264,616
Total expenses	70,336	373,656	121,934	1,264,616
OTHER INCOME (EXPENSE)
Interest expense	(37,670)	(33,227)	(73,779)	(64,921)
Total other income (expense)	(37,670)	(33,227)	(73,779)	(64,921)
NET LOSS	$ (108,006)	$ (406,883)	$ (195,713)	$ (1,329,537)
BASIC AND DILUTED LOSS PER SHARE	$ (0.04)	$ (0.17)	$ (0.08)	$ (0.54)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING – BASIC AND DILUTED	2,458,590	2,458,590	2,458,590	2,458,590

Statements of Shareholders' Equ

Statements of Shareholders' Equity (Deficit) for the Six Months Ended June 30, 2023 and 2022 - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2021	$ 246	$ 125,456	$ (3,505,068)	$ (3,379,366)
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2021	2,458,590
Net loss			(922,654)	(922,654)
Ending balance, value at Mar. 31, 2022	246	125,456	(4,427,722)	$ (4,302,020)
Common Stock, Shares, Outstanding, Ending Balance at Mar. 31, 2022				2,458,590
Beginning balance, value at Dec. 31, 2021	$ 246	125,456	(3,505,068)	$ (3,379,366)
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2021	2,458,590
Net loss				(1,329,537)
Ending balance, value at Jun. 30, 2022	$ 246	125,456	(4,834,605)	$ (4,708,903)
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2022				2,458,590
Beginning balance, value at Mar. 31, 2022	246	125,456	(4,427,722)	$ (4,302,020)
Common Stock, Shares, Outstanding, Beginning Balance at Mar. 31, 2022				2,458,590
Net loss			(406,883)	$ (406,883)
Ending balance, value at Jun. 30, 2022	246	125,456	(4,834,605)	$ (4,708,903)
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2022				2,458,590
Beginning balance, value at Dec. 31, 2022	$ 246	125,456	(4,999,916)	$ (4,874,214)
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2022	2,458,590			2,458,590
Net loss			(87,707)	$ (87,707)
Ending balance, value at Mar. 31, 2023	$ 246	125,456	(5,087,623)	(4,961,921)
Common Stock, Shares, Outstanding, Ending Balance at Mar. 31, 2023	2,458,590
Beginning balance, value at Dec. 31, 2022	$ 246	125,456	(4,999,916)	$ (4,874,214)
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2022	2,458,590			2,458,590
Net loss				$ (195,713)
Ending balance, value at Jun. 30, 2023	$ 246	125,456	(5,195,629)	$ (5,069,927)
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2023				2,458,590
Beginning balance, value at Mar. 31, 2023	$ 246	125,456	(5,087,623)	$ (4,961,921)
Common Stock, Shares, Outstanding, Beginning Balance at Mar. 31, 2023	2,458,590
Net loss			(108,006)	(108,006)
Ending balance, value at Jun. 30, 2023	$ 246	$ 125,456	$ (5,195,629)	$ (5,069,927)
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2023				2,458,590

Statements of Cash Flows

Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss	$ (195,713)	$ (1,329,537)
Changes in operating assets and liabilities:
Increase in accounts payable	109,747	1,228,564
Increase in accrued interest	73,779	64,921
Net Cash Used By Operating Activities	(12,187)	(36,052)
CASH FLOWS FROM INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from note payable - related party	12,187	36,052
Net Cash Provided by Financing Activities	12,187	36,052
NET INCREASE (DECREASE) IN CASH
CASH AT BEGINNING OF PERIOD
CASH AT END OF PERIOD
CASH PAID FOR:
Interest
Taxes

NOTE 1 - BASIS OF PRESENTATION

NOTE 1 - BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NOTE 1 - 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 accompanying unaudited financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending December 31, 2022. These unaudited financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. 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. 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 preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date 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 - GOING CONCERN

NOTE 2 - GOING CONCERN	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NOTE 2 - GOING CONCERN	NOTE 2 - 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 operating 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”), our 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 $12,187

NOTE 3 - COMMITMENTS AND CONTIN

NOTE 3 - COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
NOTE 3 - 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.

NOTE 4 _ COMMON STOCK

NOTE 4 – COMMON STOCK	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
NOTE 4 – COMMON STOCK	NOTE 4 – COMMON STOCK The Company did not issue any shares of capital stock during the six month period ended June 30, 2023 and 2022.

NOTE 5 - LOSS PER SHARE

NOTE 5 - LOSS PER SHARE	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
NOTE 5 - LOSS PER SHARE	NOTE 5 - LOSS PER SHARE The following data shows the amounts used in computing loss per share for the periods presented: For the Six Months Ended June 30, 2023 For the Six Months Ended June 30, 2022 Loss available to common shareholders (numerator) $ ( 195,713 $ ( 1,329,527 Weighted average number of common shares outstanding during the period used in loss per share (denominator) 2,458,590 2,458,590 Basic loss per share $ ( 0.08 $ ( 0.54 ) 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.

NOTE 6 - RELATED PARTY TRANSACT

NOTE 6 - RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
NOTE 6 - RELATED PARTY TRANSACTIONS	NOTE 6 - RELATED PARTY TRANSACTIONS Mirabella paid expenses of $ 12,187 $693,714 36,052 37,670 33,227 871,976 798,197 10 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 5 $30,000 5 $30,000 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 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. A copy of the First Amendment to the Management Services Agreement, which extends the term to April 29, 2029, was filed as an exhibit to our June 30, 2018 Quarterly Report, see Part II, Item 6 of this Report.

NOTE 7 _ SUBSEQUENT EVENTS

NOTE 7 – SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
NOTE 7 – 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.

NOTE 1 - BASIS OF PRESENTATION

NOTE 1 - BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
a. Organization and Business Activities	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. 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	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	c. Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date 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	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 5 - LOSS PER SHARE (Tables

NOTE 5 - LOSS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Loss Per Share	For the Six Months Ended June 30, 2023 For the Six Months Ended June 30, 2022 Loss available to common shareholders (numerator) $ ( 195,713 $ ( 1,329,527 Weighted average number of common shares outstanding during the period used in loss per share (denominator) 2,458,590 2,458,590 Basic loss per share $ ( 0.08 $ ( 0.54 )

NOTE 2 - GOING CONCERN (Details

NOTE 2 - GOING CONCERN (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Proceeds from Related Party Debt	$ 12,187	$ 36,052

Loss Per Share (Details)

Loss Per Share (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Income (Loss) Available to Common Stockholders, Basic	$ 195,713	$ 1,329,527
2,458,590	2,458,590	2,458,590	2,458,590	2,458,590

NOTE 6 - RELATED PARTY TRANSA_2

NOTE 6 - RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Related Party Transactions [Abstract]
Proceeds from Related Party Debt			$ 12,187	$ 36,052
Other Notes Payable, Current	$ 693,714		693,714			$ 681,527
Interest Expense	37,670	$ 33,227	73,779	$ 64,921
Interest Payable, Current	$ 871,976		$ 871,976			$ 798,197
[custom:PromissoryNoteInterestRate]	10%
Annual Management Fee					$ 120,000
[custom:ManagementFeePercentEBITDA]	5%		5%
Quarterly Managment Fee	$ 30,000
[custom:TransactionFee]	1%