Company: ALDA
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001548123-25-000049
Chunk: 2

Company: ATLANTICA INC
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 2
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 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, 2025. 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, 2024.

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