Company: ALDA
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001548123-25-000035
Chunk: 6

Company: ATLANTICA INC
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 6
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4 and December 31, 2024 was$ 1,173,363and$ 1,126,269,
respectively. The loans are evidenced by a promissory note, are unsecured, are due on demand and accrue interest at the rate of10%
per annum, compounded quarterly. No payments of principal or interest were made during the quarter ended March 31, 2024. 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)$ 120,000or (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)$ 30,000or (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