Company: ALDA
Filing Date: 2025-03-18
Form Type: 10-K
Source: 0001548123-25-000017
Chunk: 18

Company: ATLANTICA INC
Filing Date: 2025-03-18
Form: 10-K
Item: Item 8
Chunk 18
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. S. corporate statutory tax rate from 35% to 21% beginning on January 1, 2018. We used21% as an effective
tax rate.

Net deferred tax liabilities consist of the following
components as of December 31, 2024 and 2023:

                                2024                        2023                    
 ────────────────────────────────────────────────────────────────────────────────────
  Deferred tax assets                                                               
  NOL Carryforward              $              642,300      $              616,300  
  Related Party Accruals                       826,733                     750,194  
  Deferred tax liabilities                                                          
  Valuation allowance                     ( 1,469,033)                ( 1,366,494)  
  Net deferred tax asset        $                    -      $                    -  

The income tax provision differs from the amount of
income tax determined by applying the U. S. federal income tax rate to pretax income from continuing operations for the years ended December
31, 2024 and 2023 due to the following:

                                     2024                     2023                             
 ───────────────────────────────────────────────────────────────────────────────────────────────
  Book Income (Loss)                 $         ( 82,900)      $         ( 79,600)              
  Related Party Payable              $            61,800      $                        59,600  
  Change in Valuation allowance                   21,100                               20,000  
                                     $                 -      $         -                      

At December 31, 2024, the Company had net
operating loss carryforwards of $2,471,000that may be offset against future taxable income from the year 2024 and forward. No tax benefit has been reported in the
December 31, 2024 financial statements since the potential tax benefit is offset by a valuation allowance of the same amount.

Due to the change in ownership provisions of the Tax
Reform Act of 1986, net operating loss carryforwards for Federal income tax reporting purposes are subject to annual limitations. Should
a change in ownership occur, net operating loss carryforwards may be limited as to use in future years.

The Company files income tax returns in the U. S. federal jurisdiction,
and the state of Utah jurisdiction. The Company is subject to U. S. federal, state and local income tax examinations by tax authorities
for years 2020 through 2024.

NOTE