Company: ALDA
Filing Date: 2025-03-18
Form Type: 10-K
Source: 0001548123-25-000017
Chunk: 14

Company: ATLANTICA INC
Filing Date: 2025-03-18
Form: 10-K
Item: Item 8
Chunk 14
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The accompanying notes are an integral part of these
financial statements.

ATLANTICA, INC.

Notes to Audited Financial Statements

December 31, 2024 and 2023

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

This summary of significant accounting policies of
Atlantica, Inc. 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.

a. Organization and Business Activities

The financial statements presented are those of Atlantica,
Inc. (the Company). 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.
(Keys), 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. On March 1, 1998, the Company distributed the shares of the two subsidiaries to its shareholders in a liquidating
dividend.

The Company has not engaged in any business operations
since 1990. 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 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