Company: ALDA
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001062506-25-000007
Chunk: 5

Company: ATLANTICA INC
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 5
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per annum, compounded quarterly. No payments of principal or interest were made during the quarter ended September 30, 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 the
quarter ended September 30, 2025; however, the management fees accrue and are not initially payable to Richland until the Company’s
completion of its initial acquisition or financing that occurs subsequent to the date of the agreement. Accordingly, we accrued
management fees