U. S. Securities and Exchange Commission
Washington, D. C. 20549
FORM 10-QSB
|X| QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended September 30, 1998
|_| TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the transition period from June 30, 1998 to September 30, 1998
------------- ------------------
Commission File No. 000-24379
ATLANTICA, INC.
---------------
(Name of Small Business Issuer in its Charter)
UTAH 43-0976473
------------------------------- --------------------------
(State or Other Jurisdiction of (I.R.S. Employer I.D. No.)
incorporation or organization)
80 Wall Street, Suite 412
NEW YORK, NEW YORK. 10005
----------------------------------------
(Address of Principal Executive Offices)
Issuer's Telephone Number: (212) 344-5519
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the Registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
(1) Yes |X| No |_| (2) Yes |X| No |_|
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
<PAGE>
Check whether the registrant filed all documents and reports
required to be filed by Section 12, 13 or 15(d) of the Exchange Act after the
distribution of securities under a plan confirmed by court.
Yes |X| No |_|
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the Registrant's classes of
common stock, as of the latest practicable date:
September 30, 1998
Common Voting Stock - 25,000,000
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
The Financial Statements of the Registrant required to be filed with
this 10-QSB Quarterly Report were prepared by Jones, Jensen, & Company,
Certified Public Accountants, and commence on the following page, together with
Related Notes. In the opinion of management, the Financial Statements fairly
present the financial condition of the Registrant.
- THIS SPACE INTENTIONALLY LEFT BLANK -
Item 2. Management's Discussion and Analysis or Plan of Operation.
Plan of Operation.
The Company has not engaged in any material operations in the last
fiscal year or the period ending September 30, 1998. The Company intends to
continue to seek out the acquisition of assets, property or business that may be
beneficial to the Company and its stockholders.
<PAGE>
ATLANTICA, INC.
(A Development Stage Company)
FINANCIAL STATEMENTS
September 30, 1998 and 1997
<PAGE>
CONTENTS
Independent Auditors' Report ............................................... 3
Balance Sheets ............................................................. 4
Statements of Operations ................................................... 5
Statements of Stockholders' Equity (Deficit) ............................... 6
Statements of Cash Flows ................................................... 7
Notes to the Financial Statements .......................................... 8
<PAGE>
[LETTERHEAD OF JONES, JENSEN & COMPANY, LLC]
INDEPENDENT AUDITORS' REPORT
The Board of Directors
Atlantica, Inc.
(A Development Stage Company)
Salt Lake City, Utah
The accompanying balance sheet of Atlantica, Inc. (a development stage company)
as of September 30, 1998 and the related statements of operations, stockholders'
equity and cash flows for the three months and nine months ended September 30,
1998 and 1997 and from inception on January 1, 1997 through September 30, 1998
were not audited by us and, accordingly, we do not express an opinion on them.
The accompanying balance sheet as of December 31, 1997 was audited by us and we
expressed an unqualified opinion on it in our report dated April 15, 1998.
/s/ Jones, Jensen & Company
Jones, Jensen & Company
Salt Lake City, Utah
November 23, 1998
<PAGE>
ATLANTICA, INC.
(A Development Stage Company)
Balance Sheets
ASSETS
September 30, December 31,
1998 1997
----------- -----------
(Unaudited)
CURRENT ASSETS
Cash $ -- $ --
----------- -----------
Total Current Assets -- --
----------- -----------
TOTAL ASSETS $ -- $ --
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable $ 3,146 $ --
Accrued interest 464,625 424,800
Mortgage payable 885,000 885,000
----------- -----------
Total Current Liabilities 1,352,771 1,309,800
----------- -----------
TOTAL LIABILITIES 1,352,771 1,309,800
----------- -----------
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock: 25,000,000 shares authorized
of $0.0001 par value, 24,581,422 and
531,422 shares issued and outstanding,
respectively 2,458 53
Additional paid-in capital 42,580 39,904
Deficit accumulated prior to January 1, 1997 (1,256,700) (1,256,700)
Deficit accumulated during the development
stage (from January 1, 1997) (141,109) (93,057)
----------- -----------
Total Stockholders' Equity (Deficit) (1,352,771) (1,309,800)
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIT) $ -- $ --
=========== ===========
The accompanying notes are an integral part of these financial statements.
4
<PAGE>
ATLANTICA, INC.
(A Development Stage Company)
Statements of Operations
(Unaudited)
<TABLE>
<CAPTION>
From
Inception of
Development
For the Three For the Nine Stage on
Months Ended Months Ended January 1,
September 30, September 30, 1997 Through
----------------------- ----------------------- September 30,
1998 1997 1998 1997 1998
--------- --------- --------- --------- ------------
<S> <C> <C> <C> <C> <C>
REVENUES $ -- $ -- $ -- $ -- $ --
EXPENSES
General and administrative -- 9,920 8,227 29,760 48,184
Interest expense 13,275 13,275 39,825 39,825 92,925
--------- --------- --------- --------- ---------
Total Expenses 13,275 23,195 48,052 69,585 141,109
--------- --------- --------- --------- ---------
NET (LOSS) $ (13,275) $ (23,195) $ (48,052) $ (69,585) $(141,109)
========= ========= ========= ========= =========
NET (LOSS) PER SHARE $ (0.00) $ (0.00) $ (0.00) $ (0.00)
========= ========= ========= =========
</TABLE>
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
ATLANTICA, INC.
(A Development Stage Company)
Statements of Stockholders' Equity (Deficit)
<TABLE>
<CAPTION>
Common Stock Additional
-------------------------- Paid-In Accumulated
Shares Amount Capital Deficit
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Inception of development stage,
January 1, 1997 531,422 $ 53 $ (53) $(1,256,700)
Expenses paid on the
Company's behalf -- -- 39,957 --
Net loss for the year ended
December 31, 1997 -- -- -- (93,057)
----------- ----------- ----------- -----------
Balance, December 31, 1997 531,422 53 39,904 (1,349,757)
March 1, 1998, liquidating
dividend -- -- -- --
March 13, 1998, common
stock issued for services
at $0.0001 per share 24,050,000 2,405 -- --
Expenses paid on the
Company's behalf
(unaudited) -- -- 2,676 --
Net loss for the nine months
ended September 30, 1998
(unaudited) -- -- -- (48,052)
----------- ----------- ----------- -----------
Balance, September 30, 1998
(unaudited) 24,581,422 $ 2,458 $ 42,580 $(1,397,809)
=========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
ATLANTICA, INC.
(A Development Stage Company)
Statements of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
From
Inception of
Development
For the Three For the Nine Stage on
Months Ended Months Ended January 1,
September 30, September 30, 1997 Through
----------------------- ----------------------- September 30,
1998 1997 1998 1997 1998
--------- --------- --------- --------- ------------
<S> <C> <C> <C> <C> <C>
CASH FLOWS FROM
OPERATING ACTIVITIES
Net (loss) $ (13,275) $ (23,195) $ (48,052) $ (69,585) $(141,109)
Adjustments to reconcile net (loss)
to net cash used by operating
activities:
Common stock issued for services -- -- 2,405 -- 2,405
Changes in operating assets and
liabilities:
Increase in accrued interest 13,275 13,275 39,825 39,825 92,925
Increase in accounts payable -- -- 3,146 -- 3,146
--------- --------- --------- --------- ---------
Net Cash (Used) by
Operating Activities -- (9,920) (2,676) (29,760) (42,633)
--------- --------- --------- --------- ---------
CASH FLOWS FROM
INVESTING ACTIVITIES -- -- -- -- --
--------- --------- --------- --------- ---------
CASH FLOWS FROM
FINANCING ACTIVITIES
Capital contributed by shareholder -- 9,920 2,676 29,760 42,633
--------- --------- --------- --------- ---------
Net Cash Provided by
Financing Activities -- 9,920 2,676 29,760 42,633
--------- --------- --------- --------- ---------
NET INCREASE (DECREASE)
IN CASH AND CASH
EQUIVALENTS -- -- -- -- --
CASH AND CASH
EQUIVALENTS AT
BEGINNING OF PERIOD -- -- -- -- --
--------- --------- --------- --------- ---------
CASH AND CASH
EQUIVALENTS AT
END OF PERIOD $ -- $ -- $ -- $ -- $ --
========= ========= ========= ========= =========
CASH PAID FOR:
Interest $ -- $ -- $ -- $ -- $ --
Taxes $ -- $ -- $ -- $ -- $ --
</TABLE>
The accompanying notes are an integral part of these financial statements.
7
<PAGE>
ATLANTICA, INC.
(A Development Stage Company)
Notes to the Financial Statements
September 30, 1998 and 1997
NOTE 1 - CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The accompanying consolidated financial statements have been
prepared by the Company without audit. In the opinion of management,
all adjustments (which include only normal recurring adjustments)
necessary to present fairly the financial position, results of
operations and cash flows at September 30, 1998 and for all periods
presented have been made.
Certain information and footnote disclosures normally included in
consolidated financial statements prepared in accordance with
general accepted accounting principles have been condensed or
omitted. It is suggested that these condensed consolidated financial
statements be read in conjunction with the financial statements and
notes thereto included in the Company's December 31, 1997 audited
consolidated financial statements. The results of operations for the
periods ended September 30, are not necessarily indicative of the
operating results for the full year.
8
<PAGE>
Results of Operations.
The Company discontinued its operations in approximately 1990. The
Company received no revenue in the last fiscal year or the period ending June
30, 1998. It sustained no net income or losses for either period.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
The Company filed a voluntary petition for bankruptcy in the
Southern District of New York of the United States Bamkruptcy Court.
Item 2. Changes in Securities.
None; not applicable.
Item 3. Defaults Upon Senior Securities.
None; not applicable.
Item 4. Submission of Matters to a Vote of Security Holders.
None; not applicable.
Item 5. Other Information.
None; not applicable.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits.
None.
(b) Reports on Form 8-K.
None.
<PAGE>
- THIS SPACE INTENTIONALLY LEFT BLANK -
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
ATLANTICA, INC.
Date: 12/03/98
----------------------------
By /s/ Gregory Aurre, Jr.
--------------------------------
Gregory Aurre, Jr., Director and
President
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Form 10-Q
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> SEP-30-1998
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 1,352,771
<BONDS> 0
0
0
<COMMON> 2,458
<OTHER-SE> (1,355,229)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 13,275
<INCOME-PRETAX> (13,275)
<INCOME-TAX> 0
<INCOME-CONTINUING> (13,275)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (13,275)
<EPS-PRIMARY> 0.00
<EPS-DILUTED> 0.00
</TABLE>
