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 June 30, 1999
|_| TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the transition period from March 31, 1999 to June 30, 1999
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: (619) 251-6028
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:
June 30, 1999
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 June 30, 1999. 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>
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, 1999. It sustained no net income or losses for either period.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
None.
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: July 11, 1999 By /s/ Gregory Aurre, Jr.
---------------------------------------
Gregory Aurre, Jr., Director and
President
<PAGE>
ATLANTICA, INC.
(A Development Stage Company)
FINANCIAL STATEMENTS
June 30, 1999 and 1998
<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 June 30,1999 and the related statements of operations, stockholders'
equity and cash flows for the three months and six months ended June 30, 1999
and 1998 and from inception on January 1, 1997 through June 30, 1999 were not
audited by us and, accordingly, we do not express an opinion on them. The
accompanying balance sheet as of December 31, 1998 was audited by us and we
expressed an unqualified opinion on it in our report dated February 26, 1999.
/s/ Jones, Jensen & Company
Jones, Jensen & Company
Salt Lake City, Utah
July 7, 1999
<PAGE>
ATLANTICA, INC.
(A Development Stage Company)
Balance Sheets
ASSETS
June 30, December 31,
1999 1998
----------- -----------
(Unaudited)
CURRENT ASSETS
Cash $ -- $ --
----------- -----------
Total Current Assets -- --
----------- -----------
TOTAL ASSETS $ -- $ --
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable $ 1,606 $ --
Accrued interest -- 477,900
Mortgage payable -- 885,000
----------- -----------
Total Current Liabilities 1,606 1,362,900
----------- -----------
TOTAL LIABILITIES 1,606 1,362,900
----------- -----------
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock: 25,000,000 shares authorized
of $0.0001 par value, 24,581,422 shares
issued and outstanding 2,458 2,458
Additional paid-in capital 57,363 46,760
(Deficit) accumulated prior to January 1, 1997 (1,256,700) (1,256,700)
Earnings (deficit) accumulated during the
development stage (from January 1, 1997) 1,195,273 (155,418)
----------- -----------
Total Stockholders' Equity (Deficit) (1,606) (1,362,900)
----------- -----------
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 Six Stage on
Months Ended Months Ended January 1,
June 30, June 30, 1997 Through
------------------------- -------------------------- June 30,
1999 1998 1999 1998 1999
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
REVENUES $ -- $ -- $ -- $ -- $ --
EXPENSES
General and administrative- 4,576 2,209 8,227 51,427
Interest expense -- 13,275 -- 26,550 106,200
----------- ----------- ----------- ----------- -----------
Total Expenses -- (17,851) (2,209) (34,777) (157,627)
----------- ----------- ----------- ----------- -----------
EXTRAORDINARY ITEMS
Gain on debt forgiveness -- -- 1,352,900 -- 1,352,900
----------- ----------- ----------- ----------- -----------
Total Extraordinary Items- -- 1,352,900 -- 1,352,900
----------- ----------- ----------- ----------- -----------
NET GAIN (LOSS) $ -- $ (17,851) $ 1,350,691 $ (34,777) $ 1,195,273
=========== =========== =========== =========== ===========
NET GAIN (LOSS) PER SHARE $ 0.00 $ (0.00) $ 0.05 $ (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 -- -- 6,856 --
Net loss for the year ended
December 31, 1998 -- -- -- (62,361)
----------- ----------- ----------- -----------
Balance, December 31, 1998 24,581,422 2,458 46,760 (1,412,118)
Expenses paid on the
Company's behalf (unaudited) -- -- 10,603 --
Net gain for the six months
ended June 30, 1999
(unaudited) -- -- -- 1,350,691
----------- ----------- ----------- -----------
Balance, June 30, 1999
(unaudited) 24,581,422 $ 2,458 $ 57,363 $ (61,427)
=========== =========== =========== ===========
</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 Six Stage on
Months Ended Months Ended January 1,
June 30, June 30, 1997 Through
------------------------- -------------------------- June 30,
1999 1998 1999 1998 1999
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
CASH FLOWS FROM
OPERATING ACTIVITIES
Net (loss) $ -- $ (17,851) $ 1,350,691 $ (34,777) $ (127,834)
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 (477,900) 26,550 79,650
Increase in accounts payable -- 3,146 1,606 3,146 3,146
(Decrease in mortgage payable) -- -- (885,000) -- --
----------- ----------- ----------- ----------- -----------
Net Cash (Used) by
Operating Activities -- (1,430) (10,603) (2,676) (42,633)
----------- ----------- ----------- ----------- -----------
CASH FLOWS FROM
INVESTING ACTIVITIES -- -- -- -- --
----------- ----------- ----------- ----------- -----------
CASH FLOWS FROM
FINANCING ACTIVITIES
Capital contributed by shareholder -- 1,430 10,603 2,676 42,633
----------- ----------- ----------- ----------- -----------
Net Cash Provided by
Financing Activities -- 1,430 10,603 2,676 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
June 30, 1999 and 1998
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
June 30, 1999 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, 1998 audited consolidated financial statements.
The results of operations for the periods ended June 30, are not
necessarily indicative of the operating results for the full year.
8
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Atlantica
Inc. 10-Q financial and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> APR-01-1999
<PERIOD-END> JUN-30-1999
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 1,606
<BONDS> 0
0
0
<COMMON> 2,458
<OTHER-SE> (4,064)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
