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, 1999
------------------
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the transition period from June 30, 1999 to September 30, 1999
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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)
236 East 36th Street, Suite 1E
NEW YORK, NEW YORK. 10016
--------------------------
(Address of Principal Executive Offices)
Issuer's Telephone Number: (212) 684-0401
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 ___
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<PAGE>
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
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, 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.
<PAGE>
ATLANTICA, INC.
(A Development Stage Company)
FINANCIAL STATEMENTS
September 30, 1999 and December 31, 1998
<PAGE>
<TABLE>
<CAPTION>
ATLANTICA, INC.
(A Development Stage Company)
Balance Sheets
ASSETS
September 30, December 31,
1999 1998
(Unaudited)
CURRENT ASSETS
<S> <C> <C>
Cash $ - $ -
Total Current Assets - -
TOTAL ASSETS $ - $ -
LIABILITIES AND STOCKHOLDER EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable $ 2,076 $ -
Accrued interest - 477,900
Mortgage payable - 885,000
Total Current Liabilities 2,076 1,362,900
TOTAL LIABILITIES 2,076 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)
Deficit accumulated during the development stage
(from January 1, 1997) 1,194,803 (155,418)
Total Stockholders Equity (Deficit) (2,076) (1,362,900)
TOTAL LIABILITIES AND STOCKHOLDER
EQUITY (DEFICIT) $ - $ -
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATLANTICA, INC.
(A Development Stage Company)
Statements of Operations
(Unaudited)
From
Inception of
Development
Stage on
For the Three For the Nine January 1,
Months Ended Months Ended 1997 Through
September 30, September 30, September 30,
1999 1998 1999 1998 1999
<S> <C> <C> <C> <C> <C>
REVENUES $ - $ - $ - $ - $ -
EXPENSES
General and administrative 470 - 2,679 8,227 51,897
Interest expense - 13,275 - 39,825 106,200
Total Expenses (470) (13,275) (2,679) (48,052) (158,097)
EXTRAORDINARY ITEMS
Gain on debt forgiveness - - 1,352,900 - 1,352,900
Total Extraordinary Items - - 1,352,900 - 1,352,900
NET INCOME (LOSS) $ (470) $ (13,275) $ 1,350,221 $ (48,052) $ 1,194,803
BASIC INCOME (LOSS) PER
SHARE $ (0.00) $ (0.00) $ 0.05 $ (0.00)
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATLANTICA, INC.
(A Development Stage Company)
Statements of Stockholders Equity (Deficit)
Additional
Common Stock Paid-In Accumulated
Shares Amount Capital Deficit
Inception of development stage,
<S> <C> <C> <C> <C>
January 1, 1997 531,422 $ 53 $ (53) $ (1,256,700)
Expenses paid on the
Companys 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
Companys 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
Companys behalf (unaudited) - - 10,603 -
Net gain for the nine months
ended September 30, 1999
(unaudited) - - - 1,350,221
Balance, September 30, 1999
(unaudited 24,581,422 $ 2,458 $ 57,363 $ (61,897)
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATLANTICA, INC.
(A Development Stage Company)
Statements of Cash Flows
(Unaudited)
From
Inception of
Development
Stage on
For the Three For the Nine January 1,
Months Ended Months Ended 1997 Through
September 30, September 30, September 30,
1999 1998 1999 1998 1999
CASH FLOWS FROM
OPERATING ACTIVITIES
<S> <C> <C> <C> <C> <C>
Net Income (loss) $ (470) $ (13,275)$ 1,350,221 $ (48,052) $ 1,194,803
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 (decrease) in accrued
interest - 13,275 (477,900) 39,825 (371,700)
Increase in accounts payable 470 - 2,076 3,146 2,076
(Decrease) in mortgage payable - - (885,000) - (885,000)
Net Cash (Used) by
Operating Activities - - (10,603) (2,676) (57,416)
CASH FLOWS FROM
INVESTING ACTIVITIES - - - - -
CASH FLOWS FROM
FINANCING ACTIVITIES
Capital contributed by shareholder - - 10,603 2,676 57,416
Net Cash Provided by
Financing Activities - - 10,603 2,676 57,416
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>
<PAGE>
ATLANTICA, INC.
(A Development Stage Company)
Notes to the Financial Statements
September 30, 1999 and 1998
NOTE 1 - CONDENSED FINANCIAL STATEMENTS
The accompanying 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, 1999 and 1998 and for all
periods presented have been made.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with general accepted accounting principles
have been condensed or omitted. It is suggested that these condensed financial
statements be read in conjunction with the financial statements and notes
thereto included in the Companys December 31, 1998 audited financial
statements. The results of operations for the periods ended September 30, 1999
and 1998 are not necessarily indicative of the operating results for the full
year.
<PAGE>
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, 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.
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
September 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.
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None; not applicable.
Item 6. Exhibits and Reports on Form 8-K.
---------------------------------
(a) Exhibits.
None.
(b) Reports on Form 8-K.
None.
<PAGE>
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: 2/14/00 /S/ GREGORY AURRE
Gregory Aurre, Jr., Director and President
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0001062506
<NAME> Atlantica, Inc.
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JUL-01-1999
<PERIOD-END> SEP-30-1999
<EXCHANGE-RATE> 1
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 2,076
<BONDS> 0
0
0
<COMMON> 2,458
<OTHER-SE> (4,534)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 470
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (470)
<EPS-BASIC> (0.01)
<EPS-DILUTED> (0.01)
</TABLE>
