As of September 30, 2024, Atlantica, Inc. reported total current liabilities of $5,562,658, an increase from $5,253,160 at the end of 2023. This rise in liabilities was primarily driven by an increase in accounts payable, which rose to $1,700,079 from $1,654,146, and accounts payable to related parties, which increased to $2,019,979 from $1,933,948. The total liabilities also reflected this upward trend, worsening the accumulated deficit to $(5,688,360) from $(5,378,862) at the end of the previous fiscal year.

For the three months ended September 30, 2024, Atlantica reported general and administrative expenses of $40,146, a decrease from $52,257 in the same period of 2023. However, for the nine-month period, general and administrative expenses increased slightly to $180,582 from $174,191 year-over-year. The company recorded a net loss of $(84,885) for Q3 2024, an improvement from a net loss of $(91,329) in Q3 2023. Despite this quarterly improvement, the net loss for the nine months ended September 30, 2024, was $(309,498), compared to $(287,042) for the same period in 2023, indicating a worsening financial performance over the longer term.

Cash flow analysis revealed that net cash used by operating activities for the nine months ended September 30, 2024, was $(48,618), a significant increase from $(15,287) in the prior year. The company received proceeds from a note payable related party amounting to $48,618, up from $15,287 in the previous year, reflecting increased financial support from its majority shareholder, Mirabella Holdings, LLC. Mirabella also paid $48,618 in expenses for the company during this period, compared to $15,287 in the same period of 2023.

Interest expenses related to outstanding loans rose to $44,739 for Q3 2024, compared to $39,072 in Q3 2023. Total accrued interest as of September 30, 2024, was $1,080,329, up from $951,413 at the end of 2023. The company has not engaged in any operations during the reported period and anticipates cash requirements for maintaining compliance with regulatory obligations.

The management services agreement with Richland, Gordon & Company remains in effect, with management fees of $30,000 accrued for both Q3 2024 and Q3 2023. The company has no current cash resources and expects to rely on additional funding through loans from its principal shareholder if necessary.