Atlantica, Inc. reported a net loss of $394,670 for the fiscal year ending December 31, 2024, compared to a net loss of $378,946 in the previous year. The company has not generated any revenue during this period, maintaining a consistent trend of no operational income. Total expenses for 2024 were recorded at $219,813, slightly lower than the $225,730 reported in 2023. The primary contributors to these losses were attributed to general administrative costs, including legal and management fees.
The company’s financial position remains precarious, with total liabilities increasing to $5,647,830 in 2024 from $5,253,160 in 2023. This rise is largely due to increased accounts payable and related party loans. Atlantica has no current cash resources and is reliant on its majority shareholder, Mirabella Holdings, LLC, to cover operational expenses. Mirabella provided $48,754 in funding during 2024, raising the total outstanding loans to $762,407, with accrued interest amounting to $1,126,269 as of year-end.
In terms of corporate governance, Atlantica has not engaged in any significant business operations since 1990 and is actively seeking potential acquisitions or mergers to revitalize its business model. The company has a total of 670 shareholders, excluding those holding shares in street name, but has not declared any cash dividends and does not anticipate doing so in the near future. The management team, led by President and CEO Alan D. Gordon, has indicated that the company will continue to explore opportunities for growth and operational engagement over the next 12 months.
The company’s balance sheet reflects no assets as of December 31, 2024, and it has been classified as a shell company under SEC regulations. This classification restricts the resale of its securities under Rule 144 until certain conditions are met. The company has not made any recent sales of unregistered securities and has no plans for equity purchases in the foreseeable future. The outlook remains uncertain, with management acknowledging the need for significant changes to ensure the company’s viability moving forward.
About ATLANTICA INC
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