2023 Q2 Form 10-Q Financial Statement

#000109690623001078 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $453.3K
YoY Change -100.0% -100.0%
Cost Of Revenue $0.00 $0.00 $354.9K
YoY Change -100.0% -100.0%
Gross Profit $0.00 $0.00 $98.46K
YoY Change -100.0% -100.0%
Gross Profit Margin 21.72%
Selling, General & Admin $63.90K $63.52K $84.57K
YoY Change -49.34% -24.89% 108.25%
% of Gross Profit 85.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $63.90K $63.52K $84.56K
YoY Change -49.34% -24.89% 108.22%
Operating Profit -$63.90K -$63.52K $13.90K
YoY Change -77.38% -556.94%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change
Pretax Income -$63.90K -$63.52K $13.90K
YoY Change -77.38% -556.98% -134.23%
Income Tax
% Of Pretax Income
Net Earnings -$63.88K -$63.50K $13.92K
YoY Change -77.38% -556.16% -134.29%
Net Earnings / Revenue 3.07%
Basic Earnings Per Share $0.00 $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $34.43
COMMON SHARES
Basic Shares Outstanding 42.02M shares 42.02M shares 15.20M shares
Diluted Shares Outstanding 42.02M shares 40.43M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.560K $2.160K $86.55K
YoY Change -98.24% -97.5% 23941.67%
Cash & Equivalents $1.558K $2.157K $86.55K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $0.00 $9.000K $247.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.558K $11.16K $333.6K
YoY Change -99.94% -96.66% 92552.78%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $1.558K $11.16K $333.6K
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $1.558K $11.16K $333.6K
YoY Change -99.94% -96.66% 92552.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $304.0K $266.7K $36.00K
YoY Change 322.18% 640.75% -96.82%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $1.262M
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $321.0K $266.7K $1.532M
YoY Change -87.83% -82.6% 35.45%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $321.0K $266.7K $1.532M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $99.14K $44.86K $1.310M
YoY Change -95.9% -96.58% 44.08%
SHAREHOLDERS EQUITY
Retained Earnings -$29.21M -$29.14M
YoY Change 0.34%
Common Stock $4.202K $42.02K
YoY Change -90.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$97.58K -$33.70K -$976.9K
YoY Change
Total Liabilities & Shareholders Equity $1.558K $11.16K $333.6K
YoY Change -99.94% -96.66% 92552.78%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$63.88K -$63.50K $13.92K
YoY Change -77.38% -556.16% -134.29%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$17.59K -$8.515K $36.36K
YoY Change -1016.15% -123.42% -793.89%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $49.93K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 17.00K $0.00 49.93K
YoY Change -100.0% 862.04%
NET CHANGE
Cash From Operating Activities -17.59K -$8.515K 36.36K
Cash From Investing Activities 0.000 $0.00 $0.00
Cash From Financing Activities 17.00K $0.00 49.93K
Net Change In Cash -590.0 -$8.515K 86.29K
YoY Change -130.73% -109.87% -172680.0%
FREE CASH FLOW
Cash From Operating Activities -$17.59K -$8.515K $36.36K
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font:10pt Times New Roman;margin:0"><b>NOTE 1 – BUSINESS AND NATURE OF OPERATIONS </b></p> <p style="font:10pt Times New Roman;margin:0"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">Spectral Capital Corporation (the "Company" or "Spectral") was incorporated on September 13, 2000 under the laws of the State of Nevada. Spectral is focused on the identification, acquisition, development, financing of technology that has the potential to transform existing industries. The Company looks for technology that can be protected through patents or laws regarding trade secrets.  Spectral has acquired significant stakes in three technology companies currently and actively works with management to drive these companies toward increasing market penetration in their particular verticals.  Spectral intends to own, in full or in part, technology companies whose founders and key management can take advantage of the deep networks and experience in technology development embodied in Spectral management.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">In January 2022, the Company commenced a new line of business which is providing data and telecommunications reselling services on a global basis.  On February 15, 2022, the Company entered into a telecommunications services agreement with Sky Data PLL OU (Estonia) to provide long distance switching services. The contract does not contain a fixed term or value and is on an as needed basis via invoice for Sky Data PLL OU. The Company is focusing on this line of business and is currently expanding its network on an as needed basis by adding as many ports as its customers require in any given month. We provide business to business (B2) telecommunications interconnection services to mainly Asia, South America and Africa. This is done by negotiating directly with international private and public carriers for telecommunications rates based on certain volume and transaction levels.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">Our wholesale voice services provide global routing solutions and direct bilateral connections with many major PTTs, Tier-1 carriers and Mobile operators around the world to further expand our network and improve voice quality. Our global network is comprised of over 100 Tier 1 carriers, Mobile Operators &amp; PTTs from across all continents. A geographically-load balanced, multi-data center architecture design ensures 99.999% uptime and business continuity with 24-hour fully redundant, state-of-the-art Network Operations Center (NOC) and we conduct routine security audits. </p>
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<p style="font:10pt Times New Roman;margin:0;text-align:justify"><b>Use of Estimates</b></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period.  Actual results could differ from those estimates.</p>
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