2024 Q1 Form 10-K Financial Statement
#000109690624000647 Filed on March 28, 2024
Income Statement
Concept | 2024 Q1 | 2023 Q4 | 2023 |
---|---|---|---|
Revenue | $0.00 | $0.00 | $0.00 |
YoY Change | -100.0% | -100.0% | |
Cost Of Revenue | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Gross Profit | $0.00 | $0.00 | $0.00 |
YoY Change | -100.0% | -100.0% | |
Gross Profit Margin | |||
Selling, General & Admin | $64.86K | $42.34K | $215.5K |
YoY Change | 2.11% | -87.52% | -36.51% |
% of Gross Profit | |||
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | |||
YoY Change | |||
% of Gross Profit | |||
Operating Expenses | $64.86K | $42.34K | $215.5K |
YoY Change | 2.12% | -87.52% | -36.51% |
Operating Profit | -$64.86K | -$42.34K | -$215.5K |
YoY Change | 2.12% | -82.44% | -10.61% |
Interest Expense | |||
YoY Change | |||
% of Operating Profit | |||
Other Income/Expense, Net | |||
YoY Change | |||
Pretax Income | -$64.86K | -$42.34K | -$215.5K |
YoY Change | 2.11% | -82.44% | -10.61% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$64.86K | -$42.31K | -$215.4K |
YoY Change | 2.15% | -82.44% | -10.62% |
Net Earnings / Revenue | |||
Basic Earnings Per Share | $0.00 | -$0.01 | |
Diluted Earnings Per Share | $0.00 | $0.00 | -$0.01 |
COMMON SHARES | |||
Basic Shares Outstanding | 42.02M shares | 42.02M shares | |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2024 Q1 | 2023 Q4 | 2023 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $1.060K | $240.00 | $240.00 |
YoY Change | -50.93% | -97.75% | -97.75% |
Cash & Equivalents | $1.060K | $240.00 | $240.00 |
Short-Term Investments | |||
Other Short-Term Assets | |||
YoY Change | |||
Inventory | |||
Prepaid Expenses | |||
Receivables | $0.00 | $0.00 | |
Other Receivables | $0.00 | $0.00 | |
Total Short-Term Assets | $1.060K | $240.00 | $240.00 |
YoY Change | -90.5% | -99.33% | -99.33% |
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 | $1.060K | $240.00 | $240.00 |
Total Long-Term Assets | $0.00 | $0.00 | $0.00 |
Total Assets | $1.060K | $240.00 | $240.00 |
YoY Change | -90.5% | -99.33% | -99.33% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $332.9K | $296.3K | $296.3K |
YoY Change | 24.85% | 30.13% | 30.13% |
Accrued Expenses | |||
YoY Change | |||
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $398.4K | $332.7K | $332.7K |
YoY Change | 49.4% | 46.14% | 46.14% |
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 | $398.4K | $332.7K | $332.7K |
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
Total Liabilities | $398.4K | $110.8K | $110.8K |
YoY Change | 788.1% | 1784.86% | 1784.86% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$29.36M | -$29.30M | |
YoY Change | 0.74% | 0.74% | |
Common Stock | $4.202K | $4.202K | |
YoY Change | -90.0% | 0.0% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$175.5K | -$110.6K | -$110.6K |
YoY Change | |||
Total Liabilities & Shareholders Equity | $1.060K | $240.00 | $240.00 |
YoY Change | -90.5% | -99.33% | -99.33% |
Cashflow Statement
Concept | 2024 Q1 | 2023 Q4 | 2023 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$64.86K | -$42.31K | -$215.4K |
YoY Change | 2.15% | -82.44% | -10.62% |
Depreciation, Depletion And Amortization | |||
YoY Change | |||
Cash From Operating Activities | -$28.18K | -$7.400K | -$47.53K |
YoY Change | 230.95% | -280.49% | 5.57% |
INVESTING ACTIVITIES | |||
Capital Expenditures | |||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $0.00 | $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 | $0.00 | ||
YoY Change | -100.0% | ||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | $29.00K | 6.520K | 37.10K |
YoY Change | 18.55% | -33.07% | |
NET CHANGE | |||
Cash From Operating Activities | -$28.18K | -7.400K | -47.53K |
Cash From Investing Activities | $0.00 | 0.000 | 0.000 |
Cash From Financing Activities | $29.00K | 6.520K | 37.10K |
Net Change In Cash | $820.00 | -880.0 | -10.43K |
YoY Change | -109.63% | -109.17% | -200.21% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$28.18K | -$7.400K | -$47.53K |
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
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CY2022 | fil |
Conversion Of Convertible Note
ConversionOfConvertibleNote
|
1261609 | usd |
CY2023 | fil |
Settlement Of A Liability By A Shareholder
SettlementOfALiabilityByAShareholder
|
75000 | usd |
CY2022 | fil |
Settlement Of A Liability By A Shareholder
SettlementOfALiabilityByAShareholder
|
0 | usd |
CY2023 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"><b>NOTE 1 – BUSINESS AND NATURE OF OPERATIONS</b></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">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, and financing of technology that has the potential to transform existing industries. Spectral has acquired significant stakes in two non-active technology companies as well as interests within telecommunications, data and switching services, specifically providing international long distance reselling services on a business-to-business (B2B) basis. </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">In January 2022, the Company commenced a new line of business which is providing data and telecommunications reselling services on a global basis. On January 3, 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 from Sky Data PLL OU. The Company has paused this line of business and plans to resume activities within the 2024 fiscal year. We intend to keep our partnership with Sky and together form partnerships with existing carriers who have substantial customers and without third party intervention. We intend to provide business to business (B2) telecommunications interconnection services to international clientele and are currently in talks with vendors. </p> | |
CY2023Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
240 | usd |
CY2023Q4 | fil |
Negative Working Capital
NegativeWorkingCapital
|
332479 | usd |
CY2023 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"><b>Use of Estimates</b></p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">The preparation of the consolidated 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 of the consolidated financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> | |
CY2019Q4 | us-gaap |
Noncontrolling Interest In Variable Interest Entity
NoncontrollingInterestInVariableInterestEntity
|
-221724 | usd |
CY2023 | us-gaap |
Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
|
-72 | usd |
CY2020Q4 | us-gaap |
Noncontrolling Interest In Variable Interest Entity
NoncontrollingInterestInVariableInterestEntity
|
-221796 | usd |
CY2022 | us-gaap |
Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
|
-90 | usd |
CY2023Q4 | us-gaap |
Noncontrolling Interest In Variable Interest Entity
NoncontrollingInterestInVariableInterestEntity
|
-221886 | usd |
CY2022Q1 | fil |
Convertible Note1 Sold To A Third Party
ConvertibleNote1SoldToAThirdParty
|
1054653 | usd |
CY2022Q1 | fil |
Convertible Note2 Sold To A Third Party
ConvertibleNote2SoldToAThirdParty
|
206956 | usd |
CY2023 | fil |
Settlement Of A Liability By A Shareholder
SettlementOfALiabilityByAShareholder
|
75000 | usd |
CY2022 | us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
5000000 | shares |
CY2022 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
49930 | usd |
CY2023Q4 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
14800000 | usd |
CY2023 | us-gaap |
Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
|
45250 | usd |
CY2022 | us-gaap |
Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
|
50607 | usd |
CY2023 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
45250 | usd |
CY2022 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
50607 | usd |
CY2023 | fil |
Net Provision For Income Taxes For Federal Income Taxes1
NetProvisionForIncomeTaxesForFederalIncomeTaxes1
|
0 | usd |
CY2022 | fil |
Net Provision For Income Taxes For Federal Income Taxes1
NetProvisionForIncomeTaxesForFederalIncomeTaxes1
|
0 | usd |
CY2023 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.21 | pure |
CY2023Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
4967180 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
4921930 | usd |
CY2023Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
4967180 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
4921930 | usd |
CY2023Q4 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
0 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
0 | usd |
CY2023Q4 | fil |
Short Term Advances
ShortTermAdvances
|
36450 | usd |