$FCCN
SPECTRAL CAPITAL Corp

2024 Q3 Form 10-Q Financial Statement

#000109690624001689 Filed on August 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $0.00 $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue $0.00 $0.00
YoY Change -100.0%
Gross Profit $0.00 $0.00 $0.00
YoY Change -100.0%
Gross Profit Margin
Selling, General & Admin $484.4K $63.90K
YoY Change 658.11% -49.34%
% of Gross Profit
Research & Development $548.4K
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.195M $484.4K $63.90K
YoY Change 2513.59% 658.15% -49.34%
Operating Profit -$1.195M -$484.4K -$63.90K
YoY Change 2513.59% 658.15% -77.38%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $0.00 -$265.6K $0.00
YoY Change
Pretax Income -$750.0K -$63.90K
YoY Change 1073.74% -77.38%
Income Tax
% Of Pretax Income
Net Earnings -$1.195M -$750.0K -$63.88K
YoY Change 2514.62% 1074.15% -77.38%
Net Earnings / Revenue
Basic Earnings Per Share -$0.02 -$0.01 $0.00
Diluted Earnings Per Share -$0.01 $0.00
COMMON SHARES
Basic Shares Outstanding 107.6M shares 62.72M shares 42.02M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $102.7K $1.560K
YoY Change 6482.69% -98.24%
Cash & Equivalents $190.6K $102.7K $1.558K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $0.00
Other Receivables $0.00
Total Short-Term Assets $190.6K $102.7K $1.558K
YoY Change 16980.11% 6490.95% -99.94%
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 $134.9K $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $190.6K $102.7K $1.558K
Total Long-Term Assets $134.9K $0.00 $0.00
Total Assets $325.5K $102.7K $1.558K
YoY Change 29064.52% 6490.95% -99.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $362.8K $304.0K
YoY Change 19.36% 322.18%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $398.8K $362.8K $321.0K
YoY Change 8.89% 13.03% -87.83%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $398.8K $362.8K $321.0K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $398.8K $362.8K $99.14K
YoY Change 176.18% 265.95% -95.9%
SHAREHOLDERS EQUITY
Retained Earnings -$31.31M -$30.11M -$29.21M
YoY Change 7.01% 3.09% 0.34%
Common Stock $6.771K $6.291K $4.202K
YoY Change 61.14% 49.71% -90.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $148.6K -$38.23K -$97.58K
YoY Change
Total Liabilities & Shareholders Equity $325.5K $102.7K $1.558K
YoY Change 29064.52% 6490.95% -99.94%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$1.195M -$750.0K -$63.88K
YoY Change 2514.62% 1074.15% -77.38%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$114.9K -$17.59K
YoY Change 553.27% -1016.15%
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
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 216.5K 17.00K
YoY Change 1173.76%
NET CHANGE
Cash From Operating Activities -114.9K -17.59K
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 216.5K 17.00K
Net Change In Cash 101.6K -590.0
YoY Change -17325.42% -130.73%
FREE CASH FLOW
Cash From Operating Activities -$114.9K -$17.59K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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dei Entity Tax Identification Number
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us-gaap Nature Of Operations
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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;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 recently reactivated technology companies (Noot and Monitr) as well as interests within telecommunications, data and switching services, specifically providing international long distance reselling services on a business-to-business (B2B) basis and a newly emergent business in the field of deploying Quantum Computing as a Service (“QAAS”) technologies as well as supporting start-ups in that field with shared technological, marketing and other resources.  </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) (“Sky”) 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. 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 through a new entity named Scandere 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.  We believe our emerging capabilities in the QAAS field will have a significant positive impact on the growth of this business by creating demand for exactly the type of data center solutions Scandere can help with.</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">We believe the underlying technologies for both Noot and Monitr have the potential to create profitable businesses on their own but require substantial capital to upgrade their software to become competitive. We have recently begun the process of upgrading this software from a QAAS framework.  We anticipate this work will be ongoing.</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 April of 2024, Spectral commenced a new business in the area of Quantum Computing and related technologies.  Spectral engaged additional management and board resources to enhance its expertise in this area.  The Company believes it can derive revenue through the development, acquisition and sale of Quantum Computing as a Service (QAAS) as well as providing services, support and platforms to Company’s operating in that sector.  Toward this end, the Company has signed an agreement on June 7, 2024 for a share exchange with a Quantum Computing technology company, Node Nexus Network Co. LLC (“NNN”) in order to enhance its Quantum Computing offerings through acquiring NNN.</p>
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
102687 usd
CY2024Q2 fil Negative Working Capital
NegativeWorkingCapital
260120 usd
us-gaap Use Of Estimates
UseOfEstimates
<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>
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
0 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
6810000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.43
fil Sharebased Compensation Arrangement By Sharebased Payment Award Options Issued Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsIssuedWeightedAverageRemainingContractualTerm1
10 pure
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6810000 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.43
CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P10Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
0 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
0

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