Note 5 - Related Party Transactions

3 Months Ended

Jun. 30, 2012

Note 5 - Related Party Transactions:

Note 5 - Related Party Transactions

NOTE 5 – RELATED PARTY TRANSACTIONS

On July 9, 2010, the Company issued 10,000 shares of common stock in settlement of $10,000 of debt owed to an Officer of the Company.

Accounts payable totaling $16,467 at June 30, 2012 and $16,467 at December 31, 2011 are owed to the CEO of the Company for reimbursement of expenses incurred on behalf of the Company.

At June 30, 2012, $557,783 ( December 31, 2011- $ 20,111) is owed to Akoranga AG, a Swiss Company owned by the CEO of Spectral. Akoranga was formed to facilitate Spectral’s business in Europe. Fees expensed for services provided by Akoranga totaled $17,583 for the period ended June 30, 2012 and $11,644 for the period ended June 30, 2011.

At June 30, 2012, $ 18,388 ( December 31, 2011-$nil) is owed to the non-controlling interest in the Company’s subsidiary for expenses incurred on behalf of the subsidiary.

Related party loans to the Company are unsecured, non-interest bearing, and have no specific terms of repayment.