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Note 5 - Technology Assets
3 Months Ended
Mar. 31, 2013
Notes  
Note 5 - Technology Assets

NOTE 5 – TECHNOLOGY ASSETS

 

On February 26, 2013, Spectral Capital Corporation, signed a definitive Technology Acquisition Agreement (“Agreement”) to acquire mobile search engine and mobile sharing technology from Fiveseas Securities Ltd.  Under the Agreement, Spectral issued Fiveseas 5,000,000 common shares of Spectral Capital Corporation, par value $0.0001.  The Agreement calls for the technology to reside within a newly formed entity called Noot Holdings, Inc., a Delaware corporation, which Spectral will be a 60% owner of and Fiveseas will be a 40%owner of. Fiveseas was granted a right of first refusal for any subsequent sale of the technology.  The shares issued had a deemed value of $ 3,000,000 asat the date of the agreement. The Company is currently having the asset valued by a third party valuator and will be reviewed for any resulting adjustment in fair value in the quarter ending June 30, 2013.