Note 7- Related Party Transactions

3 Months Ended

Mar. 31, 2013

Notes

Note 7- Related Party Transactions

NOTE 7– RELATED PARTY TRANSACTIONS

Accounts payable totaling $16,468 at March 31, 2013 and December 31, 2012, are owed to the CEO of the Company for reimbursement of expenses incurred on behalf of the Company.

At March 31, 2013 and December 31, 2012, $113,535 and $81,229, respectively, were 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 $ nil and $24,184 in 2013 and 2012 respectively. 

At December 31, 2012, the Company sold its oil and gas business to Akoranga for $950,000 plus the assumption of all debt related to the oil and gas business. As a result of that transaction, Akoranga owes $323,978 to the Company. The loan balance is due December 31, 2013. Related party loans are unsecured, and non-interest bearing and have no specific terms of repayment unless otherwise noted.