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Note 1 - Nature of Operations
3 Months Ended
Mar. 31, 2013
Notes  
Note 1 - Nature of Operations

NOTE 1 – NATURE OF OPERATIONS

 

The accompanying unaudited interim financial statements have been prepared by Spectral Capital Corporation (the “Company”) pursuant to the rules and regulations of the United States Securities and Exchange Commission.  Certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these financial statements have been included.  Such adjustments consist of normal recurring adjustments.  These interim financial statements should be read in conjunction with the audited financial statements of the Company for the fiscal year ended December 31, 2012.  These consolidated financial statements include the accounts of the Spectral Capital Corporation (“Spectral”) and its 60% owned subsidiary Noot Holdings, Inc. for the period ended March 31, 2013 and Extractive Resources Corporation and Shamrock  Oil and Gas Ltd. for the period ended March 31, 2012.  Noot Holdings, Inc. was incorporated on February 28, 2013 under the laws of the state of Delaware.

 

Galaxy Championship Wrestling Inc. was incorporated on September 13, 2000 under the laws of the State of  Nevada and changed its name to FUSA Capital Corporation on June 17, 2005.  On March 7, 2005, the Company acquired all of the issued and outstanding shares of FUSA Technology Investments, Inc., formed on February 9, 2005 under the laws of the State of Nevada. For accounting purposes, the transaction was accounted for as a recapitalization such that the historical transactions of the acquired company were carried forward. 

 

On July 27, 2010, the Company changed its name to Spectral Capital Corporation.

The Company was formerly in the business of developing internet search engine technology. From August 2010 until December 2012, the Company evaluated and sought out opportunities in the natural resource sector.  Spectral acquired various interests in natural resource assets in Russia, Kazakhstan and Alberta, Canada.  In December, 2012, Spectral changed its corporate focus from the natural resource sector and back to information technology.  Spectral has divested of its principal natural resource asset in Alberta, Canada and intends to divest any remaining natural resources in the near future and focus solely on acquiring and developing information technology.