Note 4 - Related Party Transactions

9 Months Ended

Sep. 30, 2016

Notes

Note 4 - Related Party Transactions

NOTE 4– RELATED PARTY TRANSACTIONS

At September 30, 2016 and December 31, 2015, $360,100 and $351,502, respectively, was owed to Akoranga AG, a Swiss Company owned by the CEO of Spectral. Akoranga was formed to facilitate Spectral’s business in Europe. The Company ceased using Akoranga services in August 2014.  The amounts do not incur interest and are due on demand. However, since the payable is denominated in Swiss Franc the payable is revalued at the end of each reporting period with the gain or loss being classified within the consolidated statement of operations. During the nine months ended September 30, 2016, the increase of $8,598 was the result of the change in the conversion rate.

At September 30, 2016 and December 31, 2015, $331,526 and $187,443, respectively, was owed to Jenifer Osterwalder, the Company's CEO, for a combination of her monthly salary and expenditures paid on behalf of the Company. The amounts do not incur interest and are due on demand. During the nine months ended September 30, 2016, total amounts accrued for compensation were $113,197 and total advances received were $30,886.