0001096906-18-000471.txt : 20180814 0001096906-18-000471.hdr.sgml : 20180814 20180814131402 ACCESSION NUMBER: 0001096906-18-000471 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 44 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180814 DATE AS OF CHANGE: 20180814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SPECTRAL CAPITAL Corp CENTRAL INDEX KEY: 0001131903 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374] IRS NUMBER: 880472860 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-50274 FILM NUMBER: 181015950 BUSINESS ADDRESS: STREET 1: 1420 5TH AVENUE. SUITE 2200, CITY: SEATTLE STATE: WA ZIP: 98101 BUSINESS PHONE: 206-274-5107 MAIL ADDRESS: STREET 1: 1420 5TH AVENUE. SUITE 2200, CITY: SEATTLE STATE: WA ZIP: 98101 FORMER COMPANY: FORMER CONFORMED NAME: SPECTRA CAPITAL Corp DATE OF NAME CHANGE: 20100813 FORMER COMPANY: FORMER CONFORMED NAME: FUSA CAPITAL CORP DATE OF NAME CHANGE: 20040707 FORMER COMPANY: FORMER CONFORMED NAME: GALAXY CHAMPIONSHIP WRESTLING INC DATE OF NAME CHANGE: 20010108 10-Q 1 spectral.htm 10Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended June 30, 2018

OR
 
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
 
Commission File No. 000-50274
 
Spectral Capital Corporation
(Exact name of Registrant as specified in its charter)

Nevada
51-0520296
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification Number)
   
701 Fifth Avenue, Suite 4200, Seattle, WA
98104
(Address of principal executive offices)
(Zip/Postal Code)
   
(206) 262-7820
(Telephone Number)
 
(Former name or former address if changed since last report)

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. [X] YES  [  ] NO
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company.  See the definitions of "large accelerated filer", "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
 
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act. [  ] Yes  [ X] No

As of August __, 2018, there are issued and outstanding only common equity shares in the amount of 117,857,623 shares, par value $0.0001, of which there is only a single class.  There are 5,000,000 preferred shares authorized and none issued and outstanding. 

SPECTRAL CAPITAL CORPORATION

TABLE OF CONTENTS



PART I - FINANCIAL INFORMATION
 Page Number
   
Item 1.
Financial Statements
 F - 1
     
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
 2
     
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
 3
     
Item 4.
Controls and Procedures
 3
     
PART II - OTHER INFORMATION
 
   
Item 1.
Legal Proceedings
 4
     
Item 1A.
Risk Factors
 4
     
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
 4
     
Item 3.
Defaults Upon Senior Securities
 4
     
Item 4.
Mine Safety Disclosures
 4
     
Item 5.
Other Information
 4
     
Item 6.
Exhibits
 5
     
SIGNATURES
 5

 


FORWARD-LOOKING STATEMENTS

In addition to historical information, this Report contains forward-looking statements. Such forward-looking statements are generally accompanied by words such as "intends," "projects," "strategies," "believes," "anticipates," "plans," and similar terms that convey the uncertainty of future events or outcomes. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in ITEM 2 of this Report, the section entitled "MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION." Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof and are in all cases subject to the Company's ability to cure its current liquidity problems. There is no assurance that the Company will be able to generate sufficient revenues from its current business activities to meet day-to-day operation liabilities or to pursue the business objectives discussed herein.

The forward-looking statements contained in this Report also may be impacted by future economic conditions. Any adverse effect on general economic conditions and consumer confidence may adversely affect the business of the Company.

Spectral Capital Corporation undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Readers should carefully review the risk factors described in other documents the Company files from time to time with the Securities and Exchange Commission.
1

Item 1: Financial Statements
Our unaudited interim financial statements for the three and six months ended June 30, 2018 and 2017 are part of this quarterly report. They are stated in United States Dollars (US$) and are prepared in accordance with United States generally accepted accounting principles.
INDEX TO UNAUDITED FINANCIAL STATEMENTS
 
 
 
Condensed Consolidated Financial Statements of Spectral Capital Corporation, Inc.
 
 
 
 
 
Condensed Consolidated Balance Sheets as of June 30, 2018 and December 31, 2017 (unaudited)
F-2
 
 
 
 
Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2018 and 2017 (unaudited)
F-3
 
 
 
 
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2018 and 2017 (unaudited)
F-4
 
 
 
 
Notes to the Condensed Consolidated Financial Statements (unaudited)
F-5

F - 1

SPECTRAL CAPITAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2018 AND DECEMBER 31, 2017
(UNAUDITED)

 
 
June 30,
2018
   
December 31,
2017
 
Assets:
           
Cash and cash equivalents
 
$
307
   
$
692
 
Current assets
   
307
     
692
 
 
               
Total assets
 
$
307
   
$
692
 
 
               
Liabilities and Stockholders' Deficit:
               
Current liabilities
               
Accounts payable and accrued liabilities
   
779
     
779
 
Related party advances and accruals
   
660,079
     
564,509
 
Current liabilities
   
660,858
     
565,288
 
 
               
Total liabilities
   
660,858
     
565,288
 
 
               
Stockholders' Deficit:
               
Preferred stock, par value $0.0001, 5,000,000 shares authorized, no shares issued and outstanding
   
-
     
-
 
Common stock, par value $0.0001, 500,000,000 shares authorized, 117,857,623 shares issued and outstanding as of June 30, 2018 and December 31, 2017
   
11,786
     
11,786
 
Additional paid-in capital
   
27,787,681
     
27,787,681
 
Accumulated deficit
   
(28,240,364
)
   
(28,144,934
)
Total stockholders' deficit
   
(440,897
)
   
(345,467
)
Non-controlling interest
   
(219,654
)
   
(219,129
)
Total stockholders' deficit
   
(660,551
)
   
(564,596
)
Total liabilities and stockholders' deficit
 
$
307
   
$
692
 


The accompanying notes are an integral part of these condensed consolidated financial statements.
F - 2

SPECTRAL CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2018 AND 2017
(UNAUDITED)

 
 
Three Months
Ended
 June 30,
 2018
   
Three Months
Ended
 June 30,
2017
   
Six Months
Ended
June 30,
2018
   
Six Months
 Ended
 June 30,
 2017
 
 
                       
Revenues
 
$
-
   
$
-
   
$
-
   
$
-
 
 
                               
Operating expenses:
                               
Selling, general and administrative
   
4,813
     
7,742
     
19,179
     
26,097
 
Wages and benefits
   
37,465
     
38,067
     
76,776
     
75,130
 
Total operating expenses
   
42,278
     
45,809
     
95,955
     
101,227
 
Operating loss
   
(42,278
)
   
(45,809
)
   
(95,955
)
   
(101,227
)
 
                               
Loss from operations and before non-controlling interest and provision for income taxes
   
(42,278
)
   
(45,809
)
   
(95,955
)
   
(101,227
)
 
                               
Provision for income taxes
   
-
     
-
     
-
     
-
 
 
                               
Net loss before non-controlling interest
   
(42,278
)
   
(45,809
)
   
(95,955
)
   
(101,227
)
 
                               
Loss attributable to non-controlling interest
   
263
     
100
     
525
     
296
 
 
                               
Net loss attributable to Spectral Capital Corporation
 
$
(42,015
)
 
$
(45,709
)
 
$
(95,430
)
 
$
(100,931
)
 
                               
Basic and diluted loss per common share
 
$
(0.00
)
 
$
(0.00
)
 
$
(0.00
)
 
$
(0.00
)
Weighted average shares - basic and diluted
   
117,857,623
     
117,857,623
     
117,857,623
     
117,857,623
 


The accompanying notes are an integral part of these condensed consolidated financial statements.
F - 3

 
SPECTRAL CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2018 AND 2017
(UNAUDITED)


 
 
Six Months
Ended
June 30,
2018
   
Six Months
 Ended
June 30,
2017
 
CASH FLOWS FROM OPERATING ACTIVITIES:
           
Net loss attributable to Spectral Capital Corporation
 
$
(95,430
)
 
$
(100,931
)
Adjustments to reconcile net loss to net cash used in by operating activities:
               
Non-controlling interest
   
(525
)
   
(296
)
Prepaids and other assets
   
-
     
5,000
 
Due to related parties - accrued salary
   
76,776
     
75,130
 
Accounts payable and accrued expenses
   
-
     
(1,883
)
Net cash used in operating activities
   
(19,179
)
   
(22,980
)
 
               
CASH FLOWS FROM FINANCING ACTIVITIES:
               
Proceeds from related party advances
   
18,794
     
22,361
 
Net cash provided by financing activities
   
18,794
     
22,361
 
 
               
Change in cash and cash equivalents
   
(385
)
   
(619
)
Cash and cash equivalents, beginning of year
   
692
     
1,222
 
Cash and cash equivalents, end of year
 
$
307
   
$
603
 
 
               
Supplemental disclosures of cash flow information:
               
Cash paid for interest
 
$
-
   
$
-
 
Cash paid for income taxes
 
$
-
   
$
-
 

The accompanying notes are an integral part of these condensed consolidated financial statements.
F - 4

 
SPECTRAL CAPITAL CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2018
(UNAUDITED)

NOTE 1 – BUSINESS AND NATURE OF OPERATIONS

Spectral Capital Corporation (the "Company" or "Spectral") was incorporated on September 13, 2000 under the laws of the State of Nevada. Spectral is focused on the identification, acquisition, development, financing of technology that has the potential to transform existing industries. The Company looks for technology that can be protected through patents or laws regarding trade secrets.  Spectral has acquired significant stakes in three technology companies currently and actively works with management to drive these companies toward increasing market penetration in their particular verticals.  Spectral intends to own, in full or in part, technology companies whose founders and key management can take advantage of the deep networks and experience in technology development embodied in Spectral management.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Going Concern
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern.  The Company is in the development stage and has sustained substantial losses since inception. As of June 30, 2018, the Company has cash on hand of $307 and negative working capital of $660,551. The Company expects current cash on hand will not be able to fund operations for a period in excess of 12 months. These factors raise substantial doubt regarding the Company's ability to continue as a going concern.

To date management has funded its operations through selling equity securities and advances from related parties. The ability of the Company to continue as a going concern is dependent on the Company generating cash from the sale of its common stock and/or obtaining debt financing and attaining future profitable operations, however, there can be no assurance the Company will be successful in these efforts. As of the date of these consolidated financial statements the Company does not have any firm commitments for capital. Without the required capital, the Company has had to reduce their development expenditures which will delay the completion of products which are expected to generate future revenues.

Risks and Uncertainties
The Company has a limited operating history and has not generated revenues from our planned principal operations.

The Company's business and operations are sensitive to general business and economic conditions in the U.S. and worldwide. These conditions include short-term and long-term interest rates, inflation, fluctuations in debt and equity capital markets and the general condition of the U.S. and world economy. A host of factors beyond the Company's control could cause fluctuations in these conditions, including the political environment and acts or threats of war or terrorism. Adverse developments in these general business and economic conditions, including through recession, downturn or otherwise, could have a material adverse effect on the Company's consolidated financial condition and the results of its operations.
 
The Company currently has no sales and limited marketing and/or distribution capabilities. The Company has limited experience in developing, training or managing a sales force and will incur substantial additional expenses if we decide to market any of our current and future products. Developing a marketing and sales force is also time consuming and could delay launch of our future products. In addition, the Company will compete with many companies that currently have extensive and well-funded marketing and sales operations. Our marketing and sales efforts may be unable to compete successfully against these companies. In addition, the Company has limited capital to devote sales and marketing.

The Company's industry is characterized by rapid changes in technology and customer demands. As a result, the Company's products may quickly become obsolete and unmarketable. The Company's future success will depend on its ability to adapt to technological advances, anticipate customer demands, develop new products and enhance our current products on a timely and cost-effective basis. Further, the Company's products must remain competitive with those of other companies with substantially greater resources. The Company may experience technical or other difficulties that could delay or prevent the development, introduction or marketing of new products or enhanced versions of existing products. Also, the Company may not be able to adapt new or enhanced products to emerging industry standards, and the Company's new products may not be favorably received. Nor may we have the capital resources to further the development of existing and/or new ones.
F - 5

SPECTRAL CAPITAL CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2018
(UNAUDITED)


Interim Consolidated Financial Statements
The accompanying unaudited interim consolidated financial statements have been prepared by 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 consolidated financial statements have been included.  Such adjustments consist of normal recurring adjustments.  These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2017. The results of operations for the six months ended June 30, 2018 are not indicative of the results that may be expected for the full year.

Principles of Consolidation
The accompanying consolidated financial statements include the accounts of the Company, Spectral Holdings, Inc, and its 60% owned subsidiaries, Noot Holdings, Inc. from its date of incorporation of February 28, 2013, and Monitr Holdings, Inc. from its date of incorporation of December 1, 2013.  All material intercompany accounts and transactions have been eliminated in consolidation.

Basis of Presentation
The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars.

Fair Value of Financial Instruments
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants as of the measurement date. Applicable accounting guidance provides an established hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the factors that market participants would use in valuing the asset or liability. There are three levels of inputs that may be used to measure fair value:
 
Level 1
Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
 
 
Level 2
Include other inputs that are directly or indirectly observable in the marketplace.
 
 
Level 3
Unobservable inputs which are supported by little or no market activity.
  
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. As of June 30, 2018 and December 31, 2017, the Company does not have any assets or liabilities which would be considered Level 2 or 3.

The Company's financial instruments consist of cash and cash equivalents, investments in technologies and related party advances. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these consolidated financial statements.

The Company measures certain assets at fair value on a nonrecurring basis. These assets include cost method investments when they are deemed to be other-than-temporarily impaired, assets acquired and liabilities assumed in an acquisition or in a nonmonetary exchange, and property and equipment and intangible assets that are written down to fair value when they are held for sale or determined to be impaired. Excluding these items, the Company did not have any significant assets or liabilities that were measured at fair value on a nonrecurring basis in periods subsequent to initial recognition.

Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period.  Actual results could differ from those estimates.
F - 6

SPECTRAL CAPITAL CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2018
(UNAUDITED)

Basic Loss Per Share
Basic loss per share is calculated by dividing the Company's net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company's net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Common share equivalents totalling 13,000,000 and 13,000,000 were outstanding at June 30, 2018 and 2017, respectively, representing outstanding warrants and options, and were not included in the computation of diluted earnings per share for the six months ended June 30, 2018 and 2017, as their effect would have been anti-dilutive.

Non-Controlling Interests
Non-controlling interest disclosed within the consolidated statement of operations represents the minority ownership 40% share of net income (losses) of Noot Holdings, Inc. and Monitr Holdings, Inc. incurred during the three months ended June 30, 2018. The following table sets forth the changes in non-controlling interest for the six months ended June 30, 2018:

 
 
Non-Controlling
 
 
 
Interest
 
Balance at December 31, 2017
   
(219,129
)
Net loss attributable to non-controlling interest
   
(525
)
Balance at June 30, 2018
 
$
(219,654
)

Foreign Currency
The Company's functional currency is the United States Dollar. Transaction gains or losses related to balances denominated in a currency other than the functional currency are recognized in the consolidated statements of operations. As a result of these foreign currency transactions in which require payment in a currency other than the United States Dollar, the Company has recorded foreign currency (income) losses within the accompanying consolidated statement of operations.

Recent Accounting Pronouncements
In May 2014, and later amended in August 2015, the Financial Accounting Standards Board ("FASB") issued new Accounting Standards Update ("ASU") regarding revenue recognition under GAAP. This new guidance will supersede nearly all existing revenue recognition guidance, and is effective for public entities for annual and interim periods beginning after December 31, 2017. Early adoption is permitted for reporting periods beginning after December 15, 2016. The Company adopted the standard effective January 1, 2018 with no impact n the Company's financial statements.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 840), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in this standard are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, for a public entity. Early adoption of the amendments in this standard is permitted for all entities and the Company must recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The Company is currently in the process of evaluating the effect this guidance will have on its consolidated financial statements and related disclosures.
F - 7

SPECTRAL CAPITAL CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2018
(UNAUDITED)

NOTE 3– RELATED PARTY TRANSACTIONS

Akoranga, AG

At June 30, 2018 and December 31, 2017, $0 and $0, respectively, was owed to Akoranga AG, a Swiss Company owned by the CEO of Spectral. Akoranga was formed to facilitate the Company's business in Europe. In connection with the facilitation of the Company's operations which includes making payments on the Company's obligations, Akoranga charges the Company a 10% fee on all transactions processed by Akoranga on behalf of the Company. The Company ceased using Akoranga services in August 2014. The advances do not incur interest and are payable upon demand. The decrease in amounts payable were due to changes in foreign currency exchange rates. As of December 31, 2017, all loans with Akoranga have been forgiven. The forgiveness was treated as a capital contribution to additional paid-in capital as the Company's CEO also controls the operations of Akoranga.

Jenifer Osterwalder, the Company's Chief Executive Officer

Through August 2014, Akoranga charged the Company 12,350 CHF per month for the Company's CEO, Jenifer Osterwalder, for services related to the Company. Starting in September 2014, these amounts were the responsibility of the Company. Total amounts expended in the Company's consolidated financial statements in connection with the CEO's services was $76,776 and $75,130 for the six months ended June 30, 2018 and 2017, respectively. Amounts charged by Akoranga to the Company prior to August 2014 are included within the Akoranga liability disclosed above. As of June 30, 2018 and December 31, 2017, amounts due to the CEO related to accrued salaries were $544,608 and $467,832, respectively.

Commencing in September 2014, from time to time due to the limited cash flow available, the Company's CEO pays certain operating expenditures on behalf of the Company. These advances bear no interest and are due on demand. As of June 30, 2018 and December 31, 2017, the Company's CEO was due $115,471 and $96,677 in connection with these advances, respectively.

NOTE 4 – STOCKHOLDERS DEFICIT

Employee Options

The Company accounts for employee stock-based compensation in accordance with the guidance of FASB ASC Topic 718, Compensation – Stock Compensation which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values.

The Company has adopted a stock option and award plan to attract, retain and motivate its directors, officers, employees, consultants and advisors. Options provide the opportunity to acquire a proprietary interest in the Company and to benefit from its growth. Vesting terms and conditions are determined by the Board of Directors at the time of the grant. The Plan provides for the issuance of up to 15,000,000 common shares for employees, consultants, directors, and advisors.

On February 6, 2012, the Company granted 7,500,000 options to two employees. Stock-based compensation is being recognized over the two year vesting period. The options were valued at $3,408,750 using the Black-Scholes Option Pricing Model. Employee stock-based compensation expense relating to options granted in 2010 and 2012, recognized during the six months ended June 30, 2018 and year ended December 31, 2017 totalled $0 and $0, respectively.

NOTE 5 – COMMITMENTS AND CONTINGENCIES

The Company leases office space on a three month basis in Seattle, Washington.

NOTE 6– SUBSEQUENT EVENTS
In accordance with ASC 855-10, the Company has analyzed its operations subsequent to June 30, 2018 to the date these consolidated financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these consolidated financial statements.
F - 8

Item 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
The following discussion and analysis of our financial condition and results of our operations should be read in conjunction with our financial statements and related notes appearing elsewhere in this report. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. The actual results may differ materially from those anticipated in these forward-looking statements. The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes included in this report and those in our Form 10-K for the year ended December 31, 2017 filed with the Securities and Exchange Commission March 19, 2018 and all subsequent filings.
 
OVERVIEW
 
Spectral Capital Corporation ("Spectral" or the Company, also "We or Us") is a technology company focused on the identification, acquisition, development, financing of technology that has the potential to transform existing industries. We look for technology that can be protected through patents or laws regarding trade secrets.  Spectral has acquired significant stakes in two technology companies currently and actively works with management to drive these companies toward increasing market penetration in their particular verticals.  Spectral intends to own, in full or in part, technology companies whose founders and key management can take advantage of the deep networks and experience in technology development embodied in Spectral management.

RESULTS OF OPERATIONS

Comparison of the Three Months Ended June 30, 2018 and June 30, 2017

Operating expenses for the three months ended June 30, 2018 totalled $42,278, compared to $45,809 for the three months ended June 30, 2017, a decrease of $3,531 or 7.7%. The decrease from the prior year is directly related to our limitations of capital. Major expenses during the three months ended June 30, 2018 and 2017, related to salaries accrued to our Chief Executive Officer and professional fees in connection with the Company's public filings.

Comparison of the Six Months Ended June 30, 2018 and June 30, 2017

Operating expenses for the six months ended June 30, 2018 totalled $95,955, compared to $101,227 for the six months ended June 30, 2017, a decrease of $5,272 or 5.2%. The decrease from the prior year is directly related to our limitations of capital. Major expenses during the six months ended June 30, 2018 and 2017, related to salaries accrued to our Chief Executive Officer and professional fees in connection with the Company's public filings.

Liquidity and Capital Resources

The Company's consolidated financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. For the six months ended June 30, 2018, net cash used in operating activities, consisted primarily of loss from operations offset by the accrual of our Chief Executive Officers salary, was $19,179 compared to net cash used of $22,980 for the six months ended June 30, 2017. The decrease in net cash used by operating activities was a result of decreased expenditures during the six months ended June 30, 2018 due to the limited operations.

Net cash provided by financing activities was $18,794 and $22,361 for the six months ended June 30, 2018 and 2017, respectively. During the current and prior period, the Company was dependent upon advances provided by the Chief Executive Officer. It is expected that the Chief Executive Officer will continue to fund operations until sufficient capital is obtained.
2

We believe that our current financial resources are not sufficient to meet our working capital requirements over the next year. Additional funding will be necessary in order to expand portfolio operations and to reach our goals. Currently, the Company does not have any commitments or assurances for additional capital nor can the Company provide assurance that such financing will be available to it on favorable terms, or at all. As of June 30, 2018, the Company has limited the amount of capital spent on the development of their technologies. If, after utilizing the remaining sources of capital available to the Company, further capital needs are identified and the Company is not successful in obtaining the financing, it may be forced to curtail its existing or planned future operations even further. In addition, if necessary, we will decrease expenses further and redirect our efforts towards a sale of one of more of our assets should funding become inadequate.
         
Off Balance Sheet Arrangements
 
We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to stockholders.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
Not required for a smaller reporting company.

ITEM 4. CONTROLS AND PROCEDURES

(a) Evaluation of disclosure controls and procedures.

As required by Rule 13a-15 or Rule 15d-15(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), our management, including our principal executive officer and principal accounting officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on the foregoing evaluation, we have concluded that our disclosure controls and procedures were not effective as of June 30, 2018 and that they do not allow for information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission ("SEC") rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by the us in the reports that we file or submit under the Exchange Act is accumulated and communicated to the Company's management, including its Chief Executive and Principal Accounting & Financial Officers as appropriate to allow timely decisions regarding required disclosure.
 
The material weaknesses were first identified in our annual report on Form 10-K for the year ended December 31, 2012 in which related to a lack of an accounting staff resulting in a lack of segregation of duties necessary for an effective system of internal control. The weakness in segregation of duties will continue to exist until such time as management can retain internal staff to properly segregate duties.

(b) Changes in internal control over financial reporting.
 
There were no changes in our internal control over financial reporting that occurred during the period covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
3


PART II OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 2. Unregistered Sales of Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

Not Applicable.

Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information

None.

4

Item 6. Exhibits
 
EXHIBITS

List of Exhibits
 
   
3(i)(1)
   
3(i)(2)
   
3(ii)
   
31.1
Certification of Chief Executive Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002
   
31.2
Certification of Chief Financial and Principal Accounting Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002
   
32.1
Certification of the Company's Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
   
32.2
Certification of the Company's Chief Financial and Principal Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 
101 INS
XBRL Instance Document
   
101 SCH
XBRL Schema Document
   
101 CAL
XBRL Calculation Linkbase Document
   
101 DEF
XBRL Definition Linkbase Document
   
101 LAB
XBRL Labels Linkbase Document
   
101 PRE
XBRL Presentation Linkbase Document
 
5

 
SIGNATURE

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
Spectral Capital Corporation
 
 
 
/s/ Jenifer Osterwalder                               
 
Jenifer Osterwalder
 
President and Chief Executive Officer


 
Dated: August ___, 2018

 
6

 
  


EX-31.1 2 exh31_1.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF SARBANES-OXLEY ACT OF 2002
Exhibit 31.1

CERTIFICATE OF CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002


I, Jenifer Osterwalder certify that:
 
1. I have reviewed this 10-Q for the period ended June 30, 2018, of Spectral Capital Corporation;
 
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 

 
/s/ Jenifer Osterwalder
Date:  August 13, 2018
Jenifer Osterwalder
President and Chief Executive Officer
 
 
 

EX-31.2 3 exh31_2.htm CERTIFICATION OF CHIEF FINANCIAL AND PRINCIPAL ACCOUNTING OFFICER PURSUANT TO SECTION 302 OF SARBANES-OXLEY ACT OF 2002
Exhibit 31.2

CERTIFICATE OF CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002


I, Stephen Spalding, certify that:
 
1. I have reviewed this 10-Q for the period ended June 30, 2018, of Spectral Capital Corporation;
 
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 
/s/ Stephen Spalding
Date:  August 13, 2018
Stephen Spalding
Chief Financial and Accounting Officer
 
 
 

EX-32.1 4 exh32_1.htm CERTIFICATION OF THE COMPANY'S CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
Exhibit 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 

In connection with the Quarterly Report of Spectral Capital Corporation (the "Company") on Form 10-Q for the period ended June 30, 2018, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Jenifer Osterwalder, in my capacity as President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 

 
/s/ Jenifer Osterwalder
Date:   August 13, 2018
Jenifer Osterwalder
President and Chief Executive Officer
 
 


EX-32.2 5 exh32_2.htm CERTIFICATION OF THE COMPANY'S CHIEF FINANCIAL AND PRINCIPAL ACCOUNTING OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
Exhibit 32.2

 

CERTIFICATION PURSUANT TO
18 U.S.C. 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 

In connection with the Quarterly Report of Spectral Capital Corporation (the "Company") on Form 10-Q for the period ended June 30, 2018, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Stephen Spalding, in my capacity as Chief Financial Officer and Accounting Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 

 
/s/ Stephen Spalding
Date:   August 13, 2018
Stephen Spalding
Chief Financial and Accounting Officer
 
 

 

EX-101.INS 6 fccn-20180630.xml XBRL INSTANCE DOCUMENT 0001131903 --12-31 fccn Smaller Reporting Company Yes No No false 2018 Q2 10-Q 2018-06-30 Spectral Capital Corporation 510520296 701 Fifth Avenue, Suite 4200 Seattle WA 98104 206 262-7820 117857623 0.0001 307 692 307 692 779 779 660079 564509 660858 565288 660858 565288 0.0001 0.0001 5000000 5000000 0 0 0 0 0 0 0.0001 0.0001 500000000 500000000 117857623 117857623 117857623 117857623 11786 11786 27787681 27787681 -28240364 -28144934 -440897 -345467 -219654 -219129 -660551 -564596 307 692 0 0 0 0 4813 7742 19179 26097 37465 38067 76776 75130 42278 45809 95955 101227 -42278 -45809 -95955 -101227 -42278 -45809 -95955 -101227 0 0 0 0 -42278 -45809 -95955 -101227 -263 -100 -42015 -45709 -0.00 -0.00 -0.00 -0.00 117857623 117857623 117857623 117857623 -95430 -100931 -525 -296 0 -5000 76776 75130 0 -1883 -19179 -22980 18794 22361 18794 22361 -385 -619 692 1222 603 0 0 0 0 <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:left'><font lang="EN-GB">NOTE 1 &#150; BUSINESS AND NATURE OF OPERATIONS</font><font lang="EN-GB"> </font></p> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">Spectral Capital Corporation (the &quot;Company&quot; or &quot;Spectral&quot;) was incorporated on </font><font lang="EN-GB">September 13, 2000 </font><font lang="EN-GB">under the laws of the State of </font><font lang="EN-GB">Nevada</font><font lang="EN-GB">. Spectral is focused on the identification, acquisition, development, financing of technology that has the potential to transform existing industries. The Company looks for technology that can be protected through patents or laws regarding trade secrets.&nbsp;&nbsp;Spectral has acquired significant stakes in three technology companies currently and actively works with management to drive these companies toward increasing market penetration in their particular verticals.&nbsp;&nbsp;Spectral intends to own, in full or in part, technology companies whose founders and key management can take advantage of the deep networks and experience in technology development embodied in Spectral management.</font></p> 2000-09-13 Nevada <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b>NOTE 2 &#150; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b><b><font lang="EN-GB"> </font></b></p> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'><b><font lang="EN-GB">Going Concern</font></b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern.&#160; The Company is in the development stage and has sustained substantial losses since inception. As of June 30, 2018, the Company has cash on hand of </font><font lang="EN-GB">$307</font><font lang="EN-GB"> and negative working capital of </font><font lang="EN-GB">$660,551</font><font lang="EN-GB">.</font><font lang="EN-GB">[ES3]&nbsp;</font><font lang="EN-GB"> The Company expects current cash on hand will not be able to fund operations for a period in excess of 12 months. These factors raise substantial doubt regarding the Company's ability to continue as a going concern.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">To date management has funded its operations through selling equity securities and advances from related parties. The ability of the Company to continue as a going concern is dependent on the Company generating cash from the sale of its common stock and/or obtaining debt financing and attaining future profitable operations, however, there can be no assurance the Company will be successful in these efforts. As of the date of these consolidated financial statements the Company does not have any firm commitments for capital. Without the required capital, the Company has had to reduce their development expenditures which will delay the completion of products which are expected to generate future revenues.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'><b><font lang="EN-GB">Risks and Uncertainties</font></b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><font lang="EN-GB">The Company has a limited operating history and has not generated revenues from our planned principal operations.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><font lang="EN-GB">The Company's business and operations are sensitive to general business and economic conditions in the U.S. and worldwide. These conditions include short-term and long-term interest rates, inflation, fluctuations in debt and equity capital markets and the general condition of the U.S. and world economy. A host of factors beyond the Company's control could cause fluctuations in these conditions, including the political environment and acts or threats of war or terrorism. Adverse developments in these general business and economic conditions, including through recession, downturn or otherwise, could have a material adverse effect on the Company's consolidated financial condition and the results of its operations.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><font lang="EN-GB">&nbsp;</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><font lang="EN-GB">The Company currently has no sales and limited marketing and/or distribution capabilities. The Company has limited experience in developing, training or managing a sales force and will incur substantial additional expenses if we decide to market any of our current and future products. Developing a marketing and sales force is also time consuming and could delay launch of our future products. In addition, the Company will compete with many companies that currently have extensive and well-funded marketing and sales operations. Our marketing and sales efforts may be unable to compete successfully against these companies. In addition, the Company has limited capital to devote sales and marketing.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><font lang="EN-GB">The Company's industry is characterized by rapid changes in technology and customer demands. As a result, the Company's products may quickly become obsolete and unmarketable. The Company's future success will depend on its ability to adapt to technological advances, anticipate customer demands, develop new products and enhance our current products on a timely and cost-effective basis. Further, the Company's products must remain competitive with those of other companies with substantially greater resources. The Company may experience technical or other difficulties that could delay or prevent the development, introduction or marketing of new products or enhanced versions of existing products. Also, the Company may not be able to adapt new or enhanced products to emerging industry standards, and the Company's new products may not be favorably received. Nor may we have the capital resources to further the development of existing and/or new ones.</font></p> <b><font lang="EN-GB"> </font></b> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b><font lang="EN-GB">Interim Consolidated Financial Statements</font></b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">The accompanying unaudited interim consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission.&#160; 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 consolidated financial statements have been included.&#160; Such adjustments consist of normal recurring adjustments.&#160; These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2017. The results of operations for the six months ended June 30, 2018 are not indicative of the results that may be expected for the full year.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b><font lang="EN-GB">Principles of Consolidation</font></b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">The accompanying consolidated financial statements include the accounts of the Company, Spectral Holdings, Inc, and its </font><font lang="EN-GB">60%</font><font lang="EN-GB"> owned subsidiaries, Noot Holdings, Inc. from its date of incorporation of February 28, 2013, and Monitr Holdings, Inc. from its date of incorporation of December 1, 2013.&nbsp;&nbsp;All material intercompany accounts and transactions have been eliminated in consolidation.</font></p> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b>Basis of Presentation</b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b><font lang="EN-GB">Fair Value of Financial Instruments</font></b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><font lang="EN-GB">Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants as of the measurement date. Applicable accounting guidance provides an established hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company&#146;s assumptions about the factors that market participants would use in valuing the asset or liability. There are three levels of inputs that may be used to measure fair value:</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;background:white'><font lang="EN-GB">&nbsp;</font></p> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%'> <tr align="left"> <td width="10%" valign="top" style='width:10.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">Level 1</font></p> </td> <td width="90%" valign="top" style='width:90.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities&nbsp;in active markets.</font></p> </td> </tr> <tr align="left"> <td width="10%" valign="top" style='width:10.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">&nbsp;</font></p> </td> <td width="90%" valign="top" style='width:90.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">&nbsp;</font></p> </td> </tr> <tr align="left"> <td width="10%" valign="top" style='width:10.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">Level 2</font></p> </td> <td width="90%" valign="top" style='width:90.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">Include other inputs that are directly or indirectly observable in the marketplace.</font></p> </td> </tr> <tr align="left"> <td width="10%" valign="top" style='width:10.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">&nbsp;</font></p> </td> <td width="90%" valign="top" style='width:90.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">&nbsp;</font></p> </td> </tr> <tr align="left"> <td width="10%" valign="top" style='width:10.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">Level 3</font></p> </td> <td width="90%" valign="top" style='width:90.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">Unobservable inputs which are supported by little or no market activity.</font></p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;background:white'><font lang="EN-GB">&nbsp;&nbsp;</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><font lang="EN-GB">The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. As of June 30, 2018 and December 31, 2017, the Company does not have any assets or liabilities which would be considered Level 2 or 3.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><font lang="EN-GB">The Company&#146;s financial instruments consist of cash and cash equivalents, investments in technologies and related party advances. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these consolidated financial statements.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><font lang="EN-GB">The Company measures certain assets at fair value on a nonrecurring basis. These assets include cost method investments when they are deemed to be other-than-temporarily impaired, assets acquired and liabilities assumed in an acquisition or in a nonmonetary exchange, and property and equipment and intangible assets that are written down to fair value when they are held for sale or determined to be impaired. Excluding these items, the Company did not have any significant assets or liabilities that were measured at fair value on a nonrecurring basis in periods subsequent to initial recognition.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b><font lang="EN-GB">Use of Estimates</font></b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period.&#160; Actual results could differ from those estimates.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b><font lang="EN-GB">Basic Loss Per Share</font></b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">Basic loss per share is calculated by dividing the Company&#146;s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company&#146;s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. </font><font lang="EN-GB">Common share equivalents totalling </font><font lang="EN-GB">13,000,000</font><font lang="EN-GB"> and </font><font lang="EN-GB">13,000,000</font><font lang="EN-GB"> were outstanding at June 30, 2018 and 2017, respectively, representing outstanding warrants and options, and were not included in the computation of diluted earnings per share for the six months ended June 30, 2018 and 2017, as their effect would have been anti-dilutive.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b><font lang="EN-GB">Non-Controlling Interests</font></b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><font lang="EN-GB">Non-controlling interest disclosed within the consolidated statement of operations represents the minority ownership 40% share of net income (losses) of Noot Holdings, Inc. and Monitr Holdings, Inc. incurred during the three months ended June 30, 2018. The following table sets forth the changes in non-controlling interest for the six months ended June 30, 2018:</font></p> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left;background:white'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%;border-collapse:collapse'> <tr style='height:12.75pt'> <td width="16%" valign="bottom" style='width:16.54%;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> </td> <td width="36%" valign="bottom" style='width:36.52%;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> </td> <td width="16%" valign="bottom" style='width:16.54%;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> </td> <td width="30%" valign="bottom" style='width:30.4%;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>Non-Controlling</p> </td> </tr> <tr style='height:12.75pt'> <td width="16%" valign="bottom" style='width:16.54%;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> </td> <td width="36%" valign="bottom" style='width:36.52%;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> </td> <td width="16%" valign="bottom" style='width:16.54%;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> </td> <td width="30%" valign="bottom" style='width:30.4%;border:none;border-bottom:solid windowtext 1.0pt;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>Interest</p> </td> </tr> <tr style='height:12.75pt'> <td width="53%" colspan="2" valign="bottom" style='width:53.06%;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>Balance at December 31, 2017</p> </td> <td width="16%" valign="bottom" style='width:16.54%;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> </td> <td width="30%" valign="bottom" style='width:30.4%;border:none;border-bottom:solid windowtext 1.0pt;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:right'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (219,129)</p> </td> </tr> <tr style='height:10.75pt'> <td width="53%" colspan="2" valign="bottom" style='width:53.06%;background:white;padding:0in 5.4pt 0in 5.4pt;height:10.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>Net loss attributable to non-controlling interest</p> </td> <td width="16%" valign="bottom" style='width:16.54%;background:white;padding:0in 5.4pt 0in 5.4pt;height:10.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> </td> <td width="30%" valign="bottom" style='width:30.4%;padding:0in 5.4pt 0in 5.4pt;height:10.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:right'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (525)</p> </td> </tr> <tr style='height:13.5pt'> <td width="53%" colspan="2" valign="bottom" style='width:53.06%;background:white;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>Balance at June 30, 2018</p> </td> <td width="16%" valign="bottom" style='width:16.54%;background:white;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> </td> <td width="30%" valign="bottom" style='width:30.4%;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 2.25pt;border-right:none;background:white;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:right'> $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (219,654)</p> </td> </tr> </table> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b><font lang="EN-GB">Foreign Currency</font></b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>The Company's functional currency is the United States Dollar. Transaction gains or losses related to balances denominated in a currency other than the functional currency are recognized in the consolidated statements of operations. As a result of these foreign currency transactions in which require payment in a currency other than the United States Dollar, the Company has recorded foreign currency (income) losses within the accompanying consolidated statement of operations.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b><font lang="EN-GB">Recent Accounting Pronouncements</font></b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>In May 2014, and later amended in August 2015, the Financial Accounting Standards Board (&#147;FASB&#148;) issued new Accounting Standards Update (&#147;ASU&#148;) regarding revenue recognition under GAAP. This new guidance will supersede nearly all existing revenue recognition guidance, and is effective for public entities for annual and interim periods beginning after December 31, 2017. Early adoption is permitted for reporting periods beginning after December 15, 2016. The Company adopted the standard effective January 1, 2018 with no impact n the Company&#146;s financial statements.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>In February 2016, the FASB issued ASU 2016-02, Leases (Topic 840), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in this standard are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, for a public entity. Early adoption of the amendments in this standard is permitted for all entities and the Company must recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The Company is currently in the process of evaluating the effect this guidance will have on its consolidated financial statements and related disclosures.</p> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'><b><font lang="EN-GB">Going Concern</font></b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern.&#160; The Company is in the development stage and has sustained substantial losses since inception. As of June 30, 2018, the Company has cash on hand of </font><font lang="EN-GB">$307</font><font lang="EN-GB"> and negative working capital of </font><font lang="EN-GB">$660,551</font><font lang="EN-GB">.</font><font lang="EN-GB">[ES3]&nbsp;</font><font lang="EN-GB"> The Company expects current cash on hand will not be able to fund operations for a period in excess of 12 months. These factors raise substantial doubt regarding the Company's ability to continue as a going concern.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">To date management has funded its operations through selling equity securities and advances from related parties. The ability of the Company to continue as a going concern is dependent on the Company generating cash from the sale of its common stock and/or obtaining debt financing and attaining future profitable operations, however, there can be no assurance the Company will be successful in these efforts. As of the date of these consolidated financial statements the Company does not have any firm commitments for capital. Without the required capital, the Company has had to reduce their development expenditures which will delay the completion of products which are expected to generate future revenues.</font></p> 307 660551 <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'><b><font lang="EN-GB">Risks and Uncertainties</font></b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><font lang="EN-GB">The Company has a limited operating history and has not generated revenues from our planned principal operations.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><font lang="EN-GB">The Company's business and operations are sensitive to general business and economic conditions in the U.S. and worldwide. These conditions include short-term and long-term interest rates, inflation, fluctuations in debt and equity capital markets and the general condition of the U.S. and world economy. A host of factors beyond the Company's control could cause fluctuations in these conditions, including the political environment and acts or threats of war or terrorism. Adverse developments in these general business and economic conditions, including through recession, downturn or otherwise, could have a material adverse effect on the Company's consolidated financial condition and the results of its operations.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><font lang="EN-GB">&nbsp;</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><font lang="EN-GB">The Company currently has no sales and limited marketing and/or distribution capabilities. The Company has limited experience in developing, training or managing a sales force and will incur substantial additional expenses if we decide to market any of our current and future products. Developing a marketing and sales force is also time consuming and could delay launch of our future products. In addition, the Company will compete with many companies that currently have extensive and well-funded marketing and sales operations. Our marketing and sales efforts may be unable to compete successfully against these companies. In addition, the Company has limited capital to devote sales and marketing.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><font lang="EN-GB">The Company's industry is characterized by rapid changes in technology and customer demands. As a result, the Company's products may quickly become obsolete and unmarketable. The Company's future success will depend on its ability to adapt to technological advances, anticipate customer demands, develop new products and enhance our current products on a timely and cost-effective basis. Further, the Company's products must remain competitive with those of other companies with substantially greater resources. The Company may experience technical or other difficulties that could delay or prevent the development, introduction or marketing of new products or enhanced versions of existing products. Also, the Company may not be able to adapt new or enhanced products to emerging industry standards, and the Company's new products may not be favorably received. Nor may we have the capital resources to further the development of existing and/or new ones.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b><font lang="EN-GB">Principles of Consolidation</font></b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">The accompanying consolidated financial statements include the accounts of the Company, Spectral Holdings, Inc, and its </font><font lang="EN-GB">60%</font><font lang="EN-GB"> owned subsidiaries, Noot Holdings, Inc. from its date of incorporation of February 28, 2013, and Monitr Holdings, Inc. from its date of incorporation of December 1, 2013.&nbsp;&nbsp;All material intercompany accounts and transactions have been eliminated in consolidation.</font></p> 0.6000 <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b>Basis of Presentation</b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b><font lang="EN-GB">Fair Value of Financial Instruments</font></b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><font lang="EN-GB">Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants as of the measurement date. Applicable accounting guidance provides an established hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company&#146;s assumptions about the factors that market participants would use in valuing the asset or liability. There are three levels of inputs that may be used to measure fair value:</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;background:white'><font lang="EN-GB">&nbsp;</font></p> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%'> <tr align="left"> <td width="10%" valign="top" style='width:10.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">Level 1</font></p> </td> <td width="90%" valign="top" style='width:90.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities&nbsp;in active markets.</font></p> </td> </tr> <tr align="left"> <td width="10%" valign="top" style='width:10.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">&nbsp;</font></p> </td> <td width="90%" valign="top" style='width:90.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">&nbsp;</font></p> </td> </tr> <tr align="left"> <td width="10%" valign="top" style='width:10.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">Level 2</font></p> </td> <td width="90%" valign="top" style='width:90.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">Include other inputs that are directly or indirectly observable in the marketplace.</font></p> </td> </tr> <tr align="left"> <td width="10%" valign="top" style='width:10.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">&nbsp;</font></p> </td> <td width="90%" valign="top" style='width:90.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">&nbsp;</font></p> </td> </tr> <tr align="left"> <td width="10%" valign="top" style='width:10.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">Level 3</font></p> </td> <td width="90%" valign="top" style='width:90.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">Unobservable inputs which are supported by little or no market activity.</font></p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;background:white'><font lang="EN-GB">&nbsp;&nbsp;</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><font lang="EN-GB">The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. As of June 30, 2018 and December 31, 2017, the Company does not have any assets or liabilities which would be considered Level 2 or 3.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><font lang="EN-GB">The Company&#146;s financial instruments consist of cash and cash equivalents, investments in technologies and related party advances. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these consolidated financial statements.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><font lang="EN-GB">The Company measures certain assets at fair value on a nonrecurring basis. These assets include cost method investments when they are deemed to be other-than-temporarily impaired, assets acquired and liabilities assumed in an acquisition or in a nonmonetary exchange, and property and equipment and intangible assets that are written down to fair value when they are held for sale or determined to be impaired. Excluding these items, the Company did not have any significant assets or liabilities that were measured at fair value on a nonrecurring basis in periods subsequent to initial recognition.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b><font lang="EN-GB">Use of Estimates</font></b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period.&#160; Actual results could differ from those estimates.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b><font lang="EN-GB">Basic Loss Per Share</font></b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">Basic loss per share is calculated by dividing the Company&#146;s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company&#146;s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. </font><font lang="EN-GB">Common share equivalents totalling </font><font lang="EN-GB">13,000,000</font><font lang="EN-GB"> and </font><font lang="EN-GB">13,000,000</font><font lang="EN-GB"> were outstanding at June 30, 2018 and 2017, respectively, representing outstanding warrants and options, and were not included in the computation of diluted earnings per share for the six months ended June 30, 2018 and 2017, as their effect would have been anti-dilutive.</font></p> 13000000 13000000 <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b><font lang="EN-GB">Non-Controlling Interests</font></b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'><font lang="EN-GB">Non-controlling interest disclosed within the consolidated statement of operations represents the minority ownership 40% share of net income (losses) of Noot Holdings, Inc. and Monitr Holdings, Inc. incurred during the three months ended June 30, 2018. The following table sets forth the changes in non-controlling interest for the six months ended June 30, 2018:</font></p> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left;background:white'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%;border-collapse:collapse'> <tr style='height:12.75pt'> <td width="16%" valign="bottom" style='width:16.54%;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> </td> <td width="36%" valign="bottom" style='width:36.52%;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> </td> <td width="16%" valign="bottom" style='width:16.54%;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> </td> <td width="30%" valign="bottom" style='width:30.4%;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>Non-Controlling</p> </td> </tr> <tr style='height:12.75pt'> <td width="16%" valign="bottom" style='width:16.54%;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> </td> <td width="36%" valign="bottom" style='width:36.52%;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> </td> <td width="16%" valign="bottom" style='width:16.54%;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> </td> <td width="30%" valign="bottom" style='width:30.4%;border:none;border-bottom:solid windowtext 1.0pt;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>Interest</p> </td> </tr> <tr style='height:12.75pt'> <td width="53%" colspan="2" valign="bottom" style='width:53.06%;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>Balance at December 31, 2017</p> </td> <td width="16%" valign="bottom" style='width:16.54%;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> </td> <td width="30%" valign="bottom" style='width:30.4%;border:none;border-bottom:solid windowtext 1.0pt;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:right'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (219,129)</p> </td> </tr> <tr style='height:10.75pt'> <td width="53%" colspan="2" valign="bottom" style='width:53.06%;background:white;padding:0in 5.4pt 0in 5.4pt;height:10.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>Net loss attributable to non-controlling interest</p> </td> <td width="16%" valign="bottom" style='width:16.54%;background:white;padding:0in 5.4pt 0in 5.4pt;height:10.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> </td> <td width="30%" valign="bottom" style='width:30.4%;padding:0in 5.4pt 0in 5.4pt;height:10.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:right'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (525)</p> </td> </tr> <tr style='height:13.5pt'> <td width="53%" colspan="2" valign="bottom" style='width:53.06%;background:white;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>Balance at June 30, 2018</p> </td> <td width="16%" valign="bottom" style='width:16.54%;background:white;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> </td> <td width="30%" valign="bottom" style='width:30.4%;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 2.25pt;border-right:none;background:white;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:right'> $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (219,654)</p> </td> </tr> </table> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left;background:white'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%;border-collapse:collapse'> <tr style='height:12.75pt'> <td width="16%" valign="bottom" style='width:16.54%;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> </td> <td width="36%" valign="bottom" style='width:36.52%;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> </td> <td width="16%" valign="bottom" style='width:16.54%;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> </td> <td width="30%" valign="bottom" style='width:30.4%;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>Non-Controlling</p> </td> </tr> <tr style='height:12.75pt'> <td width="16%" valign="bottom" style='width:16.54%;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> </td> <td width="36%" valign="bottom" style='width:36.52%;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> </td> <td width="16%" valign="bottom" style='width:16.54%;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> </td> <td width="30%" valign="bottom" style='width:30.4%;border:none;border-bottom:solid windowtext 1.0pt;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:center'>Interest</p> </td> </tr> <tr style='height:12.75pt'> <td width="53%" colspan="2" valign="bottom" style='width:53.06%;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>Balance at December 31, 2017</p> </td> <td width="16%" valign="bottom" style='width:16.54%;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> </td> <td width="30%" valign="bottom" style='width:30.4%;border:none;border-bottom:solid windowtext 1.0pt;background:white;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:right'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (219,129)</p> </td> </tr> <tr style='height:10.75pt'> <td width="53%" colspan="2" valign="bottom" style='width:53.06%;background:white;padding:0in 5.4pt 0in 5.4pt;height:10.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>Net loss attributable to non-controlling interest</p> </td> <td width="16%" valign="bottom" style='width:16.54%;background:white;padding:0in 5.4pt 0in 5.4pt;height:10.75pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> </td> <td width="30%" valign="bottom" style='width:30.4%;padding:0in 5.4pt 0in 5.4pt;height:10.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:right'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (525)</p> </td> </tr> <tr style='height:13.5pt'> <td width="53%" colspan="2" valign="bottom" style='width:53.06%;background:white;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>Balance at June 30, 2018</p> </td> <td width="16%" valign="bottom" style='width:16.54%;background:white;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> </td> <td width="30%" valign="bottom" style='width:30.4%;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 2.25pt;border-right:none;background:white;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:right'> $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (219,654)</p> </td> </tr> </table> -219129 525 -219654 <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b><font lang="EN-GB">Foreign Currency</font></b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;background:white'>The Company's functional currency is the United States Dollar. Transaction gains or losses related to balances denominated in a currency other than the functional currency are recognized in the consolidated statements of operations. As a result of these foreign currency transactions in which require payment in a currency other than the United States Dollar, the Company has recorded foreign currency (income) losses within the accompanying consolidated statement of operations.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b><font lang="EN-GB">Recent Accounting Pronouncements</font></b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>In May 2014, and later amended in August 2015, the Financial Accounting Standards Board (&#147;FASB&#148;) issued new Accounting Standards Update (&#147;ASU&#148;) regarding revenue recognition under GAAP. This new guidance will supersede nearly all existing revenue recognition guidance, and is effective for public entities for annual and interim periods beginning after December 31, 2017. Early adoption is permitted for reporting periods beginning after December 15, 2016. The Company adopted the standard effective January 1, 2018 with no impact n the Company&#146;s financial statements.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>In February 2016, the FASB issued ASU 2016-02, Leases (Topic 840), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in this standard are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, for a public entity. Early adoption of the amendments in this standard is permitted for all entities and the Company must recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The Company is currently in the process of evaluating the effect this guidance will have on its consolidated financial statements and related disclosures.</p> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'><b>NOTE 3&#150; RELATED PARTY TRANSACTIONS</b></p> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><i><font lang="EN-GB">Akoranga, AG</font></i></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">At June 30, 2018 and December 31, 2017, </font><font lang="EN-GB">$0</font><font lang="EN-GB"> and </font><font lang="EN-GB">$0</font><font lang="EN-GB">, respectively, was owed to Akoranga AG, a Swiss Company owned by the CEO of Spectral. Akoranga was formed to facilitate the Company&#146;s business in Europe. In connection with the facilitation of the Company's operations which includes making payments on the Company's obligations, Akoranga charges the Company a 10% fee on all transactions processed by Akoranga on behalf of the Company. The Company ceased using Akoranga services in August 2014. The advances do not incur interest and are payable upon demand. The decrease in amounts payable were due to changes in foreign currency exchange rates. As of December 31, 2017, all loans with Akoranga have been forgiven. The forgiveness was treated as a capital contribution to additional paid-in capital as the Company's CEO also controls the operations of Akoranga.</font></p> <p style='margin-top:0in;margin-right:-1.0pt;margin-bottom:0in;margin-left:6.0pt;margin-bottom:.0001pt;line-height:10.0pt;text-autospace:none;margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:normal'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><i><font lang="EN-GB">Jenifer Osterwalder, the Company's Chief Executive Officer</font></i></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">Through August 2014, Akoranga charged the Company 12,350 CHF per month for the Company's CEO, Jenifer Osterwalder, for services related to the Company. Starting in September 2014, these amounts were the responsibility of the Company. Total amounts expended in the Company's consolidated financial statements in connection with the CEO's services was </font><font lang="EN-GB">$76,776</font><font lang="EN-GB"> and </font><font lang="EN-GB">$75,130</font><font lang="EN-GB"> for the six months ended June 30, 2018 and 2017, respectively. Amounts charged by Akoranga to the Company prior to August 2014 are included within the Akoranga liability disclosed above. As of June 30, 2018 and December 31, 2017, amounts due to the CEO related to accrued salaries were </font><font lang="EN-GB">$544,608</font><font lang="EN-GB"> and </font><font lang="EN-GB">$467,832</font><font lang="EN-GB">, respectively.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">Commencing in September 2014, from time to time due to the limited cash flow available, the Company's CEO pays certain operating expenditures on behalf of the Company. These advances bear no interest and are due on demand. As of June 30, 2018 and December 31, 2017, the Company's CEO was due </font><font lang="EN-GB">$115,471</font><font lang="EN-GB"> and </font><font lang="EN-GB">$96,677</font><font lang="EN-GB"> in connection with these advances, respectively. </font></p> 0 0 76776 75130 544608 467832 115471 96677 <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'><b>NOTE 4 &#150; STOCKHOLDERS DEFICIT</b></p> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-align:left'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;letter-spacing:-.1pt;margin:0in;margin-bottom:.0001pt;text-align:justify'><i>Employee Options</i></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;letter-spacing:-.1pt;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;letter-spacing:-.1pt;margin:0in;margin-bottom:.0001pt;text-align:justify'>The Company accounts for employee stock-based compensation in accordance with the guidance of FASB ASC Topic 718, <i>Compensation &#150; Stock Compensation </i>which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">The Company has adopted a stock option and award plan to attract, retain and motivate its directors, officers, employees, consultants and advisors. Options provide the opportunity to acquire a proprietary interest in the Company and to benefit from its growth. Vesting terms and conditions are determined by the Board of Directors at the time of the grant. The Plan provides for the issuance of up to 15,000,000 common shares for employees, consultants, directors, and advisors.</font></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;letter-spacing:-.1pt;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">On February 6, 2012, the Company granted 7,500,000 options to two employees. Stock-based compensation is being recognized over the two year vesting period. The options were valued at $3,408,750 using the Black-Scholes Option Pricing Model. </font><font lang="EN-GB">Employee stock-based compensation expense relating to options granted in 2010 and 2012, recognized during the six months ended June 30, 2018 and year ended December 31, 2017 totalled $0 and $0, respectively.</font><font lang="EN-GB"> </font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b><font lang="EN-GB">NOTE 5 &#150; COMMITMENTS AND CONTINGENCIES</font></b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">The Company leases office space on a three month basis in Seattle, Washington.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b><font lang="EN-GB">NOTE 6&#150; SUBSEQUENT </font></b><b><font lang="EN-GB">EVENTS</font></b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font lang="EN-GB">In accordance with ASC 855-10, the</font> Company <strong><font style='font-weight:normal'>has analyzed its operations subsequent to June 30, 2018 to the date these consolidated financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these consolidated financial statements.</font></strong></p> 0001131903 2018-01-01 2018-06-30 0001131903 2018-06-30 0001131903 2017-06-30 0001131903 2018-08-13 0001131903 2018-08-13 2018-08-13 0001131903 2017-12-31 0001131903 2018-04-01 2018-06-30 0001131903 2017-04-01 2017-06-30 0001131903 2017-01-01 2017-06-30 0001131903 2016-12-31 0001131903 us-gaap:NoncontrollingInterestMember 2017-12-31 0001131903 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-06-30 0001131903 us-gaap:NoncontrollingInterestMember 2018-06-30 0001131903 fil:AkorangaMember 2018-06-30 0001131903 fil:AkorangaMember 2017-12-31 0001131903 us-gaap:ChiefExecutiveOfficerMember 2018-01-01 2018-06-30 0001131903 us-gaap:ChiefExecutiveOfficerMember 2017-01-01 2017-06-30 0001131903 fil:ChiefExecutiveOfficerAccruedSalariesMember 2018-06-30 0001131903 fil:ChiefExecutiveOfficerAccruedSalariesMember 2017-12-31 0001131903 fil:ChiefExecutiveOfficerOperatingExpendituresMember 2018-06-30 0001131903 fil:ChiefExecutiveOfficerOperatingExpendituresMember 2017-12-31 xbrli:pure iso4217:USD xbrli:shares iso4217:USD xbrli:shares EX-101.SCH 7 fccn-20180630.xsd XBRL TAXONOMY EXTENSION SCHEMA 000180 - 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Fair Value of Financial Instruments Note 4 - Stockholders Equity Net Income (Loss) Attributable to Noncontrolling Interest Net income attributable to noncontrolling interest Common Stock, Shares Authorized Total stockholders' deficit Total stockholders' deficit Total assets Total assets Noncontrolling Interest Foreign Currency Accounts payable and accrued expenses Well-known Seasoned Issuer Related Party Tables/Schedules Net cash provided by financing activities Net cash provided by financing activities Document Fiscal Period Focus Public Float Salary and Wage, Excluding Cost of Good and Service Sold Risks and Uncertainties Cash paid for income taxes Provision for income taxes Preferred Stock, Par or Stated Value Per Share Current liabilities: Number of common stock shares outstanding SEC Form Basic and diluted loss per common share Operating loss Operating loss Common Stock, Shares, Outstanding Common Stock, Par or Stated Value Per Share Total liabilities Total liabilities Voluntary filer Entity Incorporation, Date of Incorporation Changes in Noncontrolling Interest Note 2 - Summary of Significant Accounting Policies Preferred Stock, Shares Authorized Additional paid-in capital Document Fiscal Year Focus Equity Components [Axis] Due to related parties - accrued salary Wages and benefits Accounts payable and accrued liabilities Total current assets Total current assets Cash and cash equivalents Cash and cash equivalents Cash and cash equivalents Amendment Flag Related Party [Axis] Statement [Line Items] Going Concern Notes Proceeds from related party advances Preferred Stock, Shares Outstanding Related party advances and accruals Liabilities and Stockholders' Deficit: Entity Address, State or Province Tax Identification Number (TIN) Registrant Name Change in cash and cash equivalents Change in cash and cash equivalents Registrant CIK Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest Principles of Consolidation Cash flows from financing activities: Net loss attributable to Spectral Capital Corporation Net loss attributable to Spectral Capital Corporation Preferred Stock, Shares Issued Total stockholders' deficit {1} Total stockholders' deficit Noncontrolling interest in subsidiary Common shares Total current liabilities Total current liabilities Details Chief Executive Officer - Operating Expenditures Represents the Chief Executive Officer - Operating Expenditures, during the indicated time period. Accounting Basis Supplemental disclosure of cash flow information Net loss before non-controlling interest Net loss before non-controlling interest Operating expenses: Preferred shares Stockholders' deficit: Assets: Local Phone Number Entity Address, Postal Zip Code Entity Address, City or Town Entity Incorporation, State Country Name Filer Category Non-controlling Interests Use of Estimates Note 5 - Commitments and Contingencies Cash flows from operating activities: Period End date Noncontrolling Interest in Variable Interest Entity Note 1 - Business and Nature of Operations Net cash used in operating activities Net cash used in operating activities Loss from operations and before non-controlling interest and provision for income taxes Loss from operations and before non-controlling interest and provision for income taxes Total operating expenses Total operating expenses Common Stock, Shares, Issued Total liabilities and stockholders' deficit Total liabilities and stockholders' deficit Equity Component Statement Recent Accounting Pronouncements Policies Cash paid for interest Adjustments to reconcile net loss to net cash used in by operating activities: Amendment Description Trading Symbol Revenues Chief Executive Officer - Accrued Salaries Represents the Chief Executive Officer - Accrued Salaries, during the indicated time period. Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Note 6 - Subsequent Events Prepaids and other assets Prepaids and other assets Weighted-average shares - basic and diluted Selling, general and administrative Entity Listing, Par Value Per Share Fiscal Year End Chief Executive Officer Akoranga Represents the Akoranga, during the indicated time period. Basic Income (loss) Per Share Note 3 - Related Party Transactions Accumulated deficit City Area Code Entity Address, Address Line One Current with reporting EX-101.PRE 11 fccn-20180630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Document and Entity Information - $ / shares
6 Months Ended
Aug. 13, 2018
Jun. 30, 2018
Details    
Registrant Name   Spectral Capital Corporation
Registrant CIK   0001131903
SEC Form   10-Q
Period End date   Jun. 30, 2018
Fiscal Year End   --12-31
Trading Symbol   fccn
Tax Identification Number (TIN)   510520296
Number of common stock shares outstanding 117,857,623  
Filer Category   Smaller Reporting Company
Current with reporting   Yes
Voluntary filer   No
Well-known Seasoned Issuer   No
Amendment Flag   false
Document Fiscal Year Focus   2018
Document Fiscal Period Focus   Q2
Entity Incorporation, State Country Name   Nevada
Entity Address, Address Line One   701 Fifth Avenue, Suite 4200
Entity Address, City or Town   Seattle
Entity Address, State or Province   WA
Entity Address, Postal Zip Code   98104
City Area Code   206
Local Phone Number   262-7820
Entity Listing, Par Value Per Share $ 0.0001  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Balance Sheets - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Assets:    
Cash and cash equivalents $ 307 $ 692
Total current assets 307 692
Total assets 307 692
Current liabilities:    
Accounts payable and accrued liabilities 779 779
Related party advances and accruals 660,079 564,509
Total current liabilities 660,858 565,288
Total liabilities 660,858 565,288
Stockholders' deficit:    
Preferred shares 0 0
Common shares 11,786 11,786
Additional paid-in capital 27,787,681 27,787,681
Accumulated deficit (28,240,364) (28,144,934)
Total stockholders' deficit (440,897) (345,467)
Total liabilities and stockholders' deficit 307 692
Noncontrolling interest in subsidiary (219,654) (219,129)
Total stockholders' deficit $ (660,551) $ (564,596)
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Balance Sheets - Parenthetical - $ / shares
Jun. 30, 2018
Dec. 31, 2017
Details    
Preferred Stock, Par or Stated Value Per Share $ 0.0001 $ 0.0001
Preferred Stock, Shares Authorized 5,000,000 5,000,000
Preferred Stock, Shares Issued 0 0
Preferred Stock, Shares Outstanding 0 0
Common Stock, Par or Stated Value Per Share $ 0.0001 $ 0.0001
Common Stock, Shares Authorized 500,000,000 500,000,000
Common Stock, Shares, Issued 117,857,623 117,857,623
Common Stock, Shares, Outstanding 117,857,623 117,857,623
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statement of Operations - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Details        
Revenues $ 0 $ 0 $ 0 $ 0
Operating expenses:        
Selling, general and administrative 4,813 7,742 19,179 26,097
Wages and benefits 37,465 38,067 76,776 75,130
Total operating expenses 42,278 45,809 95,955 101,227
Operating loss (42,278) (45,809) (95,955) (101,227)
Loss from operations and before non-controlling interest and provision for income taxes (42,278) (45,809) (95,955) (101,227)
Provision for income taxes 0 0 0 0
Net loss before non-controlling interest (42,278) (45,809) (95,955) (101,227)
Net income attributable to noncontrolling interest 263 100 525 296
Net loss attributable to Spectral Capital Corporation $ (42,015) $ (45,709) $ (95,430) $ (100,931)
Basic and diluted loss per common share $ (0.00) $ (0.00) $ (0.00) $ (0.00)
Weighted-average shares - basic and diluted 117,857,623 117,857,623 117,857,623 117,857,623
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:    
Net loss attributable to Spectral Capital Corporation $ (95,430) $ (100,931)
Adjustments to reconcile net loss to net cash used in by operating activities:    
Net Income (Loss) Attributable to Noncontrolling Interest (525) (296)
Prepaids and other assets 0 5,000
Due to related parties - accrued salary 76,776 75,130
Accounts payable and accrued expenses 0 (1,883)
Net cash used in operating activities (19,179) (22,980)
Cash flows from financing activities:    
Proceeds from related party advances 18,794 22,361
Net cash provided by financing activities 18,794 22,361
Change in cash and cash equivalents (385) (619)
Cash and cash equivalents 692 1,222
Cash and cash equivalents 307 603
Supplemental disclosure of cash flow information    
Cash paid for interest 0 0
Cash paid for income taxes $ 0 $ 0
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 1 - Business and Nature of Operations
6 Months Ended
Jun. 30, 2018
Notes  
Note 1 - Business and Nature of Operations

NOTE 1 – BUSINESS AND NATURE OF OPERATIONS

                            

Spectral Capital Corporation (the "Company" or "Spectral") was incorporated on September 13, 2000 under the laws of the State of Nevada. Spectral is focused on the identification, acquisition, development, financing of technology that has the potential to transform existing industries. The Company looks for technology that can be protected through patents or laws regarding trade secrets.  Spectral has acquired significant stakes in three technology companies currently and actively works with management to drive these companies toward increasing market penetration in their particular verticals.  Spectral intends to own, in full or in part, technology companies whose founders and key management can take advantage of the deep networks and experience in technology development embodied in Spectral management.

XML 18 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies
6 Months Ended
Jun. 30, 2018
Notes  
Note 2 - Summary of Significant Accounting Policies

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Going Concern

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern.  The Company is in the development stage and has sustained substantial losses since inception. As of June 30, 2018, the Company has cash on hand of $307 and negative working capital of $660,551.[ES3]  The Company expects current cash on hand will not be able to fund operations for a period in excess of 12 months. These factors raise substantial doubt regarding the Company's ability to continue as a going concern.

 

To date management has funded its operations through selling equity securities and advances from related parties. The ability of the Company to continue as a going concern is dependent on the Company generating cash from the sale of its common stock and/or obtaining debt financing and attaining future profitable operations, however, there can be no assurance the Company will be successful in these efforts. As of the date of these consolidated financial statements the Company does not have any firm commitments for capital. Without the required capital, the Company has had to reduce their development expenditures which will delay the completion of products which are expected to generate future revenues.

 

Risks and Uncertainties

The Company has a limited operating history and has not generated revenues from our planned principal operations.

 

The Company's business and operations are sensitive to general business and economic conditions in the U.S. and worldwide. These conditions include short-term and long-term interest rates, inflation, fluctuations in debt and equity capital markets and the general condition of the U.S. and world economy. A host of factors beyond the Company's control could cause fluctuations in these conditions, including the political environment and acts or threats of war or terrorism. Adverse developments in these general business and economic conditions, including through recession, downturn or otherwise, could have a material adverse effect on the Company's consolidated financial condition and the results of its operations.

 

The Company currently has no sales and limited marketing and/or distribution capabilities. The Company has limited experience in developing, training or managing a sales force and will incur substantial additional expenses if we decide to market any of our current and future products. Developing a marketing and sales force is also time consuming and could delay launch of our future products. In addition, the Company will compete with many companies that currently have extensive and well-funded marketing and sales operations. Our marketing and sales efforts may be unable to compete successfully against these companies. In addition, the Company has limited capital to devote sales and marketing.

 

The Company's industry is characterized by rapid changes in technology and customer demands. As a result, the Company's products may quickly become obsolete and unmarketable. The Company's future success will depend on its ability to adapt to technological advances, anticipate customer demands, develop new products and enhance our current products on a timely and cost-effective basis. Further, the Company's products must remain competitive with those of other companies with substantially greater resources. The Company may experience technical or other difficulties that could delay or prevent the development, introduction or marketing of new products or enhanced versions of existing products. Also, the Company may not be able to adapt new or enhanced products to emerging industry standards, and the Company's new products may not be favorably received. Nor may we have the capital resources to further the development of existing and/or new ones.

 

 

Interim Consolidated Financial Statements

The accompanying unaudited interim consolidated financial statements have been prepared by 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 consolidated financial statements have been included.  Such adjustments consist of normal recurring adjustments.  These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2017. The results of operations for the six months ended June 30, 2018 are not indicative of the results that may be expected for the full year.

 

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company, Spectral Holdings, Inc, and its 60% owned subsidiaries, Noot Holdings, Inc. from its date of incorporation of February 28, 2013, and Monitr Holdings, Inc. from its date of incorporation of December 1, 2013.  All material intercompany accounts and transactions have been eliminated in consolidation.

 

Basis of Presentation

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars.

 

Fair Value of Financial Instruments

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants as of the measurement date. Applicable accounting guidance provides an established hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors that market participants would use in valuing the asset or liability. There are three levels of inputs that may be used to measure fair value:

 

Level 1

Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

 

 

Level 2

Include other inputs that are directly or indirectly observable in the marketplace.

 

 

Level 3

Unobservable inputs which are supported by little or no market activity.

  

The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. As of June 30, 2018 and December 31, 2017, the Company does not have any assets or liabilities which would be considered Level 2 or 3.

 

The Company’s financial instruments consist of cash and cash equivalents, investments in technologies and related party advances. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these consolidated financial statements.

 

The Company measures certain assets at fair value on a nonrecurring basis. These assets include cost method investments when they are deemed to be other-than-temporarily impaired, assets acquired and liabilities assumed in an acquisition or in a nonmonetary exchange, and property and equipment and intangible assets that are written down to fair value when they are held for sale or determined to be impaired. Excluding these items, the Company did not have any significant assets or liabilities that were measured at fair value on a nonrecurring basis in periods subsequent to initial recognition.

 

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

 

Basic Loss Per Share

Basic loss per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Common share equivalents totalling 13,000,000 and 13,000,000 were outstanding at June 30, 2018 and 2017, respectively, representing outstanding warrants and options, and were not included in the computation of diluted earnings per share for the six months ended June 30, 2018 and 2017, as their effect would have been anti-dilutive.

 

Non-Controlling Interests

Non-controlling interest disclosed within the consolidated statement of operations represents the minority ownership 40% share of net income (losses) of Noot Holdings, Inc. and Monitr Holdings, Inc. incurred during the three months ended June 30, 2018. The following table sets forth the changes in non-controlling interest for the six months ended June 30, 2018:

 

 

 

 

Non-Controlling

 

 

 

Interest

Balance at December 31, 2017

 

                   (219,129)

Net loss attributable to non-controlling interest

 

                          (525)

Balance at June 30, 2018

 

$                (219,654)

 

Foreign Currency

The Company's functional currency is the United States Dollar. Transaction gains or losses related to balances denominated in a currency other than the functional currency are recognized in the consolidated statements of operations. As a result of these foreign currency transactions in which require payment in a currency other than the United States Dollar, the Company has recorded foreign currency (income) losses within the accompanying consolidated statement of operations.

 

Recent Accounting Pronouncements

In May 2014, and later amended in August 2015, the Financial Accounting Standards Board (“FASB”) issued new Accounting Standards Update (“ASU”) regarding revenue recognition under GAAP. This new guidance will supersede nearly all existing revenue recognition guidance, and is effective for public entities for annual and interim periods beginning after December 31, 2017. Early adoption is permitted for reporting periods beginning after December 15, 2016. The Company adopted the standard effective January 1, 2018 with no impact n the Company’s financial statements.

 

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 840), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in this standard are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, for a public entity. Early adoption of the amendments in this standard is permitted for all entities and the Company must recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The Company is currently in the process of evaluating the effect this guidance will have on its consolidated financial statements and related disclosures.

XML 19 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 3 - Related Party Transactions
6 Months Ended
Jun. 30, 2018
Notes  
Note 3 - Related Party Transactions

NOTE 3– RELATED PARTY TRANSACTIONS

                                                                     

Akoranga, AG

 

At June 30, 2018 and December 31, 2017, $0 and $0, respectively, was owed to Akoranga AG, a Swiss Company owned by the CEO of Spectral. Akoranga was formed to facilitate the Company’s business in Europe. In connection with the facilitation of the Company's operations which includes making payments on the Company's obligations, Akoranga charges the Company a 10% fee on all transactions processed by Akoranga on behalf of the Company. The Company ceased using Akoranga services in August 2014. The advances do not incur interest and are payable upon demand. The decrease in amounts payable were due to changes in foreign currency exchange rates. As of December 31, 2017, all loans with Akoranga have been forgiven. The forgiveness was treated as a capital contribution to additional paid-in capital as the Company's CEO also controls the operations of Akoranga.

 

Jenifer Osterwalder, the Company's Chief Executive Officer

 

Through August 2014, Akoranga charged the Company 12,350 CHF per month for the Company's CEO, Jenifer Osterwalder, for services related to the Company. Starting in September 2014, these amounts were the responsibility of the Company. Total amounts expended in the Company's consolidated financial statements in connection with the CEO's services was $76,776 and $75,130 for the six months ended June 30, 2018 and 2017, respectively. Amounts charged by Akoranga to the Company prior to August 2014 are included within the Akoranga liability disclosed above. As of June 30, 2018 and December 31, 2017, amounts due to the CEO related to accrued salaries were $544,608 and $467,832, respectively.

 

Commencing in September 2014, from time to time due to the limited cash flow available, the Company's CEO pays certain operating expenditures on behalf of the Company. These advances bear no interest and are due on demand. As of June 30, 2018 and December 31, 2017, the Company's CEO was due $115,471 and $96,677 in connection with these advances, respectively.

XML 20 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 4 - Stockholders Equity
6 Months Ended
Jun. 30, 2018
Notes  
Note 4 - Stockholders Equity

NOTE 4 – STOCKHOLDERS DEFICIT

 

Employee Options

 

The Company accounts for employee stock-based compensation in accordance with the guidance of FASB ASC Topic 718, Compensation – Stock Compensation which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values.

 

The Company has adopted a stock option and award plan to attract, retain and motivate its directors, officers, employees, consultants and advisors. Options provide the opportunity to acquire a proprietary interest in the Company and to benefit from its growth. Vesting terms and conditions are determined by the Board of Directors at the time of the grant. The Plan provides for the issuance of up to 15,000,000 common shares for employees, consultants, directors, and advisors.

 

On February 6, 2012, the Company granted 7,500,000 options to two employees. Stock-based compensation is being recognized over the two year vesting period. The options were valued at $3,408,750 using the Black-Scholes Option Pricing Model. Employee stock-based compensation expense relating to options granted in 2010 and 2012, recognized during the six months ended June 30, 2018 and year ended December 31, 2017 totalled $0 and $0, respectively.

XML 21 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 5 - Commitments and Contingencies
6 Months Ended
Jun. 30, 2018
Notes  
Note 5 - Commitments and Contingencies

NOTE 5 – COMMITMENTS AND CONTINGENCIES

 

The Company leases office space on a three month basis in Seattle, Washington.

XML 22 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 6 - Subsequent Events
6 Months Ended
Jun. 30, 2018
Notes  
Note 6 - Subsequent Events

NOTE 6– SUBSEQUENT EVENTS

 

In accordance with ASC 855-10, the Company has analyzed its operations subsequent to June 30, 2018 to the date these consolidated financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these consolidated financial statements.

XML 23 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Going Concern (Policies)
6 Months Ended
Jun. 30, 2018
Policies  
Going Concern

Going Concern

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern.  The Company is in the development stage and has sustained substantial losses since inception. As of June 30, 2018, the Company has cash on hand of $307 and negative working capital of $660,551.[ES3]  The Company expects current cash on hand will not be able to fund operations for a period in excess of 12 months. These factors raise substantial doubt regarding the Company's ability to continue as a going concern.

 

To date management has funded its operations through selling equity securities and advances from related parties. The ability of the Company to continue as a going concern is dependent on the Company generating cash from the sale of its common stock and/or obtaining debt financing and attaining future profitable operations, however, there can be no assurance the Company will be successful in these efforts. As of the date of these consolidated financial statements the Company does not have any firm commitments for capital. Without the required capital, the Company has had to reduce their development expenditures which will delay the completion of products which are expected to generate future revenues.

XML 24 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Risks and Uncertainties (Policies)
6 Months Ended
Jun. 30, 2018
Policies  
Risks and Uncertainties

Risks and Uncertainties

The Company has a limited operating history and has not generated revenues from our planned principal operations.

 

The Company's business and operations are sensitive to general business and economic conditions in the U.S. and worldwide. These conditions include short-term and long-term interest rates, inflation, fluctuations in debt and equity capital markets and the general condition of the U.S. and world economy. A host of factors beyond the Company's control could cause fluctuations in these conditions, including the political environment and acts or threats of war or terrorism. Adverse developments in these general business and economic conditions, including through recession, downturn or otherwise, could have a material adverse effect on the Company's consolidated financial condition and the results of its operations.

 

The Company currently has no sales and limited marketing and/or distribution capabilities. The Company has limited experience in developing, training or managing a sales force and will incur substantial additional expenses if we decide to market any of our current and future products. Developing a marketing and sales force is also time consuming and could delay launch of our future products. In addition, the Company will compete with many companies that currently have extensive and well-funded marketing and sales operations. Our marketing and sales efforts may be unable to compete successfully against these companies. In addition, the Company has limited capital to devote sales and marketing.

 

The Company's industry is characterized by rapid changes in technology and customer demands. As a result, the Company's products may quickly become obsolete and unmarketable. The Company's future success will depend on its ability to adapt to technological advances, anticipate customer demands, develop new products and enhance our current products on a timely and cost-effective basis. Further, the Company's products must remain competitive with those of other companies with substantially greater resources. The Company may experience technical or other difficulties that could delay or prevent the development, introduction or marketing of new products or enhanced versions of existing products. Also, the Company may not be able to adapt new or enhanced products to emerging industry standards, and the Company's new products may not be favorably received. Nor may we have the capital resources to further the development of existing and/or new ones.

XML 25 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Principles of Consolidation (Policies)
6 Months Ended
Jun. 30, 2018
Policies  
Principles of Consolidation

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company, Spectral Holdings, Inc, and its 60% owned subsidiaries, Noot Holdings, Inc. from its date of incorporation of February 28, 2013, and Monitr Holdings, Inc. from its date of incorporation of December 1, 2013.  All material intercompany accounts and transactions have been eliminated in consolidation.

XML 26 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Accounting Basis (Policies)
6 Months Ended
Jun. 30, 2018
Policies  
Accounting Basis

Basis of Presentation

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars.

XML 27 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies)
6 Months Ended
Jun. 30, 2018
Policies  
Fair Value of Financial Instruments

Fair Value of Financial Instruments

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants as of the measurement date. Applicable accounting guidance provides an established hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors that market participants would use in valuing the asset or liability. There are three levels of inputs that may be used to measure fair value:

 

Level 1

Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

 

 

Level 2

Include other inputs that are directly or indirectly observable in the marketplace.

 

 

Level 3

Unobservable inputs which are supported by little or no market activity.

  

The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. As of June 30, 2018 and December 31, 2017, the Company does not have any assets or liabilities which would be considered Level 2 or 3.

 

The Company’s financial instruments consist of cash and cash equivalents, investments in technologies and related party advances. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these consolidated financial statements.

 

The Company measures certain assets at fair value on a nonrecurring basis. These assets include cost method investments when they are deemed to be other-than-temporarily impaired, assets acquired and liabilities assumed in an acquisition or in a nonmonetary exchange, and property and equipment and intangible assets that are written down to fair value when they are held for sale or determined to be impaired. Excluding these items, the Company did not have any significant assets or liabilities that were measured at fair value on a nonrecurring basis in periods subsequent to initial recognition.

XML 28 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Use of Estimates (Policies)
6 Months Ended
Jun. 30, 2018
Policies  
Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

XML 29 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Basic Income (loss) Per Share (Policies)
6 Months Ended
Jun. 30, 2018
Policies  
Basic Income (loss) Per Share

Basic Loss Per Share

Basic loss per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Common share equivalents totalling 13,000,000 and 13,000,000 were outstanding at June 30, 2018 and 2017, respectively, representing outstanding warrants and options, and were not included in the computation of diluted earnings per share for the six months ended June 30, 2018 and 2017, as their effect would have been anti-dilutive.

XML 30 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Non-controlling Interests (Policies)
6 Months Ended
Jun. 30, 2018
Policies  
Non-controlling Interests

Non-Controlling Interests

Non-controlling interest disclosed within the consolidated statement of operations represents the minority ownership 40% share of net income (losses) of Noot Holdings, Inc. and Monitr Holdings, Inc. incurred during the three months ended June 30, 2018. The following table sets forth the changes in non-controlling interest for the six months ended June 30, 2018:

 

 

 

 

Non-Controlling

 

 

 

Interest

Balance at December 31, 2017

 

                   (219,129)

Net loss attributable to non-controlling interest

 

                          (525)

Balance at June 30, 2018

 

$                (219,654)

XML 31 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Foreign Currency (Policies)
6 Months Ended
Jun. 30, 2018
Policies  
Foreign Currency

Foreign Currency

The Company's functional currency is the United States Dollar. Transaction gains or losses related to balances denominated in a currency other than the functional currency are recognized in the consolidated statements of operations. As a result of these foreign currency transactions in which require payment in a currency other than the United States Dollar, the Company has recorded foreign currency (income) losses within the accompanying consolidated statement of operations.

XML 32 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies)
6 Months Ended
Jun. 30, 2018
Policies  
Recent Accounting Pronouncements

Recent Accounting Pronouncements

In May 2014, and later amended in August 2015, the Financial Accounting Standards Board (“FASB”) issued new Accounting Standards Update (“ASU”) regarding revenue recognition under GAAP. This new guidance will supersede nearly all existing revenue recognition guidance, and is effective for public entities for annual and interim periods beginning after December 31, 2017. Early adoption is permitted for reporting periods beginning after December 15, 2016. The Company adopted the standard effective January 1, 2018 with no impact n the Company’s financial statements.

 

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 840), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in this standard are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, for a public entity. Early adoption of the amendments in this standard is permitted for all entities and the Company must recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The Company is currently in the process of evaluating the effect this guidance will have on its consolidated financial statements and related disclosures.

XML 33 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Non-controlling Interests: Changes in Noncontrolling Interest (Tables)
6 Months Ended
Jun. 30, 2018
Tables/Schedules  
Changes in Noncontrolling Interest

 

 

 

 

Non-Controlling

 

 

 

Interest

Balance at December 31, 2017

 

                   (219,129)

Net loss attributable to non-controlling interest

 

                          (525)

Balance at June 30, 2018

 

$                (219,654)

XML 34 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 1 - Business and Nature of Operations (Details)
6 Months Ended
Jun. 30, 2018
Details  
Entity Incorporation, Date of Incorporation Sep. 13, 2000
Entity Incorporation, State Country Name Nevada
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Going Concern (Details) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Jun. 30, 2017
Dec. 31, 2016
Details        
Cash and cash equivalents $ 307 $ 692 $ 603 $ 1,222
Negative Working Capital $ 660,551      
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Principles of Consolidation (Details)
Jun. 30, 2018
Details  
Noncontrolling Interest, Ownership Percentage by Parent 60.00%
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Basic Income (loss) Per Share (Details) - shares
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Details    
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount 13,000,000 13,000,000
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Summary of Significant Accounting Policies: Non-controlling Interests: Changes in Noncontrolling Interest (Details) - Noncontrolling Interest - USD ($)
6 Months Ended
Jun. 30, 2018
Dec. 31, 2017
Noncontrolling Interest in Variable Interest Entity $ (219,654) $ (219,129)
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest $ (525)  
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 3 - Related Party Transactions (Details) - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Related party advances and accruals $ 660,079   $ 564,509
Akoranga      
Related party advances and accruals 0   0
Chief Executive Officer      
Salary and Wage, Excluding Cost of Good and Service Sold 76,776 $ 75,130  
Chief Executive Officer - Accrued Salaries      
Related party advances and accruals 544,608   467,832
Chief Executive Officer - Operating Expenditures      
Related party advances and accruals $ 115,471   $ 96,677
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