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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Spectral Capital Corporation (PK) | USOTC:FCCN | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.07 | 26.92% | 0.33 | 0.15 | 0.40 | 0.34 | 0.24 | 0.26 | 41,846 | 21:02:11 |
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
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[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Nevada
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51-0520296
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification Number)
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701 Fifth Avenue, Suite 4200, Seattle, WA
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98104
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(Address of principal executive offices)
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(Zip/Postal Code)
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(206) 262-7820
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(Telephone Number)
___________
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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.
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Large accelerated filer
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☐
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
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☒
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(Do not check if a smaller reporting company)
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|
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PART I - FINANCIAL INFORMATION
|
Page | |
Item 1.
Financial Statements
|
3 | |
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
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11 | |
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
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12 | |
Item 4.
Controls and Procedures
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12 | |
PART II - OTHER INFORMATION
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||
Item 1.
Legal Proceedings
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13 | |
Item 1A.
Risk Factors
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13 | |
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
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13 | |
Item 3.
Defaults Upon Senior Securities
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13 | |
Item 4.
Mine Safety Disclosures
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13 | |
Item 5.
Other Information
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13 | |
Item 6.
Exhibits
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13 | |
SIGNATURES
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14 |
INDEX TO UNAUDITED FINANCIAL STATEMENTS
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||
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Condensed Consolidated Financial Statements of Spectral Capital Corporation, Inc.
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|
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Condensed Consolidated Balance Sheets as of March 31, 2018 and December 31, 2017 (unaudited)
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F-1
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Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2018 and 2017 (unaudited)
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F-2
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Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2018 and 2017 (unaudited)
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F-3
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Notes to the Condensed Consolidated Financial Statements (unaudited)
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F-4
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March 31,
2018
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December 31,
2017
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||||||
Assets:
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||||||||
Cash and cash equivalents
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$
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647
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$
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692
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||||
Current assets
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647
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692
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||||||
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||||||||
Total assets
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$
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647
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$
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692
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||||
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||||||||
Liabilities and Stockholders' Deficit:
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||||||||
Current liabilities
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||||||||
Accounts payable and accrued liabilities
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779
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779
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||||||
Related party advances and accruals
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618,140
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564,509
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||||||
Current liabilities
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618,919
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565,288
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||||||
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||||||||
Total liabilities
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618,919
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565,288
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||||||
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||||||||
Stockholders' Deficit:
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||||||||
Preferred stock, par value $0.0001, 5,000,000 shares authorized, no shares issued and outstanding
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-
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-
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||||||
Common stock, par value $0.0001, 500,000,000 shares authorized, 117,857,623 shares issued and outstanding as of March 31, 2018 and December 31, 2017
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11,786
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11,786
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||||||
Additional paid-in capital
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27,787,681
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27,787,681
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||||||
Accumulated deficit
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(28,198,349
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)
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(28,144,934
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)
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||||
Total stockholders' deficit
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(398,882
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)
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(345,467
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)
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||||
Non-controlling interest
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(219,390
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)
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(219,129
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)
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||||
Total stockholders' deficit
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(618,272
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)
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(564,596
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)
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||||
Total liabilities and stockholders' deficit
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$
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647
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$
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692
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Three Months
Ended
March 31,
2018
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Three Months
Ended
March 31,
2017
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||||||
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||||||||
Revenues
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$
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-
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$
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-
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||||
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||||||||
Operating expenses:
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||||||||
Selling, general and administrative
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14,366
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18,355
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||||||
Wages and benefits
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39,311
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37,063
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||||||
Total operating expenses
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53,677
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55,418
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||||||
Operating loss
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(53,677
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)
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(55,418
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)
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||||
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||||||||
Loss from operations and before non-controlling interest and provision for income taxes
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(53,677
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)
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(55,418
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)
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||||||||
Provision for income taxes
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-
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-
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||||||
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||||||||
Net loss before non-controlling interest
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(53,677
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)
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(55,418
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)
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||||
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(Income) loss attributable to non-controlling interest
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262
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196
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||||||
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Net loss attributable to Spectral Capital Corporation
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$
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(53,415
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)
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$
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(55,222
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)
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Basic and diluted loss per common share
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$
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(0.00
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)
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$
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(0.00
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)
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Weighted average shares - basic and diluted
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117,857,623
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117,857,623
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Three Months
Ended
March 31,
2018
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Three Months
Ended
March 31,
2017
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||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
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||||||||
Net loss attributable to Spectral Capital Corporation
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$
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(53,415
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)
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$
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(55,222
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)
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||
Adjustments to reconcile net loss to net cash used in by operating activities:
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||||||||
Non-controlling interest
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(261
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)
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(196
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)
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||||
Changes in operating assets and liabilities:
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||||||||
Prepaids and other assets
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-
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2,500
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||||||
Due to related parties - accrued salary
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39,311
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37,063
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||||||
Net cash used in operating activities
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(14,365
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)
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(15,855
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)
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||||
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||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
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||||||||
Proceeds from related party advances
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14,320
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15,485
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||||||
Net cash provided by financing activities
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14,320
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15,485
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||||||
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||||||||
Change in cash and cash equivalents
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(45
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)
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(370
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)
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||||
Cash and cash equivalents, beginning of year
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692
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1,222
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||||||
Cash and cash equivalents, end of year
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$
|
647
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$
|
852
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||||
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||||||||
Supplemental disclosures of cash flow information:
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||||||||
Cash paid for interest
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$
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-
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$
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-
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||||
Cash paid for income taxes
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$
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-
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$
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-
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||||
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||||||||
Non cash investing and financing activities:
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||||||||
Relief of related party advances and accruals treated as a capital contribution to additional paid-in capital
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$
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-
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$
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-
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Level 1
|
Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
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Level 2
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Include other inputs that are directly or indirectly observable in the marketplace.
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Level 3
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Unobservable inputs which are supported by little or no market activity.
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Non-Controlling
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|||
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Interest
|
|||
Balance at December 31, 2017
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(219,129
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)
|
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Net loss attributable to non-controlling interest
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(262
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)
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Balance at March 31, 2018
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$
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(219,391
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)
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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List of Exhibits
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3(i)(1)
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3(i)(2)
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3(ii)
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31.1
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Certification of Chief Executive Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002
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31.2
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Certification of Chief Financial and Principal Accounting Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002
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32.1
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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
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32.2
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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
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Spectral Capital Corporation
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/s/ Jenifer Osterwalder
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|
Jenifer Osterwalder
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|
President and Chief Executive Officer
|
1 Year Spectral Capital (PK) Chart |
1 Month Spectral Capital (PK) Chart |
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