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Spectral Capital Corp. (FCCN+2.30%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue generation during the period. Operating expenses increased significantly to $1,194,986 from $45,722 in the same quarter the previous year, primarily due to stock-based compensation and research and development costs.
The company reported a net loss of $1,194,986 for the quarter, compared to $45,704 in the previous year. This increase in loss is attributed to higher operational expenditures.
Cash and cash equivalents as of September 30, 2024, were $190,614, up from $240 at the end of the previous year, primarily due to financing activities.
Spectral Capital Corp. has focused on developing Quantum Computing as a Service (QAAS) and has entered into agreements to acquire related technologies. A transaction with Node Nexus Network was rescinded, and the intellectual property was transferred to a new entity, Vogon Cloud, Inc.
The company continues to explore opportunities in decentralized cloud computing solutions and plans to resume telecommunications reselling services in early 2025.
Spectral Capital Corp. acknowledges substantial doubt regarding its ability to continue as a going concern due to discontinued revenue-generating activities and sustained losses. The company relies on equity financing and related party advances to fund operations.
The filing details various financial agreements, including private placements and related party transactions. The company issued 1,000,000 Series Quantum Preferred Shares as part of its acquisition strategy.
Spectral Capital Corp. is working on revitalizing its Noot and Monitr technologies using QAAS and expects to file multiple provisional utility patents based on its newly acquired technologies.
The company identified material weaknesses in its internal controls over financial reporting due to a lack of resources and segregation of duties.
Spectral Capital Corp. plans to focus on developing decentralized, energy-efficient, quantum-forward micro data centers to address market needs for secure and cost-effective hosting solutions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Spectral Capital Corp. quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.