Spectral Capital Corp Files Q1 2024 10-Q

TL;DR

**SPECTRAL CAPITAL CORP Q1 2024 10-Q FILED**

AI Summary

Spectral Capital Corp filed its 10-Q for the period ending March 31, 2024. The company, formerly known as Galaxy Championship Wrestling Inc., is incorporated in Nevada and headquartered in Seattle, WA. This filing covers the first quarter of 2024 and provides financial details for the period.

Why It Matters

This 10-Q filing provides investors with the latest financial performance and operational updates for Spectral Capital Corp for the first quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing and does not contain immediate, high-impact news.

Key Players & Entities

• SPECTRAL CAPITAL Corp (company) — Filer of the 10-Q
• 20240331 (date) — End of the reporting period
• 20240517 (date) — Filing date
• SEATTLE, WA (location) — Company headquarters and mailing address
• Galaxy Championship Wrestling Inc. (company) — Former company name

FAQ

Key Financial Figures

• $0 — amount of 62,717,827 shares, par value $0.0001, of which there is only a single c
• $12,000 — Jenifer Osterwalder charges the Company $12,000 per month beginning January 1, 2021 for
• $0.01 — he Company's common stock at a price of $0.01 per share, or an aggregate of $150,000.
• $150,000 — of $0.01 per share, or an aggregate of $150,000. The offering commenced on April 22, 20
• $6,148 — r, Jenifer Osterwalder, as repayment of $6,148 in expenses owed to her. On April 25,
• $81,950 — d to her. On April 25, 2024, we repaid $81,950 in debt owed to Sky Data PPL by issuing

Filing Documents

• fccn-20240331.htm (10-Q) — 245KB
• fccn_ex10z3.htm (EX-10.3) — 63KB
• fccn_ex31z1.htm (EX-31.1) — 8KB
• fccn_ex31z2.htm (EX-31.2) — 8KB
• fccn_ex32z1.htm (EX-32.1) — 3KB
• fccn_ex32z2.htm (EX-32.2) — 3KB
• 0001096906-24-001177.txt ( ) — 1554KB
• fccn-20240331_cal.xml (EX-101.CAL) — 16KB
• fccn-20240331_def.xml (EX-101.DEF) — 26KB
• fccn-20240331_lab.xml (EX-101.LAB) — 98KB
• fccn-20240331_pre.xml (EX-101.PRE) — 81KB
• fccn-20240331.xsd (EX-101.SCH) — 20KB
• fccn-20240331_htm.xml (XML) — 102KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements F-1 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 11 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 12 Item 4.

Controls and Procedures

Controls and Procedures 13

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 14 Item 1A.

Risk Factors

Risk Factors 14 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 14 Item 3. Defaults Upon Senior Securities 14 Item 4. Mine Safety Disclosures 14 Item 5. Other Information 14 Item 6. Exhibits 14

SIGNATURES

SIGNATURES 15 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Form 10-Q, press releases and certain information provided periodically in writing or verbally by our officers or our agents contain statements which constitute forward-looking statements. The words "may", "would", "could", "will", "expect", "estimate", "anticipate", "believe", "intend", "plan", "goal", and similar expressions and variations thereof are intended to specifically identify forward-looking statements. These statements appear in a number of places in this Form 10-Q and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of us, our directors or our officers, with respect to, among other things: (i) our liquidity and capital resources; (ii) our financing opportunities and plans; (iii) our ability to generate revenues; (iv) competition in our business segments; (v) market and other trends affecting our future financial condition or results of operations; (vi) our growth strategy and operating strategy; (vii) the declaration and/or payment of dividends; and (viii) any statements regarding any reserves, potential reserves, potential mineral yield or extraction costs with respect to our mining properties. Investors and prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. The factors that might cause such differences include, among others, those set forth in Part II, Item 7 of this annual report on Form 10-Q, entitled Management's Discussion and Analysis or Plan of Operation, including without limitation the risk factors contained therein. Except as required by law, we undertake no obligation to update any of the forward-looking statements in this Form 10-Q after the date of this report.

: Financial Statements

Item 1: Financial Statements Our unaudited interim financial statements for the three months ended March 31, 2024 and 2023 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 March 31, 2024 and December 31, 2023 (unaudited) F-2 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 202 4 and 2023 (unaudited) F-3 Condensed Consolidated Statements of Stockholders' Deficit for the Three Months Ended March 31, 2024 and 2023 (unaudited) F-4 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (unaudited) F-5 Notes to the Condensed Consolidated Financial Statements (unaudited) F-6 F-1 SPECTRAL CAPITAL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2024 AND DECEMBER 31, 2023 (UNAUDITED) March 31, 2024 December 31, 2023 Assets: Cash and cash equivalents $ 1,060 $ 240 Current assets 1,060 240 Total assets $ 1,060 $ 240 Liabilities and Stockholders' Deficit: Current liabilities Accounts payable and accrued liabilities $ 326,803 $ 290,119 Related party advances and accruals 6,150 6,150 Short-term advances 65,450 36,450 Current liabilities 398,403 332,719 Total liabilities 398,403 332,719 Commitments and contingencies Stockholders' Deficit: Preferred stock, par value $ 0.0001 , 5,000,000 shares authorized, no shares issued and outstanding - - Common stock, par value $ 0.0001 , 1,000,000,000 and 500,000,000 shares authorized, 42,017,948 shares issued and outstanding as of March 31, 2024 and December 31, 2023 4,202 4,202 Additional paid-in capital 29,181,804 29,181,804 Accumulated deficit ( 29,361,463 )

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View this 10-Q filing on SEC EDGAR