Spectral Capital Corporation reported significant financial developments in its 10-Q filing for the period ending September 30, 2024. The company has 67,992,516 issued and outstanding common equity shares, with a par value of $0.0001. As of September 30, 2024, cash and cash equivalents stood at $190,614, a substantial increase from $240 at the end of 2023. Total assets also rose to $325,476 from $240, while total liabilities and stockholders' deficit increased to $325,476 from $240.

The company experienced a dramatic rise in operating expenses, which reached $1,194,986 for the three months ended September 30, 2024, compared to $45,722 for the same period in 2023. For the nine months ended September 30, 2024, operating expenses totaled $1,744,275, up from $173,133 in 2023. This increase was primarily driven by stock-based compensation and research and development costs. The net loss before non-controlling interest for the three months was $(1,194,986), compared to $(45,722) in 2023, while the nine-month net loss attributable to Spectral Capital was $(2,009,871), up from $(173,079) in the prior year.

The company has not generated revenue from its planned operations, including its Quantum Computing as a Service (QAAS) offerings, but anticipates revenue generation within the next 90-120 days. Notably, Spectral Capital has made strategic acquisitions, including significant stakes in technology companies Noot and Monitr, and entered into agreements to acquire Crwdunit Inc. and Quantomo OU, with expected closings by December 10, 2024.

In terms of funding, the company raised $1,160,040 from the sale of common stock during the nine months ended September 30, 2024, and reported net cash provided by financing activities of $1,205,540, a significant increase from $30,577 in the same period of 2023. However, the company has acknowledged that its current financial resources are insufficient to meet working capital requirements over the next year, necessitating additional funding.

The company has also faced challenges, including a rescinded transaction with Node Nexus Network due to record-keeping issues. As of September 30, 2024, Spectral Capital's total stockholders' deficit was $148,554, a notable increase from $(110,593) at the end of 2023. The company continues to focus on developing decentralized, energy-efficient quantum technologies and plans to enhance its QAAS offerings through acquisitions and technological advancements.