SPECTRAL CAPITAL Corp

FCCNdata completeness 88%20 fiscal years on file

The thesis, from the filings

SPECTRAL CAPITAL Corp earns about -403% on equity, but has diluted owners by 544% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$0¹	$98,323²	$0³	$0⁴	$21.8M⁴
Net income	−$172,169⁵	−$240,988⁶	−$215,387⁷	−$3.27M⁷	$918,355⁸
Operating cash flow	−$28,500⁹	−$45,022¹⁰	−$47,532¹¹	−$1.65M¹¹	−$1.49M¹²
Capital expenditure	—	—	—	$0¹³	$40,399¹³
Free cash flow (derived)	—	—	—	−$1.65M¹¹	−$1.53M¹²
Total debt	—	—	$36,450¹⁴	—	—
Cash & equivalents	$264¹⁵	$10,672¹⁶	$240¹⁷	$107,475¹⁷	$2.09M¹⁸
Diluted shares	11.9M	34.6M	42.0M	57.9M	76.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$5.81

your share of equity

Profit it earned you last year

$0.12

Free cash flow it threw off

−$0.2

Debt you’d be carrying

—

10 shares is a claim on $5.81 of net worth that earned you $0.12 and generated −$0.2 of cash last year.

iii. Is this a good business?

Moat signal · return on equity

-403% avg · 5y

FY21 —FY22 -809%FY23 —FY24 —FY25 2%

It earned an average -403% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+544% shares · 5y

Share count is up 544% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 2 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 2 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

$0.36

assumptions (1)

grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2021-12-31 · accession 0001096906-23-000648 (Revenues)
10-K · period ending 2022-12-31 · accession 0001096906-24-000647 (Revenues)
10-K · period ending 2023-12-31 · accession 0001096906-25-001012 (Revenues)
10-K · period ending 2024-12-31 · accession 0001096906-26-000430 (Revenues)
10-K · period ending 2021-12-31 · accession 0001096906-23-000648 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001096906-24-000647 (NetIncomeLoss)
10-K/A · period ending 2023-12-31 · accession 0001213900-26-065803 (NetIncomeLoss)
10-K · period ending 2025-12-31 · accession 0001096906-26-000430 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001096906-23-000648 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001096906-24-000647 (NetCashProvidedByUsedInOperatingActivities)
10-K/A · period ending 2023-12-31 · accession 0001213900-26-065803 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2025-12-31 · accession 0001096906-26-000430 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001096906-26-000430 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K/A · period ending 2023-12-31 · accession 0001213900-26-065803 (ShortTermBorrowings)
10-K · period ending 2021-12-31 · accession 0001096906-23-000648 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0001096906-24-000647 (CashAndCashEquivalentsAtCarryingValue)
10-K/A · period ending 2023-12-31 · accession 0001213900-26-065803 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2025-12-31 · accession 0001096906-26-000430 (CashAndCashEquivalentsAtCarryingValue)