QuestCap Inc. (CNSX:QSC) entered into arm's length agreement to acquire 40% stake in Spectral Analytics, Inc. for $2 million on August 4, 2020. The consideration includes issuance of 10 million shares of QuestCap and a conditional payment of $0.47 million based on Institutional Review Board approval and submission of vitro study to US Food and Drug Administration. The conditional payment also includes, warrants for an exercise price of $0.15 million to acquire additional 5% of Spectral Analytics. The closing is of the transaction is subjected to receipt of approval from Institutional Review Board for human trials and submission of a successful in-vitro study to the FDA satisfactory to QuestCap and other customary closing conditions. As of August 4, 2020, Spectral Analytics have received approval from Institutional Review Board.

QuestCap Inc. (CNSX:QSC) cancelled the acquisition of a 40% stake in Spectral Analytics, Inc. in the year 2022, which is an estimated cancellation date. The investment in Spectral was not made as the appropriate IRB approvals were not secured to move forward with the study.