Netcapital Inc.

Listed Company

NCPLWCIK 0001414767NasdaqNon-AcceleratedSmaller ReportingFinance ServicesUtahFY ends Apr 30

Period

FY 2025

Revenue

$869.5K

Net Income

$-28.30M

Total Assets

$20.90M

Equity

$14.91M

Shares Out

7.85M

Op. Cash Flow

$-5.34M

Business

Netcapital Inc. is a fintech company that operates a scalable technology platform enabling private companies to raise capital online from accredited and non-accredited investors. It offers an SEC-registered funding portal and related services, broker-dealer services through Netcapital Securities, and consulting services via Netcapital Advisors, including automated onboarding, regulatory filings, compliance review, marketing, transfer agent support and rolling closes. Its key business units are the funding portal, consulting/advisory operations, broker-dealer activities, an investment portfolio and work on a secondary trading (ATS) capability. The company distributes offerings primarily online through www.netcapital.com to investors broadly, with plans to support Reg A/Reg D offerings and pursue international expansion.

Summary from filing dated 2025-08-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2024 2024-04-30	FY 2023 2023-04-30	FY 2022 2022-04-30	FY 2021 2021-04-30
Revenues	869,460	5	8	—	—
Costs of services	40,344	108,060	85,038	110,115	759,158
Gross profit	829,116	5	8	5	4
Consulting expense	314,947	610,209	589,349	892,567	687,191
Marketing	37,699	333,771	85,482	95,753	44,929
Rent	79,568	76,117	75,052	—	—
Payroll and payroll related expenses	4	4	4	4	3
General and administrative costs	5	3	—	—	—
Total costs and expenses	9	8	6	6	4
Operating loss	−8	−3	2	−1	−401,501
Interest expense	−41,289	−45,990	−93,842	—	—
Amortization of intangible assets	−35,476	−93,862	−96,407	—	—
Impairment expense	−20	−1	—	—	—
Other income	1,200	1,200	51,645	—	—
Unrealized gain (loss) on equity securities	18,050	−3	2	—	—
Accretion on short-term notes	−6,937	—	—	—	—
Total other income (expense)	−20	−4	2	5	2
Net loss before taxes	−28	−7	—	—	—
Income tax expense (benefit)	—	−2	854,000	544,000	−613,000
Net loss	−28	−5	3	4	1
Basic loss per share	−20.39	−28.83	0.63	1.31	1.18
Diluted loss per share	−20.39	−28.83	0.63	1.27	0.89
Basic	1	172,937	5	3	1
Diluted	1	172,937	5	3	2

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2024 2024-04-30	FY 2024 2024-01-31	FY 2023 2023-10-31	FY 2023 2023-07-31
Cash and cash equivalents	289,428	863,182	—	—	—
Accounts receivable net	78,649	134,849	—	—	—
Note receivable	—	20,000	—	—	—
Other receivables	—	1,200	—	—	—
Prepaid expenses	31,535	23,304	—	—	—
Total current assets	399,612	1	—	—	—
Deposits	6,300	6,300	—	—	—
Notes receivable - related parties	50,000	202,000	—	—	—
Purchased technology, net	15	15	—	—	—
Investment in affiliate	—	240,080	—	—	—
Equity securities	6	25	—	—	—
Total assets	21	42	—	—	—
Accounts payable	3	793,325	—	—	—
Accrued expenses	269,971	310,300	—	—	—
Short-term promissory notes	263,437	—	—	—	—
Deferred revenue	330	466	—	—	—
Interest payable	100,797	92,483	—	—	—
Current portion of SBA loans	2	2	—	—	—
Loan payable - bank	34,324	34,324	—	—	—
Total current liabilities	5	3	—	—	—
Long-term SBA loans, less current portion	500,000	500,000	—	—	—
Total liabilities	6	4	—	—	—
Commitments and contingencies	—	—	—	—	—
Common stock, $.001 par value; 900,000,000 shares authorized, 2,192,226 and 326,867 shares issued and outstanding	2,192	327	—	—	—
Shares to be issued	200,000	122,124	—	—	—
Capital in excess of par value	43	37	—	—	—
Retained earnings	−28	479,563	—	—	—
Total stockholders equity	15	38	40	39	38
Total liabilities and stockholders equity	21	42	—	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2024 2024-04-30	FY 2023 2023-04-30	FY 2022 2022-04-30	FY 2021 2021-04-30
Stock-based compensation	757,484	1	269,577	1	680,611
Receipt of equity in lieu of cash	−72,090	−3	−8	—	—
Provision for bad debts	178,534	267,500	5,443	76,630	60,325
Changes in deferred taxes	—	−2	680,000	544,000	613,000
Accounts receivable	52,066	−293,849	1	−1	−1
Prepaid expenses	−8,231	−4,878	−25,007	16,290	−35,913
Other receivables	−1,200	−1,200	—	—	—
Accounts payable and accrued expenses	2	240,229	97,020	281,904	172,204
Income taxes payable	—	−174,000	174,000	—	—
Deferred revenue	−136	−195	−1,871	1,910	−34
Accrued interest payable	8,314	−5,773	−113,847	124,314	85,248
Net cash used in operating activities	−5	−5	−5	−3	−3
Note receivable	—	−20,000	—	—	—
Net cash used in investing activities	—	−20,000	200,000	−319,166	242,025
Payment to secured lender	—	−350,000	−1	—	—
Proceeds from exercise of warrants	3	4,968	—	—	—
Proceeds from short-term notes	256,500	—	—	—	—
Proceeds from sale of common stock	2	6	6	625,799	1
Net cash provided by financing activities	5	5	5	1	5
Net increase (decrease) in cash	−573,754	293,741	95,516	−2	2
Cash paid for taxes	—	—	—	—	—
Cash paid for interest	32,852	50,265	207,690	—	—
Common stock issued to pay related party payable	—	90,204	113,714	4	—
Common stock issued to purchase 10% interest in Caesar Media Group Inc.	—	366,377	732,751	—	—

Filings

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