Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Netcapital Funding Portal Revenues Increase by More Than 150% By: Netcapital Inc. via Business Wire December 14, 2023 at 16:10 PM EST Total Revenues Increase by 15% Management to Host Earnings Call on December 15, 2023, at 10:00 a.m. ET Netcapital Inc. (Nasdaq: NCPL, NCPLW) (the “Company”), a digital private capital markets ecosystem, today announced select financial results for the second quarter of fiscal year 2024 ended October 31, 2023. “It was a strong quarter for our funding portal business, which experienced revenue growth of 151%," said Martin Kay, CEO of Netcapital Inc. "This was driven by a significant increase in investment dollars closed on the Netcapital funding portal platform during the quarter, helped by the success of several large issuers, including Avadain, a graphene technology company, and EarthGrid PBC, a plasma boring technology company.” Second Quarter Fiscal 2024 Financial Highlights Revenues grew by approximately 15% year-over year to $2.0 million, compared to revenue of $1.8 million in the second quarter of fiscal year 2023. Funding portal revenues increased approximately 151% year-over-year to $462,706, compared to $184,095 in the second quarter of fiscal 2023. Diluted earnings per share of $0.04 in the three months ended October 31, 2023, were flat compared to diluted earnings per share of $0.04 for the same period in the prior year. For additional disclosure regarding Netcapital’s operating results, please refer to the Quarterly Report on Form 10-Q for the period ended October 31, 2023, which has been filed with the Securities and Exchange Commission. Conference Call Information The Company will host an investor conference call on Friday, December 15, 2023 at 10:00 a.m. ET. Participant access: 844-985-2012 or 973-528-0138 Conference entry code: 473254 For those unable to participate in the live call, a replay will be made available in the Investors section of the Company’s website. About Netcapital Inc. Netcapital Inc. is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company's consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company’s funding portal, Netcapital Funding Portal Inc. is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities association. The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Netcapital Inc. Income Statements (Unaudited) Three Months Ended Three Months Ended Six Months Ended Six Months Ended October 31, 2023 October 31, 2022 October 31, 2023 October 31, 2022 Revenues $ 2,041,658 $ 1,778,973 $ 3,561,467 $ 3,119,546 Costs of services 20,134 36,235 38,187 57,298 Gross profit 2,021,524 1,742,738 3,523,280 3,062,248 Costs and expenses: Consulting expense 204,734 199,781 368,676 325,392 Marketing 46,731 32,882 288,619 40,662 Rent 18,379 17,187 37,989 34,399 Payroll and payroll related expenses 1,050,835 876,908 2,087,877 1,646,848 General and administrative costs 648,625 280,815 1,436,919 673,112 Total costs and expenses 1,969,304 1,407,573 4,220,080 2,720,413 Operating income (loss) 52,220 335,165 (696,800 ) 341,835 Other income (expense): Interest expense (10,562 ) (22,978 ) (23,866 ) (59,290 ) Gain on debt conversion - - - 224,260 Amortization of intangible assets (28,331 ) (21,081 ) (56,662 ) (42,162 ) Unrealized loss on equity securities - (8,968 ) - (8,968 ) Realized loss on sale of investment - - - (406,060 ) Total other income (expense) (38,893 ) (53,027 ) (80,528 ) (292,220 ) Net income before taxes 13,327 282,138 (777,328 ) 49,615 Income tax expense (benefit) (326,289 ) 99,000 (625,289 ) (198,000 ) Net income (loss) $ 339,616 $ 183,138 $ (152,039 ) $ 247,615 Basic earnings per share $ 0.04 $ 0.04 $ (0.02 ) $ 0.07 Diluted earnings per share $ 0.04 $ 0.04 $ (0.02 ) $ 0.07 Weighted average number of common shares outstanding: Basic 9,435,491 4,289,802 8,453,349 3,729,174 Diluted 9,435,741 4,290,052 8,453,349 3,729,424 Netcapital Inc. Balance Sheets October 31, 2023 April 30, 2023 Assets: (Unaudited) (Audited) Cash and cash equivalents $ 528,827 $ 569,441 Accounts receivable net 2,899,667 1,388,500 Other receivables 158,873 - Note receivable 20,000 - Prepaid expenses 313,058 583,030 Total current assets 3,920,425 2,540,971 Deposits 6,300 6,300 Notes receivable - related parties 202,000 202,000 Purchased technology, net 15,818,635 15,875,297 Investment in affiliate 240,080 240,080 Equity securities at fair value 24,491,821 22,955,445 Total assets $ 44,679,261 $ 41,820,093 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Trade $ 812,908 $ 578,331 Related party 75,204 75,204 Accrued expenses 415,603 285,065 Stock subscription payable 10,000 10,000 Deferred revenue 508 661 Interest payable 88,353 98,256 Current taxes payable - 174,000 Deferred tax liability, net 1,714,000 1,657,000 Related party debt 15,000 15,000 Secured note payable - 350,000 Current portion of SBA loans 1,885,800 1,885,800 Loan payable - bank 34,324 34,324 Total current liabilities 5,051,700 5,163,641 Long-term liabilities: Long-term SBA loans, less current portion 500,000 500,000 Total Liabilities 5,551,700 5,663,641 Commitments and contingencies - - Stockholders' equity: Common stock, $.001 par value; 900,000,000 shares authorized, 9,459,132 and 6,440,527 shares issued and outstanding 9,459 6,441 Shares to be issued 122,124 183,187 Capital in excess of par value 33,682,137 30,500,944 Retained earnings 5,313,841 5,465,880 Total stockholders' equity 39,127,561 36,156,452 Total liabilities and stockholders' equity $ 44,679,261 $ 41,820,093 View source version on businesswire.com: https://www.businesswire.com/news/home/20231214529235/en/Contacts Investor Contact 800-460-0815 ir@netcapital.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. 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Netcapital Funding Portal Revenues Increase by More Than 150% By: Netcapital Inc. via Business Wire December 14, 2023 at 16:10 PM EST Total Revenues Increase by 15% Management to Host Earnings Call on December 15, 2023, at 10:00 a.m. ET Netcapital Inc. (Nasdaq: NCPL, NCPLW) (the “Company”), a digital private capital markets ecosystem, today announced select financial results for the second quarter of fiscal year 2024 ended October 31, 2023. “It was a strong quarter for our funding portal business, which experienced revenue growth of 151%," said Martin Kay, CEO of Netcapital Inc. "This was driven by a significant increase in investment dollars closed on the Netcapital funding portal platform during the quarter, helped by the success of several large issuers, including Avadain, a graphene technology company, and EarthGrid PBC, a plasma boring technology company.” Second Quarter Fiscal 2024 Financial Highlights Revenues grew by approximately 15% year-over year to $2.0 million, compared to revenue of $1.8 million in the second quarter of fiscal year 2023. Funding portal revenues increased approximately 151% year-over-year to $462,706, compared to $184,095 in the second quarter of fiscal 2023. Diluted earnings per share of $0.04 in the three months ended October 31, 2023, were flat compared to diluted earnings per share of $0.04 for the same period in the prior year. For additional disclosure regarding Netcapital’s operating results, please refer to the Quarterly Report on Form 10-Q for the period ended October 31, 2023, which has been filed with the Securities and Exchange Commission. Conference Call Information The Company will host an investor conference call on Friday, December 15, 2023 at 10:00 a.m. ET. Participant access: 844-985-2012 or 973-528-0138 Conference entry code: 473254 For those unable to participate in the live call, a replay will be made available in the Investors section of the Company’s website. About Netcapital Inc. Netcapital Inc. is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company's consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company’s funding portal, Netcapital Funding Portal Inc. is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities association. The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Netcapital Inc. Income Statements (Unaudited) Three Months Ended Three Months Ended Six Months Ended Six Months Ended October 31, 2023 October 31, 2022 October 31, 2023 October 31, 2022 Revenues $ 2,041,658 $ 1,778,973 $ 3,561,467 $ 3,119,546 Costs of services 20,134 36,235 38,187 57,298 Gross profit 2,021,524 1,742,738 3,523,280 3,062,248 Costs and expenses: Consulting expense 204,734 199,781 368,676 325,392 Marketing 46,731 32,882 288,619 40,662 Rent 18,379 17,187 37,989 34,399 Payroll and payroll related expenses 1,050,835 876,908 2,087,877 1,646,848 General and administrative costs 648,625 280,815 1,436,919 673,112 Total costs and expenses 1,969,304 1,407,573 4,220,080 2,720,413 Operating income (loss) 52,220 335,165 (696,800 ) 341,835 Other income (expense): Interest expense (10,562 ) (22,978 ) (23,866 ) (59,290 ) Gain on debt conversion - - - 224,260 Amortization of intangible assets (28,331 ) (21,081 ) (56,662 ) (42,162 ) Unrealized loss on equity securities - (8,968 ) - (8,968 ) Realized loss on sale of investment - - - (406,060 ) Total other income (expense) (38,893 ) (53,027 ) (80,528 ) (292,220 ) Net income before taxes 13,327 282,138 (777,328 ) 49,615 Income tax expense (benefit) (326,289 ) 99,000 (625,289 ) (198,000 ) Net income (loss) $ 339,616 $ 183,138 $ (152,039 ) $ 247,615 Basic earnings per share $ 0.04 $ 0.04 $ (0.02 ) $ 0.07 Diluted earnings per share $ 0.04 $ 0.04 $ (0.02 ) $ 0.07 Weighted average number of common shares outstanding: Basic 9,435,491 4,289,802 8,453,349 3,729,174 Diluted 9,435,741 4,290,052 8,453,349 3,729,424 Netcapital Inc. Balance Sheets October 31, 2023 April 30, 2023 Assets: (Unaudited) (Audited) Cash and cash equivalents $ 528,827 $ 569,441 Accounts receivable net 2,899,667 1,388,500 Other receivables 158,873 - Note receivable 20,000 - Prepaid expenses 313,058 583,030 Total current assets 3,920,425 2,540,971 Deposits 6,300 6,300 Notes receivable - related parties 202,000 202,000 Purchased technology, net 15,818,635 15,875,297 Investment in affiliate 240,080 240,080 Equity securities at fair value 24,491,821 22,955,445 Total assets $ 44,679,261 $ 41,820,093 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Trade $ 812,908 $ 578,331 Related party 75,204 75,204 Accrued expenses 415,603 285,065 Stock subscription payable 10,000 10,000 Deferred revenue 508 661 Interest payable 88,353 98,256 Current taxes payable - 174,000 Deferred tax liability, net 1,714,000 1,657,000 Related party debt 15,000 15,000 Secured note payable - 350,000 Current portion of SBA loans 1,885,800 1,885,800 Loan payable - bank 34,324 34,324 Total current liabilities 5,051,700 5,163,641 Long-term liabilities: Long-term SBA loans, less current portion 500,000 500,000 Total Liabilities 5,551,700 5,663,641 Commitments and contingencies - - Stockholders' equity: Common stock, $.001 par value; 900,000,000 shares authorized, 9,459,132 and 6,440,527 shares issued and outstanding 9,459 6,441 Shares to be issued 122,124 183,187 Capital in excess of par value 33,682,137 30,500,944 Retained earnings 5,313,841 5,465,880 Total stockholders' equity 39,127,561 36,156,452 Total liabilities and stockholders' equity $ 44,679,261 $ 41,820,093 View source version on businesswire.com: https://www.businesswire.com/news/home/20231214529235/en/Contacts Investor Contact 800-460-0815 ir@netcapital.com
Total Revenues Increase by 15% Management to Host Earnings Call on December 15, 2023, at 10:00 a.m. ET
Netcapital Inc. (Nasdaq: NCPL, NCPLW) (the “Company”), a digital private capital markets ecosystem, today announced select financial results for the second quarter of fiscal year 2024 ended October 31, 2023. “It was a strong quarter for our funding portal business, which experienced revenue growth of 151%," said Martin Kay, CEO of Netcapital Inc. "This was driven by a significant increase in investment dollars closed on the Netcapital funding portal platform during the quarter, helped by the success of several large issuers, including Avadain, a graphene technology company, and EarthGrid PBC, a plasma boring technology company.” Second Quarter Fiscal 2024 Financial Highlights Revenues grew by approximately 15% year-over year to $2.0 million, compared to revenue of $1.8 million in the second quarter of fiscal year 2023. Funding portal revenues increased approximately 151% year-over-year to $462,706, compared to $184,095 in the second quarter of fiscal 2023. Diluted earnings per share of $0.04 in the three months ended October 31, 2023, were flat compared to diluted earnings per share of $0.04 for the same period in the prior year. For additional disclosure regarding Netcapital’s operating results, please refer to the Quarterly Report on Form 10-Q for the period ended October 31, 2023, which has been filed with the Securities and Exchange Commission. Conference Call Information The Company will host an investor conference call on Friday, December 15, 2023 at 10:00 a.m. ET. Participant access: 844-985-2012 or 973-528-0138 Conference entry code: 473254 For those unable to participate in the live call, a replay will be made available in the Investors section of the Company’s website. About Netcapital Inc. Netcapital Inc. is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company's consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company’s funding portal, Netcapital Funding Portal Inc. is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities association. The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Netcapital Inc. Income Statements (Unaudited) Three Months Ended Three Months Ended Six Months Ended Six Months Ended October 31, 2023 October 31, 2022 October 31, 2023 October 31, 2022 Revenues $ 2,041,658 $ 1,778,973 $ 3,561,467 $ 3,119,546 Costs of services 20,134 36,235 38,187 57,298 Gross profit 2,021,524 1,742,738 3,523,280 3,062,248 Costs and expenses: Consulting expense 204,734 199,781 368,676 325,392 Marketing 46,731 32,882 288,619 40,662 Rent 18,379 17,187 37,989 34,399 Payroll and payroll related expenses 1,050,835 876,908 2,087,877 1,646,848 General and administrative costs 648,625 280,815 1,436,919 673,112 Total costs and expenses 1,969,304 1,407,573 4,220,080 2,720,413 Operating income (loss) 52,220 335,165 (696,800 ) 341,835 Other income (expense): Interest expense (10,562 ) (22,978 ) (23,866 ) (59,290 ) Gain on debt conversion - - - 224,260 Amortization of intangible assets (28,331 ) (21,081 ) (56,662 ) (42,162 ) Unrealized loss on equity securities - (8,968 ) - (8,968 ) Realized loss on sale of investment - - - (406,060 ) Total other income (expense) (38,893 ) (53,027 ) (80,528 ) (292,220 ) Net income before taxes 13,327 282,138 (777,328 ) 49,615 Income tax expense (benefit) (326,289 ) 99,000 (625,289 ) (198,000 ) Net income (loss) $ 339,616 $ 183,138 $ (152,039 ) $ 247,615 Basic earnings per share $ 0.04 $ 0.04 $ (0.02 ) $ 0.07 Diluted earnings per share $ 0.04 $ 0.04 $ (0.02 ) $ 0.07 Weighted average number of common shares outstanding: Basic 9,435,491 4,289,802 8,453,349 3,729,174 Diluted 9,435,741 4,290,052 8,453,349 3,729,424 Netcapital Inc. Balance Sheets October 31, 2023 April 30, 2023 Assets: (Unaudited) (Audited) Cash and cash equivalents $ 528,827 $ 569,441 Accounts receivable net 2,899,667 1,388,500 Other receivables 158,873 - Note receivable 20,000 - Prepaid expenses 313,058 583,030 Total current assets 3,920,425 2,540,971 Deposits 6,300 6,300 Notes receivable - related parties 202,000 202,000 Purchased technology, net 15,818,635 15,875,297 Investment in affiliate 240,080 240,080 Equity securities at fair value 24,491,821 22,955,445 Total assets $ 44,679,261 $ 41,820,093 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Trade $ 812,908 $ 578,331 Related party 75,204 75,204 Accrued expenses 415,603 285,065 Stock subscription payable 10,000 10,000 Deferred revenue 508 661 Interest payable 88,353 98,256 Current taxes payable - 174,000 Deferred tax liability, net 1,714,000 1,657,000 Related party debt 15,000 15,000 Secured note payable - 350,000 Current portion of SBA loans 1,885,800 1,885,800 Loan payable - bank 34,324 34,324 Total current liabilities 5,051,700 5,163,641 Long-term liabilities: Long-term SBA loans, less current portion 500,000 500,000 Total Liabilities 5,551,700 5,663,641 Commitments and contingencies - - Stockholders' equity: Common stock, $.001 par value; 900,000,000 shares authorized, 9,459,132 and 6,440,527 shares issued and outstanding 9,459 6,441 Shares to be issued 122,124 183,187 Capital in excess of par value 33,682,137 30,500,944 Retained earnings 5,313,841 5,465,880 Total stockholders' equity 39,127,561 36,156,452 Total liabilities and stockholders' equity $ 44,679,261 $ 41,820,093 View source version on businesswire.com: https://www.businesswire.com/news/home/20231214529235/en/