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 Announces Third Quarter Fiscal 2023 Financial Results Including Year-to-Date Revenue Growth of 48% By: Netcapital Inc. via Business Wire March 16, 2023 at 17:05 PM EDT Conference call to be held on March 17th at 10:00 a.m. ET Netcapital Inc. (Nasdaq: NCPL, NCPLW) (the “Company”), a digital private capital markets ecosystem, today announced financial results for the third quarter and first nine months of fiscal year 2023 ended January 31, 2023. “Over the past nine months, Netcapital has generated substantial revenue growth while generating positive operating and net income,” said Martin Kay, CEO of Netcapital Inc. “We have established a number of important strategic partnerships designed to create opportunities for clients and investors, while scaling and advancing our operating platform for continuing growth. Netcapital is executing on the vision for our brand - to break down traditional barriers and offer opportunities for anyone to invest in private companies. Along the way, we are turning customers and communities into owners and brand ambassadors for the businesses they love. We believe this is a powerful symbiotic relationship.” Third Quarter Fiscal 2023 Financial Highlights Revenue growth of 25% year-over-year to $2.3 million Positive operating income of $571,000 compared to an operating loss of $135,000 in the year-ago quarter Diluted earnings per share of $0.33 First Nine Months of Fiscal 2023 Highlights Revenue growth of 48% year-over-year to $5.4 million Positive operating income of $912,000 compared to an operating loss of $1.5 million in the first nine months of fiscal year 2022 Diluted earnings per share of $0.46 Paid down $1 million in debt, closed a $5 million underwritten public offering, and uplisted to Nasdaq in July 2022 For additional disclosure regarding Netcapital’s operating results, please refer to the Quarterly Report on Form 10-Q for the period ended January 31, 2023, which has been filed with the Securities and Exchange Commission. Conference Call Information The Company will host an investor conference call at 10:00 a.m. ET tomorrow, March 17, 2023. Participant access: 844-985-2012 or 973-528-0138 Conference entry code: 399662 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 with disruptive technologies. The Netcapital funding portal 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. NETCAPITAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS January 31, 2023 April 30, 2022 (Unaudited) (Audited) Assets: Cash and cash equivalents $ 1,771,927 $ 473,925 Accounts receivable net 2,163,931 2,433,900 Related party receivable 668 668 Prepaid expenses 36,844 5,694 Total current assets 3,973,370 2,914,187 Deposits 6,300 6,300 Notes receivable - related parties 202,000 202,000 Purchased technology, net 15,903,628 15,536,704 Investment in affiliate 240,080 240,080 Equity securities at fair value 19,250,193 12,861,253 Total assets $ 39,575,571 $ 31,760,524 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Trade $ 634,970 $ 536,508 Related party 75,204 378,077 Accrued expenses 246,665 229,867 Stock subscription payable 10,000 33,400 Deferred revenue 718 2,532 Interest payable 89,491 222,295 Deferred tax liability, net 1,476,000 977,000 Related party debt 15,000 22,860 Convertible notes payable - 300,000 Secured note payable 350,000 1,400,000 Current portion of SBA loans 1,885,800 1,890,727 Loan payable - bank 34,324 34,324 Total current liabilities 4,818,172 6,027,590 Long-term liabilities: Long-term SBA loans, less current portion 500,000 495,073 Total liabilities 5,318,172 6,522,663 Commitments and contingencies - - Stockholders' equity: Common stock, $.001 par value; 900,000,000 shares authorized, 6,071,777 and 2,934,344 shares issued and outstanding 6,072 2,934 Shares to be issued 183,187 244,250 Capital in excess of par value 29,613,118 22,479,769 Retained earnings 4,455,022 2,510,908 Total stockholders' equity 34,257,399 25,237,861 Total liabilities and stockholders' equity $ 39,575,571 $ 31,760,524 NETCAPITAL INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended January 31, 2023 January 31, 2022 January 31, 2023 January 31, 2022 Revenues $ 2,260,414 $ 1,811,041 $ 5,379,960 $ 3,636,050 Costs of services 4,305 39,349 61,603 85,429 Gross profit 2,256,109 1,771,692 5,318,357 3,550,621 Costs and expenses: Consulting expense 130,500 309,545 455,892 675,180 Marketing 23,549 23,945 64,211 67,771 Rent 17,187 11,869 51,586 34,480 Payroll and payroll related expenses 946,043 1,241,332 2,592,891 3,032,987 General and administrative costs 568,253 320,724 1,241,365 1,277,146 Total costs and expenses 1,685,532 1,907,415 4,405,945 5,087,564 Operating income (loss) 570,577 (135,723) 912,412 (1,536,943) Other income (expense): Interest expense (17,632) (20,573) (76,922) (90,844) Gain on debt conversion - - 224,260 - Debt forgiveness - 1,904,302 - 1,904,302 Amortization of intangible assets (25,914) - (68,076) - Realized loss on sale of investment - - (406,060) - Unrealized gain on equity securities 1,866,468 - 1,857,500 3,275,745 Total other income (expense) 1,822,922 1,883,729 1,530,702 5,089,203 Net income before taxes 2,393,499 1,748,006 2,443,114 3,552,260 Income tax expense (benefit) 697,000 (73,000) 499,000 548,000 Net income $ 1,696,499 $ 1,821,006 $ 1,944,114 $ 3,004,260 Basic earnings per share $ 0.33 $ 0.64 $ 0.46 $ 1.16 Diluted earnings per share $ 0.33 $ 0.63 $ 0.46 $ 1.14 Weighted average number of common shares outstanding: Basic 5,166,299 2,842,924 4,208,216 2,589,142 Diluted 5,166,549 2,882,825 4,208,466 2,629,043 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20230316005734/en/Contacts Investor 800-460-0815 ir@netcapital.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Netcapital Announces Third Quarter Fiscal 2023 Financial Results Including Year-to-Date Revenue Growth of 48% By: Netcapital Inc. via Business Wire March 16, 2023 at 17:05 PM EDT Conference call to be held on March 17th at 10:00 a.m. ET Netcapital Inc. (Nasdaq: NCPL, NCPLW) (the “Company”), a digital private capital markets ecosystem, today announced financial results for the third quarter and first nine months of fiscal year 2023 ended January 31, 2023. “Over the past nine months, Netcapital has generated substantial revenue growth while generating positive operating and net income,” said Martin Kay, CEO of Netcapital Inc. “We have established a number of important strategic partnerships designed to create opportunities for clients and investors, while scaling and advancing our operating platform for continuing growth. Netcapital is executing on the vision for our brand - to break down traditional barriers and offer opportunities for anyone to invest in private companies. Along the way, we are turning customers and communities into owners and brand ambassadors for the businesses they love. We believe this is a powerful symbiotic relationship.” Third Quarter Fiscal 2023 Financial Highlights Revenue growth of 25% year-over-year to $2.3 million Positive operating income of $571,000 compared to an operating loss of $135,000 in the year-ago quarter Diluted earnings per share of $0.33 First Nine Months of Fiscal 2023 Highlights Revenue growth of 48% year-over-year to $5.4 million Positive operating income of $912,000 compared to an operating loss of $1.5 million in the first nine months of fiscal year 2022 Diluted earnings per share of $0.46 Paid down $1 million in debt, closed a $5 million underwritten public offering, and uplisted to Nasdaq in July 2022 For additional disclosure regarding Netcapital’s operating results, please refer to the Quarterly Report on Form 10-Q for the period ended January 31, 2023, which has been filed with the Securities and Exchange Commission. Conference Call Information The Company will host an investor conference call at 10:00 a.m. ET tomorrow, March 17, 2023. Participant access: 844-985-2012 or 973-528-0138 Conference entry code: 399662 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 with disruptive technologies. The Netcapital funding portal 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. NETCAPITAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS January 31, 2023 April 30, 2022 (Unaudited) (Audited) Assets: Cash and cash equivalents $ 1,771,927 $ 473,925 Accounts receivable net 2,163,931 2,433,900 Related party receivable 668 668 Prepaid expenses 36,844 5,694 Total current assets 3,973,370 2,914,187 Deposits 6,300 6,300 Notes receivable - related parties 202,000 202,000 Purchased technology, net 15,903,628 15,536,704 Investment in affiliate 240,080 240,080 Equity securities at fair value 19,250,193 12,861,253 Total assets $ 39,575,571 $ 31,760,524 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Trade $ 634,970 $ 536,508 Related party 75,204 378,077 Accrued expenses 246,665 229,867 Stock subscription payable 10,000 33,400 Deferred revenue 718 2,532 Interest payable 89,491 222,295 Deferred tax liability, net 1,476,000 977,000 Related party debt 15,000 22,860 Convertible notes payable - 300,000 Secured note payable 350,000 1,400,000 Current portion of SBA loans 1,885,800 1,890,727 Loan payable - bank 34,324 34,324 Total current liabilities 4,818,172 6,027,590 Long-term liabilities: Long-term SBA loans, less current portion 500,000 495,073 Total liabilities 5,318,172 6,522,663 Commitments and contingencies - - Stockholders' equity: Common stock, $.001 par value; 900,000,000 shares authorized, 6,071,777 and 2,934,344 shares issued and outstanding 6,072 2,934 Shares to be issued 183,187 244,250 Capital in excess of par value 29,613,118 22,479,769 Retained earnings 4,455,022 2,510,908 Total stockholders' equity 34,257,399 25,237,861 Total liabilities and stockholders' equity $ 39,575,571 $ 31,760,524 NETCAPITAL INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended January 31, 2023 January 31, 2022 January 31, 2023 January 31, 2022 Revenues $ 2,260,414 $ 1,811,041 $ 5,379,960 $ 3,636,050 Costs of services 4,305 39,349 61,603 85,429 Gross profit 2,256,109 1,771,692 5,318,357 3,550,621 Costs and expenses: Consulting expense 130,500 309,545 455,892 675,180 Marketing 23,549 23,945 64,211 67,771 Rent 17,187 11,869 51,586 34,480 Payroll and payroll related expenses 946,043 1,241,332 2,592,891 3,032,987 General and administrative costs 568,253 320,724 1,241,365 1,277,146 Total costs and expenses 1,685,532 1,907,415 4,405,945 5,087,564 Operating income (loss) 570,577 (135,723) 912,412 (1,536,943) Other income (expense): Interest expense (17,632) (20,573) (76,922) (90,844) Gain on debt conversion - - 224,260 - Debt forgiveness - 1,904,302 - 1,904,302 Amortization of intangible assets (25,914) - (68,076) - Realized loss on sale of investment - - (406,060) - Unrealized gain on equity securities 1,866,468 - 1,857,500 3,275,745 Total other income (expense) 1,822,922 1,883,729 1,530,702 5,089,203 Net income before taxes 2,393,499 1,748,006 2,443,114 3,552,260 Income tax expense (benefit) 697,000 (73,000) 499,000 548,000 Net income $ 1,696,499 $ 1,821,006 $ 1,944,114 $ 3,004,260 Basic earnings per share $ 0.33 $ 0.64 $ 0.46 $ 1.16 Diluted earnings per share $ 0.33 $ 0.63 $ 0.46 $ 1.14 Weighted average number of common shares outstanding: Basic 5,166,299 2,842,924 4,208,216 2,589,142 Diluted 5,166,549 2,882,825 4,208,466 2,629,043 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20230316005734/en/Contacts Investor 800-460-0815 ir@netcapital.com
Netcapital Inc. (Nasdaq: NCPL, NCPLW) (the “Company”), a digital private capital markets ecosystem, today announced financial results for the third quarter and first nine months of fiscal year 2023 ended January 31, 2023. “Over the past nine months, Netcapital has generated substantial revenue growth while generating positive operating and net income,” said Martin Kay, CEO of Netcapital Inc. “We have established a number of important strategic partnerships designed to create opportunities for clients and investors, while scaling and advancing our operating platform for continuing growth. Netcapital is executing on the vision for our brand - to break down traditional barriers and offer opportunities for anyone to invest in private companies. Along the way, we are turning customers and communities into owners and brand ambassadors for the businesses they love. We believe this is a powerful symbiotic relationship.” Third Quarter Fiscal 2023 Financial Highlights Revenue growth of 25% year-over-year to $2.3 million Positive operating income of $571,000 compared to an operating loss of $135,000 in the year-ago quarter Diluted earnings per share of $0.33 First Nine Months of Fiscal 2023 Highlights Revenue growth of 48% year-over-year to $5.4 million Positive operating income of $912,000 compared to an operating loss of $1.5 million in the first nine months of fiscal year 2022 Diluted earnings per share of $0.46 Paid down $1 million in debt, closed a $5 million underwritten public offering, and uplisted to Nasdaq in July 2022 For additional disclosure regarding Netcapital’s operating results, please refer to the Quarterly Report on Form 10-Q for the period ended January 31, 2023, which has been filed with the Securities and Exchange Commission. Conference Call Information The Company will host an investor conference call at 10:00 a.m. ET tomorrow, March 17, 2023. Participant access: 844-985-2012 or 973-528-0138 Conference entry code: 399662 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 with disruptive technologies. The Netcapital funding portal 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. NETCAPITAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS January 31, 2023 April 30, 2022 (Unaudited) (Audited) Assets: Cash and cash equivalents $ 1,771,927 $ 473,925 Accounts receivable net 2,163,931 2,433,900 Related party receivable 668 668 Prepaid expenses 36,844 5,694 Total current assets 3,973,370 2,914,187 Deposits 6,300 6,300 Notes receivable - related parties 202,000 202,000 Purchased technology, net 15,903,628 15,536,704 Investment in affiliate 240,080 240,080 Equity securities at fair value 19,250,193 12,861,253 Total assets $ 39,575,571 $ 31,760,524 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Trade $ 634,970 $ 536,508 Related party 75,204 378,077 Accrued expenses 246,665 229,867 Stock subscription payable 10,000 33,400 Deferred revenue 718 2,532 Interest payable 89,491 222,295 Deferred tax liability, net 1,476,000 977,000 Related party debt 15,000 22,860 Convertible notes payable - 300,000 Secured note payable 350,000 1,400,000 Current portion of SBA loans 1,885,800 1,890,727 Loan payable - bank 34,324 34,324 Total current liabilities 4,818,172 6,027,590 Long-term liabilities: Long-term SBA loans, less current portion 500,000 495,073 Total liabilities 5,318,172 6,522,663 Commitments and contingencies - - Stockholders' equity: Common stock, $.001 par value; 900,000,000 shares authorized, 6,071,777 and 2,934,344 shares issued and outstanding 6,072 2,934 Shares to be issued 183,187 244,250 Capital in excess of par value 29,613,118 22,479,769 Retained earnings 4,455,022 2,510,908 Total stockholders' equity 34,257,399 25,237,861 Total liabilities and stockholders' equity $ 39,575,571 $ 31,760,524 NETCAPITAL INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended January 31, 2023 January 31, 2022 January 31, 2023 January 31, 2022 Revenues $ 2,260,414 $ 1,811,041 $ 5,379,960 $ 3,636,050 Costs of services 4,305 39,349 61,603 85,429 Gross profit 2,256,109 1,771,692 5,318,357 3,550,621 Costs and expenses: Consulting expense 130,500 309,545 455,892 675,180 Marketing 23,549 23,945 64,211 67,771 Rent 17,187 11,869 51,586 34,480 Payroll and payroll related expenses 946,043 1,241,332 2,592,891 3,032,987 General and administrative costs 568,253 320,724 1,241,365 1,277,146 Total costs and expenses 1,685,532 1,907,415 4,405,945 5,087,564 Operating income (loss) 570,577 (135,723) 912,412 (1,536,943) Other income (expense): Interest expense (17,632) (20,573) (76,922) (90,844) Gain on debt conversion - - 224,260 - Debt forgiveness - 1,904,302 - 1,904,302 Amortization of intangible assets (25,914) - (68,076) - Realized loss on sale of investment - - (406,060) - Unrealized gain on equity securities 1,866,468 - 1,857,500 3,275,745 Total other income (expense) 1,822,922 1,883,729 1,530,702 5,089,203 Net income before taxes 2,393,499 1,748,006 2,443,114 3,552,260 Income tax expense (benefit) 697,000 (73,000) 499,000 548,000 Net income $ 1,696,499 $ 1,821,006 $ 1,944,114 $ 3,004,260 Basic earnings per share $ 0.33 $ 0.64 $ 0.46 $ 1.16 Diluted earnings per share $ 0.33 $ 0.63 $ 0.46 $ 1.14 Weighted average number of common shares outstanding: Basic 5,166,299 2,842,924 4,208,216 2,589,142 Diluted 5,166,549 2,882,825 4,208,466 2,629,043 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20230316005734/en/