NASDAQ: NCPL
Netcapital Inc.CIK 0001414767 · SIC 6199 · Finance Services
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Netcapital auditor resigns citing SEC lawsuit alleging $13.9M revenue overstatement
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Latest financial statements
From 10-Q filed Mar 19, 2026 (period ending Jan 31, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
| Description | Three months ended January 31, 2026 | Three months ended January 31, 2025 | Nine months ended January 31, 2026 | Nine months ended January 31, 2025 |
|---|---|---|---|---|
| Revenue | 94,347 | 152,682 | 335,481 | 465,437 |
| Cost of revenue | 1,823 | 7,155 | 11,109 | 37,156 |
| Gross profit | 92,524 | 145,527 | 324,372 | 428,281 |
| Costs and expenses: | ||||
| Consulting expense | 268,032 | 63,555 | 428,718 | 240,581 |
| Marketing | 4,984 | 12,887 | 14,839 | 31,993 |
| Rent | 21,300 | 20,178 | 65,452 | 58,736 |
| Payroll and payroll related expenses | 1,097,998 | 815,024 | 3,747,881 | 2,701,318 |
| General and administrative costs | 874,545 | 921,575 | 3,646,922 | 3,794,013 |
| Total costs and expenses | 2,266,859 | 1,833,219 | 7,903,812 | 6,826,641 |
| Operating loss | (2,174,335) | (1,687,692) | (7,579,440) | (6,398,360) |
| Other income (expense): | ||||
| Interest expense | (24,076) | (10,376) | (72,347) | (30,441) |
| Interest income | 630 | 400 | 11,671 | 1,200 |
| Impairment expense | - | (1,300,000) | - | (1,300,000) |
| Loss on debt conversion | (10,815) | - | (10,815) | - |
| Amortization of intangible assets | (54,298) | (8,869) | (72,036) | (26,607) |
| Unrealized loss on equity securities, net | (49,950) | - | (5,005) | - |
| Insurance recovery | 500,000 | - | 500,000 | - |
| Accretion of short-term notes | - | - | (356,413) | - |
| Total other income (expense) | 361,491 | (1,318,845) | (4,945) | (1,355,848) |
| Net loss before taxes | (1,812,844) | (3,006,537) | (7,584,385) | (7,754,208) |
| Income tax expense (benefit) | - | - | - | - |
| Net loss | (1,812,844) | (3,006,537) | (7,584,385) | (7,754,208) |
| Basic loss per share | (0.32) | (1.57) | (1.71) | (6.93) |
| Diluted loss per share | (0.32) | (1.57) | (1.71) | (6.93) |
| Weighted average number of common shares outstanding: | ||||
| Basic | 5,612,356 | 1,915,367 | 4,432,039 | 1,119,479 |
| Diluted | 5,612,356 | 1,915,367 | 4,432,039 | 1,119,479 |
Condensed Consolidated Balance Sheets
| Description | January 31, 2026 (Unaudited) | April 30, 2025 (Audited) |
|---|---|---|
| Cash and cash equivalents | 715,443 | 289,428 |
| Accounts receivable, net | 1,231 | 78,649 |
| Other receivables | 11,671 | - |
| Prepaid expenses | 313,576 | 31,535 |
| Total current assets | 1,041,921 | 399,612 |
| Deposits | 6,300 | 6,300 |
| Notes receivable related parties | 50,000 | 50,000 |
| Purchased technology, net | 19,151,139 | 14,697,529 |
| Equity securities at fair value | 5,810,495 | 5,748,050 |
| Total assets | 26,059,855 | 20,901,491 |
| Liabilities and Stockholders’ Equity | ||
| Current liabilities: | ||
| Accounts payable | 1,667,240 | 2,941,108 |
| Accrued expenses | 262,271 | 269,971 |
| Deferred revenue | 270 | 330 |
| Interest payable | 107,302 | 100,797 |
| Short-term promissory notes | - | 263,437 |
| Current portion of SBA loans | 1,893,357 | 1,885,800 |
| Loan payable bank | 34,324 | 34,324 |
| Total current liabilities | 3,964,764 | 5,495,767 |
| Long-term liabilities: | ||
| Long-term SBA loans, less current portion | 492,443 | 500,000 |
| Total liabilities | 4,457,207 | 5,995,767 |
| Commitments and contingencies | - | - |
| Stockholders’ equity: | ||
| Preferred stock, $0.001 par value, 10,000,000 shares authorized, 0 shares outstanding | - | - |
| Common stock, $.001 par value; 900,000,000 shares authorized, 6,847,899 and 2,192,226 shares issued and outstanding | 6,848 | 2,192 |
| Shares to be issued | - | 200,000 |
| Capital in excess of par value | 57,001,947 | 42,525,294 |
| Retained earnings (deficit) | (35,406,147) | (27,821,762) |
| Total stockholders’ equity | 21,602,648 | 14,905,724 |
| Total liabilities and stockholders’ equity | 26,059,855 | 20,901,491 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Description | Nine months ended January 31, 2026 | Nine months ended January 31, 2025 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net loss | (7,584,385) | (7,754,208) |
| Adjustment to reconcile net loss to net cash used in operating activities: | ||
| Stock-based compensation | 1,023,967 | 418,113 |
| Receipt of equity in lieu of cash | (67,450) | (39,694) |
| Unrealized loss on equity securities | 5,005 | - |
| Accretion of short-term notes | 356,413 | - |
| Impairment of assets | - | 1,300,000 |
| Amortization of intangible assets | 72,036 | 26,607 |
| Changes in non-cash working capital balances: | ||
| Accounts receivable | 77,418 | 134,849 |
| Other receivables | (11,671) | (1,200) |
| Prepaid expenses | (282,041) | (12,811) |
| Accounts payable and accrued expenses | (1,281,568) | 1,308,085 |
| Deferred revenue | (60) | (106) |
| Accrued interest payable | 31,030 | 5,735 |
| Net cash used in operating activities | (7,661,306) | (4,614,630) |
| INVESTING ACTIVITIES | ||
| Purchase of intangible assets Rivetz acquisition | (100,000) | - |
| Net cash used in investing activities | (100,000) | - |
| FINANCING ACTIVITIES | ||
| Payment of short-term notes | (619,850) | - |
| Proceeds from short-term notes | 300,000 | - |
| Proceeds from exercise of warrants | - | 2,386,752 |
| Proceeds from sale of common stock | 8,507,171 | 1,979,000 |
| Net cash provided by financing activities | 8,187,321 | 4,365,752 |
| Net increase (decrease) in cash | 426,015 | (248,878) |
| Cash and cash equivalents, beginning of the period | 289,428 | 863,182 |
| Cash and cash equivalents, end of the period | 715,443 | 614,304 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for taxes | - | - |
| Cash paid for interest | 38,168 | 24,703 |
| Supplemental Non-Cash Financing Information: | ||
| Common stock issued for the perpetual Horizon software license | 2,840,000 | - |
| Common stock issued for the Rivetz technology | 940,120 | - |
| Common stock issued for the Iverson technology | 645,526 | - |
| Stock issued for debt conversion | 300,000 | - |
Amounts as printed on the EDGAR/iXBRL face. Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗