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Conference call to be held tomorrow, September 13, 2022, at 10:00 a.m. ET
Netcapital Inc. NCPL NCPLW))) (the “Company”), a digital private capital markets ecosystem, today announced financial results for the first quarter of fiscal year 2023 ended July 31, 2022.
“Our uplisting to Nasdaq in July was a fantastic way to kick off our new fiscal year, and we welcome our new shareholders and appreciate the investor interest we are receiving,” said Dr. Cecilia Lenk, CEO of Netcapital Inc. “We are pleased to deliver strong first quarter results and look forward to a productive year ahead.”
Jason Frishman, CEO of Netcapital Funding Portal Inc., commented, “We kicked off our fiscal year 2023 with strong momentum on our platform, surpassing 100,000 users. We believe the activity on our portal illustrates the key competitive advantages we offer over other online capital raising platforms – a comprehensive suite of services, scalable technology platform, and high-value consulting for issuers, plus the ability of investors to invest from virtually anywhere in the world, at almost any time, with just a few clicks.”
First Quarter Fiscal 2023 Financial Highlights
Conference Call Information
The Company will host an investor conference call tomorrow, September 13, 2022, at 10:00 a.m. ET.
Participant access: 844-985-2012 or 973-528-0138
Entry code: 747753
For those unable to participate in the live call, a replay will be available in the Investor Relations section of the Company’s website.
For additional disclosure regarding operating results, please refer to the Quarterly Report on Form 10-Q for the period ended July 31,2022, which has been filed with the Securities and Exchange Commission.
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
July 31, 2022
April 30, 2022
(Unaudited)
(Audited)
$
2,556,170
$
473,925
2,154,700
2,433,900
668
668
41,536
5,694
4,753,074
2,914,187
6,300
6,300
202,000
202,000
15,515,623
15,536,704
240,080
240,080
13,455,193
12,861,253
$
34,172,270
$
31,760,524
$
457,826
$
536,508
75,204
378,077
173,161
229,867
33,400
33,400
602
2,532
247,899
222,295
680,000
977,000
19,660
22,860
–
300,000
400,000
1,400,000
1,893,719
1,890,727
34,324
34,324
4,015,795
6,027,590
492,081
495,073
4,507,876
6,522,663
–
–
4,273
2,934
244,250
244,250
26,840,486
22,479,769
2,575,385
2,510,908
29,664,394
25,237,861
$
34,172,270
$
31,760,524
NETCAPITAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three
Months
Ended
Three
Months
Ended
July 31, 2022
July 31, 2021
$
1,340,573
$
625,187
21,063
28,305
1,319,510
596,882
125,611
316,631
7,780
21,826
17,212
12,130
769,940
927,333
392,297
395,052
1,312,840
1,672,972
6,670
(1,076,090
)
(36,312
)
(35,245
)
224,260
–
(21,081
)
–
(406,060
)
–
–
3,275,745
(239,193
)
3,240,500
(232,523
)
2,164,410
(297,000
)
707,000
$
64,477
$
1,457,410
$
0.02
$
0.66
$
0.02
$
0.65
3,168,547
2,206,118
3,171,397
2,241,675
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/20220912005954/en/
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