{"schema_version":"secwatch.filing_event.v1","accession":"0001493152-26-024229","form_type":"8-K","ticker":"NCPL","cik":"0001414767","company_name":"Netcapital Inc.","filed_at":"2026-05-18T21:14:53+00:00","discovered_at":"2026-05-18T21:16:00.286569+00:00","generated_at":"2026-05-18T21:17:35.051922+00:00","sec_items":["1.01","2.03","3.02","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.55,"calibrated_materiality_score":0.55,"confidence":"high","headline":"Netcapital issues $290K convertible note and warrants to Labrys Fund II in private placement","bullets":["Issued $290,000 convertible note to Labrys Fund II for $250,000 purchase price ($40,000 OID); note matures May 12, 2027.","Note bears 12% flat interest ($34,800), amortization payments begin Nov 12, 2026, conversion at 75% of lowest bid over 10 days (floor $0.10).","Issued warrant to purchase 250,000 shares at $0.50/share, exercisable Nov 12, 2026 to May 12, 2029, with cashless exercise provision.","Net proceeds of approximately $224,500 after fees and costs for working capital and business development.","Event of default if registration statement not filed within 60 days or effective within 120 days of issue date."],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-26-024229","json":"https://secwatch.observer/filing/0001493152-26-024229.json","markdown":"https://secwatch.observer/filing/0001493152-26-024229.md","text":"https://secwatch.observer/filing/0001493152-26-024229.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1414767/000149315226024229/0001493152-26-024229-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1414767/000149315226024229/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-18T21:17:35.051922+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"f5c9f1331ead9212d6bce371125a21fc10a40c37","claim":"Netcapital Inc. incurred loan of $290,000 with Labrys Fund II, L.P. at 12% of the principal amount, or $34,800 maturing May 12, 2027.","evidence_excerpt":"On May 12, 2026, Netcapital Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Labrys Fund II, L.P., a Delaware limited partnership (“Labrys”), pursuant to which the Company issued to Labrys a promissory note in the principal amount of $290,000 (the “Note”)","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1414767/000149315226024229/0001493152-26-024229-index.htm","confidence":0.98,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"loan"},{"label":"Principal","value":"$290,000"},{"label":"Counterparty","value":"Labrys Fund II, L.P."},{"label":"Rate","value":"12% of the principal amount, or $34,800"},{"label":"Maturity","value":"May 12, 2027"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"1702354cfcfbfc1afba2abf4b3f7bbaf200c0df1","claim":"Netcapital Inc. entered into Securities Purchase Agreement with Labrys Fund II, L.P. valued at $290,000 (effective 2026-05-12).","evidence_excerpt":"On May 12, 2026, Netcapital Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Labrys Fund II, L.P., a Delaware limited partnership (“Labrys”), pursuant to which the Company issued to Labrys a promissory note in the principal amount of $290,000","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1414767/000149315226024229/0001493152-26-024229-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"equity purchase"},{"label":"Counterparty","value":"Labrys Fund II, L.P."},{"label":"Value","value":"$290,000"},{"label":"Effective","value":"2026-05-12"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}