{"schema_version":"secwatch.filing_event.v1","accession":"0001493152-26-028158","form_type":"8-K","ticker":"NCPL","cik":"0001414767","company_name":"Netcapital Inc.","filed_at":"2026-06-10T21:14:17+00:00","discovered_at":"2026-06-10T21:16:00.291661+00:00","generated_at":"2026-06-10T21:16:26.701188+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 $182K note with 13% interest to Vanquish Funding, convertible at 65% discount on default","bullets":["Issued $182,120 promissory note to Vanquish Funding for $157,000 (13% OID); net proceeds $150,000 after $7,000 expenses.","Note matures March 30, 2027; 13% one-time interest; five payments totaling $205,795 starting Nov 30, 2026.","Upon default, conversion price set at 65% of lowest 20-day trading price, floor $1.00 per share for first six months.","Default triggers acceleration at 150% of outstanding (200% if conversion share delivery fails); 22% default interest.","Proceeds used for general working capital; note issued in private placement under Section 4(a)(2)."],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-26-028158","json":"https://secwatch.observer/filing/0001493152-26-028158.json","markdown":"https://secwatch.observer/filing/0001493152-26-028158.md","text":"https://secwatch.observer/filing/0001493152-26-028158.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1414767/000149315226028158/0001493152-26-028158-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1414767/000149315226028158/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-10T21:16:26.701188+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":"96634d47207b297e4fdd538e7014ca5be9268c18","claim":"Netcapital Inc. incurred loan of $182,120 with Vanquish Funding Group Inc. at 13% maturing March 30, 2027.","evidence_excerpt":"On June 5, 2026, Netcapital Inc. (the “Company”) entered into a Securities Purchase Agreement, dated June 4, 2026 (the “Purchase Agreement”), with Vanquish Funding Group Inc., a Virginia corporation (the “Buyer”), pursuant to which the Company issued to the Buyer a promissory note in the principal amount of $182,120 (the “Note”) for a purchase price of $157,000, reflecting an original issue discount of $25,120.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1414767/000149315226028158/0001493152-26-028158-index.htm","confidence":1.0,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"loan"},{"label":"Principal","value":"$182,120"},{"label":"Counterparty","value":"Vanquish Funding Group Inc."},{"label":"Rate","value":"13%"},{"label":"Maturity","value":"March 30, 2027"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"2e469bc7ee642c8aa13eb80b0852c6a474efd703","claim":"Netcapital Inc. issued convertible note to Vanquish Funding Group Inc. for purchase price of $157,000.","evidence_excerpt":"On June 5, 2026, Netcapital Inc. (the “Company”) entered into a Securities Purchase Agreement, dated June 4, 2026 (the “Purchase Agreement”), with Vanquish Funding Group Inc., a Virginia corporation (the “Buyer”), pursuant to which the Company issued to the Buyer a promissory note in the principal amount of $182,120 (the “Note”) for a purchase price of $157,000","evidence_source":"SEC 8-K Item 3.02/3.03","evidence_url":"https://www.sec.gov/Archives/edgar/data/1414767/000149315226028158/0001493152-26-028158-index.htm","confidence":0.9,"family_label":"Equity Issuances","details":[{"label":"Security","value":"convertible note"},{"label":"Purchaser","value":"Vanquish Funding Group Inc."},{"label":"Consideration","value":"purchase price of $157,000"}],"fact_type":"equity_issuance"},{"claim_id":"0e46e31788cff1c2d446987c97bcadd6dc9842e0","claim":"Netcapital Inc. entered into Securities Purchase Agreement with Vanquish Funding Group Inc. valued at $182,120 (effective 2026-06-05).","evidence_excerpt":"On June 5, 2026, Netcapital Inc. (the “Company”) entered into a Securities Purchase Agreement, dated June 4, 2026 (the “Purchase Agreement”), with Vanquish Funding Group Inc., a Virginia corporation (the “Buyer”), pursuant to which the Company issued to the Buyer a promissory note in the principal amount of $182,120 (the “Note”) for a purchase price of $157,000, reflecting an original issue discount of $25,120.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1414767/000149315226028158/0001493152-26-028158-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"equity purchase"},{"label":"Counterparty","value":"Vanquish Funding Group Inc."},{"label":"Value","value":"$182,120"},{"label":"Effective","value":"2026-06-05"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}