---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-26-038853"
form_type: "8-K"
ticker: "NCPL"
cik: "0001414767"
company_name: "Netcapital Inc."
filed_at: "2026-08-18T01:30:35+00:00"
generated_at: "2026-08-18T10:05:11.858475+00:00"
event_type: "litigation"
sentiment: "negative"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# Netcapital auditor resigns; restates FY22-25 financials amid SEC $13.9M revenue overstatement allegations

## Summary
- Auditor Fruci & Associates II resigned effective Aug 12, 2026, citing SEC Litigation Release No. 26607.
- SEC complaint filed Aug 10, 2026 alleges ~$13.9M overstated consulting revenue from Oct 2021-Jan 2024.
- Non-reliance on audited FY2022-2025 and unaudited quarters Oct 2021-Jan 2025; restatement evaluation ongoing.
- Fruci's prior reports included going-concern sections; no disagreements on accounting principles noted.

## SEC filing metadata
- accession: 0001493152-26-038853
- form_type: 8-K
- ticker: NCPL
- cik: 0001414767
- company_name: Netcapital Inc.
- filed_at: 2026-08-18T01:30:35+00:00
- event_type: litigation
- sentiment: negative
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 4.01, 4.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1414767/000149315226038853/0001493152-26-038853-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1414767/000149315226038853/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-26-038853
- JSON: https://secwatch.observer/filing/0001493152-26-038853.json
- Plain text: https://secwatch.observer/filing/0001493152-26-038853.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.