{"schema_version":"secwatch.filing_event.v1","accession":"0001493152-26-047783","form_type":"8-K","ticker":"NCPL","cik":"0001414767","company_name":"Netcapital Inc.","filed_at":"2026-10-20T21:00:16+00:00","discovered_at":"2026-10-20T21:02:00.280047+00:00","generated_at":"2026-10-20T21:02:19.671613+00:00","sec_items":["1.01","2.03","3.02","9.01"],"event_type":"debt","sentiment":"negative","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"Netcapital closes $402,743 first tranche of $641,937 Hinterland convertible note; 10-K/10-Q delinquent","bullets":["First tranche: Hinterland paid $402,743 for a $447,492.22 principal note; total facility up to $641,936.66 principal for $577,743, a $64,193.66 original issue discount.","Note carries a one-time 12% interest charge ($53,699.06 on tranche one), matures 12 months after each funding, and converts at 85% of the lowest traded price over the prior seven trading days.","Secured by a pledge of 3,209,685 KingsCrowd Class A shares; on default Hinterland gains voting rights, can take shares at $0.18 each, and the default amount is multiplied by 150%.","Second $175,000 tranche requires the company to become current on its delinquent FY2026 10-K (April 30, 2026) and 10-Q (July 31, 2026) within 90 days and stay Nasdaq-listed.","Issued 64,387 commitment shares; a 1,603,685-share exchange cap needs shareholder approval at a special meeting within 180 days; Enclave Capital received $17,500 in fees."],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-26-047783","json":"https://secwatch.observer/filing/0001493152-26-047783.json","markdown":"https://secwatch.observer/filing/0001493152-26-047783.md","text":"https://secwatch.observer/filing/0001493152-26-047783.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1414767/000149315226047783/0001493152-26-047783-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1414767/000149315226047783/form8-k.htm"},"model":{"generated_by":"deepseek-v4.1-flash:cloud@v2","generated_at":"2026-10-20T21:02:19.671613+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":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}