secwatch.observer — SEC 8-K summary
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Issuer:     Netcapital Inc. (NCPL)
CIK:        0001414767
Form:       8-K
Filed at:   2025-03-31T23:59:59+00:00
Accession:  0001641172-25-001772
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Netcapital enters $181,540 promissory note with conversion rights; net proceeds $150k
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- Note principal $181,540 with 12% one-time interest; total repayment $203,324 over 5 months starting Sep 30, 2025.
- Net proceeds $150,000 after $25,040 OID and due diligence fees; funds for general working capital.
- Upon default, note converts to common stock at 75% of market price after 180 days; initial conversion price $1.00.
- Default triggers 150% penalty (200% for certain defaults) and 22% default interest; includes standard default events.
- Note matures Jan 30, 2026; prepayment discounts range 96%-98% of outstanding depending on timing.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1414767/000164117225001772/0001641172-25-001772-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1414767/000164117225001772/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001641172-25-001772

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer