Netcapital estimates FY2022 net sales $5.3-5.5M, net income $3.3-3.5M including $1.9M loan forgiveness

Netcapital Inc.

2022-FY EPS reported $1.27 revenue$5,480,835

Preliminary FY2022 net sales $5.3-5.5M, up ~15% from $4.7M in FY2021; net income $3.3-3.5M vs $1.5M.
Borrowed $400k from Vaxstar LLC on April 18, 2022; total principal $1.4M, 8% interest, due April 30, 2023.
Appointed Cecilia Lenk as President (also CEO) and entered 3-year employment agreements with Lenk, Coreen Kraysler (CFO), and Jason Frishman (CEO of NFP).
Annual base salary for each exec $96k, rising to $150k upon a public offering and exchange listing.
Entered license agreement with Netcapital Systems LLC for funding portal software at $380k/year.

item 1.01 item 2.03 item 5.02 item 7.01 item 9.01

Executive movements

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Appointed

Cecilia Lenk

President

NCPL · Netcapital Inc.

Effective: 2022-06-23
Filed: June 28, 2022, 7:59 PM ET

On June 23, 2022, the Company appointed Cecilia Lenk to the position of President to serve until her successor is appointed.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Cecilia Lenk was appointed as President at Netcapital Inc..

Action: appointed
Role: President

Exact text from the filing

On June 23, 2022, the Company appointed Cecilia Lenk to the position of President to serve until her successor is appointed.

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Netcapital Inc. filing history →

Source: SEC EDGAR

accession 0001903596-22-000400

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