---
schema_version: "secwatch.filing_event.v1"
accession: "0001903596-22-000400"
form_type: "8-K"
ticker: "NCPL"
cik: "0001414767"
company_name: "Netcapital Inc."
filed_at: "2022-06-28T23:59:59+00:00"
generated_at: "2026-06-24T22:36:46.584474+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001903596-22-000400
- form_type: 8-K
- ticker: NCPL
- cik: 0001414767
- company_name: Netcapital Inc.
- filed_at: 2022-06-28T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1414767/000190359622000400/0001903596-22-000400-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1414767/000190359622000400/f2sncpl8k06242.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001903596-22-000400
- JSON: https://secwatch.observer/filing/0001903596-22-000400.json
- Plain text: https://secwatch.observer/filing/0001903596-22-000400.txt

## Key facts
- Executive change
  Cecilia Lenk was appointed as President at Netcapital Inc..
  - Action: appointed
  - Role: President
  source text: On June 23, 2022, the Company appointed Cecilia Lenk to the position of President to serve until her successor is appointed.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1414767/000190359622000400/0001903596-22-000400-index.htm

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