Netcapital Announces Third Quarter Fiscal 2023 Financial Results Including Year-to-Date Revenue Growth of 48%
|
NETCAPITAL INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
|||||||||||
|
Three Months Ended |
Three Months Ended |
Nine Months Ended |
Nine Months Ended |
||||||||
|
January 31, 2023 |
January 31, 2022 |
January 31, 2023 |
January 31, 2022 |
||||||||
| Revenues |
$ |
2,260,414 |
$ |
1,811,041 |
$ |
5,379,960 |
$ |
3,636,050 |
|||
| Costs of services |
|
4,305 |
|
39,349 |
|
61,603 |
|
85,429 |
|||
| Gross profit |
|
2,256,109 |
|
1,771,692 |
|
5,318,357 |
|
3,550,621 |
|||
| Costs and expenses: | |||||||||||
| Consulting expense |
|
130,500 |
|
309,545 |
|
455,892 |
|
675,180 |
|||
| Marketing |
|
23,549 |
|
23,945 |
|
64,211 |
|
67,771 |
|||
| Rent |
|
17,187 |
|
11,869 |
|
51,586 |
|
34,480 |
|||
| Payroll and payroll related expenses |
|
946,043 |
|
1,241,332 |
|
2,592,891 |
|
3,032,987 |
|||
| General and administrative costs |
|
568,253 |
|
320,724 |
|
1,241,365 |
|
1,277,146 |
|||
| Total costs and expenses |
|
1,685,532 |
|
1,907,415 |
|
4,405,945 |
|
5,087,564 |
|||
| Operating income (loss) |
|
570,577 |
|
(135,723) |
|
912,412 |
|
(1,536,943) |
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| Other income (expense): | |||||||||||
| Interest expense |
|
(17,632) |
|
(20,573) |
|
(76,922) |
|
(90,844) |
|||
| Gain on debt conversion |
|
- |
|
- |
|
224,260 |
|
- |
|||
| Debt forgiveness |
|
- |
|
1,904,302 |
|
- |
|
1,904,302 |
|||
| Amortization of intangible assets |
|
(25,914) |
|
- |
|
(68,076) |
|
- |
|||
| Realized loss on sale of investment |
|
- |
|
- |
|
(406,060) |
|
- |
|||
| Unrealized gain on equity securities |
|
1,866,468 |
|
- |
|
1,857,500 |
|
3,275,745 |
|||
| Total other income (expense) |
|
1,822,922 |
|
1,883,729 |
|
1,530,702 |
|
5,089,203 |
|||
| Net income before taxes |
|
2,393,499 |
|
1,748,006 |
|
2,443,114 |
|
3,552,260 |
|||
| Income tax expense (benefit) |
|
697,000 |
|
(73,000) |
|
499,000 |
|
548,000 |
|||
| Net income |
$ |
1,696,499 |
$ |
1,821,006 |
$ |
1,944,114 |
$ |
3,004,260 |
|||
| Basic earnings per share |
$ |
0.33 |
$ |
0.64 |
$ |
0.46 |
$ |
1.16 |
|||
| Diluted earnings per share |
$ |
0.33 |
$ |
0.63 |
$ |
0.46 |
$ |
1.14 |
|||
| Weighted average number of common shares outstanding: | |||||||||||
| Basic |
|
5,166,299 |
|
2,842,924 |
|
4,208,216 |
|
2,589,142 |
|||
| Diluted |
|
5,166,549 |
|
2,882,825 |
|
4,208,466 |
|
2,629,043 |
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