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Exhibit 21.1
LIST OF SUBSIDIARIES
As of the date of this Annual Report, Netcapital, Inc. has the following subsidiaries:
1. Netcapital Advisors, Inc., a Delaware corporation;
2. MSG Development Corp., an Arizona corporation;
3. Netcapital Systems, LLC, a Utah limited liability company;
4. Netcapital Securities Inc, a Delaware corporation
5. Netcapital Funding Portal Inc., a Delaware corporation (and wholly owned subsidiary of Netcapital Systems, LLC, a Utah limited liability company)