Cover
Cover - shares | 3 Months Ended | |
Jul. 31, 2023 | Sep. 14, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jul. 31, 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --04-30 | |
Entity File Number | 001-41443 | |
Entity Registrant Name | NETCAPITAL INC. | |
Entity Central Index Key | 0001414767 | |
Entity Tax Identification Number | 87-0409951 | |
Entity Incorporation, State or Country Code | UT | |
Entity Address, Address Line One | 1 Lincoln Street | |
Entity Address, City or Town | Boston | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02111 | |
City Area Code | 781 | |
Local Phone Number | 925-1700 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,434,132 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Jul. 31, 2023 | Apr. 30, 2023 |
Assets: | ||
Cash and cash equivalents | $ 1,030,618 | $ 569,441 |
Accounts receivable, net | 1,355,000 | 1,388,500 |
Prepaid expenses | 444,837 | 583,030 |
Total current assets | 2,830,455 | 2,540,971 |
Deposits | 6,300 | 6,300 |
Notes receivable – related parties | 202,000 | 202,000 |
Purchased technology, net | 15,846,966 | 15,875,297 |
Investment in affiliate | 240,080 | 240,080 |
Equity securities at fair value | 24,308,633 | 22,955,445 |
Total assets | 43,434,434 | 41,820,093 |
Current liabilities: | ||
Trade | 586,981 | 578,331 |
Related party | 75,204 | 75,204 |
Accrued expenses | 242,955 | 285,065 |
Stock subscription payable | 10,000 | 10,000 |
Deferred revenue | 600 | 661 |
Interest payable | 86,185 | 98,256 |
Deferred tax liability, net | 1,532,000 | 1,657,000 |
Related party debt | 15,000 | 15,000 |
Secured note payable | 350,000 | |
Current portion of SBA loans | 1,885,800 | 1,885,800 |
Loan payable - bank | 34,324 | 34,324 |
Income taxes notes payable | 174,000 | |
Total current liabilities | 4,469,049 | 5,163,641 |
Long-term liabilities: | ||
Long-term SBA loans, less current portion | 500,000 | 500,000 |
Total liabilities | 4,969,049 | 5,663,641 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $.001 par value; 900,000,000 shares authorized, 9,434,132 and 6,440,527 shares issued and outstanding | 9,434 | 6,441 |
Shares to be issued | 183,187 | 183,187 |
Capital in excess of par value | 33,298,539 | 30,500,944 |
Retained earnings | 4,974,225 | 5,465,880 |
Total stockholders' equity | 38,465,385 | 36,156,452 |
Total liabilities and stockholders' equity | $ 43,434,434 | $ 41,820,093 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jul. 31, 2023 | Apr. 30, 2023 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 900,000,000 | 900,000,000 |
Common Stock, Shares, Issued | 9,434,132 | 6,440,527 |
Common Stock, Shares, Outstanding | 9,434,132 | 6,440,527 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Income Statement [Abstract] | ||
Revenues | $ 1,519,809 | $ 1,340,573 |
Costs of services | 18,053 | 21,063 |
Gross profit | 1,501,756 | 1,319,510 |
Costs and expenses: | ||
Consulting expense | 163,942 | 125,611 |
Marketing | 241,888 | 7,780 |
Rent | 19,610 | 17,212 |
Payroll and payroll related expenses | 1,037,042 | 769,940 |
General and administrative costs | 788,294 | 392,297 |
Total costs and expenses | 2,250,776 | 1,312,840 |
Operating income (loss) | (749,020) | 6,670 |
Other income (expense): | ||
Interest expense | (13,304) | (36,312) |
Gain on debt conversion | 224,260 | |
Amortization of intangible assets | (28,331) | (21,081) |
Realized loss on sale of investment | (406,060) | |
Total other income (expense) | (41,635) | (239,193) |
Net income (loss) before taxes | (790,655) | (232,523) |
Income tax expense (benefit) | (299,000) | (297,000) |
Net income (loss) | $ (491,655) | $ 64,477 |
Basic earnings (loss) per share | $ (0.07) | $ 0.02 |
Diluted earnings (loss) per share | $ (0.07) | $ 0.02 |
Weighted average number of common shares outstanding: | ||
Basic | 7,471,207 | 3,168,547 |
Diluted | 7,471,457 | 3,171,397 |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY - USD ($) | Common Stock [Member] | Common Stock To Be Issued [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Apr. 30, 2022 | $ 2,934 | $ 244,250 | $ 22,479,769 | $ 2,510,908 | $ 25,237,861 |
Beginning balance at Apr. 30, 2022 | 2,934,344 | ||||
Shares issued for debt conversion | $ 134 | 379,852 | 379,986 | ||
Shares issued for debt conversion, Shares | 133,333 | ||||
Sale of common stock | $ 1,205 | 3,947,912 | 3,949,117 | ||
Sale of common stock shares | 1,205,000 | ||||
Vesting of stock options | 32,953 | 32,953 | |||
Net loss July 31, 2023 quarter | 64,477 | 64,477 | |||
Ending balance, value at Jul. 31, 2022 | $ 4,273 | 244,250 | 26,840,486 | 2,575,385 | 29,664,394 |
Shares, Outstanding, Ending Balance at Jul. 31, 2022 | 4,272,677 | ||||
Sale of common stock | $ 3 | 23,397 | 23,400 | ||
Sale of common stock shares | 2,600 | ||||
Vesting of stock options | 32,953 | 32,953 | |||
Net loss July 31, 2023 quarter | 183,138 | 183,138 | |||
Purchase of equity interest | $ 37 | 366,338 | 366,375 | ||
Purchase of equity interest shares | 37,500 | ||||
Ending balance, value at Oct. 31, 2022 | $ 4,313 | 244,250 | 27,263,174 | 2,758,523 | 30,270,260 |
Shares, Outstanding, Ending Balance at Oct. 31, 2022 | 4,312,777 | ||||
Sale of common stock | $ 1,434 | 1,620,025 | 1,621,459 | ||
Sale of common stock shares | 1,434,000 | ||||
Vesting of stock options | 63,057 | 63,057 | |||
Net loss July 31, 2023 quarter | 1,696,499 | 1,696,499 | |||
Purchase of equity interest | $ 19 | 171,105 | 171,124 | ||
Purchase of equity interest shares | 18,750 | ||||
Purchase of intellectual property | $ 300 | 434,700 | 435,000 | ||
Purchase of intellectual property, shares | 300,000 | ||||
Reduction in shares to be issued | $ 6 | (61,063) | 61,057 | ||
Reduction in shares to be issued, Shares | 6,250 | ||||
Ending balance, value at Jan. 31, 2023 | $ 6,072 | 183,187 | 29,613,118 | 4,455,022 | 34,257,399 |
Shares, Outstanding, Ending Balance at Jan. 31, 2023 | 6,071,777 | ||||
Vesting of stock options | 132,943 | 132,943 | |||
Net loss July 31, 2023 quarter | 1,010,858 | 1,010,858 | |||
Purchase of equity interest | $ 19 | 195,233 | 195,252 | ||
Purchase of equity interest shares | 18,750 | ||||
Stock-based compensation | $ 350 | 559,650 | 560,000 | ||
Stock-based Compensation, shares | 350,000 | ||||
Ending balance, value at Apr. 30, 2023 | $ 6,441 | 183,187 | 30,500,944 | 5,465,880 | 36,156,452 |
Shares, Outstanding, Ending Balance at Apr. 30, 2023 | 6,440,527 | ||||
Sale of common stock | $ 2,825 | 2,272,375 | 2,275,200 | ||
Sale of common stock shares | 2,825,000 | ||||
Vesting of stock options | 139,371 | 139,371 | |||
Net loss July 31, 2023 quarter | (491,655) | (491,655) | |||
Purchase of equity interest | $ 18 | 183,170 | 183,188 | ||
Purchase of equity interest shares | 18,750 | ||||
Stock-based compensation | $ 100 | 143,900 | 144,000 | ||
Stock-based Compensation, shares | 100,000 | ||||
Stock-based settlement | $ 50 | 58,779 | 58,829 | ||
Stock-based settlement, shares | 49,855 | ||||
Ending balance, value at Jul. 31, 2023 | $ 9,434 | $ 183,187 | $ 33,298,539 | $ 4,974,225 | $ 38,465,385 |
Shares, Outstanding, Ending Balance at Jul. 31, 2023 | 9,434,132 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
OPERATING ACTIVITIES | ||
Net income (loss) | $ (491,655) | $ 64,477 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Stock-based compensation | 483,351 | 32,953 |
Receipt of equity in lieu of cash | (1,170,000) | (1,200,000) |
Gain on debt conversion | (224,260) | |
Provision for bad debts | 6,000 | |
Realized loss on investment | 406,060 | |
Changes in deferred taxes | (125,000) | (297,000) |
Amortization of intangible assets | 28,331 | 21,081 |
Changes in non-cash working capital balances: | ||
Accounts receivable | 27,500 | 279,200 |
Prepaid expenses | (2,958) | (35,842) |
Accounts payable and accrued expenses | (33,460) | (135,388) |
Deferred revenue | (61) | (1,930) |
Accrued interest payable | (12,071) | 35,796 |
Income taxes payable | (174,000) | |
Accounts payable – related party | (8,819) | |
Net cash used in operating activities | (1,464,023) | (1,063,672) |
INVESTING ACTIVITIES | ||
Proceeds from sale of investment | 200,000 | |
Net cash provided by investing activities | 200,000 | |
FINANCING ACTIVITIES | ||
Payments to secured lender | (350,000) | (1,000,000) |
Payment of related party note | (3,200) | |
Proceeds from sale of common stock | 2,275,200 | 3,949,117 |
Net cash provided by financing activities | 1,925,200 | 2,945,917 |
Net increase in cash | 461,177 | 2,082,245 |
Cash and cash equivalents, beginning of the period | 569,441 | 473,925 |
Cash and cash equivalents, end of the period | 1,030,618 | 2,556,170 |
Supplemental disclosure of cash flow information: | ||
Cash paid for taxes | ||
Cash paid for interest | 25,374 | 516 |
Supplemental Non-Cash Investing and Financing Information: | ||
Common stock issued to pay promissory notes | 266,272 | |
Common stock issued to purchase 10% interest in Caesar Media Group Inc. | 183,188 | |
Common stock issued to pay related party payable | $ 113,714 |
Basis of Presentatio
Basis of Presentatio | 3 Months Ended |
Jul. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentatio | Note 1– Basis of Presentatio The accompanying unaudited condensed financial statements of Netcapital Inc. (the “Company”) have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three-month period ended July 31, 2023, are not necessarily indicative of the results that may be expected for the fiscal year ended April 30, 2024. For further information, refer to the audited financial statements and footnotes thereto in our Annual Report on Form 10-K for the year ended April 30, 2023. There have been no material changes to our significant accounting policies from our Annual Report on Form 10-K for the fiscal year ended April 30, 2023. Management does not believe that any recently issued, but not yet effective, accounting standards could have a material effect on the accompanying financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances. |
Concentrations
Concentrations | 3 Months Ended |
Jul. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentrations | Note 2 – Concentrations For the three-month period ended July 31, 2023, the Company had one customer that constituted 37% of revenues and a second customer that constituted 37% of revenues. For the three-month period ended July 31, 2022, the Company had one customer that constituted 52% of its revenues and a second customer that constituted 24% of its revenues. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Jul. 31, 2023 | |
Revenue Recognition | |
Revenue Recognition | Note 3 – Revenue Recognition Revenue Recognition under ASC 606 The Company recognizes service revenue from its consulting contracts, funding portal and game website using the five-step model as prescribed by ASC 606: • Identification of the contract, or contracts, with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when or as, the Company satisfies a performance obligation. The Company identifies performance obligations in contracts with customers, which primarily are professional services, listing fees on our funding portal, and a portal fee of 4.9% of the money raised on the funding portal. The transaction price is determined based on the amount the Company expects to be entitled to receive in exchange for transferring the promised services to the customer. The transaction price in the contract is allocated to each distinct performance obligation in an amount that represents the relative amount of consideration expected to be received in exchange for satisfying each performance obligation. Revenue is recognized when performance obligations are satisfied. The Company usually bills its customers before it provides any services and begins performing services after the first payment is received. Contracts are typically one year or less. For larger contracts, in addition to the initial payment, the Company may allow for progress payments throughout the term of the contract. Judgments and Estimates The estimation of variable consideration for each performance obligation requires the Company to make subjective judgments. The Company enters into contracts with customers that regularly include promises to transfer multiple services, such as digital marketing, web-based videos, offering statements, and professional services. For arrangements with multiple services, the Company evaluates whether the individual services qualify as distinct performance obligations. In its assessment of whether a service is a distinct performance obligation, the Company determines whether the customer can benefit from the service on its own or with other readily available resources, and whether the service is separately identifiable from other services in the contract. This evaluation requires the Company to assess the nature of each individual service offering and how the services are provided in the context of the contract, including whether the services are significantly integrated, highly interrelated, or significantly modify each other, which may require judgment based on the facts and circumstances of the contract. When agreements involve multiple distinct performance obligations, the Company allocates arrangement consideration to all performance obligations at the inception of an arrangement based on the relative standalone selling prices (SSP) of each performance obligation. Where the Company has standalone sales data for its performance obligations which are indicative of the price at which the Company sells a promised service separately to a customer, such data is used to establish SSP. In instances where standalone sales data is not available for a particular performance obligation, the Company estimates SSP by the use of observable market and cost-based inputs. The Company continues to review the factors used to establish list price and will adjust standalone selling price methodologies as necessary on a prospective basis. Service Revenue Service revenue from subscriptions to the Company's game website is recognized over time on a ratable basis over the contractual subscription term beginning on the date that the platform is made available to the customer. Payments received in advance of subscription services being rendered are recorded as a deferred revenue. Professional services revenue is recognized over time as the services are rendered. When a contract with a customer is signed, the Company assesses whether collection of the fees under the arrangement is probable. The Company estimates the amount to reserve for uncollectible amounts based on the aging of the contract balance, current and historical customer trends, and communications with its customers. These reserves are recorded as operating expenses against the contract asset (accounts receivable). Contract Assets Contract assets are recorded for those parts of the contract consideration not yet invoiced but for which the performance obligations are completed. The revenue is recognized when the customer receives services. Contract assets are included in other current assets in the consolidated balance sheets and will be recognized during the succeeding twelve-month period. Deferred Revenue Deferred revenues represent billings or payments received in advance of revenue recognition and are recognized upon transfer of control. Balances consist primarily of annual plan subscription services and professional services not yet provided as of the balance sheet date. Deferred revenues that will be recognized during the succeeding twelve-month period are recorded as current deferred revenues in the consolidated balance sheets, with the remainder recorded as other non-current liabilities in the consolidated balance sheets. Costs to Obtain a Customer Contract Sales commissions and related expenses are considered incremental and recoverable costs of acquiring customer contracts. These costs are capitalized as other current or non-current assets and amortized on a straight-line basis over the life of the contract, which approximates the benefit period. The benefit period was estimated by taking into consideration the length of customer contracts, technology lifecycle, and other factors. All sales commissions are recorded as consulting fees within the Company's consolidated statement of operations. Remaining Performance Obligations The Company's subscription terms are typically less than one year. All of the Company’s revenues in the three-month periods ended July 31, 2023 and 2022, which amounted to $ 1,519,809 1,340,573 600 661 Disaggregation of Revenue Revenue is from U.S.-based companies with no notable geographical concentrations in any area. A distinction exists in revenue source; revenues are either generated online or from consulting services. Revenues disaggregated by revenue source consist of the following: Schedule of Disaggregation of Revenue Three Months Ended July 31, 2023 Three Months Ended July 31, 2022 Consulting services $ 1,143,700 $ 1,161,830 Fees from online services 376,109 178,743 Total revenues $ 1,519,809 $ 1,340,573 |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Jul. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Note 4 – Earnings Per Common Share Net income (loss) per common and diluted share were calculated as follows for the three-month periods ended July 31, 2023 and 2022: Schedule of earnings per share Three Months Ended July 31, 2023 Three Months Ended July 31, 2022 Net income (loss) attributable to common stockholders – basic $ (491,655 ) $ 64,477 Adjustments to net income (loss) — — Net income (loss) attributable to common stockholders – diluted $ (491,655 ) $ 64,477 Weighted average common shares outstanding - basic 7,471,207 3,168,547 Effect of dilutive securities 250 2,850 Weighted average common shares outstanding – diluted 7,471,457 3,171,397 Earnings (loss) per common share - basic $ (.07 ) $ 0.02 Earnings (loss) per common share - diluted $ (.07 ) $ 0.02 For the three-month period ended July 31, 2023, outstanding vested warrants and stock option grants to purchase 1,541,682 and 344,458 shares of common stock, respectively, and 250 shares of common stock that are issuable pursuant to a stock subscription agreement are not included in the calculation of earnings per share because their effect is anti-dilutive. For the three-month period ended July 31, 2022, 2,850 shares of common stock that are issuable pursuant to stock subscription agreements are included in the calculation of diluted earnings per share. Outstanding warrants to purchase 1,409,732 shares of common stock are not included in the calculation of earnings per share for the three-month period ended July 31, 2022 because their effect is anti-dilutive. Outstanding options to purchase 271,000 shares of common stock are not included in the calculation of earnings per share for the three-month period ended July 31, 2022 because their effect is anti-dilutive. |
Principal Financing Arrangement
Principal Financing Arrangements | 3 Months Ended |
Jul. 31, 2023 | |
Principal Financing Arrangements | |
Principal Financing Arrangements | Note 5 – Principal Financing Arrangements The following table summarizes components debt as of July 31, 2023 and April 30, 2023: Schedule of Debt July 31, April 30, Interest Rate Secured lender $ — $ 350,000 12.0 % Notes payable – related parties 15,000 15,000 0.0 % U.S. SBA loan 500,000 500,000 3.75 % U.S. SBA loan 1,885,800 1,885,800 1.0 % Loan payable – bank 34,324 34,324 10.0 % Total Debt 2,435,124 2,785,124 Less: current portion of long-term debt 1,935,124 2,285,124 Total long-term debt $ 500,000 $ 500,000 As of July 31, 2023 and April 30, 2023, the Company owed its principal lender (“Lender”) $0 and $350,000, respectively, under an amended loan and security agreement dated July 26, 2014, amended several times thereafter and paid in full in May 2023. As of July 31, 2023 and April 30, 2023, the Company’s related-party unsecured notes payable totaled $15,000. The Company owes $34,324 as of July 31, 2023 and April 30, 2023 to Chase Bank. For the loan from Chase Bank, the Company pays interest only on a monthly basis, which is calculated at a rate of 10.0% per annum as of July 31, 2023. On May 6, 2020, the Company borrowed $1,885,800 (the “May Loan”), on June 17, 2020 the Company borrowed $500,000 (the “June Loan”), and on February 2, 2021, the Company borrowed $1,885,800 (the “February Loan”) from a U.S. Small Business Administration (“SBA”) loan program. The May loan bore interest at a rate of 1% per annum and was forgiven in its entirety in fiscal 2022. The June Loan required installment payments of $2,437 monthly, beginning on June 17, 2021, over a term of thirty years. However, the SBA postponed the first installment payment for 18 months, and the first payment became due on December 17, 2022. The monthly payments of $2,437 are first applied to accrued interest payable. The monthly payments will not be applied to any of the outstanding principal balance until 2026. Consequently, the entire loan balance of $500,000 is classified as a long term liability. Interest accrues at a rate of 3.75% per annum. The Company agreed to grant a continuing security interest in its assets to secure payment and performance of all debts, liabilities, and obligations to the SBA. The June Loan was personally guaranteed by the Company’s Chief Financial Officer. The February loan bears interest at a rate of 1% per annum and the due date of the first payment has been postponed by the SBA because the Company has applied for forgiveness of the February Loan. |
Income Taxes
Income Taxes | 3 Months Ended |
Jul. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 6 – Income Taxes As of July 31, 2023, the Company had net operating loss carryforwards for Federal income tax purposes of approximately $267,000, expiring in the years of 2024 through 2042. For the three-month periods ended July 31, 2023 and 2022, the Company recorded an income tax benefit of $299,000 and $297,000, respectively. As of July 31, 2023 and April 30, 2023, the Company had deferred tax assets calculated at an expected federal rate of 21%, and a state and local rate of 8%, when applicable, or approximately $585,000 and $460,000, respectively. As a result of unrealized book gains on equity securities, the Company also has a deferred tax liability of $1,532,000 and $1,657,000 as of July 31, 2023 and April 30, 2023, respectively. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities as of July 31, 2023 and April 30, 2023 were as follows: Schedule of Income Taxes July 31, 2023 April 30, 2023 Deferred tax assets, net: Net operating loss carryforwards $ 77,000 $ — Bad debt allowance 28,000 27,000 Stock-based compensation 480,000 433,000 Deferred tax assets 585,000 460,000 Deferred tax liability Unrealized gain 2,117,000 2,117,000 Net deferred tax liability $ (1,532,000 ) $ (1,657,000 ) |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Jul. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 7 – Related Party Transactions The Company’s largest shareholder, Netcapital Systems LLC (“Systems”), owns 1,711,261 shares of common stock, or 18% of the Company’s 9,434,132 outstanding shares as of July 31, 2023. The company paid Systems $0 and $150,000 in the three-month periods ended July 31, 2023 and 2022, respectively, for use of the software that runs the website www.netcapital.com. The Chief Executive Officer of Netcapital Advisors Inc., (“Advisors”), our wholly owned subsidiary, is a member of the board of directors of KingsCrowd Inc. The Company sold 606,060 shares of KingsCrowd in June 2022 for proceeds of $200,000 and recorded a realized loss on the sale of the investment of $406,060 during the three months ended July 31, 2022. As of July 31, 2023 and April 30, 2023, the Company owned 3,209,685 shares of KingsCrowd Inc., valued at $3,209,685. The Chief Executive Officer of Advisors is a member of the board of directors of Deuce Drone LLC. As of July 31, 2023 and April 30, 2022, the Company owns 2,350,000 membership interest units of Deuce Drone LLC., valued at $2,350,000. The Company has notes receivable aggregating $152,000 from Deuce Drone LLC as of July 31, 2023 and April 30, 2023. Compensation to officers in the three-month periods ended July 31, 2023 and 2022 consisted of stock-based compensation valued at $93,532 and $3,664, respectively, and cash salary of $244,317 and $90,000 respectively. During the three months ended July 31, 2022, we paid $12,019 to a related party to retire a note payable of $3,200 and expenses payable of $8,819. Compensation to a related party consultant in the three-month periods ended July 31, 2023 and 2022 consisted of cash wages of $16,163 and $16,154, respectively. This consultant is also the controlling shareholder of Zelgor Inc. and $16,500 and $11,000 of the Company’s revenues in the three-month periods ended July 31, 2023 and 2022, respectively, were from Zelgor Inc. As of July 31, 2023 and April 30, 2023, the Company owned 1,400,000 shares which are valued at $1,400,000. As of July 31, 2023 and April 30, 2023, the Company has invested $240,080 in an affiliate, 6A Aviation Alaska Consortium, Inc., in conjunction with a land lease in an airport in Alaska. Our Chief Executive Officer is also the Chief Executive Officer of 6A Aviation Alaska Consortium, Inc. We owe Steven Geary, a director, $31,680 as of July 31, 2023 and April 30, 2023. This obligation is not interest bearing. $16,680 is recorded as a related party trade accounts payable and $15,000 as a related party note payable. We have no signed agreements for the indebtedness to Mr. Geary. Coreen Kraysler, our Chief Financial Officer, has personally guaranteed a $500,000 promissory note from the U.S. Small Business Administration. The note bears interest at an annual rate of 3.75%, has a 30-year term, and monthly payments of $2,437 began on December 17, 2022. |
Stockholders_ Equity
Stockholders’ Equity | 3 Months Ended |
Jul. 31, 2023 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 8 – Stockholders’ Equity The Company is authorized to issue 900,000,000 shares of its common stock, par value $0.001. 9,434,132 and 6,440,527 shares were outstanding as of July 31, 2023 and April 30, 2023, respectively. During the quarter ended July 31, 2022, the Company issued 39,901 shares of common stock with a value of $113,714 to settle a related party payable of $294,054. The Company also issued 93,432 shares of common stock valued at $266,272 to retire $300,000 of convertible promissory notes plus accrued interest of $10,192. The convertible note holders also received warrants to purchase shares of common stock at a per share exercise price of $5.19, that are exercisable immediately, and expire five years from the date of issuance. These equity issuances resulted in a gain from the conversion of debt totaling $224,260, which is recorded as other income in the income statement. On July 15, 2022, the Company completed an underwritten public offering of 1,205,000 shares of the Company’s common stock and warrants to purchase 1,205,000 shares of the Company’s common stock at a combined public offering price of $4.15 per share and warrant. The gross proceeds from the offering were $5,000,750 prior to deducting underwriting discounts, commissions, and other offering expenses, which resulted in net proceeds of $3,949,117. The warrants have a per share exercise price of $5.19, are exercisable immediately, and expire five years from the date of issuance. In addition, the Company granted the underwriter a 45-day option to purchase up to an additional 180,750 shares of common stock and/or up to 180,750 additional warrants to cover over-allotments, if any. In connection with the closing of the offering, the underwriter partially exercised its over-allotment option and purchased an additional 111,300 warrants, and the Company issued an aggregate of 60,250 warrants to 20 individual representatives of the underwriter. On December 16, 2022 the Company completed an underwritten public offering of 1,247,000 shares of the Company’s common stock, at a price to the public of $1.40 per share. Pursuant to the terms of an underwriting agreement, the Company also granted the underwriters a 45-day option to purchase up to an additional 187,000 shares of common stock solely to cover over-allotments, at the same price per share of $1.40, less the underwriting discounts and commissions. In conjunction with this offering, the Company issued the underwriter and its designees warrants to purchase 62,350 shares of our common stock at an exercise price of $1.75. The underwriters exercised their over-allotment option and on January 5, 2023, the Company issued an additional 187,000 shares of its common stock. The Company received net proceeds of $1,621,459 for the issuance of a total of 1,434,000 shares of common stock for both the initial and over-allotment offering. In conjunction with the exercise of the over-allotment, the Company issued the underwriter and its designees warrants to purchase 9,350 shares of our common stock with an exercise price of $1.75. During the year ended April 30, 2023, in addition to the public offerings, the Company issued 75,000 shares of common stock, valued at $732,751, in conjunction with the purchase of a 10% equity stake in Caesar Media Group, Inc., 300,000 shares of common stock, valued at $435,000 to purchase the website and intellectual property of a real-time video conferencing website, 2,600 shares of common stock in conjunction with a stock subscription agreement with accredited investors, valued at $23,400, and 6,250 shares of common stock in conjunction with an acquisition agreement that requires shares to be issued by the Company. As a result of this issuance, the value of the balance sheet account for shares to be issued decreased by $61,063, from $244,250 to $183,187, as of July 31, 2023 and April 30, 2023. On January 5, 2023, the Company announced the formation of the Netcapital Inc. 2023 Omnibus Equity Incentive Plan (the “Plan”), which was subsequently approved by a vote of the shareholders. In January 2023, the Company granted stock options to four individuals to purchase an aggregate of 1,600,000 of the Company’s common stock at a price of $1.43 per share and on April 25, 2023 also granted 350,000 stock options under the Plan to employees, consultants, and directors at an exercise price of $1.40 per share. All stock options in the Plan vest monthly on a straight-line basis over a 4-year period and expire in 10 years. In May 2023, the Company issued 100,000 shares of its common stock, valued at $144,000, in conjunction with a consulting agreement with a business advisor. On May 23, 2023, the Company entered into a securities purchase agreement with certain institutional investors, pursuant to which the Company agreed to issue and sell to such investors, in a registered direct offering (the “Offering”), 1,100,000 shares of the Company’s common stock, par value $0.001 per share, at a price of $1.55 per Share, for aggregate gross proceeds of $1,705,000, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Offering closed on May 25, 2023. Also in connection with the Offering, on May 23, 2023, the Company entered into a placement agency agreement with ThinkEquity LLC, pursuant to which, the Company issued warrants to purchase up to 55,000 shares of common stock at an exercise price of $1.94, which were issued on May 25, 2023. In July 2023, the Company issued 49,855 shares of its common stock in consideration of a release from an unrelated third party in conjunction with the settlement of an outstanding debt between such third party and Netcapital Systems LLC. On July 24, 2023 the Company completed an underwritten public offering of 1,725,000 shares of the Company’s common stock, at a price to the public of $0.70 per share for aggregate gross proceeds of $1,207,500, before deducting underwriting discounts and offering expenses payable by the Company. In conjunction with this offering, the Company issued the underwriter, and its designees, warrants to purchase 86,250 shares of the Company’s common stock at an exercise price of $0.875. On July 31, 2023, the Company issued 18,750 shares of its common stock in conjunction with the purchase of a 10% interest in Caesar Media Group Inc. The Company did not receive any proceeds for the issuance of these shares. The following tables summarize information about warrants outstanding as of July 31, 2023 and April 30, 2023: Schedule of warrants outstanding Warrants Outstanding Warrants Exercisable Weighted- Average Weighted- Weighted- Range of Remaining Average Average Exercise Number Contractual Exercise Number Exercise Prices Outstanding Life (Years) Price Outstanding Price As of July 31, 2023 $0.875 - $5.19 1,682,932 4.06 $ 4.72 1,541,682 $ 4.96 As of July 31, 2022 $1.75 - $5.19 1,541,682 4.25 $ 5.03 1,469,982 $ 5.19 Schedule of Warrants activity Number of Exercise Price Average Outstanding May 1, 2022 — — $ — Issued during year ended April 30, 2023 1,541,682 $ 1.75 5.19 $ 5.03 Exercised/canceled during year ended April 30, 2023 — — $ — Outstanding April 30, 2023 1,541,682 $ 1.75 5.19 $ 5.53 Issued during quarter ended July 31, 2023 141,250 $ 0.875 -$ 1.94 $ $1.29 Exercised/canceled during quarter ended July 31, 2023 — — $ — Warrants outstanding July 31, 2023 1,682,932 $ $ 0.875 5.19 $ 4.72 Warrants exercisable, July 31, 2023 1,541,682 $ 1.75 5.19 $ 4.96 |
Fair Value
Fair Value | 3 Months Ended |
Jul. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 9 – Fair Value The Fair Value Measurements Topic of the FASB Accounting Standards Codification establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: ● Level 1: inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the company has the ability to access at the measurement date. ● Level 2: inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. ● Level 3: inputs are unobservable inputs for the asset or liability. Under the Fair Value Measurements Topic of the FASB Accounting Standards Codification, we base fair value on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It is our policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements, in accordance with the fair value hierarchy. Fair value measurements for assets and liabilities where there exists limited or no observable market data and, therefore, are based primarily upon management’s own estimates, are often calculated based on current pricing policy, the economic and competitive environment, the characteristics of the asset or liability and other such factors. Therefore, the results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability. Additionally, there may be inherent weaknesses in any calculation technique, and changes in the underlying assumptions used. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Jul. 31, 2023 | |
Retirement Benefits [Abstract] | |
Stock-Based Compensation Plans | Note 10 – Stock-Based Compensation Plans In addition to cash payments, the Company enters agreements to issue common stock as payment for services and records the applicable non-cash expense in accordance with the authoritative guidance of the Financial Accounting Standards Board. For the three months ended July 31, 2023 and 2022, the Company recorded $483,351 and $32,953, respectively, in stock-based compensation expense. As of July 31, 2023 and April 30, 2023, there was $411,178 and $552,329 of prepaid stock-based compensation expense. The prepaid balance is the result of the issuance of 350,000 shares of common stock to a third-party business consultant. The table below presents the components of compensation expense for the issuance of shares of common stock and stock options to employees and consultants for the three-month periods ended July 31, 2023 and 2022. Schedule of stock-based compensation expense Three Months Ended July 31, 2023 Three Months Ended July 31, 2022 Chief Executive Officer $ 62,494 $ — Chief Financial Officer 14,915 2,443 Chief Executive Officer of subsidiary 1,208 1,221 Founder 14,915 — Third-party contractor 58,829 — Business consultant 141,151 — Business consultant 144,000 — Employee and consultant options 45,839 29,289 Total stock-based compensation expense $ 483,351 $ 32,953 The following tables summarize information about stock options outstanding as of July 31, 2023 and April 30, 2023: Schedule of stock options outstanding Options Outstanding Options Exercisable Weighted- Average Weighted- Weighted- Range of Remaining Average Average Exercise Number Contractual Exercise Number Exercise Prices Outstanding Life (Years) Price Outstanding Price As of July 31, 2023 $1.40 - $10.50 2,202,000 9.35 $ 2.46 344,458 $ 3.78 As of April 30, 2023 $1.40 - $10.50 2,202,000 9.63 $ 2.46 294,333 $ 3.69 Schedule of stock options activity Number of Exercise Price Average Outstanding May 1, 2022 271,000 $10.50 $ 10.50 Issued during year ended April 30, 2023 1,950,000 $ 1.40 $ 1.43 $ 1.42 Exercised/canceled during year ended April 30, 2023 (19,000) $ 10.50 $ 10.50 Outstanding April 30, 2023 2,202,000 $ 1.40 10.50 $ 2.46 Issued during quarter ended July 31, 2023 — — $ — Exercised/canceled during quarter ended July 31, 2023 — — $ — Options outstanding July 31, 2023 2,202,000 $ 1.40 10.50 $ 2.46 Options exercisable, July 31, 2023 344,458 $ 1.40 10.50 $ 3.78 |
Deposits and Commitments
Deposits and Commitments | 3 Months Ended |
Jul. 31, 2023 | |
Deposits And Commitments | |
Deposits and Commitments | Note 11 – Deposits and Commitments We utilize a virtual office at 1 Lincoln Street in Boston, Massachusetts. We pay a membership fee of approximately $5,700 a month, which increases to approximately $6,100 a month in October 2023, under a virtual office agreement that expires in March 2025 and includes a deposit of $6,300. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Jul. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 12 – Intangible Assets Intangible assets with defined useful lives are generally measured at cost less straight-line amortization. The useful life is determined using the period of the underlying contract or the period of time over which the intangible asset can be expected to be used. Impairments are recognized if the recoverable amount of the asset is lower than the carrying amount. The recoverable amount is the higher of either the fair value less costs to sell or the value in use. The value in use is determined on the basis of future cash inflows and outflows, and the weighted average cost of capital. Intangible assets with indefinite useful lives, such as trade names and trademarks, that have been acquired as part of acquisitions are measured at cost and tested for impairment annually, or if there is an indication that their value has declined. The following table sets forth the major categories of the intangible assets as of July 31, 2023 and April 30, 2023 Schedule of intangible assets July 31, 2023 April 30, 2023 Acquired users $ 14,288,695 $ 14,288,695 Acquired brand 583,429 583,429 Acquired intellectual property and website 435,000 435,000 Professional practice 556,830 556,830 Literary works and contracts 107,750 107,750 Total intangible assets $ 15,971,704 $ 15,971,704 As of July 31, 2023, the weighted average remaining useful life for technology, trade names, professional practice, literary works and domains is 14.09 years. Accumulated amortization amounted to $124,738 as of July 31, 2023, resulting in net intangible assets of $15,846,966. |
Investments
Investments | 3 Months Ended |
Jul. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments | Note 13 – Investments In May 2023, the Company received 2,853,659 units of RealWorld LLC as a payment for services rendered in conjunction with a crowdfunding offering. The units are valued at $0.41 per unit based on a sales price of $0.41 per unit on an online funding portal. The receipt of the units satisfied an accounts receivable balance of $1,170,000. As of July 31, 2023, the Company owned 2,853,659 units which are valued at $1,170,000. In April 2023, the Company received 2,853,659 units of HeadFarm LLC as a payment for services rendered in conjunction with a crowdfunding offering. The units are valued at $0.41 per unit based on a sales price of $0.41 per unit on an online funding portal. The receipt of the units satisfied an accounts receivable balance of $1,170,000. As of July 31, 2023 and April 30, 2023, the Company owned 2,853,659 units which are valued at $1,170,000. In April 2023, the Company received 2,853,659 units of CupCrew LLC as a payment for services rendered in conjunction with a crowdfunding offering. The units are valued at $0.41 per unit based on a sales price of $0.41 per unit on an online funding portal. The receipt of the units satisfied an accounts receivable balance of $1,170,000. As of July 31, 2023 and April 30, 2023, the Company owned 2,853,659 units which are valued at $1,170,000. In April 2023, the Company received 2,853,659 units of CountSharp LLC as a payment for services rendered in conjunction with a crowdfunding offering. The units are valued at $0.41 per unit based on a sales price of $0.41 per unit on an online funding portal. The receipt of the units satisfied an accounts receivable balance of $1,170,000. As of July 31, 2023 and April 30, 2023, the Company owned 2,853,659 units which are valued at $1,170,000. In January 2023, the Company received 2,100,000 units of Dark LLC as a payment for services rendered in conjunction with a crowdfunding offering. The units are valued at $1.00 per unit based on a sales price of $1.00 per unit on an online funding portal. The receipt of the units satisfied an accounts receivable balance of $2,100,000. As of July 31, 2023 and April 30, 2023, the Company owned 2,100,000 units which are valued at $2,100,000. In August 2022, the Company received 1,911,765 units of NetWire LLC as a payment for services rendered in conjunction with a crowdfunding offering. The units are valued at $0.68 per unit based on a sales price of $0.68 per unit on an online funding portal. The receipt of the units satisfied an accounts receivable balance of $1,300,000. As of July 31, 2023 and April 30, 2023, the Company owned 1,911,765 units which are valued at $1,300,000. In May 2022, the Company received 1,764,706 units of Reper LLC as a payment for services rendered in conjunction with a crowdfunding offering. The units are valued at $0.68 per unit based on a sales price of $0.68 per unit on an online funding portal. The receipt of the units satisfied an accounts receivable balance of $1,200,000. As of July 31, 2023 and April 30, 2023, the Company owned 1,764,706 units which are valued at $1,200,000. In April 2022, the Company received 3,000,000 units of Cust Corp. as a payment for services rendered in conjunction with a crowdfunding offering. The units are valued at $0.40 per unit based on a sales price of $0.40 per unit on an online funding portal. The receipt of the units satisfied an accounts receivable balance of $1,200,000. As of July 31, 2023 and April 30, 2023, the Company owned 3,000,000 units which are valued at $1,200,000. In January 2022, the Company received 1,700,000 units of ScanHash LLC as a payment for services rendered in conjunction with a crowdfunding offering. The units are valued at $0.25 per unit based on a sales price of $0.25 per unit on an online funding portal. The receipt of the units satisfied $425,000 of an accounts receivable balance. As of July 31, 2023 and April 30, 2023, the Company owned 1,700,000 units which are valued at $425,000. In January 2022, the Company received 2,850,000 units of Hiveskill LLC as payment for services rendered in conjunction with a crowdfunding offering. The units are valued at $0.25 per unit based on a sales price of $0.25 per unit on an online funding portal. The receipt of the units satisfied an accounts receivable balance of $712,500. As of July 31, 2023 and April 30, 2023, the Company owned 2,850,000 units which are valued at $712,500. In fiscal 2022, the Company purchased a 10% interest, or 400 shares of common stock, in Caesar Media Group Inc. (“Caesar”) for an initial purchase price of 50,000 shares of the Company’s common stock, valued at $500,000. Caesar is a marketing and technology solutions provider. The purchase agreement includes additional contractual requirements for the Company and Caesar, including the issuance of an additional 150,000 shares of common stock of the Company over a two-year period. The Company issued 37,500 shares of its common stock in April 2022, 25,000 shares of its common stock in September 2022, 12,500 shares of its common stock in October 2022, 18,750 shares of its common stock in January 2023, 18,750 shares of its common stock in April 2023, and 18,750 shares of its common stock in July 2023, as part of its contractual payment obligations. As of July 31, 2023 and April 30, 2023, there have been no observable price changes in the value of Caesar’s common stock and the Company has valued its ownership in Caesar at cost, which amounted to $1,815,939 and $1,632,751 as of July 31, 2023 and April 30, 2023, respectively. In August 2020 the Company entered a consulting agreement with C-Reveal Therapeutics LLC (“CRT”). for a $120,000 fee over a 12-month period. $50,000 of the fee was payable in CRT units. As of July 31, 2023 and April 30, 2023, the Company owned 5,000 units, at a value of $50,000. In May 2020, the Company entered a consulting contract with MustWatch LLC (“MW”), which allowed the Company to receive 110,000 membership interest units of MW in return for services rendered in conjunction with a crowdfunding offering. The Company earned 97,500 membership interest units in the quarter ended July 31, 2020, valued at $2.14 per unit, or $235,400. As of April 30, 2023, the MW units are valued at $4 per unit based on a sales price of $4 per unit on an online funding portal. As of July 31, 2023 and April 30, 2023, the Company owned 110,000 MW units, which are valued at $440,000. In May 2020, the Company entered into a consulting contract with ChipBrain LLC (“Chip”), which allowed the Company to receive 710,200 membership interest units of Chip in return for services rendered in conjunction with a crowdfunding offering. The Chip units are valued at $4.74 per unit, based on a sales price of $4.74 per unit on an online funding portal. As of July 31, 2023 and April 30, 2023, the units owned by the Company are valued at $3,366,348. In May 2020, the Company entered a consulting contract with a related party, Zelgor Inc. (“Zelgor”), which allowed the Company to receive 1,400,000 shares of common stock of Zelgor in return for services rendered in conjunction with a crowdfunding offering. The Zelgor shares are valued at $1.00 per share based on a sales price of $1.00 per share on an online funding portal. As of July 31, 2023 and April 30, 2023, the Company owned 1,400,000 shares which are valued at $1,400,000. On January 2, 2020, the Company entered a consulting contract with Deuce Drone LLC (“Drone”), which allowed the Company to receive up to 2,350,000 membership interest units of Drone in return for consulting services. The Drone units are valued at $1.00 per share based on a sales price of $1.00 per share on an online funding portal. As of July 31, 2023 and April 30, 2023, the units owned by the Company are valued at $2,350,000. In August 2019, the Company entered a consulting contract with KingsCrowd LLC (“KingsCrowd”), which allowed the Company to receive 300,000 membership interest units of KingsCrowd in return for services rendered in conjunction with a crowdfunding offering. The KingsCrowd units were valued at $1.80 per unit based on a sales price of $1.80 per unit when the units were earned, or $540,000. In December 2020, KingsCrowd converted from a limited liability company to a corporation to facilitate raising capital under Regulation A. KingsCrowd filed a Form 1-A Offering Statement under the Securities Act of 1933 and sold shares at $1.00 per share. In connection with the conversion to a corporation, each membership interest unit converted into 12.71915 shares of common stock, and the Company recorded an unrealized gain of $3,275,745 for the year ended April 30, 2022. The Company sold 606,060 shares of KingsCrowd in June 2022 for proceeds of $200,000 and recorded a realized loss on the sale of the investment of $406,060. KingsCrowd filed a post qualification offering circular amendment on July 21, 2022 and continued to sell shares of stock to the public for $1.00 per share. As of July 31, 2023 and April 30, 2023, the Company owned 3,209,685 shares of KingsCrowd, valued at $3,209,685, respectively. During fiscal 2019, the Company entered into a consulting contract with Netcapital Systems LLC, a related party, and earned membership interest units. As of July 31, 2023 and April 30, 2023, the Company owned 528 units, at a value of $48,128. In July 2020 the Company entered into a consulting agreement with Vymedic, Inc. for a $40,000 fee over a 5-month period. Half the fee was payable in stock and half was payable in cash. As of July 31, 2023 and April 30, 2023 the Company owned 4,000 units, at a value of $11,032. The following table summarizes the components of investments as of July 31, 2023 and April 30, 2023: Schedule of investments July 31, 2023 April 30, 2023 Netcapital Systems LLC $ 48,128 $ 48,128 MustWatch LLC 440,000 440,000 Zelgor Inc. 1,400,000 1,400,000 ChipBrain LLC 3,366,348 3,366,348 Vymedic Inc. 11,032 11,032 C-Reveal Therapeutics LLC 50,000 50,000 Deuce Drone LLC 2,350,000 2,350,000 Hiveskill LLC 712,500 712,500 ScanHash LLC 425,000 425,000 Caesar Media Group Inc. 1,815,939 1,632,751 Cust Corp. 1,200,000 1,200,000 Kingscrowd Inc. 3,209,685 3,209,685 Reper LLC 1,200,000 1,200,000 Dark LLC 2,100,000 2,100,000 Netwire LLC 1,300,000 1,300,000 CountSharp LLC 1,170,000 1,170,000 CupCrew LLC 1,170,000 1,170,000 HeadFarm LLC 1,170,000 1,170,000 RealWorld LLC 1,170,000 — Total $ 24,308,632 $ 22,955,444 The above investments in equity securities are within the scope of ASC 321. The Company monitors the investments for any changes in observable prices from orderly transactions. All investments are initially measured at cost and evaluated for changes in estimated fair value. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jul. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 14 – Subsequent Events The Company evaluated subsequent events through the date these financial statements were available to be issued. There were no material subsequent events that required recognition or additional disclosure in these financial statements. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Jul. 31, 2023 | |
Revenue Recognition | |
Schedule of Disaggregation of Revenue | Schedule of Disaggregation of Revenue Three Months Ended July 31, 2023 Three Months Ended July 31, 2022 Consulting services $ 1,143,700 $ 1,161,830 Fees from online services 376,109 178,743 Total revenues $ 1,519,809 $ 1,340,573 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Jul. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share | Schedule of earnings per share Three Months Ended July 31, 2023 Three Months Ended July 31, 2022 Net income (loss) attributable to common stockholders – basic $ (491,655 ) $ 64,477 Adjustments to net income (loss) — — Net income (loss) attributable to common stockholders – diluted $ (491,655 ) $ 64,477 Weighted average common shares outstanding - basic 7,471,207 3,168,547 Effect of dilutive securities 250 2,850 Weighted average common shares outstanding – diluted 7,471,457 3,171,397 Earnings (loss) per common share - basic $ (.07 ) $ 0.02 Earnings (loss) per common share - diluted $ (.07 ) $ 0.02 |
Principal Financing Arrangeme_2
Principal Financing Arrangements (Tables) | 3 Months Ended |
Jul. 31, 2023 | |
Principal Financing Arrangements | |
Schedule of Debt | Schedule of Debt July 31, April 30, Interest Rate Secured lender $ — $ 350,000 12.0 % Notes payable – related parties 15,000 15,000 0.0 % U.S. SBA loan 500,000 500,000 3.75 % U.S. SBA loan 1,885,800 1,885,800 1.0 % Loan payable – bank 34,324 34,324 10.0 % Total Debt 2,435,124 2,785,124 Less: current portion of long-term debt 1,935,124 2,285,124 Total long-term debt $ 500,000 $ 500,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Jul. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Taxes | Schedule of Income Taxes July 31, 2023 April 30, 2023 Deferred tax assets, net: Net operating loss carryforwards $ 77,000 $ — Bad debt allowance 28,000 27,000 Stock-based compensation 480,000 433,000 Deferred tax assets 585,000 460,000 Deferred tax liability Unrealized gain 2,117,000 2,117,000 Net deferred tax liability $ (1,532,000 ) $ (1,657,000 ) |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 3 Months Ended |
Jul. 31, 2023 | |
Equity [Abstract] | |
Schedule of warrants outstanding | Schedule of warrants outstanding Warrants Outstanding Warrants Exercisable Weighted- Average Weighted- Weighted- Range of Remaining Average Average Exercise Number Contractual Exercise Number Exercise Prices Outstanding Life (Years) Price Outstanding Price As of July 31, 2023 $0.875 - $5.19 1,682,932 4.06 $ 4.72 1,541,682 $ 4.96 As of July 31, 2022 $1.75 - $5.19 1,541,682 4.25 $ 5.03 1,469,982 $ 5.19 |
Schedule of Warrants activity | Schedule of Warrants activity Number of Exercise Price Average Outstanding May 1, 2022 — — $ — Issued during year ended April 30, 2023 1,541,682 $ 1.75 5.19 $ 5.03 Exercised/canceled during year ended April 30, 2023 — — $ — Outstanding April 30, 2023 1,541,682 $ 1.75 5.19 $ 5.53 Issued during quarter ended July 31, 2023 141,250 $ 0.875 -$ 1.94 $ $1.29 Exercised/canceled during quarter ended July 31, 2023 — — $ — Warrants outstanding July 31, 2023 1,682,932 $ $ 0.875 5.19 $ 4.72 Warrants exercisable, July 31, 2023 1,541,682 $ 1.75 5.19 $ 4.96 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 3 Months Ended |
Jul. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of stock-based compensation expense | Schedule of stock-based compensation expense Three Months Ended July 31, 2023 Three Months Ended July 31, 2022 Chief Executive Officer $ 62,494 $ — Chief Financial Officer 14,915 2,443 Chief Executive Officer of subsidiary 1,208 1,221 Founder 14,915 — Third-party contractor 58,829 — Business consultant 141,151 — Business consultant 144,000 — Employee and consultant options 45,839 29,289 Total stock-based compensation expense $ 483,351 $ 32,953 |
Schedule of stock options outstanding | Schedule of stock options outstanding Options Outstanding Options Exercisable Weighted- Average Weighted- Weighted- Range of Remaining Average Average Exercise Number Contractual Exercise Number Exercise Prices Outstanding Life (Years) Price Outstanding Price As of July 31, 2023 $1.40 - $10.50 2,202,000 9.35 $ 2.46 344,458 $ 3.78 As of April 30, 2023 $1.40 - $10.50 2,202,000 9.63 $ 2.46 294,333 $ 3.69 |
Schedule of stock options activity | Schedule of stock options activity Number of Exercise Price Average Outstanding May 1, 2022 271,000 $10.50 $ 10.50 Issued during year ended April 30, 2023 1,950,000 $ 1.40 $ 1.43 $ 1.42 Exercised/canceled during year ended April 30, 2023 (19,000) $ 10.50 $ 10.50 Outstanding April 30, 2023 2,202,000 $ 1.40 10.50 $ 2.46 Issued during quarter ended July 31, 2023 — — $ — Exercised/canceled during quarter ended July 31, 2023 — — $ — Options outstanding July 31, 2023 2,202,000 $ 1.40 10.50 $ 2.46 Options exercisable, July 31, 2023 344,458 $ 1.40 10.50 $ 3.78 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Jul. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets | Schedule of intangible assets July 31, 2023 April 30, 2023 Acquired users $ 14,288,695 $ 14,288,695 Acquired brand 583,429 583,429 Acquired intellectual property and website 435,000 435,000 Professional practice 556,830 556,830 Literary works and contracts 107,750 107,750 Total intangible assets $ 15,971,704 $ 15,971,704 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Jul. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of investments | Schedule of investments July 31, 2023 April 30, 2023 Netcapital Systems LLC $ 48,128 $ 48,128 MustWatch LLC 440,000 440,000 Zelgor Inc. 1,400,000 1,400,000 ChipBrain LLC 3,366,348 3,366,348 Vymedic Inc. 11,032 11,032 C-Reveal Therapeutics LLC 50,000 50,000 Deuce Drone LLC 2,350,000 2,350,000 Hiveskill LLC 712,500 712,500 ScanHash LLC 425,000 425,000 Caesar Media Group Inc. 1,815,939 1,632,751 Cust Corp. 1,200,000 1,200,000 Kingscrowd Inc. 3,209,685 3,209,685 Reper LLC 1,200,000 1,200,000 Dark LLC 2,100,000 2,100,000 Netwire LLC 1,300,000 1,300,000 CountSharp LLC 1,170,000 1,170,000 CupCrew LLC 1,170,000 1,170,000 HeadFarm LLC 1,170,000 1,170,000 RealWorld LLC 1,170,000 — Total $ 24,308,632 $ 22,955,444 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) | 3 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Revenues | $ 1,519,809 | $ 1,340,573 |
Consulting Services [Member] | ||
Revenues | 1,143,700 | 1,161,830 |
Fees From Online Services [Member] | ||
Revenues | $ 376,109 | $ 178,743 |
Revenue Recognition (Details Na
Revenue Recognition (Details Narrative) - USD ($) | Jul. 31, 2023 | Apr. 30, 2023 | Jul. 31, 2022 |
Revenue Recognition | |||
Remaining Performance Obligations | $ 1,519,809 | $ 1,340,573 | |
Contract revenues not recognized | $ 600 | $ 661 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) | 3 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net income (loss) attributable to common stockholders – basic | $ (491,655) | $ 64,477 |
Adjustments to net income (loss) | ||
Net income (loss) attributable to common stockholders – diluted | $ (491,655) | $ 64,477 |
Weighted average common shares outstanding - basic | 7,471,207 | 3,168,547 |
Effect of dilutive securities | $ 250 | $ 2,850 |
Weighted average common shares outstanding – diluted | 7,471,457 | 3,171,397 |
Earnings (loss) per common share - basic | $ (0.07) | $ 0.02 |
Earnings (loss) per common share - diluted | $ (0.07) | $ 0.02 |
Principal Financing Arrangeme_3
Principal Financing Arrangements (Details) - USD ($) | Jul. 31, 2023 | Apr. 30, 2023 | Apr. 30, 2022 |
Debt Instrument [Line Items] | |||
Debt, Current | $ 2,435,124 | $ 2,785,124 | |
Long-Term Debt, Current Maturities | 1,935,124 | 2,285,124 | |
Long-Term Debt | 500,000 | 500,000 | |
Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Current | 350,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 12% | ||
Notes Payable Related Parties [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Current | 15,000 | 15,000 | |
Debt Instrument, Interest Rate, Effective Percentage | 0% | ||
U S S B A Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Current | 500,000 | 500,000 | |
Debt Instrument, Interest Rate, Effective Percentage | 3.75% | ||
U S S B A Loan One [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Current | 1,885,800 | 1,885,800 | |
Debt Instrument, Interest Rate, Effective Percentage | 1% | ||
U S S B A Loan Two [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Current | $ 34,324 | $ 34,324 | |
Debt Instrument, Interest Rate, Effective Percentage | 10% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | Jul. 31, 2023 | Apr. 30, 2023 |
Deferred tax assets, net: | ||
Net operating loss carryforwards | $ 77,000 | |
Bad debt allowance | 28,000 | 27,000 |
Stock-based compensation | 480,000 | 433,000 |
Deferred tax assets | 585,000 | 460,000 |
Deferred tax liability | ||
Unrealized gain | 2,117,000 | 2,117,000 |
Net deferred tax liability | $ (1,532,000) | $ (1,657,000) |
Stockholders Equity (Details)
Stockholders Equity (Details) - $ / shares | 3 Months Ended | ||
Jul. 31, 2023 | Apr. 30, 2023 | Jul. 31, 2022 | |
Warrant [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number | 1,682,932 | 1,682,932 | 1,541,682 |
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm3] | 4 years 21 days | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 4.72 | $ 4.72 | $ 5.03 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 3 months | ||
Warrants Exercisable [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number | 1,541,682 | 1,469,982 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 4.96 | $ 5.19 |
Stockholders Equity (Details 1)
Stockholders Equity (Details 1) - $ / shares | 3 Months Ended | 12 Months Ended | |
Jul. 31, 2023 | Apr. 30, 2023 | Jul. 31, 2022 | |
Warrant [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures | 141,250 | 1,541,682 | |
[custom:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice1] | $ 5.03 | ||
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod1] | 1,541,682 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number | 1,682,932 | 1,682,932 | 1,541,682 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 4.72 | $ 4.72 | $ 5.03 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number | 1,541,682 | ||
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumbers-0] | $ 4.96 | ||
Warrants [Member] | Minimum [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Exercise Price Per Share | 1.75 | ||
OutstandingExercisedPricePerShare | 1.75 | ||
Exercised Price Issued | 0.875 | ||
Warrants outstanding Price | 0.875 | ||
Warrants exercisable Price | 1.75 | ||
Warrants [Member] | Maximum [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Exercise Price Per Share | 5.19 | ||
OutstandingExercisedPricePerShare | $ 5.19 | ||
Exercised Price Issued | 1.94 | ||
Warrants outstanding Price | 5.19 | ||
Warrants exercisable Price | $ 5.19 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Details) - USD ($) | 3 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Employee and consultant options | $ 483,351 | $ 32,953 |
Total stock-based compensation expense | 483,351 | 32,953 |
Chief Executive Officer [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Employee and consultant options | 62,494 | |
Chief Financial Officer [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Employee and consultant options | 14,915 | 2,443 |
Chief Executive Officer Of Subsidiary [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Employee and consultant options | 1,208 | 1,221 |
Founder [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Employee and consultant options | 14,915 | |
Third Party Contractor [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Employee and consultant options | 58,829 | |
Business Consultant [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Employee and consultant options | 141,151 | |
Business Consultant 1 [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Employee and consultant options | 144,000 | |
Employee Stock Options [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Employee and consultant options | $ 45,839 | $ 29,289 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans (Details 1) - $ / shares | 3 Months Ended | 12 Months Ended | |
Jul. 31, 2023 | Apr. 30, 2023 | Apr. 30, 2022 | |
Options Outstanding [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number | 2,202,000 | 2,202,000 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 9 years 4 months 6 days | 9 years 7 months 17 days | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 2.46 | $ 2.46 | |
Options Exercisable [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number | 344,458 | 294,333 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 3.78 | $ 3.69 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans (Details 2) - $ / shares | 3 Months Ended | 12 Months Ended | |
Jul. 31, 2023 | Apr. 30, 2023 | Jul. 31, 2022 | |
Warrant [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 4.72 | $ 4.72 | $ 5.03 |
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod1] | 1,541,682 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number | 1,682,932 | 1,682,932 | 1,541,682 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures | 141,250 | 1,541,682 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number | 1,541,682 | ||
Equity Option [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodOne] | 271,000 | ||
[custom:StockOptionExercisePrice-0] | $ 10.50 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 10.50 | ||
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod1] | 1,950,000 | ||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 1.42 | ||
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriodOne] | (19,000) | ||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 10.50 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number | 2,202,000 | ||
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceOptions-0] | $ 2.46 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures | |||
[custom:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePriceOne] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period | |||
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumberOptions-0] | 2,202,000 | ||
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice1-0] | $ 2.46 | ||
Equity Option [Member] | Warrant [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number | 344,458 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 3.78 | ||
Equity Option [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
[custom:StockOptionExercisePrice-0] | 1.40 | ||
[custom:StockOptionExercisePriceIssued] | 1.40 | ||
[custom:StockOptionExercisePriceExercised] | 10.50 | ||
[custom:StockOptionExercisePriceOne-0] | $ 1.40 | ||
[custom:ExercisePricePerShareExercisable-0] | 1.40 | ||
Equity Option [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
[custom:StockOptionExercisePrice-0] | 10.50 | ||
[custom:StockOptionExercisePriceIssued] | $ 1.43 | ||
[custom:StockOptionExercisePriceOne-0] | $ 10.50 | ||
[custom:ExercisePricePerShareExercisable-0] | 10.50 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | Jul. 31, 2023 | Apr. 30, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net | $ 15,971,704 | $ 15,971,704 |
Acquired Users [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net | 14,288,695 | 14,288,695 |
Acquired Brand [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net | 583,429 | 583,429 |
Acquired Intellectual Property And Website [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net | 435,000 | 435,000 |
Professional Practice [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net | 556,830 | 556,830 |
Literary Works And Contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net | $ 107,750 | $ 107,750 |
Investments (Details)
Investments (Details) - USD ($) | Jul. 31, 2023 | Apr. 30, 2023 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Investment Owned, at Cost | $ 24,308,632 | $ 22,955,444 |
Netcapital Systems L L C [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Investment Owned, at Cost | 48,128 | 48,128 |
Must Watch L L C [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Investment Owned, at Cost | 440,000 | 440,000 |
Zelgor Inc [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Investment Owned, at Cost | 1,400,000 | 1,400,000 |
Chip Brain L L C [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Investment Owned, at Cost | 3,366,348 | 3,366,348 |
Vymedic Inc [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Investment Owned, at Cost | 11,032 | 11,032 |
C Reveal Therapeutics L L C [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Investment Owned, at Cost | 50,000 | 50,000 |
Deuce Drone L L C [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Investment Owned, at Cost | 2,350,000 | 2,350,000 |
Hiveskill L L C [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Investment Owned, at Cost | 712,500 | 712,500 |
Scan Hash L L C [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Investment Owned, at Cost | 425,000 | 425,000 |
Caesar Media Group Inc [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Investment Owned, at Cost | 1,815,939 | 1,632,751 |
Cust Corp [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Investment Owned, at Cost | 1,200,000 | 1,200,000 |
Kingscrowd Inc [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Investment Owned, at Cost | 3,209,685 | 3,209,685 |
Reper L L C [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Investment Owned, at Cost | 1,200,000 | 1,200,000 |
Dark L L C [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Investment Owned, at Cost | 2,100,000 | 2,100,000 |
Netwire L L C [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Investment Owned, at Cost | 1,300,000 | 1,300,000 |
Count Sharp L L C [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Investment Owned, at Cost | 1,170,000 | 1,170,000 |
Cup Crew L L C [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Investment Owned, at Cost | 1,170,000 | 1,170,000 |
Head Farm L L C [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Investment Owned, at Cost | 1,170,000 | 1,170,000 |
Real World L L C [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Investment Owned, at Cost | $ 1,170,000 |