Summary by Futu AI
Netcapital Inc., a fintech company specializing in online capital raising, reported a decrease in revenue for the quarter ended January 31, 2024. Revenue fell by 54% to $1,042,793 compared to $2,260,414 in the same period last year, primarily due to a decrease in consulting services provided in exchange for equity securities. Costs of services rose by 1,268% to $58,875. The company experienced a net loss of $2,227,542, a significant shift from the net income of $1,696,499 reported in the previous year. This loss was largely due to an unrealized loss of $2,696,135 on equity securities, particularly from a decline in the value of shares in KingCrowd, Inc. Operating expenses saw a mixed trend, with payroll and payroll-related expenses decreasing by 8%, while marketing, rent, and general and administrative expenses increased...Show More