Blockchain

MatrixPort and exSat establish Comprehensive Strategic Partnership to Drive Bitcoin Ecosystem Innovation

Singapore, Singapore, September 18th, 2024, Chainwire

 

MatrixPort, a leading digital asset financial services platform and exSat, a breakthrough Bitcoin scalability solution, have entered into a comprehensive strategic partnership. By leveraging their respective strengths, they aim to accelerate the growth and application of the Bitcoin ecosystem, marking the start of a new era in Bitcoin development.

MatrixPort, a global one-stop digital asset financial services platform, brings extensive industry experience, robust technology, and a large user base to offer secure, convenient, and efficient digital asset trading and wealth management services. exSat Network focuses on developing unique scalability solutions for Bitcoin. Through the unique On-Chain UTXO data index, 1 second instant transaction confirmation, and secure asset custody solutions, it provides the Bitcoin network with more powerful scalability, functionality and interoperability, enabling new Bitcoin application scenarios.

This powerful collaboration plays to the advantages of both parties and brings multiple benefits to the Bitcoin ecosystem. MatrixPort’s expertise and user base will support the rapid development of exSat, while exSat’s innovative technology will offer MatrixPort users more investment options and a superior experience. Together, they are committed to driving Bitcoin adoption and utility, revitalizing the Bitcoin ecosystem, and creating more value for users worldwide.

This strategic partnership will focus on the following key areas:

Unlocking Bitcoin Liquidity: Ushering in a New Era of BTCFi

Matrixport will provide nBTC on the exSat platform, a new Wrapped BTC version of the product that is 1:1 anchored with Bitcoin. They plan to provide 5,000-10,000 nBTC on the exSat mainnet to boost liquidity and support exSat’s PoW+PoS consensus mechanism.

The issuance of nBTC will become a bridge connecting Bitcoin and the exSat ecosystem, achieving seamless interoperability. Users can convert native BTC to nBTC via MatrixPort and utilize it on exSat for various BTCFi applications such as staking, lending, and trading.

The issuance of nBTC holds significant implications in a context where 94% of Bitcoin has already been mined:

  • Unlocking Bitcoin Liquidity: Bringing dormant Bitcoin assets into the DeFi space and injecting liquidity into the exSat platform.
  • Expanding Bitcoin application scenarios: Utilizing exSat as a bridge to open up broader application scenarios for Bitcoin.
  • Enhancing Bitcoin User Experience: Leveraging exSat’s efficiency, providing Bitcoin users with more convenient, fast, and cost-effective transaction and wealth management services, promoting the popularization and utility of Bitcoin.

Empowering Innovation and Expanding the exSat Mainnet Ecosystem

MatrixPort will focus on driving the vigorous development of innovative dApp applications and services on the exSat platform, co-creating a more open, diverse and prosperous Bitcoin ecosystem.

Key areas of focus include:

  • BTCFi On-Chain Applications: Supporting the development of nBTC staking, trading, and lending applications on the exSat chain, offering users more diverse financial services and investment options while enhancing on-chain asset liquidity.
  • Real World Assets (RWA): Facilitating the tokenization of real-world assets, such as renewable energy assets, on the exSat platform, combining Bitcoin digital assets with RWAs to unlock new liquidity and value.
  • Cross-Chain Interoperability: Connecting exSat with the BTC ecosystem, and promoting a wider distribution of value.

This strategic collaboration will offer ecosystem developers comprehensive support, including technical guidance, marketing, and more, helping turn their innovative ideas into reality and promoting the prosperity of the exSat ecosystem. Together, MatrixPort and exSat will create more value for Bitcoin ecosystem participants, realizing the preservation and appreciation of digital assets, and ensuring sustainable, decentralized, and secure growth for Bitcoin.

Building a Secure Bitcoin Ecosystem to Protect User Assets

MatrixPort and exSat recognize that security is the cornerstone of Bitcoin ecosystem development. They will collaborate strategically to build an unbreakable on-chain security defence, safeguarding user assets.

The partnership will integrate MatrixPort’s extensive security experience and exSat’s leading blockchain technology to enhance security in multiple areas:

  • Multi-signature Technology Application: The two parties will jointly explore and apply more decentralized multi-signature technology to provide users with safer asset management solutions and ensure the safety of user assets.
  • Security Specification Formulation: The two parties will jointly formulate and promote BTC asset security specifications and risk control systems, improve the security awareness and prevention capabilities of the entire ecosystem, and jointly maintain the security of users’ assets.
  • Security Monitoring Cooperation: exSat will use Matrixport’s rich security experience and resources to conduct comprehensive security risk monitoring of BTC assets issued on the exSat platform, identify potential risks and control risks in time, and ensure that the platform’s security meets the highest industry standards.

MatrixPort and exSat firmly believe that a secure and reliable Bitcoin ecosystem is essential for users to participate confidently and enjoy the value and opportunities brought by Bitcoin. Together, they will continuously improve security measures, safeguard user assets, and promote the healthy growth of the Bitcoin ecosystem.

About exSat

exSat is dedicated to addressing the scalability and interoperability challenges of Bitcoin. By implementing a Data Consensus Extension Protocol that combines Proof of Work (PoW) and Proof of Stake (PoS), exSat aims to enhance BTC’s data consensus, scalability, security, and interoperability within the ecosystem. For more information, visit exsat.network and join exSat on X.

 

Contact

CMO
Tristan Dickinson
exSat
tristan.dickinson@exsat.org

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Netcapital Announces First Quarter Fiscal 2025 Financial Results

2024-09-16T20:15:00Z
  • Management to Host Earnings Call on September 17, 2024 at 11:00 a.m. ET

BOSTON, MA, Sept. 16, 2024 (GLOBE NEWSWIRE) -- Netcapital Inc. (Nasdaq: NCPL, NCPLW) (the “Company”), a digital private capital markets ecosystem, today announced financial results for the first quarter of fiscal year 2025 ended July 31, 2024.

“This was a challenging quarter for us, driven primarily by a decrease in revenues for services that we provide in exchange for equity securities,” said Martin Kay, CEO of Netcapital Inc. “However, we have taken what we believe are important steps to lay the groundwork for future opportunities. In May 2024, for example, we announced that our wholly-owned subsidiary, Netcapital Securities Inc. applied for broker-dealer registration with the Financial Industry Regulatory Authority (“FINRA”). We believe that by having a registered broker-dealer, it could create opportunities to expand our revenue base by hosting and generating additional fees from Reg A+ and Reg D offerings on the Netcapital platform. In addition, in July 2024, we announced the launch of our beta version of a secondary trading platform through the Templum ATS to a closed group of users. This secondary trading platform has been designed to provide investors who purchase stock through the Netcapital funding portal with the potential for secondary trading through access to the Templum ATS.”

The operation of the Templum ATS remains subject to extensive regulation and oversight. Any regulatory delays or objections will result in delays in our ability to launch the proposed secondary trading platform, if at all.

Netcapital Securities Inc.’s application to become a registered broker-dealer remains subject to regulatory approval and/or licensing from the Financial Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC). No assurance can be given as to when or if such approvals may be granted or when, if at all, Netcapital will be able to expand the services it offers.

First Quarter Fiscal 2025 Financial Highlights

  • Revenue decreased approximately 91% year-over-year to $142,227, compared to revenue of $1,519,809 million in the first quarter of fiscal year 2024.
  • Total funding portal revenues (consisting of portal fees, listing fees and a 1% equity fee) decreased approximately 62% year-over-year to $142,056 compared to $375,856 in the first quarter of fiscal 2024.
  • Operating loss of ($2,508,237) for the first quarter fiscal 2025 as compared to ($749,020) for the first quarter fiscal 2024, an increase of 235%
  • Net loss of ($2,527,170) in the first quarter fiscal 2025, compared to net loss of ($491,655), for the same period in the prior year, an increase of 414%
  • Loss per share of ($5.10) in the first quarter year ended July 31, 2024, increased approximately 11% compared to loss per share of ($4.61) for the same period in the prior year.
  • As of July 31, 2024, the Company had cash and cash equivalents of $855,181.

Conference Call Information

The Company will host an investor conference call on Tuesday, September 17, 2024, at 11:00 a.m. ET.

Participant access: 844-985-2012 or 973-528-0138
Conference entry code: 844301

For additional disclosure regarding Netcapital’s operating results, please refer to the Quarterly Report on Form 10-Q for the period ended July 31, 2024, which has been filed with the Securities and Exchange Commission.

About Netcapital Inc.

Netcapital Inc. is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company's consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company’s funding portal, Netcapital Funding Portal, Inc. is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities association.

Forward Looking Statements

The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Investor Contact

800-460-0815 
ir@netcapital.com

NETCAPITAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

    July 31, 2024
(Unaudited)
    April 30, 2024
(Audited)
 
Assets:                
Cash and cash equivalents   $ 855,181     $ 863,182  
Accounts receivable net     -       134,849  
Note receivable     20,000       20,000  
Interest receivable     1,600       1,200  
Prepaid expenses     48,160       23,304  
Total current assets     924,941       1,042,535  
                 
Deposits     6,300       6,300  
Notes receivable - related parties     202,000       202,000  
Purchased technology, net     14,724,136       14,733,005  
Investment in affiliate     240,080       240,080  
Equity securities     25,343,513       25,333,386  
Total assets   $ 41,440,970     $ 41,557,306  
                 
Liabilities and Stockholders’ Equity                
Current liabilities:                
Accounts payable   $ 1,180,487     $ 793,325  
Accrued expenses     236,758       310,300  
Deferred revenue     445       466  
Interest payable     94,703       92,483  
Current portion of SBA loans     1,885,800       1,885,800  
Loan payable - bank     34,324       34,324  
Total current liabilities     3,432,517       3,116,698  
                 
Long-term liabilities:                
Long-term SBA loans, less current portion     500,000       500,000  
Total liabilities     3,932,517       3,616,698  
                 
Commitments and contingencies     -       -  
                 
Stockholders’ equity:                
Common stock, $.001 par value; 900,000,000 shares authorized, 579,153 and 326,867 shares issued and outstanding     579       327  
Shares to be issued     122,264       122,124  
Capital in excess of par value     39,433,217       37,338,594  
Retained earnings (deficit)     (2,047,607 )     479,563  
Total stockholders’ equity     37,508,453       37,940,608  
Total liabilities and stockholders’ equity   $ 41,440,970     $ 41,557,306  


NETCAPITAL INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

    Three Months Ended     Three Months Ended  
    July 31, 2024     July 31, 2023  
             
Revenues   $ 142,227     $ 1,519,809  
Costs of services     10,220       18,053  
Gross profit     132,007       1,501,756  
                 
Costs and expenses:                
Consulting expense     97,381       163,942  
Marketing     6,898       241,888  
Rent     19,116       19,610  
Payroll and payroll related expenses     1,136,593       1,037,042  
General and administrative costs     1,380,256       788,294  
Total costs and expenses     2,640,244       2,250,776  
Operating loss     (2,508,237 )     (749,020 )
                 
Other income (expense):                
Interest expense     (10,464 )     (13,304 )
Amortization of intangible assets     (8,869 )     (28,331 )
Other income     400       -  
Total other income (expense)     (18,933 )     (41,635 )
Net loss before taxes     (2,527,170 )     (790,655 )
Income tax expense (benefit)     -       (299,000 )
Net loss   $ (2,527,170 )   $ (491,655 )
                 
Basic loss per share   $ (5.10 )   $ (4.61 )
Diluted loss per share   $ (5.10 )   $ (4.61 )
                 
Weighted average number of common shares outstanding:                
Basic     495,319       106,732  
Diluted     495,319       106,732  

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