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Nosana Announces “Road to Mainnet” with January 2025 Launch

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    Amsterdam, Netherlands, September 20th, 2024, Chainwire

     

    Nosana, the decentralized AI inference engine powered by a global network of consumer GPUs, reveals the official launch date for its Nosana Mainnet: January 14, 2025.

    Nosana, a leader in decentralized AI computing, is proud to announce the upcoming launch of its Nosana Mainnet, set for January 14, 2025. This marks a significant milestone for Nosana, following a year of rigorous testing and preparation for full-scale deployment.

    “When we first envisioned Nosana, we imagined a world where AI computing would be decentralized, accessible, and limitless—a place where developers could access GPU resources without the traditional barriers of centralized infrastructure,” said Jesse Eisses, co-founder of Nosana. “We recognized early on that existing AI compute solutions were too centralized or too complex, limiting innovation. Our mission from the start was to create a decentralized network that offers scalable, affordable, and open AI computing resources for the next generation of builders and innovators.”

    Over the past nine months, the Nosana team has worked alongside its community to test, refine, and prepare the platform for its mainnet release. The network has engaged with over 4000 nodes from 60 countries across 6 continents, tapping into a global GPU provider network and gaining valuable insights from various AI projects to refine its technology.

    What Nosana’s Mainnet Brings

    Nosana’s Mainnet will transform access to decentralized GPU resources, unlocking crucial power and efficiency for AI inference workloads. With the launch, Nosana’s users and GPU providers will enjoy new features and significant improvements:

    • Nosana Console: A sleek and refined UI for seamless management of AI inference jobs.
    • Client SDK: A robust software development kit enabling developers to easily connect their projects to the Nosana GPU network.
    • Dynamic Pricing: Real-time, market-driven pricing to optimize resource allocation and ensure fair pricing.
    • Advanced Job-to-Node Matching: Efficient job distribution to maximize performance across the network.
    • Unrestricted GPU Grid Access: Clients will have full access to Nosana’s decentralized GPU network, enabling scalable AI operations.

    “We are excited to take Nosana to the next level with its mainnet launch, offering full access to decentralized GPU computing” added Eisses.

    Test Grid Phase 3: The Final Step Toward Mainnet

    On September 30, 2024, Nosana will begin Test Grid Phase 3, its final stage of testing, focusing on refining pricing models, implementing staking, and ensuring the platform is fully prepared for the January launch. This phase will be the last opportunity to test critical components before the mainnet goes live.

    Nosana’s Vision for 2025

    The mainnet launch is just the beginning for Nosana. As the platform goes live, the company plans to expand its ecosystem and attract a broader range of projects. In Q2 2025, Nosana will host its first global hackathon, inviting developers and startups to explore new applications for AI inference on its decentralized GPU grid.

    “As open-source developers, Jesse Eisses and I wanted to create a solution that moves away from the high costs, inflexibility, and control of centralized cloud providers,” said Sjoerd Dijkstra, co-founder of Nosana. “We couldn’t have reached this milestone without the support of our community, investors, and partners who believed in our vision for making AI computing more accessible for everyone.”

    Nosana’s AI inference marketplace will continue to evolve, with ongoing improvements and new features to keep it at the forefront of decentralized AI technology.

    Timeline Overview:

    • September 30, 2024: Start of Test Grid Phase 3
    • January 14, 2025: Nosana Mainnet Launch
    • Q2 2025: Global Hackathon for AI applications on Nosana’s network

    About Nosana

    Nosana is a decentralized AI inference engine powered by a global network of consumer GPUs. Built on the Solana blockchain, Nosana provides scalable and efficient access to GPU resources for AI workloads. With its cutting-edge infrastructure, dynamic pricing model, and advanced job-to-node matching, Nosana leads the way in decentralized AI computing.

    https://nosana.com

     

    Contact

    CMO
    Caroline Johnova
    Nosana
    caroline@nosana.io

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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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