Netcapital Inc. issued two convertible promissory notes to Vanquish Funding Group Inc. for an aggregate principal of $144,550, with a purchase price of $125,000. The company also issued a $300,000 non-convertible promissory note to a related party, Netcapital Systems LLC, for a purchase price of $150,000. The total gross proceeds raised from these transactions amount to $275,000. All proceeds are designated for general working capital purposes.