Next Technology Holding Inc. Files 2023 10-K/A

TL;DR

Next Tech (fka WeTrade) filed its 2023 10-K/A on Sept 9th. Check for updates.

AI Summary

Next Technology Holding Inc. filed an amendment (10-K/A) on September 9, 2024, for its fiscal year ending December 31, 2023. The company, formerly known as WeTrade Group Inc., is incorporated in Wyoming and operates in computer processing and data preparation services. Its business address is in Shenzhen, China.

Why It Matters

This filing provides updated or corrected information for the company's annual report, which is crucial for investors to assess its financial health and operational status.

Risk Assessment

Risk Level: medium — The filing is an amendment to a 10-K, indicating potential corrections or additions to previously reported information, which could signal underlying issues.

Key Players & Entities

• Next Technology Holding Inc. (company) — Registrant
• WeTrade Group Inc. (company) — Former name of registrant
• December 31, 2023 (date) — Fiscal year end
• September 9, 2024 (date) — Filing date
• Wyoming (location) — State of incorporation
• Shenzhen, China (location) — Business address

FAQ

Filing Documents

• ea0212640-10ka2_nexttech.htm (10-K/A) — 741KB
• ea021264001ex21-1_nexttech.htm (EX-21.1) — 3KB
• ea021264001ex31-1_nexttech.htm (EX-31.1) — 11KB
• ea021264001ex31-2_nexttech.htm (EX-31.2) — 11KB
• ea021264001ex32-1_nexttech.htm (EX-32.1) — 4KB
• ea021264001ex32-2_nexttech.htm (EX-32.2) — 4KB
• ea021264001ex97_nexttech.htm (EX-97) — 34KB
• 0001213900-24-076824.txt ( ) — 4334KB
• nxtt-20231231.xsd (EX-101.SCH) — 54KB
• nxtt-20231231_cal.xml (EX-101.CAL) — 41KB
• nxtt-20231231_def.xml (EX-101.DEF) — 212KB
• nxtt-20231231_lab.xml (EX-101.LAB) — 362KB
• nxtt-20231231_pre.xml (EX-101.PRE) — 205KB
• ea0212640-10ka2_nexttech_htm.xml (XML) — 343KB

of this Form 10-K or an amendment to this form 10-K. Yes

Part III of this Form 10-K or an amendment to this form 10-K. Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definition of "large accelerated filer," accelerated filer" "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act: Large accelerated filer Accelerated filer Non-accelerated filer Smaller Reporting Company Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to 240.10D-1(b). Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No As of June 21, 2024, there were 2,625,130 shares of common stock outstanding. Explanatory Note Next Technology Holding Inc (Formerly known as WeTrade Group Inc. (the "Company")) is filing this Amendment (the "Amendment") to the Annual Report on F

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 16 Item 2.

Properties

Properties 17 Item 3.

Legal Proceedings

Legal Proceedings 17 Item 4. Mine Safety Disclosures 17 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 18 Item 5A.

Selected Financial Data

Selected Financial Data 19 Item 6.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 7.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 24 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 24 Item 9.

Controls and Procedures

Controls and Procedures 24 Item 9A. Other Information 25 PART III Item 10. Directors, Executive Officers and Corporate Governance 26 Item 11.

Executive Compensation

Executive Compensation 31 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 32 Item 13. Certain Relationships and Related Transactions, and Director Independence 33 Item 14. Principal Accountant Fees and Services 33 PART IV Item 15. Exhibits, Financial Statement Schedules 34

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS F-1 i CAUTIONARY NOTE REGARDING

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report contains forward-looking 21E of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"). These forward-looking statements are generally located in the material set forth under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Business" and "Properties" but may be found in other locations as well. These forward-looking be materially different from the results, performance or achievements expressed or implied by the forward-looking statements. You should not unduly rely on these statements. We identify forward-looking "hope," "plan," "believe," "predict," "envision," "intend," "will," "continue," "potential," "should," "confident," "could" and similar words and expressions, although some forward-looking statements may be expressed differently. You should be aware that our actual results could differ materially from those contained in the forward-looking statements.

Forward-looking statements

Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this report. These factors include, among others: our ability to raise capital; our ability to identify suitable acquisition targets; our ability to successfully execute acquisitions on favorable terms; declines in general economic conditions in the markets where we may compete; unknown environmental liabilities associated with any companies we may acquire; and significant competition in the markets where we may operate. Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis.

Forward-looking statements

Forward-looking statements speak only as of the date of this report or the date of any document incorporated by reference in this report. Except to the extent required by applicable law or regulation, we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events. ii PART I

BUSINESS

ITEM 1. BUSINESS Overview Next Technology Holding Inc (Formerly known as "WeTrade Group, Inc") (the "Company") was incorporated in the State of Wyoming on March 28, 2019. As of December 31, 2023, the Company pursue two corporate strategies. One business strategy is to continue providing software development services, and the other strategy is to acquire and hold Bitcoin. Software development We provide AI-enabled software development services to our customers, which included developing, designing, and implementing various SAAS software solutions for businesses of all types, including industrial and other businesses. Bitcoin Acquisition Strategy Our Bitcoin acquisition strategy generally involves acquiring Bitcoin with our liquid assets that exceed working capital requirements, and from time to time, subject to market conditions, issuing debt or equity securities or engaging in other capital raising transactions with the objective of using the proceeds to purchase Bitcoin. We view our Bitcoin holdings as held for trading and expect to continue to accumulate Bitcoin. We have not set any specific target for the amount of Bitcoin we seek to hold, and we will continue to monitor market conditions in determining whether to engage in additional financing to purchase additional Bitcoin. This overall strategy also contemplates that we may (i) periodically sell Bitcoin for general corporate purposes, including to generate cash for treasury management or in connection with strategies that generate tax benefits in accordance with applicable law, (ii) enter into additional capital raising transactions that are collateralized by our Bitcoin holdings, and (iii) consider pursuing additional strategies to create income streams or otherwise generate funds using our Bitcoin holdings. We believe that, due to its limited supply, Bitcoin offers the opportunity for appreciation in value if its adoption increases and has the potential to serve as a hedge against inflation in t

View Full Filing

View this 10-K/A filing on SEC EDGAR