WETRADE GROUP INC. Files 10-Q/A Amendment

TL;DR

<b>WETRADE GROUP INC. has filed an amendment to its Q3 2023 10-Q report.</b>

AI Summary

WETRADE GROUP INC. (NXTT) filed a Amended Quarterly Report (10-Q/A) with the SEC on April 2, 2024. Amendment No. 1 to Quarterly Report filed for the period ending September 30, 2023. Company formerly known as Next Technology Holding Inc. and WeTrade Group Inc. Fiscal year ends December 31. Business and mailing addresses are in Nanshan District, Shenzhen, China. SEC file number: 001-41450.

Why It Matters

For investors and stakeholders tracking WETRADE GROUP INC., this filing contains several important signals. This filing is an amendment, indicating potential corrections or additions to previously submitted information. The company has undergone name changes, previously being known as Next Technology Holding Inc. and WeTrade Group Inc.

Risk Assessment

Risk Level: low — WETRADE GROUP INC. shows low risk based on this filing. The filing is an amendment to a quarterly report, which typically involves corrections or updates rather than new material information that would significantly alter the risk profile.

Analyst Insight

Review the specific changes made in Amendment No. 1 to understand any updated financial or operational details for WETRADE GROUP INC.

Key Numbers

• 20230930 — Conformed Period of Report (10-Q/A filing)
• 20240402 — Filed As Of Date (10-Q/A filing)
• 001-41450 — SEC File Number (10-Q/A filing)
• 72 — Public Document Count (10-Q/A filing)

Key Players & Entities

• WETRADE GROUP INC. (company) — Filer name
• Next Technology Holding Inc. (company) — Former company name
• WeTrade Group Inc. (company) — Former company name
• 0001099910-24-000152 (other) — Accession number
• 001-41450 (other) — SEC file number
• 20230930 (date) — Conformed period of report
• 20240402 (date) — Filed as of date
• 7374 (other) — Standard Industrial Classification

FAQ

Industry Context

The company operates within the Services-Computer Processing & Data Preparation industry (SIC 7374).

Regulatory Implications

This is a 10-Q/A filing, an amendment to a quarterly report under the Securities Exchange Act of 1934.

What Investors Should Do

1. Examine the specific amendments made in this 10-Q/A filing.
2. Verify the current company name and any historical name changes.
3. Note the reporting period and filing dates for context.

Key Dates

• 2024-04-02: Filing Date — Amendment No. 1 to 10-Q for period ending 2023-09-30
• 2023-09-30: Reporting Period End Date — Quarterly Report

Year-Over-Year Comparison

This filing is an amendment (10-Q/A) to a previously submitted quarterly report, indicating updates or corrections rather than a new period's filing.

Key Financial Figures

• $21.9 — h had a carrying value of approximately $21.9 21,930,658 million on the Company's Con
• $ — functional currency of the Company is US$, and the functional currency of the Com

Filing Documents

• wetg_10qa.htm (10-Q/A) — 567KB
• ex31-1.htm (EX-31.1) — 10KB
• ex31-2.htm (EX-31.2) — 9KB
• ex32-1.htm (EX-32.1) — 4KB
• ex32-2.htm (EX-32.2) — 4KB
• 0001099910-24-000152.txt (&nbsp;) — 3656KB
• wetg-20230930.xsd (EX-101.SCH) — 38KB
• wetg-20230930_cal.xml (EX-101.CAL) — 46KB
• wetg-20230930_def.xml (EX-101.DEF) — 94KB
• wetg-20230930_lab.xml (EX-101.LAB) — 216KB
• wetg-20230930_pre.xml (EX-101.PRE) — 192KB
• wetg_10qa_htm.xml (XML) — 523KB

- Financial Information

PART I - Financial Information Item 1.

Financial Statements

Financial Statements 1 Unaudited Condensed Consolidated Balance Sheets as of December 31, 2022 and September 30, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2022 and September 30, 2023 2 Unaudited Condensed Consolidated Statement of Changes in Stockholders' Equity for the Three and Nine Months Ended September 30, 2022 and September 30, 2023 3 Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2022 and September 30, 2023 5 Notes to Unaudited Consolidated Financial Statements as of September 30, 2023 6 Item 2 .

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3 .

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 23 Item 4 .

Controls and Procedures

Controls and Procedures 23

– Other Information

PART II – Other Information 24 Item 1.

Legal Proceedings

Legal Proceedings 24 Item 1A .

Risk Factors

Risk Factors 24 Item 2 . Unregistered Sales of Equity Securities And Use Of Proceeds 24 Item 3. Defaults Upon Senior Securities 24 Item 4 . Mine Safety Disclosures 24 Item 5 . Other information 24 Item 6 . Exhibits 25

Signatures

Signatures 26 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING 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 heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" but may be found in other locations as well. These forward-looking statements are subject to risks and uncertainties and other factors that may cause our actual results, performance or achievements to 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 statements by use of terms such as "may," "will," "expect," "anticipate," "estimate," "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 are

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 execute on our growth strategies; our ability to find manufacturing partners on favorable terms; declines in general economic conditions in the markets where we may compete; our anticipated needs for working capital; and 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 speak

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

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements WETRADE GROUP INC CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (All amounts shown in U.S. Dollars) As of September 30, 2023 As of December 31, 2022 ASSETS Current assets: Cash and cash equivalents $ 1,416,885 $ 24,232 Digital assets 21,930,658 — Accounts receivable- non related parties, net 129,764 — Other receivables-related parties 5,805,500 5,805,500 Prepayments 12,125,500 50,000 Assets related to discontinued operation — 40,349,508 Total current assets 41,408,307 46,229,240 Total assets 41,408,307 $ 46,229,240 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Account payables 123,273 — Accrued expenses 270,864 — Amount due to related parties 1,673,683 1,303,296 Other payables 50,517 50,000 Liabilities related to discontinued operation — 3,168,435 Total current liabilities 2,118,337 4,521,731 Total liabilities 2,118,337 4,521,731 Stockholders' equity: Common stock; no par value; 2,625,130 and 195,057,503 issued and outstanding at September 30, 2023 and December 31, 2022 respectively — — Additional paid in capital 56,348,650 43,732,196 Accumulated other comprehensive loss ( 175 ) ( 310,577 ) Accumulated deficits ( 17,058,505 ) ( 1,714,110 ) Total stockholders' equity 39,289,970 41,707,509 Total liabilities and stockholders' equity $ 41,408,307 $ 46,229,240 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 1 WETRADE GROUP INC CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) For the Three Months Ended September 30, 2023 For the Three Months Ended September 30, 2022 For the Nine Months Ended September 30, 2023 For the Nine Months Ended September 30, 2022 Revenue: Service revenue $ 1,633,836 $ — $ 1,633,836 $ — Total service revenue 1,633,836 — 1,633,836 — Cost of revenue ( 398,537 ) — (

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 1 – NATURE OF BUSINESS

Business

Business WeTrade Group, Inc was incorporated in the State of Wyoming on March 28, 2019. We currently 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 long-term holdings 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 financings 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 the long-term. 6 The following table presents a roll-forward of our bitcoin holdings, including addition

View Full Filing

View this 10-Q/A filing on SEC EDGAR