Next Technology Holding Inc. Files 10-Q/A Amendment

TL;DR

Next Tech (fka WeTrade) filed a 10-Q/A for Q1 2024 on 9/12. Check financials.

AI Summary

Next Technology Holding Inc. filed an amendment (10-Q/A) on September 12, 2024, for the quarterly period ended March 31, 2024. The company, formerly known as WeTrade Group Inc. until April 2, 2024, is incorporated in Wyoming and operates in computer processing and data preparation services.

Why It Matters

This filing provides updated financial information for Next Technology Holding Inc. for the quarter ending March 31, 2024, which is crucial for investors to assess the company's performance and financial health.

Risk Assessment

Risk Level: low — This is a routine amendment filing for a quarterly report, not indicating any immediate or significant new risks.

Key Players & Entities

• Next Technology Holding Inc. (company) — Filer
• WeTrade Group Inc. (company) — Former company name
• March 31, 2024 (date) — Quarterly period end date
• September 12, 2024 (date) — Filing date
• Wyoming (jurisdiction) — State of incorporation

FAQ

Key Financial Figures

• $ — functional currency of the Company is US$, and the functional currency of the Com

Filing Documents

• ea0213423-10qa1_nexttech.htm (10-Q/A) — 391KB
• ea021342301ex31-1_nexttech.htm (EX-31.1) — 11KB
• ea021342301ex31-2_nexttech.htm (EX-31.2) — 11KB
• ea021342301ex32-1_nexttech.htm (EX-32.1) — 4KB
• ea021342301ex32-2_nexttech.htm (EX-32.2) — 4KB
• 0001213900-24-077899.txt ( ) — 3222KB
• nxtt-20240331.xsd (EX-101.SCH) — 38KB
• nxtt-20240331_cal.xml (EX-101.CAL) — 23KB
• nxtt-20240331_def.xml (EX-101.DEF) — 146KB
• nxtt-20240331_lab.xml (EX-101.LAB) — 261KB
• nxtt-20240331_pre.xml (EX-101.PRE) — 153KB
• ea0213423-10qa1_nexttech_htm.xml (XML) — 258KB

- Financial Information

PART I - Financial Information 1 Item 1.

Financial Statements

Financial Statements 1 Unaudited Condensed Consolidated Balance Sheets as of March 31, 2024 and Audited Condensed Consolidated Balance Sheets as of December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and March 31, 2023 2 Unaudited Condensed Consolidated Statement of Changes in Stockholders' Equity for the Three Months Ended March 31, 2024 and March 31, 2023 3 Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months ended March 31, 2024 and March 31, 2023 4 Notes to Unaudited Consolidated Financial Statements as of March 31, 2024 5 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 17 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 20 Item 4.

Controls and Procedures

Controls and Procedures 20

– Other Information

PART II – Other Information 21 Item 1.

Legal Proceedings

Legal Proceedings 21 Item 1A.

Risk Factors

Risk Factors 22 Item 2. Unregistered Sales of Equity Securities And Use Of Proceeds 22 Item 3. Defaults Upon Senior Securities 22 Item 4. Mine Safety Disclosures 22 Item 5. Other information 22 Item 6. Exhibits 23

Signatures

Signatures 24 i CAUTIONARY NOTE REGARDING 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 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 "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 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

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 NEXT TECHNOLOGY HOLDINGS INC CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (All amounts shown in U.S. Dollars) As of March 31, 2024 As of December 31, 2023 (audited) ASSETS Current assets: Cash and cash equivalents $ 668,387 $ 668,387 Digital assets 59,156,975 35,137,576 Accounts receivable- non related parties, net 1,130,664 1,133,117 Prepayments 12,125,500 12,125,500 Total current assets 73,081,526 49,064,580 Total assets 73,081,526 $ 49,064,580 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Account payables 924,127 926,456 Amount due to related parties 1,733,732 1,693,098 Tax payable 130,934 130,942 Other payables 1,889,500 1,600,000 Total current liabilities 4,678,293 4,350,496 Non-current liabilities: Deferred tax liabilities 4,142,759 - Total liabilities 8,821,052 4,350,496 Stockholders' equity: Common stock; no par value; 2,625,130 issued and outstanding at March 31, 2024 and December 31, 2023 respectively 56,348,650 56,348,650 Accumulated other comprehensive loss ( 113 ) ( 8 ) Retained Earnings/(Accumulated Deficit) 7,911,937 ( 11,634,558 ) Total stockholders' equity 64,260,474 44,714,084 Total liabilities and stockholders' equity $ 73,081,526 $ 49,064,580 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 1 NEXT TECHNOLOGY HOLDINGS INC CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) For the Three Months End March 31, 2024 For the Three Months End March 31, 2023 Revenue: Service revenue $ — $ — Total service revenue — — Cost of revenue — — Gross Profit — — Operating expenses General and administrative expense ( 330,145 ) ( 166,295 ) Total operating expenses ( 330,145 ) ( 166,295 ) Loss from operations ( 330,145 ) ( 166,295 ) Other income 24,019,399 — Profit/ (loss

Business

Business Next Technology Holdings Inc (Formerly known as 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. 5 The following table presents a roll-for

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