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

TL;DR

Next Tech (fka WeTrade) filed an amended 10-Q for Q2 2024. Check financials.

AI Summary

Next Technology Holding Inc. filed an amendment (10-Q/A) on September 20, 2024, for the quarterly period ended June 30, 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. Its business address is in Nanshan District, Shenzhen.

Why It Matters

This filing provides updated financial information for Next Technology Holding Inc. for the quarter ending June 30, 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 to a quarterly report, not indicating new material adverse events.

Key Players & Entities

• Next Technology Holding Inc. (company) — Filer
• WeTrade Group Inc. (company) — Former company name
• June 30, 2024 (date) — Quarterly period end date
• September 20, 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
• $1 — ranslated at 7.22 RMB and 7.09 RMB to US$1.00, respectively. The equity accounts w

Filing Documents

• ea0213333-10qa1_nexttech.htm (10-Q/A) — 577KB
• ea021333301ex31-1_nexttech.htm (EX-31.1) — 10KB
• ea021333301ex31-2_nexttech.htm (EX-31.2) — 10KB
• ea021333301ex32-1_nexttech.htm (EX-32.1) — 4KB
• ea021333301ex32-2_nexttech.htm (EX-32.2) — 4KB
• 0001213900-24-080438.txt ( ) — 3815KB
• nxtt-20240630.xsd (EX-101.SCH) — 40KB
• nxtt-20240630_cal.xml (EX-101.CAL) — 24KB
• nxtt-20240630_def.xml (EX-101.DEF) — 162KB
• nxtt-20240630_lab.xml (EX-101.LAB) — 279KB
• nxtt-20240630_pre.xml (EX-101.PRE) — 167KB
• ea0213333-10qa1_nexttech_htm.xml (XML) — 397KB

- Financial Information

PART I - Financial Information 1 Item 1. Financial 1 Unaudited Condensed Consolidated Balance Sheets as of June 30, 2024 and Audited Condensed Consolidated Balance Sheets as of December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the Six Months Ended June 30, 2024 and June 30, 2023 2 Unaudited Condensed Consolidated Statement of Changes in Stockholders' Equity for the Six Months Ended June 30, 2024 and June 30, 2023 3 Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months ended June 30, 2024 and June 30, 2023 4 Notes to Unaudited Consolidated Financial Statements as of June 30, 2024 5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3. Quantitative and Qualitative Disclosures about Market Risk 19 Item 4. Controls and Procedures 19

– Other Information

PART II – Other Information 20 Item 1. Legal Proceedings 20 Item 1A. Risk Factors 20 Item 2. Unregistered Sales of Equity Securities And Use Of Proceeds 20 Item 3. Defaults Upon Senior Securities 20 Item 4. Mine Safety Disclosures 20 Item 5. Other information 21 Item 6. Exhibits 22

Signatures

Signatures 23 i Explanatory Note Next Technology Holding Inc (Formerly known as WeTrade Group Inc. (the "Company")) is filing this Amendment (the "Amendment") to the Quarterly Report on Form 10-Q for the period ended June 30, 2024, originally filed with the Securities and Exchange Commission on August 22, 2024 (the "Original Filing"), to amend our consolidated financial statements. This Form 10-Q/A is being filed to revise the accounting policy and disclosures in relation to the Digital assets, prepayment of digital assets and investment in associate company. In accordance with applicable SEC rules, this Amendment includes new certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, as amended, from our Chief Executive Officer and Chief Financial Officer. Except as described above, this Form 10-Q/A does not amend, update or change any other items or disclosures contained in the Original Filing, and accordingly, this Form 10-Q/A does not reflect or purport to reflect any information or events occurring after the original filing date of the Original Filing or modify or update those disclosures affected by subsequent events. Accordingly, this Form 10-Q/A should be read in conjunction with the Original Filing and the Company's other filings with the SEC ii CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"). These forward-looking 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 ma

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 ro

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View this 10-Q/A filing on SEC EDGAR