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

TL;DR

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

AI Summary

Next Technology Holding Inc. filed an amendment (No. 2) to its Form 10-Q for the quarterly period ended June 30, 2024. The company, formerly known as WeTrade Group Inc., is incorporated in Wyoming and operates in computer processing and data preparation services. The filing was made on December 12, 2024.

Why It Matters

This amended filing provides updated financial information and disclosures for Next Technology Holding Inc. for the period 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 Numbers

• 20240630 — Quarterly Period End (The report covers the financial performance up to this date.)
• 20241212 — Filing Date (The date the amended report was submitted to the SEC.)

Key Players & Entities

• Next Technology Holding Inc. (company) — Filer
• WeTrade Group Inc. (company) — Former company name
• June 30, 2024 (date) — Quarterly period end date
• December 12, 2024 (date) — Filing date
• Wyoming (jurisdiction) — State of incorporation

FAQ

Key Financial Figures

• $594,140 — * There is a reclassification amount of $594,140 from amount due to related parties to e
• $10,530 — equity. ** There is an adjustment of $10,530 in both tax expenses and deferred tax l
• $ — 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

• ea0219811-10qa2_nexttech.htm (10-Q/A) — 639KB
• ea021981101ex31-1_nexttech.htm (EX-31.1) — 10KB
• ea021981101ex31-2_nexttech.htm (EX-31.2) — 11KB
• ea021981101ex32-1_nexttech.htm (EX-32.1) — 5KB
• ea021981101ex32-2_nexttech.htm (EX-32.2) — 5KB
• 0001213900-24-108464.txt ( ) — 4557KB
• nxtt-20240630.xsd (EX-101.SCH) — 42KB
• nxtt-20240630_cal.xml (EX-101.CAL) — 24KB
• nxtt-20240630_def.xml (EX-101.DEF) — 208KB
• nxtt-20240630_lab.xml (EX-101.LAB) — 320KB
• nxtt-20240630_pre.xml (EX-101.PRE) — 213KB
• ea0219811-10qa2_nexttech_htm.xml (XML) — 518KB

Forward-Looking Statements

Forward-Looking Statements iii

- Financial

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 17 Item 3. Quantitative and Qualitative Disclosures about Market Risk 21 Item 4. Controls and Procedures 21

– Other

PART II – Other Information 22 Item 1. Legal Proceedings 22 Item 1A. 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 23 Item 6. Exhibits 24

Signatures

Signatures 25 i Explanatory Note Next Technology Holding Inc (formerly known as WeTrade Group Inc. (the "Company")) is filing this Amendment No.2 (the "Amendment No.2") to the Quarterly Report on Form 10-Q for the period ended June 30, 2024, originally filed with the Securities and Exchange Commission (the "SEC") on August 21, 2024 (the "Original Filing"), to amend our consolidated financial statements. This Amendment No.2 amends the Original Filing, and the Amended Quarterly Report on Form 10-Q/A of the Company for the quarter ended June 30, 2024 filed on September 20, 2024 (the "Amendment No.1"). The purpose of this Amendment No.2 is to include a restatement of previously issued financial statements describing the nature of all affected financial statements as restated, amend our disclosure in "Note 8 – Prepayments" in connection with the BTC Contract (as defined below) and include disclosures relating to (i) the Amended BTC Contract (as defined below) as a subsequent event, and (ii) the BTC Option Contract, in the Quarterly Report on Form 10-Q/A of the Company for the quarter ended June 30, 2024, and to further amend our disclosure "Note 13- Stockholders' Equity" in connection with the nature of loans that converted to equity and its financial effects. In accordance with applicable SEC rules, this Amendment No.2 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 othe

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 include 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 rol

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View this 10-Q/A filing on SEC EDGAR