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

TL;DR

Next Tech (formerly WeTrade) filed an amended 10-Q for Q3 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 September 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 23, 2024.

Why It Matters

This filing indicates an update or correction to the company's quarterly financial reporting, 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 indicative of immediate financial distress or significant new risks.

Key Numbers

• 2 — Amendment Number (Indicates this is the second amendment to the filing.)
• 20240930 — Period of Report (The end date of the quarterly period being reported.)

Key Players & Entities

• Next Technology Holding Inc. (company) — Filer
• WeTrade Group Inc. (company) — Former company name
• September 30, 2024 (date) — Quarterly period end date
• December 23, 2024 (date) — Filing date
• Wyoming (jurisdiction) — State of incorporation

FAQ

Filing Documents

• ea0225734-10qa2_nexttech.htm (10-Q/A) — 468KB
• ea022573401ex10-1_nexttech.htm (EX-10.1) — 18KB
• ea022573401ex10-2_nexttech.htm (EX-10.2) — 46KB
• ea022573401ex10-3_nexttech.htm (EX-10.3) — 16KB
• ea022573401ex10-4_nexttech.htm (EX-10.4) — 7KB
• ea022573401ex10-5_nexttech.htm (EX-10.5) — 7KB
• ea022573401ex10-6_nexttech.htm (EX-10.6) — 118KB
• ea022573401ex31-1_nexttech.htm (EX-31.1) — 9KB
• ea022573401ex31-2_nexttech.htm (EX-31.2) — 10KB
• ea022573401ex32-1_nexttech.htm (EX-32.1) — 4KB
• ea022573401ex32-2_nexttech.htm (EX-32.2) — 4KB
• 0001213900-24-112023.txt ( ) — 4049KB
• nxtt-20240930.xsd (EX-101.SCH) — 38KB
• nxtt-20240930_cal.xml (EX-101.CAL) — 26KB
• nxtt-20240930_def.xml (EX-101.DEF) — 182KB
• nxtt-20240930_lab.xml (EX-101.LAB) — 287KB
• nxtt-20240930_pre.xml (EX-101.PRE) — 189KB
• ea0225734-10qa2_nexttech_htm.xml (XML) — 336KB

Forward-Looking Statements

Forward-Looking Statements iii

- Financial

PART I - Financial Information 1 Item 1. Financial 1 Unaudited Condensed Consolidated Balance Sheets as of September 30, 2024 and Audited Condensed Consolidated Balance Sheets as of December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the Nine Months Ended September 30, 2024 and September 30, 2023 2 Unaudited Condensed Consolidated Statement of Changes in Stockholders' Equity for the Nine Months Ended September 30, 2024 and September 30, 2023 3 Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2024 and September 30, 2023 4 Notes to Unaudited Consolidated Financial Statements as of September 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 2 2 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") to the Quarterly Report on Form 10-Q for the period ended September 30, 2024, originally filed with the Securities and Exchange Commission (the "SEC") on November 15, 2024 (the "Original Filing"), to amend our disclosures in relation to the digital assets and prepayment of digital assets. This Amendment No.2 amends the Original Filing and the Amended Quarterly Report on Form 10-Q/A of the Company for the quarterly period ended September 30, 2024 filed on December 9, 2024 (the "Amendment No.1"). The purpose of this Amendment No.2 is to include signed and dated copies of the BTC Trading Contract and BTC Option Contract. In accordance with the 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 other filings with the SEC. ii 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 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. iii

– FINANCIAL

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements NEXT TECHNOLOGY HOLDING INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (All amounts shown in U.S. Dollars) As of September 30, 2024 As of December 31, 2023 (Audited) Restated ASSETS Current assets: Cash and cash equivalents $ 668,387 $ 668,387 Digital assets 53,037,144 35,137,576 Accounts receivable-third parties, net - 1,000,000 Amount due from related parties 206,724 - Prepayments 12,125,500 12,125,500 Total current assets 66,037,755 48,931,463 Non-current assets: Investment in associate company 13,396,000 - Total assets 79,433,755 $ 48,931,463 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Account payables - 800,000 Amount due to related parties 1,478,588 1,692,672 Tax payable 130,415 130,415 Other payables 1,082,500 1,600,000 Total current liabilities 2,691,503 4,223,087 Non-current liabilities: Deferred tax liabilities 2,666,078 — Total liabilities 5,357,581 4,223,087 Stockholders' equity: Common stock; no par value; 6,976,410 and 2,625,130 issued and outstanding on September 30, 2024 and December 31, 2023 respectively 71,718,790 56,348,650 Retained Earnings /(Accumulated Deficits) 2,357,384 ( 11,640,274 ) Total stockholders' equity 74,076,174 44,708,376 Total liabilities and stockholders' equity $ 79,433,755 $ 48,931,463 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 1 NEXT TECHNOLOGY HOLDING INC. CONDENSED CONSOLIDATED (UNAUDITED) For the Three Months End September 30, 2024 For the Three Months End September 30, 2023 For the Nine Months End September 30, 2024 For the Nine Months Ended September 30, 2023 Revenue: Service revenue $ — $ 1,500,000 $ — $ 1,500,000 Total service revenue — — — Cost of revenue — ( 270,864 ) — ( 270,864 ) Gross Profit — 1,229,136 — 1,2

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS (UNAUDITED) NOTE 1 – NATURE OF BUSINESS

Business

Business Next Technology Holding 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 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 the long-term. 5 The following table presents a roll-fo

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View this 10-Q/A filing on SEC EDGAR