Next Technology Holding Inc. Q1 2024 10-Q Filing

TL;DR

Next Tech Holding (NXT) filed its Q1 10-Q, formerly WeTrade Group. Address in Shenzhen.

AI Summary

Next Technology Holding Inc. filed its quarterly report for the period ending March 31, 2024. The company, formerly known as WeTrade Group Inc., is incorporated in Wyoming and operates in computer processing and data preparation services. Its business address is in Shenzhen, China.

Why It Matters

This filing provides an update on the company's financial performance and operational status for the first quarter of 2024, which is crucial for investors to assess its current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing with no immediate red flags or significant new information presented in the provided snippet.

Key Players & Entities

• Next Technology Holding Inc. (company) — Filer
• WeTrade Group Inc. (company) — Former company name
• March 31, 2024 (date) — Quarterly period end date
• Wyoming (location) — State of incorporation
• Shenzhen (location) — Business address city

FAQ

Key Financial Figures

• $59.4 million — h had a carrying value of approximately $59.4 million on the Company’s Consolidated Bal
• $ — 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

• nxtt_10q.htm (10-Q) — 278KB
• ex31-1.htm (EX-31.1) — 14KB
• ex31-2.htm (EX-31.2) — 14KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 6KB
• 0001099910-24-000235.txt ( ) — 319KB

- Financial Information

PART I - Financial Information Item 1.

Financial Statements

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

Quantitative and Qualitative Disclosures about Market

Quantitative and Qualitative Disclosures about Market Risk 21 Item 4.

Controls and Procedures

Controls and Procedures 21

– Other Information

PART II – Other Information 22 Item 1.

Legal Proceedings

Legal Proceedings 22 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 23 Item 6. Exhibits 24

Signatures

Signatures 25 i 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 materially different from the results, performance or achievements expressed or implied by the forward-looking statements. You should not unduly rely on these 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 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 a

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 r

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View this 10-Q filing on SEC EDGAR