Next Technology Holding Inc. Files Q3 2024 Report

TL;DR

**Next Tech Holdings (WETR) filed its Q3 2024 10-Q. Formerly WeTrade Group.**

AI Summary

Next Technology Holding Inc. filed its quarterly report for the period ending September 30, 2024. The company, formerly known as WeTrade Group Inc. and also previously named Next Technology Holding Inc. on April 1st, 2024, is incorporated in Wyoming. Its business address is located in Shenzhen, China.

Why It Matters

This filing provides investors with an update on the company's financial performance and operational status for the third quarter of 2024.

Risk Assessment

Risk Level: low — This filing is a standard quarterly report and does not contain immediate red flags or significant new risks.

Key Numbers

• 20240930 — Period End Date (The report covers the quarterly period ending on this date.)
• 0001213900-24-098963 — Accession Number (Unique identifier for this SEC filing.)

Key Players & Entities

• Next Technology Holding Inc. (company) — Filer
• September 30, 2024 (date) — Quarterly period end date
• WeTrade Group Inc. (company) — Former company name
• 20240402 (date) — Date of name change
• Wyoming (location) — State of incorporation

FAQ

Filing Documents

• ea0221228-10q_nexttech.htm (10-Q) — 448KB
• ea022122801ex31-1_nexttech.htm (EX-31.1) — 10KB
• ea022122801ex31-2_nexttech.htm (EX-31.2) — 11KB
• ea022122801ex32-1_nexttech.htm (EX-32.1) — 4KB
• ea022122801ex32-2_nexttech.htm (EX-32.2) — 5KB
• 0001213900-24-098963.txt ( ) — 3722KB
• 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
• ea0221228-10q_nexttech_htm.xml (XML) — 319KB

- Financial Information

PART I - Financial Information 1 Item 1.

Financial Statements

Financial Statements 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

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 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 21 Item 2. Unregistered Sales of Equity Securities And Use Of Proceeds 21 Item 3. Defaults Upon Senior Securities 21 Item 4. Mine Safety Disclosures 21 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 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 at 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 HOLDINGS INC CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (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 — 1,229,13

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-f

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View this 10-Q filing on SEC EDGAR