Next Technology Holding Inc. Amends Financial Reporting Disclosure
Ticker: NXTT · Form: 8-K/A · Filed: Jan 2, 2025 · CIK: 1784970
Sentiment: neutral
Topics: amendment, financial-reporting, name-change
TL;DR
Next Tech (formerly WeTrade) is amending its filing, likely due to issues with old financial statements. Watch for restatements.
AI Summary
Next Technology Holding Inc. filed an amendment (8-K/A) on January 2, 2025, to its previous report. This amendment addresses the non-reliance on previously issued financial statements or related audit reports, indicating potential issues with past financial reporting. The company was formerly known as WeTrade Group Inc. and changed its name on April 2, 2024.
Why It Matters
This filing suggests potential inaccuracies in past financial statements, which could impact investor confidence and require restatements.
Risk Assessment
Risk Level: medium — Amendments related to financial statements and audit reports often signal underlying accounting issues that could lead to restatements or impact valuation.
Key Players & Entities
- Next Technology Holding Inc. (company) — Filer
- WeTrade Group Inc. (company) — Former company name
- January 2, 2025 (date) — Date of report
- April 2, 2024 (date) — Date of name change
FAQ
What specific financial statements are being disclaimed or are subject to non-reliance?
The filing indicates a general non-reliance on previously issued financial statements or a related audit report or completed interim review, but does not specify which particular statements are affected in this amendment.
What is the reason for the non-reliance on previously issued financial statements?
The filing does not explicitly state the reason for the non-reliance in the provided text, only that it is an amendment to address this issue.
When did Next Technology Holding Inc. change its name from WeTrade Group Inc.?
Next Technology Holding Inc. changed its name from WeTrade Group Inc. on April 2, 2024.
What is the SIC code for Next Technology Holding Inc.?
The Standard Industrial Classification (SIC) code for Next Technology Holding Inc. is 7374, which falls under SERVICES-COMPUTER PROCESSING & DATA PREPARATION.
What is the business address of Next Technology Holding Inc.?
The business address is RM 519, 05/F, BLOCK T3, QIANHAI PREMIER FINANCE CENTRE UNIT 2, GUIWAN AREA, NANSHAN DISTRICT, SHENZHEN, STATE F4, ZIP 518000.
Filing Stats: 863 words · 3 min read · ~3 pages · Grade level 13.4 · Accepted 2025-01-02 17:13:49
Key Financial Figures
- $10,530 — he auditor and was filed to adjust: (i) $10,530 in tax expenses, deferred tax liabiliti
- $594,140 — red tax liabilities; (ii) adjustment of $594,140 in amount due to related parties due to
Filing Documents
- ea0226691-8ka1_nexttech.htm (8-K/A) — 37KB
- 0001213900-25-000435.txt ( ) — 210KB
- nxtt-20250102.xsd (EX-101.SCH) — 3KB
- nxtt-20250102_lab.xml (EX-101.LAB) — 33KB
- nxtt-20250102_pre.xml (EX-101.PRE) — 22KB
- ea0226691-8ka1_nexttech_htm.xml (XML) — 4KB
02 Non-reliance on previously issued
Item 4.02 Non-reliance on previously issued
financial statements
financial statements On December 10, 2024, the audit committee of Next Technology Holding Inc (formerly known as WeTrade Group Inc. (the "Company")), after discussion with the management of the Company, and in consultation with the Company's independent registered public accounting firm, concluded that Form 10-Q for the quarter ended June 30, 2024 filed on August 21, 2024 (the "Original Filing") was not fully reviewed by the auditor and should no longer be relied upon. The revised Form 10-Q/A that was filed on September 20, 2024 (the "Amendment No.1") has been reviewed by the auditor and was filed to adjust: (i) $10,530 in tax expenses, deferred tax liabilities and accumulated retained profit due to under-provision for tax expenses and deferred tax liabilities; (ii) adjustment of $594,140 in amount due to related parties due to over-provision for related parties loan that affected the financial statement as follow: The amount adjusted in Amended Statement of Operation for the six months ended June 30, 2024 (filed on September 20, 2024): Nature of Error Item: Amount June 30, 2024 (Amendment No.1 Filed on September 20, 2024) June 30, 2024 (Original filed on August 22, 2024) Under-provision of tax expenses in original 10Q Income tax expenses 10,530 2,301,348 2,290,818 The amount adjusted in Amended Balance Sheet as of June 30, 2024 (filed on September 20, 2024): Nature of Error Item: Amount June 30, 2024 (Amendment No.1 Filed on September 20, 2024) June 30, 2024 (Original filed on August 22, 2024) Adjustment of loan conversion to equity from amount due to related parties to common stock Amount due to related parties (594,140 ) 1,181,592 1,775,732 Adjustment of loan conversion to equity from amount due to related parties to common stock Common Stock 594,140 71,718,790 71,124,650 Under-provision of deferred tax liabilities and tax expenses Deferred tax liabilities 10,530 2,301,348 2,290,818 Under-provision of tax expenses in o
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Financial statements from the quarterly report on Form 10-Q of Next Technology Holdings Inc for the fiscal quarter ended June 30, 2024, formatted in XBRL : (i) Balance Sheet; (ii) the Statement of Income; (iii) the Statement of Cash Flows 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 3
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NEXT TECHNOLOGY HOLDING INC. Date: January 2, 2025 By: /s/ Wei Hong Liu Name: Wei Hong Liu Title: Chief Executive Officer 4