Next Technology Holding Inc. Amends Financial Statement Reliance Report

TL;DR

Next Tech (formerly WeTrade) is correcting past financial statements - investor beware.

AI Summary

Next Technology Holding Inc. filed an amendment (8-K/A) on January 17, 2025, to its report originally dated September 12, 2024. This amendment addresses the non-reliance on previously issued financial statements or related audit reports. The company was formerly known as WeTrade Group Inc. and changed its name on April 2, 2024.

Why It Matters

This filing indicates potential issues with past financial reporting, which could impact investor confidence and require restatements.

Risk Assessment

Risk Level: medium — Amendments related to non-reliance on financial statements suggest potential accounting irregularities or errors that could lead to restatements and affect the company's valuation.

Key Players & Entities

• Next Technology Holding Inc. (company) — Filer
• WeTrade Group Inc. (company) — Former company name
• September 12, 2024 (date) — Date of earliest event reported
• January 17, 2025 (date) — Filing date of amendment

FAQ

Key Financial Figures

• $4,142,759 — mendment No.1 was filed to reflect: (i) $4,142,759 in tax expenses, deferred tax liabiliti
• $194,622 — red tax liabilities; (ii) adjustment of $194,622 in other income due to incorrect accoun
• $2 — ccounting treatment, (ii) adjustment of $2 in general and administrative expenses
• $263,948 — to rounding error, (iii) adjustment of $263,948 in digital assets due to incorrect comp
• $12,000 — ation of fair value, (iv) adjustment of $12,000 in amount due to related parties due to
• $50,020 — d parties loan, (v) reclassification of $50,020 from accrued expenses to other payables
• $520 — ses to other payables and adjustment of $520 in other payables due to error recordin
• $211,738 — ecording, (vi) prior year adjustment of $211,738 in accumulated deficit due to increase

Filing Documents

• ea0228063-8ka1_nexttech.htm (8-K/A) — 48KB
• 0001213900-25-004640.txt ( ) — 222KB
• nxtt-20240912.xsd (EX-101.SCH) — 3KB
• nxtt-20240912_lab.xml (EX-101.LAB) — 33KB
• nxtt-20240912_pre.xml (EX-101.PRE) — 22KB
• ea0228063-8ka1_nexttech_htm.xml (XML) — 4KB

02 Non-reliance on previously issued

Item 4.02 Non-reliance on previously issued

financial statements

financial statements On September 12, 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 financial statements included in the Form 10-Q for the quarter ended March 31, 2024 filed on May 20, 2024 should no longer be relied upon as a result of incorrect accounting treatment in other income and prior year accumulated deficits, understatement of tax expenses, tax payable and deferred tax liabilities. Accordingly, the Company filed a revised Form 10-Q/A for the quarter ended March 31, 2024 on the same day (the "Amendment No.1"). The Amendment No.1 was filed to reflect: (i) $4,142,759 in tax expenses, deferred tax liabilities and accumulated retained profit due to under-provision for tax expenses and deferred tax liabilities; (ii) adjustment of $194,622 in other income due to incorrect accounting treatment, (ii) adjustment of $2 in general and administrative expenses due to rounding error, (iii) adjustment of $263,948 in digital assets due to incorrect computation of fair value, (iv) adjustment of $12,000 in amount due to related parties due to over-provision for related parties loan, (v) reclassification of $50,020 from accrued expenses to other payables and adjustment of $520 in other payables due to error recording, (vi) prior year adjustment of $211,738 in accumulated deficit due to increase in loss of discontinued operation that affected the financial The amount adjusted in Amended Statement of Operation for the three months ended March 31, 2024 and 2023 (filed on September 12, 2024): Nature of Error Item: Amount March 31, 2024 (Amendment No.1 Filed on September 12, 2024) March 31, 2024 (Original filed on May 20, 2024) Under-provision of tax expenses Income tax expenses $ (4,142,759 ) $ (4,142,759 ) $ - Over stateme

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 March 31, 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 17, 2025 By: /s/ Wei Hong Liu Name: Wei Hong Liu Title: Chief Executive Officer 4

View Full Filing

View this 8-K/A filing on SEC EDGAR