Thu, Dec 12, 10:26 PM (67 days ago)
Next Technology Holdings Inc (WETG) filed Amendment No. 2 to its Form 10-Q for the quarter ended June 30, 2024, which includes restated financial statements due to prior errors. Key adjustments involve a reclassification of $594,140 from related party liabilities to equity and an under-provision of tax expenses, impacting net profit. As of June 30, 2024, total assets increased to $78,053,906, driven by digital assets valued at $50,733,354, up from $35,137,576 at year-end 2023. The company reported no service revenue for both the three and six months ended June 30, 2024, with a net loss of $6,927,209 for the quarter, compared to a loss of $136,480 in the prior year. However, for the six-month period, it achieved a net profit of $12,619,286, primarily due to gains from digital assets. Cash flow from operating activities was minimal, reflecting ongoing operational challenges. The company plans to continue acquiring Bitcoin, viewing it as a long-term investment. Future operations may hinge on successful execution of its Bitcoin acquisition strategy amid market fluctuations.