Wed, Aug 21, 7:22 PM (146 days ago)
For the quarter ended June 30, 2024, Next Technology Holdings Inc reported a significant financial turnaround, achieving a net profit of $12,629,816 compared to a net loss of $302,775 in the same period last year. This improvement was largely driven by a gain of $15,595,778 from digital assets, specifically bitcoin, while service revenue remained nil. Operating expenses increased to $675,143 from $302,775, primarily due to higher consulting fees related to bitcoin. The company's total assets rose to $78,053,906, up from $49,064,580 at year-end, bolstered by a substantial increase in digital asset holdings, which reached $50,733,354, compared to $35,137,576 previously. Cash and cash equivalents remained stable at $668,387. However, the company faced challenges, including a loss of $8,423,620 from digital assets in the most recent quarter. Future operations may be impacted by ongoing legal proceedings and the need for improved internal controls, as management acknowledged material weaknesses in financial reporting processes. Overall, the company is optimistic about its strategy of accumulating bitcoin while continuing to seek growth in software development services.