Mon, Dec 9, 9:58 PM (39 days ago)
In the Form 10-Q/A for Next Technology Holdings Inc (WETG) for the quarter ending September 30, 2024, the company reported significant changes in financial performance compared to the same period in 2023. Revenue dropped to $0 from $1,500,000, primarily due to the cessation of AI software service revenue. However, the company achieved a net profit of $13,991,362, contrasting with a net loss of $13,714,836 in the prior year, largely attributed to a fair value gain of $17,899,568 from digital assets. Total assets surged to $79,433,755, driven by a substantial increase in digital assets valued at $53,037,144, up from $35,137,576 at year-end 2023. Operating expenses rose to $1,242,128 due to higher consulting and legal fees. Cash flow from operating activities was a negative $81,332, a notable decline from $11,886,808 in the previous year. The company also disclosed an Amended BTC Trading Contract allowing the purchase of up to 5,167 BTC, which could substantially dilute current shareholder equity. The company is navigating uncertainties related to its digital asset strategy and ongoing legal proceedings.