Thu, Dec 12, 10:30 PM (36 days ago)
Next Technology Holdings Inc. (NXTT) filed Amendment No. 2 to its 10-Q for the quarter ending March 31, 2024. The amendment primarily addresses the restatement of financial statements, correcting errors in digital asset valuations, tax provisions, and related party transactions, resulting in a revised net profit of $19,546,495, contrasting with a loss of $166,295 in the previous year. The company reported no service revenue for both periods but recognized significant income from digital asset gains of $24,019,399. As of March 31, 2024, total assets increased to $73,081,526 from $49,064,580, driven by a rise in digital assets valued at $59,156,975. Liabilities also rose significantly, primarily due to deferred tax liabilities. Cash flow from operations was minimal, indicating tight liquidity management. The company continues to pursue a dual strategy of software development and bitcoin acquisition. Future operations may be impacted by market conditions affecting bitcoin prices and ongoing negotiations related to BTC contracts, which have seen adjustments due to market fluctuations. The financial health reflects volatility in digital asset markets, necessitating close monitoring by stakeholders.