What changed in this filing

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Item 2. Management’s Discussion and Analysis

2024-09-12 compared with 2024-04-02 · 44 added, 99 removed, 55 unchanged (72% of the section changed)

MANAGEMENT’S DISCUSSION

AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL

CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of financial

4 unchanged sentences

statements as a result of certain factors discussed elsewhere in this report.

WeTrade Group, Inc was incorporated in the State of

Wyoming on March 28, 2019.

Next Technology Holdings Inc (formerly known as

“WeTrade Group, Inc”) was incorporated in the State of Wyoming on March 28, 2019.

We currently pursue two corporate strategies.

One business strategy is to continue providing software development

services, and the other strategy is to acquire and hold bitcoin.

One business strategy is to continue providing software development services, and the other strategy is to acquire and hold bitcoin.

Software development

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continue to monitor market conditions in determining whether to engage in additional financings to purchase additional bitcoin.

This overall strategy also contemplates that we may

(i) periodically sell bitcoin for general corporate purposes, including to generate cash for treasury management or in connection with

strategies that generate tax benefits in accordance with applicable law, (ii) enter into additional capital raising transactions that

are collateralized by our bitcoin holdings, and (iii) consider pursuing additional strategies to create income streams or otherwise generate

funds using our bitcoin holdings.

This overall strategy also contemplates that we

may (i) periodically sell bitcoin for general corporate purposes, including to generate cash for treasury management or in connection

with strategies that generate tax benefits in accordance with applicable law, (ii) enter into additional capital raising transactions

that are collateralized by our bitcoin holdings, and (iii) consider pursuing additional strategies to create income streams or otherwise

generate funds using our bitcoin holdings.

We believe that, due to its limited supply, bitcoin

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Results of Operations

Results of Operations for the Nine months period

Ended September 30, 2023 and 2022

The following tables provide a comparison of a summary

of our results of operations for the nine months period ended September 30, 2023 and 2022.

September 30,

Results of Operations for the Three months period

Ended March 31, 2024 and 2023

The following tables provide a comparison of a

summary of our results of operations for the three months period ended March 31, 2024 and 2023.

Service revenue

1 unchanged sentence

Operating Expenses:

Impairment losses on digital assets

Gain from digital assets

General and administrative expenses

Operation loss

Other (expenses) /income

(10,935,694 )

Net loss before income tax

(14,286,268 )

Net profit/ (loss) before income tax

Income tax expense

(14,286,268 )

Net profit/ (loss)

Revenue from Operations

For the nine-month period ended September 30,

2023 and 2022, total revenue was $1,633,836 and $nil respectively, the revenue is mainly generated from the AI software development and

SAAS software solutions for industrial and other businesses users.

Cost of revenue

Cost of revenue mainly consists of staff payroll,

system development costs and outsourcing staff cost for system development, which is in line with the increase in revenue during the

For the three-month period ended March 31, 2024

and 2023, total revenue were $nil respectively.

General and Administrative Expenses

For the nine months period ended September

For the three months period ended March 31, 2024

and 2023, general and administrative expenses were $330,145 and $166,295 respectively.

The decrease is mainly due to lesser

expenses were incurred for the Nasdaq IPO professional fees in Q3 2023 as compare to the prior period.

Other Income/(Expenses)

The other expenses of $10,935,694 is mainly

due to the loan waiver of amount due from related companies during the period.

As a result of the factors described above,

there was a net loss of $14,286,268 and net loss of $6,800,305 for the period ended September 30, 2023 and 2022, respectively.

in net loss is mainly due to the loan waiver of amount due from related companies during the period.

Results of Operations for the three months period

Ended September 30, 2023 and 2022

The following tables provide a comparison of a summary

of our results of operations for the three months period ended September 30, 2023 and 2022.

For the period

September 30,

From the period

September 30,

Service revenue- related parties

Cost of Revenue

Operating Expenses:

Impairment losses on digital assets

General and administrative expenses

Operation Loss

Other (expenses)/income

Net Loss before income tax

(14,286,268 )

Income tax expense

(14,286,268 )

Revenue from Operations

For the three-month period ended September 30, 2023 and 2022, total

revenue was $1,633,836 and $nil respectively, the revenue is mainly generated from the AI software development and SAAS software solutions

for industrial and other businesses users.

Cost of revenue

Cost of revenue mainly consists of staff payroll, system development

costs and outsourcing staff cost for system development, which is in line with the increase in revenue during the period.

General and Administrative Expenses

For the nine months period ended September 30, 2023 and 2022, general

and administrative expenses were $1,526,531 and $6,315,959 respectively.

The decrease is mainly due to no expenses were incurred for

the Nasdaq IPO professional fees in Q3 2023 as compare to the prior period.

Other Expenses

The other expenses of $10,935,694 is mainly due to the loan waiver

of amount due from related companies during the period.

As a result of the factors described above, there was a net loss

of $14,286,268 and net loss of $6,294,001 for the period ended September 30, 2023 and 2022, respectively.

The increase in net loss is

mainly due to the loan waiver of amount due from related companies of $10,935,694 and impairment losses on digital assets of $3,059,342

during the period.

The increase is mainly due to increase in BTC consulting

fee during the period.

The other income of $24,019,399 is mainly due

to gain from digital assets during the period.

As a result of the factors described above, there

was a net profit of $19,546,495 and net loss of $166,295 for the period ended March 31, 2024 and 2023, respectively.

The increase in net

profit is mainly due to gain from digital assets during the period.

Liquidity and Capital Resources

As of September 30, 2023, we had cash on hand of $1,416,885.

increase is mainly due to the proceed from disposal of subsidiaries of $4,500,000 during the period.

As of March 31, 2024, we had cash on hand of $668,388.

change in cash held during the period.

Operating activities

As of September 30, 2023, our cash flow provided by operating activities

is $8,883,987 for the period ended September 30, 2023 as compared to the cash flow used in operating activities of $40,801,222 in prior

The increase was mainly due to increase in assets related to discontinued operation as compare to the prior period.

Investing activities

As of September 30, 2023, cash used in investing activities

is $24,990,000 for the period ended September 30, 2023 as compared to the cash flow provided by investing activities of $433,119

in prior period.

The increase was mainly due to acquire of 833 BTC for the approximately $25 million in cash during the period.

of March 31, 2024, our cash flow used in operating activities is $530 for the period ended March 31, 2024 as compared to the cash flow

used in operating activities of $511,772 in prior period.

The decrease was mainly due to higher fair value gain in BTC were made in prior

Financing activities

Cash provided by our financing activities was $17,498,841 for the

period ended September 30, 2023 as compared to cash provided by financing activities of $41,266,941.

The decrease is mainly due to lesser

in share placement of approximately $12.6 million during the period as compare to the share placement of $37.5 million in prior period.

provided by our financing activities was $635 for the period ended March 31, 2024 as compared to cash provided by financing

activities of $186,000.

The decrease is mainly due to lesser in shareholders’ advance during the period as compare to the

prior period.

Inflation does not materially affect our business

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Recent Accounting Pronouncements

We have reviewed all the recently issued, but not

yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company

We have reviewed all the recently issued, but

not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company

financial statements.

QUANTITATIVE AND QUALITATIVE

DISCLOSURES ABOUT MARKET RISK

We are a “smaller reporting company” as

defined by Item 10(f)(1) of Regulation S-K, and as such are not required to provide the information contained in this item pursuant to

Item 305 of Regulation S-K.

QUANTITATIVE AND QUALITATIVE DISCLOSURES

ABOUT MARKET RISK

We are a “smaller reporting company”

as defined by Item 10(f)(1) of Regulation S-K, and as such are not required to provide the information contained in this item pursuant

to Item 305 of Regulation S-K.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q/A

Item 2. Management’s Discussion and Analysis