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Item 2. Management’s Discussion and Analysis

2024-12-12 compared with 2024-12-09 · 36 added, 83 removed, 61 unchanged (66% of the section changed)

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of financial

condition and results of operations should be read in conjunction with our financial statements and related notes included elsewhere in

condition and results of operations should be read in conjunction with our financial statements and related notes included elsewhere

in this report.

This discussion contains forward-looking statements that involve risks, uncertainties and assumptions.

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

Next Technology Holdings Inc (formerly known as

“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.

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issuing debt or equity securities or engaging in other capital raising transactions with the objective of using the proceeds to purchase

We view our bitcoin holdings as long-term

holdings and expect to continue to accumulate bitcoin.

We have not set any specific target for the amount of bitcoin we seek to hold,

and we will continue to monitor market conditions in determining whether to engage in additional financing 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

We view our bitcoin holdings as long-term holdings

and expect to continue to accumulate bitcoin.

We have not set any specific target for the amount of bitcoin we seek to hold, and we will

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

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Results of Operations

Results of Operations for the Nine-month

Period Ended September 30, 2024 and 2023

The following tables provide a comparison

of a summary of our results of operations for the nine-month period ended September 30, 2024 and 2023.

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

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Operating Expenses:

Other income/ (expenses)

(14,406,396 )

Gain from digital assets

General and administrative expenses

Net profit/ (loss) before income tax

(13,714,836 )

Income tax expenses

Net profit/ (loss)

$ (13,714,836 )

Revenue from Operations

the nine-month period ended September 30, 2024 and 2023, total revenue were $nil and $1,500,000 respectively.

The decrease is mainly due to decrease in AI SAAS revenue during the period.

General and Administrative Expenses

For the nine-month period ended September

30, 2024 and 2023, general and administrative expenses were $1,242,128 and $537,576 respectively.

The increase is mainly due to

an increase in BTC consulting fee and legal fees during the period.

Other Income/ (expenses)

The other income of $17,899,568 is mainly due to an increase in gain

from digital assets during the period as compared to the provision for bad debts of $11,347,054 in prior period.

Income tax expense

Net profit/ (loss)

As a result of the factors described above, there

was a net profit of $13,991,362 and net loss of $13,714,836 for the period ended September 30, 2024 and 2023, respectively.

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

Results of Operations for the Three-month

Period Ended September 30, 2024 and 2023

The following tables provide a comparison of a summary of our results

of operations for the three-month period ended September 30, 2024 and 2023.

September 30,

Service revenue

Cost of Revenue

Operating Expenses:

Other income/ (expenses)

(14,406,397 )

General and administrative expenses

Net profit/ (loss) before income tax

(13,412,061 )

Income tax income

$ (13,412,061 )

Revenue from Operations

the three-month period ended September 30, 2024 and 2023, total revenue was $nil and $1,500,000 respectively.

The decrease is mainly

due to decrease in AI SAAS system revenue during the period.

For the three-month period ended March 31, 2024

and 2023, total revenue were $nil respectively.

General and Administrative Expenses

For the three-month 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 increase is mainly due to an increase

in BTC consulting fee and legal fees during the period.

Other income/ (expenses)

The other income of $2,303,789 is mainly due to

loss from digital assets during the period.

The other expenses of $14,406,397 were mainly for fair value loss of digital assets of $3.05

million and provision for bad debts of $11.3 million in prior reporting 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 $1,372,076 and net loss of $13,412,061 for the period ended September 30, 2024 and 2023, respectively.

in net profit is mainly due to loss from digital assets and no provision for bad debts were incurred during the period.

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, 2024, we had cash on hand of $668,387.

no change in cash held 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, 2024, our cash flow used in operating activities is $81,332 for the period ended September 30, 2024 as compared to the net cash flow

from operating activities of $11,886,808 in prior period.

The decrease was mainly due to the turnaround of the net profit of $13.9 million from the net losses of $13.7 million in prior reporting

Investing activities

Cash provided used in investing activities was $nil for the period

ended September 30, 2024 as compared to cash used in investing activities of $37,115,500 in prior period.

The decrease is mainly due to

no digital assets being purchased 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 $81,332 for the period

ended September 30, 2024 as compared to cash provided by financing activities of $17,203,894.

The decrease is mainly due to lesser in

shareholders’ advance and no issuance of stock during the period as compared to the prior period.

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

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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financial statements.

QUANTITATIVE AND QUALITATIVE DISCLOSURES

ABOUT MARKET RISK

QUANTITATIVE AND

QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are a “smaller reporting company”

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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