Next Technology Holding Inc.
For the period ended Dec 31, 2024. Filed Mar 27, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Mar 27, 2025
NXTT$4.47-1.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2023-12-31; filed 2024-04-15.
0001099910-24-000189
Item 7. Quantitative and Qualitative Disclosures about Market RiskCurrent report: 10-K
Period ended 2024-12-31; filed 2025-03-27.
0001013762-25-003282
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
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Added paragraphs (66)
Current report
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Current report
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 this annual report. This discussion contains forward-looking statements that involve risks, uncertainties and assumptions. See “Cautionary Note Regarding Forward-Looking Statements.” Our actual results could differ materially from those anticipated in the forward-looking statements as a result of certain factors discussed elsewhere in this annual report*.*
Current report
Overview
Current report
Next Technology Holding 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.
Current report
We provide AI-enabled software development services to our customers, which include developing, designing, and implementing various SAAS software solutions for businesses of all types, including industrial and other businesses.
Current report
Our Bitcoin acquisition strategy generally involves acquiring Bitcoin with our liquid assets that exceed working capital requirements, and from time to time, subject to market conditions, issuing debt or equity securities or engaging in other capital raising transactions with the objective of using the proceeds to purchase Bitcoin.
Current report
We view our Bitcoin holdings as held for trading and expect to continue to accumulating 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.
Current report
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.
Current report
We believe that, due to its limited supply, Bitcoin offers the opportunity for appreciation in value if its adoption increases and has the potential to serve as a hedge against inflation in the long term.
Current report
Change of Officer and Director
Current report
On January 31, 2024, approved by the Board of Directors, the Nominating Committee and the Compensation Committee, Mr. Liu Wei Hong was appointed as the chief executive officer of the Company, effective January 31, 2024.
Current report
On August 12, 2024, Mr. Lim Kian Wee tendered his resignation as a director of the Company and Chair of the Audit Committee, effective August 12, 2024. On the same day, approved by the Board of Directors, the Nominating Committee and the Compensation Committee, Mr. Tian Yang was appointed as the director of the Company and Chair of the Audit Committee, effective August 12, 2024.
Current report
On October 21, 2024, Mr. Ken Tsang tendered her resignation as a Chief Financial officer of the Company, effective October 21, 2024. On the same day, approved by the Board of Directors, the Nominating Committee and the Compensation Committee, Ms. Eve Chan was appointed as the Chief Financial Officer of the Company, effective October 21, 2024.
Current report
As of the end of 2024:
Current report
Mr. Lichen Dong is the Chairman of the Board.
Current report
The Audit Committee of the Company is composed of all four independent directors (Lichen Dong, Tian Yang, Mahesh Thapaliya and Jianbo Sun) as members, and Tian Yang is the Chair of the Audit Committee.
Current report
The Nominating Committee of the Company is composed of all four independent directors (Lichen Dong, Tian Yang, Mahesh Thapaliya and Jianbo Sun) as members, and Lichen Dong is the Chair of the Nominating Committee.
Current report
The Compensation Committee of the Company is composed of all four independent directors (Lichen Dong, Tian Yang, Mahesh Thapaliya and Jianbo Sun) as members, and Jianbo Sun is the Chair of the Compensation Committee.
Current report
Each of Lichen Dong, Tian Yang, Mahesh Thapaliya and Jianbo Sun qualifies as an independent director under rules of The Nasdaq Stock Market, and does not have a family relationship with any director or executive officer of the Company, and has not been involved in any transaction with the Company during the past two years that would require disclosure under Item 404(a) of Regulation S-K.
Current report
Result of Operations
Current report
The following tables provide a comparison of a summary of our results of operations for the fiscal years ended December 31, 2024 and 2023.
Current report
Results of Operations for the fiscal years ended December 31, 2024 and 2023
Current report
Revenue from Operations
Current report
For the fiscal year ended December 31, 2024 and 2023, total revenue was US$1.80 million and US$2.50 million, respectively. The revenue is mainly generated from the AI software development and SAAS software solutions for industrial and other businesses users.
Current report
Cost of revenue
Current report
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.
Current report
General and Administrative Expenses
Current report
For the fiscal year ended December 31, 2024, general and administrative expenses was US$1.09 million, compared to US$2.67 million for the fiscal year ended December 31, 2023. The notable decrease of US$1.58 million is primarily attributed to reductions in compliance fees, annual block chain consulting fees, and other professional service fees.
Current report
Impairment of long-term investment
Current report
In April 2024, there were 3,940,000 shares issued with the total amount of US$13.40 million for the acquisition of 20% of an associate company.
Current report
We have conducted an impairment test on this long-term equity investment in accordance with ASC820 and has fully provided for impairment losses.
Current report
Other income
Current report
For the fiscal year ended December 31, 2024 and 2023, other income were US$43.19 million and US$4.39 million, respectively. The increase in other income is due to Bitcoin value appreciation of US$43.18 million and US$10.15 million for the years ended December 31, 2024 and 2023, which offset by waiver of related company loan of US$5.81 million during the year of 2023.
Current report
Income tax expense
Current report
For the fiscal year ended December 31, 2024 and 2023, the Company recorded income tax expense of US$8.23 million and US$0.13 million in 2024 and 2023, respectively.
Current report
Net income from continuing operation
Current report
As a result of the factors described above, for the fiscal year ended December 31, 2024 and 2023, there was a net income from continuing operation of US$21.54 million and US$3.02 million, respectively. The increase is mainly due to gain in fair value in digital assets and offset by increase in income tax expense and impairment loss of long-term investment.
Current report
The following chart provides a summary of our balance sheets for the fiscal years ended December 31, 2024 and 2023. It should be read in conjunction with the financial statements, and notes thereto.
Current report
As of December 31, 2024, we had total assets of US$92.92 million, which mainly consisted of US$0.67 million in cash, US$78.32 million in digital assets, and US$13.93 million in other receivables and prepayments; we had total liabilities of US$11.29 million which consisted of US$0.73 million in accounts payable, US$0.97 million in amount due to related parties,US$1.35 million in other liabilities and US$8.24million in deferred tax liabilities; we had total stockholders’ equity of US$81.63million.
Current report
As of December 31, 2023, we had total assets of US$48.93 million, which mainly consisted of US$0.67 million in cash, US$35.14 million in digital assets, and US$13.12 million in other receivables and prepayments; we had total liabilities of US$4.22million which consisted of US$0.80 million in accounts payable, US$1.69 million in amount due to related parties and US$1.73 million in other liabilities; we had total stockholders’ equity of US$44.71 million.
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Removed paragraphs (2)
Previous report
ITEM 7. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Previous report
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.