Financial Performance - Net income from continuing operations for the three months ended March 31, 2025, was $193,440,425, a substantial increase from $19,546,495 in the same period of 2024, reflecting a growth of about 887%[17] - Other income for the three months ended March 31, 2025, was $245,311,156, significantly up from $24,019,399 in 2024, primarily due to gains from digital assets[125] - For the three months ended March 31, 2025, the Company reported a net income of $193,440,425, compared to a net loss of $19,546,495 for the same period in 2024[126] Asset Growth - Total assets increased significantly to $483,825,640 as of March 31, 2025, compared to $92,916,317 as of December 31, 2024, representing a growth of approximately 420%[15] - The total stockholders' equity rose to $421,026,654 as of March 31, 2025, up from $81,628,062 as of December 31, 2024, marking an increase of around 416%[15] - The Company’s digital assets holdings increased from $78,322,430 on December 31, 2024, to $481,717,253 on March 31, 2025, reflecting a significant fair value gain of $245,311,156 for the three months ended March 31, 2025[71] Bitcoin Holdings and Strategy - The company held 5,833 bitcoins as of March 31, 2025, with a total fair value of $481,717,253, compared to 833 bitcoins valued at $78,322,430 as of December 31, 2024, reflecting a significant increase in both quantity and value[15][32] - The company plans to continue its strategy of acquiring bitcoin with liquid assets exceeding working capital requirements, indicating a focus on long-term asset appreciation[27][30] - The company aims to generate cash for treasury management through periodic sales of bitcoin, highlighting a strategy for liquidity management[31] Shareholder Information - The weighted-average shares outstanding increased to 97,604,030 for the three months ended March 31, 2025, compared to 2,625,130 in the prior year, indicating a substantial increase in share issuance[17] - The Company has unlimited authorized shares of $0.00 par value common stock, with 436,265,135 shares issued and outstanding as of March 31, 2025[61] - The Company executed a 1-for-185 reverse stock split, reducing outstanding shares from 195,057,503 to 1,054,530 shares[96] Expenses and Financial Management - Operating expenses for the three months ended March 31, 2025, were $449,858, compared to $330,145 in the same period of 2024, representing an increase of approximately 36%[17] - General and administrative expenses increased to $449,858 for the three months ended March 31, 2025, from $330,145 in 2024, mainly due to higher litigation-related legal fees[124] - The company has not generated any revenue from its SAAS business for the three months ended March 31, 2025, and 2024[103] Tax and Compliance - The Company is subject to a U.S. Federal tax rate of 21% and has a subsidiary in Hong Kong subject to a 16.5% profits tax[104] - The company has adopted ASU 2023-09 for improved income tax disclosures, effective for fiscal years beginning after December 15, 2024[69] Legal Matters - A derivative lawsuit was filed against the company by purported shareholders seeking control, which was dismissed without prejudice on October 18, 2023[143] - The Chancery Court granted a temporary restraining order on November 7, 2023, restraining unauthorized individuals from claiming to act on behalf of the company[145] - A new lawsuit was initiated against the company in the WY District Court seeking inspection of certain corporate records[147] Internal Controls and Governance - As of March 31, 2025, the company concluded that its disclosure controls and procedures were not effective due to limited internal resources and lack of transaction review[136] - Management identified material weaknesses in internal audit functions and lack of segregation of duties within accounting functions[137] - The company plans to implement procedures to assure that the initiation of transactions, custody of assets, and recording of transactions will be performed by separate individuals[138]

Core Points - WeTrade has launched the Trading Blitz Race 2025, a live trading competition with a total prize pool of $200,000 [1][3] - The competition runs from May 1 to July 31, 2025, with the grand champion receiving $100,000 and weekly prizes of $2,000 for highest weekly profit and largest trading volume [3][4] - A new feature this year is free real-time copy trading, allowing non-participating traders to follow the top 20 traders' strategies without fees [4][7] Company Overview - WeTrade is a globally recognized financial broker founded in 2015, known for its innovative online trading services and commitment to excellence [9] - The company offers ultra-low spreads, flexible leverage options, and strong capital security, earning awards such as Most Trusted Broker and Best Loyalty Program Broker [9] - WeTrade plans to expand its competition series and educational initiatives to empower more traders in global markets [8]

Bitcoin Holdings and Strategy - As of December 31, 2024, the Company has accumulated Bitcoin holdings valued at $78,322,430, with a fair value gain of $53,332,430 since the original cost basis of $24,990,000[20]. - The Company purchased Bitcoin worth $24,990,000 during the year, resulting in a total of 833 Bitcoin held[20]. - The fair value of the Company's Bitcoin holdings increased by $10,147,576 from December 31, 2022, to December 31, 2023[20]. - The Company plans to continue its strategy of acquiring Bitcoin using liquid assets exceeding working capital requirements and may engage in capital raising transactions to fund additional purchases[17]. - The Company views its Bitcoin holdings as trading assets and has not set a specific target for the amount of Bitcoin to hold, indicating a flexible approach based on market conditions[18]. - The Company may periodically sell Bitcoin for corporate purposes, including treasury management and tax benefit strategies[19]. - The company holds substantially all of its Bitcoin in custody accounts at institutional-grade custodians, with a strategy to acquire Bitcoin using liquid assets exceeding working capital requirements[60]. - The company entered into an Amended BTC Trading Contract to purchase up to 5,167 BTC at US$30,000 per BTC over a 12-month period, indicating a strategic move to expand its digital asset holdings[197]. Regulatory Environment - The regulatory environment in Hong Kong currently does not impose significant restrictions on the Company's operations, but future changes in PRC laws could impact its business[21]. - The Company is not currently required to obtain regulatory approvals from PRC authorities for its operations in Hong Kong, but future changes in regulations could pose risks[31]. - The evolving regulatory landscape for digital assets may affect the Company's operations, as different jurisdictions have varying approaches to the legality and regulation of Bitcoin and other digital assets[35]. - The company's business operations are not currently impacted by the cryptocurrency restrictions imposed by the Chinese government[42]. - The People's Bank of China has issued multiple notices emphasizing that Bitcoin is a virtual commodity and prohibiting financial institutions from providing Bitcoin-related services[43][44]. - The most recent regulatory measure from the People's Bank of China bans overseas cryptocurrency exchanges from providing services to residents in mainland China[45]. - The U.S. federal government is actively considering regulatory measures for digital assets, including the potential creation of a U.S. CBDC[49]. - The European Union's Markets in Crypto Assets Regulation became effective in June 2023, with various requirements phasing into effect through 2024[50]. - The SEC has filed complaints against major cryptocurrency exchanges, alleging violations related to the operation of unregistered securities exchanges[50]. - Binance Holdings Ltd. agreed to pay $4.3 billion in penalties to resolve a multi-year investigation by U.S. regulatory agencies[50]. - The SEC is evaluating the definition of "exchange" to encompass trading systems for digital asset securities, which could significantly impact digital asset trading venues[49]. - The U.S. Treasury Department's Office of Foreign Assets Control has updated advisories regarding the use of virtual currencies and has engaged in enforcement actions against digital asset exchanges[41]. - Future changes in business strategies could expose the company to evolving PRC Crypto Restrictions, potentially impacting operations[48]. Financial Performance - For the fiscal year ended December 31, 2024, total revenue was $1.80 million, a decrease of 28% from $2.50 million in 2023[173]. - Gross profit for 2024 was $1.07 million, down from $1.43 million in 2023, reflecting a decline in service revenue[172]. - General and administrative expenses decreased significantly to $1.09 million in 2024 from $2.67 million in 2023, a reduction of approximately 59%[175]. - Other income surged to $43.19 million in 2024, compared to $4.39 million in 2023, primarily due to Bitcoin value appreciation[177]. - The company reported a net income from continuing operations of $21.54 million for 2024, a substantial increase from $3.02 million in 2023[172]. - An impairment of long-term investment of $13.40 million was recognized in 2024 following the acquisition of 20% of an associate company[176]. - Total assets as of December 31, 2024, amounted to US$92.92 million, up from US$48.93 million in 2023, with digital assets increasing from US$35.14 million to US$78.32 million[182][183]. - The company reported total liabilities of US$11.29 million in 2024, compared to US$4.22 million in 2023, with deferred tax liabilities of US$8.24 million[182][183]. - Cash and cash equivalents remained stable at US$668,387 for both 2024 and 2023, despite fluctuations in cash flows from operating activities[184]. - The company had net cash flows used in continued operating activities of US$0 in 2024, a recovery from US$12.70 million in 2023[184][186]. - Cash flows used in continued investing activities were nil in 2024, contrasting with US$37.12 million in 2023, primarily due to significant Bitcoin acquisitions[188]. - The total stockholders' equity increased to US$81.63 million in 2024 from US$44.71 million in 2023, reflecting strong financial growth[182][183]. Corporate Governance and Legal Matters - The Company remains under the control of its current board of directors, consisting of Lichen Dong (Chairman), Tian Yang, Mahesh Thapaliya, and Jianbo Sun[82]. - On April 8, 2024, the Chancery Court dismissed the plaintiffs' case with prejudice, allowing the Company to reserve its right to seek fees[82]. - The Company faced a new lawsuit on September 6, 2024, in the Wyoming State District Court, seeking inspection of certain corporate records[83]. - The Company opposed a motion for preliminary injunction filed on December 9, 2024, asserting it was without merit[84]. - The Company moved to dismiss a case in the NY Court on September 9, 2024, citing unauthorized guarantees as null and void[85]. - The company has not declared or paid any dividends to shareholders as of the date of the annual report, and there are no current cash management policies in place[53]. - The company has not made any distributions of dividends or assets among the holding company or subsidiaries as of the date of the annual report[53]. - The company is subject to the Holding Foreign Company Accountable Act, which could lead to delisting if its auditor cannot be inspected for two consecutive years[51]. - A temporary restraining order was granted on November 7, 2023, to prevent unauthorized individuals from claiming to act on behalf of the company[133]. - A derivative lawsuit was filed on September 28, 2023, but was dismissed without prejudice on October 18, 2023[131]. Employee and Operational Matters - The company currently has 6 full-time employees across various functions, including 2 in technology and 2 in the financial department[73]. - The company has not formed any employee union or association and maintains a good working relationship with its employees[74]. - The company has complied with local regulations regarding social security and employee insurance[113]. - The company has established procedures for managing cybersecurity risks, including regular risk assessments and employee training[125]. - The company has not identified any significant cybersecurity risks that could materially affect its business strategy or financial condition[127]. - Inflation has not materially affected the company's business or operational results[190]. - No changes in internal control over financial reporting that materially affected the company during the most recently completed fiscal quarter[209]. Taxation - The Enterprise Income Tax rate for resident enterprises is set at 25%[104]. - The VAT rate for taxpayers selling goods is 17%, with specific rates for other services[106]. - The applicable VAT rate for the company is currently 6%, and the income tax rate is 25%[107]. - The company is eligible for receiving tax refunds according to certain favorable government policies starting from 2021[107]. - The Hong Kong profits tax is imposed at rates of 8.25% on assessable profits up to HKD 2,000,000 and 16.5% on profits over HKD 2,000,000[120]. - The Hong Kong stamp duty is currently charged at an ad valorem rate of 0.1% on the higher of the consideration or market value of shares, totaling 0.2% for a typical transaction[121]. Management Experience - Weihong Liu, the CEO, has over 10 years of experience in investment and research in crypto assets and blockchain technology[214]. - Nan Ding, the COO, has over 24 years of operational management experience in cross-border investment and international trade[215].

Financial Performance - Net profit from continuing operations for the nine months ended September 30, 2024, was $1,372,076, a recovery from a loss of $13,412,061 in the same period last year[13]. - Earnings per share from continuing operations improved to $0.20, compared to a loss of $9.47 in the previous year[13]. - The company reported a gross profit of $1,229,136 for the nine months ended September 30, 2024, compared to a gross profit of $1,500,000 in the previous year[13]. - The company recognized other income of $2,303,789, contrasting with a significant loss of $14,406,397 in the previous year[13]. - Net profit for the nine months ended September 30, 2024, was $13,991,362, compared to a net loss of $13,714,836 for the same period in 2023[3]. - For the three months ended September 30, 2024, the company reported a net profit of $1,372,076 compared to a net loss of $(13,412,061) for the same period in 2023[56]. - The net loss for the three-month period ended September 30, 2024 was $1,372,076, compared to a net loss of $13,412,061 in 2023, with the improvement attributed to the absence of bad debt provisions[116]. Assets and Liabilities - Total assets increased to $79,433,755 as of December 31, 2023, up from $48,931,463[9]. - Digital assets rose significantly to $53,037,144, compared to $35,137,576 previously[9]. - Current liabilities decreased to $2,691,503 from $4,223,087, indicating improved financial health[9]. - Total stockholders' equity increased to $74,076,174, up from $44,708,376[9]. - The number of common shares outstanding increased to 6,976,410 from 2,625,130[9]. - Retained earnings improved to $2,357,384 from an accumulated deficit of $11,640,274[9]. - Cash and cash equivalents at the end of the period were $668,387, compared to $1,416,324 at the end of the same period in 2023[3]. - As of September 30, 2024, accounts receivable were $0, down from $1,000,000 as of December 31, 2023[70]. - The amount due to shareholders was $300,055, representing advances and professional expenses paid on behalf of shareholders[84]. - The Company had account payables of $800,000 as of December 31, 2023, related to software services fees[85]. - Other payables as of September 30, 2024, included unpaid professional fees totaling $1,082,500[86]. Digital Assets and Bitcoin Strategy - The fair value gain from digital assets for the nine months ended September 30, 2024, was $17,899,568, while the gain for the same period in 2023 was $3,059,342[3]. - The company held approximately 833 bitcoins as of September 30, 2024, with a carrying value of approximately $53,037,144, up from $35,137,576 at the end of 2023[33]. - The fair value change of digital assets during the period resulted in a total gain of $17,899,568, reflecting the company's strategy to hold bitcoin as a long-term investment[26]. - The company has not set a specific target for the amount of bitcoin it seeks to hold, indicating a flexible acquisition strategy based on market conditions[24]. - The company expects to continue providing AI-enabled software development services while pursuing its bitcoin acquisition strategy[21]. - The company entered into an Amended BTC Trading Contract allowing the purchase of up to 5,167 BTC at a price of $30,000 per BTC over a 12-month period[61]. - The Company decided to halt the 1,000 BTC Purchase and renegotiate terms to acquire 5,167 BTC, the maximum allowed under the BTC Contract[78]. - The Company purchased 833 BTC and made a prepayment of approximately $12,125,500, representing 40% of the total purchase price for an additional 1,000 BTC[76]. - The aggregate price for the 5,000 BTC Purchase was agreed to be paid through the issuance of 40,000,000 shares valued at $3.75 per share and warrants for 80,000,000 shares at an exercise price of $2.6 per share[77]. - The Company has not made any advance payment or exercised its option to purchase any BTC under the BTC Option Contract[146]. - The Company does not intend to exercise its option to purchase any BTC under the BTC Option Contract[146]. Revenue and Expenses - Total revenue for the nine-month period ended September 30, 2024 was $nil, a decrease from $1,500,000 in the same period of 2023, primarily due to a decline in AI SAAS revenue[108]. - General and administrative expenses increased to $1,242,128 for the nine-month period ended September 30, 2024, compared to $537,576 in 2023, mainly due to higher BTC consulting and legal fees[108]. - Other income for the nine-month period was $17,899,568, significantly higher than the prior period's provision for bad debts of $11,347,054[109]. - For the three-month period ended September 30, 2024, total revenue was $nil, down from $1,500,000 in 2023, attributed to a decrease in AI SAAS system revenue[114]. - General and administrative expenses for the three-month period increased to $566,983 from $234,800 in 2023, reflecting higher consulting and legal fees[114]. - Other income for the three-month period was $2,303,789, primarily due to losses from digital assets, while prior period expenses included a fair value loss of $3.05 million and bad debt provisions[115]. Shareholder Information - The issuance of shares related to the Amended BTC Contract will dilute existing stockholders' ownership to approximately 4.91% after the issuance of 135,171,078 shares[66]. - The Company issued 3,940,000 shares for $13,396,000 to acquire 20% of an associate company in April 2024[80]. - The Company has obtained requisite stockholder approval for the Amended 5,000 BTC Transaction on September 24, 2024[69]. Financial Reporting - The financial statements from the quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2024, include the Balance Sheet, Statement of Income, Statement of Cash Flows, and Notes to the Financial Statements[149].

Financial Performance - The company reported a net loss from continuing operations of $6,916,679 for the three months ended June 30, 2024, compared to a loss of $166,294 for the same period in 2023[14]. - As of June 30, 2024, the company reported a net profit of $12,629,816, a significant improvement compared to a net loss of $302,775 for the same period in 2023[21]. - Basic and diluted net profit per share was $3.52 for the period ended June 30, 2024, compared to a loss of $0.29 in the same period of 2023[51]. Assets and Liabilities - Total current assets increased to $64,657,906 as of June 30, 2024, compared to $49,064,580 at the end of 2023, representing a growth of approximately 32%[9]. - Total liabilities remained stable at $5,934,111 as of June 30, 2024, compared to $4,350,496 at the end of 2023, indicating a slight increase in financial obligations[9]. - Stockholders' equity rose to $72,119,795 as of June 30, 2024, up from $44,714,084 at the end of 2023, reflecting an increase of approximately 61%[9]. - The company held cash in bank amounting to $668,387 as of June 30, 2024[57]. - Accounts receivables stood at $1,130,665 as of June 30, 2024, slightly down from $1,133,117 at the end of 2023[62]. Digital Assets - The company anticipates continued growth in digital assets, which amounted to $50,733,354 as of June 30, 2024, up from $35,137,576[9]. - The company's digital assets had a carrying value of approximately $50,733,354 as of June 30, 2024, up from $35,137,576 at December 31, 2023[34]. - The gain on digital assets during the period was $15,595,778, compared to a gain of $10,147,576 for the previous year[34]. - Digital assets holdings increased to $50,733,354 as of June 30, 2024, up from $35,137,576 at the end of 2023, with a gain of $15,595,778 recognized in the first half of 2024[60]. - The company held approximately 833.19 bitcoins as of June 30, 2024, consistent with the previous reporting period[34]. Shareholder Information - The company issued 4,351,280 common shares during the period, increasing total shares outstanding to 6,976,410[16]. - The weighted-average common shares outstanding increased to 3,590,757 for the period ended June 30, 2024, up from 1,054,530 in the prior year[51]. - The amount due to shareholders was $607,197 as of June 30, 2024, reflecting advances and professional expenses paid on behalf of shareholders[67]. - The company has issued a total of 6,976,410 shares with no par value as of June 30, 2024, following various share issuances and a reverse stock split[76]. Operational Insights - The company experienced a significant other income of $15,595,778 for the six months ended June 30, 2024, compared to a loss of $8,423,620 in the previous period[14]. - The company reported net cash flows used in operating activities of $(529) for the six months ended June 30, 2024, compared to $(648,252) for the same period in 2023[21]. - Future strategies include exploring new manufacturing partnerships and expanding market presence, although specific numerical targets were not disclosed[4]. - The company provides AI-enabled software development services, focusing on various SaaS solutions for businesses[24]. - The company plans to continue its strategy of acquiring bitcoin with liquid assets exceeding working capital requirements[25]. - The company has not set a specific target for the amount of bitcoin it seeks to hold, indicating a flexible approach based on market conditions[25]. Regulatory and Market Context - The RMB to USD exchange rate was 7.22 as of June 30, 2024, compared to 7.09 as of December 31, 2023[38]. - The company is subject to U.S. Federal tax laws and has not recognized an income tax benefit for its operating losses in the United States due to the expectation of not commencing active operations there[77]. - The company is classified as a "smaller reporting company" under Regulation S-K, thus not required to disclose certain market risk information[96].

Financial Performance - Net profit for the three months ended March 31, 2024, was $23,883,878, compared to a net loss of $212,194 for the same period in 2023, indicating a significant turnaround[10]. - The company reported other income of $24,214,021 for the three months ended March 31, 2024, which contributed to the overall profit before income taxes of $23,883,878[10]. - The net profit for the three months ended March 31, 2024, is reported at $23,883,878, with a net profit per share of $9.10, compared to a loss of $212,194 and a loss per share of $0.08 for the same period in 2023[49]. - The company recognized a gain of $24,214,021 on digital assets, compared to $10,216,901 for the same period in 2023, reflecting a 137% increase[57]. - Operating expenses for the three months ended March 31, 2024, were $330,143, up from $212,194 in the same period of 2023, reflecting increased operational costs[10]. - General and administrative expenses increased to $330,143 for the three months ended March 31, 2024, from $212,194 in the prior year, primarily due to higher BTC consulting fees[88]. Assets and Equity - Total current assets increased to $73,345,474 as of March 31, 2024, up from $49,133,905 as of December 31, 2023, representing a growth of approximately 49.2%[9]. - Total stockholders' equity increased to $68,809,595 as of March 31, 2024, compared to $44,925,822 as of December 31, 2023, reflecting a growth of approximately 53.3%[9]. - The company’s accumulated deficits decreased to $12,461,058 as of March 31, 2024, from $11,422,820 as of December 31, 2023, showing an improvement in financial health[9]. - As of March 31, 2024, the company holds approximately 833.19 bitcoins with a carrying value of $59,420,922, compared to $35,206,901 as of December 31, 2023, reflecting a gain of $24,214,021 during the period[31]. - The fair value of digital assets increased by $24,214,021 during the period, with the market value of digital assets reaching $59,420,922 as of March 31, 2024[30]. - The accounts receivable as of March 31, 2024, stood at $1,130,664, slightly down from $1,133,116 as of December 31, 2023[59]. Cash and Cash Equivalents - Cash and cash equivalents remained stable at $668,388 as of March 31, 2024, unchanged from the previous reporting period[10]. - The company maintains cash and cash equivalents of $668,388 as of March 31, 2024, unchanged from December 31, 2023[55]. - As of March 31, 2024, the company had cash on hand of $668,388, with no change in cash held during the period[88]. Business Strategy - The company continues to pursue a strategy of acquiring and holding bitcoin, viewing it as a long-term investment without a specific target for the amount to hold[21]. - The company plans to monitor market conditions to determine whether to engage in additional financings to purchase more bitcoin, indicating a proactive approach to asset management[22]. - The company has a prepayment of approximately $12,125,500 for 1,000 BTC, expected to be delivered by May 2024 at a lock-up price of $30,000 per BTC[62]. Revenue Generation - The company has not generated any service revenue for the three months ended March 31, 2024, indicating a focus on digital asset management rather than traditional service offerings[10]. - The company has not generated any revenue from its SaaS business during the period ended March 31, 2024[53]. Corporate Changes - The company changed its name to Next Technology Holding Inc effective April 2, 2024, with its common stock continuing to trade under the ticker symbol "NXTT" on NASDAQ[77]. - The company entered into a share purchase agreement to acquire 2,000 shares of Future Dao Group Holding Limited for an aggregate purchase price of $13,396,000, expected to close by the end of April 2024[76]. - The company’s total issued and outstanding common stock increased to 2,625,130 shares as of March 31, 2024, following the issuance of 1,570,600 shares in September 2023[72]. Accounting and Compliance - Financial statements are prepared in accordance with GAAP, requiring management to make estimates and assumptions[91]. - The company follows ASC 606 for revenue recognition, which includes a five-step model for recognizing revenue from contracts[29]. - Digital assets are accounted for as indefinite-lived intangible assets, recorded at cost and measured net of impairment losses[30]. - Recent accounting pronouncements are not expected to have a material impact on the company's financial statements[92]. - The company is classified as a "smaller reporting company" and is not required to provide certain market risk disclosures[94]. Market Conditions - Inflation does not materially affect the company's business or operational results[90]. - The RMB to USD exchange rate was 7.22 as of March 31, 2024, compared to 7.09 as of December 31, 2023[35]. - The company does not have any off-balance sheet arrangements[90].

Bitcoin Acquisition and Strategy - The company acquired bitcoin worth $24,990,000, resulting in a market value of $35,206,901 and a digital asset gain of $10,216,901 as of December 31, 2023[13]. - The company holds a total of 833 bitcoins, maintaining this number since the previous year[13]. - The company plans to continue accumulating bitcoin as long-term holdings without setting a specific target for the amount[11]. - The company may periodically sell bitcoin for corporate purposes, including treasury management and tax benefits[12]. - The bitcoin acquisition strategy involves using liquid assets exceeding working capital requirements and may include issuing debt or equity securities[51]. - The total supply of bitcoin is capped at 21 million, with the current mining reward at 6.25 bitcoin per block, expected to halve to 3.125 bitcoin in April 2024[54]. - On January 10, 2024, the SEC approved the listing and trading of shares of spot bitcoin exchange-traded products (ETPs) on U.S. national securities exchanges, marking a significant regulatory milestone for direct bitcoin investment[57]. - The Bitcoin market's value is influenced by supply and demand dynamics, market expectations for bitcoin adoption, and the number of merchants accepting bitcoin as payment[58]. Regulatory Environment - Regulatory changes in Hong Kong and potential impacts from PRC laws could affect the company's operations and ability to offer securities[24]. - The company is not currently required to obtain regulatory approvals from PRC authorities for its operations in Hong Kong[24]. - The company faces risks associated with operating in Hong Kong, including scrutiny and potential changes in PRC policies that could impact profitability[27]. - The company is aware of the evolving regulatory landscape in China, which may affect its business operations and foreign investments[25]. - The SEC has initiated targeted reviews of filings for companies with significant China-based operations, which may impact their market activities[28]. - The U.S. regulatory landscape for digital assets is evolving, with multiple agencies examining the operations of digital asset networks and exchanges[31]. - The CFTC considers certain digital assets, including bitcoin, as commodities, which subjects them to market manipulation and fraud oversight[33]. - The SEC does not classify bitcoin as a security under federal securities laws, but this is not an official policy statement[34]. - The PCAOB has secured complete access to inspect public accounting firms in mainland China and Hong Kong, which may affect companies' compliance under the HFCAA[39]. Financial and Tax Compliance - NEXT TECHNOLOGY HOLDING INC. relies on dividends from its Hong Kong and PRC subsidiaries to fund cash requirements, but no dividends have been distributed as of the report date[42][43]. - The company intends to retain all available funds for business operations and expansion, with no anticipated dividends in the foreseeable future[44]. - The current Value-added Tax (VAT) rate applicable to the company is 6%, with a previous adjustment from 17% to 16% and then to 13% for certain sales[96]. - The withholding tax on dividends for non-PRC resident investors is generally 10%, which can be reduced to 5% under certain conditions for Hong Kong resident enterprises[99]. - The company is eligible for tax refunds under certain favorable government policies starting from 2021[96]. - The Enterprise Income Tax rate for resident enterprises in China is 25% on income obtained both in and outside the PRC[93]. - Non-resident enterprises with no institutions in the PRC are subject to a reduced Enterprise Income Tax rate of 10% on income obtained in the PRC[93]. - Wholly foreign-owned enterprises in China can only distribute dividends from accumulated after-tax profits, with a mandatory allocation of 10% to the statutory common reserve fund[91]. - Profits tax is imposed at rates of 8.25% on assessable profits up to HKD 2,000,000 and 16.5% on profits over HKD 2,000,000 for corporations[111]. - Hong Kong stamp duty is charged at an ad valorem rate of 0.1% on the higher of the consideration or market value of shares, totaling 0.2% for typical transactions[111]. - A fixed duty of HKD 5 is payable on any instrument of transfer of Hong Kong shares[111]. - Penalties for unpaid stamp duty can be up to ten times the duty payable[111]. - No capital gains tax is imposed in Hong Kong on the sale of shares[110]. - Trading gains from the sale of shares by certain taxpayers may be subject to profits tax unless proven to be long-term investments[111]. - Employers must notify the Commissioner of Inland Revenue within three months of commencing employment of individuals likely to be chargeable to tax[110]. - Employers must also notify the Commissioner one month before ceasing employment of such individuals[110]. Employment and Insurance - The company has 8 full-time employees, with 3 in operations, 2 in technology, 1 in general administration, and 2 in the financial department[65]. - The company provides employee benefits in compliance with Hong Kong law, including pension, medical, and unemployment insurance[66]. - The company maintains certain insurance policies, including social security insurance, but does not have business interruption or product liability insurance[67]. - The company has entered into written employment contracts with all employees, ensuring compliance with PRC labor laws[102]. Legal Matters - A derivative lawsuit was filed against the company on September 28, 2023, seeking control, which was dismissed without prejudice on October 18, 2023[70]. - On November 7, 2023, a temporary restraining order was issued against unauthorized individuals claiming control over the company[71]. Compliance with Laws - The company is in compliance with the Cyber Security Law of the PRC, which mandates measures for network security and personal data protection[82]. - The company’s corporate structure is not subject to the M&A Rules, but there are uncertainties regarding the interpretation of these rules in overseas offerings[78]. - The Foreign Investment Law of the PRC, effective January 1, 2020, ensures fair competition and protection of intellectual property rights for foreign investment enterprises[84]. - Companies in PRC must comply with social insurance regulations, providing basic pension, medical, unemployment, maternity, and occupational injury insurance[103]. - The company has received a business registration certificate in Hong Kong and is in compliance with local business registration regulations[109]. - The company is in compliance with the regulations regarding Hong Kong taxation[112]. - The company is classified as a "smaller reporting company" and is not required to provide certain market risk disclosures[162].

Group 1 - WeTrade plans to change its name from WeTrade to Next Technology and its stock ticker from WETG to NXTT, with approval from 50.5% of shareholders [1] - The company will not hold a shareholder meeting for a vote on the name and ticker change due to the majority approval [1] - Following the announcement, WETG stock initially fell by as much as 20% in pre-market trading but later recovered to a decline of 2.4% as of Monday morning [2] Group 2 - The stock had previously experienced an 8.7% decline during normal trading hours on Friday [2] - The article mentions other stocks of interest in the market, including Intelligent Bio Solutions, Millennium Group, and DIH Holding US [2]

Core Viewpoint - WeTrade Group Inc. and Beijing YueShang Digital Technology Group Co., Ltd. have jointly declared that the announcement regarding the sale of their companies is false, and they will pursue legal action against WeTrade Group Inc. for economic compensation [1] Group 1: WeTrade Information Technology Limited - WeTrade Information Technology Limited is a technology research and development company focused on the WTPay business of WeTrade Group Inc., with its core product VCard covering 15 countries globally [2] - The company is also a significant partner in Ping An Bank's financial business [2] Group 2: Beijing YueShang Digital Technology Group Co., Ltd. - Beijing YueShang Digital Technology Group Co., Ltd. operates in various sectors including YCloud, Y-Health, and YG [3][4] - YCloud provides a micro business cloud intelligent system aimed at enhancing user marketing relationships and profit management through advanced technology and big data analysis, leading in the domestic micro commerce industry [3] - Y-Health focuses on global public health, particularly in testing, epidemic prevention, daily health, and traditional Chinese medicine, with investments in Jiqing Biotechnology and partnerships with several healthcare companies [4] - YG offers tools and technical support for the digital new energy industry in the Middle East and Central Asia, collaborating with multiple domestic new energy enterprises [4]

Financial Performance - Total service revenue for the three months ended September 30, 2023, was $1,633,836, a decrease from $5,607,270 in the same period of 2022, representing a decline of approximately 71.1%[10] - Gross profit for the three months ended September 30, 2023, was $1,235,299, compared to a gross loss of $1,294,980 in the same period of 2022[10] - Operating expenses for the three months ended September 30, 2023, increased to $13,622,149, up from $7,799,979 in the same period of 2022, reflecting an increase of approximately 74.3%[10] - The net loss from continuing operations for the three months ended September 30, 2023, was $8,496,543, compared to a loss of $8,657,091 in the same period of 2022, indicating a slight improvement[10] - The net loss for the period ending September 30, 2023, was $9,455,304, compared to a net loss of $8,538,873 for the same period in 2022[20] - The company reported a loss from discontinued operations of $5,421,236 for the nine months ended September 30, 2023, compared to a loss of $6,418,752 for the same period in 2022[72] Assets and Liabilities - Total assets as of September 30, 2023, were $41,876,160, a decrease from $43,060,806 as of December 31, 2022, representing a decline of approximately 2.7%[9] - Total liabilities as of September 30, 2023, were $2,118,337, an increase from $1,341,296 as of December 31, 2022, reflecting an increase of approximately 57.8%[9] - Stockholders' equity as of September 30, 2023, was $39,757,823, down from $41,719,510 as of December 31, 2022, indicating a decrease of approximately 4.7%[9] - The balance of accumulated deficits as of September 30, 2023, was $(16,590,652), reflecting ongoing financial challenges[14] - Total assets related to discontinued operations increased to $12,105,747 as of September 30, 2023, from $1,475,491 as of December 31, 2022[74] - Total liabilities related to discontinued operations rose to $7,672,294 as of September 30, 2023, compared to $233,060 as of December 31, 2022[74] Shareholder Information - The company issued 1,570,600 shares during the three months ended September 30, 2023, resulting in additional paid-in capital of $12,616,454[13] - The company issued 1,570,600 shares for a total amount of $12,616,454 as of September 30, 2023, increasing total issued shares to 2,625,130[79] - The weighted-average common shares outstanding for basic and diluted calculations were 114,844,076 as of September 30, 2023[54] Cash Flow and Investments - Cash flows from operating activities resulted in a net cash outflow of $8,530,677 for the nine months ended September 30, 2023[20] - The total cash and cash equivalents at the end of the period was $1,416,885, down from $20,261,882 at the beginning of the period[20] - The Company held cash and cash equivalents amounting to $1,416,885 as of September 30, 2023, with no bank deposits in the USA[62] - The Company purchased approximately 833 BTC at a total cost of $24,990,000 during the nine months ended September 30, 2023[64] - The company plans to continue its strategy of acquiring bitcoin with excess liquid assets, subject to market conditions[25] - The company has made a prepayment of approximately $12,125,500 for 40% of 1000 BTC, expected to be delivered by the end of November 2023 at a lock-up price of $30,000 per BTC[67] Digital Assets - The company holds approximately 833 bitcoins, with a carrying amount of $22,398,510 after accounting for impairment losses[27] - The Company recognized a cumulative impairment loss of $2,591,490 on digital assets as of September 30, 2023[35] - Digital asset impairment loss for the period was $2,591,489, impacting the carrying amount of digital assets[20] - As of September 30, 2023, the Company held approximately 833.19 bitcoins with a carrying value of approximately $22.4 million[35] Revenue Recognition - The Company applies ASC 606 for revenue recognition, which requires a five-step model for recognizing revenue from contracts with customers[33] - For the period ended September 30, 2023, the Company generated total revenues of $2,229,999, a significant decrease from $9,197,681 for the same period in 2022[59] - The Ycloud-SAAS business generated revenues of $596,163 for the period ended September 30, 2023, compared to $9,197,681 in the prior year[59] Other Financial Information - The company has not recognized an income tax benefit for its operating losses in the U.S. and Singapore due to the expectation of not commencing active operations in these regions[80] - Related party payables increased to $719,683 as of September 30, 2023, from $521,296 as of December 31, 2022[68] - Director fees payable rose to $954,000 as of September 30, 2023, compared to $770,000 as of December 31, 2022[68] - Accrued expenses for software development fees amounted to $270,864 as of September 30, 2023, with no prior balance reported[70] - As of September 30, 2023, accounts receivable amounted to $129,765, compared to $0 as of December 31, 2022[65]