Financial Performance - As of September 30, 2023, the company reported total revenue of $2,238,029, a decrease of 75.7% compared to $9,197,681 for the same period in 2022[96]. - The net loss for the nine-month period ended September 30, 2023, was $9,455,304, compared to a net income of $8,538,873 for the same period in 2022, indicating a significant shift in financial performance[99]. - The gross profit for the nine-month period ended September 30, 2023, was $838,334, down from $1,526,845 in the same period of 2022[94]. - The company reported a gross loss of $396,965 from discontinued operations for the nine months ended September 30, 2023[68]. Expenses and Impairments - The company incurred impairment losses on digital assets amounting to $2,591,490 for the nine-month period ended September 30, 2023[94]. - General and administrative expenses increased to $15,128,916 for the nine months ended September 30, 2023, up from $10,419,873 in the prior year, primarily due to higher system development costs[99]. Discontinued Operations - The total assets related to discontinued operations increased to $12,105,747 as of September 30, 2023, compared to $1,475,491 as of December 31, 2022[69]. Share Issuance - The company issued 1,570,600 shares in September 2023, raising a total of $12,616,454, bringing the total issued shares to 2,625,130[79]. Tax and Strategy - The company has not recognized an income tax benefit for its operating losses in the United States, as it does not expect to commence active operations there[80]. - The company plans to continue its strategy of acquiring bitcoin with liquid assets exceeding working capital requirements, viewing bitcoin as a long-term holding[89].
Next Technology Holding Inc.(NXTT) - 2023 Q3 - Quarterly Report