Financial Performance - Net loss from continuing operations for the three months ended June 30, 2024, was $(6,916,679), compared to a loss of $(166,294) for the same period in 2023[13]. - The company reported a net profit of $12,629,816 for the six months ended June 30, 2024, compared to a net loss of $(2,156,345) for the same period in 2023[13]. - The total comprehensive loss for the three months ended June 30, 2024, was $(6,916,679), compared to a loss of $(942,869) for the same period in 2023[13]. - Net profit for the six months ended June 30, 2024, was $12,629,816, compared to a loss of $302,775 for the same period in 2023[19]. - For the period ended June 30, 2024, the company reported a net profit of $12,629,816 compared to a net loss of $302,775 for the same period in 2023, indicating a significant turnaround in performance[52]. - For the three-month period ended June 30, 2024, the company reported a net profit of $6,916,679, compared to a net loss of $166,294 for the same period in 2023[94]. Assets and Equity - Total current assets increased to $64,657,906 as of June 30, 2024, compared to $49,064,580 at December 31, 2023, representing a 31.8% growth[9]. - Total assets reached $78,053,906, up from $49,064,580, indicating a 59.1% increase[9]. - Stockholders' equity rose to $72,119,795 from $44,714,084, reflecting a 61.5% increase[9]. - Additional paid-in capital increased to $71,124,650 as of June 30, 2024, from $56,348,650 at December 31, 2023, a growth of 26.2%[9]. - The company holds approximately 833 bitcoins, with a carrying value of $50,733,354 as of June 30, 2024[31][32]. - The company's 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]. Cash Flow and Liquidity - Cash and cash equivalents at the end of the period were $668,387, significantly up from $3,250 at the end of June 30, 2023[19]. - The company reported a net cash flow used in operating activities of $(529) for the six months ended June 30, 2024, an improvement from $(648,252) in the same period of 2023[19]. - Cash flow used in operating activities was $529 for the period ended June 30, 2024, a significant decrease from $648,252 in the prior period[94]. - Cash provided by financing activities was $634 for the period ended June 30, 2024, down from $318,000 in the previous period[95]. - As of June 30, 2024, the company had cash on hand of $668,387, with no change in cash held during the period[94]. Digital Assets and Strategy - The company reported a gain from digital assets of $15,595,778 during the six months ended June 30, 2024, with total digital asset holdings valued at approximately $50.7 million[25][32]. - The company plans to continue its strategy of acquiring bitcoin with liquid assets exceeding working capital requirements[22]. - The digital asset impairment losses recognized during the period were not specified, but the company has a strategy to monitor market conditions for potential additional purchases[23][30]. - The company continues to pursue a strategy of acquiring bitcoin with excess liquid assets and plans to monitor market conditions for future acquisitions[85]. - The company has made a prepayment of approximately $12,125,500 for the acquisition of 1,000 BTC, expected to be delivered by September 2024[63]. Shareholder Information - The company issued 4,351,280 common shares during the three months ended June 30, 2024[14]. - The weighted-average shares outstanding for basic and diluted earnings per share was 3,590,757 for the three months ended June 30, 2024[13]. - 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[52]. - Basic and diluted net profit per share was $3.52 for the period ended June 30, 2024, compared to a loss of $0.29 per share in the same period last year[52]. - The company conducted a reverse stock split of 1 for 185, reducing the total issued and outstanding shares from 195,057,503 to 1,054,364 shares[119]. - The company issued 4,351,280 shares in April 2024, raising a total of $14,776,000 for the acquisition of a 20% stake in an associate company and loan conversion to equity[120]. Regulatory Compliance and Reporting - The company has filed certifications from both the Chief Executive Officer and Chief Financial Officer in compliance with the Sarbanes-Oxley Act[31.1][32.2]. - The financial statements include the Balance Sheet, Statement of Income, and Statement of Cash Flows, which are crucial for assessing the company's financial health[101]. - The report is formatted in XBRL, enhancing the accessibility and usability of the financial data for investors and analysts[101]. - The company is committed to transparency and regulatory compliance as evidenced by the certifications filed[31.2][32.1]. - The report was signed by the Chief Executive Officer Wei Hong Liu and Chief Financial Officer Ken Tsang, indicating leadership accountability[122]. - The report emphasizes the importance of accurate financial reporting and adherence to regulatory standards[31.1][31.2].
Next Technology Holding Inc.(NXTT) - 2024 Q2 - Quarterly Report