In This Story
Next Technology Holdings Inc (NXTT-3.64%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue from operations compared to $1,500,000 in the same quarter the previous year. The decrease is attributed to a decline in AI SAAS system revenue.
General and administrative expenses for the quarter increased to $566,983 from $234,800, primarily due to higher BTC consulting fees and legal fees.
The company reported a net profit of $1,372,076 for the quarter, compared to a net loss of $13,412,061 in the previous year. The increase in net profit is mainly due to gains from digital assets.
As of September 30, 2024, Next Technology Holdings Inc held cash and cash equivalents of $668,387, unchanged from the beginning of the period.
The company reported cash flows used in operating activities of $81,332, compared to cash flows from operating activities of $11,886,808 in the previous period.
The filing also details a Bitcoin Option Contract entered into on May 2, 2024, allowing the company to purchase up to 20,000 BTC at a fixed price over a three-year period.
Next Technology Holdings Inc identified material weaknesses in its internal controls over financial reporting, including a lack of segregation of duties and inadequate levels of transaction review.
The company is involved in several legal proceedings, including shareholder lawsuits and a loan guarantee litigation.
No off-balance sheet arrangements were reported, and inflation is not expected to materially affect the business.
Recent accounting pronouncements are not expected to have a material impact on the company's financial statements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Next Technology Holding Inc. quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.