Results
Next Technology Holding Inc.
Next Technology Holding Inc.
12/12/2024 | Press release | Distributed by Public on 12/12/2024 16:27
Non Reliance of Financial Report Form 8 K
Item 4.02 Non-reliance on previously issued financial statements
The Board of Next Technology Holding Inc (formerly known as WeTrade Group Inc. (the "Company")) has concluded that Form 10-Q for the quarter ended June 30, 2024 filed on August 21, 2024 (the "Original Filing") was not fully reviewed by the auditor and should no longer be relied upon.
The revised Form 10-Q/A that was filed on September 20, 2024 (the "Amendment No.1") has been reviewed by the auditor and was filed to adjust: (i) $10,530 in tax expenses, deferred tax liabilities and accumulated retained profit due to under-provision for tax expenses and deferred tax liabilities; (ii) adjustment of $594,140 in amount due to related parties due to over-provision for related parties loan that affected the financial statement as follow:
The amount adjusted in Amended Statement of Operation for the six months ended June 30, 2024 (filed on September 20, 2024):
| Nature of Error | Item: | Amount |
June 30, 2024 (Amendment No.1 Filed on September 20, 2024) |
June 30, 2024 (Original filed on August 22, 2024) |
||||||||||
| Under-provision of tax expenses in original 10Q | Income tax expenses | 10,530 | 2,301,348 | 2,290,818 | ||||||||||
The amount adjusted in Amended Balance Sheet as of June 30, 2024 (filed on September 20, 2024):
| Nature of Error | Item: | Amount |
June 30, 2024 (Amendment No.1 Filed on September 20, 2024) |
June 30, 2024 (Original filed on August 22, 2024) |
||||||||||
| Adjustment of loan conversion to equity from amount due to related parties to common stock | Amount due to related parties | (594,140 | ) | 1,181,592 | 1,775,732 | |||||||||
| Adjustment of loan conversion to equity from amount due to related parties to common stock | Common Stock | 594,140 | 71,718,790 | 71,124,650 | ||||||||||
| Under-provision of deferred tax liabilities and tax expenses | Deferred tax liabilities | 10,530 | 2,301,348 | 2,290,818 | ||||||||||
| Under-provision of tax expenses in original 10Q | Accumulated profit | (10,530 | ) | 984,728 | 995,258 |