UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
Amendment No. 2
☒ QUARTERLY REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: September 30,
2024
☐ TRANSITION REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to
_____________
| NEXT TECHNOLOGY HOLDING INC. |
| (Exact name of small business issuer as specified in its charter) |
| Wyoming | | |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Tax. I.D. No.) |
Room 519, 05/F Block T3
Qianhai Premier Finance Centre Unit 2
Guiwan Area, Nanshan District, Shenzhen
(Address of Principal Executive Offices)
(86) 158 2117 2322
(Registrant’s Telephone Number, Including
Area Code)
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes
☒ No ☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.
See definition of “large accelerated filer,” accelerated filer” “smaller reporting company,” and “emerging
growth company” in Rule 12b-2 of the Exchange Act:
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated Filer | ☐ | Smaller Reporting Company | ☒ |
| Emerging growth company | ☐ | | |
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of December 23, 2024, there were 6,976,410
shares of common stock outstanding.
TABLE OF CONTENTS
Explanatory Note
Next Technology Holding Inc. (formerly known
as WeTrade Group Inc. (the “Company”)) is filing this Amendment No.2 (the “Amendment”) to the Quarterly Report
on Form 10-Q for the period ended September 30, 2024, originally filed with the Securities and Exchange Commission (the “SEC”)
on November 15, 2024 (the “Original Filing”), to amend our disclosures in relation to the digital assets and prepayment of
digital assets.
This Amendment No.2 amends the Original Filing
and the Amended Quarterly Report on Form 10-Q/A of the Company for the quarterly period ended September 30, 2024 filed on December 9,
2024 (the “Amendment No.1”). The purpose of this Amendment No.2 is to include signed and dated copies of the BTC Trading
Contract and BTC Option Contract.
In accordance with the applicable SEC rules,
this Amendment No.2 includes new certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, as amended, from
our Chief Executive Officer and Chief Financial Officer.
Except as described above, this Form 10-Q/A does
not amend, update or change any other items or disclosures contained in the Original Filing, and accordingly, this Form 10-Q/A does not
reflect or purport to reflect any information or events occurring after the original filing date of the Original Filing or modify or
update those disclosures affected by subsequent events. Accordingly, this Form 10-Q/A should be read in conjunction with the Original
Filing and the Company’s other filings with the SEC.
CAUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTS
This report contains forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as amended, (the “Securities Act”) and Section
21E of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”). These forward-looking statements are generally
located in the material set forth under the heading “Management’s Discussion and Analysis of Financial Condition and Results
of Operations” but may be found in other locations as well. These forward-looking statements are subject to risks and uncertainties
and other factors that may cause our actual results, performance or achievements to be materially different from the results, performance
or achievements expressed or implied by the forward-looking statements. You should not unduly rely on these statements.
We identify forward-looking
statements by use of terms such as “may,” “will,” “expect,” “anticipate,” “estimate,”
“hope,” “plan,” “believe,” “predict,” “envision,” “intend,” “will,”
“continue,” “potential,” “should,” “confident,” “could” and similar words
and expressions, although some forward-looking statements may be expressed differently. You should be aware that our actual results could
differ materially from those contained in the forward-looking statements.
Forward-looking statements
are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors
that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed
or implied by the forward-looking statements in this report. These factors include, among others:
| |
● |
our
ability to execute on our growth strategies; |
| |
|
|
| |
● |
our
ability to find manufacturing partners on favorable terms; |
| |
|
|
| |
● |
declines
in general economic conditions in the markets where we may compete; |
| |
|
|
| |
● |
our
anticipated needs for working capital; and |
Where we express an expectation
or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis.
Forward-looking statements
speak only as of the date of this report or the date of any document incorporated by reference in this report. Except to the extent required
by applicable law or regulation, we do not undertake any obligation to update forward-looking statements to reflect events or circumstances
after the date of this report or to reflect the occurrence of unanticipated events.
PART I – FINANCIAL
INFORMATION
Item 1. Financial Statements
NEXT TECHNOLOGY HOLDING INC.
CONDENSED CONSOLIDATED
BALANCE SHEETS
(UNAUDITED)
| (All amounts shown
in U.S. Dollars) | |
As of
September 30,
2024 | | |
As of
December 31,
2023
(Audited) | |
| | |
| | |
Restated | |
| ASSETS | |
| | |
| |
| Current assets: | |
| | |
| |
| Cash and cash equivalents | |
$ | 668,387 | | |
$ | 668,387 | |
| Digital assets | |
| 53,037,144 | | |
| 35,137,576 | |
| Accounts receivable-third parties, net | |
| - | | |
| 1,000,000 | |
| Amount due from related parties | |
| 206,724 | | |
| - | |
| Prepayments | |
| 12,125,500 | | |
| 12,125,500 | |
| Total current
assets | |
| 66,037,755 | | |
| 48,931,463 | |
| | |
| | | |
| | |
| Non-current assets: | |
| | | |
| | |
| Investment in associate company | |
| 13,396,000 | | |
| - | |
| Total assets | |
| 79,433,755 | | |
$ | 48,931,463 | |
| | |
| | | |
| | |
| LIABILITIES AND STOCKHOLDERS’
EQUITY | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | |
| Account payables | |
| - | | |
| 800,000 | |
| Amount due to related parties | |
| 1,478,588 | | |
| 1,692,672 | |
| Tax payable | |
| 130,415 | | |
| 130,415 | |
| Other payables | |
| 1,082,500 | | |
| 1,600,000 | |
| Total current liabilities | |
| 2,691,503 | | |
| 4,223,087 | |
| | |
| | | |
| | |
| Non-current liabilities: | |
| | | |
| | |
| Deferred tax liabilities | |
| 2,666,078 | | |
| — | |
| Total liabilities | |
| 5,357,581 | | |
| 4,223,087 | |
| | |
| | | |
| | |
| Stockholders’ equity: | |
| | | |
| | |
| Common stock; no par value; 6,976,410 and 2,625,130 issued and outstanding on September 30, 2024 and December 31, 2023 respectively | |
| 71,718,790 | | |
| 56,348,650 | |
| Retained Earnings /(Accumulated
Deficits) | |
| 2,357,384 | | |
| (11,640,274 | ) |
| Total stockholders’
equity | |
| 74,076,174 | | |
| 44,708,376 | |
| | |
| | | |
| | |
| Total liabilities
and stockholders’ equity | |
$ | 79,433,755 | | |
$ | 48,931,463 | |
The accompanying notes are an integral part
of these unaudited condensed consolidated financial statements.
NEXT TECHNOLOGY HOLDING INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)
| | |
For the
Three Months
End
September 30,
2024 | | |
For the
Three Months
End
September 30,
2023 | | |
For the
Nine Months
End
September 30,
2024 | | |
For the
Nine Months
Ended
September 30,
2023 | |
| Revenue: | |
| | |
| | |
| | |
| |
| Service
revenue | |
$ | — | | |
$ | 1,500,000 | | |
$ | — | | |
$ | 1,500,000 | |
| Total service revenue | |
| | | |
| — | | |
| — | | |
| — | |
| Cost of revenue | |
| — | | |
| (270,864 | ) | |
| — | | |
| (270,864 | ) |
| Gross Profit | |
| — | | |
| 1,229,136 | | |
| — | | |
| 1,229,136 | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating expenses | |
| | | |
| | | |
| | | |
| | |
| General and administrative expense | |
| (566,983 | ) | |
| (234,800 | ) | |
| (1,242,128 | ) | |
| (537,576 | ) |
| Total operating expenses | |
| (566,983 | ) | |
| (234,800 | ) | |
| (1,242,128 | ) | |
| (537,576 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| (Loss)/ Profit from operations | |
| (566,983 | ) | |
| 994,336 | | |
| (1,242,128 | ) | |
| 691,560 | |
| Other income/(loss) | |
| 2,303,789 | | |
| (14,406,397 | ) | |
| 17,899,568 | | |
| (14,406,396 | ) |
| Profit/ (loss) before income taxes | |
| 1,736,806 | | |
| (13,412,061 | ) | |
| 16,657,440 | | |
| (13,714,836 | ) |
| Income tax expenses | |
| (364,730 | ) | |
| — | | |
| (2,666,078 | ) | |
| — | |
| | |
| | | |
| | | |
| | | |
| | |
| Net profit/ (loss) from continuing operation | |
$ | 1,372,076 | | |
$ | (13,412,061 | ) | |
$ | 13,991,362 | | |
$ | (13,714,836 | ) |
| Net profit/ (loss) from
discontinued operation | |
| 6,296 | | |
| 301,392 | | |
| 6,296 | | |
| (1,552,178 | ) |
| Total comprehensive profit/ (loss) | |
$ | 1,378,372 | | |
$ | (13,110,669 | ) | |
$ | 13,997,658 | | |
$ | (15,267,014 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Earnings /(Loss) per
share, basic and diluted from continuing operation | |
$ | 0.20 | | |
$ | (9.47 | ) | |
$ | 2.59 | | |
$ | (11.66 | ) |
| Earnings /(Loss) per share, basic and diluted
from discontinued operation | |
$ | 0.001 | | |
$ | 0.21 | | |
$ | 0.001 | | |
$ | (1.32 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Weighted-average shares
outstanding, basic and diluted | |
| 6,976,410 | | |
| 1,416,813 | | |
| 5,404,232 | | |
| 1,176,618 | |
The accompanying notes are an integral part
of these unaudited condensed consolidated financial statements.
NEXT TECHNOLOGY HOLDING INC.
CONDENSED CONSOLIDATED
STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
Three months ended September 30, 2024
| | |
Common Stock | | |
Retained | | |
Total
Shareholder | |
| | |
Shares | | |
Amount | | |
Earnings | | |
Equity | |
| Balance as of June 30, 2024 | |
| 6,976,410 | | |
$ | 71,718,790 | | |
$ | 979,012 | | |
$ | 72,697,802 | |
| Net profit for the period | |
| — | | |
| — | | |
| 1,372,076 | | |
| 1,372,076 | |
| Gain from discontinued operation | |
| — | | |
| — | | |
| 6,296 | | |
| 6,296 | |
| Balance as of September 30, 2024 | |
| 6,976,410 | | |
$ | 71,718,790 | | |
$ | 2,357,384 | | |
$ | 74,076,174 | |
Nine months ended September 30, 2024
| | |
Common Stock | | |
(Accumulated Deficits)/
Retained | | |
Total
Shareholder | |
| | |
Shares | | |
Amount | | |
Earnings | | |
Equity | |
| Balance as of December 31, 2023 | |
| 2,625,130 | | |
$ | 56,348,650 | | |
$ | (11,640,274 | ) | |
$ | 44,708,376 | |
| Stock issued during the period | |
| 4,351,280 | | |
| 15,370,140 | | |
| — | | |
| 15,370,140 | |
| Net profit for the period | |
| — | | |
| — | | |
| 13,991,362 | | |
| 13,991,362 | |
| Gain from discontinued operation | |
| — | | |
| — | | |
| 6,296 | | |
| 6,296 | |
| Balance as of September 30, 2024 | |
| 6,976,410 | | |
$ | 71,718,790 | | |
$ | 2,357,384 | | |
$ | 74,076,174 | |
Three months ended September 30, 2023
| | |
Common Stock | | |
Accumulated | | |
Total
Shareholder | |
| | |
Shares | | |
Amount | | |
Deficits | | |
Equity | |
| Balance as of June 30, 2023 | |
| 1,054,530 | | |
$ | 43,732,196 | | |
$ | (3,871,203 | ) | |
$ | 39,860,993 | |
| Stock issued during the period | |
| 1,570,600 | | |
| 12,616,454 | | |
| — | | |
| 12,616,454 | |
| Gain from discontinued operation | |
| — | | |
| — | | |
| 301,392 | | |
| 301,392 | |
| Net loss for the period | |
| — | | |
| — | | |
| (13,412,061 | ) | |
| (13,412,061 | ) |
| Balance as of September 30, 2023 | |
| 2,625,130 | | |
$ | 56,348,650 | | |
$ | (16,981,872 | ) | |
$ | 39,366,778 | |
Nine months ended September 30, 2023
| | |
Common Stock | | |
Accumulated | | |
Accumulated
Other
Comprehensive | | |
Total
Shareholder | |
| | |
Shares | | |
Amount | | |
Deficits | | |
Income | | |
Equity | |
| Balance as of December 31, 2022 | |
| 1,054,530 | | |
$ | 43,732,196 | | |
$ | (1,714,858 | ) | |
$ | (310,576 | ) | |
$ | 41,706,762 | |
| Stock issued during the period | |
| 1,570,600 | | |
| 12,616,454 | | |
| — | | |
| — | | |
| 12,616,454 | |
| Foreign currency translation adjustment | |
| — | | |
| — | | |
| — | | |
| 310,576 | | |
| 310,576 | |
| Loss from discontinued operation | |
| — | | |
| — | | |
| (1,552,178 | ) | |
| — | | |
| (1,552,178 | ) |
| Net loss for the period | |
| — | | |
| — | | |
| (13,714,836 | ) | |
| — | | |
| (13,714,836 | ) |
| Balance as of September 30, 2023 | |
| 2,625,130 | | |
$ | 56,348,650 | | |
$ | (16,981,872 | ) | |
$ | — | | |
$ | 39,366,778 | |
The accompanying notes are an integral part
of these unaudited condensed consolidated financial statements.
NEXT TECHNOLOGY HOLDING INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(UNAUDITED)
| | |
For the
Nine months Ended | | |
For the
Nine months Ended | |
| | |
September 30,
2024 | | |
September 30,
2023 | |
| Cash flows from operating activities: | |
| | |
| |
| Net Profit/ (loss) | |
$ | 13,991,362 | | |
$ | (13,714,836 | ) |
| Fair value (gain)/loss from digital assets | |
| (17,899,568 | ) | |
| 3,059,342 | |
| Gain/ (loss) from discontinued operation | |
| 6,296 | | |
| (1,552,178 | ) |
| | |
| | | |
| | |
| Changes in operating assets and liabilities: | |
| | | |
| | |
| Accounts receivables | |
| 1,000,000 | | |
| — | |
| Prepayments | |
| — | | |
| 50,000 | |
| Account payables | |
| (800,000 | ) | |
| — | |
| Director fee payable | |
| 92,000 | | |
| — | |
| Accrued expenses | |
| 49,500 | | |
| 270,864 | |
| Other payables | |
| 813,000 | | |
| — | |
| Deferred tax liabilities | |
| 2,666,078 | | |
| — | |
| Net cash flows used in continued operating activities | |
| (81,332 | ) | |
| (11,886,808 | ) |
| Net cash flows used in discontinued operating
activities | |
| — | | |
| 32,881,236 | |
| Net cash flows (used in)/ provided by operating
activities | |
| (81,332 | ) | |
| 20,994,428 | |
| Cash flow from Investing activities: | |
| | | |
| | |
| Prepayment for digital assets | |
| — | | |
| (12,125,500 | ) |
| Digital assets | |
| — | | |
| (24,990,000 | ) |
| Net cash flows used in investing activities | |
| — | | |
| (37,115,500 | ) |
| Cash flow from financing activities: | |
| | | |
| | |
| Shareholders’ loan | |
| (512,808 | ) | |
| 87,440 | |
| Proceeds from stock issuances | |
| 594,140 | | |
| 12,616,454 | |
| Net cash flows from financing activities | |
| 81,332 | | |
| 12,703,894 | |
| Net cash flows from discontinued activities | |
| — | | |
| 4,500,000 | |
| Net cash flows provided
by financing activities | |
| 81,332 | | |
| 17,203,894 | |
| | |
| | | |
| | |
| Effect of exchange rate changes on cash | |
| — | | |
| 310,576 | |
| | |
| | | |
| | |
| Change in cash and cash equivalents: | |
| — | | |
| 1,393,398 | |
| | |
| | | |
| | |
| Cash and cash equivalents, beginning of
period | |
$ | 668,387 | | |
$ | 22,926 | |
| | |
| | | |
| | |
| Cash and cash equivalents, end of period | |
$ | 668,387 | | |
$ | 1,416,324 | |
| | |
| | | |
| | |
| Supplemental cash flow information: | |
| | | |
| | |
| Cash paid for interest | |
$ | — | | |
$ | — | |
| Cash paid for taxes | |
$ | — | | |
$ | — | |
The accompanying notes are an integral part
of these unaudited condensed consolidated financial statements.
NEXT TECHNOLOGY HOLDING INC.
NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1 – NATURE OF BUSINESS
Business
Next Technology Holding Inc. (formerly known
as WeTrade Group Inc.) was incorporated in the State of Wyoming on March 28, 2019. We currently pursue two corporate strategies. One
business strategy is to continue providing software development services, and the other strategy is to acquire and hold bitcoin.
Software development
We provide AI-enabled software development services
to our customers, which include developing, designing, and implementing various SAAS software solutions for businesses of all types,
including industrial and other businesses.
Bitcoin Acquisition Strategy
Our bitcoin acquisition strategy generally involves
acquiring bitcoin with our liquid assets that exceed working capital requirements, and from time to time, subject to market conditions,
issuing debt or equity securities or engaging in other capital raising transactions with the objective of using the proceeds to purchase
bitcoin.
We view our bitcoin holdings as long-term holdings
and expect to continue to accumulate bitcoin. We have not set any specific target for the amount of bitcoin we seek to hold, and we will
continue to monitor market conditions in determining whether to engage in additional financing to purchase additional bitcoin.
This overall strategy also contemplates that
we may (i) periodically sell bitcoin for general corporate purposes, including to generate cash for treasury management or in connection
with strategies that generate tax benefits in accordance with applicable law, (ii) enter into additional capital raising transactions
that are collateralized by our bitcoin holdings, and (iii) consider pursuing additional strategies to create income streams or otherwise
generate funds using our bitcoin holdings.
We believe that, due to its limited supply, bitcoin
offers the opportunity for appreciation in value if its adoption increases and has the potential to serve as a hedge against inflation
in the long-term.
The following table presents a roll-forward of
our bitcoin holdings, including additional information related to our bitcoin purchases, and digital asset impairment losses during the
period:
| | |
Digital asset
original cost
basis | | |
Gain from
digital asset | | |
Market
Value of
digital asset | | |
Approximate
number of
Bitcoin held | |
| Balance on December 31, 2023 | |
$ | 24,990,000 | | |
$ | 10,147,576 | | |
$ | 35,137,576 | | |
| 833 | |
| Digital asset purchase | |
| - | | |
| - | | |
| - | | |
| - | |
| Fair value change during the period | |
| - | | |
| 17,899,568 | | |
| 17,899,568 | | |
| - | |
| Balance on September 30, 2024 | |
$ | 24,990,000 | | |
$ | 28,047,144 | | |
$ | 53,037,144 | | |
| 833 | |
NOTE 2 – SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
Basis of Preparation of Financial Statements
The condensed consolidated financial statements
have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”).
The condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant
inter-company transactions and balances have been eliminated in consolidation.
The condensed consolidated financial statements
of the Company as of and for the nine months ended September 30, 2024 and 2023 are unaudited. In the opinion of management, all adjustments
(including normal recurring adjustments) that have been made are necessary to fairly present the financial position of the Company as
of September 30, 2024, the results of its operations for the nine months ended September 30, 2024 and 2023, and its cash flows for the
nine months ended September 30, 2024 and 2023. Operating results for the quarterly periods presented are not necessarily indicative of
the results to be expected for a full fiscal year.
The statements and related notes have been prepared
pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures
normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations.
These financial statements should be read in conjunction with the financial statements and other information included in the Company’s
Annual Report on Form 10-K as filed with the SEC for the fiscal year ended December 31, 2023.
Revenue recognition
The Company follows the guidance of Accounting
Standards Codification (ASC) 606, Revenue from Contracts. ASC 606 creates a five-step model that requires entities to exercise
judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying
our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price
to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies
the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for
the services it transfers to its clients.
Goodwill and Other - Crypto Assets
In December 2023, the FASB issued ASU 2023-08,
Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets, which establishes
accounting guidance for crypto assets meeting certain criteria. Bitcoin meets these criteria. The amendments require crypto assets to
meet the criteria to be recognized at fair value with changes recognized in net income each reporting period. Upon adoption, a cumulative-effect
adjustment is made to the opening balance of retained earnings as of the beginning of the annual reporting period of adoption. ASU 2023-08
is effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption
is permitted. The Company has early applied ASU 2023-08 and measured crypto assets (presented as digital assets) at fair value with changes
recognized in net income this period.
The following table summarizes the Company’s
digital asset holdings as of:
| | |
September 30,
2024 | | |
December 31,
2023 | |
| Approximate number of bitcoins held | |
| 833 | | |
| 833 | |
| Digital assets carrying value | |
$ | 53,037,144 | | |
$ | 35,137,576 | |
| Gain on digital assets during the period/year | |
$ | 17,899,568 | | |
$ | 10,147,576 | |
As of September 30, 2024, the Company had approximately
833 bitcoins which had a carrying value of approximately $53.04 million.
Cash and Cash Equivalents
The Company considers all highly liquid debt
instruments purchased with a maturity period of three months or less to be cash or cash equivalents. The carrying amounts reported in
the accompanying unaudited condensed consolidated balance sheets for cash and cash equivalents approximate their fair value. All of the
Company’s cash that is held in bank accounts in Hong Kong and PRC are not protected by Federal Deposit Insurance Corporation (“FDIC”)
insurance.
Functional Currency
The Company’s principal countries of operations
are USA and Hong Kong. The accompanying condensed consolidated financial statements are presented in US$ and the functional currency
of the Company is US$.
Investment
Investment in associate company that we have
significant influence but do not have control over the investee are accounted for under the equity method. We will periodically review
the investment for impairment. The initial measurement and periodic subsequent adjustments of the investment are calculated by applying
the ownership percentage to the net assets or equity of the partially owned entity under ASC 323.
Consolidation
The Company’s condensed consolidated financial
statements include the financial statements of the Group and subsidiaries. All transactions and balances among the Group and its subsidiaries
have been eliminated upon consolidation.
Use of Estimates
The preparation of financial statements in conformity
with US GAAP requires management to make judgement estimates and assumptions that affect the amounts reported in the condensed consolidated
financial statements and accompanying notes. Management believes that the estimates used in preparing the financial statements are reasonable
and prudent; however, actual results could differ from these estimates. Significant accounting estimates include the allowance for expected
credit loss, valuation of deferred tax assets, and certain accrued liabilities such as contingent liabilities.
Accounts Receivable
Accounts receivables are presented net of allowance
for expected credit loss. The Company uses specific identification in providing for bad debts when facts and circumstances indicate that
collection is doubtful and based on factors listed in the following paragraph. If the financial conditions of its customers were to deteriorate,
resulting in an impairment of their ability to make payments, additional allowance may be required.
The Company maintains an allowance for expected
credit loss which reflects its best estimate of amounts that potentially will not be collected. In determining the amount of the allowance
for credit losses, the Company considers historical collection history based on past due status, the current aging of receivables, customer-specific
credit risk factors including their current financial condition, current market conditions, and probable future economic conditions which
inform adjustments to historical loss patterns. Additionally, the Company makes specific bad debt provisions based on any specific knowledge
the Company has acquired that might indicate that an account is uncollectible. The facts and circumstances of each account may require
the Company to use substantial judgment in assessing its collectability.
Leases
The Company adopted Accounting Standards Update
No. 2016-02, Leases (Topic 842) (ASU 2016-02), and generally requires lessees to recognize operating and financing lease liabilities
and corresponding right-of-use (ROU) assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and
uncertainty of cash flows arising from leasing arrangements.
Operating leases are included in operating lease
right-of-use (“ROU”) assets and short-term and long-term lease liabilities in our condensed consolidated balance sheets.
Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities in our condensed consolidated
balance sheets.
ROU assets represent the Company’s right
to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising
from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments
over the lease term. As most of the leases do not provide an implicit rate, we use the industry incremental borrowing rate based on the
information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily
determinable. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The lease terms may
include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease
payments is recognized on a straight-line basis over the lease term.
ASU 2016-02 requires that public companies use
a secured incremental browning rate for the present value of lease payments when the rate implicit in the contract is not readily determinable.
Software Development Costs
We apply ASC 985-20, Software—Costs of
Software to Be Sold, Leased, or Marketed, in analyzing our software development costs. ASC 985-20 requires the capitalization of certain
software development costs subsequent to the establishment of technological feasibility for a software product in development. Research
and development costs associated with establishing technological feasibility are expensed as incurred. Based on our software development
process, technological feasibility is established upon the completion of a working model. In addition, we apply this to our review of
development projects related to software used exclusively for our SaaS subscription offerings. In these reviews, all costs incurred during
the preliminary project stages are expensed as incurred. Once the projects have been committed to and it is probable that the projects
will meet functional requirements, costs are capitalized.
Income Tax
Income taxes are determined in accordance with
the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and
liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts
of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income
tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled.
Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment
date.
ASC 740 prescribes a comprehensive model for
how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected
to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely
than not that the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently
be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with
the tax authority assuming full knowledge of the position and relevant facts.
The Company has subsidiaries in Hong Kong and
PRC. The Company is subject to tax in Hong Kong and PRC jurisdictions. As a result of its future business activities, the Company will
be required to file tax returns that are subject to examination by the Inland Revenue Department of Hong Kong and Tax Department of PRC.
Earnings/ (Loss) Per Share
Earnings/ (loss) per share of common stock attributable
to common stockholders is calculated by dividing net income attributable to common stockholders by the weighted-average shares of common
stock outstanding for the period. Potentially dilutive shares, which are based on the weighted-average shares of common stock underlying
outstanding stock-based awards, warrants, options, or convertible debt using the treasury stock method or the if-converted method, as
applicable, are included when calculating diluted net income (loss) per share of common stock attributable to common stockholders when
their effect is dilutive.
Potential dilutive securities are excluded from
the calculation of diluted EPS in profit periods as their effect would be anti-dilutive.
As of September 30, 2024, there were no potentially
dilutive shares.
| |
|
Three Months
Ended |
|
|
Three Months
Ended |
|
|
Nine Months
Ended |
|
|
Nine Months
Ended |
|
| |
|
For
the period
September 30,
2024 |
|
|
For
the period
September 30,
2023 |
|
|
For
the period
September 30,
2024 |
|
|
For
the period
September 30,
2023 |
|
| Statement of Operations
Summary Information: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Profit/
(Loss) |
|
$ |
1,372,076 |
|
|
$ |
(13,412,061 |
) |
|
$ |
13,991,362 |
|
|
$ |
(13,714,836 |
) |
| Weighted-average common
shares outstanding - basic and diluted |
|
|
6,976,410 |
|
|
|
1,416,813 |
|
|
|
5,404,232 |
|
|
|
1,176,618 |
|
| Earnings/ (loss) per share,
basic and diluted |
|
$ |
0.20 |
|
|
$ |
(9.47 |
) |
|
$ |
2.59 |
|
|
$ |
(11.66 |
) |
Fair Value Measurements
The Company follows guidance for accounting for
fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are
recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for
fair value measurement related to non-financial items that are recognized and disclosed at fair value in the financial statements on
a non-recurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure
fair value.
The hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving
significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
Level 1 inputs are quoted prices (unadjusted)
in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
Level 2 inputs are inputs other than quoted prices
included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 inputs are unobservable inputs for the
asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity
of these instruments.
NOTE 3 – RECENT ACCOUNTING PRONOUNCEMENTS
Recent accounting pronouncements issued by the
FASB (including its Emerging Issues Task Force) and the United States Securities and Exchange Commission did not or are not believed
by management to have a material impact on the Company’s present or future financial statements.
NOTE 4 – REVENUE
We are in the business of acquiring and holding
of bitcoin and providing AI-enabled software development services for industrial and other customers.
As of and for the period ended September 30,
2024, there was no revenue generated from SAAS business.
NOTE 5 – CASH AND CASH EQUIVALENTS
As of September 30, 2024, the Company held cash
in bank in the amount of $668,387, which consists of the following:
| | |
September 30,
2024 | | |
December 31,
2023 | |
| Bank Deposits- Outside USA | |
$ | 668,387 | | |
$ | 668,387 | |
NOTE 6 – DIGITAL ASSETS
As of September 30, 2024, digital assets holdings
are as follows:
| | |
September 30,
2024 | | |
December 31,
2023 | |
| Opening balance | |
$ | 35,137,576 | | |
$ | — | |
| Purchase of BTC | |
| — | | |
| 24,990,000 | |
| Fair value gain from digital assets | |
| 17,899,568 | | |
| 10,147,576 | |
| Ending balance | |
$ | 53,037,144 | | |
$ | 35,137,576 | |
As of September 30, 2024, the Company held approximately
833 BTC at the total cost of $24,990,000. For the nine months ended September 30, 2024 and for the year ended December 31, 2023, the
Company recognized fair value gain of $17,899,568 and $10,147,576 on digital assets respectively.
Amended and Restated BTC Trading Contract
On September 24, 2024, the Company and the Association
Seller entered into an Amended and Restated BTC Trading Contract (the “Amended BTC Contract”), which amended and restated
the BTC Contract. Under the Amended BTC Contract, the Company is entitled to purchase up to 5,167 BTC (the “Total BTC”) from
the BTC sellers set forth on Schedule I to the Amended BTC Contract (the “Schedule I BTC Sellers”) through the Association
Seller at a purchase price of US$30,000 per BTC (subject to an additional purchase price by issuance of warrants to purchase shares of
Common Stock at a nominal exercise price as described below) over a 12-month period commencing on the date of the Amended BTC Contract.
The purchase price for the Total BTC will be paid by the Company in cash or shares of Common Stock. Although the Amended BTC Contract
states that the Association Seller (Party B) “owns the virtual currency”, to our knowledge, this statement was mistakenly
made. As of the date of the Amended BTC Contract, it were the Schedule I BTC Sellers who are the individual members of the Association
Seller, not the Association Seller itself, who own the BTC to be sold under the Amended BTC Contract.
To our knowledge, the Association Seller entered
into a cooperation agreement with each Schedule I BTC Sellers (the “Cooperation Agreement”) on the same day when the Amended
BTC Contract was entered. Under the Cooperation Agreement, each Schedule I BTC Seller agrees to transfer a specified number of BTC (as
set forth in the Cooperation Agreement) to a BTC wallet address designated by the Association Seller for the transactions contemplated
under the Amended BTC Contract.
While we believe the Association Seller will
be able to coordinate with its members to fulfill the Company’s purchase of BTC if the Company so decides, we cannot guarantee
that the Company will successfully acquire BTC pursuant to the Amended BTC Contract. The Amended BTC Contract was entered into solely
between the Company and the Association Seller and no Schedule I BTC Sellers owe any legal obligation to the Company in connection with
the purchase and sale of BTC. Furthermore, as the Company is not a party to the Cooperation Agreement, it cannot enforce the terms of
the Cooperation Agreement against any Schedule I BTC Sellers should such Schedule I BTC Sellers do not perform their obligations under
the Cooperation Agreement. For example, if a Schedule I BTC Seller does not transfer its committed BTC to the Association Seller pursuant
to the Cooperation Agreement, we may not be able to purchase such BTC from the Association Seller pursuant to the Amended BTC Contract.
At the time when the Amended BTC Contract was
signed, the Company indicated its intent to exercise the option to purchase 5,000 BTC out of the Total BTC pursuant to the Amended BTC
Contract (the “Amended 5,000 BTC Transaction”). According to the terms of the Amended BTC Contract, the previously-made Prepayment
Amount will be applied towards the total purchase price for the Amended 5,000 BTC Transaction and the Company will pay the remaining
balance through (i) the issuance of 135,171,078 shares of Common Stock (the “Shares”) valued at $1.02 per share and (ii)
the issuance of warrants to purchase 294,117,647 shares of Common Stock at a nominal exercise price (the “Warrants”).
The value of $1.02 per share for the Shares is
equal to the sum of (i) the Nasdaq Official Closing Price (as reflected on Nasdaq.com) immediately preceding the signing of the Amended
BTC Contract, and (ii) $0.01. Using the same per value valuation, the warrants are worth approximately $300,000,000.
Pursuant to the Amended BTC Contract, the Company
shall exercise its option to purchase BTC thereunder prior to September 24, 2025. While the Company’s purchase option thereunder
is time-limited, the Amended BTC Contract itself will remain in effect without a defined expiration date, unless otherwise terminated.
In the event of a breach by either party, the non-breaching party has the right to terminate the agreement. In such case, the breaching
party will be obligated to pay a penalty of $18,000,000 to the non-breaching party.
The
above description of the Amended BTC Contract does not purport to be complete, and is qualified in its entirety by reference to the full
text of the Amended BTC Contract, a copy of which is attached to the Company’s Current Report on Form 8-K as Exhibit 10.1, filed
with the SEC on September 27, 2024, which is incorporated by reference herein.
Impact on Company’s Capitalization and
Stockholder Approval
The issuance of securities pursuant to the Amended
BTC Contract will not affect the rights of the Company’s existing stockholders, but such issuances will have a significant dilutive
effect on the Company’s existing stockholders, including the voting power of the existing stockholders.
As of the date of this
report, there were 6,976,410 issued and outstanding shares of the Common Stock. Immediately after
the issuance of the Shares (assuming no exercise of the Warrants), there will be 142,147,488 issued and outstanding shares of the Common
Stock, and the ownership percentage of the Company’s existing stockholders in the Company will be diluted to approximately 4.91%.
Assuming full exercise of the Warrants concurrently with the issuance of the Shares, immediately after the issuance of the Shares, there
will be 436,265,135 issued and outstanding shares of Common Stock, and the ownership percentage of the Company’s existing stockholders
in the Company will be further diluted to approximately 1.60%.
Pursuant to Nasdaq Rule
5635(a), if an issuer intends to issue common stock or securities convertible into or exercisable for common stock, in connection with
the acquisition of stock or assets of another company, which may equal or exceed 20% of the outstanding common stock or voting power
on a pre-transaction basis, the issuer generally must obtain the prior approval of its stockholders. Pursuant to Nasdaq Rule 5635(d),
if an issuer intends to issue common stock or securities convertible into or exercisable for common stock, other than in a public offering,
which may equal or exceed 20% of the outstanding common stock or voting power on a pre-transaction basis for a price that is lower than
(i) the Nasdaq Official Closing Price (as reflected on Nasdaq.com) immediately preceding the signing of a binding agreement; or (ii)
the average Nasdaq Official Closing Price of the common stock (as reflected on Nasdaq.com) for the five trading days immediately preceding
the signing of the binding agreement for such common stock, the issuer generally must obtain the prior approval of its stockholders.
The Shares to be issued to the Schedule I BTC
Sellers in the Amended 5,000 BTC Transaction exceeds the threshold for which stockholder approval is required under Nasdaq Rule 5635(a),
and the Warrant Shares to be issued to the Schedule I BTC Sellers upon the full exercise of the Warrants could result in the issuance
of a number of shares exceeding the threshold and pricing for which stockholder approval is required under Nasdaq 5635(d). As such, the
Company is required to obtain requisite stockholder approval for the Amended 5,000 BTC Transaction.
As disclosed in a Preliminary
Information Statement on Schedule 14C filed by the Company on October 3, 2024, the Company has obtained the requisite stockholder approval
for the Amended 5,000 BTC Transaction in accordance with the Company’s articles of incorporation and bylaws on September 24, 2024.
NOTE 7 – ACCOUNTS RECEIVABLE
As of September 30, 2024, accounts receivable
are related to the services fee from customers as follows:
| | |
September 30,
2024 | | |
December 31,
2023 | |
| Accounts Receivable | |
$ | — | | |
$ | 1,000,000 | |
The Company does not require collateral for accounts
receivable. The Company maintains an allowance for its doubtful accounts receivable due to estimated credit losses. The Company records
the allowance against bad debt expense through the condensed consolidated statements of operations, included in general and administrative
expense, up to the amount of revenues recognized to date. Receivables are written off and charged against the recorded allowance when
the Company has exhausted collection efforts without success. There is no allowance for expected credit loss as the accounts receivable
has been received as at reporting date.
NOTE 8 – PREPAYMENTS
As of September 30, 2024, prepayments consist
of the following:
| | |
September 30,
2024 | | |
December 31,
2023 | |
| Prepayment for digital assets | |
$ | 12,125,500 | | |
$ | 12,125,500 | |
As previously disclosed in a Form 8-K filed on
September 28, 2023, the Company entered into a BTC Trading Contract (the “BTC Contract”) with an autonomous organization
(the “Association Seller”), which supports its members in the sale of BTC. While the Association Seller provides services
to facilitate the sale of BTC by its members, it does not exert control over them by ownership or contract, nor does it make decisions
for its members relating to the sale of BTC. None of the members of the Association Seller hold equity, serve as director or officer,
or otherwise have voting power or management rights of the Association Seller.
Under the BTC Contract, the Company has the right
to purchase up to 6,000 BTC from the members of the Association Seller (each, a “BTC Seller”) through the Association Seller
at a locked price of $30,000/BTC over a 12-month period commencing on September 25, 2023, with payment to be made in the form of cash
or the Company’s shares. Although the BTC Contract states that the Association Seller (Party B) “owns the virtual currency”,
to our knowledge, this statement was mistakenly made. As of the date of the BTC Contract, it were the individual members of the Association
Seller, not the Association Seller itself, who own the BTC to be sold under the BTC Contract. We believe the Association Seller will
coordinate with its members to fulfill the Company’s purchase of BTC, however, we cannot guarantee that the Company will be able
to purchase BTC from the BTC Sellers. The BTC Contract was entered into solely between the Company and the Association Seller and no
BTC Sellers owe any legal obligation to the Company in connection with the purchase and sale of BTC.
Following the execution of the BTC Contract,
the Company purchased 833 BTC from the BTC Sellers and decided to purchase an additional 1,000 BTC (the “1,000 BTC Purchase”).
As of December 31, 2023, the Company made a prepayment to the BTC Sellers through the Association Seller of approximately $12,125,500
(the “Prepayment Amount”), representing 40% of the total purchase price for 1000 BTC. The prepayment was made to secure favorable
pricing and demonstrate the Company’s commitment to completing the 1,000 BTC Purchase. This prepayment is refundable if the 1,000
BTC Purchase is not completed. While negotiating the terms of the 1,000 BTC Purchase with the BTC Sellers, the Company decided to exercise
its right under the BTC Contract to purchase 5,000 BTC (the “5,000 BTC Purchase”), which includes the previously planned
1,000 BTC. To reflect the then price increase in BTC and finalize the transaction details of the 5,000 BTC Purchase, the Company and
the Association Seller entered into that certain Amendment Agreement (the “Amendment Agreement”) on May 2, 2024, which was
previously disclosed in a Form 8-K filed by the Company on May 6, 2024.
According to the Amendment Agreement, the Company
agreed to pay the aggregate price for the 5,000 BTC through the issuance of 40,000,000 shares of the Company’s common stock (the
“Common Stock”) valued at $3.75 per share, which was the closing market price of the Common Stock as of May 1, 2024 (the
“Then FMV”) and warrants to purchase 80,000,000 shares of the Common Stock with the exercise price of $2.6 per share (equal
to 70% of the Then FMV). In connection with the 5,000 BTC Purchase, on May 8, 2024, the Company filed a Preliminary Information Statement
on Schedule 14C (the “Preliminary 14C”). Subsequently, the Company decided to cease pursuing the 5,000 BTC Purchase due to
the market fluctuations in BTC and further discussions with the BTC Sellers, which was previously disclosed on a Form 8-K filed by the
Company on June 26, 2024.
Despite the cancellation of the 5,000 BTC Purchase,
negotiations regarding the original 1,000 BTC Purchase continued. The Company’s original plan was to settle the remaining 60% of
the total purchase price for 1,000 BTC through the issuance of the Common Stock at a per share price based on the average market price
over a five-day period immediately prior to the date of the completion of the 1,000 BTC Purchase. However, the Board believed in the
potential long-term appreciation of the BTC. As a result, it has decided to halt the 1,000 BTC Purchase and instead re-negotiate the
terms with the Associate Seller to acquire 5,167 BTC, which represents the maximum number of BTC that the Company was entitled to purchase
under the BTC Contract minus the BTC already acquired under the BTC Contract.
NOTE 9 – INVESTMENT
As of September 30, 2024, investment consist
of the following:
| | |
September 30,
2024 | | |
December 31,
2023 | |
| | |
| | | |
| | |
| Investment in an associate company | |
$ | 13,396,000 | | |
$ | - | |
In April 2024, there are 3,940,000 shares issued
with the total amount of $13,396,000 for the acquisition of 20% of associate company. The officers, directors and selling shareholders
of associate company are not related party and independent with each other, which are not acting in concert with others.
Investment in associate company that we have
significant influence but do not have control over the investee are accounted for under the equity method. We will periodically review
the investment for impairment. The initial measurement and periodic subsequent adjustments of the investment are calculated by applying
the ownership percentage to the net assets or equity of the partially owed entity under ASC 323.
NOTE 10 – AMOUNT DUE TO RELATED PARTIES
| | |
September 30,
2024 | | |
December 31,
2023 | |
| | |
| | |
| |
| Related parties payable | |
$ | 282,533 | | |
$ | 282,535 | |
| Amount due to shareholders | |
| 300,055 | | |
| 606,137 | |
| Director fee payable | |
| 896,000 | | |
| 804,000 | |
| | |
$ | 1,478,588 | | |
$ | 1,692,672 | |
The related party balance of $282,533 represented
advances from former shareholders for the Company’s daily operation.
As of September 30, 2024, the amount due to shareholders
of $300,055 represented advances and professional expenses paid on behalf by Shareholders, which consist of audit fees, lawyers’
fee and other professional expenses.
As of September 30, 2024, the director fee payable
of $896,000 represented the accrual of director fees from the appointment date to September 30, 2024.
The amount due to related parties are interest
free, unsecured and have no fixed repayment period.
NOTE 11 – ACCOUNT PAYABLES
As of September 30, 2024 and December 31, 2023, account
payables are related to the software services fee payables to suppliers as follow:
| | |
September 30,
2024 | | |
December 31,
2023 | |
| | |
| | | |
| | |
| Account payables | |
$ | — | | |
$ | 800,000 | |
NOTE 12 – OTHER PAYABLES
As of September 30, 2024, other payables consist
of unpaid professional fee as follows:
| | |
September 30,
2024 | | |
December 31,
2023 | |
| | |
| | |
| |
| Professional fees | |
$ | 1,082,500 | | |
$ | 1,600,000 | |
Professional fee payables of $1,082,500 comprise
outstanding legal fees in relation to shareholders’ litigation, BTC consultant fee and listing compliance fee owing to professional
parties.
NOTE 13 – SHAREHOLDERS’ EQUITY
The Company has an unlimited number of authorized
ordinary shares and has issued 6,976,410 shares with no par value as of September 30, 2024.
On March 29, 2019, the Company issued 100,000,000
shares with no par value to thirty-three founders. On September 3, 2019, the Company issued a total 74,000 shares at $3 each to 5 non-US
shareholders. The total outstanding shares has increased to 100,074,000 shares as of December 31, 2019.
In February 2020, 1,666,666 shares were issued
at $3 per share to 2 new shareholders. On July 10, 2020, the Company issued another 26,000 shares at $3 per share to 2 new shareholders
and the total outstanding shares has increased to 101,766,666 shares.
On September 15, 2020, the Wyoming Secretary
of State approved the Company’s certificate of amendment to amend its Articles of Incorporation to effect 3 for 1 forward stock
split. The total issued and outstanding shares of the Company’s common stock has been increased from 101,766,666 to 305,299,998
shares, with the par value unchanged at zero.
On September 21, 2020, there are 151,500 shares
issued at $5 per share to 303 new shareholders, the Company’s common stock issued has been increased to 305,451,498 shares as of
December 31, 2020.
On April 13, 2022, the Company and 15 shareholders
entered into that certain Share Exchange Agreement (the “Share Exchange Agreement”), pursuant to which Company and the 15
Shareholders have cancelled 120,418,995 shares of Common Stock (“Cancellation Shares”). Upon completion of the transaction,
the outstanding shares of the Company’s Common Stock has been decreased from 305,451,498 shares to 185,032,503 shares as of June
30, 2022.
On July 21, 2022, the Company completed uplisting
of its common stock to the Nasdaq Capital Market, and the closing of its public offering of 10,000,000 shares of common stock with the
gross proceeds of $40,000,000 and net proceeds of $37,057,176 after deducting the total offering cost of $2,942,824. The shares were
priced at $4.00 per share, and the offering was conducted on a firm commitment basis. The shares continue to trade under the stock symbol
“WETG.” The Company’s total issued and outstanding common stock has been increased to 195,032,503 shares after the
offering.
On July 22, 2022, the Company issued 25,000 shares
of common stock to certain service providers for services in connection with the public offering, the fair value of the share was $477,500.
The Company’s total issued and outstanding common stock has been increased to 195,057,503 shares in 2022.
On June 9, 2023, the Wyoming Secretary of State
approved the Company’s certificate of amendment to amend its Articles of Incorporation to effect 1 for 185 reverse stock split
(“Reverse Stock Split”). The total issued and outstanding shares of the Company’s common stock decreased from 195,057,503
to 1,054,530 shares, with the par value unchanged at zero.
In September 2023, there were 1,570,600 shares
issued with the total amount of $12,616,454, and the Company’s common stock issued has been increased to 2,625,130 shares as of
December 31, 2023.
In April 2024, there are 3,940,000 shares issued
with the total amount of $13,396,000 for the acquisition of 20% of associate company.
On April 9, 2024, an addition of 411,280 shares
were converted to equity from loan and outstanding professional fee with the amount of $1,974,140 at the conversion price of $4.80 per
share based on average price of last 10 trading days. These loans are related to the long outstanding salaries, professional fee, litigation
lawyer fees and BTC consultant fee paid by shareholders on behalf of the Company. The amount due to related parties is interest free,
unsecured and has no fixed repayment period. Prior to the loan conversion to equity, the amount of $1,974,140 is recorded as current
liabilities. Subsequent to loan to equity conversion, the amount of $1,974,140 was converted to 411,280 shares and recorded in stockholders’
equity as follows:
| Nature of loan: | | Amount: | | | Conversion price: | | | Number of shares converted: | | Financial impact of conversion: |
Advance from shareholders to pay outstanding legal fee, salaries, Edgar filing fee, audit fee, which accumulated from January 2023 to March 2024.
| | $ | 594,140 | | | $ | 4.80 | | | 123,780 shares | | Reclassification from amount due to related parties to equity |
Accounting and compliance fee, which accumulated from January 2023 to March 2024.
| | $ | 420,000 | | | $ | 4.80 | | | 87,500 shares | | Reclassification from other payables to equity
|
| Legal advisory fee in relation to BTC transaction which accumulated from January 2023 to March 2024. | | $ | 480,000 | | | $ | 4.80 | | | 100,000 shares | | Reclassification from other payables to equity
|
| BTC Consultant fee, which accumulated from January 2023 to March 2024. | | $ | 480,000 | | | $ | 4.80 | | | 100,000 shares
| | Reclassification from other payables to equity
|
| Total | | $ | 1,974,140 | | | | | | | 411,280 shares | | |
As of September 30, 2024, the Company’s
common stock issued has been increased to 6,976,410 shares.
NOTE 14 – INCOME TAXES
The Company is subject to U.S. Federal tax laws.
The Company has not recognized an income tax benefit for its operating losses in the United States because the Company does not expect
to commence active operations in the United States.
There are several subsidiaries incorporated in
Hong Kong and are subject to Hong Kong profits tax at a tax rate of 16.5%.
The Company is currently conducting certain operations
in the PRC through its subsidiaries, which are subject to tax from 15% to 25%.
NOTE 15 – SUBSEQUENT EVENTS
There were no subsequent events noted from the
end of September 30, 2024 to the date of this report.
ITEM 2. MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of financial
condition and results of operations should be read in conjunction with our financial statements and related notes included elsewhere
in this report. This discussion contains forward-looking statements that involve risks, uncertainties and assumptions. See “Cautionary
Note Regarding Forward-Looking Statements.” Our actual results could differ materially from those anticipated in the forward-looking
statements as a result of certain factors discussed elsewhere in this report.
Business
Next Technology Holding Inc. (formerly known
as “WeTrade Group Inc.”) was incorporated in the State of Wyoming on March 28, 2019. We currently pursue two corporate strategies.
One business strategy is to continue providing software development services, and the other strategy is to acquire and hold bitcoin.
Software development
We provide AI-enabled software development services
to our customers, which include developing, designing, and implementing various SAAS software solutions for businesses of all types,
including industrial and other businesses.
Bitcoin Acquisition Strategy
Our bitcoin acquisition strategy generally involves
acquiring bitcoin with our liquid assets that exceed working capital requirements, and from time to time, subject to market conditions,
issuing debt or equity securities or engaging in other capital raising transactions with the objective of using the proceeds to purchase
bitcoin.
We view our bitcoin holdings as long-term holdings
and expect to continue to accumulate bitcoin. We have not set any specific target for the amount of bitcoin we seek to hold, and we will
continue to monitor market conditions in determining whether to engage in additional financing to purchase additional bitcoin.
This overall strategy also contemplates that
we may (i) periodically sell bitcoin for general corporate purposes, including to generate cash for treasury management or in connection
with strategies that generate tax benefits in accordance with applicable law, (ii) enter into additional capital raising transactions
that are collateralized by our bitcoin holdings, and (iii) consider pursuing additional strategies to create income streams or otherwise
generate funds using our bitcoin holdings.
We believe that, due to its limited supply, bitcoin
offers the opportunity for appreciation in value if its adoption increases and has the potential to serve as a hedge against inflation
in the long-term.
Results of Operations
Results of Operations for the Nine-month Period
Ended September 30, 2024 and 2023
The following tables provide a comparison of
a summary of our results of operations for the nine-month period ended September 30, 2024 and 2023.
| | |
For the
period
September
30,
2024 | | |
From the
period
September
30,
2023 | |
| Revenue: | |
| | |
| |
| Service revenue | |
$ | — | | |
$ | 1,500,000 | |
| Cost of Revenue | |
| — | | |
| (270,864 | ) |
| Gross profit | |
| — | | |
| 1,229,136 | |
| Operating Expenses: | |
| | | |
| | |
| Other income/ (expenses) | |
| 17,899,568 | | |
| (14,406,396 | ) |
| General and administrative expenses | |
| (1,242,128 | ) | |
| (537,576 | ) |
| Net profit/ (loss) before income tax | |
| 16,657,440 | | |
| (13,714,836 | ) |
| Income tax expenses | |
| (2,666,078 | ) | |
| — | |
| Net profit/ (loss) | |
$ | 13,991,362 | | |
$ | (13,714,836 | ) |
Revenue from Operations
For
the nine-month period ended September 30, 2024 and 2023, total revenue were $nil and $1,500,000 respectively. The decrease is mainly
due to decrease in AI SAAS revenue during the period.
General and Administrative Expenses
For the nine-month period ended September 30,
2024 and 2023, general and administrative expenses were $1,242,128 and $537,576 respectively. The increase is mainly due to an
increase in BTC consulting fee and legal fees during the period.
Other Income/ (expenses)
The other income of $17,899,568 is mainly due
to an increase in gain from digital assets during the period as compared to the provision for bad debts of $11,347,054 in prior period.
Net Profit/ (loss)
As a result of the factors described above, there
was a net profit of $13,991,362 and net loss of $13,714,836 for the period ended September 30, 2024 and 2023, respectively. The increase
in net profit is mainly due to gain from digital assets during the period.
Results of Operations for the Three-month Period
Ended September 30, 2024 and 2023
The following tables provide a comparison of
a summary of our results of operations for the three-month period ended September 30, 2024 and 2023.
| | |
For the
period
September 30,
2024 | | |
From the
period
September 30,
2023 | |
| Revenue: | |
| | |
| |
| Service revenue | |
$ | — | | |
$ | 1,500,000 | |
| Cost of Revenue | |
| — | | |
| (270,864 | ) |
| Gross profit | |
| — | | |
| 1,229,136 | |
| Operating Expenses: | |
| | | |
| | |
| Other income/ (expenses) | |
| 2,303,789 | | |
| (14,406,397 | ) |
| General and administrative expenses | |
| (566,983 | ) | |
| (234,800 | ) |
| Net profit/ (loss) before income tax | |
| 1,736,806 | | |
| (13,412,061 | ) |
| Income tax income | |
| (364,730 | ) | |
| — | |
| Net loss | |
$ | 1,372,076 | | |
$ | (13,412,061 | ) |
Revenue from Operations
For
the three-month period ended September 30, 2024 and 2023, total revenue was $nil and $1,500,000 respectively. The decrease is mainly
due to decrease in AI SAAS system revenue during the period.
General and Administrative Expenses
For the three-month period ended September 30,
2024 and 2023, general and administrative expenses were $566,983 and $234,800 respectively. The increase is mainly due to an increase
in BTC consulting fee and legal fees during the period.
Other income/ (expenses)
The other income of $2,303,789 is mainly due
to loss from digital assets during the period. The other expenses of $14,406,397 were mainly for fair value loss of digital assets of
$3.05 million and provision for bad debts of $11.3 million in prior reporting period.
Net loss
As a result of the factors described above, there
was a net profit of $1,372,076 and net loss of $13,412,061 for the period ended September 30, 2024 and 2023, respectively. The increase
in net profit is mainly due to loss from digital assets and no provision for bad debts were incurred during the period.
Liquidity and Capital Resources
As of September 30, 2024, we had cash on hand
of $668,387. There is no change in cash held during the period.
Operating activities
As
of September 30, 2024, our cash flow used in operating activities is $81,332 for the period ended September 30, 2024 as compared to the
net cash flow from operating activities of $11,886,808 in
prior period. The decrease was mainly due to the turnaround of the net profit of $13.9 million from the net losses of $13.7 million in
prior reporting period.
Investing activities
Cash provided used in investing activities was
$nil for the period ended September 30, 2024 as compared to cash used in investing activities of $37,115,500 in prior period. The decrease
is mainly due to no digital assets being purchased during the period.
Financing activities
Cash provided by our financing activities was
$81,332 for the period ended September 30, 2024 as compared to cash provided by financing activities of $17,203,894. The decrease is
mainly due to lesser in shareholders’ advance and no issuance of stock during the period as compared to the prior period.
Inflation
Inflation does not materially affect our business
or the results of our operations.
Off-Balance Sheet Arrangements
We do not have any off-balance sheet arrangements.
Critical Accounting Policies
We prepare our financial statements in accordance
with generally accepted accounting principles of the United States (“GAAP”). GAAP represents a comprehensive set of accounting
and disclosure rules and requirements. The preparation of our financial statements requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial
statements, and the reported amounts of revenues and expenses during the reporting period. Our actual results could differ from those
estimates. We use historical data to assist in the forecast of our future results. Deviations from our projections are addressed when
our financials are reviewed on a monthly basis. This allows us to be proactive in our approach to managing our business. It also allows
us to rely on proven data rather than having to make assumptions regarding our estimates.
Recent Accounting Pronouncements
We have reviewed all the recently issued, but
not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company
financial statements.
ITEM 3. QUANTITATIVE AND
QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are a “smaller reporting company”
as defined by Item 10(f)(1) of Regulation S-K, and as such are not required to provide the information contained in this item pursuant
to Item 305 of Regulation S-K.
ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures.
The management of the Company is responsible
for establishing and maintaining adequate internal control over financial reporting. The Company’s internal control over financial
reporting is a process designed under the supervision of the Company’s Chief Executive Officer and Chief Financial Officer to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of the Company’s financial statements
for external purposes in accordance with U.S. generally accepted accounting principles.
With respect to the period ended September 30,
2024, under the supervision and with the participation of our management, we conducted an evaluation of the effectiveness of the design
and operations of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Securities
Exchange Act of 1934.
Based upon our evaluation regarding the period
ended September 30, 2024, the Company’s management, including its Principal Executive Officer, has concluded that its disclosure
controls and procedures were not effective due to the Company’s limited internal resources and lack of ability to have multiple
levels of transaction review. Material weaknesses noted are lack of an audit committee, lack of a majority of outside directors on the
board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures;
and management is dominated by two individuals, without adequate compensating controls. However, management believes the financial statements
and other information presented herewith are materially correct.
Our management assessed the effectiveness of
our internal control over financial reporting as of September 30, 2024. In making this assessment, our management used the criteria set
forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control - Integrated Framework
- Guidance for Smaller Public Companies (the COSO criteria). Based on our assessment, management identified material weaknesses related
to: (i) our internal audit functions; (ii) a lack of segregation of duties within accounting functions; and the lack of multiple levels
of review of our accounting data. Based on this evaluation, our management concluded that as of September 30, 2024, we did not maintain
effective internal control over financial reporting.
Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods
are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with any
policies and procedures may deteriorate. Due to our size and nature, segregation of all conflicting duties may not always be possible
and may not be economically feasible. To the extent possible, we will implement procedures to assure that the initiation of transactions,
the custody of assets and the recording of transactions will be performed by separate individuals. With proper funding we plan on remediating
the significant deficiencies identified above, and we will continue to monitor the effectiveness of these steps and make any changes
that our management deems appropriate.
A material weakness is a control deficiency (within
the meaning of Public Company Accounting Oversight Board Auditing Standard No. 5) or combination of control deficiencies, that results
in a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected
on a timely basis.
Changes in Internal Control over Financial
Reporting
There were no changes in our internal control
over financial reporting that occurred during our most recently completed fiscal quarter that has materially affected, or are reasonably
likely to materially affect, our internal control over financial reporting.
PART II – OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Wyoming Shareholder Lawsuits: Since mid-September
2023, Mr. Zheng Dai, Mr. Pijun Liu, and certain individuals under their control (the “Unauthorized Persons”) had been falsely
and repeatedly holding themselves out as representing and/or authorized to represent the Company. For example, the Unauthorized Persons
caused to be filed certain current reports on Forms 8-K dated September 28, 2023 and October 10, 2023, in which they purported to appoint
new officers and directors. These filings were false and should be disregarded.
On September 28, 2023, a derivative lawsuit was
filed by certain purported shareholders affiliated with the Unauthorized Persons in the United States District Court for the District
of Wyoming against certain officers and directors of the Company, seeking control of the Company. This case was dismissed without prejudice
on October 18, 2023.
On October 18, 2023, the same individuals who
filed the above-described derivative suit filed a direct action against the Company in the Chancery Court of the State of Wyoming (the
“Chancery Court”), again seeking control of the Company. The Company responded to the lawsuit, sought a temporary restraining
order restraining the plaintiff-shareholders and their affiliates (including the Unauthorized Persons) from claiming to be in control
of the Company.
In early 2024, the Court issued an order restraining
the Unauthorized Persons from purporting to control the Company. The Unauthorized Persons’ lawsuit was subsequently dismissed with
prejudice, meaning they can no longer attempt to assert control over the Company.
New York Loan Guarantee Litigation: In
May 2024, certain non-U.S. Parties believed to be affiliated with the Unauthorized Persons described above filed a lawsuit in New York
State court against many non-U.S. borrowers, alleging the borrowers have not paid certain loans. These lender-plaintiffs also sued the
Company under alleged guarantees it allegedly signed to guarantee the loans at issue. The Company does not believe these guarantees were
legitimate, nor that New York is the proper place for it. The Company has moved to dismiss.
Books and records litigation: In September
2024, the Unauthorized Persons filed a lawsuit in Wyoming State court for books and records. The Company does not believe the lawsuit
has merit under Wyoming’s books and records statute and is defending this suit.
ITEM 1A. RISK FACTORS
We are a “smaller reporting company”
as defined by Item 10(f)(1) of Regulation S-K, and as such are not required to provide the information contained in this item.
ITEM 2. UNREGISTERED SALES
OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM 3. DEFAULTS UPON
SENIOR SECURITIES
No senior securities were issued and outstanding
during the nine months ended September 30, 2024.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable to our Company.
ITEM 5. OTHER INFORMATION
Capitalization
On June 9, 2023, the Wyoming Secretary of State
approved the Company’s certificate of amendment to amend its Articles of Incorporation to effect 1 for 185 Reverse Stock Split.
The total issued and outstanding shares of the Company’s common stock decreased from 195,057,503 to 1,054,364 shares, with the
par value unchanged at zero.
The Reverse Stock Split is intended to more expediently
enable the Company to regain compliance to achieve a minimum bid price of $1.00 per share for continued listing on Nasdaq, as set forth
in Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Requirement”). As a result of the Reverse Stock Split, every one-for-one
hundred and eighty-five (185) shares of the Company’s Common Stock then issued and outstanding will automatically, and without
any action of the Company or any holder thereof, be combined, converted, and changed into one (1) validly issued and non-assessable share
of Common Stock. No fractional shares will be issued to any shareholder, and in lieu of issuing any such fractional shares, the fractional
shares resulting from the Reverse Stock Split will be rounded up to the nearest whole share of Common Stock.
In September 2023, there were 1,570,600 shares
issued with the total amount of $12,616,454, and the Company’s common stock issued has been increased to 2,625,130 shares as of
December 31, 2023. In April 2024, there are 4,351,280 shares issued with the total amount of $14,776,000 for the acquisition of 20% of
associate company and loan conversion to equity, the Company’s common stock issued has been increased to 6,976,410 shares as of
September 30, 2024.
Bitcoin Option Contract
On May 2, 2024, the Company entered into a Bitcoin
Option Contract (the “Option Contract”) with the Association Seller. Under the Option Contract, the Association Seller agrees
to sell, and the Company has the option to purchase, up to 20,000 BTC at a fixed price of US$60,000 per BTC over a three-year period
commencing on May 2, 2024. The Company can exercise this option at any time during the three-year period, either in one or multiple transactions,
as mutually agreed upon by both parties. Payments for the BTC can be made in cash or in the Company’s common stock, at the Company’s
discretion. In addition, the Option Contract allows for an optional 10% advance payment in cash if agreed upon by both parties. Although
the Option Contract states that the Association Seller (Party B) “owns the virtual currency”, to our knowledge, this statement
was mistakenly made. As of the date of the Option Contract, it were the individual members of the Association Seller, not the Association
Seller itself, who own the BTC to be sold under the Option Contract.
As of the date of this report, the Company has
not paid any advance payment, nor exercised its option to purchase any BTC under the BTC Option Contract. Further, the Company does not
intend to exercise its option to purchase any BTC under the BTC Option Contract.
The above description of the Option Contract
does not purport to be complete, and is qualified in its entirety by reference to the full text of the Option Contract, a copy of which
is attached to the Company’s Current Report on Form 8-K as Exhibit 10.2, filed with the SEC on May 6, 2024, which is incorporated
by reference herein.
ITEM 6. EXHIBITS
| Exhibit
No. |
|
Description
|
| 10.1 |
|
BTC Trading Contract, dated September 25, 2023, between Next Technology Holding Inc., as Party A (Buyer) and ANTS INVESTMENT MANAGEMENT PTE. LTD, as Party B (Seller) |
| 10.2 |
|
Amendment Agreement, dated May 2, 2024, between Next Technology Holding Inc., as Party A (Buyer) and ANTS INVESTMENT MANAGEMENT PTE. LTD, as Party B (Seller) |
| 10.3 |
|
Bitcoin Option Contract, dated May 2, 2024, between Next Technology Holding Inc., as Party A (Buyer) and ANTS INVESTMENT MANAGEMENT PTE. LTD, as Party B (Seller) |
| 10.4 |
|
Contract Cancellation Agreement, dated June 20, 2024, between Next Technology Holding Inc., as Party A (Buyer) and ANTS INVESTMENT MANAGEMENT PTE. LTD, as Party B (Seller) |
| 10.5 |
|
Bitcoin Option Contract Cancellation Agreement, dated June 20, 2024, between Next Technology Holding Inc., as Party A (Buyer) and ANTS INVESTMENT MANAGEMENT PTE. LTD, as Party B (Seller) |
| 10.6 |
|
Amended and Restated BTC Trading Contract, dated September 24, 2024, between Next Technology Holding Inc., as Party A (Buyer) and ANTS INVESTMENT MANAGEMENT PTE. LTD, as Party B (Seller) |
| 31.1 |
|
Certification
of Principal Executive Officer filed pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of
the Sarbanes-Oxley Act of 2002 Filed herewith |
| 31.2 |
|
Certification
of Principal Financial Officer filed pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of
the Sarbanes-Oxley Act of 2002 Filed herewith |
| 32.1 |
|
Certification
of Chief Executive Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 Filed herewith |
| 32.2 |
|
Certification
of Chief Financial Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 Filed herewith |
| 101 |
|
Financial
statements from the quarterly report on Form 10-Q of Next Technology Holding Inc. for the fiscal quarter ended September 30, 2024,
formatted in XBRL: (i) the Balance Sheet; (ii) the Statement of Income; (iii) the Statement of Cash Flows; and (iv) the Notes to
the Financial Statements Filed herewith |
| 104 |
|
Cover
Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
NEXT TECHNOLOGY HOLDING INC. |
| |
|
|
| Date: December 23, 2024 |
By: |
/s/ Wei Hong Liu |
| |
|
Wei Hong Liu |
| |
|
Chief Executive Officer |
| |
/s/ Eve Chan |
| |
Eve Chan |
| |
Chief Financial Officer |
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Exhibit 10.1
BTC Trading Contract
Date: 25nd September,
2023
Party A (Buyer): WeTrade Group Inc.
Address: 109 E 17th Street,
Cheyenne WY 82001-4543.
Party B (Seller): ANTS INVESTMENT MANAGEMENT
PTE. LTD
Address: 2 VENTURE DRIVE #11-31 VISION
EXCHANGE SINGAPORE (608526)
Whereas:
1. Party A has the legal right to purchase
virtual currency and possesses the necessary financial capacity.
2. Party B legally owns the virtual
currency and is willing to sell it to a qualified buyer.
3. Both parties have reached a mutual
agreement through friendly negotiations regarding the purchase and sale of the virtual currency.
Based on the aforementioned premises,
both parties, guided by principles of equality, voluntary consent, and good faith, have reached the following agreement:
Article 1: Virtual Currency Transaction
1.1 Party B agrees to sell its owned virtual currency
to Party A, and Party A agrees to purchase the Bitcoin (“BTC”) sold by Party B.
1.2 Type and Quantity of Virtual Currency:
-Type：Bitcoin BTC
-Quantity: 6,000 BTC (Completed in batches of
12 months with 833 BTC in the first month)
Article 2: Transaction Price
and Payment Method
2.1 Agreed Transaction Price: The agreed transaction
price between the buyer and seller is 30,000/BTC, denominated in United States Dollars (USD). The price is locked for a period of 12 months.
The buyer has the right and option to purchase up to 6,000 BTC from the seller within the 12-month validity period of the contract, at
the locked price.
2.2 The buyer and seller agree to make payment
in the following manner:
Party A will make payment in the form of cash
or stocks to Party B or a third-party account designated by Party B.
Article 3: Delivery of Virtual
Currency
3.1: Upon successful delivery of BTC from Party
B to Party A and confirmation of accuracy by Party A, Party A shall issue the stocks to party B or a third party designated by party B.When
Party A issues shares to Party B or a third party designated by Party B, the shares issued shall be subject to a lock-up for a period
of 12 months upon confirmation by both parties, with the commencement date to be calculated from the date on which Party B or a third
party designated by Party B holds the corresponding shares.
3.2: Party B shall ensure the safe and reliable
delivery process of the virtual currency and provide relevant transaction records and certificates as proof of the transaction.
Article 4: Risks and Liabilities
4.1 From the date of completion of the transaction,
the risks associated with the virtual currency shall be borne by Party A.
4.2 Party B guarantees that the virtual currency
being sold is lawful and does not infringe upon any third-party legal rights. If any issues arise with the virtual currency provided by
Party B, Party B shall bear the corresponding legal and compensation liabilities.
Article 5: Breach of Contract
Liability
5.1 In the event that either party violates the
provisions of this contract, they shall bear the corresponding breach of contract liability and compensate the other party for any losses
incurred as a result.
5.2 In the event of a breach by either party,
the other party shall have the right to terminate this contract and demand the breaching party to pay a penalty for the breach.The amount
of corresponding breach is 10% of the total price of the BTC quantity of this contract, i.e., $18,000,000 (6000BTC*30000$/BTC*10%=18,000,000$).
Article 6: Confidentiality
Clause
6.1 Both parties shall maintain strict confidentiality
regarding any business, technical, financial, or other information they become aware of during the performance of this contract. Such
information shall not be disclosed to any third party without the prior written consent of the other party.
6.2 Without the written consent of the other
party, neither party shall disclose, divulge, or use the confidential information of the other party to any third party.
Article 7: Dispute Resolution
7.1 The interpretation, performance, and resolution
of disputes of this contract shall be governed by the laws of New York, United States.
7.2 In the event of any dispute arising between
the two parties during the performance of this contract, they shall seek an amicable resolution through friendly negotiation. If a resolution
cannot be reached through negotiation, the dispute shall be submitted to a competent court for resolution.
Article 8: Other Provisions
8.1 This contract shall come into effect and be
legally binding from the date of signing or sealing by the representatives of both parties.
8.2 This contract is made in duplicate, with each
party holding one copy, and both copies have equal legal effect.
| Party A: WeTrade Group Inc. |
|
Party B: ANTS INVESTMENT MANAGEMENT PTE. LTD |
| |
|
|
|
Address: 109 E 17th Street, Cheyenne WY
82001-4543.
|
|
Address: 2 VENTURE DRIVE #11-31 VISION EXCHANGE SINGAPORE (608526) |
| |
|
|
|
| Signature/Seal: |
/s/ Weihong Liu |
|
Signature/Seal: |
/s/ Bo Li |
| |
|
|
|
| Title: CEO |
|
Title: Director |
| |
|
|
|
| Date: 25th September, 2023 |
|
Date: 25th September, 2023 |
3
Exhibit 10.2
Amendment Agreement
THIS AMENDMENT AGREEMENT is made the 2ndday
of May, 2024
BETWEEN
Party A (Buyer): Next Technology Holding
Inc. (formerly known as WeTrade Group Inc.)
and
Party B (Seller): ANTS
INVESTMENT MANAGEMENT PTE. LTD
WHEREAS
| (A) | The Seller and the Buyer entered into a BTC Trading Contract on September 25, 2023 (Schedule I); and |
| (B) | The Buyer has purchased 833 Bitcoins (“BTC”) from the Seller, and the Buyer has the option
to purchase additional BTC pursuant to the terms and conditions of the BTC Trading Contract; and |
| (C) | The Seller and the Buyer have now agreed to enter into this Amendment Agreement (the “Amendment”)
wherein the Buyer would exercise certain portion of its options under the BTC Trading Contract. |
NOW THEREFORE IT IS AGREED as follows:
1. DEFINITIONS
AND INTERPRETATION
1.1 Definitions
In this Amendment:
“Business Day”:means 9:00 a.m.
to 5:00 p.m. on any day (other than a Saturday) on which banks in Hong Kong and U.S. are open for the transaction of normal banking business.
“Company”:means Next Technology
Holding Inc.
“Completion”:means completion
of the sale and purchase of the BTC pursuant to Clause 2.
“Consideration”:means the total
consideration to be paid by the Buyer to the Seller for the BTC pursuant to Clause 2.
“Effective Date”:means May
2nd, 2024.
“Encumbrances”: means any
mortgage, charge, pledge, lien, option, right of first refusal, right of pre-emotion, third party interest, priority or any other encumbrance
or security interest of any kind and of whatsoever nature over or in any property, assets or rights of whatsoever nature and includes
any agreement or obligation or grant for any of the same.
“Parties”:means the parties
to this Amendment and “Party” means any of them.
1.2 The
headings to the Clauses of this Amendment are for ease of reference only and shall be ignored in interpreting this Amendment.
1.3 Reference
to Clauses, Schedules and Recitals are references to clauses, schedules and recitals of this Amendment and all shall form part of this
Amendment.
1.4 Words
and expressions in the singular include the plural and vice verse and words importing a gender include every gender.
1.5 Reference
to person include any public body’s and any body of persons, corporate or unincorporated.
1.6 Reference
to ordinances, statutes, legislation or enactments shall be construed as a reference to such ordinances, statutes, legislation or enactments
as may be amended or re0enacted from time to time and for the time being in force.
1.7 All
warranties, representations, indemnities, covenants, agreements and obligations given or entered into by the Seller are given or entered
into jointly and severally by all of them.
1.8 Unless
a contrary indication appears in this Amendment, a term defined in the BTC Trading Contract has the same meaning in this Amendment.
1.9 Unless
a contrary indication appears in this Amendment, the principles of construction set out in the BTC Trading Contract shall have effect
as if set out in, and referring to, this Amendment.
2. AMENDMENT
With effect on and from the date of the Effective
Date, the BTC Trading Contract shall be amended as follows:
| (A) | Clause 2.3 shall be added to Article 2 the BTC Trading Contract: |
2.3 To exercise the
Buyer’s option under Clause 1.2, the Buyer has decided to purchase 5,000 BTC from the Seller under the lock-up price of US$30,000
per BTC, as the Consideration shall be US$ 150,000,000 for 5,000 BTC. The Buyer and Seller have agreed that the payment for the Consideration
shall be made in the following manner: the Buyer will transfer 40,000,000 of its common stock plus 80,000,000 warrant shares to the Seller.
The shareholding entity designated by the Seller for holding the above-mentioned common stocks and warrants shall be listed below. (ScheduleⅡ)
| (B) | Article 3 of the BTC Trading Contract shall be amended by deleting it in its entirety and replacing it
with the following: |
3.1 Party B is responsible
to ensure the safe and reliable delivery process of the virtual currency and provide to the commissioner of Party A with relevant transaction
records and certificates as proof of the transaction.
| (C) | Article 4 of the BTC Trading Contract shall be amended by deleting it in its entirety and replacing it
with the following: |
4.1 The Seller guarantees
that the BTC being sold is lawful, free of encumbrance and does not infringe upon any third-party legal rights. The Seller agrees indemnify
and hold the Buyer harmless against any and all claims, demands, suits or other forms of liability arising out of the BTC sold under this
Amendment.
| (D) | Article 7 of the BTC Trading Contract shall be amended by deleting it in its entirety and replacing it
with the following: |
7.1 Any dispute, controversy,
difference or claim arising out of or relating to this BTC Trading Contract and its Amendment, including the existence, validity, interpretation,
performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall
be referred to and finally resolved by arbitration administered by the Hong Kong International Arbitration Center (HKIAC) under the HKIAC
Administered Arbitration Rules in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be Hong
Kong law. The seat of arbitration shall be Hong Kong. The number of arbitrators shall be one. The arbitration proceedings shall be conducted
in English.
3. COSTS
AND EXPENSES
The Seller and the Buyer shall pay for its own
costs and expenses incidental to this Amendment.
4. SPECIFIC
PERFORMANCE
The Parties agree that irreparable damage would
occur if any provision of this Amendment were not performed in accordance with the terms hereof and that the Parties shall be entitled
to an injunction or injunctions to prevent breaches of this Amendment or to enforce specifically the performance of the terms and provisions
hereof in the courts of Hong Kong, in addition to any other remedy to which they are entitled at law or equity. The Parties hereby waive,
in any action for specific performance, the defence of adequacy of a remedy at law and the posting of any bond or other security in connection
there with. Without limitation the generality of the foregoing, the Parties agree that the Buyer shall be entitled to specific performance
against the Seller to cause any such entity to consummate the Completion of the BTC purchase under this Amendment.
| The Buyer |
|
The Seller |
| |
|
|
| Next Technology Holding Inc. |
|
ANTS INVESTMENT MANAGEMENT PTE. LTD |
| |
|
|
|
| By: |
/s/ Weihong Liu |
|
By: |
/s/ Bo Li |
| Name: |
Weihong Liu |
|
Name: |
Bo Li |
| Title: |
|
|
Title: |
|
Schedule I
BTC Trading Contract
Date: 25nd September,
2023
Party A (Buyer): WeTrade Group Inc.
Address: 109 E 17th Street,
Cheyenne WY 82001-4543.
Party B (Seller):
Address:
Whereas:
1. Party A has the legal right to purchase
virtual currency and possesses the necessary financial capacity.
2. Party B legally owns the virtual
currency and is willing to sell it to a qualified buyer.
3. Both parties have reached a mutual
agreement through friendly negotiations regarding the purchase and sale of the virtual currency.
Based on the aforementioned premises,
both parties, guided by principles of equality, voluntary consent, and good faith, have reached the following agreement:
Article 1: Virtual Currency Transaction
1.1 Party B agrees to sell its owned virtual currency
to Party A, and Party A agrees to purchase the Bitcoin (“BTC”) sold by Party B.
1.2 Type and Quantity of Virtual Currency:
-Type：Bitcoin BTC
-Quantity: 6,000 BTC (Completed in batches of
12 months with 833 BTC in the first month)
Article 2: Transaction Price
and Payment Method
2.1 Agreed Transaction Price: The agreed transaction
price between the buyer and seller is 30,000/BTC, denominated in United States Dollars (USD). The price is locked for a period of 12 months.
The buyer has the right and option to purchase up to 6,000 BTC from the seller within the 12-month validity period of the contract, at
the locked price.
2.2 The buyer and seller agree to make payment
in the following manner:
Party A will make payment in the form of cash
or stocks to Party B or a third-party account designated by Party B.
Article 3: Delivery of Virtual
Currency
3.1: Upon successful delivery of BTC from Party
B to Party A and confirmation of accuracy by Party A, Party A shall issue the stocks to party B or a third party designated by party B.When
Party A issues shares to Party B or a third party designated by Party B, the shares issued shall be subject to a lock-up for a period
of 12 months upon confirmation by both parties, with the commencement date to be calculated from the date on which Party B or a third
party designated by Party B holds the corresponding shares.
3.2: Party B shall ensure the safe and reliable
delivery process of the virtual currency and provide relevant transaction records and certificates as proof of the transaction.
Article 4: Risks and Liabilities
4.1 From the date of completion of the transaction,
the risks associated with the virtual currency shall be borne by Party A.
4.2 Party B guarantees that the virtual currency
being sold is lawful and does not infringe upon any third-party legal rights. If any issues arise with the virtual currency provided by
Party B, Party B shall bear the corresponding legal and compensation liabilities.
Article 5: Breach of Contract
Liability
5.1 In the event that either party violates the
provisions of this contract, they shall bear the corresponding breach of contract liability and compensate the other party for any losses
incurred as a result.
5.2 In the event of a breach by either party,
the other party shall have the right to terminate this contract and demand the breaching party to pay a penalty for the breach.The amount
of corresponding breach is 10% of the total price of the BTC quantity of this contract, i.e., $18,000,000 (6000BTC*30000$/BTC*10%=18,000,000$).
Article 6: Confidentiality
Clause
6.1 Both parties shall maintain strict confidentiality
regarding any business, technical, financial, or other information they become aware of during the performance of this contract. Such
information shall not be disclosed to any third party without the prior written consent of the other party.
6.2 Without the written consent of the other
party, neither party shall disclose, divulge, or use the confidential information of the other party to any third party.
Article 7: Dispute Resolution
7.1 The interpretation, performance, and resolution
of disputes of this contract shall be governed by the laws of New York, United States.
7.2 In the event of any dispute arising between
the two parties during the performance of this contract, they shall seek an amicable resolution through friendly negotiation. If a resolution
cannot be reached through negotiation, the dispute shall be submitted to a competent court for resolution.
Article 8: Other Provisions
8.1 This contract shall come into effect and be
legally binding from the date of signing or sealing by the representatives of both parties.
8.2 This contract is made in duplicate, with each
party holding one copy, and both copies have equal legal effect.
| Party A: WeTrade Group Inc. |
Party B: |
| Address: 109 E 17th Street, Cheyenne WY 82001-4543. |
Address: |
| |
|
| Signature/Seal |
Signature/Seal |
| |
|
| Title: CEO |
Title: Director |
| Date: 25th September, 2023 |
Date: 25th September, 2023 |
Schedule Ⅱ
Schedule of shareholding entity designated
by the Seller
The Buyer agrees to issue an aggregate of 40,000,000
shares common stock at $3.75 per share and 80,000,000 warrant shares for the acquisition of 5,000 BTC.
| shareholding entities | |
shares of common
stock to issue | | |
warrant shares in common
stock purchase warrant | |
| QUANTUMCORE LIMITED | |
| 8,700,000 | | |
| 17,400,000 | |
| SYNAPSENET LIMITED | |
| 8,800,000 | | |
| 17,600,000 | |
| CLOUDMIND LIMITED | |
| 3,800,000 | | |
| 7,600,000 | |
| EVOLVETECH LIMITED | |
| 1,000,000 | | |
| 2,000,000 | |
| INFITEX LIMITED | |
| 2,000,000 | | |
| 4,000,000 | |
| INNOVEXA LIMITED | |
| 2,000,000 | | |
| 4,000,000 | |
| SPECTRUMTECH LIMITED | |
| 2,000,000 | | |
| 4,000,000 | |
| INNOVATRIX LIMITED | |
| 1,900,000 | | |
| 3,800,000 | |
| NEURONIC LIMITED | |
| 2,000,000 | | |
| 4,000,000 | |
| DIGIFORGE LIMITED | |
| 2,000,000 | | |
| 4,000,000 | |
| CYPHERNET LIMITED | |
| 1,900,000 | | |
| 3,800,000 | |
| PROTONTECH LIMITED | |
| 2,000,000 | | |
| 4,000,000 | |
| LUMINATECH LIMITED | |
| 1,900,000 | | |
| 3,800,000 | |
| TOTAL | |
| 40,000,000 | | |
| 80,000,000 | |
7
Exhibit 10.3
Bitcoin Option Contract
Date: May 2nd , 2024(the
“Effective Date”)
Party A (Buyer): Next Technology Holding
Inc.
Party B (Seller): ANTS INVESTMENT MANAGEMENT
PTE. LTD
Whereas:
1. Party A has the legal right to purchase
virtual currency and possesses the necessary financial capacity.
2. Party B legally owns the virtual
currency and is willing to sell it to a qualified buyer.
3. Both parties have reached a mutual
agreement through friendly negotiations regarding the purchase and sale of the virtual currency.
Based on the aforementioned premises,
both parties, guided by principles of equality, voluntary consent, and good faith, have reached the following agreement:
Article 1: Virtual Currency Transaction
1.1 Party B agrees to sell its owned virtual currency
to Party A, and Party A agrees to purchase the Bitcoin (“BTC”) sold by Party B, pursuant to Article 2 of this Contract.
1.2 Type and Quantity of Virtual Currency:
-Type：Bitcoin BTC
-Quantity：20,000 BTC
Article 2: Transaction Price
and Payment Method
2.1 Agreed Transaction Price: The agreed transaction
price between the buyer and seller is 60,000/BTC, denominated in United States Dollars (USD). The price is locked for a period of 3years.
The Buyer has the right and option to purchase up to 20,000 BTC from the seller within the 3 years subsequent to the effective date (the
“Option Period”) of this Contract, at the locked price.
2.2 The Buyer and Seller have agreed that payments
can be made in the following manner:
The Buyer can make payment in the form of cash
or common stocks issued to the Seller or a third-party designated by the Seller.
2.3 Transactions can be divided into multiple
batches during the Option Period, and each batch of transactions can be initiated at any time based on mutual agreement. If both parties
agree to make payment in cash regarding a particular batch of transactions, the Buyer shall make a prepayment of no more than 10% of the
purchase amount in advance.
Article 3: Delivery of Virtual
Currency
The Seller is responsiable to ensure the safe
and reliable delivery process of the virtual currency and provide to the commissioner of Party A with relevant transaction records and
certificates as proof of the delivery for the transaction.
Article 4: Risks and Liabilities
The Seller guarantees that the BTC being sold
is lawful, free of encumbrance and does not infringe upon any third-party legal rights. The Seller agrees indemnify and hold the Buyer
harmless against any and all claims, demands, suits or other forms of liability arising out of the BTC sold.
Article 5: Breach of Contract
Liability
5.1 In the event that either party violates the
provisions of this contract, they shall bear the corresponding breach of contract liability and compensate the other party for any losses
incurred as a result.
5.2 In the event of a breach by either party,
the other party shall have the right to terminate this contract and demand the breaching party to pay a penalty for the breach.
Article 6: Confidentiality
Clause
6.1 Both parties shall maintain strict confidentiality
regarding any business, technical, financial, or other information they become aware of during the performance of this contract. Such
information shall not be disclosed to any third party without the prior written consent of the other party.
6.2 Without the written consent of the other
party, neither party shall disclose, divulge, or use the confidential information of the other party to any third party.
Article 7: Dispute Resolution
Any dispute, controversy, difference or claim
arising out of or relating to this BTC Trading Contract and its Amendment, including the existence, validity, interpretation, performance,
breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred
to and finally resolved by arbitration administered by the Hong Kong International Arbitration Center (HKIAC) under the HKIAC Administered
Arbitration Rules in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be Hong Kong law. The
seat of arbitration shall be Hong Kong. The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.
Article 8: Other Provisions
8.1 This contract shall come into effect and be
legally binding from the date of signing or sealing by the representatives of both parties.
8.2 This contract is made in duplicate, with each
party holding one copy, and both copies have equal legal effect.
| Party A: Next
Technology Holding Inc. |
|
Party B: ANTS
INVESTMENT MANAGEMENT PTE. LTD |
| |
|
|
|
|
| Signature/Seal: |
/s/ Weihong Liu |
|
Signature/Seal: |
/s/ Bo Li |
| Title: CEO |
|
Title: Director |
| Date: May 2nd,
2024 |
|
Date: May 2nd,
2024 |
Exhibit 10.4
Contract Cancellation Agreement
This Contract Cancellation Agreement is made and
entered into as of [Jun 20th 2024] by and between [Next Technology Holding Inc.], hereinafter referred to as “Party A,”
and [ANTS INVESTMENT MANAGEMENT PTE. LTD], hereinafter
referred to as “Party B.”
WHEREAS, Party A and Party B entered into an Amendment
Agreement dated May 2nd 2024 for purchasing 5,000 BTC.
NOW, THEREFORE, in consideration of the mutual
covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:
1. Cancellation of the Amendment Agreement
The parties hereby agree to cancel the Original
Contract in its entirety. As of the effective date of this agreement, neither party shall have any further obligations or liabilities
under the Original Contract.
2. Confidentiality
The parties agree to maintain the confidentiality
of all information obtained during the course of the Original Contract, except as required by law or as necessary for the enforcement
of this agreement.
3. Entire Agreement
This agreement constitutes the entire agreement
between the parties with respect to the cancellation of the Original Contract and supersedes all prior agreements and understandings,
oral or written, relating to the subject matter hereof.
IN WITNESS WHEREOF, the parties have executed
this Contract Cancellation Agreement as of the date first above written.
| Party A: Next Technology Holding Inc. |
|
| |
|
|
| By: |
/s/ Weihong Liu |
|
| |
|
|
| Party B: ANTS INVESTMENT MANAGEMENT PTE. LTD |
|
| |
|
|
| By: |
/s/ Bo Li |
|
Exhibit 10.5
Bitcoin Option Contract Cancellation Agreement
This Contract Cancellation Agreement is made and
entered into as of [Jun 20th 2024] by and between [Next Technology Holding Inc.], hereinafter referred to as “Party A,”
and [ANTS INVESTMENT MANAGEMENT PTE. LTD], hereinafter
referred to as “Party B.”
WHEREAS, Party A and Party B entered into a Bitcoin
Option Contract dated May 2nd 2024 for purchasing 20,000 BTC.
NOW, THEREFORE, in consideration of the mutual
covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:
1. Cancellation of the Bitcoin Option Contract
The parties hereby agree to cancel the Original
Contract in its entirety. As of the effective date of this agreement, neither party shall have any further obligations or liabilities
under the Original Contract.
2. Confidentiality
The parties agree to maintain the confidentiality
of all information obtained during the course of the Original Contract, except as required by law or as necessary for the enforcement
of this agreement.
3. Entire Agreement
This agreement constitutes the entire agreement
between the parties with respect to the cancellation of the Original Contract and supersedes all prior agreements and understandings,
oral or written, relating to the subject matter hereof.
IN WITNESS WHEREOF, the parties have executed
this Contract Cancellation Agreement as of the date first above written.
| Party A: Next Technology Holding Inc. |
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| By: |
/s/ Weihong Liu |
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| Party B: ANTS INVESTMENT MANAGEMENT PTE. LTD |
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| By: |
/s/ Bo Li |
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Exhibit 10.6
Amended and Restated BTC Trading Contract
Date: Sep 24th, 2024
Party A (“Buyer”):Next Technology
Holding Inc. (formerly known as WeTrade Group Inc.)
Address: 109 E 17th Street, Cheyenne
WY 82001-4543.
Party B (“Seller”): ANTS INVESTMENT MANAGEMENT PTE. LTD
Address: 2 VENTURE DRIVE #11-31 VISION EXCHANGE SINGAPORE (608526)
WHEREAS:
(A) The Seller and the Buyer entered into a
BTC Trading Contract on September 25, 2023 (the “BTC Trading Contract”);
(B) The
Buyer has purchased 833 Bitcoins (“BTC”) from the Seller, and intended to exercise the option to purchase additional
BTC pursuant (the “Option”) to the terms and conditions of the BTC Trading Contract;
(C) In
order to exercise the Option, the Seller and the Buyer entered into an Amendment Agreement on May 2, 2024 to amend the BTC Trading Contract
(the “Amendment”);
(D) As of the date hereof, the Seller and the
Buyer has not consummated the transactions contemplated by the Amendment, and the exercise period of the Option contemplated under the
BTC Trading Contract is expiring; and
(E) The Seller and the Buyer have now agreed to
enter into this Amended and Restated BTC Trading Contract (this “Agreement”) to extend the exercise period of the Option
and revise certain terms and conditions of the Option exercise.
Based on the aforementioned premises, both parties,
guided by principles of equality, voluntary consent, and good faith, have reached the following agreement:
Article 1:Definitions
In this Agreement:
“Business Day”: means 9:00
a.m. to 5:00 p.m. on any day (other than a Saturday) on which banks in Hong Kong and U.S. are open for the transaction of normal banking
business.
“Company”: means Next Technology
Holding Inc.
“Completion”: means completion
of the sale and purchase of the BTC pursuant to Clause 2.
“Consideration”: means the
total consideration to be paid by the Buyer to the Seller for the BTC pursuant to Clause 2.
“Effective Date”: means Sep 24th, 2024.
“Encumbrances”: means any mortgage,
charge, pledge, lien, option, right of first refusal, right of pre-emotion, third party interest, priority or any other encumbrance or
security interest of any kind and of whatsoever nature over or in any property, assets or rights of whatsoever nature and includes any
agreement or obligation or grant for any of the same.
“Parties”: means the parties
to this Agreement and “Party” means any of them.
“Per Share Price”: means the
sum of (1) the closing price of the Buyer’s common stock on the NASDAQ by the end of the trading day immediately prior to the Effective
Date and (2) $0.01.
“Total Common Stock Number”:
means the number equal to (1) $150,000,000, divided by (2) the Per Share Price.
Article 2: Virtual Currency Transaction
2.1 Party B agrees to sell its owned virtual currency
to Party A, and Party A agrees to purchase the Bitcoin ("BTC") sold by Party B.
2.2 Type and Quantity of Virtual Currency:
-Type：Bitcoin BTC
-Quantity: Option to purchase 5,167 BTC (Completed
in batches within 12 months following the Effective Date)
Article 3: Transaction Price and Payment Method
3.1 Agreed Transaction Price: The agreed transaction
price between the Buyer and Seller is 30,000/BTC, denominated in United States Dollars (USD). The price is locked for a period of 12 months
following the Effective Date. The buyer has the right and option to purchase up to 5,167 BTC from the seller within the 12-month validity
period of the contract, at the locked price.
3.2 The Buyer and Seller agree to make payment
in the following manner:
Party A will make payment in the form of cash
or stocks to Party B or a third-party account designated by Party B.
3.3 To exercise the Buyer’s option under
Clause 2.2 in respect of 5,000 BTC, the Buyer has prepaid the Seller $12,125,500 in cash and agrees to pay the remaining Consideration
in the form of the shares of common stock of the Buyer in accordance with the following terms: the Buyer will issue to the Seller (1)
such number of shares of common stock of the Buyer equal to (a) $137,874,500 divided by (b) the Per Share Price, and (2) a warrant, substantially
in the form of Exhibit A attached hereto, to purchase such number of shares of common stock of the Buyer equal to two (2) times of the
Total Common Stock Number (subject to any stock dividend, stock split, combination or other similar recapitalization with respect to the
common stock of the Buyer). The shareholding entities designated by the Seller for holding the above-mentioned common stock and warrant
shall be listed below. (Schedule I)
Article 4: Delivery of Virtual Currency
4.1 Party B is responsible to ensure the safe
and reliable delivery process of the virtual currency and provide to the commissioner of Party A with relevant transaction records and
certificates as proof of the transaction.
4.2: Party B shall ensure the safe and reliable
delivery process of the virtual currency and provide relevant transaction records and certificates as proof of the transaction.
Article 5: Risks and Liabilities
5.1 The Seller guarantees that the BTC being sold
is lawful, free of encumbrance and does not infringe upon any third-party legal rights. The Seller agrees indemnify and hold the Buyer
harmless against any and all claims, demands, suits or other forms of liability arising out of the BTC sold under this Amendment.
5.2 Party B guarantees that the virtual currency
being sold is lawful and does not infringe upon any third-party legal rights. If any issues arise with the virtual currency provided by
Party B, Party B shall bear the corresponding legal and compensation liabilities.
Article 6: Breach of Contract Liability
6.1 In the event that either party violates the
provisions of this contract, they shall bear the corresponding breach of contract liability and compensate the other party for any losses
incurred as a result.
6.2 In the event of a breach by either party,
the other party shall have the right to terminate this contract and demand the breaching party to pay a penalty for the breach. The amount
of corresponding breach is 10% of the total price of the BTC quantity of this contract, i.e., $18,000,000 (6000BTC*30000$/BTC*10%=18,000,000$).
Article 7: Confidentiality Clause
7.1 Both parties shall maintain strict confidentiality
regarding any business, technical, financial, or other information they become aware of during the performance of this contract. Such
information shall not be disclosed to any third party without the prior written consent of the other party.
7.2 Without the written consent of the other party,
neither party shall disclose, divulge, or use the confidential information of the other party to any third party.
Article 8: Dispute Resolution
8.1 Any dispute, controversy, difference or claim
arising out of or relating to this Agreement, including the existence, validity, interpretation, performance, breach or termination thereof
or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration
administered by the Hong Kong International Arbitration Center (HKIAC) under the HKIAC Administered Arbitration Rules in force when the
Notice of Arbitration is submitted. The law of this arbitration clause shall be Hong Kong law. The seat of arbitration shall be Hong Kong.
The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.
Article 9: Other Provisions
9.1 This Agreement shall come into effect and
be legally binding from the date of signing or sealing by the representatives of both parties.
9.2 This Agreement is made in duplicate, with
each party holding one copy, and both copies have equal legal effect.
9.3 Upon the effectiveness of this Agreement,
the BTC Trading Contract, as amended by the Amendment, shall be deemed amended and restated and superseded and replaced in its entirety
by this Agreement, and shall be of no further force or effect.
| Party A: Next Technology Holding Inc. |
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Party B: ANTS INVESTMENT MANAGEMENT PTE. LTD |
Address: 109 E 17th Street, Cheyenne WY
82001-4543. |
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Address: 2 VENTURE DRIVE #11-31 VISION EXCHANGE SINGAPORE (608526) |
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| Signature/Seal: |
/s/ Weihong Liu |
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Signature/Seal: |
/s/ Bo Li |
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Title: |
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| Date: Sep 24th , 2024 |
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Date: Sep 24th, 2024 |
Exhibit A
Form of Amended and Restated Common Stock
Purchase Warrant
NEITHER THIS
SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR
THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS
SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.
AMENDED AND RESTATED COMMON STOCK PURCHASE
WARRANT
NEXT TECHNOLOGY HOLDING INC.
| Warrant Shares: [●] |
Initial Exercise Date: [●] , 2024 |
THIS AMENDED AND RESTATED
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, [name of Holder] or its assigns
(the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New
York City time) on [●], 20291 (the “Termination Date”) but not thereafter, to subscribe for and purchase
from Next Technology Holding Inc., a Wyoming corporation (the “Company”), up to [●] shares (as subject to adjustment
hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant
shall be equal to the Exercise Price, as defined in Section 2(b). The Company and the Holder each acknowledge and agree that this Warrant
replaces that certain Common Stock Purchase Warrant issued by the Company to the Holder on [●] (the “Prior Warrant”).
Upon the issuance of this Warrant, the Prior Warrant shall be deemed amended and restated and superseded and replaced in its entirety
by this Warrant, and shall be of no further force or effect.
Section 1. Definitions.
Capitalized terms used and not otherwise defined herein shall have
the meanings set forth in that certain Amended and Restated BTC Trading Contract, dated [●] , 2024, among the Company and the holder
signatory thereto.
| 1 | Insert the date that is the 5 year anniversary of the Initial
Exercise Date, provided that, if such date is not a Trading Day, insert the immediately following Trading Day. |
Section 2. Exercise.
a) Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times
on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed PDF copy
submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of
Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of
Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as
aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by
wire transfer or cashier’s check drawn on a United States bank. No ink-original Notice of Exercise shall be required, nor
shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the
Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the
Holder shall surrender this Warrant to the Company for cancellation as soon as reasonably practicable of the date on which the final
Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total
number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable
hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records
showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice
of Exercise within two (2) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant,
acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares
hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the
face hereof.
b) Exercise Price. The exercise price per share of Common Stock under this Warrant shall be equal to the par value of Common Stock
set forth in the Company’s Articles of Incorporation, dated March 28, 2019, as amended from time to time, subject to adjustment
hereunder (the “Exercise Price”).
c) Reserved.
d)
Mechanics of Exercise.
i. Delivery
of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the
Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The
Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a
participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares
to or resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder without volume or
manner-of-sale limitations pursuant to Rule 144, and otherwise by physical delivery of a certificate, registered in the
Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is
entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest
of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of
the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the
delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery
of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant
Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided
that payment of the aggregate Exercise Price is received within the earlier of (i) two (2) Trading Days and (ii) the number of
Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any
reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company
shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such
exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing
to $20 per Trading Day on the third Trading Day after the Warrant Share Delivery Date) for each Trading Day after such Warrant Share
Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer
agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein,
“Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the
Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of
Exercise.
“VWAP” means, for any date,
the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading
Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market
on which the Common Stock is then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time)
to 4:02 p.m. (New York City time)), (b) if the OTCQB Venture Market (“OTCQB”) or the OTCQX Best Market (“OTCQX”)
is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB
or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common
Stock are then reported on the Pink Open Market (“Pink Market”) operated by the OTC Markets, Inc. (or a similar organization
or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d)
in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith
by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and
expenses of which shall be paid by the Company.
ii. Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of
a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant
evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in
all other respects be identical with this Warrant.
iii.
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section
2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.
iv. Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder, if
the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section
2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by
its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares
of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon
such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x)
the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds
(y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection
with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B)
at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise
was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock
that would have been issued had the Company timely complied with its exercise and delivery obligations
hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect
to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under
clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the
Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence
of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder,
at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s
failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.
v.
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of
this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall,
at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the
Exercise Price or round up to the next whole share.
vi. Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax
or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company,
and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided,
however, that, in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when
surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require,
as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay
all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another
established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.
vii.
Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.
e) Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to
exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance
after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any
other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons,
“Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined
below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its
Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with
respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable
upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates
or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the
Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise
analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.
Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in
accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the
Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange
Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the
limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other
securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is
exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the
Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together
with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the
Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.
In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of
the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number
of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the
Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public
announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of
shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm
orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding
shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including
this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of
Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the
Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise
of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of
this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common
Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by
the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will
not be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be
construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this
paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein
contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations
contained in this paragraph shall apply to a successor holder of this Warrant.
Section 3. Certain Adjustments.
a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares
of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this
Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse
stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Common
Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the
numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event
and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of
shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant
shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for
the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective
date in the case of a subdivision, combination or re- classification.
b) Pro
Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution
of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including,
without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification,
corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after
the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent
that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete
exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership
Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as
of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided,
however, that, to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding
the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in
the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution
shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder
exceeding the Beneficial Ownership Limitation).
c) Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions
effects any merger or consolidation of the Company with or into another Person, (ii) the Company (or any Subsidiary), directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in
one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the
Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares
for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock or 50% or
more of the voting power of the common equity of the Company, (iv) the Company, directly or indirectly, in one or more related transactions
effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which
the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly,
in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby
such other Person or group acquires 50% or more of the outstanding shares of Common Stock or 50% or more of the voting power of the common
equity of the Company (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the
Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to
the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) or Section
2(f) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company,
if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as
a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately
prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) or Section 2(f) on the exercise of this Warrant).
For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate
Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction,
and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value
of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash
or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration
it receives upon any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the
event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable
at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date of the
public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder an amount
of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date of the consummation
of such Fundamental Transaction; provided, however, that, if the Fundamental Transaction is not within the Company's control,
including not approved by the Company's Board of Directors, the Holder shall only be entitled to receive from the Company or any Successor
Entity the same type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of
this Warrant, that is being offered and paid to the holders of Common Stock of the Company in connection with the Fundamental Transaction,
whether that consideration be in the form of cash, stock or any combination thereof, or whether the holders of Common Stock are given
the choice to receive from among alternative forms of consideration in connection with the Fundamental Transaction; provided,
further, that if holders of Common Stock of the Company are not offered or paid any consideration in such Fundamental Transaction,
such holders of Common Stock will be deemed to have received common stock of the Successor Entity (which Entity may be the Company following
such Fundamental Transaction) in such Fundamental Transaction. “Black Scholes Value” means the value of this Warrant
based on the Black-Scholes Option Pricing Model obtained from the “OV” function on Bloomberg determined as of the day of
consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding
to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable contemplated Fundamental
Transaction and the Termination Date, (B) an expected volatility equal to the greater of (1) the 30 day volatility, (2) the 100 day volatility
or (3) the 365 day volatility, each of clauses (1)-(3) as obtained from the HVT function on Bloomberg (determined utilizing a 365 day
annualization factor) as of the Trading Day immediately following the public announcement of the applicable contemplated Fundamental
Transaction, (C) the underlying price per share used in such calculation shall be the highest VWAP during the period beginning on the
Trading Day immediately preceding the public announcement of the applicable contemplated Fundamental Transaction (or the consummation
of the applicable Fundamental Transaction, if earlier) and ending on the Trading Day of the Holder’s request pursuant to this Section
3(e), (D) a remaining option time equal to the time between the date of the public announcement of the applicable contemplated Fundamental
Transaction and the Termination Date, and (E) a zero cost of borrow. The payment of the Black Scholes Value will be made by wire transfer
of immediately available funds (or such other consideration) within the later of (i) five Business Days of the Holder’s election
and (ii) the date of consummation of the Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction
in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the
Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(e) pursuant to written
agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior
to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security
of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable
for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common
Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior
to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock
(but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such
shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic
value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in
form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall be added to the
term “Company” under this Warrant (so that from and after the occurrence or consummation of such Fundamental Transaction,
each and every provision of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead
to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity or Successor
Entities, jointly and severally with the Company, may exercise every right and power of the Company prior thereto and the Successor Entity
or Successor Entities shall assume all of the obligations of the Company prior thereto under this Warrant and the other Transaction Documents
with the same effect as if the Company and such Successor Entity or Successor Entities, jointly and severally, had been named as the
Company herein. For the avoidance of doubt, the Holder shall be entitled to the benefits of the provisions of this Section 3(e) regardless
of (i) whether the Company has sufficient authorized shares of Common Stock for the issuance of Warrant Shares and/or (ii) whether a
Fundamental Transaction occurs prior to the Initial Exercise Date.
d) Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the
case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date
shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.
e) Notice to Holder.
i. Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly
deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number
of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.
ii. Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on
the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company
shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital
stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification
of the Common Stock, any consolidation or merger to which the Company (or any of its Subsidiaries) is a party, any sale or transfer of
all or substantially all of its assets, or any compulsory share exchange whereby the Common Stock is converted into other securities,
cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs
of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder at its last email address as it shall
appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter
specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption,
rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to
such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation,
merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders
of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable
upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice
or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such
notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the
Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report
on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the
effective date of the event triggering such notice except as may otherwise be expressly set forth herein.
Section 4. Transfer of Warrant.
a) Transferability. Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof,
this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part,
upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this
Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any
transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute
and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations
specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so
assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required
to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall
surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the
Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for
the purchase of Warrant Shares without having a new Warrant issued.
b) New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder
or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination,
the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice. All Warrants issued on transfers or exchanges shall be dated the Issue Date and shall be identical with this Warrant
except as to the number of Warrant Shares issuable pursuant thereto.
c) Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder
of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other
purposes, absent actual notice to the contrary.
d)
Transfer Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer
of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities Act and under
applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or current public
information requirements pursuant to Rule 144.
e)
Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and,
upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for
distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities
law, except pursuant to sales registered or exempted under the Securities Act.
Section 5. Miscellaneous.
a)
No Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights,
dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly
set forth in Section 3. Without limiting any rights of a Holder to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv)
herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.
b)
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares,
and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant,
shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the
Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant
or stock certificate.
c)
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business
Day.
d)
Authorized Shares.
The Company
covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient
number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company
further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing
the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action
as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation,
or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares
which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented
by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable
and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any
transfer occurring contemporaneously with such issue).
Except and
to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its
certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate
to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the
Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior
to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and
legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts
to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary
to enable the Company to perform its obligations under this Warrant.
Before taking
any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise
Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public
regulatory body or bodies having jurisdiction thereof.
e)
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined
in accordance with the provisions of the Amended and Restated BTC Trading Contract.
f)
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will
have restrictions upon resale imposed by state and federal securities laws.
g)
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right
hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies.
Without limiting any other provision of this Warrant or the Amended and Restated BTC Trading Contract, if the Company willfully and knowingly
fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the
Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’
fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing
any of its rights, powers or remedies hereunder.
h)
Notices. Any notice, request or other document required or permitted to be given
or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Amended and Restated BTC
Trading Contract.
i)
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to
purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the
Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company
or by creditors of the Company.
j)
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will
be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense
in any action for specific performance that a remedy at law would be adequate.
k)
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall
inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall
be enforceable by the Holder or holder of Warrant Shares.
l)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and
the Holder.
m)
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall
be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining
provisions of this Warrant.
n) Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this
Warrant.
********************
(Signature
Page Follows)
IN WITNESS
WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.
| |
NEXT TECHNOLOGY HOLDING INC. |
| |
By: |
|
| |
|
Name: Weihong Liu |
| |
|
Title: CEO |
NOTICE OF EXERCISE
| TO: | NEXT TECHNOLOGY HOLDING
INC. |
(1) The undersigned hereby elects to purchase_________________Warrant Shares of the Company pursuant to the terms of the attached Warrant
(only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes,
if any.
(2) Payment shall take the form of lawful money of the
United States.
(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:
______________________________
The Warrant Shares shall be delivered
to the following DWAC Account Number:
______________________________
______________________________
______________________________
(4)
Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities
Act of 1933, as amended.
[SIGNATURE OF HOLDER]
Name of Investing Entity: ___________________________________________________________________________________
Signature of Authorized Signatory
of Investing Entity: _____________________________________________________________
Name of Authorized
Signatory: _______________________________________________________________________________
Title of Authorized
Signatory: ________________________________________________________________________________
Date: ____________________________________________________________________________________________________
ASSIGNMENT
FORM
(To assign the foregoing Warrant,
execute this form and supply required information. Do not use this form to purchase shares.)
FOR VALUE
RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to
| Name: |
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| |
(Please
Print) |
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| |
|
|
| Address: |
|
|
| |
(Please Print) |
|
| |
|
|
| Phone Number: |
|
|
| |
|
|
| Email Address: |
|
|
Dated:_________________, _______
Holder’s
Signature: ________________________
Holder’s
Address: _________________________
Schedule I
Schedule of shareholding entity designated
by the Seller*
The Buyer has prepaid the Seller $12,125,500
in cash and agrees to pay the remaining Consideration by issuing an aggregate of [135,171,078] shares common stock at $[1.02]per
share and warrant to purchase [294,117,647] shares for the acquisition of 5,000 BTC.
| shareholding entities | |
shares of common
stock to issue | | |
warrant shares in common
stock purchase warrant | |
| QUANTUMCORE LIMITED | |
| 6,217,870 | | |
| 13,529,412 | |
| SYNAPSENET LIMITED | |
| 13,381,937 | | |
| 29,117,647 | |
| CLOUDMIND LIMITED | |
| 12,841,252 | | |
| 27,941,176 | |
| EVOLVETECH LIMITED | |
| 12,435,739 | | |
| 27,058,824 | |
| INFITEX LIMITED | |
| 13,111,595 | | |
| 28,529,412 | |
| INNOVEXA LIMITED | |
| 6,488,211 | | |
| 14,117,647 | |
| SPECTRUMTECH LIMITED | |
| 13,246,766 | | |
| 28,823,529 | |
| INNOVATRIX LIMITED | |
| 6,488,211 | | |
| 14,117,647 | |
| NEURONIC LIMITED | |
| 13,246,766 | | |
| 28,823,529 | |
| DIGIFORGE LIMITED | |
| 6,488,211 | | |
| 14,117,647 | |
| CYPHERNET LIMITED | |
| 6,217,870 | | |
| 13,529,412 | |
| PROTONTECH LIMITED | |
| 13,111,595 | | |
| 28,529,412 | |
| LUMINATECH LIMITED | |
| 11,895,055 | | |
| 25,882,353 | |
| TOTAL | |
| 135,171,078 | | |
| 294,117,647 | |
| * | share price and share numbers set forth in this schedule to
be filled out upon the execution of this Agreement |
19
Exhibit 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO 15 U.S.C. SECTION 7241, AS
ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY
ACT OF 2002
I, Liu Wei Hong, certify that:
| 1 |
I have reviewed the quarterly report on Form 10-Q/A of Next Technology Holding Inc., a Wyoming corporation, for the period ended September 30, 2024, as filed with the Securities and Exchange Commission; |
| |
|
| 2 |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| |
|
| 3 |
Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of and for, the periods presented in this report; |
| |
|
| 4 |
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| |
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| |
|
|
| |
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| |
|
|
| |
(c) |
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
| |
|
|
| |
(d) |
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| 5 |
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
| |
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
| |
|
|
| |
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
| Date: December 23, 2024 |
/s/ Wei Hong Liu |
| |
Liu Wei Hong |
| |
Chief Executive Officer |
Exhibit 31.2
CERTIFICATION BY THE CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY
ACT OF 2002
I, Eve Chan, certify that:
| 1 |
I have reviewed the Quarterly Report on Form 10-Q/A of Next Technology Holding Inc., a Wyoming corporation, for the period ended September 30, 2024, as filed with the Securities and Exchange Commission; |
| |
|
| 2 |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| |
|
| 3 |
Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of and for, the periods presented in this report; |
| |
|
| 4 |
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| |
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| |
|
|
| |
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| |
|
|
| |
(c) |
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
| |
|
|
| |
(d) |
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| 5 |
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
| |
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
| |
|
|
| |
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
| Date: December 23, 2024 |
/s/ Eve Chan |
| |
Eve Chan |
| |
Chief Financial Officer |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Liu Wei Hong, Chief Executive Officer of Next
Technology Holding Inc. (the “Company”), do hereby certify, in connection with Quarterly Report on Form 10-Q/A for the quarter
ended September 30, 2024 (the “Report”) of the Company, the undersigned, in the capacity and on the date indicated below,
hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
| 1. |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
| |
|
| 2. |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
| Date: December 23, 2024 |
By: |
/s/ Wei Hong Liu |
| |
|
Liu Wei Hong |
| |
|
Chief Executive Officer |
| |
|
(principal executive officer) |
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Eve Chan, Chief Financial Officer of Next Technology
Holding Inc . (the “Company”), do hereby certify, in connection with Quarterly Report on Form 10-Q/A for the quarter
ended September 30, 2024 (the “Report”) of the Company, the undersigned, in the capacity and on the date indicated below,
hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
| 1. |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
| |
|
| 2. |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
| Date: December 23, 2024 |
By: |
/s/ Eve Chan |
| |
|
Eve Chan |
| |
|
Chief Financial Officer |
| |
|
(principal financial officer) |
v3.24.4
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2024 |
Dec. 23, 2024 |
| Document Information [Line Items] |
|
|
| Document Type |
10-Q/A
|
|
| Document Quarterly Report |
true
|
|
| Document Transition Report |
false
|
|
| Entity Interactive Data Current |
Yes
|
|
| Amendment Flag |
true
|
|
| Amendment Description |
Next Technology Holding Inc. (formerly known
as WeTrade Group Inc. (the “Company”)) is filing this Amendment No.2 (the “Amendment”) to the Quarterly Report
on Form 10-Q for the period ended September 30, 2024, originally filed with the Securities and Exchange Commission (the “SEC”)
on November 15, 2024 (the “Original Filing”), to amend our disclosures in relation to the digital assets and prepayment of
digital assets.This Amendment No.2 amends the Original Filing
and the Amended Quarterly Report on Form 10-Q/A of the Company for the quarterly period ended September 30, 2024 filed on December 9,
2024 (the “Amendment No.1”). The purpose of this Amendment No.2 is to include signed and dated copies of the BTC Trading
Contract and BTC Option Contract.In accordance with the applicable SEC rules,
this Amendment No.2 includes new certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, as amended, from
our Chief Executive Officer and Chief Financial Officer.Except as described above, this Form 10-Q/A does
not amend, update or change any other items or disclosures contained in the Original Filing, and accordingly, this Form 10-Q/A does not
reflect or purport to reflect any information or events occurring after the original filing date of the Original Filing or modify or
update those disclosures affected by subsequent events. Accordingly, this Form 10-Q/A should be read in conjunction with the Original
Filing and the Company’s other filings with the SEC.
|
|
| Document Period End Date |
Sep. 30, 2024
|
|
| Document Fiscal Year Focus |
2024
|
|
| Document Fiscal Period Focus |
Q3
|
|
| Entity Information [Line Items] |
|
|
| Entity Registrant Name |
Next Technology Holding Inc.
|
|
| Entity Central Index Key |
0001784970
|
|
| Entity File Number |
001-41450
|
|
| Entity Tax Identification Number |
00-0000000
|
|
| Entity Incorporation, State or Country Code |
WY
|
|
| Current Fiscal Year End Date |
--12-31
|
|
| Entity Current Reporting Status |
Yes
|
|
| Entity Shell Company |
false
|
|
| Entity Filer Category |
Non-accelerated Filer
|
|
| Entity Small Business |
true
|
|
| Entity Emerging Growth Company |
false
|
|
| Entity Incorporation, Date of Incorporation |
Mar. 28, 2019
|
|
| Entity Contact Personnel [Line Items] |
|
|
| Entity Address, Address Line One |
Room 519, 05/F Block T3
|
|
| Entity Address, Address Line Two |
Qianhai Premier Finance Centre Unit 2
|
|
| Entity Address, Address Line Three |
Guiwan Area
|
|
| Entity Address, City or Town |
Shenzhen
|
|
| Entity Address, Country |
CN
|
|
| Entity Address, Postal Zip Code |
100020
|
|
| Entity Phone Fax Numbers [Line Items] |
|
|
| City Area Code |
(86)
|
|
| Local Phone Number |
158 2117 2322
|
|
| Entity Listings [Line Items] |
|
|
| Entity Common Stock, Shares Outstanding |
|
6,976,410
|
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v3.24.4
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
|
Sep. 30, 2024 |
Dec. 31, 2023 |
| Current assets: |
|
|
| Cash and cash equivalents |
$ 668,387
|
$ 668,387
|
| Digital assets |
53,037,144
|
35,137,576
|
| Prepayments |
12,125,500
|
12,125,500
|
| Total current assets |
66,037,755
|
48,931,463
|
| Non-current assets: |
|
|
| Investment in associate company |
13,396,000
|
|
| Total assets |
79,433,755
|
48,931,463
|
| Current liabilities: |
|
|
| Account payables |
|
800,000
|
| Tax payable |
130,415
|
130,415
|
| Other payables |
1,082,500
|
1,600,000
|
| Total current liabilities |
2,691,503
|
4,223,087
|
| Non-current liabilities: |
|
|
| Deferred tax liabilities |
2,666,078
|
|
| Total liabilities |
5,357,581
|
4,223,087
|
| Stockholders’ equity: |
|
|
| Common stock; no par value; 6,976,410 and 2,625,130 issued and outstanding on September 30, 2024 and December 31, 2023 respectively |
71,718,790
|
56,348,650
|
| Retained Earnings /(Accumulated Deficits) |
2,357,384
|
(11,640,274)
|
| Total stockholders’ equity |
74,076,174
|
44,708,376
|
| Total liabilities and stockholders’ equity |
79,433,755
|
48,931,463
|
| Third Party |
|
|
| Current assets: |
|
|
| Accounts receivable-third parties, net |
|
1,000,000
|
| Related Party |
|
|
| Current assets: |
|
|
| Amount due from related parties |
206,724
|
|
| Current liabilities: |
|
|
| Amount due to related parties |
$ 1,478,588
|
$ 1,692,672
|
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-Section S99
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v3.24.4
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares
|
Sep. 30, 2024 |
Dec. 31, 2023 |
| Statement of Financial Position [Abstract] |
|
|
| Common stock; par value (in Dollars per share) (in Dollars per share) |
|
|
| Common stock, shares issued |
6,976,410
|
2,625,130
|
| Common stock, shares outstanding |
6,976,410
|
2,625,130
|
| X |
- DefinitionFace amount per share of no-par value common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
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-Topic 210
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-Name Accounting Standards Codification
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-Topic 505
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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-Section S99
-Paragraph 1
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-Section S99
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
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v3.24.4
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Total service revenue |
|
|
|
|
| Cost of revenue |
|
(270,864)
|
|
(270,864)
|
| Gross Profit |
|
1,229,136
|
|
1,229,136
|
| Operating expenses |
|
|
|
|
| General and administrative expense |
(566,983)
|
(234,800)
|
(1,242,128)
|
(537,576)
|
| Total operating expenses |
(566,983)
|
(234,800)
|
(1,242,128)
|
(537,576)
|
| (Loss)/ Profit from operations |
(566,983)
|
994,336
|
(1,242,128)
|
691,560
|
| Other income/(loss) |
2,303,789
|
(14,406,397)
|
17,899,568
|
(14,406,396)
|
| Profit/ (loss) before income taxes |
1,736,806
|
(13,412,061)
|
16,657,440
|
(13,714,836)
|
| Income tax expenses |
(364,730)
|
|
(2,666,078)
|
|
| Net profit/ (loss) from continuing operation |
1,372,076
|
(13,412,061)
|
13,991,362
|
(13,714,836)
|
| Net profit/ (loss) from discontinued operation |
6,296
|
301,392
|
6,296
|
(1,552,178)
|
| Total comprehensive profit/ (loss) |
$ 1,378,372
|
$ (13,110,669)
|
$ 13,997,658
|
$ (15,267,014)
|
| Earnings /(Loss) per share, basic from continuing operation (in Dollars per share) |
$ 0.2
|
$ (9.47)
|
$ 2.59
|
$ (11.66)
|
| Earnings /(Loss) per share, diluted from continuing operation (in Dollars per share) |
0.2
|
(9.47)
|
2.59
|
(11.66)
|
| Earnings /(Loss) per share, basic from discontinued operation (in Dollars per share) |
0.001
|
0.21
|
0.001
|
(1.32)
|
| Earnings /(Loss) per share, diluted from discontinued operation (in Dollars per share) |
$ 0.001
|
$ 0.21
|
$ 0.001
|
$ (1.32)
|
| Weighted-average shares outstanding, basic (in Shares) |
6,976,410
|
1,416,813
|
5,404,232
|
1,176,618
|
| Weighted-average shares outstanding, diluted (in Shares) |
6,976,410
|
1,416,813
|
5,404,232
|
1,176,618
|
| Service Revenue |
|
|
|
|
| Total service revenue |
|
$ 1,500,000
|
|
$ 1,500,000
|
| X |
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 470
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.4
Condensed Consolidated Statement of Changes in Stockholders’ Equity (Unaudited) - USD ($)
|
Common Stock |
Accumulated Deficits |
Accumulated Other Comprehensive Income |
Total |
| Balance at Dec. 31, 2022 |
$ 43,732,196
|
$ (1,714,858)
|
$ (310,576)
|
$ 41,706,762
|
| Balance (in Shares) at Dec. 31, 2022 |
1,054,530
|
|
|
|
| Stock issued during the period |
$ 12,616,454
|
|
|
12,616,454
|
| Stock issued during the period (in Shares) |
1,570,600
|
|
|
|
| Foreign currency translation adjustment |
|
|
310,576
|
310,576
|
| Net profit/ (loss) |
|
(13,714,836)
|
|
(13,714,836)
|
| Gain (loss) from discontinued operation |
|
(1,552,178)
|
|
(1,552,178)
|
| Balance at Sep. 30, 2023 |
$ 56,348,650
|
(16,981,872)
|
|
39,366,778
|
| Balance (in Shares) at Sep. 30, 2023 |
2,625,130
|
|
|
|
| Balance at Jun. 30, 2023 |
$ 43,732,196
|
(3,871,203)
|
|
39,860,993
|
| Balance (in Shares) at Jun. 30, 2023 |
1,054,530
|
|
|
|
| Stock issued during the period |
$ 12,616,454
|
|
|
12,616,454
|
| Stock issued during the period (in Shares) |
1,570,600
|
|
|
|
| Net profit/ (loss) |
|
(13,412,061)
|
|
(13,412,061)
|
| Gain (loss) from discontinued operation |
|
301,392
|
|
301,392
|
| Balance at Sep. 30, 2023 |
$ 56,348,650
|
(16,981,872)
|
|
39,366,778
|
| Balance (in Shares) at Sep. 30, 2023 |
2,625,130
|
|
|
|
| Balance at Dec. 31, 2023 |
$ 56,348,650
|
(11,640,274)
|
|
$ 44,708,376
|
| Balance (in Shares) at Dec. 31, 2023 |
2,625,130
|
|
|
2,625,130
|
| Stock issued during the period |
$ 15,370,140
|
|
|
$ 15,370,140
|
| Stock issued during the period (in Shares) |
4,351,280
|
|
|
|
| Net profit/ (loss) |
|
13,991,362
|
|
13,991,362
|
| Gain (loss) from discontinued operation |
|
6,296
|
|
6,296
|
| Balance at Sep. 30, 2024 |
$ 71,718,790
|
2,357,384
|
|
$ 74,076,174
|
| Balance (in Shares) at Sep. 30, 2024 |
6,976,410
|
|
|
6,976,410
|
| Balance at Jun. 30, 2024 |
$ 71,718,790
|
979,012
|
|
$ 72,697,802
|
| Balance (in Shares) at Jun. 30, 2024 |
6,976,410
|
|
|
|
| Net profit/ (loss) |
|
1,372,076
|
|
1,372,076
|
| Gain (loss) from discontinued operation |
|
6,296
|
|
6,296
|
| Balance at Sep. 30, 2024 |
$ 71,718,790
|
$ 2,357,384
|
|
$ 74,076,174
|
| Balance (in Shares) at Sep. 30, 2024 |
6,976,410
|
|
|
6,976,410
|
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v3.24.4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Cash flows from operating activities: |
|
|
| Net Profit/ (loss) |
$ 13,991,362
|
$ (13,714,836)
|
| Fair value (gain)/loss from digital assets |
(17,899,568)
|
3,059,342
|
| Gain/ (loss) from discontinued operation |
6,296
|
(1,552,178)
|
| Changes in operating assets and liabilities: |
|
|
| Accounts receivables |
1,000,000
|
|
| Prepayments |
|
50,000
|
| Account payables |
(800,000)
|
|
| Director fee payable |
92,000
|
|
| Accrued expenses |
49,500
|
270,864
|
| Other payables |
813,000
|
|
| Deferred tax liabilities |
2,666,078
|
|
| Net cash flows used in continued operating activities |
(81,332)
|
(11,886,808)
|
| Net cash flows used in discontinued operating activities |
|
32,881,236
|
| Net cash flows (used in)/ provided by operating activities |
(81,332)
|
20,994,428
|
| Cash flow from Investing activities: |
|
|
| Prepayment for digital assets |
|
(12,125,500)
|
| Digital assets |
|
(24,990,000)
|
| Net cash flows used in investing activities |
|
(37,115,500)
|
| Cash flow from financing activities: |
|
|
| Shareholders’ loan |
(512,808)
|
87,440
|
| Proceeds from stock issuances |
594,140
|
12,616,454
|
| Net cash flows from financing activities |
81,332
|
12,703,894
|
| Net cash flows from discontinued activities |
|
4,500,000
|
| Net cash flows provided by financing activities |
81,332
|
17,203,894
|
| Effect of exchange rate changes on cash |
|
310,576
|
| Change in cash and cash equivalents: |
|
1,393,398
|
| Cash and cash equivalents, beginning of period |
668,387
|
22,926
|
| Cash and cash equivalents, end of period |
668,387
|
1,416,324
|
| Supplemental cash flow information: |
|
|
| Cash paid for interest |
|
|
| Cash paid for taxes |
|
|
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v3.24.4
Nature of Business
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Nature of Business [Abstract] |
|
| NATURE OF BUSINESS |
NOTE 1 – NATURE OF BUSINESS
Business
Next Technology Holding Inc. (formerly known
as WeTrade Group Inc.) was incorporated in the State of Wyoming on March 28, 2019. We currently pursue two corporate strategies. One
business strategy is to continue providing software development services, and the other strategy is to acquire and hold bitcoin.
Software development
We provide AI-enabled software development services
to our customers, which include developing, designing, and implementing various SAAS software solutions for businesses of all types,
including industrial and other businesses.
Bitcoin Acquisition Strategy
Our bitcoin acquisition strategy generally involves
acquiring bitcoin with our liquid assets that exceed working capital requirements, and from time to time, subject to market conditions,
issuing debt or equity securities or engaging in other capital raising transactions with the objective of using the proceeds to purchase
bitcoin.
We view our bitcoin holdings as long-term holdings
and expect to continue to accumulate bitcoin. We have not set any specific target for the amount of bitcoin we seek to hold, and we will
continue to monitor market conditions in determining whether to engage in additional financing to purchase additional bitcoin.
This overall strategy also contemplates that
we may (i) periodically sell bitcoin for general corporate purposes, including to generate cash for treasury management or in connection
with strategies that generate tax benefits in accordance with applicable law, (ii) enter into additional capital raising transactions
that are collateralized by our bitcoin holdings, and (iii) consider pursuing additional strategies to create income streams or otherwise
generate funds using our bitcoin holdings.
We believe that, due to its limited supply, bitcoin
offers the opportunity for appreciation in value if its adoption increases and has the potential to serve as a hedge against inflation
in the long-term. The following table presents a roll-forward of
our bitcoin holdings, including additional information related to our bitcoin purchases, and digital asset impairment losses during the
period:
| | |
Digital asset
original cost
basis | | |
Gain from
digital asset | | |
Market
Value of
digital asset | | |
Approximate
number of
Bitcoin held | |
| Balance on December 31, 2023 | |
$ | 24,990,000 | | |
$ | 10,147,576 | | |
$ | 35,137,576 | | |
| 833 | |
| Digital asset purchase | |
| - | | |
| - | | |
| - | | |
| - | |
| Fair value change during the period | |
| - | | |
| 17,899,568 | | |
| 17,899,568 | | |
| - | |
| Balance on September 30, 2024 | |
$ | 24,990,000 | | |
$ | 28,047,144 | | |
$ | 53,037,144 | | |
| 833 | |
|
| X |
- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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v3.24.4
Summary of Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Summary of Significant Accounting Policies [Abstract] |
|
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE 2 – SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
Basis of Preparation of Financial Statements
The condensed consolidated financial statements
have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”).
The condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant
inter-company transactions and balances have been eliminated in consolidation.
The condensed consolidated financial statements
of the Company as of and for the nine months ended September 30, 2024 and 2023 are unaudited. In the opinion of management, all adjustments
(including normal recurring adjustments) that have been made are necessary to fairly present the financial position of the Company as
of September 30, 2024, the results of its operations for the nine months ended September 30, 2024 and 2023, and its cash flows for the
nine months ended September 30, 2024 and 2023. Operating results for the quarterly periods presented are not necessarily indicative of
the results to be expected for a full fiscal year.
The statements and related notes have been prepared
pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures
normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations.
These financial statements should be read in conjunction with the financial statements and other information included in the Company’s
Annual Report on Form 10-K as filed with the SEC for the fiscal year ended December 31, 2023. Revenue recognition
The Company follows the guidance of Accounting
Standards Codification (ASC) 606, Revenue from Contracts. ASC 606 creates a five-step model that requires entities to exercise
judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying
our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price
to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies
the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for
the services it transfers to its clients.
Goodwill and Other - Crypto Assets
In December 2023, the FASB issued ASU 2023-08,
Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets, which establishes
accounting guidance for crypto assets meeting certain criteria. Bitcoin meets these criteria. The amendments require crypto assets to
meet the criteria to be recognized at fair value with changes recognized in net income each reporting period. Upon adoption, a cumulative-effect
adjustment is made to the opening balance of retained earnings as of the beginning of the annual reporting period of adoption. ASU 2023-08
is effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption
is permitted. The Company has early applied ASU 2023-08 and measured crypto assets (presented as digital assets) at fair value with changes
recognized in net income this period.
The following table summarizes the Company’s
digital asset holdings as of:
| | |
September 30,
2024 | | |
December 31,
2023 | |
| Approximate number of bitcoins held | |
| 833 | | |
| 833 | |
| Digital assets carrying value | |
$ | 53,037,144 | | |
$ | 35,137,576 | |
| Gain on digital assets during the period/year | |
$ | 17,899,568 | | |
$ | 10,147,576 | |
As of September 30, 2024, the Company had approximately
833 bitcoins which had a carrying value of approximately $53.04 million. Cash and Cash Equivalents
The Company considers all highly liquid debt
instruments purchased with a maturity period of three months or less to be cash or cash equivalents. The carrying amounts reported in
the accompanying unaudited condensed consolidated balance sheets for cash and cash equivalents approximate their fair value. All of the
Company’s cash that is held in bank accounts in Hong Kong and PRC are not protected by Federal Deposit Insurance Corporation (“FDIC”)
insurance.
Functional Currency
The Company’s principal countries of operations
are USA and Hong Kong. The accompanying condensed consolidated financial statements are presented in US$ and the functional currency
of the Company is US$.
Investment
Investment in associate company that we have
significant influence but do not have control over the investee are accounted for under the equity method. We will periodically review
the investment for impairment. The initial measurement and periodic subsequent adjustments of the investment are calculated by applying
the ownership percentage to the net assets or equity of the partially owned entity under ASC 323.
Consolidation
The Company’s condensed consolidated financial
statements include the financial statements of the Group and subsidiaries. All transactions and balances among the Group and its subsidiaries
have been eliminated upon consolidation.
Use of Estimates
The preparation of financial statements in conformity
with US GAAP requires management to make judgement estimates and assumptions that affect the amounts reported in the condensed consolidated
financial statements and accompanying notes. Management believes that the estimates used in preparing the financial statements are reasonable
and prudent; however, actual results could differ from these estimates. Significant accounting estimates include the allowance for expected
credit loss, valuation of deferred tax assets, and certain accrued liabilities such as contingent liabilities. Accounts Receivable
Accounts receivables are presented net of allowance
for expected credit loss. The Company uses specific identification in providing for bad debts when facts and circumstances indicate that
collection is doubtful and based on factors listed in the following paragraph. If the financial conditions of its customers were to deteriorate,
resulting in an impairment of their ability to make payments, additional allowance may be required.
The Company maintains an allowance for expected
credit loss which reflects its best estimate of amounts that potentially will not be collected. In determining the amount of the allowance
for credit losses, the Company considers historical collection history based on past due status, the current aging of receivables, customer-specific
credit risk factors including their current financial condition, current market conditions, and probable future economic conditions which
inform adjustments to historical loss patterns. Additionally, the Company makes specific bad debt provisions based on any specific knowledge
the Company has acquired that might indicate that an account is uncollectible. The facts and circumstances of each account may require
the Company to use substantial judgment in assessing its collectability.
Leases
The Company adopted Accounting Standards Update
No. 2016-02, Leases (Topic 842) (ASU 2016-02), and generally requires lessees to recognize operating and financing lease liabilities
and corresponding right-of-use (ROU) assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and
uncertainty of cash flows arising from leasing arrangements.
Operating leases are included in operating lease
right-of-use (“ROU”) assets and short-term and long-term lease liabilities in our condensed consolidated balance sheets.
Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities in our condensed consolidated
balance sheets.
ROU assets represent the Company’s right
to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising
from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments
over the lease term. As most of the leases do not provide an implicit rate, we use the industry incremental borrowing rate based on the
information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily
determinable. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The lease terms may
include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease
payments is recognized on a straight-line basis over the lease term.
ASU 2016-02 requires that public companies use
a secured incremental browning rate for the present value of lease payments when the rate implicit in the contract is not readily determinable.
Software Development Costs
We apply ASC 985-20, Software—Costs of
Software to Be Sold, Leased, or Marketed, in analyzing our software development costs. ASC 985-20 requires the capitalization of certain
software development costs subsequent to the establishment of technological feasibility for a software product in development. Research
and development costs associated with establishing technological feasibility are expensed as incurred. Based on our software development
process, technological feasibility is established upon the completion of a working model. In addition, we apply this to our review of
development projects related to software used exclusively for our SaaS subscription offerings. In these reviews, all costs incurred during
the preliminary project stages are expensed as incurred. Once the projects have been committed to and it is probable that the projects
will meet functional requirements, costs are capitalized.
Income Tax
Income taxes are determined in accordance with
the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and
liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts
of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income
tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled.
Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment
date. ASC 740 prescribes a comprehensive model for
how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected
to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely
than not that the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently
be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with
the tax authority assuming full knowledge of the position and relevant facts.
The Company has subsidiaries in Hong Kong and
PRC. The Company is subject to tax in Hong Kong and PRC jurisdictions. As a result of its future business activities, the Company will
be required to file tax returns that are subject to examination by the Inland Revenue Department of Hong Kong and Tax Department of PRC.
Earnings/ (Loss) Per Share
Earnings/ (loss) per share of common stock attributable
to common stockholders is calculated by dividing net income attributable to common stockholders by the weighted-average shares of common
stock outstanding for the period. Potentially dilutive shares, which are based on the weighted-average shares of common stock underlying
outstanding stock-based awards, warrants, options, or convertible debt using the treasury stock method or the if-converted method, as
applicable, are included when calculating diluted net income (loss) per share of common stock attributable to common stockholders when
their effect is dilutive.
Potential dilutive securities are excluded from
the calculation of diluted EPS in profit periods as their effect would be anti-dilutive.
As of September 30, 2024, there were no potentially
dilutive shares.
| |
|
Three Months
Ended |
|
|
Three Months
Ended |
|
|
Nine Months
Ended |
|
|
Nine Months
Ended |
|
| |
|
For
the period
September 30,
2024 |
|
|
For
the period
September 30,
2023 |
|
|
For
the period
September 30,
2024 |
|
|
For
the period
September 30,
2023 |
|
| Statement of Operations
Summary Information: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Profit/
(Loss) |
|
$ |
1,372,076 |
|
|
$ |
(13,412,061 |
) |
|
$ |
13,991,362 |
|
|
$ |
(13,714,836 |
) |
| Weighted-average common
shares outstanding - basic and diluted |
|
|
6,976,410 |
|
|
|
1,416,813 |
|
|
|
5,404,232 |
|
|
|
1,176,618 |
|
| Earnings/ (loss) per share,
basic and diluted |
|
$ |
0.20 |
|
|
$ |
(9.47 |
) |
|
$ |
2.59 |
|
|
$ |
(11.66 |
) |
Fair Value Measurements
The Company follows guidance for accounting for
fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are
recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for
fair value measurement related to non-financial items that are recognized and disclosed at fair value in the financial statements on
a non-recurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure
fair value.
The hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving
significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
Level 1 inputs are quoted prices (unadjusted)
in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
Level 2 inputs are inputs other than quoted prices
included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 inputs are unobservable inputs for the
asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity
of these instruments.
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v3.24.4
Recent Accounting Pronouncements
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Recent Accounting Pronouncements [Abstract] |
|
| RECENT ACCOUNTING PRONOUNCEMENTS |
NOTE 3 – RECENT ACCOUNTING PRONOUNCEMENTS
Recent accounting pronouncements issued by the
FASB (including its Emerging Issues Task Force) and the United States Securities and Exchange Commission did not or are not believed
by management to have a material impact on the Company’s present or future financial statements.
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-Section S99
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v3.24.4
Revenue
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Revenue [Abstract] |
|
| REVENUE |
NOTE 4 – REVENUE
We are in the business of acquiring and holding
of bitcoin and providing AI-enabled software development services for industrial and other customers.
As of and for the period ended September 30,
2024, there was no revenue generated from SAAS business.
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v3.24.4
Cash and Cash Equivalents
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Cash and Cash Equivalents [Abstract] |
|
| CASH AND CASH EQUIVALENTS |
NOTE 5 – CASH AND CASH EQUIVALENTS
As of September 30, 2024, the Company held cash
in bank in the amount of $668,387, which consists of the following:
| | |
September 30,
2024 | | |
December 31,
2023 | |
| Bank Deposits- Outside USA | |
$ | 668,387 | | |
$ | 668,387 | |
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v3.24.4
Digital Assets
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Digital Assets [Abstract] |
|
| DIGITAL ASSETS |
NOTE 6 – DIGITAL ASSETS
As of September 30, 2024, digital assets holdings
are as follows:
| | |
September 30,
2024 | | |
December 31,
2023 | |
| Opening balance | |
$ | 35,137,576 | | |
$ | — | |
| Purchase of BTC | |
| — | | |
| 24,990,000 | |
| Fair value gain from digital assets | |
| 17,899,568 | | |
| 10,147,576 | |
| Ending balance | |
$ | 53,037,144 | | |
$ | 35,137,576 | |
As of September 30, 2024, the Company held approximately
833 BTC at the total cost of $24,990,000. For the nine months ended September 30, 2024 and for the year ended December 31, 2023, the
Company recognized fair value gain of $17,899,568 and $10,147,576 on digital assets respectively.
Amended and Restated BTC Trading Contract
On September 24, 2024, the Company and the Association
Seller entered into an Amended and Restated BTC Trading Contract (the “Amended BTC Contract”), which amended and restated
the BTC Contract. Under the Amended BTC Contract, the Company is entitled to purchase up to 5,167 BTC (the “Total BTC”) from
the BTC sellers set forth on Schedule I to the Amended BTC Contract (the “Schedule I BTC Sellers”) through the Association
Seller at a purchase price of US$30,000 per BTC (subject to an additional purchase price by issuance of warrants to purchase shares of
Common Stock at a nominal exercise price as described below) over a 12-month period commencing on the date of the Amended BTC Contract.
The purchase price for the Total BTC will be paid by the Company in cash or shares of Common Stock. Although the Amended BTC Contract
states that the Association Seller (Party B) “owns the virtual currency”, to our knowledge, this statement was mistakenly
made. As of the date of the Amended BTC Contract, it were the Schedule I BTC Sellers who are the individual members of the Association
Seller, not the Association Seller itself, who own the BTC to be sold under the Amended BTC Contract.
To our knowledge, the Association Seller entered
into a cooperation agreement with each Schedule I BTC Sellers (the “Cooperation Agreement”) on the same day when the Amended
BTC Contract was entered. Under the Cooperation Agreement, each Schedule I BTC Seller agrees to transfer a specified number of BTC (as
set forth in the Cooperation Agreement) to a BTC wallet address designated by the Association Seller for the transactions contemplated
under the Amended BTC Contract. While we believe the Association Seller will
be able to coordinate with its members to fulfill the Company’s purchase of BTC if the Company so decides, we cannot guarantee
that the Company will successfully acquire BTC pursuant to the Amended BTC Contract. The Amended BTC Contract was entered into solely
between the Company and the Association Seller and no Schedule I BTC Sellers owe any legal obligation to the Company in connection with
the purchase and sale of BTC. Furthermore, as the Company is not a party to the Cooperation Agreement, it cannot enforce the terms of
the Cooperation Agreement against any Schedule I BTC Sellers should such Schedule I BTC Sellers do not perform their obligations under
the Cooperation Agreement. For example, if a Schedule I BTC Seller does not transfer its committed BTC to the Association Seller pursuant
to the Cooperation Agreement, we may not be able to purchase such BTC from the Association Seller pursuant to the Amended BTC Contract.
At the time when the Amended BTC Contract was
signed, the Company indicated its intent to exercise the option to purchase 5,000 BTC out of the Total BTC pursuant to the Amended BTC
Contract (the “Amended 5,000 BTC Transaction”). According to the terms of the Amended BTC Contract, the previously-made Prepayment
Amount will be applied towards the total purchase price for the Amended 5,000 BTC Transaction and the Company will pay the remaining
balance through (i) the issuance of 135,171,078 shares of Common Stock (the “Shares”) valued at $1.02 per share and (ii)
the issuance of warrants to purchase 294,117,647 shares of Common Stock at a nominal exercise price (the “Warrants”).
The value of $1.02 per share for the Shares is
equal to the sum of (i) the Nasdaq Official Closing Price (as reflected on Nasdaq.com) immediately preceding the signing of the Amended
BTC Contract, and (ii) $0.01. Using the same per value valuation, the warrants are worth approximately $300,000,000.
Pursuant to the Amended BTC Contract, the Company
shall exercise its option to purchase BTC thereunder prior to September 24, 2025. While the Company’s purchase option thereunder
is time-limited, the Amended BTC Contract itself will remain in effect without a defined expiration date, unless otherwise terminated.
In the event of a breach by either party, the non-breaching party has the right to terminate the agreement. In such case, the breaching
party will be obligated to pay a penalty of $18,000,000 to the non-breaching party.
The
above description of the Amended BTC Contract does not purport to be complete, and is qualified in its entirety by reference to the full
text of the Amended BTC Contract, a copy of which is attached to the Company’s Current Report on Form 8-K as Exhibit 10.1, filed
with the SEC on September 27, 2024, which is incorporated by reference herein.
Impact on Company’s Capitalization and
Stockholder Approval
The issuance of securities pursuant to the Amended
BTC Contract will not affect the rights of the Company’s existing stockholders, but such issuances will have a significant dilutive
effect on the Company’s existing stockholders, including the voting power of the existing stockholders.
As of the date of this
report, there were 6,976,410 issued and outstanding shares of the Common Stock. Immediately after
the issuance of the Shares (assuming no exercise of the Warrants), there will be 142,147,488 issued and outstanding shares of the Common
Stock, and the ownership percentage of the Company’s existing stockholders in the Company will be diluted to approximately 4.91%.
Assuming full exercise of the Warrants concurrently with the issuance of the Shares, immediately after the issuance of the Shares, there
will be 436,265,135 issued and outstanding shares of Common Stock, and the ownership percentage of the Company’s existing stockholders
in the Company will be further diluted to approximately 1.60%.
Pursuant to Nasdaq Rule
5635(a), if an issuer intends to issue common stock or securities convertible into or exercisable for common stock, in connection with
the acquisition of stock or assets of another company, which may equal or exceed 20% of the outstanding common stock or voting power
on a pre-transaction basis, the issuer generally must obtain the prior approval of its stockholders. Pursuant to Nasdaq Rule 5635(d),
if an issuer intends to issue common stock or securities convertible into or exercisable for common stock, other than in a public offering,
which may equal or exceed 20% of the outstanding common stock or voting power on a pre-transaction basis for a price that is lower than
(i) the Nasdaq Official Closing Price (as reflected on Nasdaq.com) immediately preceding the signing of a binding agreement; or (ii)
the average Nasdaq Official Closing Price of the common stock (as reflected on Nasdaq.com) for the five trading days immediately preceding
the signing of the binding agreement for such common stock, the issuer generally must obtain the prior approval of its stockholders.
The Shares to be issued to the Schedule I BTC
Sellers in the Amended 5,000 BTC Transaction exceeds the threshold for which stockholder approval is required under Nasdaq Rule 5635(a),
and the Warrant Shares to be issued to the Schedule I BTC Sellers upon the full exercise of the Warrants could result in the issuance
of a number of shares exceeding the threshold and pricing for which stockholder approval is required under Nasdaq 5635(d). As such, the
Company is required to obtain requisite stockholder approval for the Amended 5,000 BTC Transaction.
As disclosed in a Preliminary
Information Statement on Schedule 14C filed by the Company on October 3, 2024, the Company has obtained the requisite stockholder approval
for the Amended 5,000 BTC Transaction in accordance with the Company’s articles of incorporation and bylaws on September 24, 2024.
|
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-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476168/350-60-50-6
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476168/350-60-50-6
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
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v3.24.4
Accounts Receivable
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Account Receivables [Abstract] |
|
| ACCOUNTS RECEIVABLE |
NOTE 7 – ACCOUNTS RECEIVABLE
As of September 30, 2024, accounts receivable
are related to the services fee from customers as follows:
| | |
September 30,
2024 | | |
December 31,
2023 | |
| Accounts Receivable | |
$ | — | | |
$ | 1,000,000 | |
The Company does not require collateral for accounts
receivable. The Company maintains an allowance for its doubtful accounts receivable due to estimated credit losses. The Company records
the allowance against bad debt expense through the condensed consolidated statements of operations, included in general and administrative
expense, up to the amount of revenues recognized to date. Receivables are written off and charged against the recorded allowance when
the Company has exhausted collection efforts without success. There is no allowance for expected credit loss as the accounts receivable
has been received as at reporting date.
|
| X |
- DefinitionThe entire disclosure for accounts receivable, contract receivable, receivable held-for-sale, and nontrade receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/310/tableOfContent
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-Name Accounting Standards Codification
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v3.24.4
Prepayments
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Prepayments [Abstract] |
|
| PREPAYMENTS |
NOTE 8 – PREPAYMENTS
As of September 30, 2024, prepayments consist
of the following:
| | |
September 30,
2024 | | |
December 31,
2023 | |
| Prepayment for digital assets | |
$ | 12,125,500 | | |
$ | 12,125,500 | |
As previously disclosed in a Form 8-K filed on
September 28, 2023, the Company entered into a BTC Trading Contract (the “BTC Contract”) with an autonomous organization
(the “Association Seller”), which supports its members in the sale of BTC. While the Association Seller provides services
to facilitate the sale of BTC by its members, it does not exert control over them by ownership or contract, nor does it make decisions
for its members relating to the sale of BTC. None of the members of the Association Seller hold equity, serve as director or officer,
or otherwise have voting power or management rights of the Association Seller.
Under the BTC Contract, the Company has the right
to purchase up to 6,000 BTC from the members of the Association Seller (each, a “BTC Seller”) through the Association Seller
at a locked price of $30,000/BTC over a 12-month period commencing on September 25, 2023, with payment to be made in the form of cash
or the Company’s shares. Although the BTC Contract states that the Association Seller (Party B) “owns the virtual currency”,
to our knowledge, this statement was mistakenly made. As of the date of the BTC Contract, it were the individual members of the Association
Seller, not the Association Seller itself, who own the BTC to be sold under the BTC Contract. We believe the Association Seller will
coordinate with its members to fulfill the Company’s purchase of BTC, however, we cannot guarantee that the Company will be able
to purchase BTC from the BTC Sellers. The BTC Contract was entered into solely between the Company and the Association Seller and no
BTC Sellers owe any legal obligation to the Company in connection with the purchase and sale of BTC.
Following the execution of the BTC Contract,
the Company purchased 833 BTC from the BTC Sellers and decided to purchase an additional 1,000 BTC (the “1,000 BTC Purchase”).
As of December 31, 2023, the Company made a prepayment to the BTC Sellers through the Association Seller of approximately $12,125,500
(the “Prepayment Amount”), representing 40% of the total purchase price for 1000 BTC. The prepayment was made to secure favorable
pricing and demonstrate the Company’s commitment to completing the 1,000 BTC Purchase. This prepayment is refundable if the 1,000
BTC Purchase is not completed. While negotiating the terms of the 1,000 BTC Purchase with the BTC Sellers, the Company decided to exercise
its right under the BTC Contract to purchase 5,000 BTC (the “5,000 BTC Purchase”), which includes the previously planned
1,000 BTC. To reflect the then price increase in BTC and finalize the transaction details of the 5,000 BTC Purchase, the Company and
the Association Seller entered into that certain Amendment Agreement (the “Amendment Agreement”) on May 2, 2024, which was
previously disclosed in a Form 8-K filed by the Company on May 6, 2024.
According to the Amendment Agreement, the Company
agreed to pay the aggregate price for the 5,000 BTC through the issuance of 40,000,000 shares of the Company’s common stock (the
“Common Stock”) valued at $3.75 per share, which was the closing market price of the Common Stock as of May 1, 2024 (the
“Then FMV”) and warrants to purchase 80,000,000 shares of the Common Stock with the exercise price of $2.6 per share (equal
to 70% of the Then FMV). In connection with the 5,000 BTC Purchase, on May 8, 2024, the Company filed a Preliminary Information Statement
on Schedule 14C (the “Preliminary 14C”). Subsequently, the Company decided to cease pursuing the 5,000 BTC Purchase due to
the market fluctuations in BTC and further discussions with the BTC Sellers, which was previously disclosed on a Form 8-K filed by the
Company on June 26, 2024.
Despite the cancellation of the 5,000 BTC Purchase,
negotiations regarding the original 1,000 BTC Purchase continued. The Company’s original plan was to settle the remaining 60% of
the total purchase price for 1,000 BTC through the issuance of the Common Stock at a per share price based on the average market price
over a five-day period immediately prior to the date of the completion of the 1,000 BTC Purchase. However, the Board believed in the
potential long-term appreciation of the BTC. As a result, it has decided to halt the 1,000 BTC Purchase and instead re-negotiate the
terms with the Associate Seller to acquire 5,167 BTC, which represents the maximum number of BTC that the Company was entitled to purchase
under the BTC Contract minus the BTC already acquired under the BTC Contract.
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v3.24.4
Investment
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Investment [Abstract] |
|
| INVESTMENT |
NOTE 9 – INVESTMENT
As of September 30, 2024, investment consist
of the following:
| | |
September 30,
2024 | | |
December 31,
2023 | |
| | |
| | | |
| | |
| Investment in an associate company | |
$ | 13,396,000 | | |
$ | - | |
In April 2024, there are 3,940,000 shares issued
with the total amount of $13,396,000 for the acquisition of 20% of associate company. The officers, directors and selling shareholders
of associate company are not related party and independent with each other, which are not acting in concert with others.
Investment in associate company that we have
significant influence but do not have control over the investee are accounted for under the equity method. We will periodically review
the investment for impairment. The initial measurement and periodic subsequent adjustments of the investment are calculated by applying
the ownership percentage to the net assets or equity of the partially owed entity under ASC 323.
|
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- DefinitionThe entire disclosure for investment. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/320/tableOfContent
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-Topic 321
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-URI https://asc.fasb.org/321/tableOfContent
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v3.24.4
Amount Due to Related Parties
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Amount Due to Related Parties [Abstract] |
|
| AMOUNT DUE TO RELATED PARTIES |
NOTE 10 – AMOUNT DUE TO RELATED PARTIES
| | |
September 30,
2024 | | |
December 31,
2023 | |
| | |
| | |
| |
| Related parties payable | |
$ | 282,533 | | |
$ | 282,535 | |
| Amount due to shareholders | |
| 300,055 | | |
| 606,137 | |
| Director fee payable | |
| 896,000 | | |
| 804,000 | |
| | |
$ | 1,478,588 | | |
$ | 1,692,672 | |
The related party balance of $282,533 represented
advances from former shareholders for the Company’s daily operation.
As of September 30, 2024, the amount due to shareholders
of $300,055 represented advances and professional expenses paid on behalf by Shareholders, which consist of audit fees, lawyers’
fee and other professional expenses.
As of September 30, 2024, the director fee payable
of $896,000 represented the accrual of director fees from the appointment date to September 30, 2024.
The amount due to related parties are interest
free, unsecured and have no fixed repayment period.
|
| X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
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-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent
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-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6
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-Topic 850
-SubTopic 10
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1
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-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1
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v3.24.4
Account Payables
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Account Payables [Abstract] |
|
| ACCOUNT PAYABLES |
NOTE 11 – ACCOUNT PAYABLES
As of September 30, 2024 and December 31, 2023, account
payables are related to the software services fee payables to suppliers as follow:
| | |
September 30,
2024 | | |
December 31,
2023 | |
| | |
| | | |
| | |
| Account payables | |
$ | — | | |
$ | 800,000 | |
|
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-Topic 210
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-Section S99
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-Section 45
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147483384/720-30-45-1
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(a))
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v3.24.4
Other Payables
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Other Payables [Abstract] |
|
| OTHER PAYABLES |
NOTE 12 – OTHER PAYABLES
As of September 30, 2024, other payables consist
of unpaid professional fee as follows:
| | |
September 30,
2024 | | |
December 31,
2023 | |
| | |
| | |
| |
| Professional fees | |
$ | 1,082,500 | | |
$ | 1,600,000 | |
Professional fee payables of $1,082,500 comprise
outstanding legal fees in relation to shareholders’ litigation, BTC consultant fee and listing compliance fee owing to professional
parties.
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(24))
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v3.24.4
Shareholders’ Equity
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Shareholders’ Equity [Abstract] |
|
| SHAREHOLDERS’ EQUITY |
NOTE 13 – SHAREHOLDERS’ EQUITY
The Company has an unlimited number of authorized
ordinary shares and has issued 6,976,410 shares with no par value as of September 30, 2024.
On March 29, 2019, the Company issued 100,000,000
shares with no par value to thirty-three founders. On September 3, 2019, the Company issued a total 74,000 shares at $3 each to 5 non-US
shareholders. The total outstanding shares has increased to 100,074,000 shares as of December 31, 2019.
In February 2020, 1,666,666 shares were issued
at $3 per share to 2 new shareholders. On July 10, 2020, the Company issued another 26,000 shares at $3 per share to 2 new shareholders
and the total outstanding shares has increased to 101,766,666 shares.
On September 15, 2020, the Wyoming Secretary
of State approved the Company’s certificate of amendment to amend its Articles of Incorporation to effect 3 for 1 forward stock
split. The total issued and outstanding shares of the Company’s common stock has been increased from 101,766,666 to 305,299,998
shares, with the par value unchanged at zero.
On September 21, 2020, there are 151,500 shares
issued at $5 per share to 303 new shareholders, the Company’s common stock issued has been increased to 305,451,498 shares as of
December 31, 2020.
On April 13, 2022, the Company and 15 shareholders
entered into that certain Share Exchange Agreement (the “Share Exchange Agreement”), pursuant to which Company and the 15
Shareholders have cancelled 120,418,995 shares of Common Stock (“Cancellation Shares”). Upon completion of the transaction,
the outstanding shares of the Company’s Common Stock has been decreased from 305,451,498 shares to 185,032,503 shares as of June
30, 2022.
On July 21, 2022, the Company completed uplisting
of its common stock to the Nasdaq Capital Market, and the closing of its public offering of 10,000,000 shares of common stock with the
gross proceeds of $40,000,000 and net proceeds of $37,057,176 after deducting the total offering cost of $2,942,824. The shares were
priced at $4.00 per share, and the offering was conducted on a firm commitment basis. The shares continue to trade under the stock symbol
“WETG.” The Company’s total issued and outstanding common stock has been increased to 195,032,503 shares after the
offering. On July 22, 2022, the Company issued 25,000 shares
of common stock to certain service providers for services in connection with the public offering, the fair value of the share was $477,500.
The Company’s total issued and outstanding common stock has been increased to 195,057,503 shares in 2022.
On June 9, 2023, the Wyoming Secretary of State
approved the Company’s certificate of amendment to amend its Articles of Incorporation to effect 1 for 185 reverse stock split
(“Reverse Stock Split”). The total issued and outstanding shares of the Company’s common stock decreased from 195,057,503
to 1,054,530 shares, with the par value unchanged at zero.
In September 2023, there were 1,570,600 shares
issued with the total amount of $12,616,454, and the Company’s common stock issued has been increased to 2,625,130 shares as of
December 31, 2023.
In April 2024, there are 3,940,000 shares issued
with the total amount of $13,396,000 for the acquisition of 20% of associate company.
On April 9, 2024, an addition of 411,280 shares
were converted to equity from loan and outstanding professional fee with the amount of $1,974,140 at the conversion price of $4.80 per
share based on average price of last 10 trading days. These loans are related to the long outstanding salaries, professional fee, litigation
lawyer fees and BTC consultant fee paid by shareholders on behalf of the Company. The amount due to related parties is interest free,
unsecured and has no fixed repayment period. Prior to the loan conversion to equity, the amount of $1,974,140 is recorded as current
liabilities. Subsequent to loan to equity conversion, the amount of $1,974,140 was converted to 411,280 shares and recorded in stockholders’
equity as follows:
| Nature of loan: | | Amount: | | | Conversion price: | | | Number of shares converted: | | Financial impact of conversion: | Advance from shareholders to pay outstanding legal fee, salaries, Edgar filing fee, audit fee, which accumulated from January 2023 to March 2024.
| | $ | 594,140 | | | $ | 4.80 | | | 123,780 shares | | Reclassification from amount due to related parties to equity | Accounting and compliance fee, which accumulated from January 2023 to March 2024.
| | $ | 420,000 | | | $ | 4.80 | | | 87,500 shares | | Reclassification from other payables to equity
| | Legal advisory fee in relation to BTC transaction which accumulated from January 2023 to March 2024. | | $ | 480,000 | | | $ | 4.80 | | | 100,000 shares | | Reclassification from other payables to equity
| | BTC Consultant fee, which accumulated from January 2023 to March 2024. | | $ | 480,000 | | | $ | 4.80 | | | 100,000 shares
| | Reclassification from other payables to equity
| | Total | | $ | 1,974,140 | | | | | | | 411,280 shares | | |
As of September 30, 2024, the Company’s
common stock issued has been increased to 6,976,410 shares.
|
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-Topic 505
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-Section S99
-Paragraph 1
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v3.24.4
Income Taxes
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Income Taxes [Abstract] |
|
| INCOME TAXES |
NOTE 14 – INCOME TAXES
The Company is subject to U.S. Federal tax laws.
The Company has not recognized an income tax benefit for its operating losses in the United States because the Company does not expect
to commence active operations in the United States.
There are several subsidiaries incorporated in
Hong Kong and are subject to Hong Kong profits tax at a tax rate of 16.5%.
The Company is currently conducting certain operations
in the PRC through its subsidiaries, which are subject to tax from 15% to 25%.
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v3.24.4
Accounting Policies, by Policy (Policies)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Summary of Significant Accounting Policies [Abstract] |
|
| Basis of Preparation of Financial Statements |
Basis of Preparation of Financial Statements The condensed consolidated financial statements
have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”).
The condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant
inter-company transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements
of the Company as of and for the nine months ended September 30, 2024 and 2023 are unaudited. In the opinion of management, all adjustments
(including normal recurring adjustments) that have been made are necessary to fairly present the financial position of the Company as
of September 30, 2024, the results of its operations for the nine months ended September 30, 2024 and 2023, and its cash flows for the
nine months ended September 30, 2024 and 2023. Operating results for the quarterly periods presented are not necessarily indicative of
the results to be expected for a full fiscal year. The statements and related notes have been prepared
pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures
normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations.
These financial statements should be read in conjunction with the financial statements and other information included in the Company’s
Annual Report on Form 10-K as filed with the SEC for the fiscal year ended December 31, 2023.
|
| Revenue recognition |
Revenue recognition The Company follows the guidance of Accounting
Standards Codification (ASC) 606, Revenue from Contracts. ASC 606 creates a five-step model that requires entities to exercise
judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying
our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price
to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies
the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for
the services it transfers to its clients.
|
| Goodwill and Other - Crypto Assets |
Goodwill and Other - Crypto Assets In December 2023, the FASB issued ASU 2023-08,
Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets, which establishes
accounting guidance for crypto assets meeting certain criteria. Bitcoin meets these criteria. The amendments require crypto assets to
meet the criteria to be recognized at fair value with changes recognized in net income each reporting period. Upon adoption, a cumulative-effect
adjustment is made to the opening balance of retained earnings as of the beginning of the annual reporting period of adoption. ASU 2023-08
is effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption
is permitted. The Company has early applied ASU 2023-08 and measured crypto assets (presented as digital assets) at fair value with changes
recognized in net income this period. The following table summarizes the Company’s
digital asset holdings as of:
| | |
September 30,
2024 | | |
December 31,
2023 | |
| Approximate number of bitcoins held | |
| 833 | | |
| 833 | |
| Digital assets carrying value | |
$ | 53,037,144 | | |
$ | 35,137,576 | |
| Gain on digital assets during the period/year | |
$ | 17,899,568 | | |
$ | 10,147,576 | |
As of September 30, 2024, the Company had approximately
833 bitcoins which had a carrying value of approximately $53.04 million.
|
| Cash and Cash Equivalents |
Cash and Cash Equivalents The Company considers all highly liquid debt
instruments purchased with a maturity period of three months or less to be cash or cash equivalents. The carrying amounts reported in
the accompanying unaudited condensed consolidated balance sheets for cash and cash equivalents approximate their fair value. All of the
Company’s cash that is held in bank accounts in Hong Kong and PRC are not protected by Federal Deposit Insurance Corporation (“FDIC”)
insurance.
|
| Functional Currency |
Functional Currency The Company’s principal countries of operations
are USA and Hong Kong. The accompanying condensed consolidated financial statements are presented in US$ and the functional currency
of the Company is US$.
|
| Investment |
Investment Investment in associate company that we have
significant influence but do not have control over the investee are accounted for under the equity method. We will periodically review
the investment for impairment. The initial measurement and periodic subsequent adjustments of the investment are calculated by applying
the ownership percentage to the net assets or equity of the partially owned entity under ASC 323.
|
| Consolidation |
Consolidation The Company’s condensed consolidated financial
statements include the financial statements of the Group and subsidiaries. All transactions and balances among the Group and its subsidiaries
have been eliminated upon consolidation.
|
| Use of Estimates |
Use of Estimates The preparation of financial statements in conformity
with US GAAP requires management to make judgement estimates and assumptions that affect the amounts reported in the condensed consolidated
financial statements and accompanying notes. Management believes that the estimates used in preparing the financial statements are reasonable
and prudent; however, actual results could differ from these estimates. Significant accounting estimates include the allowance for expected
credit loss, valuation of deferred tax assets, and certain accrued liabilities such as contingent liabilities.
|
| Accounts Receivable |
Accounts Receivable Accounts receivables are presented net of allowance
for expected credit loss. The Company uses specific identification in providing for bad debts when facts and circumstances indicate that
collection is doubtful and based on factors listed in the following paragraph. If the financial conditions of its customers were to deteriorate,
resulting in an impairment of their ability to make payments, additional allowance may be required. The Company maintains an allowance for expected
credit loss which reflects its best estimate of amounts that potentially will not be collected. In determining the amount of the allowance
for credit losses, the Company considers historical collection history based on past due status, the current aging of receivables, customer-specific
credit risk factors including their current financial condition, current market conditions, and probable future economic conditions which
inform adjustments to historical loss patterns. Additionally, the Company makes specific bad debt provisions based on any specific knowledge
the Company has acquired that might indicate that an account is uncollectible. The facts and circumstances of each account may require
the Company to use substantial judgment in assessing its collectability.
|
| Leases |
Leases The Company adopted Accounting Standards Update
No. 2016-02, Leases (Topic 842) (ASU 2016-02), and generally requires lessees to recognize operating and financing lease liabilities
and corresponding right-of-use (ROU) assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and
uncertainty of cash flows arising from leasing arrangements. Operating leases are included in operating lease
right-of-use (“ROU”) assets and short-term and long-term lease liabilities in our condensed consolidated balance sheets.
Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities in our condensed consolidated
balance sheets. ROU assets represent the Company’s right
to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising
from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments
over the lease term. As most of the leases do not provide an implicit rate, we use the industry incremental borrowing rate based on the
information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily
determinable. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The lease terms may
include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease
payments is recognized on a straight-line basis over the lease term. ASU 2016-02 requires that public companies use
a secured incremental browning rate for the present value of lease payments when the rate implicit in the contract is not readily determinable.
|
| Software Development Costs |
Software Development Costs We apply ASC 985-20, Software—Costs of
Software to Be Sold, Leased, or Marketed, in analyzing our software development costs. ASC 985-20 requires the capitalization of certain
software development costs subsequent to the establishment of technological feasibility for a software product in development. Research
and development costs associated with establishing technological feasibility are expensed as incurred. Based on our software development
process, technological feasibility is established upon the completion of a working model. In addition, we apply this to our review of
development projects related to software used exclusively for our SaaS subscription offerings. In these reviews, all costs incurred during
the preliminary project stages are expensed as incurred. Once the projects have been committed to and it is probable that the projects
will meet functional requirements, costs are capitalized.
|
| Income Tax |
Income Tax Income taxes are determined in accordance with
the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and
liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts
of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income
tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled.
Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment
date. ASC 740 prescribes a comprehensive model for
how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected
to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely
than not that the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently
be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with
the tax authority assuming full knowledge of the position and relevant facts. The Company has subsidiaries in Hong Kong and
PRC. The Company is subject to tax in Hong Kong and PRC jurisdictions. As a result of its future business activities, the Company will
be required to file tax returns that are subject to examination by the Inland Revenue Department of Hong Kong and Tax Department of PRC.
|
| Earnings/ (Loss) Per Share |
Earnings/ (Loss) Per Share Earnings/ (loss) per share of common stock attributable
to common stockholders is calculated by dividing net income attributable to common stockholders by the weighted-average shares of common
stock outstanding for the period. Potentially dilutive shares, which are based on the weighted-average shares of common stock underlying
outstanding stock-based awards, warrants, options, or convertible debt using the treasury stock method or the if-converted method, as
applicable, are included when calculating diluted net income (loss) per share of common stock attributable to common stockholders when
their effect is dilutive. Potential dilutive securities are excluded from
the calculation of diluted EPS in profit periods as their effect would be anti-dilutive. As of September 30, 2024, there were no potentially
dilutive shares.
| |
|
Three Months
Ended |
|
|
Three Months
Ended |
|
|
Nine Months
Ended |
|
|
Nine Months
Ended |
|
| |
|
For
the period
September 30,
2024 |
|
|
For
the period
September 30,
2023 |
|
|
For
the period
September 30,
2024 |
|
|
For
the period
September 30,
2023 |
|
| Statement of Operations
Summary Information: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Profit/
(Loss) |
|
$ |
1,372,076 |
|
|
$ |
(13,412,061 |
) |
|
$ |
13,991,362 |
|
|
$ |
(13,714,836 |
) |
| Weighted-average common
shares outstanding - basic and diluted |
|
|
6,976,410 |
|
|
|
1,416,813 |
|
|
|
5,404,232 |
|
|
|
1,176,618 |
|
| Earnings/ (loss) per share,
basic and diluted |
|
$ |
0.20 |
|
|
$ |
(9.47 |
) |
|
$ |
2.59 |
|
|
$ |
(11.66 |
) |
|
| Fair Value Measurements |
Fair Value Measurements The Company follows guidance for accounting for
fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are
recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for
fair value measurement related to non-financial items that are recognized and disclosed at fair value in the financial statements on
a non-recurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure
fair value. The hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving
significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 inputs are quoted prices (unadjusted)
in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices
included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the
asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity
of these instruments.
|
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v3.24.4
Nature of Business (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Nature of Business [Abstract] |
|
| Schedule of Digital Asset Impairment Losses |
The following table presents a roll-forward of
our bitcoin holdings, including additional information related to our bitcoin purchases, and digital asset impairment losses during the
period:
| | |
Digital asset
original cost
basis | | |
Gain from
digital asset | | |
Market
Value of
digital asset | | |
Approximate
number of
Bitcoin held | |
| Balance on December 31, 2023 | |
$ | 24,990,000 | | |
$ | 10,147,576 | | |
$ | 35,137,576 | | |
| 833 | |
| Digital asset purchase | |
| - | | |
| - | | |
| - | | |
| - | |
| Fair value change during the period | |
| - | | |
| 17,899,568 | | |
| 17,899,568 | | |
| - | |
| Balance on September 30, 2024 | |
$ | 24,990,000 | | |
$ | 28,047,144 | | |
$ | 53,037,144 | | |
| 833 | |
|
| X |
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-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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v3.24.4
Summary of Significant Accounting Policies (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Summary of Significant Accounting Policies [Abstract] |
|
| Schedule of Company’s Digital Asset |
The following table summarizes the Company’s
digital asset holdings as of:
| | |
September 30,
2024 | | |
December 31,
2023 | |
| Approximate number of bitcoins held | |
| 833 | | |
| 833 | |
| Digital assets carrying value | |
$ | 53,037,144 | | |
$ | 35,137,576 | |
| Gain on digital assets during the period/year | |
$ | 17,899,568 | | |
$ | 10,147,576 | |
|
| Schedule of Operations Summary Information |
As of September 30, 2024, there were no potentially
dilutive shares.
| |
|
Three Months
Ended |
|
|
Three Months
Ended |
|
|
Nine Months
Ended |
|
|
Nine Months
Ended |
|
| |
|
For
the period
September 30,
2024 |
|
|
For
the period
September 30,
2023 |
|
|
For
the period
September 30,
2024 |
|
|
For
the period
September 30,
2023 |
|
| Statement of Operations
Summary Information: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Profit/
(Loss) |
|
$ |
1,372,076 |
|
|
$ |
(13,412,061 |
) |
|
$ |
13,991,362 |
|
|
$ |
(13,714,836 |
) |
| Weighted-average common
shares outstanding - basic and diluted |
|
|
6,976,410 |
|
|
|
1,416,813 |
|
|
|
5,404,232 |
|
|
|
1,176,618 |
|
| Earnings/ (loss) per share,
basic and diluted |
|
$ |
0.20 |
|
|
$ |
(9.47 |
) |
|
$ |
2.59 |
|
|
$ |
(11.66 |
) |
|
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-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-Section 50
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v3.24.4
Cash and Cash Equivalents (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Cash and Cash Equivalents [Abstract] |
|
| Schedule of Cash Held in Bank |
As of September 30, 2024, the Company held cash
in bank in the amount of $668,387, which consists of the following:
| | |
September 30,
2024 | | |
December 31,
2023 | |
| Bank Deposits- Outside USA | |
$ | 668,387 | | |
$ | 668,387 | |
|
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v3.24.4
Digital Assets (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Digital Assets [Member] |
|
| Digital Assets [Line Items] |
|
| Schedule of Digital Assets Holdings |
As of September 30, 2024, digital assets holdings
are as follows:
| | |
September 30,
2024 | | |
December 31,
2023 | |
| Opening balance | |
$ | 35,137,576 | | |
$ | — | |
| Purchase of BTC | |
| — | | |
| 24,990,000 | |
| Fair value gain from digital assets | |
| 17,899,568 | | |
| 10,147,576 | |
| Ending balance | |
$ | 53,037,144 | | |
$ | 35,137,576 | |
|
| X |
- DefinitionTabular disclosure of information about crypto asset. Includes, but is not limited to, name, cost basis, fair value, and number of units held. Excludes information about crypto asset held for platform user. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476168/350-60-50-6
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-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
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v3.24.4
| X |
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-Topic 210
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-Section S99
-Paragraph 1
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3))
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v3.24.4
Prepayments (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Prepayments [Abstract] |
|
| Schedule of Prepayments |
As of September 30, 2024, prepayments consist
of the following:
| | |
September 30,
2024 | | |
December 31,
2023 | |
| Prepayment for digital assets | |
$ | 12,125,500 | | |
$ | 12,125,500 | |
|
| X |
- References
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v3.24.4
Investment (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Investment [Abstract] |
|
| Schedule of Investment |
As of September 30, 2024, investment consist
of the following:
| | |
September 30,
2024 | | |
December 31,
2023 | |
| | |
| | | |
| | |
| Investment in an associate company | |
$ | 13,396,000 | | |
$ | - | |
|
| X |
- DefinitionTabular disclosure of investment. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/320/tableOfContent
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-Name Accounting Standards Codification
-Topic 321
-Publisher FASB
-URI https://asc.fasb.org/321/tableOfContent
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-Topic 325
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v3.24.4
Amount Due to Related Parties (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Amount Due to Related Parties [Abstract] |
|
| Schedule of Amount Due to Related Parties |
| | |
September 30,
2024 | | |
December 31,
2023 | |
| | |
| | |
| |
| Related parties payable | |
$ | 282,533 | | |
$ | 282,535 | |
| Amount due to shareholders | |
| 300,055 | | |
| 606,137 | |
| Director fee payable | |
| 896,000 | | |
| 804,000 | |
| | |
$ | 1,478,588 | | |
$ | 1,692,672 | |
|
| X |
- DefinitionTabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.
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v3.24.4
Account Payables (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Account Payables [Abstract] |
|
| Schedule of Account Payables |
As of September 30, 2024 and December 31, 2023, account
payables are related to the software services fee payables to suppliers as follow:
| | |
September 30,
2024 | | |
December 31,
2023 | |
| | |
| | | |
| | |
| Account payables | |
$ | — | | |
$ | 800,000 | |
|
| X |
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v3.24.4
Other Payables (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Other Payables [Abstract] |
|
| Schedule of Other Payables |
As of September 30, 2024, other payables consist
of unpaid professional fee as follows:
| | |
September 30,
2024 | | |
December 31,
2023 | |
| | |
| | |
| |
| Professional fees | |
$ | 1,082,500 | | |
$ | 1,600,000 | |
|
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v3.24.4
Shareholders’ Equity (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Shareholders’ Equity [Abstract] |
|
| Schedule of Stockholder Equity |
Subsequent to loan to equity conversion, the amount of $1,974,140 was converted to 411,280 shares and recorded in stockholders’
equity as follows: | Nature of loan: | | Amount: | | | Conversion price: | | | Number of shares converted: | | Financial impact of conversion: | Advance from shareholders to pay outstanding legal fee, salaries, Edgar filing fee, audit fee, which accumulated from January 2023 to March 2024.
| | $ | 594,140 | | | $ | 4.80 | | | 123,780 shares | | Reclassification from amount due to related parties to equity | Accounting and compliance fee, which accumulated from January 2023 to March 2024.
| | $ | 420,000 | | | $ | 4.80 | | | 87,500 shares | | Reclassification from other payables to equity
| | Legal advisory fee in relation to BTC transaction which accumulated from January 2023 to March 2024. | | $ | 480,000 | | | $ | 4.80 | | | 100,000 shares | | Reclassification from other payables to equity
| | BTC Consultant fee, which accumulated from January 2023 to March 2024. | | $ | 480,000 | | | $ | 4.80 | | | 100,000 shares
| | Reclassification from other payables to equity
| | Total | | $ | 1,974,140 | | | | | | | 411,280 shares | | |
|
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v3.24.4
Nature of Business (Details) - Schedule of Digital Asset Impairment Losses
|
9 Months Ended |
|
Sep. 30, 2024
USD ($)
|
|---|
| Digital Asset Original Cost Basis [Member] |
|
| Schedule of Digital Asset Impairment Losses [Line Items] |
|
| Digital asset original cost basis, Balance |
$ 24,990,000
|
| Digital asset original cost basis, Digital asset purchase |
|
| Gain from digital asset ,Fair value change during the period |
|
| Digital asset original cost basis, Fair value change during the period |
|
| Digital asset original cost basis, Balance |
24,990,000
|
| Gain from Digital Asset [Member] |
|
| Schedule of Digital Asset Impairment Losses [Line Items] |
|
| Digital asset original cost basis, Balance |
10,147,576
|
| Digital asset original cost basis, Digital asset purchase |
|
| Gain from digital asset ,Fair value change during the period |
17,899,568
|
| Digital asset original cost basis, Fair value change during the period |
17,899,568
|
| Digital asset original cost basis, Balance |
28,047,144
|
| Market Value of Digital Asset [Member] |
|
| Schedule of Digital Asset Impairment Losses [Line Items] |
|
| Digital asset original cost basis, Balance |
35,137,576
|
| Digital asset original cost basis, Digital asset purchase |
|
| Gain from digital asset ,Fair value change during the period |
17,899,568
|
| Digital asset original cost basis, Fair value change during the period |
17,899,568
|
| Digital asset original cost basis, Balance |
$ 53,037,144
|
| Approximate number of Bitcoin held [Member] |
|
| Schedule of Digital Asset Impairment Losses [Line Items] |
|
| Gain from digital asset, number of Bitcoin held |
833
|
| Gain from digital asset, Digital asset purchase |
|
| Gain from digital asset ,Fair value change during the period |
|
| Digital asset original cost basis, Fair value change during the period |
|
| Gain from digital asset, number of Bitcoin held |
833
|
| X |
- DefinitionFair value of crypto asset. Excludes crypto asset held for platform user. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476168/350-60-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Topic 350
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v3.24.4
Summary of Significant Accounting Policies (Details)
|
9 Months Ended |
|
|
|
|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2024 |
Sep. 30, 2024
bitcoin
|
Dec. 31, 2023
USD ($)
bitcoin
|
Dec. 31, 2022
USD ($)
|
| Summary of Significant Accounting Policies [Line Items] |
|
|
|
|
|
| Number of bitcoin |
|
1,000
|
833
|
833
|
|
| Digital assets |
$ 53,037,144
|
|
|
$ 35,137,576
|
|
| Tax benefit |
50.00%
|
|
|
|
|
| X |
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v3.24.4
Summary of Significant Accounting Policies (Details) - Schedule of Company’s Digital Asset
|
9 Months Ended |
12 Months Ended |
|
|
|
Sep. 30, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
bitcoin
|
Sep. 30, 2024 |
Sep. 30, 2024
bitcoin
|
Dec. 31, 2022
USD ($)
|
| Schedule of Company’s Digital Asset [Line Items] |
|
|
|
|
|
| Approximate number of bitcoins held (in bitcoin) |
|
833
|
1,000
|
833
|
|
| Digital assets carrying value |
$ 53,037,144
|
$ 35,137,576
|
|
|
|
| Gain on digital assets during the period/ Year |
$ 17,899,568
|
$ 10,147,576
|
|
|
|
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v3.24.4
Summary of Significant Accounting Policies (Details) - Schedule of Operations Summary Information - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Schedule of Operations Summary Information [Abstract] |
|
|
|
|
| Net Profit/ (Loss) |
$ 1,372,076
|
$ (13,412,061)
|
$ 13,991,362
|
$ (13,714,836)
|
| Weighted-average common shares outstanding - basic and dilute |
6,976,410
|
1,416,813
|
5,404,232
|
1,176,618
|
| Weighted-average common shares outstanding - diluted |
6,976,410
|
1,416,813
|
5,404,232
|
1,176,618
|
| Earnings/ (loss) per share, basic |
$ 0.2
|
$ (9.47)
|
$ 2.59
|
$ (11.66)
|
| Earnings/ (loss) per share, diluted |
$ 0.2
|
$ (9.47)
|
$ 2.59
|
$ (11.66)
|
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-Section 65
-Paragraph 1
-Subparagraph (f)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.4
Revenue (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Revenue [Abstract] |
|
|
|
|
| Revenue |
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.4
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v3.24.4
Digital Assets (Details)
|
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
|
|
|
|
|
|
|
Sep. 24, 2024
USD ($)
|
Apr. 09, 2024
shares
|
Apr. 30, 2024
shares
|
Sep. 30, 2023
shares
|
Sep. 30, 2023
shares
|
Sep. 30, 2024
USD ($)
shares
|
Sep. 30, 2023
shares
|
Dec. 31, 2023
USD ($)
bitcoin
shares
|
Oct. 03, 2024
bitcoin
|
Sep. 30, 2024
$ / shares
|
Sep. 30, 2024 |
Sep. 30, 2024
bitcoin
|
Jun. 30, 2024
$ / shares
shares
|
Jun. 30, 2023
shares
|
Dec. 31, 2022
shares
|
Jul. 22, 2022
shares
|
Dec. 31, 2020
shares
|
Feb. 29, 2020
shares
|
| Digital Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Purchase price (in Dollars) | $ |
|
|
|
|
|
|
|
$ 24,990,000
|
|
|
|
|
|
|
|
|
|
|
| Unrealized gain on digital assets (in Dollars) | $ |
|
|
|
|
|
$ 17,899,568
|
|
$ 10,147,576
|
|
|
|
|
|
|
|
|
|
|
| Amended BTC transaction description. |
|
|
|
|
|
the Company indicated its intent to exercise the option to purchase 5,000 BTC out of the Total BTC pursuant to the Amended BTC
Contract (the “Amended 5,000 BTC Transaction”). According to the terms of the Amended BTC Contract, the previously-made Prepayment
Amount will be applied towards the total purchase price for the Amended 5,000 BTC Transaction
|
|
|
|
|
|
|
|
|
|
|
|
|
| Issuance of common stock |
|
|
3,940,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Price per share (in Dollars per share) | $ / shares |
|
|
|
|
|
|
|
|
|
$ 1.02
|
|
|
$ 1.02
|
|
|
|
|
|
| Purchase of warrants |
|
|
|
|
|
80,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
| Per value valuation (in Dollars per share) | $ / shares |
|
|
|
|
|
|
|
|
|
$ 2.6
|
|
|
|
|
|
|
|
|
| Issuance of warrant (in Dollars) | $ |
|
|
|
|
|
$ 300,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
| Penalty pay (in Dollars) | $ |
|
|
|
|
|
$ 18,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock, shares issued |
|
|
|
|
|
6,976,410
|
|
2,625,130
|
|
|
|
|
|
|
|
|
|
|
| Common stock, shares outstanding |
|
|
|
|
|
6,976,410
|
|
2,625,130
|
|
|
|
|
|
|
|
|
|
|
| Common stock, share issued |
|
|
|
|
|
142,147,488
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock, share outstanding |
|
|
|
|
|
142,147,488
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage of common stock voting power |
|
|
|
|
|
20.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cryto units (in bitcoin) |
|
|
|
|
|
|
|
833
|
|
|
1,000
|
833
|
|
|
|
|
|
|
| Voting Power [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Digital Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ownership percentage |
|
|
|
|
|
|
|
|
|
|
4.91%
|
|
|
|
|
|
|
|
| Stockholder Approval [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Digital Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ownership percentage |
|
|
|
|
|
|
|
|
|
|
1.60%
|
|
|
|
|
|
|
|
| Convertible Securities [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Digital Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ownership percentage |
|
|
|
|
|
|
|
|
|
|
20.00%
|
|
|
|
|
|
|
|
| Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Digital Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Purchase of warrants |
|
|
|
|
|
294,117,647
|
|
|
|
|
|
|
|
|
|
|
|
|
| Per value valuation (in Dollars per share) | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.01
|
|
|
|
|
|
| Common stock, share issued |
|
|
|
|
|
436,265,135
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock, share outstanding |
|
|
|
|
|
436,265,135
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Digital Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Issuance of common stock |
|
411,280
|
|
1,570,600
|
1,570,600
|
4,351,280
|
1,570,600
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock, shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,000
|
305,451,498
|
26,000
|
| Common stock, shares outstanding |
|
|
|
2,625,130
|
2,625,130
|
6,976,410
|
2,625,130
|
2,625,130
|
|
|
|
|
6,976,410
|
1,054,530
|
1,054,530
|
|
|
|
| BTC Trading Contract [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Digital Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Purchase price (in Dollars) | $ |
$ 30,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amended BTC Transaction [Member] | Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Digital Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cryto units (in bitcoin) | bitcoin |
|
|
|
|
|
|
|
|
|
|
|
5,000
|
|
|
|
|
|
|
| Amended BTC Transaction [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Digital Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Issuance of common stock |
|
|
|
|
|
135,171,078
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subsequent Event [Member] | Amended BTC Transaction [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Digital Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cryto units (in bitcoin) | bitcoin |
|
|
|
|
|
|
|
|
5,000
|
|
|
|
|
|
|
|
|
|
| Digital Assets [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Digital Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Purchase price (in Dollars) | $ |
|
|
|
|
|
$ 24,990,000
|
|
|
|
|
|
|
|
|
|
|
|
|
| X |
- DefinitionAmended BTC Transaction Description.
| Name: |
nxtt_AmendedBTCTransactionDescription |
| Namespace Prefix: |
nxtt_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
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|
| X |
- DefinitionAmount of pay from penalty.
| Name: |
nxtt_PaymentFromPenalty |
| Namespace Prefix: |
nxtt_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
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| Period Type: |
duration |
|
| X |
- DefinitionPercentage of common stock voting power.
| Name: |
nxtt_PercentageOfCommonStockVotingPower |
| Namespace Prefix: |
nxtt_ |
| Data Type: |
dtr:percentItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionExercise price per share or per unit of warrants or rights outstanding. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionNumber of securities into which the class of warrant or right may be converted. For example, but not limited to, 500,000 warrants may be converted into 1,000,000 shares. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3
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| Namespace Prefix: |
us-gaap_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionTotal number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionNumber of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
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| Period Type: |
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|
| X |
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-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476168/350-60-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476168/350-60-50-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476168/350-60-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476168/350-60-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476168/350-60-50-1
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| Period Type: |
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|
| X |
- DefinitionNumber of restricted and unrestricted crypto asset units held. Excludes crypto asset units held for platform user. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476168/350-60-50-1
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|
| X |
- DefinitionAmount of increase in crypto asset from purchase. Excludes crypto asset held for platform user. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476168/350-60-50-3
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of unrealized gain from remeasurement of crypto asset, classified as operating. Excludes crypto asset held for platform user. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476168/350-60-50-3
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| Period Type: |
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|
| X |
- DefinitionNumber of excess stock shares of an entity that have been sold or granted to shareholders.
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| Namespace Prefix: |
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|
| X |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
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|
| X |
- DefinitionThe cash inflow from issuance of rights to purchase common shares at predetermined price (usually issued together with corporate debt). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 14
-Subparagraph (a)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-14
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| Period Type: |
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|
| X |
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|
| X |
- DefinitionNumber of new stock issued during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
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| X |
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|
| X |
- Details
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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| X |
- Details
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| X |
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| X |
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| X |
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| Balance Type: |
|
| Period Type: |
|
|
v3.24.4
Digital Assets (Details) - Schedule of Digital Assets Holdings - USD ($)
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Schedule of Digital Assets Holdings [Abstract] |
|
|
| Opening balance |
$ 35,137,576
|
|
| Purchase of BTC |
|
24,990,000
|
| Fair value gain from digital assets |
17,899,568
|
10,147,576
|
| Ending balance |
$ 53,037,144
|
$ 35,137,576
|
| X |
- References
+ Details
| Name: |
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| Period Type: |
duration |
|
| X |
- DefinitionFair value of crypto asset classified as current. Excludes crypto asset held for platform user. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476168/350-60-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476168/350-60-50-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476168/350-60-50-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476167/350-60-45-1
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|
| X |
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-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476168/350-60-50-3
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|
| X |
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-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476168/350-60-50-3
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| Balance Type: |
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| Period Type: |
duration |
|
v3.24.4
| X |
- DefinitionAmount, after allowance, receivable from customers, clients, or other third-parties, and receivables classified as other due within one year or the normal operating cycle, if longer.
| Name: |
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| X |
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-Topic 310
-SubTopic 20
-Name Accounting Standards Codification
-Section 40
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481628/310-20-40-7
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-2
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|
v3.24.4
Prepayments (Details)
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
|
|
Apr. 09, 2024
shares
|
Apr. 30, 2024
shares
|
Sep. 30, 2023
shares
|
Sep. 30, 2023
shares
|
Sep. 30, 2024
USD ($)
shares
|
Sep. 30, 2023
shares
|
Dec. 31, 2023
USD ($)
bitcoin
|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2024
$ / shares
|
Sep. 30, 2024 |
Sep. 30, 2024
bitcoin
|
Jun. 30, 2024
$ / shares
|
May 01, 2024
bitcoin
|
| Prepayments [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Crypto units |
|
|
|
|
|
|
833
|
|
|
1,000
|
833
|
|
|
| Prepayment amount (in Dollars) | $ |
|
|
|
|
|
|
$ 12,125,500
|
$ 12,125,500
|
|
|
|
|
|
| Prepayment, percentage |
|
|
|
|
40.00%
|
|
|
|
|
|
|
|
|
| Issuance of shares (in Shares) | shares |
|
3,940,000
|
|
|
|
|
|
|
|
|
|
|
|
| Share issued price per share (in Dollars per share) | $ / shares |
|
|
|
|
|
|
|
|
$ 1.02
|
|
|
$ 1.02
|
|
| Warrant purchase shares (in Shares) | shares |
|
|
|
|
80,000,000
|
|
|
|
|
|
|
|
|
| Exercise price per share (in Dollars per share) | $ / shares |
|
|
|
|
|
|
|
|
2.6
|
|
|
|
|
| Percentage of fair market value |
|
|
|
|
70.00%
|
|
|
|
|
|
|
|
|
| Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Prepayments [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Issuance of shares (in Shares) | shares |
411,280
|
|
1,570,600
|
1,570,600
|
4,351,280
|
1,570,600
|
|
|
|
|
|
|
|
| BTC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Prepayments [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Crypto units | bitcoin |
|
|
|
|
|
|
|
|
|
|
6,000
|
|
|
| Crypto asset prepayment description |
|
|
|
|
|
|
The prepayment was made to secure favorable
pricing and demonstrate the Company’s commitment to completing the 1,000 BTC Purchase. This prepayment is refundable if the 1,000
BTC Purchase is not completed. While negotiating the terms of the 1,000 BTC Purchase with the BTC Sellers, the Company decided to exercise
its right under the BTC Contract to purchase 5,000 BTC (the “5,000 BTC Purchase”), which includes the previously planned
1,000 BTC. To reflect the then price increase in BTC and finalize the transaction details of the 5,000 BTC Purchase, the Company and
the Association Seller entered into that certain Amendment Agreement (the “Amendment Agreement”) on May 2, 2024, which was
previously disclosed in a Form 8-K filed by the Company on May 6, 2024.
|
|
|
|
|
|
|
| BTC Seller [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Prepayments [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sale price (in Dollars) | $ |
|
|
|
|
$ 30,000
|
|
|
|
|
|
|
|
|
| Crypto Asset, Other [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Prepayments [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Crypto units | bitcoin |
|
|
|
|
|
|
|
|
|
|
833
|
|
|
| BTC Contract [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Prepayments [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Crypto units | bitcoin |
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
| Amendment Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Prepayments [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Crypto units | bitcoin |
|
|
|
|
|
|
|
|
|
|
|
|
5,000
|
| Amendment Agreement [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Prepayments [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Issuance of shares (in Shares) | shares |
|
|
|
|
40,000,000
|
|
|
|
|
|
|
|
|
| Share issued price per share (in Dollars per share) | $ / shares |
|
|
|
|
|
|
|
|
$ 3.75
|
|
|
|
|
| BTC Purchase [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Prepayments [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Crypto assets transaction, description |
|
|
|
|
Despite the cancellation of the 5,000 BTC Purchase,
negotiations regarding the original 1,000 BTC Purchase continued. The Company’s original plan was to settle the remaining 60% of
the total purchase price for 1,000 BTC through the issuance of the Common Stock at a per share price based on the average market price
over a five-day period immediately prior to the date of the completion of the 1,000 BTC Purchase. However, the Board believed in the
potential long-term appreciation of the BTC. As a result, it has decided to halt the 1,000 BTC Purchase and instead re-negotiate the
terms with the Associate Seller to acquire 5,167 BTC, which represents the maximum number of BTC that the Company was entitled to purchase
under the BTC Contract minus the BTC already acquired under the BTC Contract.
|
|
|
|
|
|
|
|
|
| X |
- DefinitionCrypto asset prepayment description.
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| Namespace Prefix: |
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| Data Type: |
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|
| X |
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| Namespace Prefix: |
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|
| X |
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|
| X |
- DefinitionExercise price per share or per unit of warrants or rights outstanding. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3
| Name: |
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| Period Type: |
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|
| X |
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-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3
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| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476168/350-60-50-3
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476168/350-60-50-3
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476168/350-60-50-3
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476168/350-60-50-3
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476168/350-60-50-3
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476167/350-60-45-1
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|
| X |
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-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476168/350-60-50-1
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| X |
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483467/210-10-45-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 340
-SubTopic 10
-Name Accounting Standards Codification
-Section 05
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482955/340-10-05-5
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 340
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483032/340-10-45-1
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| Namespace Prefix: |
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| Data Type: |
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| Period Type: |
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|
| X |
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|
| X |
- DefinitionPer share or per unit amount of equity securities issued.
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|
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1
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v3.24.4
Investment (Details) - USD ($)
|
1 Months Ended |
|
|
Apr. 30, 2024 |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Investments [Line Items] |
|
|
|
| Share issued |
3,940,000
|
|
|
| Total investment amount |
|
$ 13,396,000
|
|
| Investment [Member] |
|
|
|
| Investments [Line Items] |
|
|
|
| Total investment amount |
$ 13,396,000
|
|
|
| Investment [Member] |
|
|
|
| Investments [Line Items] |
|
|
|
| Share issued |
3,940,000
|
|
|
| Series of Individually Immaterial Business Acquisitions [Member] |
|
|
|
| Investments [Line Items] |
|
|
|
| Business acquisition |
20.00%
|
|
|
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-Topic 235
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-Topic 323
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-Subparagraph (f)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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v3.24.4
Amount Due to Related Parties (Details) - USD ($)
|
Sep. 30, 2024 |
Dec. 31, 2023 |
| Amount Due to Related Parties [Line Items] |
|
|
| Advances from former shareholders |
$ 282,533
|
|
| Accrued Professional Fees, Current |
1,082,500
|
$ 1,600,000
|
| Director fees |
896,000
|
|
| Related Party [Member] |
|
|
| Amount Due to Related Parties [Line Items] |
|
|
| Accrued Professional Fees, Current |
$ 300,055
|
|
| X |
- DefinitionCarrying value as of the balance sheet date of obligations incurred through that date and payable for professional fees, such as for legal and accounting services received. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(20))
-Publisher FASB
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| X |
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-Topic 850
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-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-2
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v3.24.4
Amount Due to Related Parties (Details) - Schedule of Amount Due to Related Parties - Related Party [Member] - USD ($)
|
Sep. 30, 2024 |
Dec. 31, 2023 |
| Related Party Transaction [Line Items] |
|
|
| Related parties payable |
$ 282,533
|
$ 282,535
|
| Total loan from share holders |
300,055
|
606,137
|
| Director fee payable |
896,000
|
804,000
|
| Total loan from share holders |
$ 1,478,588
|
$ 1,692,672
|
| X |
- References
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-Topic 946
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-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
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-Section 55
-Paragraph 10
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-Topic 210
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-Section S99
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
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-Topic 942
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-Section S99
-Paragraph 1
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|
v3.24.4
Shareholders’ Equity (Details)
|
|
|
|
|
|
|
|
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
|
|
|
|
|
|
|
|
Apr. 09, 2024
USD ($)
$ / shares
shares
|
Jul. 22, 2022
USD ($)
shares
|
Jul. 21, 2022
USD ($)
$ / shares
shares
|
Apr. 13, 2022
USD ($)
|
Sep. 21, 2020
$ / shares
shares
|
Sep. 15, 2020
shares
|
Jul. 10, 2020
shares
|
Sep. 03, 2019
$ / shares
shares
|
Mar. 29, 2019
shares
|
Apr. 30, 2024
USD ($)
shares
|
Sep. 30, 2023
USD ($)
shares
|
Feb. 29, 2020
$ / shares
shares
|
Sep. 30, 2023
shares
|
Sep. 30, 2024
USD ($)
$ / shares
shares
|
Sep. 30, 2023
USD ($)
shares
|
Jun. 30, 2024
shares
|
Dec. 31, 2023
$ / shares
shares
|
Jun. 30, 2023
shares
|
Jun. 09, 2023
shares
|
Dec. 31, 2022
shares
|
Jun. 30, 2022
shares
|
Dec. 31, 2020
shares
|
Dec. 31, 2019
shares
|
| Equity [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock shares, issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
6,976,410
|
|
|
2,625,130
|
|
|
|
|
|
|
| Par value (in Dollars per share) | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares issued |
|
|
|
|
|
|
|
|
|
3,940,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares price (in Dollars per share) | $ / shares |
|
|
|
|
|
|
|
$ 3
|
|
|
|
$ 3
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
6,976,410
|
|
|
2,625,130
|
|
|
|
|
|
|
| New shareholders |
|
|
|
|
|
|
2
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
| Total outstanding shares |
|
|
|
|
|
|
101,766,666
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total amount (in Dollars) | $ |
|
$ 477,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reverse stock split |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 for 185
|
|
|
|
|
|
|
|
|
|
| Consideration of share issued (in Dollars) | $ |
$ 1,974,140
|
|
|
|
|
|
|
|
|
$ 13,396,000
|
$ 12,616,454
|
|
|
$ 594,140
|
$ 12,616,454
|
|
|
|
|
|
|
|
|
| Current liabilities (in Dollars) | $ |
1,974,140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Conversion amount (in Dollars) | $ |
$ 1,974,140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Converted shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
411,280
|
|
|
|
|
|
|
|
|
|
| BTC Consultant Fee [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Conversion price (in Dollars per share) | $ / shares |
$ 4.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock shares, issued |
|
|
|
|
|
101,766,666
|
|
|
|
|
|
|
|
|
|
|
|
|
1,054,530
|
|
|
|
|
| Outstanding shares |
|
|
|
|
|
101,766,666
|
|
|
|
|
|
|
|
|
|
|
|
|
1,054,530
|
|
|
|
|
| Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock shares, issued |
|
|
|
|
|
305,299,998
|
|
|
|
|
|
|
|
|
|
|
|
|
195,057,503
|
|
|
|
|
| Outstanding shares |
|
|
|
|
|
305,299,998
|
|
|
|
|
|
|
|
|
|
|
|
|
195,057,503
|
|
|
|
|
| Ordinary Shares [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock shares, issued |
|
25,000
|
|
|
|
|
|
|
|
|
|
26,000
|
|
|
|
|
|
|
|
|
|
305,451,498
|
|
| Shares issued |
411,280
|
|
|
|
|
|
|
|
|
|
1,570,600
|
|
1,570,600
|
4,351,280
|
1,570,600
|
|
|
|
|
|
|
|
|
| Outstanding shares |
|
|
|
|
|
|
|
|
|
|
2,625,130
|
|
2,625,130
|
6,976,410
|
2,625,130
|
6,976,410
|
2,625,130
|
1,054,530
|
|
1,054,530
|
|
|
|
| Ordinary Shares [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock shares, issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
195,057,503
|
|
|
|
| Outstanding shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
195,057,503
|
|
|
|
| Share Exchange Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100,074,000
|
| Cancelled shares (in Dollars) | $ |
|
|
|
$ 120,418,995
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Share Exchange Agreement [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
185,032,503
|
|
|
| Share Exchange Agreement [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
305,451,498
|
|
|
| Share Exchange Agreement [Member] | Ordinary Shares [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock shares, issued |
|
|
195,032,503
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding shares |
|
|
195,032,503
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Business Acquisition [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Business acquisition |
|
|
|
|
|
|
|
|
|
20.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Certificate of Amendement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Forward stock spilit |
|
|
|
|
|
3 for 1 forward stock
split
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shareholders [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares issued |
|
|
|
|
151,500
|
|
|
74,000
|
100,000,000
|
|
|
1,666,666
|
|
|
|
|
|
|
|
|
|
|
|
| Shares price (in Dollars per share) | $ / shares |
|
|
|
|
$ 5
|
|
|
|
|
|
|
$ 3
|
|
|
|
|
|
|
|
|
|
|
|
| New shareholders |
|
|
|
|
303
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Converted shares |
411,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| IPO [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares issued |
|
|
10,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares price (in Dollars per share) | $ / shares |
|
|
$ 4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross proceeds (in Dollars) | $ |
|
|
$ 40,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net proceed from initial public offering (in Dollars) | $ |
|
|
37,057,176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Offering costs (in Dollars) | $ |
|
|
$ 2,942,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| X |
- DefinitionNet proceed from initial public offering.
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| Namespace Prefix: |
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| Data Type: |
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| Period Type: |
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|
| X |
- References
+ Details
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionThe amount of offering costs.
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionPercentage of equity in the acquiree held by the acquirer immediately before the acquisition date in a business combination.
| Name: |
us-gaap_BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13
Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3
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| Namespace Prefix: |
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| Data Type: |
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|
| X |
- DefinitionFace amount per share of no-par value common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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|
| X |
- DefinitionNumber of shares of other common stock instruments held by shareholder, including, but not limited to, exchangeable shares.
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|
| X |
- DefinitionTotal number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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| X |
- DefinitionNumber of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
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v3.24.4
Shareholders’ Equity (Details) - Schedule of Stockholder Equity
|
9 Months Ended |
|
Sep. 30, 2024
USD ($)
$ / shares
shares
|
|---|
| Class of Stock [Line Items] |
|
| Amount | $ |
$ 1,974,140
|
| Number of shares converted | shares |
411,280
|
| Advance from shareholders to pay outstanding legal fee [Member] |
|
| Class of Stock [Line Items] |
|
| Amount | $ |
$ 594,140
|
| Conversion price | $ / shares |
$ 4.8
|
| Number of shares converted | shares |
123,780
|
| Number of shares converted |
Reclassification from amount due to related parties to equity
|
| Accounting and compliance fee [Member] |
|
| Class of Stock [Line Items] |
|
| Amount | $ |
$ 420,000
|
| Conversion price | $ / shares |
$ 4.8
|
| Number of shares converted | shares |
87,500
|
| Number of shares converted |
Reclassification from other payables to equity
|
| Legal advisory fee in relation to BTC transaction [Member] |
|
| Class of Stock [Line Items] |
|
| Amount | $ |
$ 480,000
|
| Conversion price | $ / shares |
$ 4.8
|
| Number of shares converted | shares |
100,000
|
| Number of shares converted |
Reclassification from other payables to equity
|
| BTC Consultant Fee [Member] |
|
| Class of Stock [Line Items] |
|
| Amount | $ |
$ 480,000
|
| Conversion price | $ / shares |
$ 4.8
|
| Number of shares converted | shares |
100,000
|
| Number of shares converted |
Reclassification from other payables to equity
|
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