NEXT TECHNOLOGY HOLDING INC. 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.
Overview
In
The main functions of Wepay System is an online payment services, CPS profit management services, multi-channels App and data analysis, which is developed to provide payment and auto-billing services for online store customers from retail, tourism industry, hospitality and beauty industry.
As at
Results of Operations
The following tables provide a comparison of a summary of our results of
operations for the nine months period ended
Results of Operations for the Nine months period Ended
2019
From the period
March 28,
2019
For the Period (Inception) to
September 30, September 30,
2020 2019
Revenue:
Service revenue, non-related party $ 518,269 $ -
Service revenue, related party 2,370,192 -
2,888,461 -
Cost of Revenue (515,195 ) -
Gross Profit 2,373,266
Operating Expenses:
General and Administrative (617,216 ) (255,010 )
Operations Profit/ (Loss) (1,756,050 ) (255,010 )
Other revenue 39,060 -
Net Income/ (Loss) before income tax 1,795,110 (255,010 )
Income tax expense (487,984 ) -
Net Income/ (loss) $ 1,307,126 $ (255,010 )
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Revenue from Operations
For the nine-month period ended
Cost of revenue
Cost of revenue is mainly consists of staff payroll, PRC central provident fund ("CPF") and other staff benefits, the increase is mainly due to more staffs were recruited during the period. The increase is in line with the increase in revenue during the period.
General and Administrative Expenses
For the nine months period ended
Net Income (Loss)
As a result of the factors described above, there was a net profit of
Results of Operations for the Three months period ended
2019.
2020 2019
Revenue
Service revenue, non-related party
1,493,829 -
2,012,098 -
Cost of Revenue (427,647 ) -
Gross Profit 1,584,451 -
General and Administrative Expense (407,067 ) (110,921 ) Profit/ (Loss) from Operations
1,177,384 (110,921 )
Other revenue 38,939 -
Net Income/ (Loss) before income tax 1,216,323 (110,921 )
Income tax expenses (475,431 ) -
Net Income/ (loss) $ 740,893 $ (110,921 )
Revenue from Operations
For the three-month period ended
Cost of revenue
Cost of revenue is mainly consists of staff payroll, PRC central provident fund ("CPF") and other staff benefits, the increase is mainly due to more staffs were recruited during the period. The increase is in line with the increase in revenue during the period.
General and Administrative Expenses
For the three months period ended
Net Income (Loss)
As a result of the factors described above, there was a net profit of
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Liquidity and Capital Resources
As of
Operating activities
Our continuing operating activities used cash of
Financing activities
Cash provided in our financing activities was increased to
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
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.
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