Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 255

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 19
Chunk 255
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 which YA agreed (a)
to forbear from exercising certain of its rights and remedies as stipulated under the related agreements and (b) to forbear from exercising
conversion right under the outstanding YA 2024 Notes into the Company’s Ordinary shares in connection with the outstanding amounts
under the YA 2024 Notes as set forth in the Forbearance Agreement, subject to the conditions, amendments and modifications contained in
the Forbearance Agreement for the period commencing from February 16, 2025 to June 30, 2025, so long as (i) the Company strictly complies
with the terms of this Forbearance Agreement and (ii) that there is no occurrence or existence of any event of default as defined in the
related agreements or in the Forbearance Agreement, other than the existing defaults as stated in the Forbearance Agreement. In addition,
the Forbearance Agreement does not constitute a waiver of, or an amendment to, any rights, powers, or remedies of the Investor under the
related agreements in conjunction therewith as in effect prior to the date of the Forbearance Agreement.

Note 14 - Accrued expenses and other
current liabilities

Accrued expenses and other current liabilities consist of the following:

                                                      December 31,                     December 31,                 
  Payroll payables                                    $                   402,115      $                   599,895  
  Security deposit payable                                              2,191,991                                -  
  Professional fee and others                                             444,130                          486,299  
  Accrued expenses and other current liabilities      $                 3,038,236      $                 1,086,194  

Note 15 - Taxes

Income tax

Cayman Islands

X3 was incorporated in the
Cayman Islands and is not subject to tax on income or capital gains under the laws of Cayman Islands. Additionally, the Cayman Islands
does not impose a withholding tax on payments of dividends to shareholders.

Singapore

Under Singapore tax laws, subsidiaries
in Singapore are subject to statutory income tax rate at17.0% if revenue is generated in Singapore and there are no withholding taxes
in Singapore on remittance of dividends.

Hong Kong

Powerbridge HK is established
in Hong Kong. Under the Hong Kong tax laws, Powerbridge HK is exempted from income tax on its foreign-derived income and there are no
withholding taxes in Hong Kong on remittance of dividends.

F-34

X3