Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 135

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 5
Chunk 135
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.6 million in deferred revenue, offset by an increase of approximately
$2.3 million in accrued expenses and other current liabilities and a decrease of approximately $0.4 million in prepayments, deposits and
other assets.

Net cash used in operating
activities was approximately $11.2 million for the year ended December 31, 2023. Cash used in operating activities for the year ended
December 31, 2023 mainly consisted of approximately $122.2 million of net loss, adjustment of $113.0 million non-cash items, an increase
of approximately $6.4 million in accounts receivable and an increase of approximately $1.5 million in prepayments, deposits and other
assets. Offset by an increase of approximately $6.1 million in accounts payable.

Net cash used in operating
activities was approximately $9.7 million for the year ended December 31, 2022. Cash used in operating activities for the year ended December
31, 2022 mainly consisted of approximately $21.5 million of net loss, adjustment of $15.2 million non-cash items, a decrease of approximately
$6.8 million in account payable (including related parties) due to less purchase, offset by an increase of approximately $3.0 million
in account receivable due to slowly collection.

Investing Activities

Net cash used in investing
activities was approximately $1.5 million for the year ended December 31, 2024. Cash used in investing activities for the year ended December
31, 2024 consisted of approximately $1.6 million spending on purchases of intangible assets and property and equipment and net loans to
third parties of approximately $0.3 million, offset by approximately repayment of $0.4 million from related parties.

Net cash used in investing
activities was approximately $2.4 million for the year ended December 31, 2023. Cash used in investing activities for the year ended December
31, 2023 consisted of approximately $1.9 million spending on purchases of intangible assets and property and equipment, net loans to third
parties of approximately $1.3 million and payment to related party of approximately $0.6 million, offset by approximately repayment of
$1.4 million from related parties.

Net cash used in investing
activities was approximately $0.8 million for the year ended December 31, 2022. Cash used in investing activities for the year ended December
31,