Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 247

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 19
Chunk 247
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 receivable balance as of December 31, 2024 were subsequently collected, respectively.

Movement of allowance for
credit losses is as follows:

                                                As of December 31,                                                                    
                                                2024                                    2023                     2022                 
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Beginning balance                             $                        7,133,370      $         7,080,677      $         2,607,600  
  Provision for credit losses                                            4,625,042                  256,834                4,783,518  
  Written-off                                                            ( 131,158                  ( 6,214                        -  
  Foreign currency translation adjustments                               ( 192,823                ( 197,927                ( 310,441  
  Ending balance                                $                       11,434,431      $         7,133,370      $         7,080,677  

F-26

X3 HOLDINGS CO., LTD.

Note 5 - Prepayments, deposits and other
assets, net

Prepayments, deposits and
other assets, net consisted of the following:

                                                                As of December 31,                                                
                                                                2024                                      2023                    
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Security deposits (1)                                         $                            631,211      $              248,146  
  Advances to suppliers                                                                    1,659,609                   2,032,099  
  Advances to employees                                                                      129,971                      46,293  
  Prepaid expense                                                                            529,751                   1,099,950  
  Prepayment for potential acquisition (2)                                                         -                  15,906,186  
  Antique art pieces (3)                                                                  36,970,600                  59,651,975  
  Others                                                                                      19,286                       6,511  
                                                                                          39,940,428                  78,991,160  
  Less: Long term portion                                                               ( 37,689,697                ( 76,274,752  
  Allowance for credit losses                                                              ( 548,248                   ( 281,694  
  Prepayments, deposits and other assets – current portion      $                          1,702,483      $            2,434,714  

  (1)      Security deposits mainly represent contract fulfillment deposits required by customer for specific