Company: RETO
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001213900-25-041195
Chunk: 43

Company: ReTo Eco-Solutions, Inc.
Filing Date: 2025-05-09
Form: 20-F
Item: Item 19
Chunk 43
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                                (Principal Executive Officer)  

Date: May 8, 2025

RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES

  Report of Independent Registered Public Accounting Firm PCAOB ID 6781                                                  F-2         
  Consolidated Balance Sheets as of December 31, 2024 and 2023                                                           F-4         
  Consolidated Statements of Operations and Comprehensive Loss for the Years Ended December 31, 2024, 2023 and 2022      F-5         
  Consolidated Statements of Changes in Shareholders’ Equity for the Years Ended December 31, 2024, 2023 and 2022        F-6         
  Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022                             F-7         
  Notes to Consolidated Financial Statements                                                                             F-8 - F-28  

F-1

REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of
ReTo Eco-Solutions, Inc.

Opinion
on the Financial Statements

We have
audited the accompanying consolidated balance sheets ofReTo Eco-Solutions, Inc. and its
subsidiaries (collectively, the “ Company”) as of December 31, 2024 and 2023 and the related consolidated statements of operations
and comprehensive loss, changes in shareholders’ equity, and cash flows for the three years ended December 31, 2024 and the related
notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023 and the results of its
operations and its cash flows for the three years ended December 31, 2024 in conformity with accounting principles generally accepted
in the United States of America.

Going Concern

The accompanying consolidated financial statements have been prepared
assuming the Company will continue as a going concern. As discussed in Note 3 to the consolidated financial statements, the Company reported
a net loss of approximately $8.4 million and $16.1 million for the years ended December 31, 2024 and 2023, respectively, and the Company
had a working deficit of approximately $2.6 million as of December 31, 2024. These conditions raise substantial doubt about