Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 114

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 5
Chunk 114
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airment charges                                                               64,485,916                  31,958,931                   32,526,985         101.8  
  Total operating expenses                                                         88,024,277                  56,982,234                   31,042,043          54.5  
  OPERATING LOSS FROM OPERATIONS                                                  (83,403,042                 (53,562,038                  (29,841,004          55.7  
  OTHER INCOME (EXPENSES)                                                                                                                                             
  Gain from long term investment                                                            -                      70,947                      (70,947        (100.0  
  Loss on debt extinguishment                                                        (473,653                           -                     (473,653             -  
  Change in fair value of convertible debt                                          1,048,271                     (21,166                    1,069,437      (5,052.6  
  Gain from fair value change in equity investments                                         -                   2,402,943                   (2,402,943        (100.0  
  Fair value loss on financial instrument                                                   -                 (71,006,115                   71,006,115        (100.0  
  Other expense, net                                                               (1,127,491                    (169,107                     (958,384         566.7  
  Total other expenses                                                               (552,873                 (68,722,498                   68,169,625         (99.2  
  LOSS BEFORE INCOME TAXES                                                        (83,955,915                (122,284,536                   38,328,621         (31.3  
  INCOME TAX BENEFIT                                                                 (122,754                     (57,341                      (65,413         114.1  
  NET LOSS                                               $                        (83,833,161      $         (122,227,195      $            38,394,034         (31.4  

Revenues

We derive revenues from five
sources: (1) revenue from application development services, (2) revenue from consulting and technical support services, (3) revenue from
subscription services, (4) trading revenue, and (5) others.

For the year ended December
31, 2024, our total revenue was approximately $11.6 million as compared to approximately $16.8 million for the year ended December 31,
2023. Our total revenue decreased by approximately $5.2 million, or 31.0