Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 216

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 19
Chunk 216
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 Commission and the PCAOB.

We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s
internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ OneStop Assurance PAC

OneStop Assurance PAC

Singapore

April 25, 2025

PCAOB Id#: 6732

We have served as the Company’s auditor
since 2021

F-2

X3 HOLDINGS CO., LTD.

CONSOLIDATED BALANCE SHEETS

                                                                                                                                                                                   December 31,                         December 31,                     
                                                                                                                                                                                   2024                                 2023                             
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  ASSETS                                                                                                                                                                                                                                                 
  CURRENT ASSETS:                                                                                                                                                                                                                                        
  Cash and cash equivalent                                                                                                                                                         $                     4,193,839      $                     2,991,563  
  Restricted cash                                                                                                                                                                                           70,721                            1,723,937  
  Accounts receivable, net                                                                                                                                                                              17,281,112                           21,487,053  
  Notes receivable                                                                                                                                                                                               -                               28,169  
  Due from related parties, net                                                                                                                                                                            897,415                            1,364,979  
  Loan receivable, net                                                                                                                                                                                   1,351,915                            1,037,304  
  Prepayments, deposits and other current assets, net                                                                                                                                                    1,702,483                            2,434