Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 248

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 19
Chunk 248
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 projects, rent deposits and etc.                                                                   
  (2)      On March 24, 2023, the Company entered into an equity transfer agreement                                                                                                                              
  (3)      On January 5, 2023, the Group received 20 antique art pieces to settle $ 59,651,975 (RMB 411,157,212) from a debt extinguish agreement. On May 1, 2024, the Group settled 7 antique art pieces as...  

Movement of allowance for
credit losses is as follows:

                                                As of December 31,                                                                   
                                                2024                                     2023                    2022                
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Beginning balance                             $                           281,694      $          364,973      $          313,844  
  Provision for credit losses                                             9,065,372                       -                  75,000  
  Written-off                                                           ( 8,787,174                ( 75,000                       -  
  Foreign currency translation adjustments                                 ( 11,644                 ( 8,279                ( 23,871  
  Ending balance                                $                           548,248      $          281,694      $          364,973  

F-27

X3 HOLDINGS CO., LTD.

Note 6 - Loan receivable, net

Loan receivable, net consisted
of the following:

                                                        As of December 31,                                          
                                                        2024                                   2023                 
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Unsecured loan receivable from third parties (1)      $                       1,625,914      $         1,318,998  
  Allowance for credit losses                                                   ( 273,999                ( 281,694  
  Loan receivable, net                                  $                       1,351,915      $         1,037,304  

  (1)      As of December 31, 2024, loans to third parties represent the balance the Group lend to various third-parties for their working capital needs at rate of 0%- 5% per annum.  

Note 7 - Long term investments

                                                Equity                                                        Total  
                                                investments                                                          
                                                accounted                                                            
                                                for using the                                                        
                                                equity                                                               
                                                method(ii)                                                           
  Balance as of January 1, 2022                 $