Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 249

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 19
Chunk 249
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, 2022, the Company invested issued 4,155 (post-reverse stock split adjusted to 692) Class A ordinary shares (equivalent to $ 6,674,772) for 15% equity interest in Boxinrui Internatio...  
                                                                                                                                                                                                                  
                                                                                                                                                                                                                  
                                                                                                                                                                                                                  
            On March 28, 2023, the Company entered into an equity transfer agreement with fifteen individual shareholders of Boxinrui, pursuant to which the Company agreed to further acquire 65% equity int...  
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F-28

X3 HOLDINGS CO., LTD.

Note 8 - Property and equipment, net

Property and equipment, net
consist of the following:

                                                As of December 31,                                              
                                                2024                                     2023                   
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Computer equipment                            $                           527,372      $             414,230  
  Office equipment, fixtures and furniture                                2,042,230                  1,997,452  
  Automobiles                                                               179,273                    184,308  
  Buildings                                                               4,455,440                  4,580,571  
  Construction in Progress                                                1,083,036                    618,661  
  Subtotal                                                                8,287,351                  7,795,222  
  Less: accumulated depreciation                                        ( 2,306,659                ( 1,892,273  
  Property and equipment, net                   $                         5,980,692      $           5,902,949  

Depreciation expense for the
years ended December 31, 2024, 2023 and 2022 amounted to $480,560, $453,628and $359,344, respectively. As of December 31, 2024,
buildings with net book value amounted to $3,696,775were pledged for obtaining various of loans (See Note 11).

Note 9 - Intangible assets, net

Intangible assets, net consist
of the following:

                                           As of December 31,                                                
                                           2024                                      2023                    
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Capitalized development costs (1)        $                         11,995