Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 215

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 19
Chunk 215
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 Statements of Changes in Equity for the Years Ended December 31, 2024, 2023 and 2022                      F-5         
  Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022                             F-6         
  Notes to Consolidated Financial Statements                                                                             F-7 – F-44  

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

To the Board of Directors and Shareholders ofX3 HOLDINGS CO., LTD. (formerly known as Powerbridge Technologies Co., Ltd.)

Opinion on the Financial Statements

We have audited the accompanying consolidated
balance sheets of X3 HOLDINGS CO., LTD. (the “ Company”) as of December 31, 2024 and 2023, the related consolidated statements
of operations and comprehensive loss, changes in equity, and cash flows for each of the three years in the period ended December 31, 2024,
and the related notes to the consolidated financial statements and schedule (collectively the financial statements). In our opinion, the
financial statements present fairly, in all material respects, the financial positions of the Company as of December 31, 2024 and 2023,
and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity
with accounting principles generally accepted in the United States of America.

Going Concern Uncertainty

The accompanying financial statements have been
prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company has
suffered recurring losses from operations of appropriately $84 million and has negative operating cash flow of appropriately $1.0 million. These
conditions indicate that a material uncertainty exists that raise substantial doubt on its ability to continue as a going concern. Management’s
plans in regard to these matters are also described in Note 2 to the financial statements. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility
of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our
audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance
with U. S. federal securities laws and the applicable rules and regulations of the Securities and Exchange