Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 219

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 19
Chunk 219
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  Due to related party transferred to non-controlling interests                                    $                              38,892      $               115,050      $                    -  
  Prepayments, deposits and other assets transferred from loan receivable                          $                                   -      $            59,651,975      $                    -  
  Prepayments, deposits and other assets as consideration for acquisition                          $                          13,854,016      $                     -      $                    -  
  RECONCILIATION TO AMOUNTS ON CONSOLIDATED BALANCE SHEETS:                                                                                                                                        
  Cash                                                                                             $                           4,193,839      $             2,991,563      $            9,380,322  
  Restricted cash                                                                                                                 70,721                    1,723,937                           -  
  Total cash and restricted cash                                                                   $                           4,264,560      $             4,715,500      $            9,380,322  

The accompanying notes are an integral part of
these consolidated financial statements.

F-6

X3 HOLDINGS CO., LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1 - Nature of business and organization

X3 Holdings Co., Ltd. (“ X3”
or the “ Company”), formerly known as Powerbridge Technologies Co., Ltd. is a company that was established under the laws of
the Cayman Islands on July 27, 2018 as a holding company. The Company, through its subsidiaries (collectively the “ Group”),
is a provider of software application and technology services to corporate and government customers engaged in global trade. Mr. Stewart
Lor, the Company’s Chairman of the Board and Chief Executive Officer (“ CEO”) is the ultimate Controlling Shareholders
of the Company.

Effective January 30, 2024,
the Company has undergone a transformation, changing its corporate name from Powerbridge Technologies Co., Ltd. to X3 Holdings Co., Ltd.
The Nasdaq stock symbol has also transitioned from PBTS to XTKG. This change reflects the Group’s evolving global expansion strategy
and its commitment to broader technological and business horizons.

As of December 31, 2024, the
details of the Company’s principal subsidiaries are as follows:

  Major subsidiaries                                                  Percentage of           Date of                Place of            Major Operation                               
                                                                      Ownership               Incorporation          Incorporation                                                     
  Powerbridge Holding Limited (“ Powerbridge HK”)                     100% by X3              July 27,