Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 241

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 19
Chunk 241
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accounted for36.8% of the Group’s total revenues. For the year ended December 31, 2023, three customers accounted for27.1%,15.5%
and15.1% of the Group’s total revenues, respectively. For the year ended December 31, 2022, one customer accounted for31.8% of
the Group’s total revenues. As of December 31, 2024, two customers accounted for15.6% and10.3% of the Group’s accounts receivable,
respectively. As of December 31, 2023, one customer accounted for15.9% of the Group’s accounts receivable.

F-21

X3 HOLDINGS CO., LTD.

Note 2 - Summary of significant accounting
policies(continued)

  (d)      Significant suppliers  

For the year ended December
31, 2024, one supplier accounted for14.2% of the Group’s total purchases, respectively. For the year ended December 31, 2023, three
suppliers accounted for36.8%,21.0% and20.2% of the Group’s total purchases, respectively. For the year ended December 31, 2022,
three suppliers accounted for38.1%,14.8% and12.1% of the Group’s total purchases, respectively. As of December 31, 2024, one
supplier accounted for24.6% of the Group’s total accounts payable. As of December 31, 2023, one supplier accounted for24.5% of
the Group’s total accounts payable.

Reclassifications

Intangible asset was separated
from property and equipment as of December 31, 2023 and retroactively reclassified as of December 31, 2022.

Customer deposits was combined
to deferred revenue as of December 31, 2023 and retroactively reclassified as of December 31, 2022.

Recently issued accounting pronouncements

The Group considers the applicability
and impact of all accounting standards updates (“ ASUs”). Management periodically reviews new accounting standards that are
issued. Under the Jumpstart Our Business Startups Act of 2012, as amended (“the JOBS Act”), the Group meets the definition
of an emerging growth company, or EGC, and has elected the extended transition period for complying with new or revised accounting standards,
which delays the adoption of these accounting standards until they would apply to private companies.

In