X3 Holdings Co., Ltd.
CIK:0001754323|SEC Filings
Consolidated Statements of Cash Flows - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net loss | $ (26,402,407) | $ (83,833,161) | $ (122,227,195) |
| Adjustments to reconcile net loss from operations to net cash used in operating activities: | |||
| Depreciation and amortization | 2,774,653 | 6,113,904 | 5,458,596 |
| (Recovery of) provision for credit losses | (1,352,466) | 5,358,510 | 539,284 |
| Share based compensation | 6,027,637 | 5,834,999 | 6,058,117 |
| Loss from disposal of property and equipment | 6,262 | 978 | 188 |
| Deferred tax benefit | (1,667,125) | (122,343) | (66,695) |
| Gain from fair value change in equity investments | (2,402,943) | ||
| Fair value loss on financial instruments | 71,006,115 | ||
| Loss (gain) from long term investment | 50,192 | (70,947) | |
| Settlement loss on disposition of assets | 318,129 | ||
| Impairment charges | 21,847,760 | 64,485,916 | 31,958,931 |
| Loss on debt extinguishment | 473,653 | ||
| Change in fair value of convertible notes | (1,048,271) | 21,166 | |
| Accrued interest of convertible notes | 181,559 | 646,206 | 297,954 |
| Loss from disposition of a subsidiary | (4,581,885) | ||
| Amortization of right-of-use assets-operating lease | 282,414 | 332,131 | 172,435 |
| Changes in assets and liabilities: | |||
| Notes receivable | (147,653) | 27,794 | (15,535) |
| Accounts receivable | 6,102,932 | 231,204 | (6,409,095) |
| Prepayments, deposits and other assets | 705,505 | 367,168 | (1,513,880) |
| Accounts payable | (4,451,006) | (1,587,053) | 6,076,903 |
| Accounts payable-related party | |||
| Accrued expenses and other current liabilities | (2,454,579) | 2,305,539 | (783,861) |
| Taxes payable | 68,752 | 69,816 | 58,266 |
| Deferred revenue | 77,083 | (646,242) | 830,574 |
| Operating lease liabilities | (308,383) | (321,317) | (141,183) |
| NET CASH USED IN OPERATING ACTIVITIES | (3,240,755) | (992,440) | (11,152,805) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Repayment from (loans to) third parties | 27,998 | (309,161) | (1,320,203) |
| Purchases of property and equipment | (227,829) | (723,977) | (679,146) |
| Purchases of intangible assets | (788,582) | (903,804) | (1,240,041) |
| Proceeds from disposal of property and equipment | 59 | ||
| Payment for long-term investment | (169,739) | ||
| Payments to related parties | (600,000) | ||
| Proceeds from related parties | 270,156 | 378,713 | 1,350,425 |
| Net cash received from disposal of subsidiaries | 6,345 | ||
| Net cash arising from business combination | 8,924 | 47,366 | 58,048 |
| NET CASH USED IN INVESTING ACTIVITIES | (872,727) | (1,510,863) | (2,430,858) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from bank loans | 3,046,817 | 4,210,848 | 3,954,300 |
| Repayments of bank loans | (3,937,391) | (4,169,157) | (2,542,050) |
| Proceeds from private placement and market offering | 8,972,600 | 601,639 | 8,537,719 |
| Split shares | (3,435) | (3,527) | |
| Proceeds from (payment for) issuance of convertible notes | (533,333) | 1,482,159 | (1,250,000) |
| Proceeds from (payments to) related parties | 10,939 | 28,591 | 40,484 |
| Loan from (repayment to) third party | (5,615,197) | 26,465 | 552,108 |
| NET CASH PROVIDE BY FINANCING ACTIVITIES | 1,944,435 | 2,177,110 | 9,289,034 |
| EFFECT OF EXCHANGE RATE CHANGES | 117,194 | (124,747) | (370,193) |
| NET DECREASE IN CASH, CASH EQUIVALENT AND RESTRICTED CASH | (2,051,853) | (450,940) | (4,664,822) |
| CASH, CASH EQUIVALENT AND RESTRICTED CASH - beginning of year | 4,264,560 | 4,715,500 | 9,380,322 |
| CASH, CASH EQUIVALENT AND RESTRICTED CASH - end of year | 2,212,707 | 4,264,560 | 4,715,500 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
| Interest | 741,006 | 286,608 | 144,080 |
| Income taxes | 2,652 | 172 | 14,138 |
| NON-CASH TRANSACTIONS OF INVESTING AND FINANCING ACTIVITIES | |||
| Right of use assets obtained in exchange of lease liabilities | 431,642 | 320,127 | 324,304 |
| Conversion of convertible notes | 3,128,453 | ||
| Issuance shares as prepayment for potential acquisition | 15,906,186 | ||
| Issuance shares for acquisitions | 36,718,737 | ||
| Non-controlling interests recognized from step acquisitions | 23,946,670 | ||
| 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 acquisitions | 8,264,382 | 13,854,016 | |
| RECONCILIATION TO AMOUNTS ON CONSOLIDATED BALANCE SHEETS: | |||
| Cash | 2,212,707 | 4,193,839 | 2,991,563 |
| Restricted cash | 70,721 | 1,723,937 | |
| Total cash and restricted cash | $ 2,212,707 | $ 4,264,560 | $ 4,715,500 |
Consolidated Balance Sheets - USD ($) |
Dec. 31, 2025 |
Dec. 31, 2024 |
||
|---|---|---|---|---|
| CURRENT ASSETS: | ||||
| Cash and cash equivalent | $ 2,212,707 | $ 4,193,839 | ||
| Restricted cash | 70,721 | |||
| Accounts receivable, net | 14,144,098 | 17,281,112 | ||
| Notes receivable | 151,757 | |||
| Loan receivable, net | 743,321 | 1,351,915 | ||
| Prepayments, deposits and other current assets, net | 673,930 | 1,702,483 | ||
| Total Current Assets | 18,545,579 | 25,497,485 | ||
| Property and equipment, net | 5,744,391 | 5,980,692 | ||
| Intangible assets, net | 6,096,818 | 11,072,858 | ||
| Prepayments, deposits and other assets | 27,019,546 | 37,689,697 | ||
| Long term investment | 122,870 | |||
| Goodwill | 2,805,485 | 4,838,820 | ||
| Right-of-use assets-operating lease | 539,705 | 338,017 | ||
| Deferred tax assets | 768,447 | 977,450 | ||
| Total Assets | 61,642,841 | 86,395,019 | ||
| CURRENT LIABILITIES: | ||||
| Short-term bank loans | 1,715,977 | 3,877,084 | ||
| Long term bank loan-current portion | 57,771 | |||
| Accounts payable | 13,990,263 | 18,073,964 | ||
| Convertible notes | 6,574,380 | |||
| Deferred revenue | 1,984,828 | 1,855,313 | ||
| Loan from third parties | 1,185,982 | 578,573 | ||
| Operating lease liabilities -current | 319,296 | 215,253 | ||
| Taxes payable | 291,727 | 244,770 | ||
| Accrued expenses and other current liabilities | 494,582 | 3,038,236 | ||
| Total Current Liabilities | 20,040,760 | 34,457,791 | ||
| Operating lease liabilities -non-current | 237,174 | 146,932 | ||
| Long term bank loan | 1,357,767 | |||
| Deferred tax liabilities | 1,882,829 | |||
| Total Liabilities | 21,635,701 | 36,487,552 | ||
| COMMITMENTS AND CONTINGENCIES | ||||
| EQUITY: | ||||
| Additional paid-in capital | 353,206,145 | 363,712,513 | ||
| Subscription receivable | (30,400,000) | (55,906,186) | ||
| Accumulated deficit | (281,990,538) | (255,789,851) | ||
| Accumulated other comprehensive loss | (5,335,019) | (6,072,241) | ||
| Total X3 Holdings Co., Ltd.’s Shareholders’ Equity | 35,481,074 | 45,944,303 | ||
| Non-controlling interest | 4,526,066 | 3,963,164 | ||
| Total Equity | 40,007,140 | 49,907,467 | ||
| Total Liabilities and Equity | 61,642,841 | 86,395,019 | ||
| Class A Common Shares | ||||
| EQUITY: | ||||
| Common shares, value | [1] | 480 | 68 | |
| Class B Common Shares | ||||
| EQUITY: | ||||
| Common shares, value | 6 | |||
| Related Party | ||||
| CURRENT ASSETS: | ||||
| Due from related parties | 619,766 | 897,415 | ||
| CURRENT LIABILITIES: | ||||
| Due to a related party | $ 334 | $ 218 | ||
| ||||