Financial Performance - The company reported revenues of $11.6 million, $16.8 million, and $10.5 million for the fiscal years ended December 31, 2024, 2023, and 2022, respectively[306]. - Revenue from application development services represented 46.1%, 58.1%, and 36.7% of total revenue for the fiscal years ended December 31, 2024, 2023, and 2022, respectively[306]. - Revenue from consulting and technical support services represented 30.7%, 21.5%, and 24.2% of total revenue for the fiscal years ended December 31, 2024, 2023, and 2022, respectively[306]. - For the fiscal year ended December 31, 2024, sales and marketing expenses were approximately $1.1 million, representing 9.5% of total revenues[339]. - Research and development expenses for the fiscal year ended December 31, 2024, were $4.1 million, compared to $4.8 million in 2023 and $3.5 million in 2022[343]. - Rent expenses for the fiscal years ended December 31 were $460,284 in 2024, $344,775 in 2023, and $162,799 in 2022[354]. Business Strategy and Operations - The company plans to expand its business by pursuing a diversified growth strategy in high growth markets with multiple revenue and profit models[308]. - The company has adopted an asset-light model for its cryptomining operations, focusing on investment in mining machines rather than infrastructure[318]. - The company aims to become entirely carbon neutral by developing bitcoin mining operations powered by renewable energy sources[320]. - The company plans to expand into international markets by leveraging partnerships with infrastructure builders in Belt and Road Initiative countries[342]. - The company has developed digital asset models for agricultural crops and livestock, enabling traceable digital assets for financing[330]. - The company’s greenhouse solutions aim to increase crop yield while reducing water and fertilizer usage, enhancing sustainability[329]. - The company’s integrated operations include sales of specialty fruits and vegetables through regional wholesale and direct sales channels[331]. Workforce and Innovation - The company has a total of 137 full-time employees, with 62 in research and development, indicating a strong focus on innovation[307]. - The company has a total of 137 full-time employees, with 62 in research and development, 10 in sales and marketing, and 29 in technical and customer services[356]. - The company’s sales team consists of 10 full-time sales and marketing personnel, supported by sales engineers and service consultants[339]. Regulatory Compliance - The company does not engage in information systems integration business and is not required to obtain qualification certificates[364]. - The company must comply with regulations protecting customer confidential information in the IT and technological BPO services sector[365]. - Internet information service providers are prohibited from collecting users' personal information without consent[367]. - The Cyber Security Law mandates compliance with national security and privacy protection standards for all network users[370]. - The Data Security Law establishes a classification and grading protection system for important data, with penalties for violations[371]. - The Personal Information Protection Law outlines responsibilities for handling sensitive personal information and imposes penalties for non-compliance[373]. - Employers in China are required to execute written labor contracts and comply with local minimum wage standards[374]. - The company may face penalties for inadequate employee benefit payments as required by PRC regulations[376]. - Wholly foreign-owned enterprises can only pay dividends from retained profits and must allocate at least 10% of profits to reserve funds[382]. - New M&A regulations require offshore special purpose vehicles to obtain approval from CSRC prior to overseas listings[385]. Economic and Currency Risks - The RMB depreciated by 8.2% in fiscal year 2022, 2.9% in fiscal year 2023, and 2.8% in fiscal year 2024, impacting financial results reported in U.S. dollar terms[685]. - Year-over-year percent changes in the consumer price index for December 2022, 2023, and 2024 were 2.0%, 0.2%, and 0.2%, respectively, indicating low inflation impact on operations[687]. - The company has not been exposed to material risks due to changes in market interest rates, as it has not used derivative financial instruments for interest rate risk management[683]. - A majority of the company's expense transactions and significant assets and liabilities are denominated in RMB, which is not freely convertible into foreign currencies[684]. - Shareholder loans from offshore parent holding companies to PRC subsidiaries are regarded as foreign debts and must be registered with SAFE[389]. - The increase of registered capital for foreign-invested enterprises requires prior approval from the original approval authority and must be registered with SAIC and SAFE[389]. - The company’s functional currency is RMB, while financial statements are presented in U.S. dollars, leading to potential adverse effects from currency conversion[686]. - The total amount of foreign debts that can be borrowed by PRC subsidiaries, including shareholder loans, is subject to governmental approval[389]. - The company has not been materially affected by inflation in the past, but future higher rates of inflation in China may pose risks[687]. - Uncertainties exist regarding the interpretation and implementation of the New M&A Rule, affecting the company's corporate structure and regulatory requirements[387].

Financial Performance - X3 Holdings reported revenues of $16.8 million, $10.5 million, and $32.1 million for fiscal years 2023, 2022, and 2021, respectively, with a significant revenue contribution from application development services at 58.1% in 2023[288]. - The company derives revenue from five sources, with consulting and technical support services contributing 21.5% of total revenue in fiscal 2023[288]. - Sales and marketing expenses for fiscal years 2023, 2022, and 2021 were approximately $1.5 million, $2.0 million, and $2.8 million, representing 8.8%, 18.7%, and 8.6% of total revenues, respectively[312]. - The company incurred R&D expenses of $4.8 million, $3.5 million, and $2.6 million in fiscal years 2023, 2022, and 2021, respectively, indicating a consistent investment in innovation[316]. - Rent expenses for facilities amounted to $344,775, $162,799, and $307,497 for the years ended December 31, 2023, 2022, and 2021, respectively[324]. Business Strategy and Operations - The company has adopted a diversified business strategy targeting high growth markets in digital technologies, cryptomining, renewable energy, and agriculture technologies[285]. - X3 Holdings aims to enhance its core technology capabilities by utilizing big data, artificial intelligence, and Internet of Things technologies[287]. - The company plans to expand its bitcoin cryptomining operations, leveraging sustainable energy sources and aiming for a sizable mining fleet in the near term[287]. - The company has established a global trade supply chain and compliance platform, with services adopted in multiple countries including China, Indonesia, and the UK[286]. - The company plans to expand into international markets by leveraging partnerships with infrastructure builders involved in the Belt and Road Initiative[314]. Workforce and Innovation - X3 Holdings employs 178 full-time employees, with 76 in research and development, indicating a strong focus on innovation and technology[289]. - The R&D team consists of 76 full-time personnel, primarily based in Zhuhai, organized into agile development groups to enhance innovation and delivery[316]. - The company maintains a total of 178 full-time employees, with 76 in R&D, 17 in sales and marketing, 38 in technical and customer services, and 47 in general administration[326]. - As of the date of the report, the company holds 20 registered patents, 136 registered software copyrights, and 46 registered trademarks in China[323]. Market Position and Competitive Landscape - The competitive landscape includes regional global trade application providers, software vendors, and emerging technology providers, indicating a fragmented market[317]. - The company emphasizes the importance of deep domain knowledge and the enablement of emerging technologies to maintain a competitive edge in the global trade software market[318]. - The company is focused on developing strategic partnerships with government agencies and technology organizations to drive sales and market influence[313]. Regulatory and Economic Environment - X3 Holdings is classified as an "emerging growth company" under the JOBS Act, allowing it to present only two years of audited financial statements and reduced reporting requirements[280]. - The RMB appreciated by 2.3% in fiscal year 2021, depreciated by 8.2% in fiscal year 2022, and further depreciated by 2.9% in fiscal year 2023[625]. - Year-over-year percent changes in the consumer price index for December 2021, 2022, and 2023 were 1.5%, 2.0%, and 0.2%, respectively[627]. - The proportion of discretionary settlement of foreign exchange capital of foreign-invested enterprises is currently 100%[341]. - Wholly foreign-owned investment enterprises in China must allocate at least 10% of their retained profits each year to fund certain reserve funds[344]. - Foreign-invested enterprises in China may purchase or remit foreign exchange for current account transactions without SAFE approval, subject to a cap[342]. - The New M&A Rule requires offshore special purpose vehicles to obtain CSRC approval prior to listing and trading on overseas stock exchanges[348]. - The total amount of foreign debts that can be borrowed by a PRC subsidiary, including shareholder loans, is subject to governmental approval[350]. - Failure to comply with registration procedures under Circular 37 may result in fines of up to RMB 300,000 for organizations and RMB 50,000 for individuals[346]. - The company’s functional currency is RMB, and its financial statements are presented in U.S. dollars, affecting financial results due to exchange rate fluctuations[625]. Employee Benefits and Compliance - The company has not made adequate employee benefit payments and may be required to make up contributions for these plans, along with late fees and fines[337].

Financial Performance - For the fiscal year ending December 31, 2022, the company's revenue was $10.5 million, a decrease from $32.1 million in 2021 and $26.7 million in 2020 [304]. - Revenue from application development services represented 36.7% of total revenue in fiscal 2022, down from 82.5% in fiscal 2020 [304]. - R&D expenses for fiscal year 2022 amounted to approximately $3.46 million, representing an increase from $2.61 million in 2021 and $2.78 million in 2020 [405]. - The sales and marketing expenses for fiscal year 2022 were approximately $2.0 million, which is 18.7% of total revenues, compared to 8.6% in 2021 and 10.0% in 2020 [402]. - The company raised approximately $10.06 million in gross proceeds from its IPO of 2,012,500 Ordinary Shares at an offering price of $5.00 per share [735]. Market and Growth Strategy - The company aims to expand into international markets as the Belt & Road Initiative accelerates [312]. - The company plans to increase revenue by leveraging existing customer relationships and identifying new use cases for its global trade software applications and technology services [316]. - The strategy includes increasing market penetration in China through enhanced sales and marketing capabilities and strategic partnerships [317]. - The company intends to expand into international markets by collaborating with Chinese organizations involved in the Belt and Road Initiative, which will help mitigate risks and reduce costs [318]. - Strategic acquisitions and investments will be pursued to enhance technology capabilities and expand offerings, which are deemed critical for growth [318]. Technology and Innovation - The company intends to leverage emerging technologies such as big data, artificial intelligence, and Internet of Things to enhance its core technology capabilities [303]. - The company has begun offering Powerbridge BaaS Services since June 2019, generating limited revenue from it [300]. - Powerbridge BaaS Services generated approximately $0.7 million in fiscal 2021, indicating initial revenue from blockchain technology applications [351]. - The company is developing various cloud services, including Trade Zone Operations Cloud and Inward Processed Manufacturing Cloud, to streamline operations for businesses in regulated environments [341][344]. - The company is focused on enhancing its machine learning capabilities to optimize trade logistics services [393]. Compliance and Regulatory Environment - The company is subject to regulations regarding foreign investment, which categorize industries into encouraged, restricted, and prohibited [422]. - The company must comply with local minimum wage standards and execute written labor contracts with full-time employees [428]. - The company is required to allocate at least 10% of its retained profits to reserve funds, which are not distributable as cash dividends [437]. - The company must adhere to the registration procedures set forth in Circular 37 for foreign exchange registration of overseas investments [438]. - The New M&A Rule requires offshore special purpose vehicles to obtain CSRC approval before listing on overseas exchanges, effective from September 8, 2006 [441]. Employee and Labor Relations - The company has a total of 177 full-time employees, with 90 in research and development [305]. - The company maintains a good working relationship with employees and has not experienced any labor disputes or work stoppages [419]. - The company participates in various social security plans, including pension insurance, medical insurance, and unemployment insurance, as required by Chinese law [418]. Product and Service Offerings - The company has introduced new products such as Import & Export Loan and Insurance Processing to a selected group of customers [297]. - Powerbridge SaaS Services are designed for rapid deployment and lower total cost of ownership, providing significant operational benefits to customers [336]. - The company continues to expand its logistics service offerings to improve efficiency and reduce processing time for import and export logistics [338]. - The BaaS services will provide end-to-end visibility and transparency throughout the global trade supply chain, ensuring real-time document and event exchanges among trading parties [357]. - Compliance Blockchain Services will enhance regulatory compliance for government agencies by providing a unified view of trade events and documents [366]. Market Trends - The global trade management software market is expected to grow from $334.5 million in 2019 to $416.23 million in 2024 [308]. - The blockchain technology market size surpassed $488 million in 2018 and is predicted to grow at more than 69% CAGR between 2019 and 2025 [308].

Delisting and Compliance - Powerbridge Technologies received a delisting notice from Nasdaq due to a closing bid price of $0.10 or less for ten consecutive trading days as of April 25, 2023[3] - The company submitted a request for a hearing to appeal the delisting determination on April 28, 2023[4] - Powerbridge believes it can regain compliance through a 1-for-30 reverse stock split, pending shareholder approval at an extraordinary general meeting on May 30, 2023[4]

Revenue Performance - Revenue for the six months ended June 30, 2022, was approximately $7.0 million, a decrease of approximately $6.6 million or 48.5% compared to $13.6 million for the same period in 2021[12]. - Revenue from application development services decreased by approximately $8.3 million, or 82.1%, to approximately $1.8 million for the six months ended June 30, 2022, compared to $10.1 million for the same period in 2021[13]. - Revenue from consulting and technical support services decreased by approximately $0.5 million, or 26.1%, to approximately $1.3 million for the six months ended June 30, 2022[14]. - Revenue from trading increased by approximately $2.1 million, or 159.4%, to approximately $3.5 million for the six months ended June 30, 2022, compared to $1.3 million for the same period in 2021[15]. - Total revenues decreased to $7,017,827 in 2022 from $13,639,101 in 2021, representing a decline of approximately 48.7%[27]. Profit and Loss - Gross profit for the six months ended June 30, 2022, was approximately $1.5 million, a decrease of approximately $2.9 million or 66.1% compared to $4.3 million for the same period in 2021[16]. - Gross profit for 2022 was $1,471,780, down from $4,337,151 in 2021, indicating a decrease of about 66.0%[27]. - Net loss for the six months ended June 30, 2022, was approximately $8.5 million, a decrease of approximately $0.5 million compared to $9.0 million for the same period in 2021[19]. - Net loss attributable to Powerbridge was $8,488,933 in 2022, compared to $8,960,299 in 2021, reflecting a reduction in losses of approximately 5.3%[27]. - The company reported a comprehensive loss of $12,420,068 in 2022, compared to $8,137,355 in 2021, indicating an increase in comprehensive losses of about 52.0%[27]. Expenses and Liabilities - Operating expenses for the six months ended June 30, 2022, were approximately $10.2 million, a decrease of approximately $1.7 million or 14.4% compared to $12.0 million for the same period in 2021[17]. - Research and development expenses rose to $1,971,750 in 2022 from $1,312,470 in 2021, an increase of approximately 50.3%[27]. - Total liabilities decreased to $22,939,256 in 2022 from $31,920,622 in 2021, a reduction of approximately 28.1%[24]. Assets and Equity - Total current assets increased significantly to $86,173,841 in 2022 from $38,622,108 in 2021, marking an increase of about 123.5%[24]. - Cash and cash equivalents decreased to $2,446,881 in 2022 from $6,960,996 in 2021, a decline of about 64.8%[24]. - The weighted average number of ordinary shares increased to 71,831,086 in 2022 from 46,831,129 in 2021, an increase of approximately 53.4%[28]. - Total equity increased to $90,804,620 in 2022 from $82,898,342 in 2021, reflecting an increase of about 9.7%[24]. Strategic Initiatives - The company entered into an equity transfer agreement to purchase a 19% equity interest in DTI Jiangsu Corporation Limited for RMB 57,435,100[6]. - The company has obtained an exclusive right in China to offer a series of soccer collectible NFTs on Ali Auction, which has over 240,000 accumulated views[9]. - The company intends to pursue strategic acquisitions and investments to enhance technology capabilities and expand market penetration[11].

Financial Performance - The company generated revenues of $32.1 million and $26.7 million for the fiscal years ending December 31, 2021 and 2020, respectively, representing a growth of approximately 12.7% year-over-year[132]. - Revenue from application development services accounted for 63.3% of total revenue in fiscal 2021, down from 82.5% in fiscal 2020, indicating a shift in revenue sources[132]. - The company generated revenue from a total of 429 customers in the fiscal year ended December 31, 2021, a decrease from 602 customers in 2020[179]. - R&D expenses were approximately $2.6 million in fiscal year 2021, down from $2.8 million in 2020, with a team of 95 full-time R&D personnel[183]. - Sales and marketing expenses were approximately $2.8 million in fiscal year 2021, representing 8.6% of total revenues, compared to 10.0% in 2020[182]. Market Trends - The global trade management software market size was $334.5 million in 2019 and is projected to grow to $416.23 million by 2024, reflecting a compound annual growth rate (CAGR) of approximately 24.4%[135]. - The blockchain technology market size surpassed $488 million in 2018 and is expected to grow at a CAGR of more than 69% from 2019 to 2025, indicating significant growth potential in this sector[135]. Strategic Initiatives - The company has begun offering Powerbridge BaaS Services since June 2019, targeting blockchain applications for government customers, indicating a strategic move into emerging technologies[132]. - The company plans to increase revenue by leveraging existing customer relationships and identifying new use cases for its solutions[140]. - The company aims to accelerate research and development by utilizing a portion of IPO proceeds to enhance disruptive technology-enabled applications[140]. - The company intends to expand into international markets by leveraging opportunities from China's Belt and Road initiative[140]. Product and Service Offerings - The company’s Powerbridge SaaS Services, launched in 2016, are designed to enhance operational efficiency and reduce costs for corporate and government customers engaged in global trade[131]. - The company provides Trade Compliance Solutions that enhance regulatory control and efficiency for government agencies[145]. - The company’s Trade Enterprise Solutions help businesses streamline operations and reduce costs in global trade[147]. - The company is developing Inward Processed Manufacturing Cloud services to optimize logistics and compliance operations for inward processed manufacturers[155]. - The Cross-Border eCommerce Cloud is designed to streamline the import and export process for cross-border eCommerce operators, logistics service providers, and payment services, currently operational for Zhuhai-Macao trade[158]. Technology and Innovation - Powerbridge is leveraging big data technologies to process and analyze large-scale global trade transaction data, utilizing ETL technologies and a distributed data warehouse architecture[176]. - The company has developed IoT applications for monitoring and controlling trade-related vehicles and containers, enhancing efficiency at checkpoints[178]. - Powerbridge is developing its proprietary BaaS Platform based on the Hyperledger Fabric framework, focusing on scalability and performance for global trade transactions[174]. - The technology platforms are built for high performance and scalability, allowing rapid expansion of solutions to meet global trade customer needs[169]. Employee and Organizational Structure - The company has a total of 198 full-time employees, with 95 in research and development, 23 in sales and marketing, 47 in technical and customer services, and 33 in general administration[191]. - Powerbridge's sales team consists of 23 full-time personnel, organized by customer type and geography, to drive market awareness and customer relationships[182]. - The company participates in various social security plans, including pension, medical, unemployment, maternity, and work-related injury insurance, as required by Chinese law[191]. - The company has not experienced any labor disputes and maintains a good working relationship with its employees[191]. Regulatory and Compliance - The company is not subject to the same reporting requirements as U.S. domestic issuers due to its status as a foreign private issuer, allowing for more lenient and less frequent reporting obligations[126]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to take advantage of reduced reporting requirements until it exceeds $1.07 billion in revenue[125]. - The company is subject to regulations regarding foreign investment and must comply with local laws for employee benefits and social security contributions[194][197]. - The foreign exchange capital of foreign-invested enterprises in China is currently subject to a discretionary settlement proportion of 100%[200]. Real Estate and Facilities - The company purchased a new office property in 2021 for a total contract amount of RMB 30,678,302, with RMB 20,816,526 paid in 2021[188]. - The new Zhuhai HQ Office, with a total space of 1,820 square meters, is estimated to be operational by September 2022[188]. - The company maintains multiple facilities across China, including offices in Zhuhai (1,190 m²), Wuhan (173 m²), Changsha (305 m²), Nanning (389 m²), and Hangzhou (39.5 m²)[190]. Financial Risks and Economic Factors - The Company’s functional currency is RMB, and its financial statements are presented in U.S. dollars, affecting the conversion rates for capital expenditures and working capital[341]. - The Company has not been materially affected by inflation in China, but future higher rates of inflation may impact operations[342].

Revenue Performance - Revenue for the six months ended June 30, 2021 was $13.6 million, a decrease of $0.8 million or 5.6% compared to $14.5 million for the same period in 2020[9] - Revenue from application development services decreased by $2.3 million, or 18.8%, to $10.1 million for the six months ended June 30, 2021[9] - Revenue from consulting and technical support services increased by $0.2 million, or 13.1%, to $1.8 million for the six months ended June 30, 2021[10] - Subscription service revenues were approximately $0.4 million for the six months ended June 30, 2021, with a slight decrease of $0.03 million or 5.8% compared to the same period in 2020[3][10] - Total revenues for June 2021 were $13,639,101, a decrease of 5.6% from $14,450,582 in June 2020[21] Profitability and Loss - Gross profit for the six months ended June 30, 2021 was $4.3 million, a decrease of $1.3 million or 23.7% compared to $5.7 million for the same period in 2020[11] - Gross profit for June 2021 was $4,337,151, down from $5,686,756 in the same period last year, representing a decline of 23.7%[21] - Net loss for the six months ended June 30, 2021 was $9.0 million, an increase of $8.8 million compared to $0.2 million for the same period in 2020[14] - The net loss attributable to Powerbridge for June 2021 was $8,960,299, compared to a net loss of $171,084 in June 2020, indicating a significant increase in losses[21] - The company reported a basic and diluted loss per share of $(0.19) for June 2021, compared to $(0.02) for the same period last year[22] Expenses and Liabilities - Operating expenses for the six months ended June 30, 2021 were $12.0 million, an increase of $6.0 million or 101.5% compared to $5.9 million for the same period in 2020[12] - The company experienced a significant increase in share-based compensation, contributing to the rise in operating expenses[12] - Research and development expenses for June 2021 were $1,312,470, down from $1,557,746 in June 2020, a decrease of 15.7%[21] - Total current assets decreased slightly to $34,397,816 in 2021 from $34,763,945 in 2020, a decline of 1.1%[18] - Total liabilities decreased to $31,547,748 in 2021 from $33,489,750 in 2020, a reduction of 5.8%[18] Financial Position - The accumulated deficit increased to $(37,194,791) in 2021 from $(28,234,492) in 2020, reflecting a worsening financial position[18] - Cash and cash equivalents decreased to $4,368,013 in 2021 from $8,389,704 in 2020, a decline of 47.9%[18] - Total assets increased slightly to $107,184,179 in 2021 from $106,183,267 in 2020, an increase of 0.9%[18] Strategic Plans - The company intends to enhance services and cross-sell new services to existing customers while acquiring new customers through increased market penetration[7] - The company plans to pursue strategic acquisitions and investments to enhance technology capabilities and expand market penetration[8]

Financial Performance - For fiscal years ending December 31, 2020 and 2019, the company's revenues were $26.7 million and $20.1 million, respectively, with application development services representing 82.5% of total revenue in fiscal 2020[234]. - Powerbridge generated revenue from a total of 602 customers in the fiscal year ended December 31, 2020, compared to 488 customers in 2019, representing a growth of approximately 23.4%[335]. - Research and Development expenses for Powerbridge were approximately $2.78 million in fiscal year 2020, an increase from $2.16 million in 2019, reflecting a growth of about 28.5%[342]. - Sales and marketing expenses for Powerbridge were approximately $2.7 million in fiscal year 2020, representing 10.0% of total revenues, compared to 17.7% in 2019[339]. Market Opportunities - The global trade management software market size was $334.5 million in 2019 and is expected to grow to $416.23 million by 2024[239]. - The blockchain technology market size surpassed $488 million in 2018 and is predicted to grow at more than 69% CAGR between 2019 and 2025[239]. - The company plans to expand into international markets by collaborating with Chinese organizations involved in the Belt and Road Initiative, which will help mitigate risks and reduce costs[249]. - The company intends to increase market penetration by leveraging its deep domain knowledge and building strategic partnerships with government and corporate organizations[248]. Technology and Innovation - The company intends to leverage emerging technologies such as big data, artificial intelligence, and Internet of Things to enhance its core technology capabilities[233]. - The company aims to leverage big data technologies to process and analyze large volumes of global trade transaction data, enhancing its service offerings[324]. - Powerbridge's IoT applications facilitate efficient monitoring and control of trade-related vehicles and containers, improving operational efficiency at checkpoints[331]. - The BaaS platform is designed to provide high scalability and performance, utilizing smart contracts for automated transaction processing[318]. Product and Service Development - The company has begun offering Powerbridge BaaS Services since June 2019, targeting limited government customers and generating limited revenue[230]. - Revenue from subscription services generated from Powerbridge SaaS Services represented 3.3% of total revenue in fiscal 2020[234]. - The company introduced Powerbridge SaaS Services in 2016, designed to provide significant benefits such as lower operational costs and faster processing times for global trade[251]. - The Powerbridge BaaS Services aim to provide significant improvements in workflow performance and reduce document handling through blockchain technology[293]. Customer Base and Relationships - The company has a solid customer base that includes global trade businesses, government agencies, and logistics service providers, enabling cross-selling opportunities[241]. - The company plans to increase revenue by leveraging existing customer relationships and identifying new use cases for its global trade software applications and technology services[247]. Research and Development - As of the date of the annual report, the company had a total of 236 full-time employees, with 106 in research and development[237]. - Powerbridge's R&D team consists of 106 full-time personnel, focusing on continuous innovation and rapid delivery of high-quality products[342]. Legal and Regulatory Environment - The company is not currently a party to any legal proceedings that would have a material adverse effect on its business[358]. - The company has entered into comprehensive confidentiality agreements with management and consultants to protect its intellectual property[349]. - The New M&A Rule mandates that offshore special purpose vehicles must obtain CSRC approval before listing on overseas exchanges[377]. Operational Aspects - The company maintains its headquarters in Zhuhai, China, with approximately 1,200 square meters of office space[352]. - The company does not own any real property and leases all of its facilities[352]. - The company has not experienced any labor disputes and none of its employees are represented by a labor union[356].