For the month of April 2024


Commission File Number 001-41631


Xiao-I Corporation

(Translation of registrant’s name into English)

5/F, Building 2, No. 2570

Hechuan Road, Minhang District

Shanghai, China 201101


(Address of principal executive offices)


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:


Form 20-F       Form 40-F 







Company Presentation


On March 27, 2024, the Company posted its company presentation to the Company’s IR website, https://ir.xiaoi.com. This presentation is also attached hereto as Exhibit 99.1. The Company plans to use its IR website to disseminate future updates to its company presentation and does not intend to furnish a Form 6-K alerting investors each time the presentation is updated.


The furnishing of the attached company presentation is not an admission as to the materiality of any information therein. The information contained in the company presentation is summary information that is intended to be considered in the context of more complete information included in the Company’s filings with the Securities and Exchange Commission (the “SEC”) and other public announcements that the Company has made and may make, by press release or otherwise, from time to time. The Company undertakes no duty or obligation to update or revise the information contained in this report, although it may do so from time to time as its management believes is appropriate. Any such updating may be made through the filing or furnishing of other reports or documents with the SEC, through press releases, by updating its website or through other public disclosures.


Forward-Looking Statements


The Company cautions that statements included in this report that are not a description of historical facts are forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s ability to achieve its goals and strategies, the Company’s future business development and plans for future business development, including its financial conditions and results of operations, product and service demand and acceptance, reputation and brand, the impact of competition and pricing, changes in technology, government regulations, fluctuations in general economic and business conditions in China, and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the U.S. Securities and Exchange Commission (“SEC”). For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this report. Additional factors are discussed in the Company’s filings with the SEC, including under the section entitled “Risk Factors” in its annual report on Form 20-F, as amended, filed with the SEC on August 10, 2023, as well as its current reports on Form 6-K and other filings, all of which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.







99.1   Company Presentation







Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Date: April 1, 2024 Xiao-I Corporation
  By: /s/ Hui Yuan
    Name:  Hui Yuan
    Title: Chief Executive Officer




Exhibit 99.1


March 2024 C C o o m m p p a a n n y y P P r r e e s s e e n n t t a a t t i i o o n n



This presentation has been prepared by Xiao - I Corporation (the 'Company") and is intended solely for investors that are institutional accredited investors as defined under the Securities Act of 1933 , as amended, and rules and regulations promulgated thereunder . Any investment or investment activity to which this presentation relates is or will be available only to, and may be engaged in only with such investors . This presentation does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase securities of the Company . No such offering or securities shall be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act or an exemption therefrom . The contents of this presentation have not been reviewed by any regulatory authority in any jurisdiction . The Company, its management, advisors, representatives and their respective affiliates expressly disclaim any liability whatsoever for any loss howsoever arising from any information presented or contained in this presentation, or from any opinion expressed by the presenters . You must make your own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as you may consider necessary or appropriate as to the merit and suitability of an investment in the securities of the Company, including without limitation by obtaining independent legal tax, accounting, financial, credit and other related advice prior to making any such investment . This presentation does not purport to contain all of the information that may be required to evaluate an investment in the securities of the Company and should not be relied upon to form the basis of, nor be relied on in connection with, any commitment or investment decision whatsoever . This presentation is intended to present background information about the Company and is not intended to provide complete disclosure . This presentation includes statements that are forward - looking statements . These forward - looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs . Investors can identify these forward - looking statements by words or phrases such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "we believe," "we intend," "may," "should," "will," "could" and similar expressions . The Company undertakes no obligation to update or revise publicly any forward - looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law . Although the Company believes that the expectations expressed in these forward - looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the U . S . Securities and Exchange Commission . Disclaimer



X I A O - i Company Overview Market Overview Core Competitiveness Business Outlook Financials Appe n dix



Major Core Infrastructure Development Promotes Significant Growth of AI industry 1 Da ta i s “ f ue l ” f or AI Computility is “ i n f rastructure” f or AI Algorithm is an “en g in e ” f or AI High pre ci s ion training Big da ta corpus Feeding Computing tasks Training Mark Intelligent interactions —— Cloud c o m pu ting Hardware c o m put i lity Localization Real - time computility —— Edge computing Core te c hnolog y brea k th rough s Multi - modal c ogni t i v e c o m pu t i ng Perception+Interaction Di g i ta l twins Virtual reality 3D hologram application D ata Computility Algorithm x Data, computing power, and algorithms are three core elements driving the iteration and commercialization of AI technologies Cognitive Intelligence Determines AI Sophistication pe rce p t ion Intellignce Kine sthetic Intellignce Cognitive In t ellignce • Visual, auditory, tactile and other perceptual abilities • Perception of the external world • Possess concepts • awareness,and sense for reasoning or making decisions • Discover deep relationshipsin information • NLP is a core technology for cognitive intelligence • Enable machines to have a certain degree of mobility like walking,running, grasping,and throwing • Possess positioning, planning and control abilities 1 ͹ Source: LeadLeo’s 2023 China AI Industry Overview Report



E arly a dop t er in 2C market 2001 Xiao - I Robot was established Phenomenal products – Xiao - I chat robots launched on MSN and Tencent QQ, obtaining over 100 million users 2004 2006 Released the world’s first conversational ro b ots f or g o v ernme n t affairs AI application ex plo ra tion in 2 B market Released intelligent customer service system for China Mobile – the first of its kind in China 2008 2012 Launched WeChat - based intelligent customer service products for banking industry Expanded business from customer service robots to knowledge management 2014 2015 Cloud - based open system iBot Cloud and iBot OS launched online Productization and comm e r c i a li za tion of AI - based business solutions Entered smart city industry by establishing multiple intelligent systems for governments 2016 2018 - 2019 Set Asia - Pacific headquarters in Hong Kong; developed vertical solutions in various industries Domain - oriented and oversea expansion 2020 - 2022 Started overall commercial business and sought oversea opportunities with preparations for the next generation of AI innovation and use Listed in NASDAQ under stock ticker “AIXI”; Raised US$39 million from U.S. IPO March 2023 Launched Hua Zang large l a n g u a g e mo d el June 2023



Zh ejia n g Geely Ho l d i n g Gr o u p 25.1% 1 M r . Hu i Y u an Founder, Chairman 5.3% Hangzhou Alibaba Venture Capital 5.2% 2.0% 62.4% CCIC Capital Other S h are ho l d ers C o n v ersa tion Chatbot Intelligent Voice C o mpu ter Vison Industry Solutions Robotic Process Automation (“RPA”) Int e llig e nt Hardware 1 ͹ Mr. Hui Yuan holds 79% of the voting power of Xiao - I



X I A O - i Company Overview Market Overview Core Competitiveness Business Outlook Financials Appe n dix



39% 34% 33% 33% 30% 25% 25% 24% 23% 20% 20% 18% 18% 16% 11% 0% 10% 20% 30% 40% 50% RPA Computer vision Natural - language text understanding Virtual agents or conversational… Deep learning Knowledge graphs Recommender systems Digital twins Natural language speech… Physical robotics Reinforcement learning Facial recognition Natural language generation Transfer learning Generative adverserial networks… Risk Product /service d e v elopme n t Market i ng & sales Manufacturing Human res o urc e s 19% 10% 5% 8% 11% All Industries 16% 8% 9% 10% 11% Business, legal and profes s io n al services 15% 4% 3% 4% 14% Consumer g o o d s/retail 17% 31% 7% 8% 1% Fina n cial services 22% 4% 2% 7% 15% Healthcare /pharma 38% 7% 4% 6% 6% High te c h/ t elecom Basic AI Capabilities in 2022 Global Business Activities, by Industry and Function AI Capabilities Among 2022 Global Business Activities Source: McKinsey & Company ͫ Stanford University



0.06 0.02 0.17 0.13 0.18 0.23 0.46 0.11 0.21 0 0.1 0.2 0.3 0.4 0.5 Not using Adoption in 2022 Piloting use cases Limited adoption Expectation in 2025 Widescale adoption AI is critical 6% 3% 14% 10% 25% 22% 46% 21% 8% 43% 5 0 % 4 5 % 4 0 % 3 5 % 3 0 % 2 5 % 2 0 % 1 5 % 1 0 % 5% 0% Expectation in 2025 Adoption in 2022 Not using Piloting use cases Limited adoption Widescale adoption AI is critical 2% 2% 9% 9% 22% 17% 47% 22% 20% 49% Not using Adoption in 2022 Piloting use cases Expectation in 2025 Limited adoption Widescale adoption AI is critical 4% 16% 8% 32% 18% 34% 30% 11% 6% 40% 35% 30% 25% 20% 15% 10% 5% 0% Not using Adoption in 2022 Expectation in 2025 Piloting use cases Limited adoption Widescale adoption AI is critical Product Research & Development 0.42 F i nance Supply Chain & Manufacturing 38% IT Services 60% 50% 40% 30% 20% 10% 0% Source ͹ Insider Intelligence



2000000 1 8 00 0 0 0 1 6 00 0 0 0 1 4 00 0 0 0 1 2 00 0 0 0 1000000 800000 600000 400000 200000 0 2 0 21 2 0 2 2 2 0 23 2 0 24 2 0 25 2 0 26 2 0 27 2 0 28 2 0 2 9 2 0 30 2023 - 2030 Expected Compound Annual Growth Rate (“CAGR”) 36.63% Global AI Market Size & Estimates (2021 - 2030E) (USD in Millions) Source ͹ Next Move Strategy Consulting



X I A O - i Company Overview Market Overview Core Competitiveness Business Outlook Financials Appe n dix



Use Cases Te chnol o gy • 20 years of deep - rooted commitment to cognitive intelligence • Pioneer in independently developed virtual chatbot technology, boasting an industry - leading portfolio of intellectual property rights. • Setting both international and domestic technical standards. • In the Greater China region, we have successfully provided solutions to thousands of clients and developed hundreds of unique application use cases .



• 4 R&D centers • 280+ dedicated engineers • 50+ external experts • 10+ university partners • Joint - lab and tech cooperation with tier - 1 universities R&D Resource Beijing S hanghai Gui y ang Hong Kong Industry Standard Developer • Led the drafting and establishment of 1 international standard , 3 national standards, and 1 industry association standard. • Participated in the drafting and establishment of 1 national standard and 4 industry association standards. ~600 Paten t s Applied 200+ Registered invention patents 100+ AI copyrights IP 20 YEARS OF DEEP - ROOTED COMMITMENT TO COGNITIVE INTELLIGENCE Management K no w le dg e R &D Quality Assurance (“QA”) Supporting • Professional service teams across China (10 teams in major cities and regions) • Full support by training, quality checks, and periodic updates Professional Service Team



Xiao - I Hua Z a n g LLM • Propri e t a r i l y lea d i ng NLP technology • C ore o f cognit i v e AI N atu ral L an g u ag e P r o ce s s ing (“ N L P “) Semantic In teracti o n Com p u tin • Kno w ledg e grap h • Se m an t i c librar y • Au t o m a t e d k no w ledg e gene r a t io n an d m ana ge m e n t t ool s • Emo t io n s imula t i o n • Sel f - l e a r n in g • E m o t io n a l in t era ct i o n Voice & Imag e Processing Mach ine L ear n i n g tomation • D ee p learni n g • U ni t e d m a c hi n e • learni n g pla t f o r m • N L P , au t om a t e d s pee c h re c o gn i t i o n (“ASR“), text - to - speech (“TTS“) & visual basic (“VB“) • Op t i c a l c har a ct e r re c o g n i t i o n (“O CR “) , face recognition & computer vision • Big - da t a pla tf o r m an d t ool s • R P A prod u c t s



Conversation Chatbot • I n t e l l i g en t robo t cu st o mer ser v ice • Intelligent knowledge management • Integrated hardware and software • SaaS services I n tell ig e n t V o ice • Voice processing platform • Voice analysis and interactive voice response (“IVR“) • Outbound system • Voiceprint recognition • i - ASNet defect detection technology for industrial quality reqirements • Or i g in a l AI re v iew t e chnol og y • Adaptable for cloud and on - promise Computer Vision • Co m pre h e n si v e AI e m po w er e d s y st em s f o r smart city, telecom, e - commerce, finance, construction and various industries Industry Solutions R P A p r odu ct • Using AI t e c hno l o g y to imp ro v e R P A product and reduce costs for enterprises • Combine intelligent cognitive technology with various industries I n t e llig e n t H ar d w a r e • Independently developed iBot OS operating system • Software and hardware integrated intelligent m ana ge m en t plat f o rm Application AI+ Call Center AI+ Finance AI+ Ur b a n Public Services AI+ Co nstructio n AI+ Metaverse AI+ Manufacturing AI+ He a lthcare



Leading Bank in China Credit Card Department Challenges High customer acquisition, lack of m a rket ing st a f f , low se r v ice quality Conversational robot, automated smart marketing & individualized services Contact Center Leading Kitchenware Company Challenges High cost and low service quality, lack of business knowledge and tools Virtual service assistant, service robot and online customer service systems Electric Grid Company Knowledge Management System Challenges Unstandardized knowledge system, incomplete business process, limited service capability Automated knowledge generation, service robot, multi - mo d e l d a ta w ar e h ou s e Smart City Government Services Challenges Low population density, imperfect social security, lack of professional lawyers Online self - service league service system & 24H smart kiosk of league consulting 8 of China’s Top 10 Banks ͺ 6 of China’s Top 10 Insurance Companies ͺ Global FSI also in the list Financi a l Insti t u t ions T e l e c om Ope r a t o r s China’s Top 3 Telecom Operators Smart City Clients: Multiple Government Agencies Diversified Industrial Clients. Top Players in E - commerce, Manufacturing, Airlines & Logistics OTA International Clients o u ts i de M a i n l a n d C h i na Go v ernm e nt A genci e s Other Industries Outside Mainland China



X I A O - i Company Overview Market Overview Core Competitiveness Business Outlook Financials Appe n dix



Xiao - I’s LLM Hua Zang Chinese Data Reinforcement Leveraging our 20 - year history and three - tiered technical expertise, we've enhanced our proprietary chatbot with a robust Chinese language library. Rapid Commercial Implementation It’s a cognitive LLM that’s controllable, customizable and deliverable. It offers unique capabilities for swift integration into various business scenarios and client systems. Broad Industry Applications Xiao - I's large model serves diverse industries, including smart customer services, construction, smart cities, and beyond. Goal AI operating system. C ore A universal foundational model enhanced for Chinese, synchronized with international markets to empower the global ecosystem. Foundation Self trained foundational model development with strong capabilities, adaptable to diverse business scenarios.



Xiao I’s cognitive LLM capabilities and their significance We‘ve added more engineering capabilities that were based on fine - tuning the LLM’s capabilities. This can directly connect to business systems and combine a large model with commercial applications. Controllable output content that can be quickly delivered to customers’ systems, reflecting our target of being "Controllable, Customizable, Deliverable." Achieving a win - win through both technological enhancements and successful commercial implementation. Controllable Customizable Based on clients' business systems, documents, and demands, we can control output content to meet the requirements of generated content, data security, model algorithm design, and operational standards. We offer diverse application capabilities. Based on clients’ needs, we can customize and tailor to multiple platforms and languages, fulfilling demands for customized business solutions. Deliverable The large model can be applied in various industries, including smart customer services, construction, smart cities, and more.



Lower - Cost: Developed for Commercialization Faster: Driven by Customer Needs Private Deployment / LocalizedData Full Coverage of Various Model Sizes Simplified Platform Integration Enterprise Customization HUA Z A NG More Effective: Customized Vertical Models Industry A ppli c a tion Construction E d u c at i on Office In d ustry S a f ety M e d i c al service Go v ern m e n t system Law … Ticket Order O ffi c e So f tware F inan c ia l Data I n dustry Data Fr es h Food E - Commerce Brand I nf ormati o n Travel I nf ormati o n L a n gu a ge Learning Mobile Payment Sc ien ce & Te c hn o l o gy Restaurant Recommendation A u tomati o n Tool Hua Zang LLM Applications: Empowered by MAAS Ecosystem 1 Source: Zheshang Securities 2023 Medium - term Strategy: Wisdom as Wings, Numbers as the Foundation, Zheshang Securities Research Institute AI+Finance: Exploring Potential Deployment Scenarios1 R e v e nu e I n cr eas e Efficiency E nh a n ce m e n t Customer A c qu isit i o n Expense R e du c t io n ● Ve rt i c a l m odel ● Inte l lig e n t in v e s tm e n t re s ea r c h ● Cri m e pre v en t i o n ● S m a rt s ale s ● Robo - a d v i s o r ● S m a rt m a r k e t in g ● Quan t i t at i v e tra di n g ● Se c ur i t y anal ys i s ● Financial intelligence ● S m a rt in s ur an c e ● Inte l lig e n t c u s t o m e r s e r v i c e ● Pro c e s s op t im i z a t i o n ● Risk assessment භ Smart claims ● S m a rt pri c i n g ● W e a l t h m a n a g e m e n t ● S m a rt f i nan c ia l m ana ge m e n t





USA June 2023, First US subsidiary in Delaware March of 2024, First MENA subsidiary in Abu Dhabi ME N A Asia - Pacific Established in 2001 ˈ AI pioneer with 20+years experience 2 3 1



X I A O - i Company Overview Market Overview Core Competitiveness Business Outlook Financials Appe n dix



Net Revenues Revenue Mix USD in millions Note ͹ The first half of the fiscal year 2023 ended on June 30, 2023 • Revenue growth in 1H’2023 driven by increased sales of cloud platform products and hardware products. +1 06% Software Products Ha r d w a r e Pr oducts Maintenance & Support Service Cloud Platform Products Technology Development Service • Shifting product mix towards subscription for cloud platform products. 1 H ’ 22 0.1% 10.9% 49.0% 1 1.6% 28.4% 0.1% 2.0% 6.7% 5.4% 85.8% 12.9 26.5 0 . 0 5 . 0 1 0 .0 1 5 .0 2 0 .0 2 5 .0 3 0 .0 1 H '22 1 H '23 1 H ’ 23



Gross Profit & Margin USD in millions • Gross margin expansion mainly due to a shift in product mix towards subscription for cloud platform products from one - time software sales. 9.1 20.5 0 . 0 5 . 0 1 0 . 0 1 5 . 0 2 0 . 0 2 5 . 0 77% 71% 1H'22 1H'23 Note ͹ The first half of the fiscal year 2023 ended on June 30, 2023 1. SG&A ratio represents the proportion of selling, general and administrative expenses in net revenues S G & A a n d It s R a tio 1 USD in millions • SG&A expenses demonstrated improved efficiency with larger business scales. 2.1 2.4 1.7 2.1 3.8 4.5 30% 17% - 10% - 5% 0% 5% 1 5 % 1 0 % 2 0 % 2 5 % 3 0 % 9 . 0 8 . 0 7 . 0 6 . 0 5 . 0 4 . 0 3 . 0 2 . 0 1 . 0 0 . 0 1 H' 2 2 1 H' 2 3 Selling Expenses G&A Expenses SG&A Ratio +1 + 2 1 4 2 % 4%



Cash in Hand Net Income (Excluding R&D Expenses) USD in millions USD in millions • Net income after excluding incremental R&D expenses increased by 155% year - on - year. 1.0 4.7 0 . 5 • Cash and cash equivalents more than quadrupled compared to $1.0 million as of December 31, 2022, primarily due to the proceeds from the IPO. This highlights Xiao - I's capability to utilize the capital market for securing funds for R&D and sustaining competitiveness. 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.0 As of December 31, 2022 As of June 30, 2023 Note ͹ The first half of the fiscal year 2023 ended on June 30, 2023 4 .3 10 .9 - 3.7 1 H ' 2 2 1 H ' 2 3 - 29.6 Net Income (Excluding R&D Expenses)






28 Unaudited Consolidated Statements of Operations and Comprehensive Income/(Loss) (in U.S. dollars, except for share and per share data, or otherwise noted) For the six months ended June 30, 2023 2022 535,004 $ 1,397,996 $ Sale of software products 30,175 18,431 Sale of hardware products 1,763,797 6,296,844 Technology development service 1,426,784 1,497,871 M&S service 22,719,659 3,648,339 Sale of cloud platform products 26,475,419 12,859,481 Net revenues (6,005,898) (3,720,705) Cost of revenues 20,469,521 9,138,776 Gross profit Operating expenses: (2,377,409) (2,094,124) Selling expenses (2,070,052) (1,725,928) General and administrative expenses (29,649,703) (3,669,196) Research and development expenses (34,097,164) (7,489,248) Total operating expenses (13,627,643) 1,649,528 Income/(Loss) from operations Other loss: (225,351) (121,618) In v e s t m ent lo ss es (1,570,847) (1,202,391) Interest expense 525,431 44,160 Other income, net (1,270,767) (1,279,849) Total other loss (14,898,410) 369,679 Income/(Loss) before income tax expense (3,871,118) 220,820 Income tax expense (18,769,528) $ 590,499 $ Net income/(loss) (173,782) (2,674) Net loss attributable to non - controlling interests (18,595,746) 593,173 Net income/(loss) attributable to XIAO - I CORPORATION shareholders Other comprehensive income/(loss) 507,422 145,129 Foreign currency translation change, net of nil income taxes 507,422 145,129 Total other comprehensive income/(loss) (18,262,106) $ 735,628 $ Total comprehensive income/(loss)



29 Unaudited Consolidated Balance Sheets (in U.S. dollars, except for share and per share data, or otherwise noted) As of June 30, As of December 31, 2023 2022 Assets Current assets: 4,746,836 $ 1,026,245 $ Cash and cash equivalents 16,025,831 41,362,705 Accounts receivable, net - 346,517 Amounts due from related parties 701,119 768,216 Inventories 1,936,073 2,012,309 Contract costs 1,586,618 1,115,672 Advance to suppliers - 1,330,902 Deferred offering costs 6,656,705 460,854 Prepaid expenses and other current assets, net 31,653,182 48,423,420 Total current assets Non - current assets: 313,953 219,470 Property and equipment, net 557,995 637,114 Intangible assets, net 3,187,416 2,852,492 Long - term investment 969,400 865,399 Right of use assets - 3,888,574 Deferred tax assets, net 3,616,218 3,697,675 Prepaid expenses and other, non - current assets 11,018,714 - Amount due from related parties - non current 19,663,696 12,160,724 Total non - current assets 51,316,878 $ 60,584,144 $ T O T A L A SSETS Commitments and Contingencies



30 Unaudited Consolidated Balance Sheets (in U.S. dollars, except for share and per share data, or otherwise noted) As of June 30, As of December 31, 2023 2022 Liabilities Current liabilities: 16,548,757 $ 18,784,459 $ Short - term borrowings 7,222,235 9,180,532 Accounts payable 742,714 896,431 Amount due to related parties - current 3,444,636 2,553,808 Deferred revenue - 3,754,269 Convertible loans 9,214,618 17,006,713 Accrued expenses and other current liabilities 458,018 435,462 Lease liabilities, current 37,630,978 52,611,674 Total current liabilities Non - current liabilities: 7,573,563 8,581,743 Amount due to related parties - non current 5,194,843 8,073,912 Accrued liabilities, non - current 392,436 300,974 Lease liabilities, non - current 13,160,842 16,956,629 Total non - current liabilities 50,791,820 69,568,303 TOTAL LIABILITIES Sha re holde rs ’ deficit 1,201 $ 1,106 $ Ordinary shares (par value of $0.00005 per share; 1,000,000,000 shares authorized as of December 31, 2022 and June 30, 2023, respectively; 22,115,592 and 24,015,592 shares issued and outstanding as of December 31,2022 and June 30, 2023, respectively) 108,762,797 75,621,294 Additional paid - in capital 237,486 237,486 Statutory reserve (102,449,177) (78,483,156) Ac c u m ulated def ic it (2,852,695) (3,262,666) Accumulated other comprehensive loss 3,699,612 (5,885,936) XIAO - I CORPORATION shareholders' (deficit)/equity (3,174,554) (3,098,223) Non - controlling interests 525,058 (8,984,159) T ot a l sha re holde rs ’ (d e ficit)/equity 51,316,878 $ 60,584,144 $ TOTAL LIABILITIES AND SHAREHOLDERS’ (DEFICIT)/EQUITY