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EXCHANGE COMMISSION\n\nWashington,\nD.C. 20549\n\n \n\nFORM 20-F/A\n\n(Amendment No. 1)\n\n \n\n(Mark One)\n\n \n\n000000\n\n☐\n \nREGISTRATION\nSTATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nOR\n\n \n\n☒\n \nANNUAL REPORT PURSUANT\nTO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the fiscal year ended December 31, 2025\n\n \n\nOR\n\n \n\n☐\n \nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES\nEXCHANGE ACT OF 1934\n\n \n\nFor the transition period from to\n\n \n\nOR\n\n \n\n☐\n \nSHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES\nEXCHANGE ACT OF 1934\n\n \n\nDate of event requiring this shell company report _____________\n\n \n\nCommission file number: 001-40301\n\n \n\n**Infobird Co., Ltd**\n\n(Exact Name of Registrant as Specified in Its Charter)\n\n \n\n**N/A**\n\n(Translation of Registrant’s Name Into English)\n\n \n\n**Cayman Islands**\n\n(Jurisdiction of Incorporation or Organization)\n\n \n\n**Room 706, 7/F, Low Block, Grand Millennium Plaza,**\n\n \n\n**181 Queen’s Road Central, Central, Hong Kong**\n\n(Address of Principal Executive Offices)\n\n \n\n \n\n \n\n**Xiangyang Wen**\n\n**Chief Executive Officer**\n\n**Room 706, 7/F, Low Block, Grand Millennium Plaza,**\n\n**181 Queen’s Road Central, Central, Hong Kong**\n\n**Telephone: +852 3690 9227**\n\n(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)\n\n \n\nSecurities registered or to be registered pursuant\nto Section 12(b) of the Act:\n\n \n\nTitle of each class\n \nTrading symbol(s)\n \nName of each exchange on which registered\n\n**Ordinary Shares, par value $0.00001 per share**\n \n**IFBD**\n \n**The Nasdaq Stock Market LLC**\n\n \n\nSecurities registered or to be registered pursuant to Section 12(g) of\nthe Act:\n\n \n\n**None**\n\n(Title of Class)\n\n \n\nSecurities for which there is a reporting obligation pursuant to Section 15(d) of\nthe Act:\n\n \n\n**None**\n\n(Title of Class)\n\n \n\nIndicate the number of outstanding shares of each\nof the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:\n\n \n\nAs of December 31, 2025, there were 8,188,574 ordinary\nshares issued and outstanding, par value $0.00001 per ordinary share.\n\n \n\nIndicate by check mark if the registrant is a well-known\nseasoned issuer, as defined in Rule 405 of the Securities Act.\n\n \n\n☐ Yes\n☒ No\n\n \n\nIf this report is an annual or transition report,\nindicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange\nAct of 1934.\n\n \n\n☐ Yes\n☒ No\n\n \n\nNote – Checking the box above will not relieve\nany registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations\nunder those Sections.\n\n \n\nIndicate by check mark whether the registrant (1) has\nfiled all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12\nmonths (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing\nrequirements for the past 90 days.\n\n \n\n☒ Yes\n☐ No\n\n \n\nIndicate by check mark whether the registrant has\nsubmitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of\nthis chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).\n\n \n\n ☒ Yes\n☐ No\n\n \n\n \n\n \n\nIndicate by check mark whether the registrant is a\nlarge accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large\naccelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer ☐\n \nAccelerated filer ☐\n \nNon-accelerated filer ☒\n \nEmerging growth company ☒\n\n \n\nIf an emerging growth company that prepares its financial\nstatements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period\nfor complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\n† The term “new or revised financial\naccounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification\nafter April 5, 2012.\n\n \n\nIndicate by check mark whether the registrant has\nfiled a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting\nunder Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its\naudit report.\n\n \n\n ☐\n\n \n\nIf securities are registered pursuant to Section\n12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction\nof an error to previously issued financial statements. ☐\n\n \n\nIndicate by check mark whether any of those\nerror corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s\nexecutive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\n \n\nIndicate by check mark which basis of accounting the\nregistrant has used to prepare the financial statements included in this filing:\n\n \n\nU.S. GAAP ☒\n \nInternational Financial Reporting Standards as issued\n\nby the International Accounting Standards Board ☐\n \nOther ☐\n\n \n\nIf “Other” has been checked in response\nto the previous question, indicate by check mark which financial statement item the registrant has elected to follow.\n\n \n\n☐ Item\n17 ☐ Item 18\n\n \n\nIf this is an annual report, indicate by check mark\nwhether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).\n\n \n\n☐ Yes\n☒ No\n\n \n\n(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY\nPROCEEDINGS DURING THE PAST FIVE YEARS)\n\n \n\nIndicate by check mark whether the registrant has\nfiled all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent\nto the distribution of securities under a plan confirmed by a court.\n\n \n\n☐ Yes\n☐ No\n\n \n\n \n\n \n\n**EXPLANATORY NOTE**\n\n** **\n\nThis\nAmendment No. 1 to Form 20-F (the “Form 20-F/A”) amends our annual report on Form 20-F for the year ended December 31, 2025\n(the “Annual Report”), which was originally filed with the U.S. Securities and Exchange Commission on April 2, 2026. The\npurpose of this Form 20-F/A is to amend our audited 2025 financial statements to correct identified accounting errors related to the\n2025 financial statements. We amended the following items and/or pages: (1)  pages xv, 84, 86, 87, 88, F-2, F-4, F-5, F-6, F-7,\nF-15, F-24, F-25, and F-37; (2) the text of the Section 302 certifications attached as Exhibits 12.1 and 12.2 to the Annual Report; (3)\nthe text of Section 906 certification attached as Exhibit 13.1 and 13.2 to the Annual Report; and (4) the text of Exhibits 23.1 and 23.2\nto the Annual Report.\n\n \n\nUnless\nstated otherwise, this Form 20-F/A does not reflect events occurring after the filing of the Annual Report and does not modify or update\nthe disclosure therein in any way except as described above. No other changes have been made to the Annual Report. The filing of this\nForm 20-F/A should not be understood to mean that any statements contained in the Annual Report, as amended by this Form 20-F/A, are\ntrue or complete as of any date subsequent to the original filing date of the Annual Report. Accordingly, this Form 20-F/A should be\nread in conjunction with the Annual Report. \n\n \n\n \n\n \n\n**TABLE OF CONTENTS**\n\n \n\n \n**Page** \n\n[INTRODUCTION](#a_001)\nii\n\n \n \n\n[FORWARD-LOOKING STATEMENTS AND RISK FACTORS SUMMARY](#a_002)\nxx\n\n \n \n\n[PART I](#a_003)\n1\n\n \n \n\n[ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS](#a_004)\n1\n\n[ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE](#a_005)\n1\n\n[ITEM 3. KEY INFORMATION](#a_006)\n1\n\n[ITEM 4. INFORMATION ON THE COMPANY](#a_007)\n46\n\n[ITEM 4A. UNRESOLVED STAFF COMMENTS](#a_008)\n81\n\n[ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#a_009)\n81\n\n[ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#a_010)\n91\n\n[ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#a_011)\n98\n\n[ITEM 8. FINANCIAL INFORMATION](#a_012)\n99\n\n[ITEM 9. THE OFFER AND LISTING](#a_013)\n100\n\n[ITEM 10. ADDITIONAL INFORMATION](#a_014)\n101\n\n[ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#a_015)\n112\n\n[ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](#a_016)\n113\n\n \n \n\n[PART II](#a_017)\n114\n\n \n \n\n[ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES](#a_018)\n114\n\n[ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS](#a_019)\n114\n\n[ITEM 15. CONTROLS AND PROCEDURES](#a_020)\n116\n\n[ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT](#a_022)\n118\n\n[ITEM 16B. CODE OF ETHICS](#a_023)\n118\n\n[ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES](#a_024)\n118\n\n[ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES](#a_025)\n119\n\n[ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS](#a_026)\n119\n\n[ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT](#a_027)\n119\n\n[ITEM 16G. CORPORATE GOVERNANCE](#a_028)\n120\n\n[ITEM 16H. MINE SAFETY DISCLOSURE](#a_029)\n120\n\n[ITEM 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.](#a_030)\n121\n\n[Item 16J INSIDER TRADING POLICIES](#a_031)\n121\n\n[Item 16K CYBERSECURITY](#a_032)\n121\n\n \n \n\n[PART III](#a_033)\n122\n\n \n \n\n[ITEM 17. FINANCIAL STATEMENTS](#a_034)\n122\n\n[ITEM 18. FINANCIAL STATEMENTS](#a_035)\n122\n\n[ITEM 19. EXHIBITS](#a_036)\n123\n\n \n \n\n[INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#a_037)\nF-1\n\n \n\ni\n\n \n\n \n\n**INTRODUCTION**\n\n \n\nUnless otherwise indicated or the context otherwise requires, references\nin this annual report on Form 20-F to:\n\n \n\n \n●\n“Acquisitions” refers to (i) the equity acquisition agreement and an amendment to the Equity Acquisition Agreement entered with Shangri-La Trading Limited, dated June 28, 2024 and July 31, 2024, respectively, pursuant to which, the Company agreed to acquire 65% of the issued and outstanding equity of Pure Tech Global Limited for a consideration of $40.0 million, and the transaction closed on November 22, 2024, and (ii) the equity acquisition agreement entered with One One Business Limited, dated December 6, 2024, pursuant to which, the Company agreed to acquire 32% of the issued and outstanding equity of Pure Tech Global Limited for a consideration of $25.7 million, and the transaction closed on December 20, 2024.\n\n \n \n \n\n \n●\n“Beijing Suowangda” refers to Beijing Suowangda Technology Development Co., Ltd, a company established under the laws of the PRC and a wholly-owned subsidiary of Guangnian Zhiyuan;\n\n \n \n \n\n \n●\n“Guangnian Zhiyuan” refers to Guangnian Zhiyuan (Beijing) Technology Co., Ltd, a company established under the laws of the PRC and a wholly-owned subsidiary of Inforbird Technologies;\n\n \n \n \n\n \n●\n“HK$” refers to Hong Kong dollars, the legal currency of Hong Kong;\n\n \n \n \n\n \n●\n“Infobird Cayman,” the “Company,” “we,” “us” and “our” refer to Infobird Co., Ltd, a holding company incorporated as an exempted company with limited liability under the laws of the Cayman Islands, and its subsidiaries, Infor bird Technologies, Lightyear Technology, Guangnian Zhiyuan, Beijing Suowangda, Pure Tech and Pure Meida, and its variable interest entities, Pinmu Century and Zhenxi Brand;\n\n \n \n \n\n \n●\n“Infobird HK” refers to Infobird International Limited, a holding company established under the laws of Hong Kong and a wholly-owned subsidiary of Infobird Cayman;\n\n \n \n \n\n \n●\n“Infobird WFOE” refers to Infobird Digital Technology (Beijing) Co., Ltd., a company established under the laws of the PRC and a wholly-owned subsidiary of Infobird HK;\n\n \n \n \n\n \n●\n“Infobird Beijing”, the “variable interest entity” or the “VIE” refers to Beijing Infobird Software Co., Ltd., a company established under the laws of the PRC and a variable interest entity of Infobird WFOE;\n\n \n \n \n\n \n●\n“Infobird Guiyang” refers to Guiyang Infobird Cloud Computing Co., Ltd, a company established under the laws of the PRC and a 90.18% owned subsidiary of Infobird Beijing;\n\n \n \n \n\n \n●\n“Infobird Anhui” refers to Anhui Xinlijia E-commerce Co., Ltd (formerly known as Anhui Infobird Software Information Technology Co., Ltd), a company established under the laws of the PRC and a 99.95% owned subsidiary of Infobird Beijing;\n\n \n \n \n\n \n●\n“Inforbird Technologies” refers to Inforbird Technologies Limited, a holding company established under the laws of Hong Kong and a wholly-owned subsidiary of Infobird Cayman;\n\n \n \n \n\n \n●\n“Legacy Business” refers to the software-as-a-service, or SaaS, provider of innovative AI-powered, or artificial intelligence enabled, customer engagement solutions in China business which the Company and its subsidiaries were principally engaged in prior to the Sale;\n\n \n \n \n\n \n●\n“Lightyear Technology” refers to Lightyear Technology PTE. Ltd., a holding company established under the laws of Singapore and a wholly-owned subsidiary of Infobird Cayman;\n\n \n \n \n\n \n●\n“mainland China” refers to the PRC (excluding Hong Kong, Macau and Taiwan);\n\n \n \n \n\n \n●\n“New Business” refers to digital advertising and marketing campaign provider for the provision of end-to-end digital advertising solutions which the Pure Tech and its subsidiaries were principally engaged in prior to the Acquisitions;\n\n \n\nii\n\n \n\n \n\n \n●\n“PRC” or “China” refers to the People’s Republic of China, excluding, for the purpose of this annual report, Taiwan.\n\n \n \n \n\n \n●\n“Pinmu Century” refers to Pinmu Century (Beijing) Marketing Technology Co., Ltd, a company established under the laws of the PRC and is the variable interest entity of Pure Media;\n\n \n \n \n\n \n●\n“Pure Tech” refers to Pure Tech Global Limited., a holding company established under the laws of British Virgin Islands and a 97% owned subsidiary of Infobird Cayman;\n\n \n \n \n\n \n●\n“Pure media” refers to Pure Media Limited, a holding company established under the laws of Hong Kong and a wholly owned subsidiary of Pure Tech;\n\n \n \n \n\n \n●\n“RMB” or “Renminbi” refers to the legal currency of China;\n\n \n \n \n\n \n●\n“Sale” refers to the equity transfer agreement entered with CRservices Limited, a Mahé Island limited company and a shareholder of the Company, pursuant to which, the Company agreed to sell all the issued shares of Infobird HK for a consideration of HK$10,000. Infobird HK owns 100% of the equity interests of Infobird WFOE, which, in turn, controls Infobird Beijing and its subsidiaries, through a series of contractual arrangements in the PRC;\n\n** **\n\n \n●\n“Shanghai Qishuo” refers to Shanghai Qishuo Technology Inc., a company established under the laws of the PRC and a 51% owned subsidiary of Infobird Beijing;\n\n \n \n \n\n \n●\n“RMB” or “Renminbi” refers to the legal currency of China;\n\n \n \n \n\n \n●\n“Zhenxi Brand” refers to Zhenxi Brand marketing Consulting (Shanghai) Centre, a company established under the laws of the PRC and is a variable interest entity of Pure Media; and\n\n \n \n \n\n \n●\n“$,” “US$” or “U.S. Dollars” refers to the legal currency of the United States.\n\n \n \n \n\n \n \nWe have made rounding adjustments to some of the figures included in this annual report. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.\n\n \n \n \n\n \n \nOur consolidated financial statements are presented in U.S. dollars. We use U.S. dollars as the reporting currency in our consolidated financial statements and in this annual report. Entities located in China conducts its businesses in the local currency, Renminbi (RMB), as its functional currency. Assets and liabilities are translated into U.S. dollars at the noon buying rate in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York as of the balance sheet dates, the statements of income are translated using the average rate of exchange in effect during the reporting periods, and the equity accounts are translated at historical exchange rates. Translation adjustments resulting from this process are included in accumulated other comprehensive income (loss). Translation adjustments included in accumulated other comprehensive income (loss) amounted to $5,019,336, $(63,634) as of December 31, 2025 and 2024, respectively. The balance sheet amounts of discontinued operations, with the exception of equity at August 11, 2023 were translated at 7.2367 RMB. The equity accounts were stated at their historical rate. The average translation rates applied to statement of discontinued operations and comprehensive loss from January 1, 2023 to August 11, 2023 and for the years ended December 31, 2022 were 6.9775RMB and 6.7290 RMB to $1, respectively. The balance sheet amounts with the exception of equity at December 31, 2025 and 2024 were translated at RMB 6.9931 and RMB 7.2993, respectively. The equity accounts were stated at their historical rate. The average translation rates applied to statement of continuing operations and comprehensive loss for the years ended December 31, 2025 and 2024 and from July 6, 2023 to December 31, 2023 were RMB 7.1875, RMB 7.1957 and RMB 7.2346 to $1, respectively Cash flows are also translated at average translation rates for the periods, therefore, amounts reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets.\n\n \n \n \n\n \n \n*Guangnian Zhiyuan is the only company using RMB as the functional currency in the continuing operation entities, and starting operating on July 6, 2023.\n\n \n\niii\n\n \n\n \n\n**Our Corporate Structure and Contractual Arrangements with the VIE**\n\n \n\nIt is important to note that\nInfobird Cayman is *not* a Chinese operating company but a Cayman Islands holding company with no operations of its own\nthat uses a structure that involves a variable interest entity, or VIE, based in China. Investors in Infobird Cayman’s ordinary\nshares are *not* purchasing equity interest in operating entities in China but instead are purchasing equity interest in a Cayman\nIslands holding company. Infobird Cayman’s subsidiaries and the VIE and the VIE’s subsidiaries conduct operations in China.\nThe VIE is consolidated for accounting purposes but it is not an entity in which Infobird Cayman or its subsidiaries own equity.\n\n \n\nInfobird Cayman is not a Chinese\noperating company but a Cayman Islands holding company with operations conducted by its subsidiaries and through contractual arrangements\nwith the VIE based in China, and this structure involves unique risks to investors. Infobird Cayman and its subsidiaries have no equity\nownership in the VIE or the VIE’s subsidiaries. We, Infobird Cayman, conduct our operations in China through (i) our subsidiaries,\nand (ii) the VIE with which we have maintained contractual arrangements and its subsidiaries in China. The VIE structure is used to provide\ninvestors with exposure to foreign investment in China-based companies where Chinese law prohibits direct foreign investment in the operating\ncompanies. We, Infobird Cayman, are a holding company incorporated in the Cayman Islands. To comply with PRC laws and regulations, we\nconduct our business in China mainly through the VIE and its subsidiaries, based on a series of contractual arrangements by and among\nthe VIE, and the VIE’s shareholders, or the Contractual Arrangements. Investors in Infobird Cayman’s ordinary shares may never\nhold equity interests in the Chinese operating companies but instead hold equity interests in Infobird Cayman, which is a holding company\nincorporated in the Cayman Islands.\n\n \n\nThe Contractual Arrangements\nmay not be as effective as direct ownership in providing us with control over the VIE and we may incur substantial costs to enforce the\nterms of the Contractual Arrangements. In addition, the Contractual Arrangements have not been tested in a court of law, including in\nChina courts. See “Item 3. Key Information—D. Risk Factors—Risks Related to Our Corporate Structure—We conduct\nour business through Pinmu Century by means of Contractual Arrangements. If the PRC courts or administrative authorities determine that\nthese Contractual Arrangements do not comply with applicable regulations, we could be subject to severe penalties and our business could\nbe adversely affected. In addition, changes in or different interpretations of such PRC laws and regulations may also materially and adversely\naffect our business.” This structure involves unique risks to investors. See “Item 3. Key Information—D. Risk Factors—Risks\nRelated to Our Corporate Structure—We depend upon the Contractual Arrangements in conducting our business in China, which may not\nbe as effective as direct ownership” and “Item 3. Key Information—D. Risk Factors—Risks Related to Our Corporate\nStructure—Because we rely on the Contractual Arrangements for our revenue, the termination of these agreements would severely and\ndetrimentally affect our continuing business viability under our current corporate structure.”\n\n \n\nThere are also substantial uncertainties\nregarding the interpretation and application of current and future PRC laws, regulations and rules regarding the status of the rights\nof our Cayman Islands holding company with respect to the Contractual Arrangements with the VIE and its shareholders. It is uncertain\nwhether any new PRC laws or regulations relating to variable interest entity structures will be adopted or if adopted, what they would\nprovide. If we or the variable interest entity are found to be in violation of any existing or future PRC laws or regulations, or fail\nto obtain or maintain any required permits or approvals, the relevant PRC regulatory authorities would have broad discretion to take action\nin dealing with such violations or failures, including that the PRC regulatory authorities could disallow the variable interest entity\nstructure. These risks could result in a material change in our operations and/or a material change in the value of the securities, including\nthat it could cause the value of such securities to significantly decline or become worthless. See “Item 3. Key Information—D.\nRisk Factors—Risks Related to Our Corporate Structure—Contractual arrangements in relation to the VIE may be subject to scrutiny\nby the PRC tax authorities and they may determine that we or the VIE owe additional taxes, which could negatively affect our financial\ncondition and the value of your investment.” and “Item 3. Key Information—D. Risk Factors—Risks Related to Our\nCorporate Structure—We conduct our business through Pinmu Century by means of Contractual Arrangements. If the PRC courts or administrative\nauthorities determine that these Contractual Arrangements do not comply with applicable regulations, we could be subject to severe penalties\nand our business could be adversely affected. In addition, changes in or different interpretations of such PRC laws and regulations may\nalso materially and adversely affect our business.”\n\n \n\niv\n\n \n\n \n\nWe face various legal and operational\nrisks associated with being based in or having the majority of our operations in China, and we are subject to complex and evolving PRC\nlaws and regulations. For example, we face risks associated with recent statements and regulatory actions by China’s government,\nsuch as those related to the use of variable interest entities, regulatory approvals on offshore offerings, anti-monopoly concerns and\nregulatory actions, and oversight of data security, which may impact our ability to conduct our business, accept foreign investments,\nor list on the United States or other foreign exchange. New laws and regulations may be adopted from time to time, which may require us\nto obtain additional licenses and permits for our operations and services. If we offer new functions and services in the future, we may\nbe required to obtain additional licenses, permits, filings or approvals for such functions or services. These risks could result in a\nmaterial change in our operations and/or the value of our ordinary shares or could significantly limit or completely hinder our ability\nto offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless.\nFor a detailed description of risks related to doing business in China, please refer to risks disclosed under “Item 3. Key Information—D.\nRisk Factors—Risks Related to Doing Business in China.” For a detailed description of risks related to the use of variable\ninterest entity and data security or anti-monopoly concerns, which have or may impact the Company’s ability to conduct its business,\naccept foreign investments, or list on a U.S. or other foreign exchange, please refer to risks disclosed under “Item 3. Key Information—D.\nRisk Factors—Risks Related to Our Corporate Structure—Our current corporate structure and business operations may be affected\nby the relatively newly enacted Foreign Investment Law,” “Item 3. Key Information—D. Risk Factors—Risks Related\nto Doing Business in China—Failure of beneficial owners of our shares who are PRC residents to comply with certain PRC foreign exchange\nregulations could restrict our ability to distribute profits, restrict our overseas and cross-border investment activities and subject\nus to liability under PRC law” and “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in\nChina—Our business generates and processes a large amount of data, and we are required to comply with PRC and other applicable laws\nrelating to privacy and cybersecurity. The improper use or disclosure of data could have a material and adverse effect on our business\nand prospects,” as well as “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—Certain\nPRC regulations may make it more difficult for us to pursue growth through acquisitions.”\n\n \n\nThere are risks arising from\nthe legal system in China, including risks and uncertainties regarding the enforcement of laws. In particular, there are uncertainties\nregarding the interpretation and enforcement of PRC laws, rules and regulations, and changes in policies, laws, rules and regulations\nin the PRC could adversely affect us. Most of our operations are conducted in the PRC, and are governed by PRC laws, rules and regulations.\nChina has not developed a fully integrated legal system, and enacted laws, rules and regulations may not sufficiently cover all aspects\nof economic activities in China or may be subject to a significant degree of interpretation by PRC regulatory agencies and courts. Further,\nrules and regulations in China can change quickly with little advance notice. In particular, because these laws, rules and regulations\nare relatively new and quickly evolving, and because of the limited number of published decisions and the non-precedential nature of these\ndecisions, and because the laws, rules and regulations often give the relevant regulator certain discretion in how to enforce them, the\ninterpretation and enforcement of these laws, rules and regulations involve uncertainties and can be inconsistent and unpredictable. In\naddition, the PRC legal system is based in part on government policies and internal rules, some of which are not published on a timely\nbasis or at all, and which may have a retroactive effect. Therefore, we may not be aware of our violation of these policies and rules\nuntil after the occurrence of the violation, which could result in a material change in our operations and/or the value of our ordinary\nshares. For more details, see “Item 4. Information on the Company—B. Business Overview—Regulations” and “Item\n3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—Uncertainties with respect to China’s\nlegal system could materially and adversely affect us.”\n\n \n\nFurthermore, substantially all\nof our assets and operations are located in China. Accordingly, our business, financial condition, results of operations and prospects\nmay be influenced to a significant degree by political, economic and social conditions in China generally and therefore by the significant\ndiscretion of Chinese governmental authorities. The Chinese government may exercise significant oversight and discretion over offerings\nthat are conducted overseas and the conduct of our business, may intervene in or influence our operations at any time, and may exert more\ncontrol over foreign investment in China-based issuers, which could result in a material change in our operations and/or the value of\nour ordinary shares, and significantly limit or completely hinder our ability to offer or continue to offer securities to investors and\ncause the value of such securities to significantly decline or be worthless. For more details, see “Item 3. Key Information—D.\nRisk Factors—Risks Related to Doing Business in China—Changes in China’s economic, political or social conditions or\ngovernment policies could have a material adverse effect on our business and operations” and “Item 3. Key Information-D. Risk\nFactors—Risks Related to Doing Business in China—Our operations are located in, China through our subsidiaries, the VIE and\nits subsidiaries. Our ability to operate in China may be impaired by changes in Chinese laws and regulations, including those relating\nto taxation, environmental regulation, restrictions on foreign investment, and other matters.”\n\n \n\nv\n\n \n\n \n\nInfobird Cayman is not an operating\ncompany in China but is a Cayman Islands holding company that does not conduct operations and uses a structure that involves a VIE based\nin China. Our investors purchase equity interests in Infobird Cayman, the Cayman Islands holding company, not in the Chinese operating\ncompanies. The following diagram illustrates the corporate structure of Infobird Cayman, its subsidiaries, and the VIE and its subsidiaries\nas of the date of this annual report:\n\n \n\n \n\nInvestors in Infobird Cayman’s\nordinary shares are not purchasing equity interest in operating entities in China but instead are purchasing equity interest in a Cayman\nIslands holding company. Infobird Cayman is not a Chinese operating company, but is instead a Cayman Islands holding company. Our operations\nare conducted in China through our subsidiaries and Pinmu Century, which is considered a variable interest entity for accounting purposes,\nand its subsidiaries. The Contractual Arrangements, including powers of attorney, exclusive business cooperation agreement, equity interest\npledge agreements, exclusive option agreements and spousal consent letters, have been entered into by and among the VIE and the VIE’s\nshareholders. As a result of the Contractual Arrangements, we, through Pure Media, have economic rights and exercise control over the\nVIE and are considered the primary beneficiary of the VIE for accounting purposes, and, accordingly we have consolidated the VIE’s\noperations and financial results into our consolidated financial statements. For more details of the Contractual Arrangements, see “Item\n4. Information on the Company—A. History and Development of the Company—Contractual Arrangements.”\n\n \n\nvi\n\n \n\n \n\nOur affiliation with Pinmu Century\nis managed through the Contractual Arrangements, which agreements may not be as effective in providing us with control over Pinmu Century\nand its subsidiaries as direct ownership in controlling entities organized in the PRC, which often hold the licenses necessary to conduct\nbusiness in the PRC. The Contractual Arrangements are not equivalent to equity ownership in the business of the VIE. Neither the investors\nin Infobird Cayman, the Cayman Islands holding company, nor Infobird Cayman itself have an equity ownership in, direct foreign investment\nin, or control of, through such ownership or investment, the VIE. Further, the Contractual Arrangements have not been tested in a court\nof law, including in China courts. The Contractual Arrangements are governed by and would be interpreted in accordance with the laws of\nthe PRC. If Pinmu Century fails to perform the obligations under the Contractual Arrangements, we may have to rely on legal remedies under\nthe laws of the PRC, including seeking specific performance or injunctive relief and claiming damages. There is a risk that we may be\nunable to obtain any of these remedies, which could affect our investors and the value of their investment. The legal environment in the\nPRC is not as developed as in other jurisdictions. As a result, uncertainties in the PRC legal system could limit our ability to enforce\nthe Contractual Arrangements, or could affect the validity of the Contractual Arrangements. Thus, the Contractual Arrangements may be\nless effective than direct ownership and we may incur substantial costs to enforce the terms of the Contractual Arrangements. See “Item\n4. Information on the Company—C. Organizational Structure” and “Item 3. Key Information—D. Risk Factors—Risks\nRelated to Our Corporate Structure—We depend upon the Contractual Arrangements in conducting our business in China, which may not\nbe as effective as direct ownership.” In addition, such Contractual Arrangements have not been tested in a court of law, including\nChina courts, and we may face challenges enforcing these Contractual Arrangements due to legal uncertainties and jurisdictional limits,\nand thus there are uncertainties regarding the status of the rights of the Cayman Islands holding company with respect to the Contractual\nArrangements with the VIE and its shareholders. See also “Item 3. Key Information—D. Risk Factors—Risks Related to Our\nCorporate Structure—We conduct our business through Pinmu Century by means of Contractual Arrangements. If the PRC courts or administrative\nauthorities determine that these Contractual Arrangements do not comply with applicable regulations, we could be subject to severe penalties\nand our business could be adversely affected. In addition, changes in or different interpretations of such PRC laws and regulations may\nalso materially and adversely affect our business.”\n\n \n\nThe Contractual Arrangements\nare not equivalent to equity ownership in the business of the VIE. Neither the investors in Infobird Cayman, the Cayman Islands holding\ncompany, nor Infobird Cayman itself have an equity ownership in, direct foreign investment in, or control of, through such ownership or\ninvestment, the VIE. Our business is conducted through Pinmu Century, which is considered a VIE for accounting purposes, and we, through\nPure Media, are considered the primary beneficiary of Pinmu Century for accounting purposes, thus enabling us to consolidate Pinmu Century’s\noperations and financial results in our consolidated financial statements. Infobird Cayman and Pure Tech were established as the holding\ncompanies of Pure Media. Pure Media is the primary beneficiary for accounting purposes of Pinmu Century and its subsidiaries. All of these\nentities are under common control which results in the consolidation of Pinmu Century and subsidiaries which have been accounted for as\na reorganization of entities under common control at carrying value. Pure Media is deemed to have a controlling financial interest and\nbe the primary beneficiary for accounting purposes of Pinmu Century because it has both of the following characteristics: (1) the power\nto direct activities at Pinmu Century that most significantly impact such entity’s economic performance, and (2) the right to receive\nbenefits from Pinmu Century that could potentially be significant to such entity.\n\n \n\nIn the event that in the future\nPinmu Century, currently a VIE, no longer meets the definition of a VIE under applicable accounting rules or Infobird Co., Ltd is no longer\ndeemed the primary beneficiary for accounting purposes, we would not be able to consolidate line-by-line Pinmu Century’s operations\nand financial results in our consolidated financial statements for reporting purposes. For more details, see “Item 3. Key Information—D\nRisk Factors—Risks Related to Our Corporate Structure—We may not be able to consolidate the operations or financial results\nof some of our affiliated companies or such consolidation could materially and adversely affect our operating results and financial condition.”\n\n \n\nvii\n\n \n\n \n\nFurther, the Contractual Arrangements\nhave not been tested in a court of law, including in China courts. See “Item 3. Key Information—D. Risk Factors—Risks\nRelated to Our Corporate Structure—We conduct our business through Pinmu Century by means of Contractual Arrangements. If the PRC\ncourts or administrative authorities determine that these Contractual Arrangements do not comply with applicable regulations, we could\nbe subject to severe penalties and our business could be adversely affected. In addition, changes in or different interpretations of such\nPRC laws and regulations may also materially and adversely affect our business.”\n\n \n\n**The Holding Foreign Companies Accountable Act**\n\n \n\nOn December 2, 2021, the Securities\nand Exchange Commission, or the SEC, adopted final amendments to its rules relating to the implementation of certain disclosure and documentation\nrequirements of the Holding Foreign Companies Accountable Act, or the HFCAA, which took effect on January 10, 2022. On December 29, 2022,\nthe Accelerating Holding Foreign Companies Accountable Act, or the AHFCAA, was signed into law, which reduced the number of consecutive\nnon-inspection years required for triggering the prohibitions under the HFCAA from three years to two. We will be required to comply with\nthese rules if the SEC identifies us as having a “non-inspection” year, as defined in the rules, under a process to be subsequently\nestablished by the SEC. Under the HFCAA and AHFCAA, our securities may be prohibited from trading on the Nasdaq or other U.S. stock exchanges\nif our auditor is not inspected by the Public Company Accounting Oversight Board, or the PCAOB, for two consecutive years, and this ultimately\ncould result in our shares being delisted.\n\n \n\nOur financial statements contained\nin the annual reports on Form 20-F for the fiscal years ended December 31, 2024 and 2023 have been audited by Audit Alliance LLP (“AA”).\nAA is an independent registered public accounting firms headquartered in the United States and is among the public accounting firms that\nare registered with the PCAOB. Our financial statements contained in the annual reports on Form 20-F for the fiscal year ended December\n31, 2025 have been audited by Assentsure PAC (“Assentsure”). Assentsure is an independent registered public accounting firms\nheadquartered in Singapore and is among the public accounting firms that are registered with the PCAOB. Such PCAOB-registered accounting\nfirms are subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess their compliance with\nthe applicable professional standards. On December 16, 2021, the PCAOB issued its determination that the PCAOB is unable to inspect or\ninvestigate completely PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong, because of positions taken\nby PRC authorities in those jurisdictions, and the PCAOB included in the report of its determination a list of the accounting firms that\nare headquartered in mainland China or Hong Kong. This list does not include our former auditor, AA, or our current auditor, Assentsure.\nAs of the date of the annual report, our listing is not affected by the HFCAA, and related regulations. However, the recent developments\nwould add uncertainties to our listing and we cannot assure you whether Nasdaq or regulatory authorities would apply additional and more\nstringent criteria to us after considering the effectiveness of our auditor’s audit procedures and quality control procedures, adequacy\nof personnel and training, or sufficiency of resources, geographic reach or experience as related to the audit of our financial statements.\nWhile our auditor is based in the U.S. and is registered with PCAOB and subject to PCAOB inspection, in the event it is later determined\nthat the PCAOB is unable to inspect or investigate completely our auditor because of a position taken by an authority in a foreign jurisdiction,\nthen such lack of inspection could cause our securities to be delisted from the stock exchange. If, in the future, trading in our ordinary\nshares is prohibited under the HFCAA because the PCAOB determines that it cannot inspect or fully investigate our auditor at such future\ntime, Nasdaq may determine to delist our ordinary shares and trading in our ordinary shares could be prohibited. obstruct or otherwise\nfail to facilitate the PCAOB’s access in the future, the PCAOB Board will consider the need to issue a new determination.\n\n \n\nviii\n\n \n\n \n\nIn August 2022, the PCAOB, the\nChina Securities Regulatory Commission (the “CSRC”) and the Ministry of Finance of the PRC signed a Statement of Protocol\n(the “Statement of Protocol”), which establishes a specific and accountable framework for the PCAOB to conduct inspections\nand investigations of PCAOB-governed accounting firms in mainland China and Hong Kong. On December 15, 2022, the PCAOB announced that\nit was able to secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered in mainland China\nand Hong Kong completely in 2022. The PCAOB Board vacated its previous 2021 determinations that the PCAOB was unable to inspect or investigate\ncompletely registered public accounting firms headquartered in mainland China and Hong Kong. The PCAOB continues to demand complete access\nin mainland China and Hong Kong moving forward and has resumed regular inspections since March 2023. However, whether the PCAOB will continue\nto be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in mainland China and Hong\nKong is subject to uncertainties. Should Hong Kong or PRC authorities obstruct or otherwise fail to facilitate the PCAOB’s access\nin the future, the PCAOB will consider the need to issue a new determination. If the PCAOB is not able to fully conduct inspections of\nour auditor’s work papers in China, investors may be deprived of the benefits of such inspection which could result in limitation\nor restriction of our access to the U.S. capital markets and trading of our securities may be prohibited under the HFCAA. See “Item\n3. Key Information—D. Risk Factors—Risks Related to Doing Business in China Prior to the Completion of the Sale —The\nrecent joint statement by the SEC and the Public Company Accounting Oversight Board, or the PCAOB, proposed rule changes submitted by\nNasdaq, and the Holding Foreign Companies Accountable Act, or the HFCAA, all call for additional and more stringent criteria to be applied\nto emerging market companies upon assessing the qualification of their auditors, especially non-U.S. auditors who are not inspected by\nthe PCAOB.” Our financial statements contained in this annual report on Form 20-F for the fiscal year ended December 31, 2024 and\n2023 have been audited by Audit Alliance LLP (“AA”). AA is an independent registered public accounting firm headquartered\nin the United States and are among the public accounting firms that are registered with the PCAOB. Our financial statements contained\nin this annual report on Form 20-F for the fiscal year ended December 31, 2025 have been audited by Assentsure PAC (“Assentsure”).\nAssentsure is an independent registered public accounting firm headquartered in Singapore and are among the public accounting firms that\nare registered with the PCAOB. Such PCAOB-registered accounting firms are subject to laws in the United States pursuant to which the PCAOB\nconducts regular inspections to assess their compliance with the applicable professional standards. On December 16, 2021, the PCAOB issued\nits determination that the PCAOB is unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered\nin mainland China and Hong Kong, because of positions taken by PRC authorities in those jurisdictions, and the PCAOB included in the report\nof its determination a list of the accounting firms that are headquartered in mainland China or Hong Kong. This list does not include\nany of our former auditor, AA, or our current auditor, Assentsure. As of the date of the annual report, we are affected by the HFCAA,\nand related regulations. However, the recent developments would add uncertainties to our continued listing and we cannot assure you whether\nNasdaq or regulatory authorities would apply additional and more stringent criteria to us after considering the effectiveness of our auditor’s\naudit procedures and quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or\nexperience as related to the audit of our financial statements. While our auditor is based in the U.S. and is registered with PCAOB and\nsubject to PCAOB inspection, in the event it is later determined that the PCAOB is unable to inspect or investigate completely our auditor\nbecause of a position taken by an authority in a foreign jurisdiction, then such lack of inspection could cause our securities to be delisted\nfrom the stock exchange. If, in the future, trading in our Class A Ordinary Shares is prohibited under the HFCAA because the PCAOB determines\nthat it cannot inspect or fully investigate our auditor at such future time, Nasdaq may determine to delist our Class A Ordinary Shares\nand trading in our Class A Ordinary Shares could be prohibited.\n\n \n\nIn August 2022, the PCAOB, the\nChina Securities Regulatory Commission (the “CSRC”) and the Ministry of Finance of the PRC signed a Statement of Protocol\n(the “Statement of Protocol”), which establishes a specific and accountable framework for the PCAOB to conduct inspections\nand investigations of PCAOB-governed accounting firms in mainland China and Hong Kong. On December 15, 2022, the PCAOB announced that\nit was able to secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered in mainland China\nand Hong Kong completely in 2022. The PCAOB Board vacated its previous 2021 determinations that the PCAOB was unable to inspect or investigate\ncompletely registered public accounting firms headquartered in mainland China and Hong Kong. However, whether the PCAOB will continue\nto be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in mainland China and Hong\nKong is subject to uncertainties and depends on a number of factors out of our, and our auditor’s, control. The PCAOB continues\nto demand complete access in mainland China and Hong Kong moving forward and resumed regular inspections since March 2023. The PCAOB is\ncontinuing pursuing ongoing investigations and may initiate new investigations as needed. The PCAOB has indicated that it will act immediately\nto consider the need to issue new determinations with the HFCAA if needed. See “Item 3. Key Information—D. Risk Factors—Risks\nRelated to Doing Business in China—The recent joint statement by the SEC and the Public Company Accounting Oversight Board, or the\nPCAOB, proposed rule changes submitted by Nasdaq, and the Holding Foreign Companies Accountable Act, or the HFCAA, all call for additional\nand more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially\nnon-U.S. auditors who are not inspected by the PCAOB.”\n\n \n\nix\n\n \n\n \n\n**Permissions Required for Our Operations in China**\n\n \n\nWe conduct our business in China\nthrough our subsidiaries and the Current VIEs. We are required to obtain certain permissions from the PRC authorities to operate, issue\nsecurities to foreign investors, and transfer certain data. The PRC government has exercised, and may continue to exercise, substantial\ninfluence or control over virtually every sector of the Chinese economy through regulation and state ownership. Our ability to operate\nin China may be undermined if our subsidiaries or the Current VIEs are not able to obtain or maintain approvals to operate in China. The\ncentral or local governments could impose new, stricter regulations or interpretations of existing regulations that could require additional\nexpenditures, and efforts on our part to ensure our compliance with such regulations or interpretations. To operate our general business\nactivities currently conducted in mainland China, each of the Current VIEs is required to obtain a business license from the local counterpart\nof the State Administration for Market Regulation, or SAMR. Each of the Current VIEs has obtained a valid business license from the local\nSAMR, and no application for any such license has been denied. In addition, the Current VIEs are also required to obtain insurance agency\noperating licenses pursuant to the PRC laws. As of the date of this annual report, we and the Current VIEs have received all requisite\npermits, approvals and certificates from the PRC government authorities to conduct our business operations in China. To our knowledge,\nno permission or approval has been denied or revoked. However, given the uncertainties of interpretation and implementation of relevant\nlaws and regulations and the enforcement practice by government authorities, we cannot be certain that relevant policies in this regard\nwill not change in the future, which may require us or our subsidiaries or Current VIEs to obtain additional licenses, permits, filings\nor approvals for conducting our business in the PRC. If we or our subsidiaries or Current VIEs do not receive or maintain required permissions\nor approvals, or inadvertently conclude that such permissions or approvals are not required, we may be subject to governmental investigations\nor enforcement actions, fines, penalties, suspension of operations, or be prohibited from engaging in relevant business or conducting\nsecurities offering, and these risks could result in a material adverse change in our operations, significantly limit or completely hinder\nour ability to offer or continue to offer securities to investors, or cause such securities to significantly decline in value or become\nworthless.\n\n \n\nOn February 17, 2023, the CSRC\npromulgated the Trial Administrative Measures of the Overseas Securities Offering and Listing by Domestic Companies (the “Overseas\nListing Trial Measures”) and relevant five guidelines, which became effective on March 31, 2023. According to the Overseas Listing\nTrial Measures, PRC domestic companies that seek to offer securities or list in overseas markets, either directly or indirectly, are required\nto fulfill the filing procedure with the CSRC. The Overseas Listing Trial Measures provide that if the issuer meets both of the following\ncriteria, the overseas securities offering and listing conducted by such issuer will be deemed as an indirect overseas offering and listing\nby PRC domestic companies: (i) more than 50% of any of the issuer’s operating revenue, total profit, total assets or net assets\nas documented in its audited consolidated financial statements for the most recent fiscal year is accounted for by domestic companies;\nand (ii) the main parts of the issuer’s business activities are conducted in mainland China, or its main place(s) of business are\nlocated in mainland China, or the majority of senior management staff in charge of its business operations and management are PRC citizens\nor have their usual place(s) of residence located in mainland China. Where an issuer submits an application for initial public offering\nto competent overseas regulators, such issuer must file with the CSRC within three business days after such application is submitted.\nAt a press conference held for these new regulations, officials from the CSRC clarified that the domestic companies that have already\nbeen listed overseas before the effective date of the Overseas Listing Trial Measures (i.e. March 31, 2023) shall be deemed as existing\nissuers, or the Existing Issuers. Existing Issuers are not required to complete the filling procedures immediately, and they shall be\nrequired to file with the CSRC when subsequent matters such as refinancing are involved. According to the Overseas Listing Trial Measures,\nwhere a PRC domestic company fails to fulfill the filing procedure in respect of its overseas offering and listing, the CSRC may order\nrectification, issue warnings to such PRC domestic company, and impose a fine ranging from RMB1,000,000 to RMB10,000,000. Also the directly\nresponsible person-in-charge and other directly responsible persons of such PRC domestic company may be warned and imposed a fine up to\nRMB 5,000,000, and the controlling shareholders and the actual controllers of such PRC domestic company that organize or instruct the\naforementioned violations shall be imposed a fine up to RMB10,000,000. Since the Overseas Listing Trial Measures came into effect in 2023,\nthe CSRC has implemented them in practice and has processed numerous filings, providing greater clarity on their interpretation and application.\nAny failure of us to fully comply with the Overseas Listing Trial Measures may significantly limit or completely hinder our ability to\noffer or continue to offer our ordinary shares, hinder our ability to remain listed on Nasdaq or any other U.S. securities exchange, cause\nsignificant disruption to our business operations, and severely damage our reputation, which would materially and adversely affect our\nfinancial condition and results of operations and cause our ordinary shares to significantly decline in value or become worthless.\n\n \n\nx\n\n \n\n \n\nAs of the date of this annual\nreport, we, our subsidiaries and the variable interest entity, are not covered by permissions requirements from the CSRC, Cyberspace Administration\nof China, or the CAC, or any other governmental agency that is required to approve the VIE’s operations, as we, our subsidiaries\nand the variable interest entity (i) are not required to obtain permissions from the CSRC, (ii) are not required to go through cybersecurity\nreview by the CAC, and (iii) have not received or were denied any such requisite permissions or approvals by any PRC authority.\n\n \n\nHowever, given that our business\ngenerates and processes a large amount of data, in connection with any future overseas capital markets activities, we may need to obtain\npermission from the CSRC, undergo a cybersecurity review conducted by the CAC, or meet other regulatory requirements that may be adopted\nin the future by PRC authorities. To the extent such requirements are or become applicable, we cannot assure you that we would be able\nto fully comply with them on a timely basis, if at all. Any failure to obtain or delay in obtaining such permission, clearing such review\nprocess or meeting such requirements would subject us to restrictions and penalties imposed by the CSRC, the CAC or other PRC regulatory\nauthorities, which could include fines and penalties on our operations in China, delays of or restrictions on the repatriation of the\nproceeds from our offshore offerings into China, or other actions that could materially and adversely affect our business, financial condition,\nresults of operations, and prospects, as well as the trading price of our securities. For more detailed information, see “Item 3.\nKey Information—D. Risk Factors—Risks Related to Doing Business in China—The approval of, or report and fillings with\nthe CSRC or other PRC government authorities may be required in connection with our offshore offerings under PRC law, and, if required,\nwe cannot predict whether or for how long we will be able to obtain such approval or complete such filing and report process” and\n“Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—Our business generates and processes\na large amount of data, and we are required to comply with PRC and other applicable laws relating to privacy and cybersecurity. The improper\nuse or disclosure of data could have a material and adverse effect on our business and prospects.”\n\n \n\nIf we, our subsidiaries or the\nVIE and its subsidiaries (i) do not receive or maintain such permissions or approvals, (ii) inadvertently conclude that such permissions\nor approvals are not required, or (iii) applicable laws, regulations, or interpretations change, and we or the VIE or its subsidiaries\nare required to obtain such permissions or approvals in the future, we and our investors may face consequences as we may be unable to\nobtain such necessary approvals, permits, registrations or filings in a timely manner, or at all, and such approvals, permits, registrations\nor filings may be rescinded even if obtained. Any such circumstance may subject us to fines and other regulatory, civil or criminal liabilities,\nand we may be ordered by the competent PRC authorities to suspend relevant operations, which could materially and adversely affect our\nbusiness, financial condition, and results of operations and prospects. These risks could also result in a material adverse change in\nthe value of our ordinary shares, significantly limit or completely hinder our ability to offer or continue to offer securities to investors,\nor cause such securities to significantly decline in value or become worthless. For more detailed information, see “Item 3. Key\nInformation—D. Risk Factors—Risks Related to Doing Business in China—Failure to adhere to regulations that govern our\ncustomers’ businesses could result in breaches of contracts with our customers. Failure to adhere to the regulations that govern\nour business could result in our being unable to effectively perform our services.”\n\n \n\n**Cash and Asset Flows through Our Organization**\n\n \n\nPure Media, the VIEs and its consolidated\nsubsidiaries, or investors transfer funds through our organization under the applicable PRC laws and regulations. To the extent our cash\nin the business is in the PRC or a PRC entity, the funds may not be available to distribute dividends to our investors, or for other use\noutside of the PRC, due to interventions in or the imposition of restrictions and limitations by the PRC government on the ability of\nus, our subsidiaries, or the VIE to transfer cash. As of the date of this annual report, none of Infobird Cayman, its subsidiaries, the\nVIEs or their subsidiaries has written cash management policies or procedures in place that dictate how funds are transferred. Rather,\nthe funds can be transferred in accordance with the applicable PRC laws and regulations.\n\n \n\nxi\n\n \n\n \n\n*Transfer between Infobird Cayman and Pure Media*\n\n \n\nOur holding company, Infobird Cayman,\nand Hong Kong subsidiary, Pure Media, or the Non-PRC Entities, there is no restriction on foreign exchange for such entities and they\nare able to transfer cash among these entities, across borders and to U.S. investors. Also, there are no restrictions or limitations on\nthe abilities of the Non-PRC Entities to distribute earnings from the businesses, including the subsidiaries and/or the consolidated VIE,\nto Infobird Cayman or from Infobird Cayman to U.S. investors, as well as the ability to settle amounts owed under the Contractual Arrangements.\nFor more details, see “Item 3 Key Information—D. Risk Factors—Risks Related to Doing Business in China—PRC governmental\ncontrol of currency conversion may limit our ability to utilize our net revenues effectively and affect the value of your investment.”\n\n \n\n*Transfer between Infobird Cayman, Inforbird Technologies\nand Guangnian Zhiyuan*\n\n \n\nInfobird Cayman and Inforbird Technologies\nare holding companies and may rely on dividends from Guangnian Zhiyuan to fund cash and financing requirements. Cash transfers may also\nbe in the form of intercompany loans between the holding companies and Guangnian Zhiyuan. Under existing PRC foreign exchange regulations,\npayments of current account items, such as profit distributions and trade and service-related foreign exchange transactions, can be made\nin foreign currencies without prior approval from the State Administration of Foreign Exchange, or SAFE, by complying with certain procedural\nrequirements. Therefore, our PRC subsidiary, Guangnian Zhiyuan, is able to pay dividends in foreign currencies to us without prior approval\nfrom SAFE, subject to the condition that the remittance of such dividends outside of the PRC complies with certain routine procedures\nunder PRC foreign exchange regulations, such as the overseas investment registrations by shareholders who are PRC residents. Approval\nfrom or registration with appropriate government authorities is, however, required where the RMB is to be converted into foreign currency\nand remitted out of China to pay capital expenses such as the repayment of loans denominated in foreign currencies. The PRC government\nmay also at its discretion restrict access in the future to foreign currencies for current account transactions.\n\n \n\nFor our Hong Kong subsidiary, Inforbird\nTechnologies, and the holding company, Infobird Cayman, or the Non-PRC Entities, there is no restriction on foreign exchange for such\nentities and they are able to transfer cash among these entities, across borders and to U.S. investors. Also, there are no restrictions\nor limitations on the abilities of the Non-PRC Entities to distribute earnings from the businesses, including the subsidiaries and/or\nthe consolidated VIEs, to Infobird Cayman or from Infobird Cayman to U.S. investors, as well as the ability to settle amounts owed under\nthe Contractual Arrangements. For more details, see “Item 3 Key Information—D. Risk Factors—Risks Related to Doing Business\nin China—PRC governmental control of currency conversion may limit our ability to utilize our net revenues effectively and affect\nthe value of your investment.”\n\n \n\nAs of the date of this annual report,\nno dividends or distributions have been made to date between the holding company, Infobird Cayman, its subsidiaries, and the consolidated\nVIEs, or to investors, including the U.S. investors (i.e., there have not been any dividends or distributions that a subsidiary or consolidated\nVIEs have made to the holding company, Infobird Cayman, or to investors, including U.S. investors). The holding company, Infobird Cayman,\nits subsidiaries, and the consolidated VIEs do not have any plans to distribute earnings or dividends or settle amounts owed under the\nContractual Arrangements in the foreseeable future.\n\n \n\nTo the extent cash and/or assets\nin the business are in the PRC and/or Hong Kong or our PRC and/or Hong Kong entities, such funds and/or assets may not be available to\nfund operations or for other use outside of the PRC and/or Hong Kong due to interventions in or the imposition of restrictions and limitations\non the ability of us or our subsidiaries by the PRC government to transfer cash and/or assets. The cash transfer among the holding company,\nInfobird Cayman, its subsidiaries and the consolidated VIEs is typically transferred through payment for intercompany services or intercompany\nborrowings between the holding company, Infobird Cayman, its subsidiaries and the consolidated VIEs. There are no tax consequences for\nintercompany borrowings or the payment for intercompany services, except for the standard value added taxes and/or income taxes for the\nrevenues and/or profits generated from such services.\n\n \n\nxii\n\n \n\n \n\nDuring the fiscal years ended December\n31, 2025 and 2024, cash and other asset transfers between the holding company, Infobird Cayman, its subsidiaries, and the consolidated\nVIEs were as follows:\n\n \n\nDuring the Fiscal Year Ended December 31, 2025\n\nTransfer\nFrom\n \nTransfer To\n \nApproximate\nValue ($)\n \nType\n\nPure Media\n \nInfobird Cayman\n \n \n510,000\n \n \nCash Transfer\n\nInfobird Cayman\n \nInforbird Technologies\n \n \n330,000\n \n \nCash Transfer\n\nInforbird Technologies\n \nGuangnian Zhiyuan\n \n \n330,000\n \n \nCash Transfer\n\n \n\nDuring the Fiscal Year Ended December 31, 2024\n\nTransfer\nFrom\n \nTransfer To\n \nApproximate\nValue ($)\n \nType\n\nInfobird Cayman\n \nPure Media\n \n \n510,000\n \n \nAssets Transfer\n\nInfobird Cayman\n \nInforbird Technologies\n \n \n742,381\n \n \nCash Transfer\n\nInfobird Cayman\n \nGuangnian Zhiyuan\n \n \n431,579\n \n \nCash Transfer\n\nInforbird Technologies\n \nGuangnian Zhiyuan\n \n \n738,985\n \n \nCash Transfer\n\n \n\n**Financial Information Related to the VIE**\n\n \n\nThe following tables present\nthe disaggregated condensed consolidating schedules of financial position as of December 31, 2025 and 2024 and the disaggregated condensed\nconsolidating schedules of cash flows and results of operations for the years ended December 31, 2025 and 2024 of all the entities that\nare consolidated in the consolidated financial statements included elsewhere in this annual report, which are the following entities:\nInfobird Cayman, the VIEs and their consolidated subsidiaries, Pure Media which is the primary beneficiary of the VIE for accounting purposes,\nand other subsidiaries.\n\n \n\nxiii\n\n \n\n \n\n **UNAUDITED CONDENSED CONSOLIDATING BALANCE\nSHEETS**\n\n**AS OF DECEMBER 31, 2025**\n\n \n\n \n \nParent\n \nSingapore\n \nHK and its subsidiaries\n \nPure Tech\n \nPrimary Beneficiary of VIE-Pure Media\n \nVIEs\n \nEliminating adjustments\n \nConsolidated total\n\nAssets\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nCurrent assets:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nCash\n \n$\n112,953\n \n \n$\n—\n \n \n$\n90,566\n \n \n$\n—\n \n \n$\n3,641\n \n \n$\n4,906,157\n \n \n$\n—\n \n \n$\n5,113,317\n \n\nAccounts receivable, net\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n3,453,879\n \n \n \n—\n \n \n \n3,453,879\n \n\nNotes receivables, net\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n533,068\n \n \n \n—\n \n \n \n533,068\n \n\nOther receivables, net\n \n \n1,841,571\n \n \n \n—\n \n \n \n11,440\n \n \n \n—\n \n \n \n—\n \n \n \n234,607\n \n \n \n(1,838,208\n)\n \n \n249,410\n \n\nDue from related parties\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n4,003,947\n \n \n \n(4,003,947\n)\n \n \n—\n \n\nPrepayments\n \n \n1,440\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n227,105\n \n \n \n—\n \n \n \n228,545\n \n\nTotal current assets\n \n \n1,955,964\n \n \n \n—\n \n \n \n102,006\n \n \n \n—\n \n \n \n3,641\n \n \n \n13,358,763\n \n \n \n(5,842,155\n)\n \n \n9,578,219\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nOther assets:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nProperty and equipment, net\n \n \n—\n \n \n \n—\n \n \n \n637,041\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n637,041\n \n\nRight-of-use assets\n \n \n—\n \n \n \n—\n \n \n \n108,346\n \n \n \n—\n \n \n \n—\n \n \n \n269,115\n \n \n \n—\n \n \n \n377,461\n \n\nLong-term investment\n \n \n65,737,818\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n(65,737,818\n)\n \n \n—\n \n\nInvestment in subsidiaries\n \n \n7,752,421\n \n \n \n—\n \n \n \n—\n \n \n \n8,881,614\n \n \n \n—\n \n \n \n—\n \n \n \n(16,634,035\n)\n \n \n—\n \n\nControlling financial interests in VIEs\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n8,877,973\n \n \n \n—\n \n \n \n(8,877,973\n)\n \n \n—\n \n\nGoodwill\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n12,559,378\n \n \n \n12,559,378\n \n\nTotal other assets\n \n \n73,490,239\n \n \n \n—\n \n \n \n745,387\n \n \n \n8,881,614\n \n \n \n8,877,973\n \n \n \n269,115\n \n \n \n(78,690,448\n)\n \n \n13,573,880\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nTotal Assets\n \n$\n75,446,203\n \n \n$\n—\n \n \n$\n847,393\n \n \n$\n8,881,614\n \n \n$\n8,881,614\n \n \n$\n13,627,878\n \n \n$\n(84,532,603\n)\n \n$\n23,152,099\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nLiabilities and shareholder’s equity\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nCurrent liabilities:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nAccounts payable\n \n$\n—\n \n \n$\n—\n \n \n$\n—\n \n \n$\n—\n \n \n$\n—\n \n \n$\n3,318,162\n \n \n$\n—\n \n \n$\n3,318,162\n \n\nShort-term loans\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n662,955\n \n \n \n—\n \n \n \n662,955\n \n\nOther payables and accrued liabilities\n \n \n64,259\n \n \n \n—\n \n \n \n1,869,349\n \n \n \n—\n \n \n \n—\n \n \n \n84,837\n \n \n \n(1,838,208\n)\n \n \n180,237\n \n\nContract liabilities\n \n \n—\n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n—\n \n \n \n9,544\n \n \n \n—\n \n \n \n9,544\n \n\nTaxes payable\n \n \n—\n \n \n \n—\n \n \n \n163\n \n \n \n—\n \n \n \n—\n \n \n \n417,653\n \n \n \n—\n \n \n \n417,816\n \n\nLease liabilities - current\n \n \n—\n \n \n \n—\n \n \n \n70,739\n \n \n \n—\n \n \n \n—\n \n \n \n189,189\n \n \n \n—\n \n \n \n259,928\n \n\nTotal current liabilities\n \n \n64,259\n \n \n \n—\n \n \n \n1,940,251\n \n \n \n—\n \n \n \n—\n \n \n \n4,682,340\n \n \n \n(1,838,208\n)\n \n \n4,848,642\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nOther liabilities:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nLease liabilities - noncurrent\n \n \n—\n \n \n \n—\n \n \n \n36,335\n \n \n \n—\n \n \n \n—\n \n \n \n67,565\n \n \n \n—\n \n \n \n103,900\n \n\nTotal other liabilities\n \n \n—\n \n \n \n—\n \n \n \n36,335\n \n \n \n—\n \n \n \n—\n \n \n \n67,565\n \n \n \n—\n \n \n \n103,900\n \n\nTotal Liabilities\n \n$\n64,259\n \n \n$\n—\n \n \n$\n1,976,586\n \n \n$\n—\n \n \n$\n—\n \n \n$\n4,749,905\n \n \n$\n(1,838,208\n)\n \n$\n4,952,542\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nCommitments and contingencies\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nShareholders’ equity\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n\nTotal equity\n \n$\n75,381,944\n \n \n$\n—\n \n \n$\n(1,129,193\n)\n \n$\n8,881,614\n \n \n$\n8,881,614\n \n \n$\n8,877,973\n \n \n$\n(82,694,395\n)\n \n$\n18,199,557\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nTotal liabilities and equity\n \n$\n75,446,203\n \n \n$\n—\n \n \n$\n847,393\n \n \n$\n8,881,614\n \n \n$\n8,881,614\n \n \n$\n13,627,878\n \n \n$\n(84,532,603\n)\n \n$\n23,152,099\n \n\n \n\nxiv\n\n \n\n \n\n**UNAUDITED\nCONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME**\n\n**For\nthe Year Ended December 31, 2025**\n\n \n\n  \nParent \nSingapore \nHK\nand its subsidiaries \nPure\nTech \nPrimary\nBeneficiary of VIE-Pure Media \nVIEs \nEliminating\nadjustments \nTotal\n\nRevenues \n$—  \n$—  \n$—  \n$—  \n$—  \n$8,706,740  \n$—  \n$8,706,740 \n\nCost\nof revenues \n —  \n —  \n —  \n —  \n —  \n 6,138,198  \n —  \n 6,138,198 \n\n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nGross\nprofit \n —  \n —  \n —  \n —  \n —  \n 2,568,542  \n —  \n 2,568,542 \n\n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nOperating\nexpenses: \n    \n    \n    \n    \n    \n    \n    \n   \n\nSelling \n —  \n —  \n —  \n —  \n —  \n 1,504,483  \n —  \n 1,504,483 \n\nGeneral\nand administrative \n 769,210  \n —  \n 478,659  \n —  \n 1,127  \n 1,363,679  \n —  \n 2,612,675 \n\nResearch\nand development \n —  \n —  \n —  \n —  \n —  \n 97,518  \n —  \n 97,518 \n\nImpairment\nof goodwill \n —  \n —  \n —  \n —  \n —  \n —  \n 51,186,782  \n 51,186,782 \n\nTotal\noperating expenses \n 769,210  \n —  \n 478,659  \n —  \n 1,127  \n 2,965,680  \n 51,186,782  \n 55,401,458 \n\n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nLoss\nfrom operations \n (769,210) \n —  \n (478,659) \n —  \n (1,127) \n (397,138) \n (51,186,782) \n (52,832,916)\n\n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nOther\nincome (expense): \n    \n    \n    \n    \n    \n    \n    \n   \n\nInterest\nincome \n 1,202  \n —  \n 53  \n —  \n 5,874  \n 12,836  \n —  \n 19,965 \n\nInterest\nexpense \n (504,021) \n —  \n —  \n —  \n —  \n (95) \n —  \n (504,116)\n\nLoss\nfrom subsidiaries \n (980,868) \n —  \n —  \n (564,364) \n —  \n —  \n 1,545,232  \n — \n\nLoss\nfrom VIEs \n —  \n —  \n —  \n —  \n (568,969) \n —  \n 568,969  \n — \n\nOther\nincome (expense), net \n —  \n —  \n 62,102  \n —  \n —  \n (202,169) \n (167,962) \n (308,029)\n\nTotal\nother income\n (expense), net \n (1,483,687) \n —  \n 62,155  \n (564,364) \n (563,095) \n (189,428) \n 1,946,239  \n (792,180)\n\n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nIncome\n(loss) before income taxes \n (2,252,897) \n —  \n (416,504) \n (564,364) \n (564,222) \n (586,566) \n (49,240,543) \n (53,625,096)\n\n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nIncome\ntax expense \n —  \n —  \n —  \n —  \n —  \n —  \n —  \n — \n\n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nNet\nincome (loss) \n (2,252,897) \n —  \n (416,504) \n (564,364) \n (564,222) \n (586,566) \n (49,240,543) \n (53,625,096)\n\n  \n\nxv\n\n \n\n \n\n**UNAUDITED CONDENSED CONSOLIDATING STATEMENTS OF\nCASH FLOWS**\n\n**For\nthe Year Ended December 31, 2025**\n\n \n\n \n \nParent\n \nSingapore\n \nHK and its subsidiaries\n \nPure Tech\n \nPrimary Beneficiary of VIE-Pure Media\n \nVIEs\n \nEliminating adjustments\n \nTotal\n\nNet cash provided by operating activities\n \n$\n(730,979\n)\n \n$\n—\n \n \n$\n(244,858\n)\n \n$\n—\n \n \n$\n5,525\n \n \n$\n616,540\n \n \n$\n(167,962\n)\n \n$\n(521,734\n)\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nNet cash provided by investing activities\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nCash flows from financing activities:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nNet proceeds from short-term loans\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n645,024\n \n \n \n—\n \n \n \n645,024\n \n\nNet proceeds (payments) from intercompany\n \n \n180,000\n \n \n \n—\n \n \n \n268,523\n \n \n \n—\n \n \n \n(510,000\n)\n \n \n—\n \n \n \n61,477\n \n \n \n—\n \n\nNet cash provided by financing activities\n \n \n180,000\n \n \n \n—\n \n \n \n268,523\n \n \n \n—\n \n \n \n(510,000\n)\n \n \n645,024\n \n \n \n61,477\n \n \n \n645,024\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nNet increase (decrease) in cash and cash equivalents\n \n \n(550,979\n)\n \n \n—\n \n \n \n23,665\n \n \n \n—\n \n \n \n(504,475\n)\n \n \n1,261,564\n \n \n \n(106,485\n)\n \n \n123,290\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nEffect of exchange rate changes on cash & cash equivalents\n \n \n—\n \n \n \n—\n \n \n \n3,330\n \n \n \n—\n \n \n \n—\n \n \n \n186,487\n \n \n \n106,485\n \n \n \n296,302\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nCash and cash equivalents-beginning of Period\n \n \n663,932\n \n \n \n—\n \n \n \n63,571\n \n \n \n—\n \n \n \n508,116\n \n \n \n3,458,106\n \n \n \n—\n \n \n \n4,693,725\n \n\nCash and cash equivalents-ending of Period\n \n$\n112,953\n \n \n$\n—\n \n \n$\n90,566\n \n \n$\n—\n \n \n$\n3,641\n \n \n$\n4,906,157\n \n \n$\n—\n \n \n$\n5,113,317\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n NON-CASH INVESTING AND FINANCING ACTIVITIES:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nConvertible promissory notes converted to ordinary shares\n \n \n$\n 3,360,141\n \n \n$\n—\n \n \n$\n—\n \n \n$\n—\n \n \n$\n—\n \n \n$\n—\n \n \n$\n—\n \n \n$\n\n5,935,095\n\n \n\n \n\nxvi\n\n \n\n \n\n**UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEETS**\n\n**AS OF DECEMBER 31, 2024**\n\n \n\n \n \nParent\n \nSingapore\n \nHK and its subsidiaries\n \nPure Tech\n \nPrimary Beneficiary of VIE-Pure Media\n \nVIEs\n \nEliminating adjustments\n \nConsolidated total\n\nAssets\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nCurrent assets:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nCash\n \n$\n663,932\n \n \n$\n—\n \n \n$\n63,571\n \n \n$\n—\n \n \n$\n508,116\n \n \n$\n3,458,106\n \n \n$\n—\n \n \n$\n4,693,725\n \n\nAccounts receivable, net\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n3,859,493\n \n \n \n—\n \n \n \n3,859,493\n \n\nNotes receivables, net\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n928,856\n \n \n \n—\n \n \n \n928,856\n \n\nOther receivables, net\n \n \n2,020,452\n \n \n \n—\n \n \n \n10,960\n \n \n \n—\n \n \n \n778\n \n \n \n133,970\n \n \n \n(2,018,208\n)\n \n \n147,952\n \n\nDue from related parties\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n4,083,312\n \n \n \n(3,835,984\n)\n \n \n247,328\n \n\nPrepayments\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n167,173\n \n \n \n—\n \n \n \n167,173\n \n\nTotal current assets\n \n \n2,684,384\n \n \n \n—\n \n \n \n74,531\n \n \n \n—\n \n \n \n508,894\n \n \n \n12,630,910\n \n \n \n(5,854,192\n)\n \n \n10,044,527\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nOther assets:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nProperty and equipment, net\n \n \n—\n \n \n \n—\n \n \n \n781,624\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n781,624\n \n\nRight-of-use assets\n \n \n—\n \n \n \n—\n \n \n \n166,255\n \n \n \n—\n \n \n \n—\n \n \n \n350,188\n \n \n \n—\n \n \n \n516,443\n \n\nLong-term investment\n \n \n65,737,818\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n(65,737,818\n)\n \n \n—\n \n\nInvestment in subsidiaries\n \n \n8,398,809\n \n \n \n—\n \n \n \n—\n \n \n \n9,082,025\n \n \n \n—\n \n \n \n—\n \n \n \n(17,480,834\n)\n \n \n—\n \n\nControlling financial interests in VIEs\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n9,083,131\n \n \n \n—\n \n \n \n(9,083,131\n)\n \n \n—\n \n\nGoodwill\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n62,435,299\n \n \n \n62,435,299\n \n\nTotal other assets\n \n \n74,136,627\n \n \n \n—\n \n \n \n947,879\n \n \n \n9,082,025\n \n \n \n9,083,131\n \n \n \n350,188\n \n \n \n(29,866,484\n)\n \n \n63,733,366\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nTotal Assets\n \n$\n76,821,011\n \n \n$\n—\n \n \n$\n1,022,410\n \n \n$\n9,082,025\n \n \n$\n9,592,025\n \n \n$\n12,981,098\n \n \n$\n(35,720,676\n)\n \n$\n73,777,893\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nLiabilities and shareholder’s equity\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nCurrent liabilities:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nAccounts payable\n \n$\n—\n \n \n$\n—\n \n \n$\n—\n \n \n$\n—\n \n \n$\n—\n \n \n$\n2,787,656\n \n \n$\n—\n \n \n$\n2,787,656\n \n\nOther payables and accrued liabilities\n \n \n24,671\n \n \n \n—\n \n \n \n1,536,888\n \n \n \n—\n \n \n \n510,000\n \n \n \n207,558\n \n \n \n(2,018,208\n)\n \n \n260,909\n \n\nContract liabilities\n \n \n—\n \n \n \n—\n \n \n \n \n \n \n \n—\n \n \n \n—\n \n \n \n37,316\n \n \n \n—\n \n \n \n37,316\n \n\nTaxes payable\n \n \n—\n \n \n \n—\n \n \n \n777\n \n \n \n—\n \n \n \n—\n \n \n \n528,173\n \n \n \n—\n \n \n \n528,950\n \n\nLease liabilities - current\n \n \n—\n \n \n \n—\n \n \n \n65,379\n \n \n \n—\n \n \n \n—\n \n \n \n133,818\n \n \n \n—\n \n \n \n199,197\n \n\nTotal current liabilities\n \n \n24,671\n \n \n \n—\n \n \n \n1,603,044\n \n \n \n—\n \n \n \n510,000\n \n \n \n3,694,521\n \n \n \n(2,018,208\n)\n \n \n3,814,028\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nOther liabilities:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nLease liabilities - noncurrent\n \n \n—\n \n \n \n—\n \n \n \n102,582\n \n \n \n—\n \n \n \n—\n \n \n \n203,446\n \n \n \n—\n \n \n \n306,028\n \n\nOther liabilities\n \n \n2,856,120\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n2,856,120\n \n\nTotal other liabilities\n \n \n2,856,120\n \n \n \n—\n \n \n \n102,582\n \n \n \n—\n \n \n \n—\n \n \n \n203,446\n \n \n \n—\n \n \n \n3,162,148\n \n\nTotal Liabilities\n \n$\n2,880,791\n \n \n$\n—\n \n \n$\n1,705,626\n \n \n$\n—\n \n \n$\n510,000\n \n \n$\n3,897,967\n \n \n$\n(2,018,208\n)\n \n$\n6,976,176\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nCommitments and contingencies\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nShareholders’ equity\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n\nTotal equity\n \n$\n73,940,220\n \n \n$\n—\n \n \n$\n(683,216\n)\n \n$\n9,082,025\n \n \n$\n9,082,025\n \n \n$\n9,083,131\n \n \n$\n(33,702,468\n)\n \n$\n66,801,717\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nTotal liabilities and equity\n \n$\n76,821,011\n \n \n$\n—\n \n \n$\n1,022,410\n \n \n$\n9,082,025\n \n \n$\n9,592,025\n \n \n$\n12,981,098\n \n \n$\n(35,720,676\n)\n \n$\n73,777,893\n \n\n \n\nxvii\n\n \n\n \n\n**UNAUDITED\nCONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME**\n\n**For\nthe Year Ended December 31, 2024**\n\n \n\n \n \nParent\n \nSingapore\n \nHK and its subsidiaries\n \nPure Tech\n \nPrimary Beneficiary of VIE-Pure Media\n \nVIEs\n \nEliminating adjustments\n \nTotal\n\nRevenues\n \n$\n—\n \n \n$\n—\n \n \n$\n20,000\n \n \n$\n—\n \n \n$\n—\n \n \n$\n1,417,848\n \n \n$\n—\n \n \n$\n1,437,848\n \n\nCost of revenues\n \n \n—\n \n \n \n—\n \n \n \n18,400\n \n \n \n—\n \n \n \n—\n \n \n \n826,836\n \n \n \n—\n \n \n \n845,236\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nGross profit\n \n \n—\n \n \n \n—\n \n \n \n1,600\n \n \n \n—\n \n \n \n—\n \n \n \n591,012\n \n \n \n—\n \n \n \n592,612\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nOperating expenses:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nSelling\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n438,596\n \n \n \n—\n \n \n \n438,596\n \n\nGeneral and administrative\n \n \n1,058,757\n \n \n \n—\n \n \n \n653,950\n \n \n \n—\n \n \n \n3,328\n \n \n \n157,611\n \n \n \n—\n \n \n \n1,873,646\n \n\nResearch and development\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n15,074\n \n \n \n—\n \n \n \n15,074\n \n\nTotal operating expenses\n \n \n1,058,757\n \n \n \n—\n \n \n \n653,950\n \n \n \n—\n \n \n \n3,328\n \n \n \n611,281\n \n \n \n—\n \n \n \n2,327,316\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nLoss from operations\n \n \n(1,058,757\n)\n \n \n—\n \n \n \n(652,350\n)\n \n \n—\n \n \n \n(3,328\n)\n \n \n(20,269\n)\n \n \n—\n \n \n \n(1,734,704\n)\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nOther income (expense):\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nInterest income\n \n \n192,294\n \n \n \n—\n \n \n \n103\n \n \n \n—\n \n \n \n1,361\n \n \n \n6,772\n \n \n \n—\n \n \n \n200,530\n \n\nInterest expense\n \n \n(546,525\n)\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n(546,525\n)\n\nLoss from subsidiaries\n \n \n(714,841\n)\n \n \n—\n \n \n \n—\n \n \n \n(45,753\n)\n \n \n—\n \n \n \n—\n \n \n \n760,594\n \n \n \n—\n \n\nLoss from VIEs\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n(45,244\n)\n \n \n—\n \n \n \n45,244\n \n \n \n—\n \n\nOther income (expense), net\n \n \n—\n \n \n \n—\n \n \n \n(16,841\n)\n \n \n—\n \n \n \n—\n \n \n \n(12,138\n)\n \n \n30,191\n \n \n \n1,212\n \n\nTotal other income\n (expense), net\n \n \n(1,069,072\n)\n \n \n—\n \n \n \n(16,738\n)\n \n \n(45,753\n)\n \n \n(43,883\n)\n \n \n(5,366\n)\n \n \n836,029\n \n \n \n(344,783\n)\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nIncome (loss) before income taxes\n \n \n(2,127,829\n)\n \n \n—\n \n \n \n(669,088\n)\n \n \n(45,753\n)\n \n \n(47,211\n)\n \n \n(25,635\n)\n \n \n836,029\n \n \n \n(2,079,487\n)\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nIncome tax expense\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n21,008\n \n \n \n—\n \n \n \n21,008\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nNet income (loss)\n \n \n(2,127,829\n)\n \n \n—\n \n \n \n(669,088\n)\n \n \n(45,753\n)\n \n \n(47,211\n)\n \n \n(46,643\n)\n \n \n836,029\n \n \n \n(2,100,495\n)\n\n \n\nxviii\n\n \n\n \n\n**UNAUDITED CONDENSED CONSOLIDATING STATEMENTS OF\nCASH FLOWS**\n\n**For the\nYear Ended December 31, 2024**\n\n \n\n \n \nParent\n \nSingapore\n \nHK and its subsidiaries\n \nPure Tech\n \nPrimary Beneficiary of VIE-Pure Media\n \nVIEs\n \nEliminating adjustments\n \nTotal\n\nNet cash provided by operating activities\n \n$\n3,855,020\n \n \n$\n—\n \n \n$\n(412,373\n)\n \n$\n—\n \n \n$\n(1,884\n)\n \n$\n(219,065\n)\n \n$\n30,190\n \n \n$\n3,251,888\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nCash flows from investing activities:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nCash deposit in escrow account\n \n \n(5,114,000\n)\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n(5,114,000\n)\n\nCash received from escrow account\n \n \n5,000,000\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n5,000,000\n \n\nLoan to third party\n \n \n(7,500,000\n)\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n(7,500,000\n)\n\nCash proceeds from acquisition Pure Tech\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n4,212,977\n \n \n \n4,212,977\n \n\nAcquisitions of property, plant and equipment\n \n \n—\n \n \n \n—\n \n \n \n(768,803\n)\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n(768,803\n)\n\nLong-term investment in equity\n \n \n—\n \n \n \n—\n \n \n \n(100,060\n)\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n(100,060\n)\n\nNet cash provided by investing activities\n \n \n(7,614,000\n)\n \n \n—\n \n \n \n(868,863\n)\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n4,212,977\n \n \n \n(4,269,886\n)\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nCash flows from financing activities:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nNet proceeds (payments) from intercompany\n \n \n(1,322,425\n)\n \n \n—\n \n \n \n1,341,023\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n(18,598\n)\n \n \n—\n \n\nNet proceeds from issuance of ordinary shares\n \n \n5,697,396\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n5,697,396\n \n\nNet cash provided by financing activities\n \n \n4,374,971\n \n \n \n—\n \n \n \n1,341,023\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n(18,598\n)\n \n \n5,697,396\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nNet increase (decrease) in cash and cash equivalents\n \n \n615,991\n \n \n \n—\n \n \n \n59,787\n \n \n \n—\n \n \n \n(1,884\n)\n \n \n(219,065\n)\n \n \n4,224,569\n \n \n \n4,679,398\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nEffect of exchange rate changes on cash & cash equivalents\n \n \n—\n \n \n \n—\n \n \n \n(934\n)\n \n \n—\n \n \n \n—\n \n \n \n(25,806\n)\n \n \n(11,592\n)\n \n \n(38,332\n)\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nCash and cash equivalents-beginning of Period\n \n \n47,941\n \n \n \n—\n \n \n \n4,718\n \n \n \n—\n \n \n \n510,000\n \n \n \n3,702,977\n \n \n \n(4,212,977\n)\n \n \n52,659\n \n\nCash and cash equivalents-ending of Period\n \n$\n663,932\n \n \n$\n—\n \n \n$\n63,571\n \n \n$\n—\n \n \n$\n508,116\n \n \n$\n3,458,106\n \n \n$\n—\n \n \n$\n4,693,725\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nNON-CASH INVESTING AND FINANCING ACTIVITIES:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nThird parties paid for consideration for Pure Media\n \n$\n59,784,723\n \n \n$\n—\n \n \n$\n—\n \n \n$\n—\n \n \n$\n—\n \n \n$\n—\n \n \n$\n—\n \n \n$\n59,784,723\n \n\nEscrow account transit to Pure Tech before acquiring\n \n$\n510,000\n \n \n$\n—\n \n \n$\n—\n \n \n$\n—\n \n \n$\n—\n \n \n$\n—\n \n \n$\n—\n \n \n$\n510,000\n \n\nAcquisition of Pure Tech by issuing convertible promissory notes\n \n$\n5,935,095\n \n \n$\n—\n \n \n$\n—\n \n \n$\n—\n \n \n$\n—\n \n \n$\n—\n \n \n$\n—\n \n \n$\n5,935,095\n \n\n Convertible promissory notes converted to ordinary shares\n \n$\n3,643,500 \n \n \n$\n—\n \n \n$\n—\n \n \n$\n—\n \n \n$\n—\n \n \n$\n—\n \n \n$\n—\n \n \n$\n\n5,935,095\n\n \n\n \n\nxix\n\n \n\n \n\n**FORWARD-LOOKING STATEMENTS AND RISK FACTORS SUMMARY**\n\n \n\nThis annual report on Form 20-F contains forward-looking\nstatements that reflect our current expectations and views of future events. Known and unknown risks, uncertainties and other factors,\nincluding those listed under “Item 3. Key Information—D. Risk Factors”, may cause our actual results, performance or\nachievements to be materially different from those expressed or implied by the forward-looking statements.\n\n \n\nYou can identify some of\nthese forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,”\n“aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,”\n“potential,” “continue” or other similar expressions. We have based these forward-looking statements largely on\nour current expectations and projections about future events that we believe may affect our financial condition, results of operations,\nbusiness strategy and financial needs. Factors that could cause our actual results, performance or achievements to be materially different\nfrom those expressed or implied by the forward-looking statements, include, but are not limited to, the factors summarized below, which\nalso summarize some of the principal risks that could adversely affect our business, financial condition, results of operations or cash\nflows and prospects. This summary is not complete and the risks summarized below are not the only risks we face. These risks are discussed\nmore fully further below in “Item 3. Key Information—D. Risk Factors”. These risks include, but are not limited to,\nthe following:\n\n \n\n**Risks Related to Our Corporate Structure**\n\n \n\n \n●\nWe depend upon the Contractual Arrangements in conducting our business in China, which may not be as effective as direct ownership. The Contractual Arrangements are not equivalent to equity ownership in the business of the VIE. Neither the investors in Infobird Cayman, the Cayman Islands holding company, nor Infobird Cayman itself have an equity ownership in, direct foreign investment in, or control of, through such ownership or investment, the VIE. Further, the Contractual Arrangements have not been tested in a court of law, including in China courts.\n\n \n \n \n\n \n●\nWe may not be able to consolidate the operations and financial results of some of our affiliated companies or such consolidation could materially and adversely affect our operating results and financial condition.\n\n \n \n \n\n \n●\nWe conduct our business through Pinmu Century by means of Contractual Arrangements. If the PRC courts or administrative authorities determine that these Contractual Arrangements do not comply with applicable regulations, we could be subject to severe penalties and our business could be adversely affected. In addition, changes in or different interpretations of such PRC laws and regulations may also materially and adversely affect our business.\n\n \n \n \n\n \n●\nBecause we rely on the Contractual Arrangements for our revenue, the termination of these agreements would severely and detrimentally affect our continuing business viability under our current corporate structure.\n\n \n \n \n\n \n●\nContractual arrangements in relation to the VIE may be subject to scrutiny by the PRC tax authorities and they may determine that we or the VIE owes additional taxes, which could negatively affect our financial condition and the value of your investment.\n\n \n \n \n\n \n●\nOur current corporate structure and business operations may be affected by the relatively newly enacted Foreign Investment Law.\n\n \n \n \n\n \n●\nThe shareholders of the VIE may have actual or potential conflicts of interest with us and as a result may refuse to perform, or may breach, the Contractual Arrangements, which may materially and adversely affect our business and financial condition.\n\n \n\n \n**Risks Related to Doing Business in China**\n\n \n \n \n\n \n●\nThe recent joint statement by the SEC and the Public Company Accounting Oversight Board, or the PCAOB, proposed rule changes submitted by Nasdaq, and the Holding Foreign Companies Accountable Act, or the HFCAA, all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially non-U.S. auditors who are not inspected by the PCAOB.\n\n \n\nxx\n\n \n\n \n\n \n●\nOur operations are located in, China through our subsidiaries, the VIE and its subsidiaries. Our ability to operate in China may be impaired by changes in Chinese laws and regulations, including those relating to taxation, environmental regulation, restrictions on foreign investment, and other matters. Substantially all of our assets and operations are located in China. Accordingly, our business, financial condition, results of operations and prospects may be influenced to a significant degree by political, economic and social conditions in China generally and therefore by the significant discretion of Chinese governmental authorities. The Chinese government may exercise significant oversight and discretion over offerings that are conducted overseas and the conduct of our business, may intervene in or influence our operations at any time, and may exert more control over foreign investment in China-based issuers, which could result in a material change in our operations and/or the value of our ordinary shares, and significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless.\n\n \n\n \n●\nChanges in China’s economic, political or social conditions or government policies could have a material adverse effect on our business and operations.\n\n \n \n \n\n \n●\nUncertainties with respect to China’s legal system could materially and adversely affect us. There are risks arising from the legal system in China, including risks and uncertainties regarding the enforcement of laws. In particular, there are uncertainties regarding the interpretation and enforcement of PRC laws, rules and regulations, and changes in policies, laws, rules and regulations in the PRC could adversely affect us. Most of our operations are conducted in the PRC, and are governed by PRC laws, rules and regulations. China has not developed a fully integrated legal system, and enacted laws, rules and regulations may not sufficiently cover all aspects of economic activities in China or may be subject to a significant degree of interpretation by PRC regulatory agencies and courts. Further, rules and regulations in China can change quickly with little advance notice. In particular, because these laws, rules and regulations are relatively new and quickly evolving, and because of the limited number of published decisions and the non-precedential nature of these decisions, and because the laws, rules and regulations often give the relevant regulator certain discretion in how to enforce them, the interpretation and enforcement of these laws, rules and regulations involve uncertainties and can be inconsistent and unpredictable. In addition, the PRC legal system is based in part on government policies and internal rules, some of which are not published on a timely basis or at all, and which may have a retroactive effect. Therefore, we may not be aware of our violation of these policies and rules until after the occurrence of the violation, which could result in a material change in our operations and/or the value of our ordinary shares.\n\n \n \n \n\n \n●\nChanges in international trade policies, trade disputes, barriers to trade, or the emergence of a trade war may dampen growth in China and may have a material adverse effect on our business.\n\n \n \n \n\n \n●\nOur business generates and processes a large amount of data, and we are required to comply with PRC and other applicable laws relating to privacy and cybersecurity. The improper use or disclosure of data could have a material and adverse effect on our business and prospects.\n\n \n \n \n\n \n●\nWe may rely on dividends and other distributions on equity paid by our PRC subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business.\n\n \n \n \n\n \n●\nPRC governmental control of currency conversion may limit our ability to utilize our net revenues effectively and affect the value of your investment.\n\n \n \n \n\n \n**Risks Related to Our Business and Industry, Risks Related to Intellectual Property and Risks Related to Our Ordinary Shares**\n\n \n\nxxi\n\n \n\n \n\n \n●\nWe generate a significant portion of our revenues primarily from a few major customers, and loss of business from such customers could reduce our revenues and significantly harm our business.\n\n \n \n \n\n \n●\nWe operate in highly competitive markets and the size and resources of many of our competitors may allow them to compete more effectively than we can, preventing us from achieving profitability.\n\n \n \n \n\n \n●\nWe face risks related to natural disasters, health epidemics and other outbreaks, specifically the coronavirus, which could significantly disrupt our operations.\n\n \n \n \n\n \n●\nIf we are not able to adequately protect our proprietary intellectual property and information, and protect against third party claims that we are infringing on their intellectual property rights, our results of operations could be adversely affected.\n\n \n\nYou should read this annual report and the documents\nthat we refer to in this annual report and have filed as exhibits to this annual report completely and with the understanding that our\nactual future results may be materially different from what we expect. Other sections of this annual report discuss factors which could\nadversely impact our business and financial performance. Moreover, we operate in an evolving environment. New risk factors emerge from\ntime to time and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our\nbusiness or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained\nin any forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.\n\n \n\nYou should not rely upon forward-looking statements\nas predictions of future events. The forward-looking statements made in this annual report relate only to events or information as of\nthe date on which the statements are made in this annual report. Except as required by law, we undertake no obligation to update or revise\npublicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the\nstatements are made or to reflect the occurrence of unanticipated events.\n\n \n\nxxii\n\n \n\n \n\n**PART I**"}