Company: FOXX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043597
Chunk: 32

Company: Foxx Development Holdings Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 32
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    2025  
    2024  
    2025  
    2024 
  
    Balance, beginning of the period 
    $784,157  
    $-  
    $649,450  
    $27 
  
    Add: net increase in current period contract liabilities 
     211,072  
     89,750  
     211,072  
     89,750 
  
    Less: revenue recognized from beginning contract liabilities 
     (784,157) 
     -  
     (649,450) 
     (27)
  
    Total contract liabilities 
    $211,072  
    $89,750  
    $211,072  
    $89,750 

Note 12 — Related party balances
and transactions

Related party balances

Amount due from related party

  Name of Related Party  Relationship  Nature  March 31, 2025   June 30, 2024                (Audited)   Azure Horizon LLC (“Azure”)  Owned by an immediate family member of the Company’s 10% or more shareholder  Paid on behalf fees  $-   $140  

17

Other payable — related
party

Other payable — related
party consists of the following:

  Name of Related Party  Relationship  Nature  March 31,  2025   June 30,  2024                (Audited)   Wuhan Haoxun Communication Technology Co. Ltd (“Wuhan Haoxun”)(1)  Controlled by an immediate family member of the Company’s 10% or more shareholder  Research and development fees  $142,336   $51,168   Acri Capital Sponsor LLC  More than 10%  Shareholder of the Company  Unconverted working capital loan balance in ACAC   249,404    -   Total        $391,740   $51,168  

  (1) On September 1, 2022, the Company entered into an agreement with Company A for the research and development project. 

Related party transactions

Research and development expenses

  Name of Related Party  Relationship  For the Three Months Ended March 31,  2025   For the Three Months Ended March 31,