Company: FOXX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043597
Chunk: 156

Company: Foxx Development Holdings Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 156
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200 
  
    Less: discount 
     (118,712)
  
    Present value of operating lease liabilities 
     1,153,488 
  
    Operating lease liabilities, current portion 
     (209,410)
  
    Operating lease liabilities, non-current portion 
    $944,078 

Operating lease expenses
consist of the following:

    Operating lease cost 
    Classification 
    For the  Three Months Ended March 31, 2025  
    For the  Three Months Ended March 31, 2024 

    (Unaudited)  
    (Unaudited) 
  
    Lease expenses 
    General, and administrative 
    $63,808  
    $11,863 
  
    Lease expenses – short term 
    General, and administrative 
     3,041  
     1,286 
  
    Total operating lease cost 
      
    $66,849  
    $13,149 

    Operating lease cost 
    Classification 
    For the  Nine Months Ended March 31, 2025  
    For the  Nine Months Ended March 31, 2024 

    (Unaudited)  
    (Unaudited) 
  
    Lease expenses 
    General, and administrative 
    $181,181  
    $23,725 
  
    Lease expenses – short term 
    General, and administrative 
     10,941  
     20,851 
  
    Total operating lease cost 
      
    $192,122  
    $44,576 

For the nine months ended
March 31, 2025 and 2024, $123,471 and $19,019 of cash were used for operating lease liabilities, respectively.   

27

Note 20 — Commitments and contingencies

Contingencies

From time to time, the Company
is a party to certain legal proceedings, as well as certain asserted and un-asserted claims. Amounts accrued, as well as the total amount
of reasonably possible losses with respect to such matters, individually and in the aggregate, are not deemed to be material to the unaudited
condensed consolidated financial statements.

On November 22, 2024,
a plaintiff filed Semensato v. Foxx Development Holdings Inc., et al., No. 2024-1200 (Del. Ch. Ct.), a class action complaint