Company: FOXX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043597
Chunk: 153

Company: Foxx Development Holdings Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 153
---
 4.16
    %
  
    Term
     
    Observable

    0.25 Years

    0.76 Years

The following table summarizes
the activity for the Company’s Level 3 instruments measured at fair value on a recurring basis:

    Earnout Liabilities 
  
    Balance as of June 30, 2024 
    $     - 
  
    Issuances – September 26, 2024 
     5,688,007 
  
    Change in fair value 
     (5,687,989)
  
    Balance as of March 31, 2025 (Unaudited) 
    $18 

Note 18 — Concentrations of
risks

(a) Major customers

For the three months ended
March 31, 2025, four customers, customer B, customer C, customer D, and customer E, which are the third parties of the Company, accounted
for 32%, 20%, 20% and 13%, respectively, of the Company’s total revenues.

For the three months
ended March 31, 2024, two customers, customer A and customer B, which are the third parties of the Company, accounted for 62% and 34%
of the Company’s total revenues.

For the nine months ended
March 31, 2025, three customers, customer A, customer B and customer C, which are the third parties of the Company, accounted for 27%,
29% and 23%, respectively, of the Company’s total revenues.

For the nine months ended
March 31, 2024, two customers, customer A and customer B, which are the third parties of the Company, accounted for 73% and 26% of the
Company’s total revenues.

(b) Major suppliers

For the three months ended
March 31, 2025, one supplier, supplier A, which is a third party of the Company, accounted for 92% of the Company’s total purchases. 

25

For the three months
ended March 31, 2024, one supplier, supplier A, which is a third party of the Company, accounted for 94% of the Company’s total
purchases.

For the nine months ended
March 31, 2025, one supplier, supplier A, which is a third party of the Company, accounted for 93% of the Company’s total