Company: FOXX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043597
Chunk: 31

Company: Foxx Development Holdings Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 31
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     (61,846)
  
    Total property and equipment, net 
    $143,503  
    $142,619 

Depreciation expense for
the three months ended March 31, 2025 and 2024 amounted to $12,364 and $10,030, respectively. Depreciation expense for the nine months
ended March 31, 2025 and 2024 amounted to $35,951 and $29,713, respectively.

16

Note 10 — Other payables and
accrued liabilities

As of March 31, 2025 and
June 30, 2024, other payables and accrued liabilities consist of the following:

    March 31,  2025  
    June 30,  2024 

    (Audited) 
  
    Payroll and payable tax payable 
    $3,420  
    $50,554 
  
    Interest payable 
     1,606,775  
     267,945 
  
    Professional fee payable 
     236,997  
     59,473 
  
    Accrued warranty expenses 
     361,960  
     48,361 
  
    Research and development fee payable 
     330,917  
     - 
  
    Excise tax payable* 
     556,620  
     - 
  
    Others 
     99,056  
     41,892 
  
    Total other payables and accrued liabilities 
    $3,195,745  
    $468,225 

  * These balances were carried from ACAC, and payable by the Company,
as a result on 1% excise tax on certain repurchases (including redemptions) of stock by publicly traded U.S. domestic corporations and
certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023 under the Inflation Reduction
Act of 2022. 

Note 11 — Contract liabilities

Contract liabilities consist
of customer deposits, which is recorded on the consolidated balance sheets when the Company has received consideration, or has the right
to receive consideration, in advance of transferring the performance obligations under the contract to the customer.

The following table presents
the Company’s contract liabilities balances and changes therein:

    Three Months Ended March 31  
    Nine Months Ended March 31