Company: FOXX
Filing Date: 2025-01-24
Form Type: 424B3
Source: 0001213900-25-006111
Chunk: 196

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-24
Form: 424B3
Chunk 196
---
 modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023 -09also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual consolidated financial statements that have not yet been issued or made available for issuance. ASU 2023 -09should be applied on a prospective basis, but retrospective application is permitted. The Company continuously evaluates the potential impact of adopting this new guidance on the consolidated financial statements and related disclosures and does not believe it will have a material impact on the presentation of the consolidated financial statements. Note 4 — Accounts receivable As of June 30, 2024 and 2023, accounts receivable consist of the following:

|                                   |     | June 30, 
 2024     |         |     | June 30, 
 2023     |   |
|:----------------------------------|:----|:---------|--------:|:----|:---------|:--|
| Accounts receivable               |     | $        | 251,894 |     | $        | — |
| Less: allowance for credit losses |     |          |       — |     |          | — |
| Accounts receivable, net          |     | $        | 251,894 |     | $        | — |

F-44

FOXX DEVELOPMENT INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 5 — Inventories As of June 30, 2024 and 2023, inventories consist of the following:

|                   |     | June 30, 
 2024     |           |     | June 30, 
 2023     |   |
|:------------------|:----|:---------|----------:|:----|:---------|:--|
| Finished goods    |     | $        | 1,768,072 |     | $        | — |
| Total inventories |     | $        | 1,768,072 |     | $        | — |

Note 6 — Contract assets As of June 30, 202