Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 625

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 2
Chunk 625
---
 end of the year 
    $454,842  
    $1,682,289 

F-20

Note 8
— Prepaid expenses and other current assets

As
of June 30, 2025 and 2024, prepaid expenses and other current assets consist of the following:

    June 30,
     2025  
    June 30,
     2024 

    Other
    receivables, net (1) 
    $177,814  
    $10,881 
  
    Prepaid
    rent 
     355,677  
     - 
  
    Prepaid
    research and development fees 
     198,328  
     - 
  
    Prepaid
    insurance 
     153,659  
     - 
  
    Prepaid
    professional fee 
     96,839  
     - 
  
    Prepayment
    to be refunded, net (2) 
     1,116,116  
     - 
  
    Advances
    to a third party 
     19,500  
     - 
  
    Other
    prepaid expenses 
     37,161  
     33,235 
  
    Less:
    allowance for credit losses 
     (317,282) 
     - 
  
    Total
    prepaid expenses and other current assets 
    $1,837,812  
    $44,116 

(1)This
represents receivables from payments made on behalf of a vendor and other fee and freight claim receivables. $48,317 allowance for credit
losses was recorded for the balances due to aging of the receivables.

(2)This represents prepayment to be refunded resulting from the cancellation of purchase orders. $268,965 allowance for credit losses was recorded for the balances due to aging of the prepayments.

For
the years ended June 30, 2025 and 2024, the Company recognized $317,282 and $0 on provision for allowance on credit losses, respectively.

Movement
of allowance for credit losses consisted of the following as of the date indicated:

    June
    30,  
    June
    30, 

    2025  
    2024 

    Balance as
    of the beginning of the year 
    $-  
    $- 
  
    Addition