Company: FOXX
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014221
Chunk: 133

Company: Foxx Development Holdings Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 8
Chunk 133
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.2%

    Stock price 
    Observable 
    $5.71  
    $11.20 

    Risk-free rate 
    Observable 
     4.24% 
     4.16%

    Term 
    Observable 
     0.50 Years  
     0.76 Years 

23

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 
     (4,655,722)
  
    Balance as of December 31, 2024 (Unaudited) 
    $1,032,285 

Note 18 — Concentrations of
risks

(a) Major customers

For the three months ended
December 31, 2024, three customers, customer C, customer A and customer D, which are the third parties of the Company, accounted for 54%,
30% and 10%, respectively, of the Company’s total revenues.

For the three months
ended December 31, 2023, two customers, customer A and customer B, which are the third parties of the Company, accounted for 79%
and 21% of the Company’s total revenues.

For the six months ended
December 31, 2024, three customers, customer A, customer B and customer C, which are the third parties of the Company, accounted for 35%,
28% and 23%, respectively, of the Company’s total revenues.

For the six months ended
December 31, 2023, two customers, customer A and customer B, which are the third parties of the Company, accounted for 79% and 21%
of the Company’s total revenues.

(b) Major suppliers

For the three months ended
December 31, 2024, one supplier, supplier A, which is a third party of the Company, accounted for 90% of the Company’s total purchases. 

For the three months
ended December 31, 2023, one supplier, supplier A, which is a third party of the Company, accounted for 100% of the Company’s
total purchases.

For the six months ended
December 31