Company: FOXX
Filing Date: 2025-01-10
Form Type: S-1
Source: 0001213900-25-002199
Chunk: 197

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-10
Form: S-1
Chunk 197
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    609,229 |
| Add: net increase in current period contract liabilities     |     |   |    649,450 |     |   |         27 |
| Less: revenue recognized from beginning contract liabilities |     |   |         27 |     |   |    609,229 |
| Total contract liabilities as the end of the period          |     | $ |    649,450 |     | $ |         27 |

Note 11 — Related party balances and transactions

Related party balances

| Name of Related Party |     | Relationship                           |     | Nature              |     | June 30, 
 2024     |     |      |     | June 30, 
 2023     |   |
|:----------------------|:----|:---------------------------------------|:----|:--------------------|:----|:---------|----:|:-----|:----|:---------|:--|
| Company A             |     | Owned by the executives of the Company |     | Paid on behalf fees |     | $        | 140 | ​(1) |     | $        | — |

____________

(1)

Other payable — related party

|              | Name of Related Party |                                                                           | Relationship |                               | Nature |   | June 30, 
     2024 |     |   | June 30, 
     2023 |
|:-------------|:----------------------|:--------------------------------------------------------------------------|:-------------|:------------------------------|:-------|:--|---------:|:----|:--|---------:|
| Company A(1) |                       | Owned by the executives of the Company                                    |              | Consulting fees               |        | $ |        — |     | $ |   25,000 |
| Company B(2) |                       | Controlled by the immediate family member of the executive of the Company |              | Research and development fees |        | $ |   51,168 |     |   |        — |

____________ (1) On September 1, 2022, the Company entered into a consulting agreement to receive consulting services provided by a consulting company which is owned by the executives of the Company. (2) On September 1, 2022, the Company entered into an agreement with Company B for the research and development project.

F-46

FOXX DEVELOPMENT INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 11 — Related party balances and transactions (cont.)

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