Company: FOXX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043597
Chunk: 30

Company: Foxx Development Holdings Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 30
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    Add: net increase in current period contract asset 
     434,910  
     1,021,232  
     1,663,773  
     1,688,625 
  
    Less: inventory recognized from beginning contract asset 
     (374,404) 
     (1,069,466) 
     (1,682,289) 
     - 
  
    Total contract assets as the end of the period 
    $1,663,773  
    $1,688,625  
    $1,663,773  
    $1,688,625 

Note 8 — Prepaid expenses and
other current assets

As of March 31, 2025 and
June 30, 2024, prepaid expenses and other current assets consist of the following:

    March 31,  2025  
    June 30,  2024 

    (Audited) 
  
    Other receivables 
    $25,674  
    $10,881 
  
    Prepaid rent 
     355,677  
     - 
  
    Prepaid research and development fees 
     251,071  
     - 
  
    Prepaid insurance 
     311,761  
     - 
  
    Prepaid professional fee 
     130,558  

    Other prepaid expenses 
     100,694  
     33,235 
  
    Total prepaid expenses and other current assets 
    $1,175,435  
    $44,116 

Note 9 — Property and equipment,
net

As of March 31, 2025 and
June 30, 2024, property and equipment, net consist of the following:

    March 31,  2025  
    June 30,  2024 

    (Audited) 
  
    Computer and office equipment 
    $12,580  
    $9,942 
  
    Equipment 
     30,697  
     - 
  
    Furniture and fixtures 
     3,432  
     3,432 
  
    Vehicles 
     191,091  
     191,091 
  
    Subtotal 
     237,800  
     204,465 
  
    Less: accumulated depreciation 
     (94,297)