Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 624

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 2
Chunk 624
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3033.

Note 5
— Accounts receivable, net

As
of June 30, 2025 and 2024, accounts receivable consist of the following:

    June
    30, 2025  
    June 30,
     2024 

    Accounts
    receivable 
    $7,382,699  
    $251,894 
  
    Less:
    allowance for credit losses 
     (595,907) 
     — 
  
    Accounts
    receivable, net 
    $6,786,792  
    $251,894 

For
the years ended June 30, 2025 and 2024, the Company recognized $595,907 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 
     595,907  
     - 
  
    Ending
    balance 
    $595,907  
    $- 

Note 6
— Inventories

As
of June 30, 2025 and 2024, inventories consist of the following:

    June
    30,  2025  
    June 30,
     2024 

    Finished
    goods 
    $12,686,739  
    $1,768,072 
  
    Total
    inventories 
    $12,686,739  
    $1,768,072 

Note 7
— Contract assets

The
following table presents the Company’s contract assets balances and changes therein:

    For
    the Year Ended  June 30 

    2025  
    2024 
  
    Balance
    as of the beginning of the year 
    $1,682,289  
    $- 
  
    Add:
    net increase in current period contract asset 
     454,842  
     1,682,289 
  
    Less:
    inventory recognized from beginning contract asset 
     (1,682,289) 
     - 
  
    Total
    contract assets as the