Company: FOXX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043597
Chunk: 29

Company: Foxx Development Holdings Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 29
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June 30, 2024, accounts receivable consist of the following:

    March 31, 2025  
    June 30,  2024 

    (Audited) 
  
    Accounts receivable 
    $7,611,689  
    $251,894 
  
    Less: allowance for credit losses 
     (464,988) 
     — 
  
    Accounts receivable, net 
    $7,146,701  
    $251,894 

For the three months ended
March 31, 2025 and 2024, the Company recognized $401,988 and $0 on provision for allowance on credit losses, respectively. For the nine
months ended March 31, 2025 and 2024, the Company recognized $464,988 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:

    March 31,  
    June 30, 

    2025  
    2024 

    (Audited) 
  
    Balance as of the beginning of the period 
    $       -  
    $              - 
  
    Addition 
     464,988  
     - 
  
    Ending balance 
    $464,988  
    $- 

15

Note 6 — Inventories

As of March 31, 2025 and
June 30, 2024, inventories consist of the following:

    March 31,  2025  
    June 30,  2024 

    (Audited) 
  
    Finished goods 
    $16,661,931  
    $1,768,072 
  
    Total inventories 
    $16,661,931  
    $1,768,072 

Note 7 — Contract assets

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

    Three Months Ended  March 31  
    Nine Months Ended  March 31 

    2025  
    2024  
    2025  
    2024 
  
    Balance as of the beginning of the period 
    $1,603,267  
    $1,736,859  
    $1,682,289  
    $-