Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 741

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 3
Chunk 741
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 of operations and cash flows for year ended June 30, 2025 was SGD 1.32 to USD 1.00. The shareholder’s equity accounts
were translated at their historical rates. Amounts reported on the consolidated statement of cash flows will not necessarily agree with
changes in the corresponding balances on the consolidated balance sheets. 

Segments

The
Company uses the management approach in determining reportable operating segments. The management approach considers the internal reporting
used by the chief operating decision maker (“CODM”), which is the Company’s Chief Executive Officer and his direct
reports, for making operating decisions about the allocation of resources and the assessment of performance in determining the Company’s
reportable operating segments. The Company’s CODM review financial information presented on a consolidated basis, accompanied by
disaggregated information about revenues, cost of revenues, and gross profit by business lines (electronic products revenues and App
service commission revenue) for purposes of allocating resources and evaluating financial performance. There are no segment managers
who are held accountable for operations, operating results and plans for levels or components below the consolidated unit level. In addition,
all of the Company’s revenues are derived solely from the U.S, accordingly, no geographical information is presented. Management
has determined that the Company has one operating segment.

Cash

The
Company considers all highly liquid investments with an original maturity of three months or less to be cash and cash equivalents.
As of June 30, 2025 and 2024, the Company had no cash equivalents on account. Cash is maintained at financial institutions and,
at times, balances may exceed federally insured limits. Financial instruments that potentially subject the Company to concentrations
of credit risk consist principally of cash deposits. Accounts at each institution are insured by the Federal Deposit Insurance Corporation
up to $250,000. The Company has historically not experienced a loss related to these deposits.

Accounts
receivable

Accounts
receivables are recognized and carried at the original invoiced amount less an allowance for any uncollectible accounts on credit losses.
Allowance for credit losses for accounts receivables is established based on various factors including historical payments and current
economic trends. The Company reviews its allowance for credit loss by assessing individual accounts receivable over a specific aging
and amount. All other balances are pooled based on historical collection experience. The estimate of expected credit losses is based
on information about past events, current economic conditions, and forecasts of future economic conditions that affect collectability.
Accounts receivable are written-off