Company: FOXX
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014221
Chunk: 122

Company: Foxx Development Holdings Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 8
Chunk 122
---
    Six Months Ended December 31 

    2024  
    2023  
    2024  
    2023 
  
    Balance, beginning of the period 
    $143,600  
    $601,027  
    $649,450  
    $27 
  
    Add: net increase in current period contract liabilities 
     784,157  
     -  
     784,157  
     - 
  
    Less: revenue recognized from beginning contract liabilities 
     (143,600) 
     (601,027) 
     (649,450) 
     (27)
  
    Total contract liabilities 
    $784,157  
    $-  
    $784,157  
    $- 

Note 12 — Related party balances
and transactions

Related party balances

Amount due from related party

  Name of Related Party  Relationship  Nature  December 31, 2024   June 30, 2024                (Audited)   Company A  Owned by an immediate family member of the Company’s 10% or more
shareholder  Paid on behalf fees  $     -   $140  

Other payable — related
party

Other payable — related
party consists of the following:

  Name of Related Party  Relationship  Nature  December 31,  2024   June 30,  2024                (Audited)   Company A(1)  Controlled by an immediate family member of the Company’s 10%
or more shareholder  Research and development fees  $119,544   $51,168   Company B  More than 10% Shareholder of the Company  Unconverted working capital loan balance in ACAC   249,404    -   Total        $368,948   $51,168  

  (1) On September 1, 2022, the Company entered into an agreement with Company A for the research and development project. 

Related party transactions

Research and development expenses

  Name of Related Party  Relationship  For the Three Months Ended December 31,  2024   For the Three Months Ended December 31, 2023         (Unaudited)   (Unaudited