Company: FOXX
Filing Date: 2025-01-10
Form Type: S-1
Source: 0001213900-25-002199
Chunk: 196

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-10
Form: S-1
Chunk 196
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 191,091 |   |
| Subtotal                          |     |   |  204,465 |   |     |   |  195,722 |   |
| Less: accumulated depreciation    |     |   |  (61,846 | ) |     |   |  (22,063 | ) |
| Total property and equipment, net |     | $ |  142,619 |   |     | $ |  173,659 |   |

Depreciation expense for the years ended June 30, 2024 and 2023 amounted to $ and $, respectively.

F-45

FOXX DEVELOPMENT INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 9 — Other payables and accrued liabilities

|                                              |     |   | June 30, 
     2024 |     |   | June 30, 
     2023 |
|:---------------------------------------------|:----|:--|---------:|:----|:--|---------:|
| Payroll and payable tax payable              |     | $ |   50,554 |     | $ |   19,593 |
| Interest payable                             |     |   |  267,945 |     |   |    3,500 |
| Professional fee payable                     |     |   |   59,473 |     |   |        — |
| Accrued warranty expenses                    |     |   |   48,361 |     |   |        — |
| Others                                       |     |   |   41,892 |     |   |    4,360 |
| Total other payables and accrued liabilities |     | $ |  468,225 |     | $ |   27,453 |

Note 10 — Contract liabilities

Contract liabilities consist of customer deposits, which is recorded on the consolidated balance sheets when the Company has received consideration, or has the right to receive consideration, in advance of transferring the performance obligations under the contract to the customer.

|                                                              |     |   |    For the 
 Year Ended 
   June 30, 
       2024 |     |   |    For the 
 Year Ended 
   June 30, 
       2023 |
|:-------------------------------------------------------------|:----|:--|-----------:|:----|:--|-----------:|
| Balance as of the beginning of the period                    |     | $ |         27 |     | $ |