Company: FOXX
Filing Date: 2025-01-24
Form Type: 424B3
Source: 0001213900-25-006111
Chunk: 173

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-24
Form: 424B3
Chunk 173
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 2024               |     | Earnout     
 Liabilities |         — 
 5,688,007 |
|:---------------------------------------------|:----|:------------|----------:|
| Change in fair value                         |     |             |    49,861 |
| Balance as of September 30, 2024 (Unaudited) |     | $           | 5,737,868 |

Note 18 — Concentrations of risks (a) Major customers For the three months ended September 30, 2024, two customers, customer A and customer B, which are the third parties of the Company, accounted for 49% and 39%, respectively, of the Company’s total revenues. For the three months ended September 30, 2023, the Company did not generate any revenue.

F-25 FOXX DEVELOPMENT HOLDINGS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 18 — Concentrations of risks (cont.) (b) Major suppliers For the three months ended September 30, 2024, one supplier, which is a third party of the Company, accounted for 98% of the Company’s total purchases. For the three months ended September 30, 2023, one supplier, which is a third party of the Company, accounted for 100% of the Company’s total purchases. (c) Geographic areas For the three months ended September 30, 2024 and 2023, all of the Company’s long -livedassets are located in the United States and all of the Company’s revenues are derived solely from the United States, accordingly, no geographical information is presented. Note 19 — Leases The Company has elected, as an accounting policy, to not apply ASC 842 for short -termleases. Below are the short -termleases: The Company rented a mailbox for $450 per month from November 1, 2022 to October 31, 2024. The Company determined that the accounting impact of this lease is immaterial to the Company’s consolidated financial statements for the three months ended September 30, 2023 and no operating right -of -useassets and lease liabilities were capitalized as June 30, 2024. The Company terminated this lease on August 5, 2023. On August 1, 2023, the Company entered a twelve -monthlease agreement to rent a general office and storage space for its purchased inventory for