Company: FOXX
Filing Date: 2025-01-10
Form Type: S-1
Source: 0001213900-25-002199
Chunk: 83

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-10
Form: S-1
Chunk 83
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4 from approximately $2.0 million for the same period in 2023 as we rolled out some new phone products beginning in January 2024. Revenue from others consisted with sales of rugged cases and freight and shipping insurance income. The sales of others decreased by approximately $29,000, or 100.0%, to $0 for the year ended June 30, 2024 from approximately $29,000 for the year ended June 30, 2023. The decrease in sales of other products was not significant to our operations. Cost of Goods Sold Our cost of goods sold mainly consists of cost of merchandise and freight. Total cost of goods sold decreased by approximately $17.4 million, or 84.8%, to approximately $3.1 million for the year ended June 30, 2024 as compared to approximately $20.5 million for the year ended June 30, 2023. The decrease in cost of goods sold is a direct result of a decrease in revenue, consistent with our change of business strategy as discussed above year ended June 30, 2024 as compared to the same period in 2023. Furthermore, we successfully identified three new vendors offering lower unit prices for manufacturing our products, contributing to the decrease in the cost of goods sold. Our cost of goods sold from their revenue categories are summarized as follows:

|                          |     | For the Year Ended |  June 30, 
      2024 |     |   |   June 30, 
       2023 |
|:-------------------------|:----|:-------------------|----------:|:----|:--|-----------:|
| Tablet products          |     | $                  |   505,832 |     | $ | 18,667,181 |
| Mobile phone products    |     |                    | 2,606,784 |     |   |  1,835,796 |
| Other costs              |     |                    |         — |     |   |     11,130 |
| Total cost of goods sold |     | $                  | 3,122,616 |     | $ | 20,514,107 |

Our cost of goods sold for tables decreased by approximately $18.2 million, or 97.3%, to approximately $0.5 million for the year ended June 30, 2024 from approximately $18.7 million for the same period in 2023. Cost of goods sold for mobile phone products increased by approximately