Company: FOXX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043597
Chunk: 140

Company: Foxx Development Holdings Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 140
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, other payables and accrued liabilities consist of the following:

    March 31,  2025  
    June 30,  2024 

    (Audited) 
  
    Payroll and payable tax payable 
    $3,420  
    $50,554 
  
    Interest payable 
     1,606,775  
     267,945 
  
    Professional fee payable 
     236,997  
     59,473 
  
    Accrued warranty expenses 
     361,960  
     48,361 
  
    Research and development fee payable 
     330,917  
     - 
  
    Excise tax payable* 
     556,620  
     - 
  
    Others 
     99,056  
     41,892 
  
    Total other payables and accrued liabilities 
    $3,195,745  
    $468,225 

  * These balances were carried from ACAC, and payable by the Company,
as a result on 1% excise tax on certain repurchases (including redemptions) of stock by publicly traded U.S. domestic corporations and
certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023 under the Inflation Reduction
Act of 2022. 

Note 11 — 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.

The following table presents
the Company’s contract liabilities balances and changes therein:

    Three Months Ended March 31  
    Nine Months Ended March 31 

    2025  
    2024  
    2025  
    2024 
  
    Balance, beginning of the period 
    $784,157  
    $-  
    $649,450  
    $27 
  
    Add: net increase in current period contract liabilities 
     211,072  
     89,750  
     211,072  
     89,750 
  
    Less: revenue recognized from beginning contract liabilities 
     (784,157) 
     -  
     (649,450) 
     (27)
  
    Total contract liabilities