Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 491

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 1C
Chunk 491
---
    $1,837,812  
    $44,116 

(1)This
represents receivables from payments made on behalf of a vendor and other fee and freight claim receivables. $48,317 allowance for credit
losses was recorded for the balances due to aging of the receivables.

(2)This represents prepayment to be refunded resulting from the cancellation of purchase orders. $268,965 allowance for credit losses was recorded for the balances due to aging of the prepayments.

For
the years ended June 30, 2025 and 2024, the Company recognized $317,282 and $0 on provision for allowance on credit losses, respectively.

Movement
of allowance for credit losses consisted of the following as of the date indicated:

    June
    30,  
    June
    30, 

    2025  
    2024 

    Balance as
    of the beginning of the year 
    $-  
    $- 
  
    Addition 
     317,282  
     - 
  
    Ending
    balance 
    $317,282  
    $- 

Note 9
— Property and equipment, net

As
of June 30, 2025 and 2024, property and equipment, net consist of the following:

    June
    30,  2025  
    June 30,
     2024 

    Computer
    and office equipment 
    $12,580  
    $9,942 
  
    Equipment 
     30,697  
     - 
  
    Furniture
    and fixtures 
     3,432  
     3,432 
  
    Vehicles 
     191,091  
     191,091 
  
    Subtotal 
     237,800  
     204,465 
  
    Less:
    accumulated depreciation 
     (106,078) 
     (61,846)
  
    Total
    property and equipment, net 
    $131,722  
    $142,619 

Depreciation
expense for the years ended June 30, 2025 and 2024 amounted to $47,732 and $39,783, respectively.

F-21

Note 10
— Other payables and accrued liabilities

As
of June 30, 2025 and