Company: FOXX
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014221
Chunk: 121

Company: Foxx Development Holdings Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 8
Chunk 121
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 204,465 
  
    Less: accumulated depreciation 
     (85,433) 
     (61,846)
  
    Total property and equipment, net 
    $187,367  
    $142,619 

Depreciation expense for
the three months ended December 31, 2024 and 2023 amounted to $12,306 and $9,915, respectively. Depreciation expense for the six
months ended December 31, 2024 and 2023 amounted to $23,587 and $19,683, respectively.

Note 10 — Other payables and
accrued liabilities

As of December 31, 2024 and
June 30, 2024, other payables and accrued liabilities consist of the following:

    December 31,  2024  
    June 30,  2024 

    (Audited) 
  
    Payroll and payable tax payable 
    $3,420  
    $50,554 
  
    Interest payable 
     585,557  
     267,945 
  
    Professional fee payable 
     168,896  
     59,473 
  
    Accrued warranty expenses 
     296,567  
     48,361 
  
    Research and development fee payable 
     451,619  
     - 
  
    Excise tax payable* 
     556,620  
     - 
  
    Others 
     77,771  
     41,892 
  
    Total other payables and accrued liabilities 
    $2,140,450  
    $468,225 

  * These balances were carried from ACAC 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.

16

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

    Three Months Ended December 31