Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 1289

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 7
Chunk 1289
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 issuance of Common Stock upon the Reverse Recapitalization 
    $(2,100,638)

F-19

The
shares and corresponding capital amounts and all per share data related to Old Foxx’s outstanding common stock prior to the Reverse
Recapitalization have been retroactively adjusted using the Exchange Ratio of 3.3033.

Note 5
— Accounts receivable, net

As
of June 30, 2025 and 2024, accounts receivable consist of the following:

    June
    30, 2025  
    June 30,
     2024 

    Accounts
    receivable 
    $7,382,699  
    $251,894 
  
    Less:
    allowance for credit losses 
     (595,907) 
     — 
  
    Accounts
    receivable, net 
    $6,786,792  
    $251,894 

For
the years ended June 30, 2025 and 2024, the Company recognized $595,907 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 
     595,907  
     - 
  
    Ending
    balance 
    $595,907  
    $- 

Note 6
— Inventories

As
of June 30, 2025 and 2024, inventories consist of the following:

    June
    30,  2025  
    June 30,
     2024 

    Finished
    goods 
    $12,686,739  
    $1,768,072 
  
    Total
    inventories 
    $12,686,739  
    $1,768,072 

Note 7
— Contract assets

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

    For
    the Year Ended  June 30 

    2025  
    2024 
  
    Balance
    as of the beginning of the year 
    $1,682,289