Company: FOXX
Filing Date: 2025-01-10
Form Type: S-1
Source: 0001213900-25-002199
Chunk: 87

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-10
Form: S-1
Chunk 87
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 we recognized a R&D expense approximately of $0.1 million accordingly based the progression of the R&D project. We expect our R&D expenses will continue to go up as we will need to development our IoT and MVNO capabilities products and to finish our development of the 5G products in 2024 and 2025. Other expense, net Our other expense, net is summarized as follows:

| Other (expense) income      |     | For the Years ended June 30, 
 2024                         |          |   |     | 2023 |         |   |     | Change |          |   |     |  Change 
     (%) |    |
|:----------------------------|:----|:-----------------------------|:---------|:--|:----|:-----|:--------|:--|:----|:-------|---------:|:--|:----|--------:|:---|
| Interest expense            |     | $                            | (278,328 | ) |     | $    | (9,277  | ) |     | $      | (269,051 | ) |     | 2,900.2 | %  |
| Other income (expense), net |     |                              | (4,016   | ) |     |      | (4,522  | ) |     |        |     (506 | ) |     |   (11.2 | )% |
| Total other expense, net    |     | $                            | (282,344 | ) |     | $    | (13,799 | ) |     | $      |  268,545 |   |     | 1,946.1 | %  |

Total other expense, net increased by approximately $0.3 million, or 1,946.1%, to approximately $0.3 million for the year ended June 30, 2024, from approximately $14,000 for the year ended June 30, 2023. The increase was primarily due to interest expenses incurred related to three convertible promissory notes issued in June 2023, November 2023, and March 2024. Provision for income taxes The provision for income taxes increased by approximately $6,000 from approximately $14,000 for the year ended June 30, 2023 to approximately $20,000 for the year ended June 30, 2024. During the year ended June 30, 2024, we had provision for