Company: FOXX
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014221
Chunk: 136

Company: Foxx Development Holdings Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 8
Chunk 136
---
 2029 
     321,967 
  
    Thereafter 
     103,986 
  
    Total lease payments 
     1,329,790 
  
    Less: discount 
     (130,526)
  
    Present value of operating lease liabilities 
     1,199,264 
  
    Operating lease liabilities, current portion 
     (201,598)
  
    Operating lease liabilities, non-current portion 
    $997,666 

Operating lease expenses
consist of the following:

    Operating lease cost 
    Classification 
    For the  Three Months Ended December 31, 2024  
    For the  Three Months Ended December 31, 2023 

    (Unaudited)  
    (Unaudited) 
  
    Lease expenses 
    General, and administrative 
    $65,988  
    $11,863 
  
    Lease expenses – short term 
    General, and administrative 
     3,550  
     15,609 
  
    Total operating lease cost 
      
    $69,538  
    $27,472 

    Operating lease cost 
    Classification 
    For the  Six Months Ended December 31, 2024  
    For the  Six Months Ended December 31, 2023 

    (Unaudited)  
    (Unaudited) 
  
    Lease expenses 
    General, and administrative 
    $117,372  
    $11,863 
  
    Lease expenses – short term 
    General, and administrative 
     7,900  
     19,564 
  
    Total operating lease cost 
      
    $125,272  
    $31,427 

For
the six months ended December 31, 2024 and 2023, $77,694 and $9,453 of cash were used for operating lease liabilities, respectively.   

Note 20 — Commitments and contingencies

Contingencies

From time to time, the Company
is a party to certain legal proceedings, as well as certain asserted and un-asserted claims. Amounts accrued, as well as the total amount
of reasonably possible losses with respect to such matters, individually and in the aggregate, are not deemed to be material to the consolidated
financial statements.

On November 22, 2024,
a plaintiff filed Semensato v. Foxx Development Holdings