Company: FOXX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043597
Chunk: 256

Company: Foxx Development Holdings Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 2
Chunk 256
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 inventories, (v) approximately $19,000 in repayment of other payable to a related party in
connection with their consulting fees, (vi) approximately $19,000 in payment of operating lease liability, and (vii) approximately $16,000
decreased in income taxes payable. The cash outflow was offset by (viii) non-cash expenses of approximately $50,000, which includes depreciation,
amortization of operating right-of-use asset, (ix) approximately $0.1 million increased in customer deposits and (x) approximately $0.3
million increased in other payables and accrued liabilities.

Investing activities

Net cash used in investing
activities was approximately $40,000 for the nine months ended March 31, 2025, attributable to approximately $68,000 purchase of some
equipment for warehouse and an automobile for our business uses and offset by approximately $28,000 proceeds from sale of the automobile.

Net cash used in investing
activities was approximately $7,000 for the nine months ended March 31, 2024 attributable to the purchase of office equipment and furniture.

Financing activities

Net cash provided by financing
activities was approximately $7.9 million for the nine months ended March 31, 2025, mainly attributable to approximately $19.7 million
proceeds from the reverse recapitalization and $9.0 million proceeds from issuance of convertible promissory notes, proceeds of approximately
$0.1 million from issuance of common stock through exercise of warrant, offset by the payment of redeeming shareholders in connection
with the business combination of approximately $20.5 million, the repayment of short-term loans of approximately $0.3 million and
approximately $0.1 million in payments of deferred transaction costs.

Net cash provided by financing
activities was approximately $2.7 million for the nine months ended March 31, 2024 mainly attributable to $3.0 million proceeds from issuance
of convertible promissory notes to New Bay Capital Limited in November 2023 and March 2024, offset by approximately $0.2 million in payments
of deferred offering costs, the repayment of related party loans of approximately $0.1 million, and the principal payments of long-term
loan of approximately $11,000. 

Off-Balance Sheet Arrangements

As of March 31, 2025, we
have no significant off-balance sheet arrangements that have or are