Company: FOXX
Filing Date: 2025-01-10
Form Type: S-1
Source: 0001213900-25-002199
Chunk: 175

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-10
Form: S-1
Chunk 175
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 not generate any revenue.

F-25 FOXX DEVELOPMENT HOLDINGS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 18 — Concentrations of risks (cont.) (b) Major suppliers For the three months ended September 30, 2024, one supplier, which is a third party of the Company, accounted for 98% of the Company’s total purchases. For the three months ended September 30, 2023, one supplier, which is a third party of the Company, accounted for 100% of the Company’s total purchases. (c) Geographic areas For the three months ended September 30, 2024 and 2023, all of the Company’s long -livedassets are located in the United States and all of the Company’s revenues are derived solely from the United States, accordingly, no geographical information is presented. Note 19 — Leases The Company has elected, as an accounting policy, to not apply ASC 842 for short -termleases. Below are the short -termleases: The Company rented a mailbox for $ 450per month from November 1, 2022 to October 31, 2024. The Company determined that the accounting impact of this lease is immaterial to the Company’s consolidated financial statements for the three months ended September 30, 2023 and no operating right -of-useassets and lease liabilities were capitalized as June 30, 2024. The Company terminated this lease on August 5, 2023. On August 1, 2023, the Company entered a twelve -monthlease agreement to rent a general office and storage space for its purchased inventory for a monthly rental fee of $ 100. The Company determined that the accounting impact of this lease is immaterial to the Company’s consolidated financial statements for the three months ended September 30, 2024 and 2023 and no operating right -of-useassets and lease liabilities were capitalized as of September 30, 2024 and June 30, 2024. On August 14, 2023, the Company entered a six -monthlease agreement to rent an office for operating purposes with a monthly rental fee of $ 550. The Company determined that the accounting impact of this lease is immaterial to the Company’s consolidated financial statements for the three months ended September 30, 2023 and no operating right -of-useassets and lease liabilities were capitalized as June 30,