Company: FOXX
Filing Date: 2025-01-10
Form Type: S-1
Source: 0001213900-25-002199
Chunk: 80

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-10
Form: S-1
Chunk 80
---
 and wages as we made more new hires during the three months ended September 30, 2024, and approximately $0.2 million increase in other general and administrative miscellaneous expenses, such as rent expense, travel expense, and office expense due to increased expenses in the increased of our operations. We anticipate a continued rise in our SG&A as we persist in executing our business expansion plan and integrating IoT -enableddevices alongside our cloud platform to streamline operations in 2025. Research and Development — related party Research and development (“R&D”) expenses from a related party increased by approximately $23,000, or 100.0%, where the increase was primarily due to an R&D project began in 2024. During the three months ended September 30, 2024, a related party completed additional 10% of the remaining 5G development project pursuant to a R&D agreement between us and the related party, and we recognized a R&D expense approximately of $23,000 accordingly based on 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 2025. Research and Development R&D expenses increased by approximately $7,000, or 100.0%, from $0 for the three months ended September 30, 2023 to $7,000 for the same period in 2024. The increase is due to an AI hardware development service provided by a third party during the three months ended September 30, 2024.

45

Other expense, net Our other expense, net is summarized as follows:

| Other expense                               |     | For the Three Months ended September 30, 
 2024                                     
 (Unaudited)                              |          |   |     | 2023        
 (Unaudited) |         |   |     | Change |          |   |     |  Change 
     (%) |    |
|:--------------------------------------------|:----|:-----------------------------------------|:---------|:--|:----|:------------|--------:|:--|:----|:-------|:---------|:--|:----|--------:|:---|
| Interest expense                            |     | $                                        | (408,995 | ) |     | $           | (39,336 | ) |     | $      | (369,659 | ) |     |   939.7 | %