Company: FOXX
Filing Date: 2025-01-10
Form Type: S-1
Source: 0001213900-25-002199
Chunk: 164

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-10
Form: S-1
Chunk 164
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896 | ) |
| Proceeds from the Reverse Recapitalization                                        |     |               |  19,710,288 |   |
| Less: non-cash net deficit assumed from ACAC                                      |     |               | (21,810,926 | ) |
| Net distributions from issuance of Common Stock upon the Reverse Recapitalization |     | $             |  (2,100,638 | ) |

The shares and corresponding capital amounts and all per share data related to Old Foxx’s outstanding common stock prior to the Reverse Recapitalization have been retroactively adjusted using the Exchange Ratio of .

F-17

FOXX DEVELOPMENT HOLDINGS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Note 5 — Accounts receivable

|                                   |     |   | September 30, 
          2024 |     |          | June 30, 
     2024 |
|:----------------------------------|:----|:--|--------------:|:----|:---------|---------:|
|                                   |     |   |               |     | -Audited |          |
| Accounts receivable               |     | $ |    12,371,365 |     | $        |  251,894 |
| Less: allowance for credit losses |     |   |             — |     |          |        — |
| Accounts receivable, net          |     | $ |    12,371,365 |     | $        |  251,894 |

Note 6 — Inventories

|                   |     |   | September 30, 
          2024 |     |          |  June 30, 
      2024 |
|:------------------|:----|:--|--------------:|:----|:---------|----------:|
|                   |     |   |               |     | -Audited |           |
| Finished goods    |     | $ |     4,540,549 |     | $        | 1,768,072 |
| Total inventories |     | $ |     4,540,549 |     | $        | 1,768,072 |

Note 7 — Contract assets

|                                                          |     |   | September 30, 
          2024 |   |     |          |  June 30, 
      2024 |
|:---------------------------------------------------------|:----|:--|--------------:|:--|: