Company: XXC
Filing Date: 2025-11-18
Form Type: 20-F
Source: 0001213900-25-111691
Chunk: 91

Company: XINXU COPPER INDUSTRY TECHNOLOGY Ltd
Filing Date: 2025-11-18
Form: 20-F
Item: Item 19
Chunk 91
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 public business entities for fiscal years
beginning after December 15, 2020, and for interim periods within those fiscal years. Effective July 1, 2021, the Company
adopted this new standard on a retrospective basis, and this update did not have a material impact on the Company’s consolidated
financial position, results of operations and cash flows.

In January 2020,
the FASB issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint
Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321,
Topic 323, and Topic 815, which clarifies the interaction of the accounting for equity investments under Topic 321
and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward
contracts and purchased options accounted for under Topic 815. The guidance is effective for public business entities for
fiscal years beginning after December 15, 2021, and for interim periods within those fiscal years. Effective
July 1, 2021, the Company early adopted this new standard on a retrospective basis, and this update did not have a material
impact on the Company’s consolidated financial position, results of operations and cash flows.

Other accounting standards
that have been issued by the FASB or other standards-setting bodies are not expected to have a material effect on the Company’s
financial position, result of operations or cash flows.

NOTE 3 - ACCOUNTS RECEIVABLE

Accounts receivable as of June 30,
2025 and 2024 consisted of the following:

                                                   2025             2024  
 ──────────────────────────────────────────────────────────────────────────
  Accounts receivable                        $9,502,209      $10,114,565  
  Less: allowance for doubtful accounts       ( 201,730        ( 231,257  
  Accounts receivable, net                   $9,300,479       $9,883,308  

The average accounts receivable
turnover period was approximately31days and25 daysfor the fiscal years ended June 30, 2025 and 2024, respectively.

Changes of allowance for doubtful
accounts for the fiscal years ended June 30, 2025 and 2024 were as follows:

                                                    2025                     2024                 
  Beginning balance                                 $         ( 231,257