Company: FOXX
Filing Date: 2025-11-18
Form Type: 10-Q
Source: 0001213900-25-112192
Chunk: 38

Company: Foxx Development Holdings Inc.
Filing Date: 2025-11-18
Form: 10-Q
Item: Item 1
Chunk 38
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 is reauthorized by the U.S. Congress
with funding of no less than $4 billion in total for such reauthorized period; or otherwise be cancelled and forfeited by the Registrant
without consideration.

On February 18, 2025, these
500,000 shares have been cancelled and forfeited without consideration.

23

Note 16 — Concentrations of
risks

(a) Major customers

For the three months ended
September 30, 2025, three customers, customer A, customer B and customer C, which are the third parties of the Company, accounted for
66%, 13% and 10%, respectively, of the Company’s total revenues.

For the three months ended
September 30, 2024, two customers, customer A and customer B, which are the third parties of the Company, accounted for 49% and 39%,
respectively, of the Company’s total revenues.

(b) Major suppliers

For the three months ended
September 30, 2025, one supplier, supplier A, which is a third party of the Company, accounted for 95% of the Company’s total purchases. 

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.

(c) Geographic areas

For the three months ended
September 30, 2025 and 2024, all of the Company’s long-lived assets 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 17 — Leases

Short-term leases  

On August 1, 2023, the
Company entered a twelve-month lease agreement to rent a general office and storage space for its purchased inventory for a monthly rental
fee of $100. The Company renewed the lease for another twelve months at a monthly rental fee of $200.

On August 14, 2023,
the Company entered a six-month lease agreement to rent an office for operating purposes with a monthly rental fee of $550. After the
initial six-month term, the lease was renewed on a month-to-month basis.

Long-term leases  

In September 2023, the
Company signed a three-year lease agreement to rent a general office and storage space for business operations with a monthly rent of $3,096