Company: FOXX
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014221
Chunk: 27

Company: Foxx Development Holdings Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 1
Chunk 27
---
  
    Six
Months Ended 
December 31 

    2024  
    2023  
    2024  
    2023 
  
    Balance as of the beginning of the period 
    $1,713,430  
    $1,024,684  
    $1,682,289  
    $- 
  
    Add: net increase in current period contract asset 
     436,284  
     1,100,381  
     1,603,267  
     1,736,859 
  
    Less: inventory recognized from beginning contract asset 
     (546,447) 
     (388,206) 
     (1,682,289) 
     - 
  
    Total contract assets as the end of the period 
    $1,603,267  
    $1,736,859  
    $1,603,267  
    $1,736,859 

Note 8 — Prepaid expenses and
other current assets

As of December 31, 2024 and
June 30, 2024, prepaid expenses and other current assets consist of the following:

    December 31, 
2024

    June 30, 
2024

    (Audited)

    Other receivables
     
    $
    1,244

    $
    10,881

    Prepaid rent

    177,004

    -

    Prepaid research and development fees

    230,336

    -

    Prepaid insurance

    467,733

    -

    Other prepaid expenses

    142,933

    33,235

    Total prepaid expenses and other current assets
     
    $
    1,019,250

    $
    44,116

15

Note 9 — Property and
equipment, net

As of December 31, 2024 and
June 30, 2024, property and equipment, net consist of the following:

    December 31,  2024  
    June 30,  2024 

    (Audited) 
  
    Computer and office equipment 
    $12,580  
    $9,942 
  
    Equipment 
     30,697  
     - 
  
    Furniture and fixtures 
     3,432