Company: FOXX
Filing Date: 2025-01-24
Form Type: 424B3
Source: 0001213900-25-006111
Chunk: 197

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-24
Form: 424B3
Chunk 197
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3,432 |   |     |   |        — |   |
| Vehicles                          |     |   |  191,091 |   |     |   |  191,091 |   |
| Subtotal                          |     |   |  204,465 |   |     |   |  195,722 |   |
| Less: accumulated depreciation    |     |   |  (61,846 | ) |     |   |  (22,063 | ) |
| Total property and equipment, net |     | $ |  142,619 |   |     | $ |  173,659 |   |

Depreciation expense for the years ended June 30, 2024 and 2023 amounted to $39,783 and $20,819, respectively.

F-45

FOXX DEVELOPMENT INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 9 — Other payables and accrued liabilities As of June 30, 2024 and 2023, other payables and accrued liabilities consist of the following:

|                                              |     |   | June 30, 
     2024 |     |   | June 30, 
     2023 |
|:---------------------------------------------|:----|:--|---------:|:----|:--|---------:|
| Payroll and payable tax payable              |     | $ |   50,554 |     | $ |   19,593 |
| Interest payable                             |     |   |  267,945 |     |   |    3,500 |
| Professional fee payable                     |     |   |   59,473 |     |   |        — |
| Accrued warranty expenses                    |     |   |   48,361 |     |   |        — |
| Others                                       |     |   |   41,892 |     |   |    4,360 |
| Total other payables and accrued liabilities |     | $ |  468,225 |     | $ |   27,453 |

Note 10 — Contract liabilities Contract liabilities consist of customer deposits, which is recorded on the consolidated balance sheets when the Company has received consideration, or has the right to receive consideration, in advance of transferring the performance obligations under the contract to the customer. The following table presents the Company’s contract liabilities balances and changes therein:

|                                                              |     |   |    For the 
 Year Ended