Company: FOXX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043597
Chunk: 0

Company: Foxx Development Holdings Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 0
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Item 1. - Financial Statements 

FOXX DEVELOPMENT HOLDINGS
INC.

CONDENSED CONSOLIDATED
BALANCE SHEETS

    March 31,  
    June 30, 

    2025  
    2024 

    (Unaudited)  
    (Audited) 
  
    ASSETS 

    CURRENT ASSETS 

    Cash 
    $3,790,055  
    $587,448 
  
    Accounts receivable, net of allowance for credit loss of $464,988 and $0 as of March 31, 2025 and June 30, 2024, respectively 
     7,146,701  
     251,894 
  
    Inventories 
     16,661,931  
     1,768,072 
  
    Contract assets 
     1,663,773  
     1,682,289 
  
    Prepaid expenses and other
    current assets 
     1,175,435  
     44,116 
  
    Amount
    due from related party 
     -  
     140 
  
    Total
    Current Assets 
     30,437,895  
     4,333,959 

    PROPERTY
    AND EQUIPMENT, NET 
     143,503  
     142,619 

    NON-CURRENT ASSETS 

    Operating right-of-use assets 
     1,117,230  
     405,758 
  
    Deferred transaction costs 
     -  
     462,177 
  
    Security
    deposits 
     1,153,716  
     29,909 
  
    Total
    Non-current Assets 
     2,270,946  
     897,844 

    Total
    Assets 
    $32,852,344  
    $5,374,422 

    LIABILITIES AND SHAREHOLDERS’
    EQUITY (DEFICIT) 

    CURRENT LIABILITIES 

    Accounts payable 
    $29,354,980  
    $1,396,860 
  
    Other payables and accrued
    liabilities 
     3,195,745  
     468,225 
  
    Other payable - related party 
     391,740  
     51,168