Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 490

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 1C
Chunk 490
---
 consist of the following:

    June
    30,  2025  
    June 30,
     2024 

    Finished
    goods 
    $12,686,739  
    $1,768,072 
  
    Total
    inventories 
    $12,686,739  
    $1,768,072 

Note 7
— Contract assets

The
following table presents the Company’s contract assets balances and changes therein:

    For
    the Year Ended  June 30 

    2025  
    2024 
  
    Balance
    as of the beginning of the year 
    $1,682,289  
    $- 
  
    Add:
    net increase in current period contract asset 
     454,842  
     1,682,289 
  
    Less:
    inventory recognized from beginning contract asset 
     (1,682,289) 
     - 
  
    Total
    contract assets as the end of the year 
    $454,842  
    $1,682,289 

F-20

Note 8
— Prepaid expenses and other current assets

As
of June 30, 2025 and 2024, prepaid expenses and other current assets consist of the following:

    June 30,
     2025  
    June 30,
     2024 

    Other
    receivables, net (1) 
    $177,814  
    $10,881 
  
    Prepaid
    rent 
     355,677  
     - 
  
    Prepaid
    research and development fees 
     198,328  
     - 
  
    Prepaid
    insurance 
     153,659  
     - 
  
    Prepaid
    professional fee 
     96,839  
     - 
  
    Prepayment
    to be refunded, net (2) 
     1,116,116  
     - 
  
    Advances
    to a third party 
     19,500  
     - 
  
    Other
    prepaid expenses 
     37,161  
     33,235 
  
    Less:
    allowance for credit losses 
     (317,282) 
     - 
  
    Total
    prepaid expenses and other current assets