Company: XXC
Filing Date: 2025-09-08
Form Type: F-1/A
Source: 0001213900-25-085500
Chunk: 135

Company: XINXU COPPER INDUSTRY TECHNOLOGY Ltd
Filing Date: 2025-09-08
Form: F-1/A
Chunk 135
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igations There were no significant contractual obligations and commercial commitments as of December31, 2024, June30, 2024 and 2023, other than our short -termborrowings as disclosed under “— Credit Facility.” Trend Information Other than as disclosed in this prospectus, we are not aware of any trends, uncertainties, demands, commitments or events for the current fiscal year that are reasonably likely to have a material effect on our net revenues, income, profitability, liquidity or capital reserves, or that caused the disclosed financial information to be not necessarily indicative of future operating results or financial conditions. Research and Development The Company is committed to investing in R&D activities, and currently has a R&D team consisting of 43 personnel, including 18 experienced engineers and 25 technicians. Starting from the latter half of 2022, our R&D team has been dedicated to the R&D of soft and hard connection copper bars for use in electric vehicle battery packs. As of December31, 2024, we launched three new production lines and commenced large -scaleproduction and supply to our customers, enhancing our operational efficiency and capacity to meet growing demand. For the six months ended December31, 2024 and 2023, we spent approximately $0.77million and $0.35million on R&D expenses, respectively. For the fiscal year ended June30, 2024 and 2023, we had R&D expenses of approximately $1.10million and $0.53million, respectively. See “ Business — Research and Development” for more information regarding our R&D. 80 Critical Accounting Policies and Estimates Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements and related notes have been prepared in accordance with U.S. GAAP and have been consistently applied. The accompanying consolidated financial statements include the financial statements of the Company and its majority -ownedand controlled subsidiaries. All significant inter -companytransactions and balances have been eliminated upon consolidation. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and the accompanying notes. Such estimates include, but are not limited to, allowances for doubtful accounts, inventory valuation, useful lives of property, plant and equipment, intangible assets, impairment in equity investment, and income taxes related to realization of deferred tax assets and uncertain tax position. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents primarily consist of