Company: FOXX
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014221
Chunk: 0

Company: Foxx Development Holdings Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 1
Chunk 0
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Item 1. - Financial Statements 

FOXX DEVELOPMENT HOLDINGS
INC.

CONDENSED CONSOLIDATED
BALANCE SHEETS

    December 31,  
    June 30, 

    2024  
    2024 

    (Unaudited)  
    (Audited) 

    ASSETS 

    CURRENT ASSETS 

    Cash 
    $3,943,043  
    $587,448 
  
    Accounts receivable, net of allowance for credit loss of $63,000 and $0 as of December 31, 2024 and June 30, 2024, respectively 
     7,643,068  
     251,894 
  
    Inventories 
     15,765,492  
     1,768,072 
  
    Contract assets 
     1,603,267  
     1,682,289 
  
    Prepaid expenses and other current assets 
     1,019,250  
     44,116 
  
    Amount due from related party 
     -  
     140 
  
    Total Current Assets 
     29,974,120  
     4,333,959 

    PROPERTY AND EQUIPMENT, NET 
     187,367  
     142,619 

    NON-CURRENT ASSETS 

    Operating right-of-use assets 
     1,170,527  
     405,758 
  
    Deferred transaction costs 
     -  
     462,177 
  
    Security deposits 
     603,716  
     29,909 
  
    Total Non-current Assets 
     1,774,243  
     897,844 

    Total Assets 
    $31,935,730  
    $5,374,422 

    LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) 

    CURRENT LIABILITIES 

    Accounts payable 
    $24,102,035  
    $1,396,860 
  
    Other payables and accrued liabilities 
     2,140,450  
     468,225 
  
    Other payable - related party 
     368,948  
     51,168 
  
    Contract liabilities 
     784,157  
     649,450 
  
    Short-term