Company: FOXX
Filing Date: 2025-11-18
Form Type: 10-Q
Source: 0001213900-25-112192
Chunk: 39

Company: Foxx Development Holdings Inc.
Filing Date: 2025-11-18
Form: 10-Q
Item: Item 1
Chunk 39
---
,
plus varied monthly CAM. The commencement date of this lease is October 1, 2023 and has no renewal option. On July 17, 2024,
the Company extended the lease for another 35 months to be commenced on October 1, 2026 and ended August 31, 2029. The Company considered
this lease as an operating lease and recognized right-of-use asset and lease liability. The Company recognized lease expense on a straight-line
basis over the lease term for operating lease.

In June 2024, the Company signed a six year and 11.5 months lease agreement
to rent a general office for business operations with a monthly rent of $3,500, plus varied monthly CAM. The commencement date of
this lease is June 15, 2024 and the expiration date is May 31, 2031. The Company considered this lease as an operating lease and recognized
right-of-use asset and lease liability. The Company recognized lease expense on a straight-line basis over the lease term for operating
lease. 

On July 17, 2024, the Company
signed a five-year and one-half month lease agreement to rent a general office and storage space for business operations with a monthly
rent of $10,534, plus varied monthly CAM. The commencement date of this lease is August 15, 2024 and has no renewal option. The Company
considered this lease as an operating lease and recognized right-of-use asset and lease liability. The Company recognized lease expense
on a straight-line basis over the lease term for operating lease. 

24

On July 12, 2024, the Company
signed and further amended a ten-and-half-year lease agreement (“July 2024 Lease”) to rent a 101,145 square feet factory and
warehouse for business operations with an initial monthly rent of $131,489, plus varied monthly operating expenses and real estate tax. The
commencement date of this lease is July 1, 2025 and the expiration date is December 31, 2035. The Company considered this lease as an
operating lease and recognized right-of-use asset and lease liability. The Company recognized lease expense on a straight-line basis over
the lease term for operating lease.

On December 20, 2024, the
Company further expanded the July 2024 Lease to include additional 102,099 square feet with a commencement date of January 1, 202