Company: FOXX
Filing Date: 2025-11-18
Form Type: 10-Q
Source: 0001213900-25-112192
Chunk: 112

Company: Foxx Development Holdings Inc.
Filing Date: 2025-11-18
Form: 10-Q
Item: Item 8
Chunk 112
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 current assets

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

    September 30,  2025  
    June 30,  2025 

    Other receivables(1) 
    $230,276  
    $177,814 
  
    Prepaid rent 
     178,673  
     355,677 
  
    Prepaid research and development fees 
     165,828  
     198,328 
  
    Prepaid insurance and subscriptions 
     49,712  
     153,659 
  
    Prepaid professional fee 
     78,590  
     96,839 
  
    Prepayment to be refunded(2) 
     616,116  
     1,116,116 
  
    Advances to a third party 
     19,500  
     19,500 
  
    Other prepaid expenses 
     7,003  
     37,161 
  
    Less: allowance for credit losses (1) (2) 
     (173,018) 
     (317,282)
  
    Total prepaid expenses and other current assets 
    $1,172,680  
    $1,837,812 

  (1) This represents receivables from payments made on behalf of a vendor and other fees and freight claim receivables. $29,053 allowance for credit losses was recorded for the balances due to aging of the receivables. 

  (2) This represents prepayment to be refunded resulting from the cancellation of purchase orders. $143,965 allowance for credit losses was recorded for the balances due to aging of the prepayments. 

For the three months ended
September 30, 2025 and 2024, the Company recognized $144,264 and $0 on recovery of allowance on credit losses, respectively.

Movement of allowance for
credit losses consisted of the following for the period ended the date indicated:

    For the Three Months Ended September 30

    2025

    2024

    Balance as of the beginning of the period
     
    $
    317,282

    $
    -

    (Recovery) Addition

    (144,264
    )

    -

    Balance as of the end of the period
     
    $
    173,018