Company: FOXX
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014221
Chunk: 43

Company: Foxx Development Holdings Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 1
Chunk 43
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287 
  
    For the twelve months ending June 30, 2028 
     270,941 
  
    For the twelve months ending June 30, 2029 
     321,967 
  
    Thereafter 
     103,986 
  
    Total lease payments 
     1,329,790 
  
    Less: discount 
     (130,526)
  
    Present value of operating lease liabilities 
     1,199,264 
  
    Operating lease liabilities, current portion 
     (201,598)
  
    Operating lease liabilities, non-current portion 
    $997,666 

Operating lease expenses
consist of the following:

    Operating lease cost 
    Classification 
    For the  Three Months Ended December 31, 2024  
    For the  Three Months Ended December 31, 2023 

    (Unaudited)  
    (Unaudited) 
  
    Lease expenses 
    General, and administrative 
    $65,988  
    $11,863 
  
    Lease expenses – short term 
    General, and administrative 
     3,550  
     15,609 
  
    Total operating lease cost 
      
    $69,538  
    $27,472 

    Operating lease cost 
    Classification 
    For the  Six Months Ended December 31, 2024  
    For the  Six Months Ended December 31, 2023 

    (Unaudited)  
    (Unaudited) 
  
    Lease expenses 
    General, and administrative 
    $117,372  
    $11,863 
  
    Lease expenses – short term 
    General, and administrative 
     7,900  
     19,564 
  
    Total operating lease cost 
      
    $125,272  
    $31,427 

For
the six months ended December 31, 2024 and 2023, $77,694 and $9,453 of cash were used for operating lease liabilities, respectively.   

Note 20 — Commitments and contingencies

Contingencies

From time to time, the Company
is a party to certain legal proceedings, as well as certain asserted and un-asserted claims. Amounts accrued, as well as the total amount
of reasonably possible losses with respect to such matters, individually and in the aggregate,