Company: FOXX
Filing Date: 2025-11-18
Form Type: 10-Q
Source: 0001213900-25-112192
Chunk: 126

Company: Foxx Development Holdings Inc.
Filing Date: 2025-11-18
Form: 10-Q
Item: Item 8
Chunk 126
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ating lease liabilities on the accompanying balance sheet:

    Operating lease payments 
  
    For the nine months ending June 30, 2026 
    $1,643,263 
  
    For the twelve months ending June 30, 2027 
     2,526,270 
  
    For the twelve months ending June 30, 2028 
     2,627,563 
  
    For the twelve months ending June 30, 2029 
     2,734,028 
  
    For the twelve months ending June 30, 2030 
     2,641,300 
  
    Thereafter 
     16,021,056 
  
    Total lease payments 
     28,193,480 
  
    Less: discount 
     (6,831,369)
  
    Present value of operating lease liabilities 
     21,362,111 
  
    Operating lease liabilities, current portion 
     (1,148,518)
  
    Operating lease liabilities, non-current portion 
    $20,213,593 

Operating lease expenses
consist of the following:

    Operating lease cost 
    Classification 
    For the  Three Months Ended September 30, 2025  
    For the  Three Months Ended September 30, 2024 

    (Unaudited)  
    (Unaudited) 
  
    Lease expenses 
    General, and administrative 
    $725,132  
    $51,384 
  
    Lease expenses – short term 
    General, and administrative 
     3,630  
     4,350 
  
    Total operating lease cost 
      
    $728,762  
    $55,734 

For the three months ended
September 30, 2025 and 2024, $496,020 and $45,793 of cash were used for operating lease liabilities, respectively.    

25

Note 18 — Commitments and contingencies

Contingencies

From time to time, the Company is a party to certain legal proceedings,
as well as certain asserted and unasserted claims. Amounts accrued, as well as the total amount of reasonably possible losses with respect
to such matters, individually and in aggregate, are not deemed to be material to the unaudited condensed consolidated financial statements.

On November 22, 2024,
a plaintiff filed Semensato v. Foxx Development Holdings