Company: FOXX
Filing Date: 2025-01-10
Form Type: S-1
Source: 0001213900-25-002199
Chunk: 85

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-10
Form: S-1
Chunk 85
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 percentage for mobile phones decreased from 5.6% to (1.5)% from the year ended June 30, 2023, to the same period in 2024. This decline was primarily due our decision to sell products to a new customer at discounted prices during the period from January 1 to June 30, 2024. During this time, we experienced a delay in delivery from our vendor and aimed to minimize the risk of the customer cancelling existing orders. Operating Expenses Total operating expenses increased by approximately $2.2 million, or 217.3%, to approximately $3.2 million for the year ended June 30, 2024 from approximately $1.0 million for the year ended June 30, 2023. Our operating expenses are summarized as follows:

| Operating expenses                       |     | For the Years ended June 30, 
 2024                         |           |     | 2023 |           |     | Change 
 ($)    |           |   |     | Change 
    (%) |    |
|:-----------------------------------------|:----|:-----------------------------|----------:|:----|:-----|----------:|:----|:-------|----------:|:--|:----|-------:|:---|
| Selling expenses                         |     | $                            | 1,076,761 |     | $    |   262,767 |     | $      |   813,994 |   |     |  309.8 | %  |
| General and administrative expense       |     |                              | 2,076,484 |     |      |   487,706 |     |        | 1,588,778 |   |     |  325.8 | %  |
| Research and development – related party |     |                              |    91,168 |     |      |   272,080 |     |        |  (180,912 | ) |     |  (66.5 | )% |
| Total operating expense                  |     | $                            | 3,244,413 |     | $    | 1,022,553 |     | $      | 2,221,860 |   |     |  217.3 | %  |

48

The increase in operating expense was mainly attributed to the following: Selling Expenses Selling expenses increased, approximately $0.8 million, or 309.8%, to approximately $1.1 million for the year ended