Company: FOXX
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014221
Chunk: 29

Company: Foxx Development Holdings Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 1
Chunk 29
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 obligations under the contract to the customer.

16

The following table presents
the Company’s contract liabilities balances and changes therein:

    Three Months Ended December 31  
    Six Months Ended December 31 

    2024  
    2023  
    2024  
    2023 
  
    Balance, beginning of the period 
    $143,600  
    $601,027  
    $649,450  
    $27 
  
    Add: net increase in current period contract liabilities 
     784,157  
     -  
     784,157  
     - 
  
    Less: revenue recognized from beginning contract liabilities 
     (143,600) 
     (601,027) 
     (649,450) 
     (27)
  
    Total contract liabilities 
    $784,157  
    $-  
    $784,157  
    $- 

Note 12 — Related party balances
and transactions

Related party balances

Amount due from related party

  Name of Related Party  Relationship  Nature  December 31, 2024   June 30, 2024                (Audited)   Company A  Owned by an immediate family member of the Company’s 10% or more
shareholder  Paid on behalf fees  $     -   $140  

Other payable — related
party

Other payable — related
party consists of the following:

  Name of Related Party  Relationship  Nature  December 31,  2024   June 30,  2024                (Audited)   Company A(1)  Controlled by an immediate family member of the Company’s 10%
or more shareholder  Research and development fees  $119,544   $51,168   Company B  More than 10% Shareholder of the Company  Unconverted working capital loan balance in ACAC   249,404    -   Total        $368,948   $51,168  

  (1) On September 1, 2022, the Company entered into an agreement with Company A for the research and development project. 

Related party transactions

Research and development expenses

  Name of Related Party  Relationship  For the Three Months Ended December