Foxx Development Holdings Inc
For the period ended Sep 26, 2024. Filed Oct 2, 2024.
View on SEC.govAbout this filing
A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.
Sep 26, 2024 · Filed Oct 2, 2024
Contents
EX-99.2 · Commitments
Commitments
The Company used its vendors’ limited space in their warehouse to store its purchased inventory during the years ended June 30, 2023 and 2022. The Company considered such usage to be considered as an embedded lease. The Company determined that the accounting impact of the embedded lease are immaterial to the Company’s June 30, 2023 and 2022 financial statements and no operating right-of-use assets and lease liabilities were capitalized as June 30, 2023 and 2022.
The Company also rented a mailbox for $450 per month from November 1, 2022 to October 31, 2024. The Company determined that the accounting impact of this lease is immaterial to the Company’s June 30, 2023 financial statements and no operating right-of-use assets and lease liabilities were capitalized as June 30, 2023.The Company terminated this lease on August 5, 2023.
As of June 30, 2023, the Company has an outstanding loan in connection with a vehicle purchase. See Note 11.
Subsequent to June 30, 2023, the Company has entered into a dormitory lease and various office and storage leases. See Note 18.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.