Foxx Development Holdings Inc
For the period ended Jun 30, 2024. Filed Oct 24, 2024.
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FY2024 · Filed Oct 24, 2024
FOXX$1.50-6.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Balance Sheets as of December 31, 2023 and 2022
| December 31, 2023 | December 31, 2022 | |
|---|---|---|
| Assets | ||
| Cash | $54,289 | $547,478 |
| Prepaid expenses | 5,791 | 159,952 |
| Total Current Assets | 60,080 | 707,430 |
| Investments held in Trust Account | 36,672,846 | 89,140,977 |
| Total Assets | $36,732,926 | $89,848,407 |
| Liabilities, Temporary Equity, and Stockholders’ Deficit | ||
| Accrued expenses | $122,007 | $76,931 |
| Franchise tax payable | 37,905 | 56,361 |
| Income tax payable | 402,142 | 173,680 |
| Excise tax payable | 556,620 | — |
| Promissory notes – related party | 1,431,747 | — |
| Total Current Liabilities | 2,550,421 | 306,972 |
| Deferred tax liability | 33,937 | 60,594 |
| Deferred underwriter’s discount | 2,587,500 | 2,587,500 |
| Total Liabilities | 5,171,858 | 2,955,066 |
| Commitments and Contingencies | ||
| Common stock subject to possible redemption, 3,255,050 shares and 8,625,000 shares at redemption value of $11.12 and $10.30 per share as of December 31, 2023 and December 31, 2022 | 36,198,862 | 88,850,342 |
| Stockholders’ Deficit: | ||
| Preferred stock, $0.0001 par value, 500,000 shares authorized, none issued and outstanding | — | — |
| Class A common stock, $0.0001 par value, 20,000,000 shares authorized, none issued and outstanding (excluding 3,255,050 shares subject to possible redemption as of December 31, 2023 and December 31, 2022) | — | — |
| Class B common stock, $0.0001 par value, 2,500,000 shares authorized, 2,156,250 shares issued and outstanding | 216 | 216 |
| Additional paid-in capital | — | — |
| Accumulated deficit | (4,638,010) | (1,957,217) |
| Total Stockholders’ Deficit | (4,637,794) | (1,957,001) |
| Total Liabilities, Temporary Equity, and Stockholders’ Deficit | $36,732,926 | $89,848,407 |
| For the year ended December 31, 2023 | For the Period from January 7, 2022 (inception) through December 31, 2022 | |
|---|---|---|
| Formation and operating costs | $736,593 | $658,118 |
| Franchise tax expenses | 64,564 | 56,361 |
| Loss from Operations | (801,157) | (714,479) |
| Other income | ||
| Interest earned on investment held in Trust Account | 2,118,942 | 1,165,977 |
| Income before income taxes | 1,317,785 | 451,498 |
| Income taxes provision | 431,419 | 234,274 |
| Net income | $886,366 | $217,224 |
| Basic and diluted weighted average shares outstanding, common stock subject to possible redemption | 4,170,218 | 4,818,436 |
| Basic and diluted net income per share, common stock subject to possible redemption | $0.39 | $0.57 |
| Basic and diluted weighted average shares outstanding, common stock attributable to Acri Capital Acquisition Corporation | 2,156,250 | 2,032,123 |
| Basic and diluted net loss per share, common stock attributable to Acri Capital Acquisition Corporation | $(0.34) | $(1.25) |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT
| Common Stock · Additional · Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Preferred Stock · Class A · Class B · Paid-in · Accumulated · Stockholders’ | |||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | |
| Balance as of December 31, 2022 | — | $— | — | $— | 2,156,250 | $216 | $— | $(1,957,217) | $(1,957,001) |
| Accretion of carrying value to redemption value | — | — | — | — | — | — | — | (3,010,539) | (3,010,539) |
| Excise tax accrual | — | — | — | — | — | — | — | (556,620) | (556,620) |
| Net income | — | — | — | — | — | — | — | 886,366 | 886,366 |
| Balance as of December 31, 2023 | — | $— | — | $— | 2,156,250 | $216 | $— | $(4,638,010) | $(4,637,794) |
| Common Stock · Additional · Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Preferred Stock · Class A · Class B · Paid-in · Accumulated · Stockholders’ | |||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | |
| Balance as of January 7, 2022 (inception) | — | $— | — | $— | — | $— | $— | $— | $— |
| Founder shares issued to initial stockholder | — | — | — | — | 2,156,250 | 216 | 24,784 | — | 25,000 |
| Sale of public units through public offering | — | — | 8,625,000 | 863 | — | — | 86,249,137 | — | 86,250,000 |
| Sale of private placement warrants | — | — | — | — | — | — | 5,240,000 | — | 5,240,000 |
| Underwriters’ discount | — | — | — | — | — | — | (4,312,500) | — | (4,312,500) |
| Other offering expenses | — | — | — | — | — | — | (526,383) | — | (526,383) |
| Reclassification of common stock subject to redemption | — | — | (8,625,000) | (863) | — | — | (84,899,324) | — | (84,900,187) |
| Allocation of offering costs to common stock subject to redemption | — | — | — | — | — | — | 4,838,883 | — | 4,838,883 |
| Accretion of carrying value to redemption value | — | — | — | — | — | — | (6,614,597) | (2,174,441) | (8,789,038) |
| Net income | — | — | — | — | — | — | — | 217,224 | 217,224 |
| Balance as of December 31, 2022 | — | $— | — | $— | 2,156,250 | $216 | $— | $(1,957,217) | $(1,957,001) |
| For the year ended December 31, 2023 | For the Period from January 7, 2022 (inception) through December 31, 2022 | |
|---|---|---|
| Cash Flows from Operating Activities: | ||
| Net Income | $886,366 | 217,224 |
| Adjustments to reconcile net income to net cash used in operating activities: | ||
| Interest earned on investment held in Trust Account | (2,118,942) | (1,165,977) |
| Deferred taxes | (26,657) | 60,594 |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses | 154,161 | (159,952) |
| Accrued expenses | 45,076 | 76,931 |
| Franchise tax payable | (18,456) | 56,361 |
| Income taxes payable | 228,462 | 173,680 |
| Net Cash Used in Operating Activities | (849,990) | (741,139) |
| Cash Flows from Investing Activities: | ||
| Purchase of investment held in trust account | (1,360,924) | (87,975,000) |
| Sale of investment held in trust account | 55,947,997 | — |
| Net Cash Provided by (Used in) Investing Activities | 54,587,073 | (87,975,000) |
| Cash Flows from Financing Activities: | ||
| Proceeds from issuance of founder shares | — | 25,000 |
| Proceeds from promissory notes to related party | 1,431,747 | 316,827 |
| Repayment of promissory notes to related party | — | (316,827) |
| Proceeds from public offering | — | 86,250,000 |
| Proceeds from private placement | — | 5,240,000 |
| Payment of underwriter discount | — | (1,725,000) |
| Payment of deferred offering costs | — | (526,383) |
| Redemption of Class A Common Stock | (55,662,019) | — |
| Net Cash (Used in) Provided by Financing Activities | (54,230,272) | 89,263,617 |
| Net Change in Cash | (493,189) | 547,478 |
| Cash, beginning of year | 547,478 | — |
| Cash, end of year | $54,289 | 547,478 |
| Supplemental Disclosure of Cash Flow Information: | ||
| Cash paid for income taxes | $229,615 | $— |
| Cash paid for interest | $— | $— |
| Non-cash financing activities: | ||
| Deferred underwriters’ marketing fees | $— | $2,587,500 |
| Change in value of common stock subject to redemption | $— | $84,900,187 |
| Allocation of offering costs to common stock subject to redemption | $— | $4,838,883 |
| Accretion of carrying value to redemption value | $3,010,539 | $8,789,038 |
| Excise tax accrual | $556,620 | $— |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.