Foxx Development Holdings Inc
For the period ended Sep 30, 2024. Filed Nov 19, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 19, 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
Condensed Consolidated Statements of Cash Flows (unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Three Months Ended | |||
|---|---|---|---|
| September 30, · September 30, | |||
| 2024 · 2023 | |||
| (Unaudited) · (Unaudited) | |||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net loss | $(2,266,789) | $(546,831) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation | 11,281 | 9,768 | |
| Interest expense from convertible promissory notes | 140,740 | 35,389 | |
| Amortization of operating right of use assets | 54,417 | - | |
| Change in fair value of earnouts | 49,861 | - | |
| Change in operating assets and liabilities: | |||
| Accounts receivable | (12,119,471) | (200) | |
| Inventories | (2,772,477) | (466,000) | |
| Contract assets | (31,141) | (1,024,684) | |
| Prepaid expenses and other current assets | (210,482) | (9,164) | |
| Amount due from a related party | 140 | - | |
| Security deposits | (573,807) | (27,420) | |
| Accounts payable | 17,889,066 | - | |
| Contract liabilities | (505,850) | 601,000 | |
| Other payables and accrued liabilities | 214,054 | 65,493 | |
| Other payable - related party | (77,208) | (25,000) | |
| Operating lease liabilities | (45,793) | - | |
| Net cash used in operating activities | (243,459) | (1,387,649) | |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchases of property and equipment | (35,000) | (4,144) | |
| Net cash used in investing activities | (35,000) | (4,144) | |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Repayments to short-term loans - related party | - | (91,235) | |
| Repayments to short-term loans | (291,208) | - | |
| Principal payments of long-term loan | (4,668) | (2,774) | |
| Proceeds from convertible promissory note | 9,000,000 | - | |
| Proceeds from reverse recapitalization, net of payments of transaction costs | 19,710,288 | - | |
| Payments of deferred transaction costs | (131,400) | (111,815) | |
| Net cash provided by (used in) financing activities | 28,283,012 | (205,824) | |
| NET CHANGE IN CASH | 28,004,553 | (1,597,617) | |
| CASH AND RESTRICTED CASH, beginning of the period | 587,448 | 1,824,849 | |
| CASH AND RESTRICTED CASH, end of the period | $28,592,001 | $227,232 | |
| CASH AND RESTRICTED CASH, end of the period reconciliation: | |||
| Cash and cash equivalents | $9,180,356 | $227,232 | |
| Restricted cash | 19,411,645 | - | |
| CASH AND RESTRICTED CASH, end of the period | $28,592,001 | $227,232 | |
| SUPPLEMENTAL CASH FLOW INFORMATION: | |||
| Cash paid for income tax | $50 | $ | - |
| Cash paid for interest | $4,073 | $2,626 | |
| NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||
| Initial recognition of operating right-of-use assets and lease liabilities | $750,338 | $ | - |
| Modification of operating right-of-use assets and lease liabilities | $121,655 | $ | - |
| Conversion of convertible promissory notes into common stock | $15,408,685 | $ | - |
| Reverse recapitalization transaction costs net against additional-paid in capital | $893,577 | $ | - |
| Deferred transaction costs included in other payables and accrued liabilities | $300,000 | $8,000 | |
| Initial recognition of earnout liabilities | $5,688,007 | $ | - |
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