Foxx Development Holdings Inc
For the period ended Dec 31, 2024. Filed Feb 14, 2025.
View on SEC.govAbout this filing
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.
Dec 31, 2024 · Filed Feb 14, 2025
FOXX$1.600.0%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Balance Sheets
| December 31, · June 30, | |||
|---|---|---|---|
| 2024 · 2024 | |||
| (Unaudited) · (Audited) | |||
| ASSETS | |||
| CURRENT ASSETS | |||
| Cash | $3,943,043 | $587,448 | |
| Accounts receivable, net of allowance for credit loss of $63,000 and $0 as of December 31, 2024 and June 30, 2024, respectively | 7,643,068 | 251,894 | |
| Inventories | 15,765,492 | 1,768,072 | |
| Contract assets | 1,603,267 | 1,682,289 | |
| Prepaid expenses and other current assets | 1,019,250 | 44,116 | |
| Amount due from related party | - | 140 | |
| Total Current Assets | 29,974,120 | 4,333,959 | |
| PROPERTY AND EQUIPMENT, NET | 187,367 | 142,619 | |
| NON-CURRENT ASSETS | |||
| Operating right-of-use assets | 1,170,527 | 405,758 | |
| Deferred transaction costs | - | 462,177 | |
| Security deposits | 603,716 | 29,909 | |
| Total Non-current Assets | 1,774,243 | 897,844 | |
| Total Assets | $31,935,730 | $5,374,422 | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) | |||
| CURRENT LIABILITIES | |||
| Accounts payable | $24,102,035 | $1,396,860 | |
| Other payables and accrued liabilities | 2,140,450 | 468,225 | |
| Other payable - related party | 368,948 | 51,168 | |
| Contract liabilities | 784,157 | 649,450 | |
| Short-term loans | - | 291,208 | |
| Current maturity of long-term loan | 20,744 | 19,539 | |
| Operating lease liabilities - current | 201,598 | 72,531 | |
| Convertible promissory notes | - | 6,000,000 | |
| Earnout liabilities | 1,032,285 | - | |
| Total Current Liabilities | 28,650,217 | 8,948,981 | |
| NON-CURRENT LIABILITIES | |||
| Operating lease liabilities - non-current | 997,666 | 332,435 | |
| Long-term loan - non-current | 84,759 | 95,442 | |
| Total Non-current Liabilities | 1,082,425 | 427,877 | |
| Total Liabilities | 29,732,642 | 9,376,858 | |
| COMMITMENTS AND CONTINGENCIES (See Note 20) | |||
| SHAREHOLDERS’ EQUITY (DEFICIT) | |||
| Common stock, $0.0001 par value, 50,000,000 and 6,606,664 shares authorized as of December 31, 2024 and June 30, 2024, respectively; 7,280,597 and 3,303,333 shares issued and outstanding as of December 31, 2024 and June 30, 2024, respectively | 728 | 330 | * |
| Additional paid-in capital | 14,071,931 | 7,024,162 | |
| Accumulated deficit | (11,869,571) | (11,026,928) | |
| Total Shareholders’ Equity (Deficit) | 2,203,088 | (4,002,436) | |
| Total Liabilities and Shareholders’ Equity (Deficit) | $31,935,730 | $5,374,422 | |
| * | Giving retroactive effect to reverse recapitalization effected on September 26, 2024 to reflect exchange ratio of approximately 3.3033 as described in Note 4. |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.