Foxx Development Holdings Inc.
For the period ended Mar 31, 2025. Filed May 15, 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.
Mar 31, 2025 · Filed May 15, 2025
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 Nine Months Ended | |||
|---|---|---|---|
| March 31, · March 31, | |||
| 2025 · 2024 | |||
| (Unaudited) · (Unaudited) | |||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net loss | $(4,927,154) | $(2,074,011) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation | 35,951 | 29,713 | |
| Interest expense from convertible promissory notes | 140,740 | - | |
| Amortization of operating right of use assets | 160,521 | 20,825 | |
| Provision for credit losses | 464,988 | - | |
| Stock-based compensation expenses | 527,542 | - | |
| Change in fair value of earnout liabilities | (5,687,989) | - | |
| Loss on sale of equipment | 3,400 | - | |
| Change in operating assets and liabilities: | |||
| Accounts receivable | (7,359,795) | (174,950) | |
| Inventories | (14,893,859) | (662,227) | |
| Contract assets | 16,259 | ||
| Prepaid expenses and other current assets | (1,049,412) | (1,688,804) | |
| Amount due from a related party | 140 | - | |
| Security deposits | (1,123,807) | (25,030) | |
| Accounts payable | 27,958,120 | - | |
| Contract liabilities | (438,378) | 89,723 | |
| Taxes payable | (299,585) | (15,842) | |
| Other payables and accrued liabilities | 1,974,134 | 288,326 | |
| Other payable - related party | (32,007) | (19,416) | |
| Operating lease liabilities | (123,471) | (19,019) | |
| Net cash used in operating activities | (4,653,662) | (4,250,712) | |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchases of property and equipment | (68,336) | (7,064) | |
| Proceeds from sale of equipment | 28,100 | - | |
| Net cash used in investing activities | (40,236) | (7,064) | |
| 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 | (14,432) | (11,438) | |
| Proceeds from convertible promissory note | 9,000,000 | 3,000,000 | |
| Proceeds from reverse recapitalization, net of payments of transaction costs | 19,710,288 | - | |
| Proceeds from issuance of common stock through exercise of warrants | 120,750 | - | |
| Payment of redemption payable | (20,499,790) | - | |
| Payments of deferred transaction costs | (131,400) | (209,648) | |
| Net cash provided by financing activities | 7,894,208 | 2,687,679 | |
| EFFECT OF EXCHANGE RATE CHANGES | 2,297 | - | |
| NET CHANGE IN CASH | 3,202,607 | (1,570,097) | |
| CASH, beginning of the period | 587,448 | 1,824,849 | |
| CASH, end of the period | $3,790,055 | $254,752 | |
| SUPPLEMENTAL CASH FLOW INFORMATION: | |||
| Cash paid for income tax | $50 | $35,670 | |
| Cash paid for interest | $1,272,448 | $10,333 | |
| NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||
| Initial recognition of operating right-of-use assets and lease liabilities | $750,338 | $132,382 | |
| 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 | $ | - |
| Initial recognition of earnout liabilities | $5,688,007 | $ | - |
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