Foxx Development Holdings Inc. Files Q3 2024 10-Q
Ticker: FOXXW · Form: 10-Q · Filed: Nov 19, 2024 · CIK: 2013807
Sentiment: neutral
Topics: 10-Q, quarterly-report, company-filing
TL;DR
Foxx Dev Holdings (FOXF) filed its 10-Q for Q3 2024. All good.
AI Summary
Foxx Development Holdings Inc. filed its quarterly report for the period ending September 30, 2024. The company, formerly known as Acri Capital Merger Sub I Inc., is incorporated in Delaware and operates in the computer communications equipment sector. Its principal executive offices are located in Irvine, California.
Why It Matters
This filing provides investors with an update on Foxx Development Holdings Inc.'s financial performance and operational status for the third quarter of 2024.
Risk Assessment
Risk Level: low — This is a standard quarterly filing with no immediate red flags or significant new information presented.
Key Numbers
- 001-42285 — Commission File Number (Identifies the company's filing with the SEC)
- 99-5119494 — IRS Employer Identification No. (Company's tax identification number)
Key Players & Entities
- Foxx Development Holdings Inc. (company) — Registrant
- Acri Capital Merger Sub I Inc. (company) — Former company name
- September 30, 2024 (date) — Quarterly period end date
- 20241119 (date) — Filing date
- Delaware (location) — State of incorporation
- Irvine, CA (location) — Principal executive offices
FAQ
What is the primary business of Foxx Development Holdings Inc.?
Foxx Development Holdings Inc. is classified under the Standard Industrial Classification code 3576, which pertains to Computer Communications Equipment.
When was the company's name changed?
The company's name was changed from Acri Capital Merger Sub I Inc. on February 29, 2024.
Where are Foxx Development Holdings Inc.'s principal executive offices located?
The principal executive offices are located at 13575 Barranca Parkway C106, Irvine, CA 92618.
What is the filing date of this 10-Q report?
This 10-Q report was filed on November 19, 2024.
For what period is this quarterly report?
This quarterly report is for the period ended September 30, 2024.
Filing Stats: 4,468 words · 18 min read · ~15 pages · Grade level 17.2 · Accepted 2024-11-19 17:10:15
Key Financial Figures
- $0.0001 — ich registered Common Stock, par value $0.0001 per share FOXX The Nasdaq Stock Market
- $11.50 — of Common Stock at an exercise price of $11.50 FOXXW The Nasdaq Stock Market LLC Che
- $0 — mpany had deferred transaction costs of $0 and $ 462,177 , respectively. Payables
Filing Documents
- ea0220595-10q_foxx.htm (10-Q) — 819KB
- ea022059501ex31-1_foxx.htm (EX-31.1) — 10KB
- ea022059501ex31-2_foxx.htm (EX-31.2) — 10KB
- ea022059501ex32-1_foxx.htm (EX-32.1) — 4KB
- ea022059501ex32-2_foxx.htm (EX-32.2) — 4KB
- 0001213900-24-100229.txt ( ) — 6228KB
- foxx-20240930.xsd (EX-101.SCH) — 75KB
- foxx-20240930_cal.xml (EX-101.CAL) — 57KB
- foxx-20240930_def.xml (EX-101.DEF) — 325KB
- foxx-20240930_lab.xml (EX-101.LAB) — 548KB
- foxx-20240930_pre.xml (EX-101.PRE) — 329KB
- ea0220595-10q_foxx_htm.xml (XML) — 676KB
– Management's Discussion and Analysis of Financial Condition And Results of Operations
Item 2. – Management's Discussion and Analysis of Financial Condition And Results of Operations 25
– Quantitative and Qualitative Disclosures about Market Risk
Item 3. – Quantitative and Qualitative Disclosures about Market Risk 36
– Controls and Procedures
Item 4. – Controls and Procedures 36
– OTHER INFORMATION
PART II – OTHER INFORMATION 37
– Legal Proceedings
Item 1. – Legal Proceedings 37
– Risk Factors
Item 1A. – Risk Factors 37
– Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. – Unregistered Sales of Equity Securities and Use of Proceeds 37
– Defaults Upon Senior Securities
Item 3. – Defaults Upon Senior Securities 37
– Mine Safety Disclosures
Item 4. – Mine Safety Disclosures 37
– Other Information
Item 5. – Other Information 37
– Exhibits
Item 6. – Exhibits 37
SIGNATURES
SIGNATURES 38 i PART I: FINANCIAL INFORMATION Item 1. - Financial Statements FOXX DEVELOPMENT HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS September 30, June 30, 2024 2024 (Unaudited) (Audited) ASSETS CURRENT ASSETS Cash $ 9,180,356 $ 587,448 Restricted cash 19,411,645 - Accounts receivable 12,371,365 251,894 Inventories 4,540,549 1,768,072 Contract assets 1,713,430 1,682,289 Prepaid expenses and other current assets 336,958 44,116 Amount due from related party - 140 Total Current Assets 47,554,303 4,333,959 PROPERTY AND EQUIPMENT, NET 166,338 142,619 NON-CURRENT ASSETS Operating right-of-use assets 1,223,334 405,758 Deferred transaction costs - 462,177 Security deposits 603,716 29,909 Total Non-current Assets 1,827,050 897,844 Total Assets $ 49,547,691 $ 5,374,422 LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) CURRENT LIABILITIES Accounts payable $ 19,285,926 $ 1,396,860 Other payables and accrued liabilities 1,481,319 468,225 Other payable - related party 346,539 51,168 Payables on shares redemption 20,499,790 - Contract liabilities 143,600 649,450 Income taxes payable 253,932 - Short-term loans - 291,208 Current maturity of long-term loan 20,132 19,539 Operating lease liabilities - current 180,451 72,531 Convertible promissory notes - 6,000,000 Earnout liabilities 5,737,868 - Total Current Liabilities 47,949,557 8,948,981 NON-CURRENT LIABILITIES Operating lease liabilities - non-current 1,050,715 332,435 Long-term loan - non-current 90,181 95,442 Total Non-current Liabilities 1,140,896 427,877 Total Liabilities 49,090,453 9,376,858 COMMITMENTS AND CONTINGENCIES (See Note 18) SHAREHOLDERS' EQUITY (DEFICIT) Common stock, $ 0.0001 par value, 50,000,000 shares and 6,606,667 shares authorized as of September 30, 2024 and June 30, 2024, respectively; 7,270,097 and 3,303,333 shares issued and outstanding as of