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Long-Term Loan
 12 Months Ended
Jun. 30, 2024
Long-Term Loan [Abstract]  
Long-term loan

Note 14 — Long-term loan

 

In February 2023, Foxx purchased and financed a vehicle, for which the lender put a lien on the title and will be taken as collateral in the situation if Foxx is unable to make repayment and default on the loan, with a six-year loan for a total of approximately $137,000. As of June 30, 2024, the carrying value of the asset that has been pledged as a collateral is $91,231. The monthly payments are $2,694 from March 2023 to February 2029, with an interest rate of 11.85% per annum.

 

The obligation is payable as follows:

 

Twelve months ended June 30,  Amount 
2025  $19,539 
2026   22,024 
2027   24,826 
2028   27,984 
2029   20,608 
Total long-term debt payment   114,981 
Current portion of long-term debt   (19,539)
Long-term debt – non-current portion  $95,442 

 

Interest expense for years ended June 30, 2024 and 2023 for the above loan amounted to $14,989 and $5,442, respectively.