Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 244

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 1A
Chunk 244
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020,136) 
    $(3,430,642)

F-34

Note 25
— Subsequent events

The
Company evaluated all events and transactions that occurred after June 30, 2025 up through the date the Company issued these consolidated
financial statements. Based on this review, the Company did not identify any subsequent events that would require adjustment or disclosure
in the consolidated financial statements.

On
July 4, 2025, the One Big Beautiful Bill was enacted (“OBBBA”), introducing significant and wide-ranging changes to the U.S.
tax system. Significant components include restoration of 100% accelerated tax depreciation on qualifying property including expansion
to cover qualified production property. Another major aspect includes the return to immediate expensing of domestic research and experimental
expenditures (“R&E”) which in some cases may include retroactive application back to 2021 for businesses with gross receipts
of less than $31 million or accelerated tax deductions of R&E that was previously capitalized for larger businesses.  The legislation
also reinstates EBITDA-based interest deductions for tax purposes and makes several business tax incentives permanent.  Less favorable
business provisions include limitations on tax deductions for charitable contributions.

The
Company is currently assessing the potential impact of this legislation on its future financial position, results of operations, and
cash flows. In accordance with U.S. GAAP, the effects will be recognized in the period of enactment.

F-35

ITEM
9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

On
November 1, 2024, CBIZ CPAs P.C. acquired Marcum LLP (“Marcum”). In connection with the Acquisition, on May 1, 2025,
Marcum resigned as the independent registered public accounting firm of the registrant. The Audit Committee of the Board of
Directors accepted Marcum’s resignation. Marcum acted as the independent registered public accounting firm of the Company
during the fiscal years ended June 30, 2024 and 2023. Marcum remained as the auditor of the Company after the Closing and reviewed
the unaudited interim financial statements of the Company for the period ended September 30, 2024 and December 31, 2024.

The
Audit Committee approved the appointment of CBIZ CPAs P.C. (“CBIZ”) as the Company’s new independent registered public accounting
firm on May 1, 2025, with