Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 89

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 1
Chunk 89
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614 shares of Common Stock issued to Investor C (see Note 4).

As
of June 30, 2025 and 2024, the fair and carrying value of the Notes were $0 and $6,000,000, respectively, net of $0 unamortized premium,
discount, or issuance costs; and accrued interest related to the Notes were $0 and $267,945 as of June 30, 2025 and 2024, respectively.

F-24

Note 15
— Long-term loan

In
February 2023, the Company 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 the Company 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, 2025, the carrying value of the asset that has been pledged as a collateral is $65,772. 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 
  
    2026 
    $23,743 
  
    2027 
     24,826 
  
    2028 
     27,984 
  
    Thereafter 
     20,608 
  
    Total
    long-term debt payment 
     97,161 
  
    Current
    portion of long-term debt 
     (23,743)
  
    Long-term
    debt – non-current portion 
    $73,418 

Interest
expense for the years ended June 30, 2025 and 2024 for the above loan amounted to $12,784 and $14,989, respectively.

Note 16
— Shareholders’ deficit

Common
stock 

As
of June 30, 2025 and 2024, the Company has 50,000,000 authorized shares of common stock, par value $0.0001 per share. As of June
30, 2025 and 2024, there are 6,780,597 and 3,303,333 shares of common stock outstanding.

Issuance
of common stock upon completion of the Reverse Recapitalization 

On