Company: FOXX
Filing Date: 2025-11-18
Form Type: 10-Q
Source: 0001213900-25-112192
Chunk: 95

Company: Foxx Development Holdings Inc.
Filing Date: 2025-11-18
Form: 10-Q
Item: Item 8
Chunk 95
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 of funds through the following sources:

    ●
    Other sources of available financing from banks in the United States of America and other financial institutions or private lenders;

    ●
    Financial support and credit guarantee commitments from the Company’s related parties; and

    ●
    Equity financing.

The Company can make no assurance that required financing will be available
in the amounts needed, or on terms commercially acceptable to the Company, if at all. If one or more of these events do not occur, or
if subsequent capital raises are insufficient to bridge any financial and liquidity shortfall, there would likely be a material adverse
effect on the Company and it would materially adversely affect its ability to continue as a going concern.

As such, the Company’s
management has determined that the factors discussed above have raised substantial doubt about the Company’s ability to continue
as a going concern within one year after the date  the unaudited condensed consolidated financial statements are issued. The unaudited
condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern and, accordingly,
do not include any adjustments that might result from the outcome of this uncertainty.

Note 3 — Basis of presentation
and significant accounting policies

Basis of presentation

The accompanying unaudited condensed consolidated financial statements
have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”)
and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management,
all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of the Company’s
financial position and operation results have been included. Interim results are not necessarily indicative of results for a full
year. The information in this Quarterly Report on Form 10-Q (the “10-Q”) should be read in conjunction with information in
the Annual Report for the fiscal year ended June 30, 2025, on Form 10-K filed by the Company with the SEC on October 15, 2025.

Principles of consolidation

The unaudited condensed consolidated
financial statements include the financial statements of the Company and its subsidiaries. All transactions and balances among the Company
and its subsidiaries have been eliminated upon consolidation.

A subsidiary is an entity in which the Company, directly or indirectly,
controls more than one-half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove
the majority of the members of