Company: FOXX
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014221
Chunk: 131

Company: Foxx Development Holdings Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 8
Chunk 131
---
-    -   Granted   12,156,423    12,156,423   $11.50    5.00   Forfeited   -    -   $-    -   Exercised   (10,500)   (10,500)  $11.50    -   December 31, 2024   12,145,923    12,145,923   $11.50    4.74  

The Company accounted for
the 12,145,923 Warrants assumed from the merger as equity instruments in accordance with ASC 480, “Distinguishing Liabilities
from Equity” and ASC 815-40, “Derivatives and Hedging: Contracts in Entity’s Own Equity”.

Note 17 — Fair value measurement

The Company did not have
any assets or liabilities measured at fair value on a recurring basis as of June 30, 2024. The following table provides information
related to the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 and September
26, 2024 (issuance date):

    December 31, 2024 
    Carrying Value  
    Quoted Prices in Active Markets (Level 1)  
    Significant Other Observable Inputs  (Level 2)  
    Significant  Other Unobservable Inputs  (Level 3) 
  
    Liabilities: 

    Earnout liabilities 
    $1,032,285  
    $         -  
    $         -  
    $1,032,285 
  
    Total 
    $1,032,285  
    $-  
    $-  
    $1,032,285 

22

    September 26, 2024 (issuance date) 
    Carrying Value  
    Quoted Prices in Active Markets (Level 1)  
    Significant Other Observable Inputs  (Level 2)  
    Significant  Other Unobservable Inputs  (Level 3) 
  
    Liabilities: 

    Earnout liabilities 
    $5,688,007  
    $         -  
    $         -  
    $5,688,007 
  
    Total 
    $5,