Company: FOXX
Filing Date: 2025-11-18
Form Type: 10-Q
Source: 0001213900-25-112192
Chunk: 8

Company: Foxx Development Holdings Inc.
Filing Date: 2025-11-18
Form: 10-Q
Item: Item 1
Chunk 8
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xx Development Inc.” and became the Delaware
subsidiary of the Company.

On August 29, 2023,
Foxx Technology Pte Ltd, a Singapore private company (“Foxx Technology”), was incorporated in Singapore, with Old Foxx holding 51%
of the equity interests in Foxx Technology. Foxx Technology operates in the field of the manufacture of wireless communications equipment,
and the wholesale of handphones, handphone peripheral equipment and other telecommunications equipment. On July 30, 2024, Foxx submitted
the application to dissolve Foxx Technology to the Accounting and Corporate Regulatory Authority (ACRA) of Singapore. On November 4, 2024,
ACRA granted Foxx Technology’s application and struck it off from the company register of Singapore.

On March 3, 2025, Foxx Development (Singapore) Pte. Ltd (“Foxx
Singapore”) was incorporated in Singapore. Foxx Singapore primarily engages in assembling electronic products, and is 100% owned
by the Company. Foxx Singapore had no significant operations as of September 30, 2025.

On April 8, 2025, Foxx Technologies
Inc (“Foxx Tech”) was incorporated in the State of California. Foxx Tech is 100% owned by the Company. Foxx Tech had no significant
operations as of September 30, 2025.

On
May 19, 2025, Nexus IQ Technology Inc (“Nexus IQ”) was incorporated in the State of Delaware. Nexus IQ primarily engages in
developing, sales and rental of products involving Artificial Intelligence of Things (“AIOT”) technologies, and is 100% owned
by the Company. Nexus IQ had no significant operations as of September 30, 2025 .

Note 2 — Going Concern

In assessing the Company’s
ability to continue as a going concern, the Company monitors and analyses its cash on-hand and its operating and capital expenditure commitments.
The Company’s liquidity needs are to meet its working capital requirements, operating expenses, and capital expenditure obligations.

The Company primarily engages
in the sales of electronic products. Debt financing in the form of convertible notes, loans from bank, third parties, and related parties,
and cash generated from operations have been utilized to finance the working capital. The Company’s management has considered whether
there is substantial doubt about its ability to continue as a going concern due to (1) net cash used in operating activities of approximately
$0.4 million for the three