Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 223

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 1A
Chunk 223
---
 B(2) 
     -  
     30,000 
  
    Total
    short-term loan 
    $-  
    $291,208 

  (1) On December 30, 2020, the Company entered into a loan agreement with a third-party lender. The agreement allows the Company to draw up to $600,000 and is non-interest bearing. The Company’s imputed interest is immaterial. During the year ended June 30, 2025, the Company made a full repayment to the third party with a total amount of $261,208. 

  (2) On November 11, 2019, the Company entered into a loan agreement for an amount of $50,000 with a third-party lender. This loan is non-interest bearing. The Company’s imputed interest is immaterial. This loan had an original due date in February 2020 and automatically converted into a due on demand term thereafter. During the year ended June 30, 2025, the Company made a full repayment to the third party with a total amount of $30,000. 

Note 14
— Convertible promissory notes

On
June 21, 2023 (note issuance date), Old Foxx issued a convertible promissory note (the “Note 1”) to Investor A,
a Hong Kong registered entity, in the amount of $2,000,000 at 7% per annum. The maturity date for the note is the earlier of the
12-month anniversary of the note issuance date and the date when Old Foxx redeems the note, or the date of the initial closing of the
initial public offering (“IPO”) of Old Foxx.

On
November 21, 2023, Old Foxx issued a second convertible promissory note (“Note 2”) to Investor A in the amount
of $2,000,000 at 7% per annum. The maturity and other terms were the same to Note 1.

On
March 15, 2024, Old Foxx and the Investor entered into an Amendment to the Convertible Note Agreement to the Note 1 and
Note 2 and agreed that all accrued interest shall become due and payable in shares of common stock of Old Foxx, at a price of $30.00
per share at the time that the Old Foxx completes the Business Combination.

On
March 15, 2024, Old