Company: FOXX
Filing Date: 2025-01-10
Form Type: S-1
Source: 0001213900-25-002199
Chunk: 201

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-10
Form: S-1
Chunk 201
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 (s), and (iii) the date of any other repayment or redemption of this Note. The full outstanding and unpaid principal amount shall be repaid in full on maturity date on June 20, 2024, November 20, 2024, March 14, 2025 respectively, and any accrued and unpaid interest is due and payable by the Company in shares on the interest payment date. Those Notes may not be prepaid by Foxx without prior written consent of the Investor. The Notes and the related interests were automatically converted into (i) the right to receive, without interest, the applicable portion of 5,000,000shares of Common Stock of the Company (the “Closing Payment Stock” as defined in Note 22) following consummation of the Business Combination on September 26, 2024. As of June 30, 2024 and 2023, the fair and carrying value of the Notes were $ 6,000,000and $ 2,000,000, respectively, net of $ 0unamortized premium, discount, or issuance costs; and accrued interest related to the Notes were $ 267,945and $ 3,500as of June 30, 2024 and 2023, respectively. Note 14 — Long-term loan In February 2023, Foxx 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 Foxx is unable to make repayment and default on the loan, with a six -yearloan for a total of approximately $ 137,000. As of June 30, 2024, the carrying value of the asset that has been pledged as a collateral is $ 91,231. The monthly payments are $ 2,694from March 2023 to February 2029, with an interest rate of 11.85% per annum. F-48

FOXX DEVELOPMENT INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 14 — Long-term loan (cont.)

| Twelve months ended June 30,         |     | Amount |         |   |
|:-------------------------------------|:----|:-------|--------:|:--|
| 2025                                 |     | $      |  19,539 |   |
| 2026                                 |     |        |  22,024 |   |
| 2027                                 |     |        |  24,