Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 363

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 1B
Chunk 363
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 of the month as the grant date. The vesting of each RSU is subject to the director’s continued employment through
applicable vesting date.

On
April 24, 2025, the Company forfeited 33,080 unvested RSUs previously granted to one of its consultants on November 5, 2024, due to termination
of the consultant’s engagement.

The
RSUs are accounted for as equity awards and are measured at fair value based upon the grant date market value of the Company’s
common stock. Compensation expense is recognized on a straight-line basis over the vesting service period of four years. Forfeitures
are accounted for as they occur.

The
following table presents the total stock-based compensation expenses included in each of the respective expense line items for the periods
presented: 

    For
    the Years Ended 

    June
    30, 

    2025  
    2024 

    Selling expenses 
    $175,332  
    $- 
  
    General and administrative
    expenses 
     448,511  
     - 
  
    Research
    and development expenses 
     191,835  
     - 
  
    Total
    stock-based compensation expenses 
    $815,678  
    $- 

The
following table summarizes the activity for all restricted stock units granted:

      Shares   Weight average grant date fair value   Total fair value   Weighted average   remaining contractual term (in years)   Unvested at July 1, 2024    -   $-   $-    -   Granted    727,009    7.21    5,243,400    4.00   Vested    -    -    -    -   Forfeited    (33,080)   7.30    (241,484)   -   Unvested at June 30, 2025    693,929   $7.21   $5,001,916    3.36  

As
of June 30, 2025, there was $4,186,238 total unrecognized compensation cost related to unvested RSUs granted under the employee incentive
plan. The total cost is expected to be recognized over