Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 602

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 2
Chunk 602
---
  
    $35,670 
  
    Cash
    paid for interest 
    $2,507,745  
    $13,662 

    NON-CASH
    INVESTING AND FINANCING ACTIVITIES: 

    Initial
    recognition of operating right-of-use assets and lease liabilities 
    $750,338  
    $438,226 
  
    Modification
    of operating right-of-use assets and lease liabilities 
    $121,655  
    $- 
  
    Conversion
    of convertible promissory notes into common stock 
    $15,408,685  
    $- 
  
    Reverse
    recapitalization transaction costs net against additional-paid in capital 
    $893,577  
    $- 
  
    Deferred
    transaction costs included in other payables and accrued liabilities 
    $300,000  
    $20,800 
  
    Initial
    recognition of earnout liabilities 
    $5,688,007  
    $- 
  
    Conversion from employee advance to receivable from a third party 
    $19,500  
    $- 

The
accompanying notes are an integral part of these consolidated financial statements.

F-7

FOXX
DEVELOPMENT HOLDINGS INC.

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1
— Nature of business and organization

Foxx
Development Holdings Inc. (“Foxx” or the “Company”) was incorporated on November 13, 2023 under the name “Acri
Capital Merger Sub I Inc.” On February 18, 2024, the Company entered into a business combination agreement (as amended on May 31,
2024, the “Business Combination Agreement”), by and among the Company, Acri Capital Acquisition Corporation, a Delaware corporation
and our parent company at the time (“ACAC”), Acri Capital Merger Sub II Inc., a Delaware corporation and our wholly-owned
subsidiary at the time (“Merger Sub”), and Foxx Development Inc. (“Old Foxx”), a Texas corporation incorporated
on March 17, 2017 primarily engaged in the sales of electronic products, pursuant to which (i) ACAC merged with and into the Company,
with the Company as the surviving Delaware corporation (the “Reincorporation Merger”), and (ii) Old Foxx merged with and
into Merger Sub, with Merger Sub surviving