Company: FOXX
Filing Date: 2025-11-18
Form Type: 10-Q
Source: 0001213900-25-112192
Chunk: 32

Company: Foxx Development Holdings Inc.
Filing Date: 2025-11-18
Form: 10-Q
Item: Item 1
Chunk 32
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-year loan for a total of approximately $137,000. As of
September 30, 2025, the carrying value of the asset that has been pledged as a collateral is $59,407. The monthly payments are $2,694
from March 2023 to February 2029, with an interest rate of 11.85% per annum.

The obligation is payable
as follows:

    Amount 
  
    For the nine months ending September 30, 2026 
    $16,763 
  
    For the twelve months ending June 30, 2027 
     24,826 
  
    For the twelve months ending June 30, 2028 
     27,984 
  
    Thereafter 
     20,608 
  
    Total long-term debt payment 
     90,181 
  
    Current portion of long-term debt 
     (22,694)
  
    Long-term debt – non-current portion 
    $67,487 

Interest expense for the
three months ended September 30, 2025 and 2024 for the above loan amounted to $2,819 and $3,413, respectively.

Note 15 — Stockholders’
deficit

Common stock 

As of September 30, 2025
and June 30, 2025, the Company has 50,000,000 authorized shares of common stock, par value $0.0001 per share. As of September 30,
2025 and June 30, 2025, there are 6,780,597 shares of common stock outstanding.

Issuance of common stock upon completion of
the Reverse Recapitalization 

On September 26, 2024, upon
the consummation of the business combination, the Company issued an aggregated total of 2,270,096 common stock to ACAC shareholders and
its underwriter.

The following table presents
the number of the Company’s common stock issued upon completion of the Reverse Recapitalization:

    Shares of Common 

    Stock 
  
    ACAC’s common stock outstanding prior to Reverse Recapitalization 
     3,971,634 
  
    Less: redemption of ACAC’s common stock 
     (1,744,663)
  
    Common stock issued to underwriter 
     43,125 
  
    Total common stock issued upon completion of the Reverse Recapitalization 
     2,270,