Company: FOXX
Filing Date: 2025-01-10
Form Type: S-1
Source: 0001213900-25-002199
Chunk: 170

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-10
Form: S-1
Chunk 170
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 (z) 332,614shares of Common Stock issued to Investor C (see Note 4).

F-21

FOXX DEVELOPMENT HOLDINGS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 14 — Convertible promissory notes (cont.) As of September 30, 2024 and June 30, 2024, the fair and carrying value of the Notes were $ 0and $ 6,000,000, respectively, net of $ 0unamortized premium, discount, or issuance costs; and accrued interest related to the Notes were $ 0and $ 267,945as of September 30, 2024 and June 30, 2024, respectively.

Note 15 — Long-term loan

In February 2023, the Company 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 the Company is unable to make repayment and default on the loan, with a six-year loan for a total of approximately $. As of September 30, 2024, the carrying value of the asset that has been pledged as a collateral is $. The monthly payments are $ from March 2023 to February 2029, with an interest rate of % per annum.

| Twelve months ended September 30,    |     | Amount |         |   |
|:-------------------------------------|:----|:-------|--------:|:--|
| 2025                                 |     | $      |  20,132 |   |
| 2026                                 |     |        |  22,694 |   |
| 2027                                 |     |        |  25,581 |   |
| 2028                                 |     |        |  28,835 |   |
| Thereafter                           |     |        |  13,071 |   |
| Total long-term debt payment         |     |        | 110,313 |   |
| Current portion of long-term debt    |     |        | (20,132 | ) |
| Long-term debt – non-current portion |     | $      |  90,181 |   |

Interest expense for the three months ended September 30, 2024 and 2023 for the above loan amounted to $ and $, respectively.

Note 16 — Shareholders’ deficit

Common Stock

As of September 30, 202