Company: FOXX
Filing Date: 2025-01-24
Form Type: 424B3
Source: 0001213900-25-006111
Chunk: 203

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-24
Form: 424B3
Chunk 203
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 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 $2,694 from 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.) The obligation is payable as follows:

| Twelve months ended June 30,         |     | Amount |         |   |
|:-------------------------------------|:----|:-------|--------:|:--|
| 2025                                 |     | $      |  19,539 |   |
| 2026                                 |     |        |  22,024 |   |
| 2027                                 |     |        |  24,826 |   |
| 2028                                 |     |        |  27,984 |   |
| 2029                                 |     |        |  20,608 |   |
| Total long-term debt payment         |     |        | 114,981 |   |
| Current portion of long-term debt    |     |        | (19,539 | ) |
| Long-term debt – non-current portion |     | $      |  95,442 |   |

Interest expense for years ended June 30, 2024 and 2023 for the above loan amounted to $14,989 and $5,442, respectively. Note 15 — Shareholders’ deficit Pursuant to the Company’s certificate of incorporation, the Company is authorized to issue 1,000,000 shares of Common Stock with a par value of $0.001 per share. On February 27, 2024, the Company increased its authorized shares to 2,000,000shares. As of June 30, 2024 and 2023, there are 1,000,000shares of Common Stock outstanding. Note 16 — Concentrations of risks (a) Major customers For the year ended June 30, 2024, three customers, customer A, customer B and customer C, which are