Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 57

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 1
Chunk 57
---
 (5,002)
  
    Net
    loss 
     -  
     -  
     -  
     (9,020,136) 
     -  
     (9,020,136)
  
    BALANCE, June
    30, 2025 
     6,780,597  
    $678  
    $14,686,705  
    $(20,047,064) 
    $(5,002) 
    $(5,364,683)

*Giving retroactive effect to reverse recapitalization effected on September 26, 2024 to reflect exchange ratio of approximately 3.3033 as described in Note 4.

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

F-6

FOXX
DEVELOPMENT HOLDINGS INC.

CONSOLIDATED
STATEMENTS OF CASH FLOWS

    For
    the Years Ended 

    June
    30,  
    June
    30, 

    2025  
    2024 
  
    CASH
    FLOWS FROM OPERATING ACTIVITIES: 

    Net
    loss 
    $(9,020,136) 
    $(3,430,642)
  
    Adjustments
    to reconcile net loss to net cash used in operating activities: 

    Depreciation 
     47,732  
     39,783 
  
    Interest
    expense from convertible promissory notes 
     140,740  
     264,445 
  
    Amortization
    of operating right of use assets 
     214,313  
     32,468 
  
    Provision
    for credit losses 
     913,190  
     - 
  
    Stock-based
    compensation expenses 
     815,678  
     - 
  
    Change
    in fair value of earnout liabilities 
     (5,688,007) 
     - 
  
    Loss
    on sale of equipment 
     3,400  
     - 
  
    Change
    in operating assets and liabilities: 

    Accounts
    receivable 
     (7,130,805) 
     (251,894)
  
    Inventories 
     (10,918,667) 
     (1,768,072