Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 1529

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 8
Chunk 1529
---
,202 
  
    Rent expenses 
     260,527  
     63,764 
  
    Travel
    expenses 
     239,999  
     69,712 
  
    Other general
    and administrative 
     178,202  
     92,554 
  
    Other research
    and development expenses 
     1,308,130  
     - 
  
    Research
    and development expenses-related party 
     136,752  
     91,168 
  
    Stock-based
    compensation expenses 
     815,678  
     - 
  
    Other segment items: 

    Interest
    expense 
     4,959,055  
     278,328 
  
    Other expense
    (income), net 
     (25,589) 
     4,016 
  
    Change
    in fair value of earnout liabilities 
     (5,688,007) 
     - 
  
    Provision
    for income taxes 
     76,743  
     19,828 
  
    Segment
    net loss 
    $(9,020,136) 
    $(3,430,642)

F-34

Note 25
— Subsequent events

The
Company evaluated all events and transactions that occurred after June 30, 2025 up through the date the Company issued these consolidated
financial statements. Based on this review, the Company did not identify any subsequent events that would require adjustment or disclosure
in the consolidated financial statements.

On
July 4, 2025, the One Big Beautiful Bill was enacted (“OBBBA”), introducing significant and wide-ranging changes to the U.S.
tax system. Significant components include restoration of 100% accelerated tax depreciation on qualifying property including expansion
to cover qualified production property. Another major aspect includes the return to immediate expensing of domestic research and experimental
expenditures (“R&E”) which in some cases may include retroactive application back to 2021 for businesses with gross receipts
of less than $31 million or accelerated tax deductions of R&E that was previously capitalized for larger businesses.  The legislation
also reinstates EBITDA-based interest deductions for tax purposes and makes several business tax incentives permanent.  Less favorable
business provisions include limitations on tax deductions for charitable contributions.

The
Company is currently assessing the potential impact of this legislation on its future financial position, results of operations