Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 1256

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 7
Chunk 1256
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 historical volatility of industry outlook and the expected revenue volatility
and stock volatility was based on the historical volatility of publicly traded peer companies for a term equal to the remaining expected
term of the earnout period.

ITEM
7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As
a smaller reporting company, we are not required to make disclosures under this Item.

28

ITEM
8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 

  INDEX OF FINANCIAL STATEMENTS             Report of CBIZ CPAs P.C., Independent Registered Public Accounting Firm (Firm ID: 199)   F-2         Report of Marcum LLP, Independent Registered Public Accounting Firm (Firm ID: 688)   F-3         Consolidated Balance Sheets as of June 30, 2025 and June 30, 2024   F-4         Consolidated Statements of Operations and Comprehensive Loss for the Years Ended June 30, 2025 and 2024    F-5         Consolidated Statements of Changes in Shareholders’ Deficit for the Years Ended June 30, 2025 and 2024   F-6         Consolidated Statements of Cash Flows for the Years Ended June 30, 2025 and 2024    F-7         Notes to Consolidated Financial Statements    F-8 

F-1

Report of Independent
Registered Public Accounting Firm

To the Stockholders and Board of Directors of

Foxx Development Holdings Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated
balance sheet of Foxx Development Holdings Inc. (the “Company”) as of June 30, 2025, the related consolidated statements of
operations and comprehensive loss, changes in stockholders’ deficit and cash flows for the year ended June 30, 2025 and the related
notes (collectively referred to as the “financial statements”). In our opinion, based on our audit, the financial statements
present fairly, in all material respects, the financial position of the Company as of June 30, 2025, and the results of its operations
and its cash flows for the year ended June 30, 2025, in conformity with accounting principles generally accepted in the United States
of America.

Retrospective Application of a Change in Accounting
Principle 

We