Company: FOXX
Filing Date: 2025-01-10
Form Type: S-1
Source: 0001213900-25-002199
Chunk: 81

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-10
Form: S-1
Chunk 81
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| Other income, net                           |     |                                          | —        |   |     |             |   4,115 |   |     |        | (4,115   | ) |     |  (100.0 | )% |
| Change in fair value of earnout liabilities |     |                                          | (49,861  | ) |     |             |       — |   |     |        | (49,861  | ) |     |   100.0 | %  |
| Total other expense, net                    |     | $                                        | (458,856 | ) |     | $           | (35,221 | ) |     | $      | (423,635 | ) |     | 1,202.8 | %  |

Total other expense, net increased by approximately $0.4 million, or 1,202.8%, to approximately $0.5 million for the three months ended September 30, 2024, from approximately $35,000 for the three months ended September 30, 2023. The increase was primarily due to interest expenses incurred related to three convertible promissory notes issued in November 2023, March 2024 and September 2024, the interest expenses incurred related to the financing offered by one of our vendors based upon the timing of our payment to their accounts payable, and the change in fair value of earnout liabilities in connection with the Business Combination. Provision for income taxes The provision for income taxes are $0 for each of the three months ended September 30, 2024 and 2023 as we had made full allowance of our deferred tax assets on net operating losses. Net Loss Net loss increased by approximately $1.7 million, or 314.5%, to approximately $2.2 million of net loss for the three months ended September 30, 2024, from approximately $0.5 million net loss for the three months ended September 30, 2023. Such change was mainly due to the reasons discussed above. Comparison for the years ended June 30, 2024 and 2023

|                                          |     | For the Years Ended June 30, |       2024 |   |     |   |       2023 |     |   |      Change 
         ($) |   |     |          | Change 
 (%)    |
|:-----------------------------------------|:----|:-----------------------------|-----------:|:--|:----|:--