Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 197

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 1A
Chunk 197
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 company register of Singapore.

On
March 3, 2025, Foxx Development (Singapore) Pte. Ltd (“Foxx Singapore”) was incorporated in Singapore. Foxx Singapore is
primarily engaged in assembling electronic products, is 100% owned by the Company. Foxx Singapore had no significant operations as of
June 30, 2025.

On
April 8, 2025, Foxx Technologies Inc (“Foxx Tech”) was incorporated in the State of California. Foxx Tech is 100% owned by
the Company. Foxx Tech had no significant operations as of June 30, 2025.

On
May 19, 2025, Nexus IQ Technology Inc (“Nexus IQ”) was incorporated in the State of Delaware. Nexus IQ is primarily engaged
in developing, sales and rental of Artificial Intelligence of Things (“AIOT”), is 100% owned by the Company. Nexus IQ had
no significant operations as of June 30, 2025.

Note 2
— Going Concern

In
assessing the Company’s ability to continue as a going concern, the Company monitors and analyses its cash on-hand and its operating
and capital expenditure commitments. The Company’s liquidity needs are to meet its working capital requirements, operating expenses,
and capital expenditure obligations.

The
Company is primarily engaged in the sales of electronic products and debt financing in the form of convertible notes, loans from bank,
third parties, related parties, and cash generated from operations have been utilized to finance the working capital. The Company’s
management has considered whether there is substantial doubt about its ability to continue as a going concern due to (1) net cash
used in operating activities of approximately $6.6 million for the year ended June 30, 2025, (2) net loss of approximately $9.0
million for the year ended June 30, 2025, and (3) accumulated deficit of approximately $20.0 million as of June 30, 2025. 

F-8

If
the Company is unable to generate sufficient funds to finance the working capital requirements of the Company within the normal operating
cycle of a twelve-month period from the date of the consolidated financial statements are issued, the Company may have to consider supplementing
its available sources of funds through the following sources:

●Other
available sources of financing from banks in the United States of America and other financial institutions or private lenders;

●Financial