Company: FOXX
Filing Date: 2025-11-18
Form Type: 10-Q
Source: 0001213900-25-112192
Chunk: 117

Company: Foxx Development Holdings Inc.
Filing Date: 2025-11-18
Form: 10-Q
Item: Item 8
Chunk 117
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 of Old Foxx, at a price of $30.00
per share at the time that Old Foxx completes the Business Combination.

Immediately prior to the Closing on September 26, 2024, the Notes of
$15,000,000 and the related interests of $408,685 were automatically converted into (x) 212,050 shares of Old Foxx Common Stock for the
Notes to the Investor, (y) 200,882 shares of Old Foxx Common Stock for Note 4, and (z) 100,690 share of Old Foxx Common Stock for Note
5, each at a price of $30.00 per share. On September 26, 2024, upon Closing of the Business Combination, all the Old Foxx Common Stock
converted from the convertible promissory notes were cancelled in exchange for the holders’ pro rata share of the 5,000,000 Closing
Payment Shares (see Note 4), resulting in a total of 1,696,668 shares of the Company’s Common Stock issued to the holders of the
convertible promissory notes at the exchange ratio of approximately 3.3033 following consummation of the Business Combination, including
(x) 700,473 shares of Common Stock issued to the Investor A, (y) 663,581 shares of Common Stock issued to Investor B, and (z) 332,614
shares of Common Stock issued to Investor C (see Note 4).

19

Note 14 — Long-term loan

In February 2023, the
Company purchased and financed a vehicle, for which the lender put a lien on the title and will be taken as collateral in the situation
if the Company is unable to make repayment and default on the loan, with a six-year loan for a total of approximately $137,000. As of
September 30, 2025, the carrying value of the asset that has been pledged as a collateral is $59,407. The monthly payments are $2,694
from March 2023 to February 2029, with an interest rate of 11.85% per annum.

The obligation is payable
as follows:

    Amount 
  
    For the nine months ending September 30, 2026 
    $16,763 
  
    For the twelve months ending June 30, 2027 
     24,826 
  
    For the twelve months ending June 30, 202