Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 457

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 1C
Chunk 457
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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 also have audited the adjustments to the 2024
financial statements to retrospectively apply the change in accounting due to the adoption of Accounting Standards Update 2023-07, Segment
Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), as described in Note 3. In our opinion, such
adjustments are appropriate and have been properly applied. We were not engaged to audit, review, or apply any procedures to the 2024
financial statements of the Company other than with respect to the adjustments and, accordingly, we do not express an opinion or any other
form of assurance on the 2024 financial statements taken as a whole.

Explanatory Paragraph – Going Concern

The accompanying consolidated financial statements
have been prepared assuming that the Company will continue as a going concern. As more fully described in Note 2, the Company has a significant
working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in
regard to these matters are also described in Note 2. The consolidated financial statements do not include any adjustments that might
result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We
are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the