Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 772

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 3
Chunk 772
---

Combination Agreement, the Affordable Connectivity Program managed by the U.S. Federal Communication Commission is reauthorized by the
U.S. Congress with funding of no less than $4 billion in total for such reauthorized period; or otherwise be cancelled and forfeited
by the Registrant without consideration.

On
February 18, 2025, these 500,000 shares have been cancelled and forfeited without consideration.

F-27

Note 17
— Fair value measurement 

The
Company did not have any assets or liabilities measured at fair value on a recurring basis as of June 30, 2024. The following table
provides information related to the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30,
2025 and September 26, 2024 (issuance date): 

    June 30,
    2025
     
    Carrying
    Value

    Quoted
    Prices in
    Active
    Markets
    (Level 1)

    Significant
    Other
    Observable
    Inputs 
    (Level 2)

    Significant
    
    Other
    Unobservable
    Inputs 
    (Level 3)

    Liabilities:

    Earnout liabilities
     
    $
         -

    $
                   -

    $
                   -

    $
       -

    Total
     
    $
            -

    $
          -

    $
          -

    $
         -

    September
    26, 2024 (issuance date)
     
    Carrying
    Value

    Quoted
    Prices in
    Active
    Markets
    (Level 1)

    Significant
    Other
    Observable
    Inputs 
    (Level 2)

    Significant
    
    Other
    Unobservable
    Inputs 
    (Level 3)

    Liabilities:

    Earnout liabilities
     
    $
    5,688,007

    $
                   -

    $
                   -

    $
    5,688,007

    Total
     
    $
    5,688,007

    $
    -

    $
    -

    $
    5,688,007

The
earnouts based on revenue have been classified within Level 3 of the hierarchy as the fair value is derived using a Monte Carlo simulation