Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 6

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 1
Chunk 6
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 Old Foxx, BR Technologies and Grazyna Plawinski Limited, a Singapore-based company (“Grazyna”),
entered into a securities purchase agreement for issuance of promissory notes in the amount of up to $9.0 million with an interest
rate of 7% per annum under the same terms and conditions as provided in the New Bay Notes. A promissory note was issued by Old Foxx to
BR (the “Note 4”) in the principal amount of $6 million and promissory notes issued by Old Foxx to Grazyna (the “Note
5”) in the total principal amount of $3 million on September 12, 2024. 

Immediately prior to the Closing, all the accrued and unpaid principal
and interests on the New Bay Notes, Note 4, and Note 5 were converted into: (x) 212,050 shares of Original Foxx Common Stock for the New
Bay Notes, (y) 200,882 shares of Original Foxx Common Stock for Note 4, and (z) 100,690 share of Old Foxx Common Stock for Note 5, at
a price of $30.00 per share. At the Closing, all of the converted shares of Original Foxx Common Stock were cancelled in exchange for
the holders’ pro rata share of the Closing Payment Shares using the exchange ratio of 3.3033, resulting in (x) 700,473 shares of
our Common Stock issued to New Bay, (y) 663,581 shares of our Common Stock issued to BR Technologies, and (z) 332,614 shares of our Common
Stock issued to Grazyna.

3

Current
Products

Our
current revenue stream is primarily derived from the sales of tablets and smartphones. For the fiscal year ended June 30, 2025,
we achieved sales of approximately 8,000 tablets and 328,000 smartphones sold, generating
approximately $60.4 million in revenue. For the fiscal year ended June 30, 2024, our sales reached
approximately 12,000 tablets and approximately 80,000 smartphones sold, generating
a revenue of approximately $3.2 million.

Tablet
Products

We
produce affordable tablets to meet the diverse needs of consumers across various demographics, aligning with our goal of democratizing
technology and enhancing digital inclusion for all. These tablets facilitate broader access to technology, enabling individuals from
diverse