Company: FOXX
Filing Date: 2025-01-10
Form Type: S-1
Source: 0001213900-25-002199
Chunk: 199

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-10
Form: S-1
Chunk 199
---
 30,000 |     |   |   30,000 |
| Total short-term loan |     | $ |  291,208 |     | $ |  291,208 |

____________ (1) On December 30, 2020, the Company entered into a loan agreement with a third -partylender. The agreement allows the Company to draw up to $ 600,000and is non -interestbearing. The Company’s imputed interest is immaterial. During the years ended June 30, 2024 and 2023, the Company neither drew money from the lender, nor made any repayment. (2) On November 11, 2019, the Company entered into a loan agreement for an amount of $ 50,000with a third -partylender. This loan is non -interestbearing. The Company’s imputed interest is immaterial. This loan had an original due date in February 2020 and automatically converted into a due on demand term thereafter. During the years ended June 30, 2024 and 2023, the Company neither drew money from the lender, nor made any repayment.

F-47 FOXX DEVELOPMENT INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 13 — Convertible promissory notes On June 21, 2023, Foxx issued a convertible promissory note (the “Convertible Note 1”) to New Bay Capital Limited (“Investor”), a Hong Kong registered entity, in the amount of $ 2,000,000at 7% per annum. The maturity date for the note is the earlier of the 12month anniversary of the issuance date and the date when Foxx redeems the note, or the date of the initial closing of the initial public offering (“IPO”) of Foxx. On November 21, 2023, Foxx issued a second convertible promissory note (“the Convertible Note 2) to the same investor in the amount of $ 2,000,000at 7% per annum. The maturity and other terms were the same to Convertible Note 1. On March 15, 2024, Foxx and the Investor entered into an Amendment to the Convertible Note Agreement to the Convertible Note 1 and Convertible Note 2 and agreed that all accrued interest shall become due and payable in shares of common stock of Foxx, at a price of $ 30.00per share at the time that