Company: FOXX
Filing Date: 2025-11-18
Form Type: 10-Q
Source: 0001213900-25-112192
Chunk: 118

Company: Foxx Development Holdings Inc.
Filing Date: 2025-11-18
Form: 10-Q
Item: Item 8
Chunk 118
---
8 
     27,984 
  
    Thereafter 
     20,608 
  
    Total long-term debt payment 
     90,181 
  
    Current portion of long-term debt 
     (22,694)
  
    Long-term debt – non-current portion 
    $67,487 

Interest expense for the
three months ended September 30, 2025 and 2024 for the above loan amounted to $2,819 and $3,413, respectively.

Note 15 — Stockholders’
deficit

Common stock 

As of September 30, 2025
and June 30, 2025, the Company has 50,000,000 authorized shares of common stock, par value $0.0001 per share. As of September 30,
2025 and June 30, 2025, there are 6,780,597 shares of common stock outstanding.

Issuance of common stock upon completion of
the Reverse Recapitalization 

On September 26, 2024, upon
the consummation of the business combination, the Company issued an aggregated total of 2,270,096 common stock to ACAC shareholders and
its underwriter.

The following table presents
the number of the Company’s common stock issued upon completion of the Reverse Recapitalization:

    Shares of Common 

    Stock 
  
    ACAC’s common stock outstanding prior to Reverse Recapitalization 
     3,971,634 
  
    Less: redemption of ACAC’s common stock 
     (1,744,663)
  
    Common stock issued to underwriter 
     43,125 
  
    Total common stock issued upon completion of the Reverse Recapitalization 
     2,270,096 

Conversion of convertible promissory notes
into common stock

On September 26, 2024, upon
the consummation of the business combination, the Company issued an aggregated total of 1,696,668 common stock to the Old Foxx convertible
notes holders (See Note 13).

20

Equity incentive plan  

On September 24, 2024, pursuant
to the Equity Incentive Plan (the “EIP”), 1,454,019 shares of common stock, par value $0.0001 per share, of the Company were
set aside and reserved for issuance of certain stock option award and certain restricted shares to certain of