Company: NEOV
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001683168-25-008147
Chunk: 16

Company: NeoVolta Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 16
---
 our Chief
Product Officer. The other principal was appointed as our Chief Technology Officer. Pursuant to their employment agreements, we granted
each of the two new officers an award of 450,000 RSUs (900,000 RSUs in total), vesting in three annual installments.

Other Reportable Events

Effective October 1, 2025,
we entered into an extension of our sublease agreement with the sublandlord on our corporate and manufacturing office space from an expiration
date of February 28, 2026 to March 31, 2031. Future undiscounted lease payments under the extended lease agreement are approximately $1.2
million, exclusive of operating expenses and obligations under the existing lease agreement. We will capitalize the present value of the
future lease obligations under the extended sublease agreement and amortize the related right-of-use asset on a straight-line basis over
the term of the extended lease (see Note 4).

On October 15, 2025, we entered
into an Exchange Agreement with our commercial lender who has provided short-term financing to us for customer shipments and related costs
under a loan agreement beginning in November 2024. Pursuant to a negotiated exchange ratio in the Exchange Agreement, we issued 200,000
shares of our common stock to the lender in exchange for reducing the outstanding principal loan balance that we owed to the lender in
the amount of $500,000 (see Note 2).

On October 16, 2025, we issued
a total of 47,757 shares of our common stock to the three independent members of our Board of Directors as consideration for their services
rendered in the year ended June 30, 2025. We recognized the underlying expense for such services in the year ended June 30, 2025.

 13 

ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 

Introduction

This information should be
read in conjunction with the interim unaudited financial statements and the notes thereto included in this Quarterly Report on Form 10-Q,
and the audited financial statements and notes thereto and “Part II. Other Information - Item 7. Management’s Discussion and
Analysis of Financial Condition and Results of Operations”, contained in our Annual Report on Form 10-K for the year ended June
30, 2025, filed with the Securities and Exchange Commission on September 29, 2025 (the “Annual Report