Company: NEOV
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001683168-25-008147
Chunk: 41

Company: NeoVolta Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 41
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,912 compared to $8,617 for the
three months ended September 30, 2024. Such fluctuation was largely due to timing differences in the level of the Company’s recent
product development efforts.

Other Income and Expense
- Interest expense for the three months ended September 30, 2025 was $389,134 compared to zero for the three months ended September 30,
2024, reflecting interest attributable to borrowings made under our lender credit arrangements obtained since September 30, 2024. Interest
income for the three months ended September 30, 2025 was $140 compared to $1,395 for the three months ended September 30, 2024. This decrease
was due to our lower level of investable cash in the three months ended September 30, 2025.

Net Loss - Net loss
for the three months ended September 30, 2025 was $1,243,322 compared to $964,494 for the three months ended September 30, 2024, representing
the aggregate of the various revenue and expense categories indicated above. The Company has not recognized any income tax benefit for
these net losses due to the uncertainty of its ultimate realization.

Liquidity and Capital Resources

Operating activities.
Net cash used in operating activities in the three months ended September 30, 2025 was $2,494,069 compared to $593,031 in the three months
ended September 30, 2024. This increase was largely due to the current period increase in our comparative net loss, primarily resulting
from an increase in our previously noted cash operating expenses for personnel and related costs, as well as the relatively higher changes
in our net working capital needs, including recent stockpiling and prepayment of inventory, on a comparative basis.

Financing activities.
Net cash provided by financing activities in the three months ended September 30, 2025 was $2,589,052, compared to zero in the three months
ended September 30, 2024. Beginning in November 2024, we have made short-term borrowings from two private lenders, primarily to finance
inventory purchases. In the three months ended September 30, 2025 we made borrowings from these lenders in the amount of $4,199,549 and
repayments in the amount of $2,660,497. Additionally, we received a cash deposit from an investor for an advance subscription under our
planned new private equity offering