Company: NEOV
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001683168-25-007304
Chunk: 109

Company: NeoVolta Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1
Chunk 109
---
 provided for in the Warrants, until such time as there
is an effective registration statement and current prospectus. In June 2024, the Company filed an updated registration statement applicable
to the exercise of the Warrants.

The following table presents
activity with respect to the Company’s warrants for the years ended June 30, 2025 and 2024:

    Schedule of warrant activity 

    Number  
    Wtd. Avg.  
    Wtd. Avg.  
    Aggregate 

    of  
    Exercise  
    Remaining  
    Intrinsic 

    Shares  
    Price  
    Term (Yrs.)  
    Value 

    Outstanding at July 1, 2023 
     1,179,750  
    $4.02  
     4.1  
    $– 
  
    Warrants issued 
     –  
     –  

    Warrants exercised/forfeited 
     –  
     –  

    Outstanding at June 30, 2024 
     1,179,750  
     4.02  
     3.1  
     – 
  
    Warrants issued 
     –  
     –  

    Warrants exercised/forfeited 
     (98,600) 
     (4.24) 

    Outstanding at June 30, 2025 
     1,081,150  
    $4.00  
     2.1  
    $– 

    Exercisable at June 30, 2025 
     1,081,150  
    $4.00  
     2.1  
    $– 

     36 

These warrants were issued
in conjunction with an underwritten public equity offering, therefore, there was no employee or non-employee compensation expense recognized.
In November 2024, the underwriter elected to exercise all 58,500 Warrants at an exercise price of $4.40 per share, via a cashless exercise,
as permitted under the warrant agreement, resulting in the issuance of 15,312 shares of our common stock. Additionally, the holders of
publicly issued Warrants to purchase an aggregate of 40,100 shares of our common stock elected to exercise their Warrants by a cash payment
of a total of $160,