Company: NEOV
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001683168-25-003355
Chunk: 15

Company: NeoVolta Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 15
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 three
months ended March 31, 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 March 31, 2025 was $78,499 compared to zero for the three months ended March 31, 2024,
reflecting interest attributable to borrowings made under our line of credit and another borrowing arrangement obtained since June 30,
2024. Interest income for the three months ended March 31, 2025 was $138 compared to $10,892 for the three months ended March 31, 2024.
This decrease was due to our lower level of investable cash in the three months ended March 31, 2025.

 16 

Net Loss - Net loss
for the three months ended March 31, 2025 was $1,449,331 compared to $589,473 for the three months ended March 31, 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.

Nine months ended March 31, 2025 versus nine
months ended March 31, 2024

Revenues - Revenues
from contracts with customers for the nine months ended March 31, 2025 were $3,675,922 compared to $2,065,858 for the nine months ended
March 31, 2024. Such increase in our revenues was primarily due to the impact of opening various
new sales channels since the engagement of our new chief executive officer in April 2024.

Cost of Goods Sold
- Cost of goods sold for the nine months ended March 31, 2025 were $2,744,656 compared to $1,572,668 for the nine months ended March 31,
2024. The cost of goods sold in both periods reflected the cost of procuring and assembling the component parts of the energy storage
systems that were sold in each fiscal year and resulted in gross profits on such sales of approximately 25% and 24%, respectively, with
the increase being partially due to the reversal in December 2024 of a prior year reserve for obsolescence on component parts of our NV-14Ks
of $90,000.

General and Administrative
Expense - General and administrative expenses for the nine months ended March