Company: NEOV
Filing Date: 2025-02-07
Form Type: 10-Q
Source: 0001683168-25-000834
Chunk: 35

Company: NeoVolta Inc.
Filing Date: 2025-02-07
Form: 10-Q
Item: Part I, Item 8
Chunk 35
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 stock
issuable upon exercise of the Warrants until the expiration of the Warrants. If we fail to maintain the effectiveness of the registration
statement and current prospectus relating to the common stock issuable upon exercise of the Warrants, the holders of the Warrants shall
have the right to exercise the Warrants solely via a cashless exercise feature provided for in the Warrants, until such time as there
is an effective registration statement and current prospectus.

The following table presents
activity with respect to the Company’s warrants for the six months ended December 31, 2024:

    Schedule of warrant activity 
    Number 
    Wtd. Avg. 
    Wtd. Avg. 
    Aggregate

    of 
    Exercise 
    Remaining 
    Intrinsic

    Shares 
    Price 
    Term (Yrs.) 
    Value
  
    Outstanding at June 30, 2024 
     1,179,750  
    $4.02  

    Warrants issued 
     –  
     –  

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

    Outstanding at December 31, 2024 
     1,081,150  
    $4.00  
     2.6  
    $1,308,192 

    Exercisable at December 31, 2024 
     1,081,150  
    $4.00  
     2.6  
    $1,308,192 

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 $160,400 resulting in the issuance of the underlying shares of our common stock in December 2024.

     12 

Stock Compensation Expense
– In April 2024, we entered into an employment agreement with a new Chief Executive Officer (“CEO”),