Company: NEOV
Filing Date: 2025-02-07
Form Type: 10-Q
Source: 0001683168-25-000834
Chunk: 11

Company: NeoVolta Inc.
Filing Date: 2025-02-07
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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 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”), providing
for an initial term extending through June 30, 2027, which will be automatically renewed for additional one-year terms unless either
party chooses not to renew it. Pursuant to the agreement, our new CEO received an initial equity grant equal