Company: NEOV
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001683168-25-007304
Chunk: 484

Company: NeoVolta Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 7A
Chunk 484
---
 earned by a wholesale dealer as of December 31, 2023 (see Note 5). There was a total of 80,964 shares of common stock that were
issued to our independent directors in the year ended June 30, 2024, which were previously expensed in the year ended June 30, 2023.

Other Matters –
In February 2019, the Company’s Board of Directors approved the establishment of a new 2019 Stock Option Plan with an authorization
for the issuance of up to 2,500,000 shares of common stock. In December 2024, the Plan was amended to increase the number of shares of
common stock authorized for issuance by 5,000,000 shares. The Plan is designed to provide for future discretionary grants of stock options,
stock awards and stock unit awards to key employees and non-employee directors. As of June 30, 2025, we have made total awards of 2,615,054
shares under the Plan as follows: (i) 2,256,362 shares for the RSUs granted to our three executive officers and two non-executive recipients,
as noted above; (ii) 153,808 shares for the services of our three independent directors in the years ended June 30, 2024 and 2023, pursuant
to the new compensation plan adopted for independent directors in August 2022; and (iii) 204,884 shares granted to various consultants
for their services and to wholesale dealers under an incentive sales program.

(4)Income Taxes

The Company is subject to
United States federal income taxes at an approximate rate of 21%. The reconciliation of the provision for income taxes at the federal
statutory rate, compared to the Company’s income tax expense as reported, is as follows (rounded to nearest $00):

    Schedule of income tax expense 

    Year Ended June 30, 

    2025  
    2024 

    Income tax benefit computed at statutory rate 
    $747,900  
    $279,400 
  
    Change in valuation allowance 
     (747,900) 
     (279,400)
  
    Provision for income taxes 
    $–  
    $– 

Significant components of
the Company’s deferred tax assets at the currently enacted corporate income tax rate are as follows (rounded to nearest $00):

    Schedule of deferred taxes 

    June 30, 202