Company: NEOV
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001683168-25-003355
Chunk: 9

Company: NeoVolta Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 9
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based on the share price at the end of such prior fiscal quarter, and up to 30% paid in cash, with such final amounts to be determined
by each director. As of March 31, 2025, we booked an accrual of $146,250 of compensation expense (of which $131,625 will be settled through
the issuance of shares) for our three independent directors under this plan.

In the nine months ended March
31, 2025, we recognized total non-cash stock compensation expense of $1,368,583 as follows: (i) $693,622 for the amortized value of the
RSUs granted to our three officers and two other individuals; (ii) $131,625 for the amortized value of the portion of the new compensation
plan for our independent directors that is attributable to stock; (iii) $438,000 for the March 2025 issuance of 150,000 shares of our
common stock to a consultant for his advisory services in the area of energy regulatory matters; (iv) $62,158 for the amortized value
of the shares potentially issuable to a marketing company pursuant to a February 2025 referral agreement; and (v) $43,178 for the March
2025 issuance of 14,250 shares of our common stock to a consultant for marketing services. There was a total of 289,870 shares of our
common stock that were issued to various grantees for services in the nine months ended March 31, 2025, of which 125,620 shares were previously
expensed in the year ended June 30, 2024.

In the nine months ended March
31, 2024, we recognized total non-cash stock compensation expense of $245,496 as follows: (i) $81,683 for the amortized value of the RSUs
granted to our executive officers; (ii) $131,625 for the amortized value of the portion of the new compensation plan for our independent
directors that is attributable to stock; (iii) $19,763 for the amortized value of the shares granted to various advisors under their annual
service contracts; and (iv) $12,425 for the fair value of incentive shares earned by a wholesale dealer as of December 31, 2023 (see Note
4). There was a total of 80,964 shares of common stock that were issued to our independent directors in the