Company: NEOV
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001683168-25-008147
Chunk: 32

Company: NeoVolta Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 32
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    Wtd. Avg.  
    Aggregate 

    of  
    Exercise  
    Remaining  
    Intrinsic 

    Shares  
    Price  
    Term (Yrs.)  
    Value 
  
    Outstanding at June 30, 2025 
     1,081,150  
    $4.00  
     2.1  

    Warrants issued 
     –  
     –  

    Warrants exercised/forfeited 
     –  
     –  

    Outstanding at September 30, 2025 
     1,081,150  
    $4.00  
     1.8  
    $497,329 
  
    Exercisable at September 30, 2025 
     1,081,150  
    $4.00  
     1.8  
    $497,329 

These warrants were issued
in conjunction with an underwritten public equity offering, therefore, there was no employee or non-employee compensation expense recognized.

Stock Compensation Expense
– On August 22, 2025, we issued Non-Qualified Stock Options to a group of our non-executive employees to purchase a total of
147,000 shares of our common stock at the current stock price of $3.60 per share, pursuant to the provisions of our 2019 Stock Option
Plan. These options are exercisable for a period of 5 years from the date of issuance and will become vested on a ratable basis over a
period of 3 years from the date of issuance. Using the Black-Scholes valuation model, and assuming expected volatility of 78.6% and current
interest rate of 4.3%, we have calculated that the total fair value of these options as of the date of issuance was approximately $349,500,
and we are amortizing this total amount to stock compensation expense on a straight-line basis over the 3-year vesting period of the options.

The following table presents
activity with respect to our Non-Qualified Stock Options for the three months ended September 30, 2025:

    Schedule of non qualified stock options 

    Number  
    Wtd. Avg.  
    Wtd. Avg.  
    Aggregate 

    of  
    Exercise  
    Remaining  
    Intrinsic 

    Shares  
    Price