Company: NEOV
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001683168-25-008147
Chunk: 13

Company: NeoVolta Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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 As of September 30, 2025 and 2024, we booked an accrual of $48,750 of compensation expense (of which $43,875 will be
settled through the issuance of shares) for our three independent directors under this plan.

In the three months ended
September 30, 2025, we recognized total non-cash stock compensation expense of $466,765 as follows: (i) $293,025 for the amortized value
of the RSUs granted to our three executive officers; (ii) $43,875 for the amortized value of the portion of the new compensation plan
for our independent directors that is attributable to stock; (iii) $117,418 for the value of the shares issuable to a distribution company
pursuant to a April 2025 distribution agreement; and (iv) $12,447 for the amortized value of the Non-Qualified Stock Options issued to
non-executive employees in August 2025. There was a total of 88,965 shares of our common stock that were issued to various grantees for
services in the three months ended September 30, 2025, all of which were previously expensed in the year ended June 30, 2025.

In the three months ended
September 30, 2024, we recognized total non-cash stock compensation expense of $265,399 as follows: (i) $221,524 for the amortized value
of the RSUs granted to our chief executive officer, as previously described, plus a non-executive recipient of another RSU award granted
in June 2024; and (ii) $43,875 for the amortized value of the portion of the new compensation plan for our independent directors that
is attributable to stock. There were a total of 9,776 shares of our common stock that were issued to two grantees in the three months
ended September 30, 2024, which were previously expensed in the year ended June 30, 2024.

Other Matters –
In February 2019, the Company’s Board of Directors approved the establishment of a new 2019 Stock Plan (“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