Company: NEOV
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001683168-25-007304
Chunk: 220

Company: NeoVolta Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1A
Chunk 220
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 marketing company pursuant to a February 2025 referral agreement.
There was a total of 289,870
shares of our common stock that were issued to various grantees for services in the year ended June 30, 2025, of which 125,620
shares were previously expensed in the year ended June 30, 2024.

In the year ended June 30,
2024, we recognized total non-cash stock compensation expense of $432,367 as follows: (i) $214,992 for the amortized value of the RSUs
granted to our three executive officers and a non-executive recipient, as previously described; (ii) $175,500 for the amortized value
of the portion of the new compensation plan for our independent directors that is attributable to stock; (iii) $29,450 for the net 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 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