Company: NEOV
Filing Date: 2025-02-07
Form Type: 10-Q
Source: 0001683168-25-000834
Chunk: 16

Company: NeoVolta Inc.
Filing Date: 2025-02-07
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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 in legal proceedings, the outcomes of which may not be determinable. The Company is
not involved in any legal proceedings at this time. The results of litigation are inherently unpredictable. Any claims against us, whether
meritorious or not, could be time consuming, result in costly litigation, require significant amounts of management time and result in
diversion of significant resources. We are not able to estimate an aggregate amount or range of reasonably possible losses for those legal
matters for which losses are not probable and estimable.

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(5) Subsequent Events

On February 4, 2025, the Company
entered into an agreement with an accredited investor group under which the Company issued a total of 500,000 shares of its common stock
to the investor group at an offering price of $2.00 per share resulting in gross proceeds to the Company in the amount of $1,000,000.
The Company expects to use the proceeds of this private offering to meet working capital needs and for other general corporate purposes.

On February 4, 2025, Brent
Willson retired as the Chairman of the Board of Directors and Ardes Johnson, the Company’s chief executive officer, was elected
as a director and as the new Chairman of the Board of Directors.

Effective February 4, 2025,
the Company’s Board of Directors and Compensation Committee approved an amended and restated employment agreement with the Company’s
chief financial officer (“CFO”). The initial term of the employment agreement ends on December 31, 2027 and will be automatically
renewable for additional one-year terms unless either party chooses not to renew the agreement. Pursuant to the agreement, we issued our
CFO an award of 240,000 RSUs vesting in four annual installments.

In February 2025, the Company
entered into a referral agreement with a marketing company to market the Company’s products to qualified solar and energy storage
system installers. The term of the referral agreement ends on December 31, 2026. The agreement provides for the issuance of shares of
the Company’s common stock in exchange for reaching specified target levels of product sales, up to a maximum total of 2,000,000
shares for reaching a total of 2,500 units sold and paid for.

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ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 

Introduction

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