Company: NEOV
Filing Date: 2025-02-07
Form Type: 10-Q
Source: 0001683168-25-000834
Chunk: 44

Company: NeoVolta Inc.
Filing Date: 2025-02-07
Form: 10-Q
Item: Part I, Item 8
Chunk 44
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 and Development
Expense - Research and development expenses for the three months ended December 31, 2024 were $42,324 compared to zero for the three
months ended December 31, 2023. Such fluctuation was largely due to timing differences in the level of the Company’s recent product
development efforts.

 17 

Other Income and Expense
- Interest expense for the three months ended December 31, 2024 was $24,546 compared to zero for the three months ended December 31, 2023,
reflecting interest attributable to borrowings made under our line of credit and borrowing arrangements obtained since June 30, 2024.
Interest income for the three months ended December 31, 2024 was $339 compared to $12,781 for the three months ended December 31, 2023.
This decrease was due to our lower level of investable cash in the three months ended December 31, 2024.

Net Loss - Net loss
for the three months ended December 31, 2024 was $971,137 compared to $556,044 for the three months ended December 31, 2023, representing
the aggregate of the various revenue and expense categories indicated above. The Company has not recognized any income tax benefit for
these net losses due to the uncertainty of its ultimate realization.

Six months ended December 31, 2024 versus six
months ended December 31, 2023

Revenues - Revenues
from contracts with customers for the six months ended December 31, 2024 were $1,661,817 compared to $1,781,958 for the six months ended
December 31, 2023. Such decrease was primarily due to the impact of various macroeconomic factors,
such as relatively high interest rates, and regulatory factors, such as utility regulations in the State of California, partially offset
by the impact of opening various new sales channels since the engagement of our new chief executive officer in April 2024.

Cost of Goods Sold
- Cost of goods sold for the six months ended December 31, 2024 were $1,245,059 compared to $1,454,913 for the six months ended December
31, 2023. The cost of goods sold in both periods reflected the cost of procuring and assembling the component parts of the energy storage
systems that were sold in each fiscal year and resulted in gross profits on such sales of approximately 25% and 18%, respectively