Company: NEOV
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001683168-25-007304
Chunk: 452

Company: NeoVolta Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 7
Chunk 452
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 receipt of payment from the customer. In the event of default, interest is assessed at the default rate of 1% per 7 days.
Through June 30, 2025, we had repaid $2,503,120 of such borrowings, including accrued interest and fees, leaving an outstanding balance
as of that date, including accrued interest and fees, of $2,603,223.

     35 

  (3)
  Equity 

Common Stock –
In February 2025, the Company closed a private equity offering under which the Company issued a total of 543,500 shares of its common
stock to the investors at an offering price of $2.00 per share resulting in gross proceeds to the Company in the amount of $1,087,000.
The Company is using the proceeds of this private offering to meet working capital needs and for other general corporate purposes.

In August 2022, the Company
completed an underwritten public offering of its equity securities in the form of Units with each Unit consisting of one share of common
stock and one warrant (each, a “Warrant” and collectively, the “Warrants”) to purchase one share of common stock
at an exercise price of $4.00 per share. The shares of common stock and the Warrants comprising the Units were immediately separated at
closing of the offering and each is now independently listed on the NASDAQ Capital Market. Each Warrant became exercisable on the date
of issuance and will expire five years from the date of issuance.

In the underwritten public
offering, a total of 1,121,250 Units, including exercise of the underwriter’s overallotment option, were sold at an offering price
to the public of $4.00 per Unit. The gross proceeds of the offering were $4,485,000 and the net proceeds, after deduction of underwriting
discounts and other offering costs were approximately $3,780,000. The Company also granted the underwriter non-tradeable warrants to purchase
a total of 58,500 shares of common stock at an exercise price of $4.40 per share for a period of five years.

In conjunction with the public
offering, all holders of the Company’s 2018 convertible notes in the total amount of $59,251, including accrued interest, converted
their debt into a total of 9,404,867 shares of common stock at the stated conversion rate, and all holders of the Company’s