Company: NEOV
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001683168-25-007304
Chunk: 163

Company: NeoVolta Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1A
Chunk 163
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 $– 
  
    Warrants issued 
     –  
     –  

    Warrants exercised/forfeited 
     –  
     –  

    Outstanding at June 30, 2024 
     1,179,750  
     4.02  
     3.1  
     – 
  
    Warrants issued 
     –  
     –  

    Warrants exercised/forfeited 
     (98,600) 
     (4.24) 

    Outstanding at June 30, 2025 
     1,081,150  
    $4.00  
     2.1  
    $– 

    Exercisable at June 30, 2025 
     1,081,150  
    $4.00  
     2.1  
    $– 

     36 

These warrants were issued
in conjunction with an underwritten public equity offering, therefore, there was no employee or non-employee compensation expense recognized.
In November 2024, the underwriter elected to exercise all 58,500 Warrants at an exercise price of $4.40 per share, via a cashless exercise,
as permitted under the warrant agreement, resulting in the issuance of 15,312 shares of our common stock. Additionally, the holders of
publicly issued Warrants to purchase an aggregate of 40,100 shares of our common stock elected to exercise their Warrants by a cash payment
of a total of $160,400 resulting in the issuance of the underlying shares of our common stock in December 2024.

Stock Compensation Expense
– In April 2024, we entered into an employment agreement with a new Chief Executive Officer (“CEO”), providing for an
initial term extending through June 30, 2027, which will be automatically renewed for additional one-year terms unless either party chooses
not to renew it. Pursuant to the agreement, our new CEO received an initial equity grant equal to 1,280,000 restricted stock units (“RSUs”),
with a grant date value of $2,854,000, which will vest over a four-year period,
subject to his continued employment with the Company, and will be entitled to earn additional RSUs on each anniversary in the form
of three annual performance-based equity grants. However, our Compensation
Committee has not set any definitive