Company: NEOV
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001683168-25-007304
Chunk: 630

Company: NeoVolta Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1B
Chunk 630
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39 

(6)Subsequent Events 

On July 4, 2025, Congress
passed, and the President signed into law the One Big Beautiful Bill Act (“OBBB”). Among other provisions, it extends
many of the expiring provisions from the Tax Cuts and Jobs Act of 2017 and phases out a number
of clean energy tax incentives, including credits for the installation of residential solar panels. Based on our preliminary analysis,
however, we do not expect passage of the OBBB to have a material impact on our business. 

On July 23, 2025, we issued
78,565 shares of common stock to a wholesale distributor as a sales incentive pursuant to a February 2025 distribution agreement and 10,400
shares of common stock to a product marketing consultant pursuant to a February 2025 letter agreement, which were previously expensed
in the year ended June 30, 2025 (see Note 3).

On August 22, 2025, we issued
Non-Qualified Stock Options to a group of our employees to purchase a total of 144,000 shares of our common stock at the current stock
price of $3.60 per share, pursuant to the provisions of our 2019 Stock Option Plan. These options are exercisable for a period of 5 years
from the date of issuance and will become vested on a ratable basis over a period of 3 years from the date of issuance. Using the Black-Scholes
valuation model, we have calculated that the total fair value of these options as of the date of issuance was approximately $342,400,
and we will amortize this total amount to stock compensation expense on a straight-line basis over the 3-year vesting period of the options.

On September 5, 2025, we obtained
a two year extension of the maturity date of our $5 million line of credit agreement from the lender to September 3, 2028 (see Note 2).

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH
ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures.

Our management, including
our Chief Executive Officer, who is our principal executive officer, and our Chief Financial Officer, who is our principal financial officer,
has evaluated the effectiveness of the design and operation of our disclosure controls and procedures