Company: NEOV
Filing Date: 2025-02-07
Form Type: 10-Q
Source: 0001683168-25-000834
Chunk: 14

Company: NeoVolta Inc.
Filing Date: 2025-02-07
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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 new compensation plan for our independent directors that is
attributable to stock. There were a total of 125,620 shares of our common stock that were issued to various grantees in the six months
ended December 31, 2024, which were previously expensed in the year ended June 30, 2024.

     13 

In the six months ended December
31, 2023, we recognized total non-cash stock compensation expense of $181,858 as follows: (i) $81,683 for the amortized value of the RSUs
granted to our two executive officers, as previously described; (ii) $87,750 for the amortized value of the portion of the new compensation
plan for our independent directors that is attributable to stock; and (iii) $12,425 for the fair value of incentive shares earned by a
wholesale dealer as of December 31, 2023 (see Note 4). There was a total of 80,964 shares of common stock that were issued to independent
directors and advisors in the six months ended December 31, 2023, which were previously expensed in the year ended June 30, 2023.

Other Matters –
In February 2019, the Company’s Board of Directors approved the establishment of a new 2019 Stock Plan (“Plan”) with
an authorization for the issuance of up to 2,500,000 shares of common stock. In December 2024, the Plan was amended to increase the number
of shares of common stock authorized for issuance by 5,000,000 shares. The Plan is designed to provide for future discretionary grants
of stock options, stock awards and stock unit awards to key employees, consultants, advisors, and non-employee directors. As of December
31, 2024, we have made total awards of 2,060,804 shares under the Plan as follows: (i) 1,866,362 shares for the RSUs granted to our three
executive officers and two non-executive recipients, as noted above; (ii) 153,808 shares for the initial services of our three independent
directors in the years ended June 30, 2024 and 2023, pursuant to the new compensation plan adopted in August 2022 for independent directors;
and (iii) 40,634 shares granted to several wholesale dealers under an incentive sales program.

(4)
Commitments and Conting