What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2023-09-22 compared with 2022-09-27 · 15 added, 22 removed, 7 unchanged (84% of the section changed)

Commencing January 2021, NeoVolta

Commencing January 2021, we

moved into a new dedicated headquarters and manufacturing facility in Poway, California, just north of San Diego.

4 unchanged sentences

will accommodate our growth for at least three years.

The facility was secured under a sublease agreement with our contract manufacturer.

Under the terms of the sublease agreement, we are required to make rental payments of $10,350 per month during the initial one-year term

of the agreement.

The sublease agreement is renewable upon mutual agreement of both parties for up to four additional years at a modest

increase in the monthly rent, however, we are under no obligation to renew it.

All of NeoVolta’s products

are manufactured in-house at our Poway, CA facility.

We manufacture our products in an efficient build-to-order model, keeping very little

finished-goods inventory.

We sublease and share our facility with our contract manufacturer, ConnectPV, creating a seamless transition

from sub-components to finished goods that are ready for shipping in a short amount of time.

We issue build orders to ConnectPV,

they pull raw materials from the warehouse, assemble the final units and prepare them for shipment or pick-up.

Our timeline from order

to delivery is usually less than two-weeks.

The end-product is then picked

up or shipped from our docks, signed off by our installer and logged into our system when installed for system monitoring.

We run multiple quality checks

throughout the process and have systems to track components and end-units from Asia to San Diego to the end-user’s location.

manufacturing partner records all component serial numbers, all torque settings, and annotates all required item numbers and functionality

prior to packaging.

The facility was secured under a sublease agreement with our former contract manufacturer.

Under the terms of the sublease agreement, we are currently required to make rental payments of $10,750 per month, including our share

of operating expenses.

We entered into the sublease agreement with our former contract manufacturer, effective January 1, 2021, for an

initial term of 12 months.

The sublease is renewable for additional terms of 12 months upon mutual agreement of both parties, provided

thirty days’ notice is given for each subsequent term, at a modest increase in the monthly rent, through February 28, 2025.

we are under no obligation to renew it.

We do not own any real property.

LEGAL PROCEEDINGS

We are currently not a party

to any pending legal proceeding, nor is our property the subject of a pending legal proceeding, that we believe is not ordinary routine

litigation incidental to our business or otherwise material to the financial condition of our business.

MINE SAFETY DISCLOSURES

Not applicable.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties