NeoVolta (NEOV) 10-K 27 Sep 24 2024 FY Annual report Financial data

Cover

Cover - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Sep. 27, 2024	Dec. 31, 2023
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--06-30
Entity File Number	001-41447
Entity Registrant Name	NeoVolta, Inc.
Entity Central Index Key	0001748137
Entity Tax Identification Number	82-5299263
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	13651 Danielson Street
Entity Address, Address Line Two	Suite A
Entity Address, City or Town	Poway
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92064
City Area Code	(800)
Local Phone Number	364-5464
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Public Float			$ 45,300
Entity Common Stock, Shares Outstanding		33,245,867
Document Financial Statement Error Correction [Flag]	false
Auditor Firm ID	206
Auditor Name	MaloneBailey, LLP
Auditor Location	Houston, Texas
Common Stock, par value $0.001 per share
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	NEOV
Security Exchange Name	NASDAQ
Warrants, each warrant exercisable for one share of common stock
Title of 12(b) Security	Warrants, each warrant exercisable for one share of common stock
Trading Symbol	NEOVW
Security Exchange Name	NASDAQ

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Current assets:
Cash and cash equivalents	$ 986,427	$ 2,002,789
Accounts receivable, net	1,805,980	1,826,385
Inventory, net	1,787,308	2,580,571
Prepaid insurance and other current assets	76,815	96,119
Total current assets	4,656,530	6,505,864
Total assets	4,656,530	6,505,864
Current liabilities:
Accounts payable	5,316	0
Accrued liabilities	55,784	39,491
Total current liabilities	61,100	39,491
Stockholders' equity:
Common stock, $0.001 par value, 100,000,000 shares authorized, 33,236,091 shares and 33,155,127 shares issued and outstanding, respectively	33,236	33,155
Additional paid-in capital	25,304,732	24,872,446
Accumulated deficit	(20,742,538)	(18,439,228)
Total stockholders' equity	4,595,430	6,466,373
Total liabilities and stockholders' equity	$ 4,656,530	$ 6,505,864

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Jun. 30, 2023
Statement of Financial Position [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares, Issued	33,236,091	33,155,127
Common Stock, Shares, Outstanding	33,236,091	33,155,127

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues from contracts with customers	$ 2,645,072	$ 3,455,813
Cost of goods sold	2,134,725	2,767,818
Gross profit	510,347	687,995
Operating expenses:
General and administrative	2,828,147	3,293,758
Research and development	19,154	29,936
Total operating expenses	2,847,301	3,323,694
Loss from operations	(2,336,954)	(2,635,699)
Other income (expense):
Interest income	33,644	0
Interest expense	0	(4,134)
Total other income (expense)	33,644	(4,134)
Net loss	$ (2,303,310)	$ (2,639,833)

Statements of Operations (Paren

Statements of Operations (Parenthetical) - $ / shares	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Weighted Average Number of Shares Outstanding, Basic	33,213,306	32,025,620
Weighted Average Number of Shares Outstanding, Diluted	33,213,306	32,025,620
Earnings Per Share, Basic	$ (0.07)	$ (0.08)
Earnings Per Share, Diluted	$ (0.07)	$ (0.08)

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Jun. 30, 2022	$ 21,978	$ 18,394,641	$ (15,799,395)	$ 2,617,224
Shares, Outstanding, Beginning Balance at Jun. 30, 2022	21,977,251
Issuance of common stock in underwritten public offering	$ 1,121	3,779,284		3,780,405
Issuance of common stock in underwritten public offering, shares	1,121,250
Issuance of common stock for conversion of debt and accrued interest	$ 9,672	1,169,614		1,179,286
Issuance of common stock for conversion of debt and accrued interest, shares	9,671,867
Stock compensation expense	$ 384	1,528,907		1,529,291
Issuance of common stock for conversion of debt and accrued interest, shares	384,759
Net loss			(2,639,833)	(2,639,833)
Ending balance, value at Jun. 30, 2023	$ 33,155	24,872,446	(18,439,228)	6,466,373
Shares, Outstanding, Beginning Balance at Jun. 30, 2023	33,155,127
Stock compensation expense	$ 81	432,286		432,367
Issuance of common stock for conversion of debt and accrued interest, shares	80,964
Net loss			(2,303,310)	(2,303,310)
Ending balance, value at Jun. 30, 2024	$ 33,236	$ 25,304,732	$ (20,742,538)	$ 4,595,430
Shares, Outstanding, Beginning Balance at Jun. 30, 2024	33,236,091

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (2,303,310)	$ (2,639,833)
Adjustments to reconcile net loss to net cash used in operations:
Stock compensation expense	432,367	1,529,291
Provision for expected credit losses/bad debt expense	540,000	490,000
Reserve for obsolete inventory	90,000	0
Changes in current assets and liabilities
Accounts receivable	(519,595)	(998,647)
Inventory	703,263	(342,363)
Prepaid expenses and other current assets	19,304	142,882
Accounts payable	5,316	(205,600)
Accrued expenses	16,293	(83,731)
Net cash flows used in operating activities	(1,016,362)	(2,108,001)
Cash flows from financing activities:
Underwritten public offering of common stock	0	3,780,405
Net cash flows from financing activities	0	3,780,405
Net increase (decrease) in cash and cash equivalents	(1,016,362)	1,672,404
Cash and cash equivalents at beginning of period	2,002,789	330,385
Cash and cash equivalents at end of period	986,427	2,002,789
Supplemental disclosures of cash flow information:
Cash paid for interest	0	0
Cash paid for income taxes	0	0
Supplemental non-cash financing activities:
Convertible notes payable and accrued interest converted to common stock	$ 0	$ 1,179,286

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ (2,303,310)	$ (2,639,833)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual [Table]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Business and Summary of Signifi

Business and Summary of Significant Accounting Policies	12 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Summary of Significant Accounting Policies	(1) Business and Summary of Significant Accounting Policies Description of Business Basis of Presentation Cash and Cash Equivalents 736,427 . Inventory 1.4 million 90,000 zero Schedule of inventory June 30, 2024 2023 Raw materials, consisting of assembly parts, batteries and inverters $ 1,076,479 $ 2,353,055 Work-in-process 89,386 – Finished goods 621,443 227,516 Total $ 1,787,308 $ 2,580,571 Revenue Recognition · Identification of the contact with a customer · Identification of the performance obligations in the contract · Determination of the transaction price · Allocation of the transaction price to the performance obligations in the contract · Recognition of revenue when, or as, the Company satisfies a performance obligation The Company generates revenues from contracts with customers, consisting of a relatively small number of wholesale dealers and installers, primarily in California. In the year ended June 30, 2024, two such dealers represented approximately 20 14 22 18 14 25 15 13 Allowance for Expected Credit Losses 1,030,000 490,000 Income Taxes The Company accounts for uncertain tax positions in accordance with the provisions of Accounting Standards Codification (“ASC”) 740-10 which prescribes a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, on its tax return. The Company evaluates and records any uncertain tax positions based on the amount that management deems is more likely than not to be sustained upon examination and ultimate settlement with the tax authorities in the tax jurisdictions in which it operates. Stock Compensation Expense Loss Per Common Share 2,577,931 1,348,181 1,121,250 58,500 50,000 Research and Development Costs Use of Estimates Related Parties Fair Value Measurements and Financial Instruments Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 - Inputs that are both significant to the fair value measurement and unobservable. The carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include cash and cash equivalents, accounts receivable, accounts payable, and long-term debt. The carrying value of long-term debt approximates fair value since the related rate of interest approximates current market rates. At June 30, 2024 and 2023, the Company did not have any financial assets or liabilities measured and recorded at fair value on the Company’s balance sheets on a recurring basis. Recent Accounting Pronouncements Financial Instruments – Credit Losses . Liquidity Despite our history of recurring operating losses and negative cash flows, we believe that based on our current business plan, which includes increased generation of revenues and raising funds through debt financing, the above referenced substantial doubt has been alleviated. As disclosed in Note 6, we recently entered into an agreement with a financing entity whereby we have obtained a line of credit for borrowings of up to $5,000,000, in order to meet any near-term borrowing needs. As a result, we believe that we will have sufficient financial resources available to us in order to operate our business for at least the next 12 months from the date these financial statements are issued.

Equity

Equity	12 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Equity	(2) Equity Common Stock 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 In the underwritten public offering, a total of 1,121,250 4,485,000 3,780,000 In conjunction with the public offering, all holders of the Company’s 2018 convertible notes in the total amount of $ 59,251 9,404,867 267,000 Warrants 1,179,750 The following table presents activity with respect to the Company’s warrants for the years ended June 30, 2024 and 2023: Schedule of warrant activity Number Wtd. Avg. Wtd. Avg. Aggregate of Exercise Remaining Intrinsic Shares Price Term (Yrs.) Value Outstanding at July 1, 2022 – $ – $ – Warrants issued to Public Investors 1,121,250 4.00 Warrants issued to Underwriters 58,500 4.40 Outstanding at June 30, 2023 1,179,750 4.02 4.1 – Warrants issued – – Warrants exercised/forfeited – – Outstanding at June 30, 2024 1,179,750 $ 4.02 3.1 $ – Exercisable at June 30, 2024 1,179,750 $ 4.02 3.1 $ – These warrants were issued in conjunction with an underwritten public equity offering, therefore, there was no employee or non-employee compensation expense recognized. Stock Compensation Expense which will vest over a four-year period, subject to his continued employment with the Company, three annual performance-based equity grants, beginning in the with a target value of up to $660,000 each. In February 2022, we entered into a new employment agreement with our then CEO, effective April 1, 2022. As noted above, we engaged a new CEO effective April 29, 2024, replacing our former CEO who remains as Chairman of the Board and chief technology officer. Pursuant to the agreement, we issued our former CEO an RSU award for up to 150,000 shares of our common stock upon achieving the following milestones (which achievements shall be determined by the Board): (i) Milestone 1 - Successfully complete an uplisting of our common stock in 2022 and continue his employment with our company until January 1, 2023: 50,000 shares; and (ii) Milestone 2 - Produce 2,000 ESSs in 2022 and continue his employment with our company until January 1, 2023: 100,000 shares. As of December 31, 2023, Milestone 1 had been achieved, however, Milestone 2 had not been achieved and was no longer achievable. The underlying 50,000 In February 2022, we entered into a new employment agreement with our Chief Financial Officer (“CFO”), effective March 1, 2022. Pursuant to the agreement, we issued our CFO an RSU award for up to 300,000 shares of our common stock upon achieving the following milestones (which achievements shall be determined by the Board): (i) Milestone 1 - Successfully complete an uplisting of our common stock in 2022 and continue his employment with our company until January 1, 2023: 250,000 shares; and (ii) Milestone 2 - successfully complete and file the Company’s Form 10-K for the year ended June 30, 2023 no later than September 29, 2023 and continue his employment with our company until January 1, 2024: 50,000 shares. Milestone 1 was achieved as of January 1, 2023, and the underlying 250,000 Based upon our assessment of the probability of our three executive officers noted above, plus a non-executive recipient of another RSU award issued in June 2024, ultimately achieving any applicable milestones specified under the RSU awards indicated above, we have calculated the grant date value of such awards and are amortizing it as stock compensation expense over the underlying performance periods. We have recognized stock compensation expense applicable to such RSU awards in the years ended June 30, 2024 and 2023 in the amounts of $ 214,992 1,241,563 In conjunction with our public offering in August 2022, we appointed two new independent directors and adopted a new compensation plan for all independent directors based on an annual compensation amount of $65,000 to be paid quarterly with not less than 70% of such amount paid in shares of our common stock, calculated based on the share price at the end of such prior fiscal quarter, and up to 30% paid in cash, with such final amounts to be determined by each director. As of June 30, 2024, we booked an annual accrual of $ 195,000 In the year ended June 30, 2024, we recognized total non-cash stock compensation expense of $ 432,367 214,992 175,500 29,450 12,425 In the year ended June 30, 2023, we recognized total non-cash stock compensation expense of $ 1,529,291 1,241,563 175,500 85,000 27,228 Other Matters 1,893,779 1,798,181 54,964 40,634

Income Taxes

Income Taxes	12 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	(3) Income Taxes The Company is subject to United States federal income taxes at an approximate rate of 21%. The reconciliation of the provision for income taxes at the federal statutory rate, compared to the Company’s income tax expense as reported, is as follows (rounded to nearest $00): Schedule of income tax expense Year Ended June 30, 2024 2023 Income tax benefit computed at statutory rate $ 279,400 $ 130,300 Change in valuation allowance (279,400 ) (130,300 ) Provision for income taxes $ – $ – Significant components of the Company’s deferred tax assets at the currently enacted corporate income tax rate are as follows (rounded to nearest $00): Schedule of deferred taxes June 30, 2024 June 30, 2023 Deferred income tax assets: Net operating losses $ 824,300 $ 544,900 Valuation allowance (824,300 ) (544,900 ) Net deferred income tax assets $ – $ – The Company has a cumulative tax operating loss carry forward as of June 30, 2024 of approximately $ 3,915,000

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	(4) Commitments and Contingencies Effective January 1, 2021, we secured new corporate and manufacturing office space under a sublease agreement with a company that served as our contract manufacturer at that time. Under the terms of the sublease agreement, we were required to make rental payments of $10,350 per month during the initial one-year term of the agreement. Further, under the terms of the sublease agreement, we were granted the right to renew the sublease for additional terms of 12 months each 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. However, we were under no obligation to renew it. At inception of the sublease, management determined that exercise of the renewal option was not reasonably certain and, notwithstanding that the Company elected to renew the agreement for additional one year periods as of January 1, 2022, 2023 and 2024, continues to believe that is the case. Accordingly, we have accounted for it as a short-term lease under ASC 842, Leases As indicated in Note 1, the Company sells its proprietary ESS units through wholesale dealers, primarily in California. In that regard, the Company has entered into agreements with several wholesale dealers operating in California and other states under which the Company has incentivized the dealers to achieve quarterly sales above targeted levels by agreeing to grant them shares of the Company’s common stock for exceeding such quarterly sales targets, subject to defined maximums, as determined annually on a calendar year basis. We are dependent on our two main component vendors for our suppliers of batteries, inverters and other raw materials and the inability of these single-source suppliers to deliver necessary components of our products according to our schedule and at prices, quality levels and volumes acceptable to us, or our inability to efficiently manage these components, could have a material adverse effect on our financial condition and operating results. From time to time in the ordinary course of our business, the Company may be involved in legal proceedings, the outcomes of which may not be determinable. The Company is not involved in any legal proceedings at this time. The results of litigation are inherently unpredictable. Any claims against us, whether meritorious or not, could be time consuming, result in costly litigation, require significant amounts of management time and result in diversion of significant resources. We are not able to estimate an aggregate amount or range of reasonably possible losses for those legal matters for which losses are not probable and estimable.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	(5) Related Party Transactions In conjunction with our underwritten public offering completed in August 2022, we appointed the former owner of our contract manufacturer to become a director of the Company. At the time of his appointment, the former owner of our contract manufacturer still had significant related party influence over its operations in his capacity with the contract manufacturer’s new parent company. However, we amended our agreement with our contract manufacturer, effective April 1, 2023, resulting in our taking over direct responsibility for our manufacturing operations from that company, thus eliminating the related party relationship. Prior to the termination of such relationship, we made contractual payments to that company to assemble our energy storage systems during the period from July 1, 2022 to March 31, 2023 in the total amount of $ 669,424 95,250

Subsequent Events

Subsequent Events	12 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	(6) Subsequent Events In July 2024, we issued a total of 9,776 shares of our common stock, consisting of 7,776 shares issued to a wholesale dealer under our incentive sales program and 2,000 shares issued to a non-employee adviser. In September 2024, we entered into an agreement with a newly formed financing entity whereby we obtained a line of credit for borrowings of up to $5,000,000. Under this agreement, we will be required to make monthly payments to the lender of accrued interest, at the rate of 16% per annum, on any outstanding borrowings that we make, with the principal and any unpaid accrued interest being due at maturity in September 2026. In order to secure such borrowings, we have granted a security interest in all of our assets to the lender. As a condition of receiving this line of credit from the lender, we have agreed not to issue any securities pursuant to the Company’s Form S-3 (file number 333-280400), without the lender’s consent, so long as any borrowings remain outstanding.

Business and Summary of Signi_2

Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business
Basis of Presentation	Basis of Presentation
Cash and Cash Equivalents	Cash and Cash Equivalents 736,427 .
Inventory	Inventory 1.4 million 90,000 zero Schedule of inventory June 30, 2024 2023 Raw materials, consisting of assembly parts, batteries and inverters $ 1,076,479 $ 2,353,055 Work-in-process 89,386 – Finished goods 621,443 227,516 Total $ 1,787,308 $ 2,580,571
Revenue Recognition	Revenue Recognition · Identification of the contact with a customer · Identification of the performance obligations in the contract · Determination of the transaction price · Allocation of the transaction price to the performance obligations in the contract · Recognition of revenue when, or as, the Company satisfies a performance obligation The Company generates revenues from contracts with customers, consisting of a relatively small number of wholesale dealers and installers, primarily in California. In the year ended June 30, 2024, two such dealers represented approximately 20 14 22 18 14 25 15 13
Allowance for Expected Credit Losses	Allowance for Expected Credit Losses 1,030,000 490,000
Income Taxes	Income Taxes The Company accounts for uncertain tax positions in accordance with the provisions of Accounting Standards Codification (“ASC”) 740-10 which prescribes a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, on its tax return. The Company evaluates and records any uncertain tax positions based on the amount that management deems is more likely than not to be sustained upon examination and ultimate settlement with the tax authorities in the tax jurisdictions in which it operates.
Stock Compensation Expense	Stock Compensation Expense
Loss Per Common Share	Loss Per Common Share 2,577,931 1,348,181 1,121,250 58,500 50,000
Research and Development Costs	Research and Development Costs
Use of Estimates	Use of Estimates
Related Parties	Related Parties
Fair Value Measurements and Financial Instruments	Fair Value Measurements and Financial Instruments Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 - Inputs that are both significant to the fair value measurement and unobservable. The carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include cash and cash equivalents, accounts receivable, accounts payable, and long-term debt. The carrying value of long-term debt approximates fair value since the related rate of interest approximates current market rates. At June 30, 2024 and 2023, the Company did not have any financial assets or liabilities measured and recorded at fair value on the Company’s balance sheets on a recurring basis.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Financial Instruments – Credit Losses .
Liquidity	Liquidity Despite our history of recurring operating losses and negative cash flows, we believe that based on our current business plan, which includes increased generation of revenues and raising funds through debt financing, the above referenced substantial doubt has been alleviated. As disclosed in Note 6, we recently entered into an agreement with a financing entity whereby we have obtained a line of credit for borrowings of up to $5,000,000, in order to meet any near-term borrowing needs. As a result, we believe that we will have sufficient financial resources available to us in order to operate our business for at least the next 12 months from the date these financial statements are issued.

Business and Summary of Signi_3

Business and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of inventory	Schedule of inventory June 30, 2024 2023 Raw materials, consisting of assembly parts, batteries and inverters $ 1,076,479 $ 2,353,055 Work-in-process 89,386 – Finished goods 621,443 227,516 Total $ 1,787,308 $ 2,580,571

Equity (Tables)

Equity (Tables)	12 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of warrant activity	Schedule of warrant activity Number Wtd. Avg. Wtd. Avg. Aggregate of Exercise Remaining Intrinsic Shares Price Term (Yrs.) Value Outstanding at July 1, 2022 – $ – $ – Warrants issued to Public Investors 1,121,250 4.00 Warrants issued to Underwriters 58,500 4.40 Outstanding at June 30, 2023 1,179,750 4.02 4.1 – Warrants issued – – Warrants exercised/forfeited – – Outstanding at June 30, 2024 1,179,750 $ 4.02 3.1 $ – Exercisable at June 30, 2024 1,179,750 $ 4.02 3.1 $ –

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of income tax expense	Schedule of income tax expense Year Ended June 30, 2024 2023 Income tax benefit computed at statutory rate $ 279,400 $ 130,300 Change in valuation allowance (279,400 ) (130,300 ) Provision for income taxes $ – $ –
Schedule of deferred taxes	Schedule of deferred taxes June 30, 2024 June 30, 2023 Deferred income tax assets: Net operating losses $ 824,300 $ 544,900 Valuation allowance (824,300 ) (544,900 ) Net deferred income tax assets $ – $ –

Schedule of inventory (Details)

Schedule of inventory (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials, consisting of assembly parts, batteries and inverters	$ 1,076,479	$ 2,353,055
Work-in-process	89,386	0
Finished goods	621,443	227,516
Total	$ 1,787,308	$ 2,580,571

Business and Summary of Signi_4

Business and Summary of Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Product Information [Line Items]
Cash, Uninsured Amount	$ 736,427
Inventory, Gross	1,400,000
[custom:ReserveForObsoleteInventory]	90,000	$ 0
Accounts Receivable, Allowance for Credit Loss	$ 1,030,000	$ 490,000
Common Stock [Member]
Product Information [Line Items]
Antidilutive shares	2,577,931
Restricted Stock Units [Member] | Officer And Another Employee [Member]
Product Information [Line Items]
Antidilutive shares	1,348,181
Restricted Stock Units [Member] | One Officer [Member]
Product Information [Line Items]
Antidilutive shares	50,000
Investor Warrants [Member]
Product Information [Line Items]
Antidilutive shares	1,121,250
Underwriter Warrants [Member]
Product Information [Line Items]
Antidilutive shares	58,500
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Dealer One [Member]
Product Information [Line Items]
Concentration Risk, Percentage	20%	25%
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Dealer Two [Member]
Product Information [Line Items]
Concentration Risk, Percentage	14%	15%
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Dealer Three [Member]
Product Information [Line Items]
Concentration Risk, Percentage		13%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Dealer One [Member]
Product Information [Line Items]
Concentration Risk, Percentage	22%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Dealer Two [Member]
Product Information [Line Items]
Concentration Risk, Percentage	18%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Dealer Three [Member]
Product Information [Line Items]
Concentration Risk, Percentage	14%

Equity (Details - Warrant activ

Equity (Details - Warrant activity) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Offsetting Assets [Line Items]
Warrants outstanding, beginning	1,179,750	1,179,750	0
Weighted Average Exercise Price, Beginning	$ 4.02	$ 4.02	$ 0
Aggregate Intrinsic Value, Ending	$ 0	$ 0	$ 0
Warrants outstanding, beginning
Warrants outstanding, beginning	1,179,750	0
Weighted Average Exercise Price, Beginning	$ 4.02	$ 0
Warrants and Rights Outstanding, Term	3 years 1 month 6 days	4 years 1 month 6 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period
Weighted Average Exercise Price, Beginning	$ 4.02	$ 4.02
Warrants exercisable, weighted average exercise price	$ 4.02
Warrants term, exercisable	3 years 1 month 6 days
Aggregate Intrinsic Value, Exercisable	$ 0
Public Investors [Member]
Offsetting Assets [Line Items]
Warrants outstanding, beginning		1,121,250
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 4
Underwriters [Member]
Offsetting Assets [Line Items]
Warrants outstanding, beginning		58,500
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 4.40

Equity (Details Narrative)

Equity (Details Narrative) - USD ($)	1 Months Ended	11 Months Ended	12 Months Ended		65 Months Ended
	Aug. 31, 2022	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2022
Subsidiary, Sale of Stock [Line Items]
Class of Warrant or Right, Outstanding		1,179,750	1,179,750	1,179,750	1,179,750	0
Share-Based Payment Arrangement, Noncash Expense			$ 432,367	$ 1,529,291
Three Independent Directors [Member]
Subsidiary, Sale of Stock [Line Items]
Accrued compensation expenses			195,000		$ 195,000
Restricted Stock Units (RSUs) [Member]
Subsidiary, Sale of Stock [Line Items]
Share-Based Payment Arrangement, Noncash Expense			214,992	1,241,563
Amortized value of RSUs granted [Member]
Subsidiary, Sale of Stock [Line Items]
Share-Based Payment Arrangement, Noncash Expense			214,992	1,241,563
Independent Directors [Member]
Subsidiary, Sale of Stock [Line Items]
Share-Based Payment Arrangement, Noncash Expense			175,500	175,500
Amortized Value Of Shares Granted To Various Advisors [Member]
Subsidiary, Sale of Stock [Line Items]
Share-Based Payment Arrangement, Noncash Expense			29,450	85,000
Fair Value Of Incentive Shares Wholesale Dealer [Member]
Subsidiary, Sale of Stock [Line Items]
Share-Based Payment Arrangement, Noncash Expense			$ 12,425
Fair Value Of Incentive Shares Two Wholesale Dealer [Member]
Subsidiary, Sale of Stock [Line Items]
Share-Based Payment Arrangement, Noncash Expense				$ 27,228
Stock Option Plan 2019 [Member]
Subsidiary, Sale of Stock [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross					1,893,779
Stock Option Plan 2019 [Member] | Three Independent Directors [Member]
Subsidiary, Sale of Stock [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross		54,964
Stock Option Plan 2019 [Member] | Three Executive Officers And One Non Executive Recipient [Member]
Subsidiary, Sale of Stock [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross					1,798,181
Stock Option Plan 2019 [Member] | Several Wholesale Dealers [Member]
Subsidiary, Sale of Stock [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross					40,634
Chief Executive Officer [Member] | Milestone 1 [Member]
Subsidiary, Sale of Stock [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross				50,000
Chief Financial Officer [Member] | Milestone 1 [Member]
Subsidiary, Sale of Stock [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross				250,000
Underwritten Public Offering [Member] | Units [Member]
Subsidiary, Sale of Stock [Line Items]
Unit description	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
Shares issued new, units issued	1,121,250
Gross proceeds from sale of equity	$ 4,485,000
Net proceeds from sale of equity	3,780,000
August Public Offering [Member] | May 2018 Notes Payable [Member]
Subsidiary, Sale of Stock [Line Items]
Debt converted, amount converted	$ 59,251
Debt converted, shares issued	9,404,867
August Public Offering [Member] | October 2021 Notes Payable [Member]
Subsidiary, Sale of Stock [Line Items]
Debt converted, shares issued	267,000

Income Taxes (Details - Schedul

Income Taxes (Details - Schedule of income tax expense) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax benefit computed at statutory rate	$ 279,400	$ 130,300
Change in valuation allowance	(279,400)	(130,300)
Provision for income taxes	$ 0	$ 0

Income Taxes (Details - Sched_2

Income Taxes (Details - Schedule of deferred taxes) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Deferred income tax assets:
Net operating losses	$ 824,300	$ 544,900
Valuation allowance	(824,300)	(544,900)
Net deferred income tax assets	$ 0	$ 0

Income Taxes (Details Narrative

Income Taxes (Details Narrative)	Jun. 30, 2024 USD ($)
Income Tax Disclosure [Abstract]
Operating loss carry forward	$ 3,915,000

Related Party Transactions (Det

Related Party Transactions (Details Narrative)	9 Months Ended
	Mar. 31, 2023 USD ($)
Assembly Of Energy Storage Systems [Member]
Offsetting Assets [Line Items]
Related Parties Amount in Cost of Sales	$ 669,424
Rental Of Office Space [Member]
Offsetting Assets [Line Items]
Related Parties Amount in Cost of Sales	$ 95,250