Company: HYSR
Filing Date: 2025-02-10
Form Type: 10-Q
Source: 0001213900-25-011506
Chunk: 19

Company: SUNHYDROGEN, INC.
Filing Date: 2025-02-10
Form: 10-Q
Item: Part I, Item 8
Chunk 19
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 determined the fair value of their shares was $0 as of December 31,
2024.

On December 17, 2024, the Company entered a
share allocation agreement with TECO HOLDING AS, in which Bacchus AS (“Newco” and a wholly owned subsidiary of TECO
HOLDINGS AS) intends to acquire the shares and other assets owned by TECO 2030 ASA. TECO HOLDINGS AS then agreed to transfer shares
in Newco equal to 13.32% of the total shares of Newco to the Company free of charge, encumbrances, and other liens. Concurrently
with the transfer of shares under the allocation agreement, a representative of the Company shall, whenever preferred, be appointed
to the board of directors of Newco. As of December 31, 2024, due to Newco recently being formed and there being no readily determinable
fair value, the Company determined the fair value of the Newco shares was $0.

The following table summarizes our equity investments
in TECO:

    Date of Investment 
    Number of
 Shares  
    Cost Basis  
    Fair Value
 as of 
June 30,
 2024  
    Unrealized Loss  
    Fair Value
 as of
 December 31, 
2024 
  
    November 24, 2022 
     13,443,875  
    $7,000,000  
    $1,880,032  
    $(1,880,032) 
    $        - 
  
    May 24, 2024 
     15,884,744  
     3,139,302  
     2,221,370  
     (2,221,370) 
     - 
  
    Total 
     29,328,619  
    $10,139,302  
    $4,101,402  
    $(4,101,402) 
    $- 

12

8.INVESTMENT INCOME

The following table summarizes our investment
income.

    December 31, 
2024  
    December 31,
 2023 
  
    Interest earned on cash (NOTE 2) 
    $675,207  
    $52,468 
  
    Interest earned on Treasury Bills (NOTE 2) 
     240,475  
     664,157