Company: HYSR
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001213900-25-108125
Chunk: 18

Company: SUNHYDROGEN, INC.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 18
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 15,884,744 shares, the
Company owns a total of 29,328,619 shares, which as of September 30, 2024 represented approximately 13.29% of the outstanding shares of
TECO.

The CEO of the Company elected to not seek reelection
to the board of directors at the annual general meeting in June and is no longer a director of TECO after June 19, 2024. The CEO of the
Company never received compensation of any kind for his role as director from January of 2023 through June 19, 2024.

During December 2024, it came to the Company’s
attention that TECO filed for bankruptcy and their shares were suspended from trading on the Euronext Growth on Oslo Stock Exchange. In
January 2025, TECO was delisted. Based on these events, the Company determined the fair value of their shares was $0 as of June 30, 2025.

On December 17, 2024, the Company entered a share
allocation agreement with TECO HOLDING AS, in which Bacchus AS (“Newco”, a wholly owned subsidiary of TECO HOLDINGS AS, and
a private entity) 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% or 39,350,000 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, whenever preferred, is appointed to the board
of directors of Newco. Hans-Peter Klein, Director of Business Operations for SunHydrogen was appointed to the board on July 27, 2025.
Due to there being no readily determinable fair value, the Company elected to value their investment in Newco at costs minus impairment
which, as of June 30, 2025, was $0. If, in the future, the Company identifies observable price changes in orderly transactions for an
identical or similar investment, we may measure our investment in Newco at fair value as of the date the observable transaction occurred.

13

The following table summarizes our equity investments
in TECO:

    Date of Investment 
    Number of
 Shares  
    Cost Basis  
    Fair Value
 as of 
June