Company: HYSR
Filing Date: 2025-09-15
Form Type: 10-K
Source: 0001213900-25-087311
Chunk: 1102

Company: SUNHYDROGEN, INC.
Filing Date: 2025-09-15
Form: 10-K
Item: Item 13
Chunk 1102
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2024, the Company extended
its research agreement with the University of Iowa through September 30, 2025. As consideration under the research agreement, the University
of Iowa will receive a maximum of $302,459 from the Company in four equal installments of $75,615. The agreement can be terminated
by either party upon sixty (60) days prior written notice to the other. As of June 30, 2025, there is a balance due of $151,230 per the
agreement.

Effective October 1, 2024, the Company extended
its research agreement with the University of Michigan through September 30, 2025. As consideration under the research agreement, the
University of Michigan will receive a maximum of $252,246 from the Company. In the event of early termination by the Company, the Company
will pay all costs accrued by the University as of the date of termination, including non-cancellable obligations. As of June 30, 2025,
there is a balance due of $38,821 per the agreement.

Effective June 1, 2025, the Company entered into
a research agreement with the University of Texas at Austin through June 30, 2026. As consideration under the research agreement, the
University of Texas at Austin will receive a maximum of $429,930 from the Company. In the event of early termination by the Company, the
Company will pay all costs accrued by the University as of the date of termination, including non-cancellable obligations. As of June
30, 2025, there is a balance due of $143,310 per the agreement.

The Company began renting lab space in February
2022. The lab rental is on a month-to-month basis and is cancellable with a thirty (30) day notice. On April 1, 2024, the Company renewed
the space needed for its lab work at a monthly rent of $6,400 per month. Due to the rental being month-to-month, ASC 842 lease accounting
is not applicable.

In the normal course of business, the Company
may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. Such matters are subject
to many uncertainties, and outcomes are not predictable with assurance. In the opinion of management, the ultimate
disposition of these matters will not have a material adverse effect on the Company’s financial position