Company: HYSR
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001213900-25-041497
Chunk: 21

Company: SUNHYDROGEN, INC.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 21
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 the
Company never received compensation of any kind for his role as director from January of 2023 through June 19, 2024.

12

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 March 31, 2025.

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, whenever preferred, is appointed to the board of directors of
Newco. As of March 31, 2025, due to Newco just being formed and there being no readily determinable fair value, the Company determined
the fair value of their 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  March 31,  2025 
  
    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,