Company: HYSR
Filing Date: 2025-02-10
Form Type: 10-Q
Source: 0001213900-25-011506
Chunk: 17

Company: SUNHYDROGEN, INC.
Filing Date: 2025-02-10
Form: 10-Q
Item: Part I, Item 8
Chunk 17
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Warrants

Transactions involving our warrants are summarized
as follows:

    Weighted 

    Number of
    Shares  
    Average
Exercise Price 
  
    Warrants outstanding at June 30, 2024 
     78,095,239  
    $0.121 
  
    Issued 
     -  
    $- 
  
    Canceled/Expired 
     -  
    $- 
  
    Exercised 
     -  
    $- 
  
    Warrants outstanding at December 31, 2024 
     78,095,239  
    $0.121 

Details of our warrants outstanding as of December
31, 2024, is as follows:

  Warrants Exercisable   Weighted Average Contractual Life of Warrants Outstanding and Exercisable (Years)    78,095,239    1.17  

11

7. EQUITY SECURITIES, RELATED PARTY 

On November 11, 2022, the Company entered into
a subscription agreement with TECO 2030 ASA (“TECO”). TECO was a Norwegian based clean tech company developing zero-emission
technology for the maritime and heavy industry. They were developing PEM hydrogen fuel cell stacks and PEM hydrogen fuel cell modules,
that enable ships and other heavy-duty applications to become emissions-free. TECO was listed on Euronext Growth on Oslo Stock Exchange
under the ticker TECO. Pursuant to the subscription agreement, the Company purchased 13,443,875 shares of TECO stock for an aggregate
consideration of $7 million in USD, at an exchange rate of NOK 10.4094. The shares purchased are adjusted to fair value based on unrealized
gain or loss at the end of each period. At the time of this transaction, the Company and TECO became related parties due to the Company
owning an 8.3% interest in TECO. Subsequent to the equity purchase, Timothy Young, CEO of the Company, was elected to the board of TECO
in January of 2023.

Also, on November 11, 2022 the Company purchased
a bond receivable of TECO for a subscription amount of $3 million. The issuance of the bond receivable was through a Tap Issue Addendum
to TECO’s secured convertible notes agreement dated June 1, 202