Company: HYSR
Filing Date: 2025-09-15
Form Type: 10-K
Source: 0001213900-25-087311
Chunk: 422

Company: SUNHYDROGEN, INC.
Filing Date: 2025-09-15
Form: 10-K
Item: Item 4
Chunk 422
---

year ended June 30, 2025. The amendment only impact disclosures and are not expected to have an impact on the Company’s financial
condition and results of operations.

In December 2023, the FASB issued ASU 2023-09, Income
Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands the requirements for income tax disclosures in order to provide
greater transparency. The amendments are effective for fiscal years beginning after December 15, 2024.  The Company adopted the ASU
for the fiscal year ended June 30, 2025. The amendments only impact disclosures and are not expected to have an impact on the Company’s
financial condition and results of operations.

In November 2024, the FASB issued ASU 2024-03, Income
Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement
Expenses, which requires incremental disclosures about specific expense categories, including but not limited to, purchases of inventory,
employee compensation, depreciation, amortization and selling expenses. The amendments are effective for fiscal years beginning after
December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted and the
amendments may be applied either prospectively or retrospectively. The Company is currently evaluating this ASU to determine its impact
on the Company’s disclosures. The amendments only impact disclosures and are not expected to have an impact on the Company’s financial
condition and results of operations.

Management believes that no recently issued accounting
standards, which are not yet effective, would have a material impact on the accompanying financial statements as of June 30,
2025, if adopted at this time.

Reclassification 

Certain accounts from prior periods have been reclassified to conform
to the current period presentation.

3.PREFERRED STOCK

Series C Preferred Stock

On December 15, 2021, the Company filed a certificate
of designation of Series C Preferred Stock with the Secretary of State of Nevada, designating 17,000 shares of preferred stock as Series
C Preferred Stock. Each share of Series C Preferred Stock has a stated value of $100 and is convertible into shares of common stock of
the Company at a conversion price of $0.00095. The Series C Preferred Stock holders are entitled to receive out of any funds and assets
of the Company legally available