Company: HYSR
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001213900-25-041497
Chunk: 19

Company: SUNHYDROGEN, INC.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 19
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 compensation expense related to the
options for the nine months ended March 31, 2025 and 2024, was $600,484 and $1,173,002, respectively. As of March 31, 2025 there was approximately
$1.8 million of unrecognized compensation cost related to the options, which is expected to be recognized over a remaining weighted-average
vesting period of approximately 1.16 years.

11

Warrants

Transactions involving our warrants are summarized
as follows:

    Weighted 

    Number of  
    Average 

    Warrants  
    Exercise Price 
  
    Warrants outstanding at June 30, 2024 
     78,095,239  
    $0.121 
  
    Issued 
     -  
    $- 
  
    Canceled/Expired 
     -  
    $- 
  
    Exercised 
     -  
    $- 
  
    Warrants outstanding at March 31, 2025 
     78,095,239  
    $0.121 

Details of our warrants outstanding as of March
31, 2025, is as follows:

  Warrants Exercisable   Weighted Average Contractual Life of Warrants Outstanding and Exercisable (Years)    78,095,239    0.92  

7.EQUITY SECURITIES, RELATED PARTY

On November 11, 2022, the Company entered into
a subscription agreement with TECO 2030 ASA (“TECO”). TECO is a Norwegian based clean tech company developing zero-emission
technology for the maritime and heavy industry. They are 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 is 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 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