Company: HYSR
Filing Date: 2025-09-15
Form Type: 10-K
Source: 0001213900-25-087311
Chunk: 1142

Company: SUNHYDROGEN, INC.
Filing Date: 2025-09-15
Form: 10-K
Item: Item 14
Chunk 1142
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 The issuance of the bond receivable is through a Tap Issue Addendum
to TECO’s secured convertible notes agreement dated June 1, 2022, pursuant to which Nordic Trustee AS is acting as the security
agent on behalf of the note holders. The bond receivable would have matured on June 1, 2025, and would have been converted into shares
at a rate of NOK 5.0868 per share. The note bore interest at the rate of 8% per year, which was paid quarterly in arrears. For the year
ended June 30, 2024, the Company recognized interest income of $226,094.

In April of 2024, all investors of TECO bonds
received an option to convert their bonds to receive one share for every two NOK. On May 24, 2024 the Company agreed to the terms and
conversion, and agreed to receive 15,884,744 shares of TECO stock in exchange for the convertible bond receivable of $3,000,000 and unpaid
interest. The bond receivable had a principal amount of NOK 31,228,200, and accrued and unpaid interest up to May 24, 2024 of NOK 541,289,
for a total of NOK 31,769,489. The value of the shares converted on May 24, 2024 was $3,139,302 with contributed capital gain on conversion
of convertible bond of $85,815 and interest received of $53,487.

On September 10, 2024, after a delay to allow
time for legal review and clarification of the investment statements, the bond was returned. Upon receipt of the 15,884,744 shares, the
Company owns a total of 29,328,619 shares, which as of September 30, 2024 represented approximately 13.29% of the outstanding shares of
TECO.

The CEO of the Company elected to not seek reelection
to the board of directors at the annual general meeting in June and is no longer a director of TECO after June 19, 2024. The CEO of the
Company never received compensation of any kind for his role as director from January of 2023 through June 19, 2024.

During December 2024, it came to the Company’s
attention that TECO filed for bankruptcy and their shares were suspended from trading on the