Company: HYSR
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001213900-25-041497
Chunk: 24

Company: SUNHYDROGEN, INC.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 24
---
. The resignation was effective April 11, 2025. As of the date of
resignation, none of Woosuk Kim’s stock options had vested. Therefore, stock option expense previously recognized of $210,357 will
be reversed during the quarter ended June 30, 2025. Further, unrecognized compensation costs related to these options of approximately
$1.1 million will not be recognized in the future.

14

Item 2. Management’s Discussion and Analysis
of Financial Condition and Results of Operations.

Cautionary Statement Regarding Forward-Looking
Statements

The information in this
report may contain forward-looking statements. These forward-looking statements involve risks and uncertainties, including statements
regarding our capital needs, business strategy and expectations. Any statements that are not of historical fact may be deemed to be forward-looking
statements. These forward-looking statements involve substantial risks and uncertainties. In some cases you can identify forward-looking
statements by terminology such as “may,” “will,” “should,” “expect,” “plan,”
“intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,”
or “continue”, the negative of the terms or other comparable terminology. Actual events or results may differ materially from
the anticipated results or other expectations expressed in the forward-looking statements. In evaluating these statements, you should
consider various factors, including the risks included from time to time in our reports filed with the Securities and Exchange Commission,
or the SEC. These factors may cause our actual results to differ materially from any forward-looking statements. We disclaim any obligation
to publicly update these statements, or disclose any difference between actual results and those reflected in these statements, except
as may be required under applicable law.

Unless the context otherwise
requires, references in this Form 10-Q to “we,” “us,” “our,” or the “Company” refer to
SunHydrogen, Inc.

Overview

At
SunHydrogen, our goal is to replace fossil fuels with clean, renewable hydrogen.

Hydrogen
is the most abundant chemical element in the universe. When hydrogen fuel is used to power transportation and industry, the only byproduct
left behind is pure water, unlike hydrocarbon fuels such as oil, coal and natural gas that emit carbon dioxide and other harmful pollutants
into the atmosphere. However, naturally occurring elemental hydrogen is rare - so rare, in fact, that today about 95% of hydrogen is produced
from steam reforming of