<PAGE>

                                 FORM 10-KSB/A

                      SECURITIES AND EXCHANGE COMMISSION

                            Washington, D.C. 20549


(Mark One)

[X]  ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
     1934

     For the fiscal year ended December 31, 1999

[_]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
     OF 1934

     For the transition period from ________ to ________.

                       Commission file number: 000-26957


                             DCH TECHNOLOGY, INC.
                (Name of Small Business Issuer in Its Charter)

COLORADO                           2810                     84-1349374
----------------------  ----------------------------       ------------
(State or Jurisdiction  (Primary Standard Industrial      (I.R.S. Employer
 of Incorporation or     Classification Code Number)     Identification No.)
  Organization)

                            27811 Avenue Hopkins #6
                          Valencia, California 91355
                                (661) 775-8120
         (Address and Telephone Number of Principal Executive Offices)

                            27811 Avenue Hopkins #6
                          Valencia, California 91355
(Address of Principal Place of Business or Intended Principal Place of Business)

       Securities registered pursuant to Section 12(b) of the Act:  None
          Securities registered pursuant to Section 12(g) of the Act:

                                    Name of each exchange
Title of each class                 on which registered
-------------------                 ---------------------
Common Stock, $.001 par value       OTC Bulletin Board

     Indicate by check mark whether the issuer (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days, and (3) has been subject to such
filing requirements for the past 90 days. Yes [X] No [_]

     Indicate by a check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-B is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB. [_]

     Registrant's revenues for the year ended December 31, 1999 were $543,199.

     As of February 28, 2000 the approximate aggregate market value of voting
stock held by non-affiliates of the registrant was $90,027,927 (based upon the
closing price for shares of the registrant's common stock as reported by the OTC
Bulletin Board on that date). Shares of common stock held by each officer,
director, and holder of 5% or more of the outstanding common stock have been
excluded in that such persons may be deemed to be affiliates. This determination
of affiliate status is not necessarily a conclusive determination for other
purposes.

APPLICABLE ONLY TO CORPORATE ISSUERS:

     As of February 28, 2000, the registrant had 20,703,141 shares of common
stock, $.001 par value per share, outstanding.

Documents Incorporated by Reference:  None

Traditional Small Business Disclosure Format [_] Yes;  [X] No
<PAGE>

                                    ITEM 7.

                             FINANCIAL STATEMENTS


                      DCH Technology, Inc. and Subsidiary

                              FINANCIAL STATEMENTS

                               December 31, 1999

                  (with Independent Auditors' Report Thereon)
<PAGE>

                         INDEX TO FINANCIAL STATEMENTS


<TABLE>
<CAPTION>
                                                                                                    Pages
                                                                                                 ------------
<S>                                                                                              <C>

Independent Auditors' Report                                                                         F-2

Consolidated Balance Sheet                                                                           F-3

Consolidated Statements of Operations                                                                F-4

Consolidated Statements of Stockholders' Equity (Deficit)                                            F-5

Consolidated Statements of Cash Flows                                                                F-6

Notes to Consolidated Financial Statements                                                           F-7
</TABLE>
<PAGE>

                         Independent Auditors' Report
                         ----------------------------


The Stockholders and Board of Directors of
DCH Technology, Inc.



We have audited the accompanying consolidated balance sheet of DCH Technology,
Inc. and Subsidiary as of December 31, 1999 and the related consolidated
statements of operations, stockholders' equity and cash flows for the years
ended December 31, 1999 and 1998.  These consolidated financial statements are
the responsibility of the Company's management.  Our responsibility is to
express an opinion on these consolidated financial statements based on our
audits.

We conducted our audits in accordance with generally accepted auditing
standards.  Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the consolidated financial statements
are free of material misstatement.  An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the consolidated
financial statements.  An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall consolidated financial statement presentation.  We
believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements present fairly, in all
material respects, the financial position of DCH Technology, Inc. and Subsidiary
at December 31, 1999 and the results of its operations and its cash flows for
the years ended December 31, 1999 and 1998 in conformity with generally accepted
accounting principles.


                  /s/ Lucas, Horsfall, Murphy & Pindroh, LLP


Pasadena, California
February 22, 2000, except for Note 10 to the financial statements
    which is as of May 31, 2000

                                                                             F-2
<PAGE>

                      DCH Technology, Inc. and Subsidiary
                          CONSOLIDATED BALANCE SHEET
                               December 31, 1999



                                    ASSETS


 CURRENT ASSETS

    Cash                                                   $  1,193,084
    Accounts receivable                                         143,128
    Inventory                                                   127,319
    Prepaid expenses                                             90,248
    Other receivable                                            191,100
                                                           ------------

      TOTAL CURRENT ASSETS                                    1,744,879

 PROPERTY AND EQUIPMENT - NET                                   217,665

 OTHER ASSETS
    Intangible assets, net of amortization                       98,577
    Investments with no readily determinable fair value         215,000
                                                           ------------

      TOTAL OTHER ASSETS                                        313,577
                                                           ------------

                                                           $  2,276,121
                                                           ============

                     LIABILITIES AND STOCKHOLDERS' EQUITY


 CURRENT LIABILITIES
    Accounts payable                                       $    244,539
    Accrued expenses                                            510,690
    Accrued payroll and vacation                                 74,872
    Capital lease obligation, net of long-term portion           13,833
                                                           ------------

      TOTAL CURRENT LIABILITIES                                 843,934

 LONG TERM LIABILITIES
    Capital lease obligation, net of current portion             30,344
                                                           ------------

      TOTAL LIABILITIES                                         874,278

 COMMITMENTS AND CONTINGENCIES (Note 9 and 10)

 STOCKHOLDERS' EQUITY
    Preferred stock, $0.10 par value
      5,000,000 shares authorized,
      no shares issued and outstanding                                -
    Common stock, $0.01 par value,
      50,000,000 shares authorized, 19,325,995
      issued and outstanding                                    193,259
    Additional paid-in-capital                                9,775,433
    Common stock subscribed, 145,556 shares                     131,000
    Less: investment in limited liability companies             (79,445)
                                                           ------------

                                                             10,020,247

    Accumulated deficit                                      (8,618,404)
                                                           ------------

      TOTAL STOCKHOLDERS' EQUITY                              1,401,843
                                                           ------------

                                                           $  2,276,121
                                                           ============

          See Accompanying Notes to Consolidated Financial Statements

                                                                             F-3
<PAGE>

                      DCH Technology, Inc. and Subsidiary
                     CONSOLIDATED STATEMENTS OF OPERATIONS


<TABLE>
<CAPTION>
                                                                      FOR THE YEAR
                                                                          ENDED
                                                                       DECEMBER 31,
                                                                  1999              1998
                                                              ----------         ---------
<S>                                                       <C>              <C>
 Sales                                                    $     543,199    $      207,580

 Cost of products sold                                          332,394            66,480
                                                          -------------    --------------

 Gross profit                                                   210,805           141,100

 Operating expenses:
    Selling, general and administrative expenses              2,870,256         2,880,897
    Depreciation and amortization                                65,336            31,857
    Research & development                                      841,708         1,810,185
                                                          -------------    --------------

       Total operating expenses                               3,777,300         4,722,939
                                                          -------------    --------------

 (Loss) from operations                                      (3,566,495)       (4,581,839)

 Other income (expenses)
    Equity (loss) in limited liability companies                (19,554)                -
    Interest income and other income (expenses)                  (1,424)            4,183
                                                          -------------    --------------

 Net (loss)                                               $  (3,587,473)   $   (4,577,656)
                                                          =============    ==============

 Weighted average common shares outstanding                  14,518,656         9,579,059
                                                          =============    ==============
 Net (loss) per common share
    Basic                                                 $       (0.25)   $        (0.48)
                                                          =============    ==============
</TABLE>

          See Accompanying Notes to Consolidated Financial Statements

                                                                             F-4
<PAGE>

                      DCH Technology, Inc. ans Subsidiary
                CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

<TABLE>
<CAPTION>
                                                         Common Stock                               Additional
                                            --------------------------------------------------
                                                 Shares                                              Paid-in-        Subscription
                                                 Issued             Amount        Subscribed         Capital          Receivable
                                            ---------------     ---------------  ------------     ---------------   ----------------
<S>                                         <C>                 <C>              <C>              <C>               <C>
Balances at December 31, 1997                   7,279,731       $   72,797       $       -          $   319,806               -

Issuance of common stock
  and warrants for services                     2,874,882           28,749               -            2,118,938               -

Issuance of common stock
  options for services                                  -                -               -            1,194,353               -

Issuance of common stock
  and warrants for cash                         1,978,446           19,784               -            1,270,945               -

Issuance of common stock
  to acquire interest in
  Inf?soll LLC and
  Renewable Energies, LLC                          60,000              600               -               98,400               -

Issuance of common stock
  pursuant to exercise of
  stock options                                    80,000              800               -               19,200               -


Common stock subscription                               -                -         100,000                    -        (100,000)

Net loss                                                -                -               -                    -               -
                                            -------------       ----------       ---------          -----------     -----------
Balances at December 31, 1998                  12,273,059          122,730         100,000            5,021,642        (100,000)



Issuance of common stock, options
  and warrants for services                       848,469            8,485               -            1,216,660               -

Issuance of common stock
  and warrants for cash                         4,810,087           48,101               -            2,814,655               -

Issuance of common stock
  for payment of debt                              16,043              160               -               14,278               -

Issuance of common stock pursuant
  to exercise of warrants and options           1,218,337           12,183               -              609,798               -

Payment on common stock subscriptions             160,000            1,600        (100,000)              98,400         100,000

Common stock subscriptions                              -                -         131,000                    -               -

Investment in limited liability companies               -                -               -                    -               -

Net loss                                                -                -               -                    -               -
                                            -------------       ----------       ---------          -----------     -----------
Balances at December 31, 1999                  19,325,995       $  193,259       $ 131,000          $ 9,775,433               -
                                            =============       ==========       =========          ===========     ===========
<CAPTION>
                                                Investment
                                                in Limited                            Total
                                                Liabilities      Accumulated      Stockholders'
                                                 Companies         Deficit           Equity
                                                ------------  ---------------    ---------------
<S>                                             <C>              <C>             <C>
Balances at December 31, 1997                          -      $  (453,275)       $   (60,672)

Issuance of common stock
  and warrants for services                            -                -          2,147,687

Issuance of common stock
  options for services                                 -                -          1,194,353

Issuance of common stock
  and warrants for cash                                -                -          1,290,729

Issuance of common stock
  to acquire interest in
  Inf?soll LLC and
  Renewable Energies, LLC                              -                -             99,000

Issuance of common stock
  pursuant to exercise of
  stock options                                        -                -             20,000


Common stock subscription                              -                -                  -

Net loss                                               -       (4,577,656)        (4,577,656)
                                                --------      -----------        -----------
Balances at December 31, 1998                          -       (5,030,931)           113,441



Issuance of common stock, options
  and warrants for services                            -                -          1,225,145

Issuance of common stock
  and warrants for cash                                -                -          2,862,756

Issuance of common stock
  for payment of debt                                  -                -             14,438

Issuance of common stock pursuant
  to exercise of warrants and options                  -                -            621,981

Payment on common stock subscriptions                  -                -            100,000

Common stock subscriptions                             -                -            131,000

Investment in limited liability companies        (79,445)               -            (79,445)

Net loss                                               -       (3,587,473)        (3,587,473)
                                                --------      -----------        -----------
Balances at December 31, 1999                    (79,445)     $(8,618,404)       $ 1,401,843
                                                ========      ===========        ===========
</TABLE>

       See Accompanying Notes to Consolidated Financial Statements.

                                                                             F-5
<PAGE>

                      DCH Technology, Inc. and Subsidiary
                     CONSOLIDATED STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                                                                   FOR THE YEAR
                                                                                      ENDED
                                                                                   DECEMBER 31,
                                                                              1999              1998
                                                                        -------------     --------------
<S>                                                                     <C>               <C>
 CASH FLOWS FROM (TO) OPERATING ACTIVITIES
    Net loss                                                            $ (3,587,473)     $  (4,577,656)
    Adjustments to reconcile net loss to net cash provided (used)
     by operating activities:
     Depreciation and amortization                                            65,336             31,857
     Loss on disposal of equipment                                             6,628                  -
     Issuance of stock, warrants and options for service                   1,225,145          3,342,040
     Loss from investment in partnerships                                     19,554                  -
     Investment received for services                                       (150,000)                 -
    Change in:
     Accounts receivable                                                     (84,299)           (47,099)
     Inventory                                                                16,395           (143,714)
     Prepaid expenses                                                        (90,248)             1,500
     Other receivable                                                        (60,100)                 -
     Accounts payable                                                         73,109            125,102
     Accrued expenses                                                        469,891             40,799
     Accrued payroll and vacation                                             74,872                  -
     Deferred revenue                                                              -             (1,200)
                                                                        ------------      -------------

     NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES                     (2,021,190)        (1,228,371)
                                                                        ------------      -------------
 CASH FLOWS FROM (TO) INVESTING ACTIVITIES
    Advance to customer                                                            -           (100,000)
    Purchase of licenses and intellectual property                           (87,000)           (30,000)
    Purchase of equipment                                                   (116,883)          (118,988)
                                                                        ------------      -------------

     NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES                       (203,883)          (248,988)
                                                                        ------------      -------------
 CASH FLOWS FROM (TO) FINANCING ACTIVITIES
    Sale of common stock and warrants                                      2,862,756          1,310,729
    Advances from stockholders                                                     -            167,292
    Repayments of stockholder advances                                      (165,921)                 -
    Principal payments on capital lease                                       (2,461)                 -
    Proceeds for exercise of warrants                                        621,981                  -
    Proceeds from common stock subscriptions receivable                      100,000                  -
                                                                        ------------      -------------

     NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES                      3,416,355          1,478,021
                                                                        ------------      -------------

 NET INCREASE (DECREASE) IN CASH                                           1,191,282                662

 CASH, BEGINNING OF PERIOD                                                     1,802              1,140
                                                                        ------------      -------------

 CASH, END OF PERIOD                                                    $  1,193,084      $       1,802
                                                                        ============      =============
</TABLE>

Supplemental disclosure of cash flow information is as follows:

    Cash paid for

     Interest                 $  1,085           -
     Income taxes                2,578    $  1,600

 Non-cash transactions
     During the year ended December 31, 1998, $99,000 of common stock was issued
      in connection with the Company's acquisition of interests in Infrasoll,
       LLC and Renewable Energies, LLC.

     During the year ended December 31, 1999, $65,000 of Hydrogen Burner
      Technology common stock was received in satisfaction of related advance to
       customer, accounts payable and deferred revenue.

     During the year ended December 31, 1999, the Company entered into two
      capital lease agreements for $46,638 to purchase computer equipment.

     During the year ended December 31, 1999, the Company issued $14,438 of
      common stock in payment of debt.

          See Accompanying Notes to Consolidated Financial Statements

                                                                             F-6
<PAGE>

                      DCH Technology, Inc. and Subsidiary
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


1.   NATURE OF THE BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES

     Organization and Business
     -------------------------

     DCH Technology, Inc. (the Company), formerly Connection Sports
     International, Inc., a Colorado corporation, was incorporated on February
     23, 1996. The Company seeks out patented technologies, secures those
     patented technologies through licensing agreements with the patent holders
     and converts the technologies into viable products which DCH then produces
     and sells. DCH focuses on technologies related to the use of hydrogen,
     primarily hydrogen gas sensors and fuel cells.

     Business Recapitalization and Restatement
     -----------------------------------------

     On May 28, 1997, all of the outstanding capital stock of DCH Technology,
     Inc. was acquired by Connection Sports International, Inc. (CSI). In
     connection with this transaction, all of the shares of DCH Technology,
     Inc., were exchanged for 6,000,000 shares of CSI with CSI as the surviving
     corporation, which changed its name to DCH Technology, Inc. This stock
     exchange transaction is treated as an acquisition by the Company of the net
     tangible book value of the assets of CSI, at the date of the acquisition.
     Operating results of CSI for all periods prior to the date of its
     acquisition are not included in the operating results of the Company since
     such reverse merger is not treated as a pooling of interest for accounting
     purposes. DCH Technology, Inc. was engaged in the business of specializing
     in licensing and converting new ideas and technology into state-of-the art
     products.

     Principles of Consolidation
     ---------------------------

     The consolidated financial statements include the accounts of DCH
     Technology, Inc. and its wholly owned subsidiary. Significant intercompany
     accounts have been eliminated.

     Revenue Recognition
     -------------------

     Revenue from product sales is recognized at the time the product is shipped
     to its customer. Provision is made at the time the related revenue is
     recognized for estimated product returns. The Company provides for the
     estimated cost of post-sale support and product warranties upon shipment.
     When other significant obligations remain after products are delivered,
     revenue is recognized only after such obligations are fulfilled. Service
     revenue is recognized ratably over the contractual period or as services
     are performed.

     Product Warranty
     ----------------

     Management estimates the reserve based on the expected returns for the
     various products lines and average estimated repair cost.

     Advertising Costs
     -----------------

     Advertising and promotion costs are expenses as incurred.

                                                                             F-7


<PAGE>

                      DCH Technology, Inc. and Subsidiary
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


1.   NATURE OF THE BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES

     Allowance for Doubtful Accounts
     -------------------------------

     No allowance for doubtful accounts has been provided, as it is the
     management's belief that receivables are fully collectible at December 31,
     1999.

     Recently Issued Accounting Pronouncements
     -----------------------------------------

     In 1997, the Financial Accounting Standards Board (FASB) issued Statements
     No. 130, "Reporting Comprehensive Income", and No. 131, "Disclosures about
     Segments of an Enterprise and Related Information". The Company's adoption
     of these statements had no material impact on the accompanying financial
     statements.

     Investments With no Readily Determinable Fair Value
     ---------------------------------------------------

     The Company acquired shares of two privately held companies without readily
     determinable market values in exchange for services rendered. The Company
     accounts for these transactions as prescribed by Accounting Principles
     Board (APB) 18 under the "cost method."

     Under this method, the Company's investment balance remains unchanged with
     respect to the activity of the investee and is impacted only with respect
     to permanent impairment of the investment. The net accumulated earnings of
     the investee subsequent to the date of the investment are recognized by the
     Company only to the extent such earnings are distributed by the investee as
     dividends. Dividends received in excess of earnings are considered a return
     of investment and are recorded as reductions of cost of the investment.

     Year 2000 Issues
     ----------------

     Many computers and other equipment with embedded chips or microprocessors
     may not be able to appropriately interpret dates after December 31, 1999,
     because such systems use only two digits to indicate a year in the date
     field rather than four digits. If not corrected, many computers and
     computer applications could fail or create miscalculations, causing
     disruptions to the Company's operations. In addition, the failure of
     customer and supplier computer systems could result in interruption of
     sales and deliveries of key supplies or utilities. Because of the
     complexity of the issues and the number of parties involved, the Company
     cannot reasonable predict with certainty the nature of likelihood of such
     impacts .

     The Company is actively addressing this situation and anticipates that it
     will not experience a material adverse impact to its operations, liquidity
     or financial condition related to systems under control. The Company is
     addressing the Year 2000 issue in four overlapping phases: (i)
     identification and assessment of all critical software systems and
     equipment requiring modification or replacement prior to 2000; (ii)
     assessment of critical business relationships requiring modification prior
     2000; (iii) corrective action and testing of critical systems; (iv)
     development of contingency and business continuation plans to mitigate any
     disruption to the Company's operations arising from the Year 2000 issue.

                                                                             F-8


<PAGE>

                     DCH Technology, Inc. and Subsidiary
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


1.   SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (continued)

     The Company is in the process of implementing a plan to obtain information
     from its external service providers, significant suppliers and customer,
     and financial institutions to confirm their plans and readiness to become
     Year 2000 compliant, in order to better understand and evaluate how their
     Year 2000 issues may affect the Company's operations. The Company currently
     is not in a position to assess this aspect of the Year 2000 issues;
     however, the Company plans to take the necessary steps to provide itself
     with reasonable assurance that its service providers, customers and
     financial institutions are Year 2000 compliant.

     The Company is developing contingency plans to identify and mitigate
     potential problems and disruptions to the Company's operations arising from
     the Year 2000 issue. The total cost to achieve Year 2000 compliance is not
     expected to be material. Amounts spent to date have not been material.

     While the Company believes that its own internal assessment and planning
     efforts with respect to its external service providers, suppliers,
     customers and financial institutions are and will be adequate to address
     its Year 2000 concerns, there can be no assurance that these efforts will
     be successful or will not have a material adverse effect on the Company's
     operations.

     Inventory
     ---------

     Inventory is stated at the lower of cost or market using the first-in,
     first-out method (FIFO). Inventories consist of parts and assemblies that
     are included in the final product.

     At December 31, 1999, inventory consisted of the following:


               Raw materials                    $  51,816
               Work-in-process                     68,566
               Finished goods                       6,937
                                                ---------
                                                $ 127,319
                                                =========

     Research and Development
     ------------------------

     Research and development expenditures are charged to operations as
     incurred.

     Property and Equipment
     ----------------------

     Property and equipment is stated at cost. The assets are being depreciated
     using a combination of straight-line and accelerated methods over their
     estimated useful lives of five to seven years.

     It is the policy of the Company to capitalize significant improvements and
     to expense repairs and maintenance.

                                                                             F-9


<PAGE>

                      DCH Technology, Inc. and Subsidiary
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


1.   SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (continued)

     Stock Based Compensation
     ------------------------

     The Company accounts for stock-based compensation as prescribed by
     Statement of Financial Accounting Standard (SFAS) Number 123, and has
     adopted its disclosure provisions. If the intrinsic value method of
     accounting is used SFAS 123 requires pro forma disclosures of net income
     and earnings per share as if the fair value based method of accounting for
     stock based compensation had been applied.

     Loss Per Share
     --------------

     Basic (loss) per share excludes any dilutive effects of options, warrants
     and convertible securities. Basic (loss) per share is computed using the
     weighted-average number of common shares outstanding during the period.
     Diluted earnings per share is computed using the weighted-average number of
     common and common stock equivalent shares outstanding during the period.
     Common equivalent shares are excluded from the computation if their effect
     is antidilutive.

     Intangible Assets
     -----------------

     Intangible assets, principally licenses agreements, are amortized on the
     straight-line method over the remaining life of the agreements. The
     carrying amounts of intangible assets are assessed for impairment when
     operating profits from the related assets' indicates carrying amounts may
     not be recoverable. Carrying values are reviewed periodically for
     impairment whenever events or changes in circumstances indicate the
     carrying amounts of assets may not be recoverable.

     Statement of Cash Flows
     -----------------------

     For the purpose of the statement of cash flows, cash includes amounts "on-
     hand" and amounts deposited with financial institutions.

     Impairment of Long Lived Assets
     --------------------------------

     The Company evaluates its long lived assets by measuring the carrying
     amount of the asset against the estimated undiscounted future cash flows
     associated with them. At the time such evaluations indicate that the future
     undiscounted cash flows of certain long lived assets are not sufficient to
     recover the carrying value of such assets, the assets are adjusted to their
     fair values. No adjustment to the carrying value of the assets was
     indicated as of December 31, 1999.

     Accrued Expenses
     ----------------

     At December 31, 1999, accrued expenses consist of the following:


                    Officers' salaries                  $ 242,000
                    Board of Directors' fees              104,000
                    Licenses fees                          41,000
                    Research and development               91,125
                    Other                                  32,565
                                                        ---------
                                                        $ 510,690
                                                        =========

                                                                            F-10


<PAGE>

                      DCH Technology, Inc. and Subsidiary
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


1.   SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Continued)

     Use of Estimates in Preparation of Consolidated Financial Statements
     --------------------------------------------------------------------

     Management of the Company has made a number of estimates and assumptions
     relating to the reporting of assets, liabilities, revenue, expenses and
     disclosure of contingent assets and liabilities to prepare these financial
     statements in accordance with generally accepted accounting principles.
     Accordingly, actual results may differ from those estimates.

     Reclassification of Financial Statement Presentation
     ----------------------------------------------------

     Certain reclassifications have been made to the 1998 financial statements
     to conform with the 1999 financial statement presentation.

2.   PROPERTY AND EQUIPMENT

     Property and equipment consist of the following:

                    Automobiles                       $   34,260
                    Equipment                            203,924
                    Furniture and fixtures                15,842
                    Leasehold improvements                35,973
                    Tools                                  2,900
                                                      ----------
                    Total                                292,899

                    Less accumulated depreciation         75,234

                                                      ----------
                    Net                               $  217,665
                                                      ==========

     Depreciation expense was $47,887 and $26,082 for the years ended December
     31, 1999 and 1998, respectively.

3.   INVESTMENT IN LIMITED LIABILITY COMPANIES

     During the year ended December 31, 1998, the Company invested in two
     limited liability companies (LLC). The investments are accounted for in
     accordance with the provisions of Accounting Principles Board (APB) Opinion
     Number 18, Equity Method of Accounting for Investments in Common Stock. As
     the Company's ownership interest in all of the limited liability companies
     in the investment portfolio is more than 20% and less than or equal to 50%,
     the investment in the limited liability companies is accounted for using
     the equity method. Under this method, the investor adjusts the carrying
     amount of an investment for its share of the earnings or losses of the
     investee and reports the recognized earnings and losses in income.

     The Company does not actively participate in the management of the limited
     liability companies.

     Dividends received from an investee reduce the carrying amount of the
     investment.


                                                                            F-11


<PAGE>

3.   INVESTMENT IN LIMITED LIABILITY COMPANIES (Continued)

     The cost of the initial investments in limited liability companies was as
     follows:

                    Infrasoll LLC                             $ 66,000
                    Renewable Energies Group LLC                33,000
                                                              --------
                                                              $ 99,000
                                                              ========

     The financial position and results of operations of Infrasoll, LLC and
     Renewable Energies Group, LLC as of December 31, 1999 and for the year then
     ended are as follows:

                                                                  Renewable
                                                                   Energies
                                                Infrasoll, LLC    Group, LLC
                                                --------------    ----------

          Financial Position
          ------------------
          Assets:
          Cash                                    $  12,077
          Accounts receivable                        25,000
          Investments, available-for-sale           178,200        $  89,100
                                                  ---------        ---------
                                                    215,277           89,100
                                                  ---------        ---------

          Liabilities:
          Accounts payable                           44,113           26,858
                                                  ---------        ---------
                                                     44,113           26,858
                                                  ---------        ---------
          Net assets                              $ 171,164        $  62,242
                                                  =========        =========

          DCH Technology, Inc Investment in
            Limited Liability Companies           $  85,582        $  20,747
                                                  =========        =========

          Results of Operations
          ---------------------
          Revenues                                $  45,000                -
          Less: Operating expenses                   66,203        $  26,858
                                                  ---------        ---------
          Net Loss                                $ (21,203)       $ (26,858)
                                                  =========        =========

          DCH Technology Allocated Loss in
            Limited Liability Companies           $ (10,602)       $  (8,952)
                                                  =========        =========

     The difference in the amount carried on the balance sheet, as investments
     in the limited liability companies, and the amount of net assets
     attributable to the Company in largely attributed to unrealized holding
     gains and losses.

     As the primary asset of the limited liability companies is investment in
     DCH Technology, Inc. common stock, the investment in the limited liability
     companies has been reflected as a reduction of the stockholders' equity.

                                                                            F-12
<PAGE>

4.   WARRANTS

     The Company has issued to consultants and others warrants to purchase the
     Company's common stock.

     The following is a summary of warrant activity for the year ended December
     31, 1999 and 1998:

<TABLE>
<CAPTION>
                                                                                          Weighted
                                                                        Exercise          Average
                                                                       Price per          Exercise
                                                  Warrants               Share             Price
                                                ------------          ------------      ------------
<S>                                             <C>                   <C>               <C>
Balance at December 31, 1997                               -                     -                 -

Granted                                              380,634          $0.75 - 2.00             $1.47

Exercised                                                  -                     -                 -

Forfeited                                                  -                     -                 -
                                                ------------          ------------      ------------

Balance at December 31, 1998                         380,634          $0.75 - 2.00             $1.47

Granted                                            3,208,009           0.40 - 0.78              0.47

Exercised                                         (1,203,337)          0.25 - 0.63              0.51

Forfeited                                           (110,000)          0.75 - 1.50              1.16
                                                ------------          ------------      ------------

Balance at December 31, 1999                       2,275,306          $0.40 - 2.00              0.55
                                                ============          ============      ============
</TABLE>

     As allowed by SFAS 123, the Company recognized APB 25 compensation expense
     of $77,000 and $1,844 for the years ended December 31, 1999 and 1998,
     respectively.

5.   INCOME TAXES

     Income taxes are provided pursuant to SFAS No. 109 Accounting for Income
     Taxes. This statement requires the use of an asset and liability approach
     for financial reporting for income taxes. If it is more likely than not
     that some portion or all of a deferred tax asset will not be realized, a
     valuation allowance is recognized. Accordingly, as the realization and use
     of the net operating loss carryforward is not probable at December 31,
     1999, the tax benefit of the loss carryforward is offset by a valuation
     allowance of the same amount.

                                                                            F-13
<PAGE>

5.   INCOME TAXES (Continued)

     The composition of the Company's deferred tax assets is as follows:

               Total deferred tax assets            $   1,851,300
               Total valuation allowance               (1,851,300)
                                                    -------------

               Total deferred tax assets            $           -
                                                    =============

     The tax effects of temporary differences and carryforwards that give rise
     to deferred assets are as follows:

               Deferred tax assets:
                 Net operating loss carryforwards     $   1,851,300
                                                      -------------

                 Gross deferred tax assets                1,851,300
                 Valuation allowance                     (1,851,300)
                                                      -------------

                   Net deferred tax assets            $           -
                                                      =============

     The components of deferred income tax expense (benefit) were as follows:


          Temporary differences:                      1999             1998
                                                 -----------     --------------
            Stocks and warrants compensation     $   230,806     $      (69,279)
            Net operating loss carryforward         (855,254)        (1,091,313)
            Increase in valuation allowance          624,448          1,160,592
                                                 -----------     --------------

                                                 $         -     $            -
                                                 ===========     ==============

     No provision for income taxes has been recorded for the periods ended
     December 31, 1999 and 1998 as the Company has incurred losses during these
     periods.

     The Company has approximately $7,900,000 of federal and state loss
     carryforwards available to reduce future federal and state tax liabilities
     which will begin to expire at various times starting 2013 and 2002,
     respectively.

6.   STOCK OPTIONS

     During the year ended December 31, 1998, the Board of Directors awarded
     3,625,000 stock options to certain officers and Board members to purchase
     shares of the Company's restricted common stock at an exercise price of
     $0.25 per share. The options vested immediately and have a term ending
     December 31, 2008.

                                                                            F-14
<PAGE>

6.   STOCK OPTIONS (Continued)

     The following table summarizes information about stock option transactions
     for the year ended December 31, 1999 and 1998:

<TABLE>
<CAPTION>
                                                                                            Weighted
                                                                                            Average
                                                                                            Exercise
                                                                         Shares              Price
                                                                      ------------        ------------
<S>                                                                   <C>                 <C>
          Outstanding at beginning of year                                 -  0  -
          Awards:
            Granted in the year ended December 31, 1998                  3,625,000          $  0.25
            Exercised in the year ended December 31, 1998                  (80,000)            0.25
                                                                      ------------

          Outstanding at December 31, 1998                               3,545,000          $  0.25
            Granted                                                      2,748,023             0.65
            Exercised                                                      (15,000)            0.25
                                                                      ------------

          Outstanding at December 31, 1999                               6,278,023             0.43
                                                                      ============

          Exercisable at December 31, 1998                               3,545,000             0.25
                                                                      ============

          Exercisable at December 31, 1999                            $  6,278,023          $  0.43
                                                                      ============
</TABLE>

     The following table summarizes information about stock options outstanding
     at December 31, 1999 and 1998:

<TABLE>
<CAPTION>
                                                    Weighted
                                                    Average
                                                   Remaining         Weighted                           Weighted
                                 Number of          Years of          Average         Number of          Average
                                  options         Contractual        Exercise          Options          Exercise
         Exercise prices        outstanding           Life             Price         Exercisable          Price
       -------------------    ---------------     -----------      -----------     --------------      ----------
<S>                           <C>                 <C>              <C>             <C>                 <C>
              $ 0.25             3,545,000           10.0            $ 0.25           3,545,000          $ 0.25
           $0.25 - 0.90          6,278,023            7.8              0.43           6,278,023            0.43
</TABLE>

     During the fiscal 1997 year, the Company adopted SFAS 123. Under the
     provisions of this standard, the Company has elected to continue using the
     intrinsic-value method of accounting for stock-based awards granted to
     employees. For the acquisition of goods or services from non-employees,
     valuation is based on the fair value of the consideration received or the
     fair value of the equity instruments issued, whichever is more reliably
     determinable. Under APB 25 the Company has recognized compensation expense
     of $211,898 for the year ended December 31, 1999, for its stock-based
     awards to employees.

                                                                            F-15
<PAGE>

                      DCH Technology, Inc. and Subsidiary
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


6.   STOCK OPTIONS (Continued)

     The following table reflects pro forma net loss and earnings per share had
     the Company elected to adopt the fair value approach of SFAS 123 for the
     compensation of employees for the year ended December 31, 1999:


                    Net loss:
                    As reported             $  (3,587,473)
                    Pro forma               $  (4,232,943)

                    Loss per share:
                    As reported             $       (0.25)
                    Pro forma               $       (0.29)


     The estimated fair value of each option granted is calculated using the
     Black-Scholes option-pricing model.

7.   FAIR VALUE OF FINANCIAL INSTRUMENTS

     The Company has used market information for similar instruments and applied
     judgment to estimate fair values of financial instruments. At December 31,
     1999, the fair values of cash, accounts receivable and accounts payable
     approximated carrying values based the short maturity of these items.

8.   CONCENTRATION OF CREDIT RISK

     The Company has accounts receivable that comprised more than 50% of the
     total accounts receivable from the following entities:


               Entity
               ------

                   Customer A                          $ 129,955

                   Individual accounts receivable
                    Comprising less than 20% of total     13,173
                    Accounts receivable
                                                       ---------
                                                       $ 143,128
                                                       =========


9.   COMMITMENTS AND CONTINGENCIES

     Uninsured Cash Balances
     -----------------------

     Cash balances, as reflected on the bank statements, are insured by the
     Federal Deposit Insurance Corporation (FDIC) for up to $100,000 per
     institution. As of December 31, 1999, the Company's cash balance exceeded
     the FDIC insurance limit by $1,184,653.

                                                                            F-16
<PAGE>

                      DCH Technology, Inc. and Subsidiary
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


9.   COMMITMENTS AND CONTINGENCIES (Continued)

     Operating Leases
     ----------------

     The Company leases its present facilities under various operating leases
     expiring between October 2000 and December 2003.

     Minimum future lease payments are as follows:

                  Fiscal year
                    Ending
                 ------------
                     2000               $  69,806
                     2001                  45,206
                     2002                  21,565
                     2003                  12,000
                                        ---------
                                        $ 148,577
                                        =========

     Rent expense for the years ended December 31, 1999 and 1998, was $50,608
     and $30,245, respectively.

     Capital Lease Obligations
     -------------------------

     The Company entered into agreements to lease certain computer equipment
     under non-cancelable lease agreements during the year ended December 31,
     1999. As of December 31, 1999, equipment under the capital lease agreements
     are included in property and equipment aggregated $43,638. Accumulated
     depreciation related to this equipment totaled $2,332 at December 31, 1999.

     Future minimum lease payments under capital lease obligations at December
     31, 1999, are as follows:



               2000                                           $      20,163
               2001                                                  20,163
               2002                                                  16,803
                                                              -------------
               Total minimum payments                                57,129
               Less amount representing interest                    (12,952)
                                                              -------------
               Total principal                                       44,177
               Less portion due within one year                     (13,833)
                                                              -------------
               Long-term portion                              $      30,344
                                                              =============

     Interest paid on capital lease obligations was $700 and $0 for the years
     ended December 31, 1999 and 1998, respectively.

                                                                            F-17
<PAGE>

                      DCH Technology, Inc. and Subsidiary
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


     COMMITMENTS AND CONTINGENCIES (Continued)

     Intangible Assets
     -----------------

     The Company has entered into various license and intellectual property
     agreements with the respective owners. The patent license agreements
     require the Company to pay initial license fees, which are being amortized
     over the remaining lives of the license agreements. In addition to the
     annual payments for the license the Company has agreed to pay royalties
     based on various factors included in these agreements.

     The patent license agreements generally contain performance benchmarks. If
     the Company fails to meet the benchmarks, the agreement may be kept in
     place at the sole discretion of the licensor.

     The total amortization expense related to the intangibles was $17,449 and
     $5,775 for the years ended December 31, 1999 and 1998, respectively.

     Royalties
     ---------

     The Company has entered into certain license agreements which requires
     minimum royalty payments as follows:

             Fiscal year
               Ending
             -----------
                 2000                $    64,000
                 2001                     62,000
                 2002                     62,000
                 2003                     62,000
                 2004                     62,000
              Thereafter                 772,000
                                     -----------
                                     $ 1,084,000
                                     ===========

     The future minimum royalty payments may be reduced as licenses are
     cancelled as the technology becomes obsolete.

     Royalty expense for the years ended December 31, 1999, and 1998 was $59,671
     and $18,773, respectively.

     Employment Agreements
     ---------------------

     The Company currently has employment agreements with each of David P.
     Haberman and David A. Walker, its Vice President, Technology and Planning,
     and President, respectively. Each employment agreement commenced on January
     1, 1995 and terminates on December 31, 2000, and provides for an annual
     salary currently set at $100,000. Neither of the employment agreements
     provides for additional payments upon a change in control.

                                                                            F-18
<PAGE>

10.  SUBSEQUENT EVENTS

     Additional Investment
     ---------------------

     Subsequent to December 31, 1999, the Company received approximately $3.34
     million dollars from private placements of DCH Technology, Inc. common
     stock with investors.

     Litigation
     ----------

     On January 10, 2000, 1252966 Ontario Limited, carrying on business as The
     StockPage, a corporation incorporated pursuant to the laws of the Province
     of Ontario, Canada, filed a Statement of Claim against the Company in the
     Superior Court of Justice, Ontario, Canada. The Statement of Claim involves
     a breach of contract action in which damages of $1,500,000 are sought.

     The breach of contract claim is based on a consulting agreement entered
     into between the Company and The StockPage on April 17, 1998. Under that
     agreement The StockPage agreed to provide the Company with promotional
     services in exchange for 250,000 shares of its common stock. DCH
     Technology, Inc. agreed to grant The StockPage 100,000 shares of the common
     stock within a week of executing the consulting agreement and another
     150,000 common shares within one week of becoming a fully reporting
     corporation pursuant to the United States federal securities laws. The
     Company delivered 100,000 shares of its common stock to The StockPage, as
     payment for services rendered under the consulting agreement. On January 6,
     1999, the Company terminated the contract and refused to grant the
     remaining 150,000 common shares as a result of alleged misconduct
     undertaken by The StockPage.

     The Company filed a Statement of Defense and Counter Claim on March 7, 2000
     in the Ontario Superior Court of Justice. A Reply and Defense to Statement
     of Defense and Counterclaim was filed by The StockPage on May 1, 2000,
     denying the Company's allegations. The Company plans to defend its position
     vigorously and is unable to predict how this litigation will ultimately be
     resolved.

     Subsequently, a counter suit has been filed by the Company in the United
     States District Court for the Central District of California

     Management believes that the Company does not have any material liability
     for any lawsuits, settlements, judgments or fees of defense counsel which
     has not been paid or accrued as December 31, 1999.

     As there is no assurance that the Company will prevail in any of the
     foregoing lawsuits, the Company may incur substantial expense in connection
     with this litigation. Any unfavorable settlement or judgment against the
     Company, in which the Company is a defendant, could have a material adverse
     effect upon the financial condition and operational results of the Company.

     Purchase of Real Property
     -------------------------

     On May 25, 2000 the Company purchased certain real property located in the
     City of Santa Clarita, County of Los Angeles, State of California, commonly
     known as 24832 Avenue Rockefeller (the "Property") from CRBC, LLC, a
     California Limited Liability Company. There is no material relationship
     between CRBS, LLC and the Company or any of the Company's affiliates,
     officers, directors or their associates.

                                                                            F-19
<PAGE>

                      DCH Technology, Inc. and Subsidiary
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

10.  SUBSEQUENT EVENTS (Continued)

     The Property is currently improved with an industrial building containing
     16,897 square feet. This building was formally used for offices and
     warehouse facilities and will serve as the Company's principal place of
     business and will house the Company's executive offices.

     The Company paid a purchase price of $1,351,760 for the Property. The
     Company funded the purchase of the property with cash and a 10 year note in
     the amount of $800,000 from California Federal Bank.

                                                                            F-20

<PAGE>

                                  SIGNATURES

     In accordance with the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused this Amended
Report to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Valencia, State of California, on November 30, 2000.

DCH  TECHNOLOGY, INC.


/s/ Dr. Johan A. Friedericy
---------------------------
Dr. Johan A. Friedericy
President


     In accordance with the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the dates indicated.

SIGNATURE                       TITLE                              DATE
---------                       -----                              ----


/s/ Dr. Johan A. Friedericy     President and Director         November 30, 2000
---------------------------
Dr. Johan A. Friedericy


/s/ David P. Haberman*          Chairman and Executive         November 30, 2000
----------------------------    Vice President
David P. Haberman


/s/ David A. Walker             Executive Vice President       November 30, 2000
----------------------------    and Director
David A. Walker


/s/ Ronald Ilsley               Chief Financial Officer        November 30, 2000
----------------------------    (principal accounting
Ronald Ilsley                   officer)


                                Director                       November __, 2000
----------------------
 Robert S. Walker


/s/ Raymond N. Winkel*          Director                       November 30, 2000
----------------------
Raymond N. Winkel

<PAGE>

_______________________       Director                         November __, 2000
Daniel Teran

_______________________
Mark Lezell                   Director                         November __, 2000


By:  /s/ David A. Walker
     -------------------
     David A. Walker
     Attorney-in-Fact