# EDGAR Filing Document

**Accession Number:** 0001371128
**File Stem:** 0001493152-26-023744
**Filing Date:** 2026-5
**Character Count:** 76674
**Document Hash:** a5e23297f1d14e89f61aa9ecd24ad8a8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-023744.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001493152-26-023744

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NewHydrogen, Inc.
- **CENTRAL INDEX KEY:** 0001371128
- **STANDARD INDUSTRIAL CLASSIFICATION:** UNSUPPORTED PLASTICS FILM & SHEET [3081]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-54819
- **FILM NUMBER:** 26987045

**BUSINESS ADDRESS:**
- **STREET 1:** 27936 VISTA CANYON BLVD
- **STREET 2:** Suite 202
- **CITY:** Santa Clarita
- **STATE:** CA
- **ZIP:** 91387
- **BUSINESS PHONE:** 6612510001

**MAIL ADDRESS:**
- **STREET 1:** 27936 VISTA CANYON BLVD
- **STREET 2:** Suite 202
- **CITY:** Santa Clarita
- **STATE:** CA
- **ZIP:** 91387

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BioSolar Inc
- **DATE OF NAME CHANGE:** 20060801

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-Q**

(Mark One)

☒ QUARTERLY
 REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM __________ TO __________

COMMISSION FILE NUMBER: 000-54819

**<u>NEWHYDROGEN, INC.</u>**

(Name of registrant in its charter)

---

| | |
|:---|:---|
| **Nevada** | **20-4754291** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification No.) |

---

**<u>27936 Vista Canyon Blvd, Suite 202, Santa Clarita, CA 91387</u>**

(Address of principal executive offices) (Zip Code)

Registrant's telephone Number: **<u>(661) 251-0001</u>**

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |

---

Indicate by check mark whether the registrant (1) has filed all reports required 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. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of registrant's common stock issued and outstanding as of May 15, 2026 was 789,554,228.

**NEWHYDROGEN, INC.**

**INDEX**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| [PART I: FINANCIAL INFORMATION](#a_001) | [PART I: FINANCIAL INFORMATION](#a_001) |  |
| ITEM 1 | [FINANCIAL STATEMENTS (Unaudited)](#a_002) | 1 |
|  | [Condensed Balance Sheets](#a_003) | 1 |
|  | [Condensed Statements of Operations](#a_004) | 2 |
|  | [Condensed Statement of Shareholders' Deficit](#a_005) | 3 |
|  | [Condensed Statements of Cash Flows](#a_006) | 4 |
|  | [Notes to the Condensed Financial Statements](#a_007) | 5 |
| ITEM 2 | [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#a_008) | 15 |
| ITEM 3 | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#a_009) | 17 |
| ITEM 4 | [CONTROLS AND PROCEDURES](#a_010) | 17 |
| [PART II: OTHER INFORMATION](#a_011) | [PART II: OTHER INFORMATION](#a_011) |  |
| ITEM 1 | [LEGAL PROCEEDINGS](#a_012) | 18 |
| ITEM 1A | [RISK FACTORS](#a_013) | 18 |
| ITEM 2 | [UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#a_014) | 18 |
| ITEM 3 | [DEFAULTS UPON SENIOR SECURITIES](#a_015) | 18 |
| ITEM 4 | [MINE SAFETY DISCLOSURES](#a_016) | 18 |
| ITEM 5 | [OTHER INFORMATION](#a_017) | 18 |
| ITEM 6 | [EXHIBITS](#a_018) | 19 |
| [SIGNATURES](#a_019) | [SIGNATURES](#a_019) | 20 |

---

i

**PART I – FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

NEWHYDROGEN, INC.

CONDENSED BALANCE SHEETS

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**<br>**March 31, 2026** | **Year Ended**<br>**December 31, 2025** |
|  | (Unaudited) | |
| **ASSETS** |  |  |
| CURRENT ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $714341 | $1436928 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses, other | 48410 | 6021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL CURRENT ASSETS** | **762751** | **1442949** |
| PROPERTY AND EQUIPMENT |  |  |
| &nbsp;&nbsp;&nbsp;Machinery and equipment | 37225 | 37225 |
| &nbsp;&nbsp;&nbsp;Less accumulated depreciation | (37051) | (36986) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET PROPERTY AND EQUIPMENT** | **174** | **239** |
| OTHER ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;Patents, net of amortization of $30,980 and $30,224 respectively | 14356 | 15112 |
| &nbsp;&nbsp;&nbsp;Deposit | 770 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL OTHER ASSETS** | **15126** | **15882** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | $**778051** | $**1459070** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| CURRENT LIABILITIES |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and other payable | $11088 | $9786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL CURRENT LIABILITIES** | **11088** | **9786** |
| COMMITMENTS AND CONTINGENCIES (See Note 9) |  |  |
| &nbsp;&nbsp;&nbsp;Series C Convertible Preferred Stock, 34,853 and 34,853 shares outstanding, respectively, redeemable value of $3,485,313 and $3,485,313, respectively | **3485313** | **3485313** |
| **SHAREHOLDERS' EQUITY (DEFICIT)** |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, $0.0001 par value; 10,000,000 authorized shares |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.0001 par value; 3,000,000,000 authorized shares 768,031,041 and 768,031,041 shares issued and outstanding, respectively | 76803 | 76803 |
| &nbsp;&nbsp;&nbsp;Additional paid in capital | 178817333 | 178676658 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (181612486) | (180789490) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHAREHOLDERS' EQUITY (DEFICIT)** | **(2718350)** | **(2036029)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $**778051** | $**1459070** |

---

The accompanying notes are an integral part of these unaudited condensed financial statements.

NEWHYDROGEN, INC.

Condensed Statements of Operations

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| **REVENUE** | $**-** | $**-** |
| **OPERATING EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Selling and marketing expenses | 93569 | 106479 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 396798 | 267453 |
| &nbsp;&nbsp;&nbsp;Research and development | 331513 | 101518 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 821 | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL OPERATING EXPENSES** | **822701** | **476271** |
| **LOSS FROM OPERATIONS BEFORE OTHER INCOME (EXPENSES)** | **(822701)** | **(476271)** |
| **OTHER INCOME/(EXPENSES)** |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 104 | 177 |
| &nbsp;&nbsp;&nbsp;Other expenses | (399) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL OTHER INCOME (EXPENSES)** | **(295)** | **177** |
| **NET INCOME (LOSS)** | $**(822996)** | $**(476094)** |
| **BASIC AND DILUTED EARNINGS (LOSS) PER SHARE** | $**(0.00)** | $**(0.00)** |
| **WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**BASIC AND DILUTED** | **768031041** | **704599512** |

---

The accompanying notes are an integral part of these unaudited condensed financial statements.

NEWHYDROGEN, INC.

Condensed Statement of Shareholders' Deficit

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **THREE MONTHS ENDED MARCH 31, 2026** | **THREE MONTHS ENDED MARCH 31, 2026** | **THREE MONTHS ENDED MARCH 31, 2026** | **THREE MONTHS ENDED MARCH 31, 2026** | **THREE MONTHS ENDED MARCH 31, 2026** | **THREE MONTHS ENDED MARCH 31, 2026** | **THREE MONTHS ENDED MARCH 31, 2026** | **THREE MONTHS ENDED MARCH 31, 2026** |
|  | | **Preferred Stock** | **Preferred Stock** | **Common Stock** | **Common Stock** | | | |
|  |<br>**Mezzanine** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional**<br>**Paid-in**<br>**Capital** |<br>**Accumulated**<br>**Deficit** |<br>**Total** |
| **Balance at December 31, 2025** | $**3485313** |  | $**-** | **768031041** | $**76803** | $**178676658** | $**(180789490)** | $**(2036029)** |
| Stock compensation cost |  |  |  |  |  | 140675 |  | 140675 |
| Net Loss | - |  | - | - | - | - | (822996) | (822996) |
| **Balance at March 31, 2026 (unaudited)** | **3485313** |  | **-** | **768031041** | **76803** | **178817333** | **(181612486)** | **(2718350)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **THREE MONTHS ENDED MARCH 31, 2025** | **THREE MONTHS ENDED MARCH 31, 2025** | **THREE MONTHS ENDED MARCH 31, 2025** | **THREE MONTHS ENDED MARCH 31, 2025** | **THREE MONTHS ENDED MARCH 31, 2025** | **THREE MONTHS ENDED MARCH 31, 2025** | **THREE MONTHS ENDED MARCH 31, 2025** | **THREE MONTHS ENDED MARCH 31, 2025** |
|  | | **Preferred Stock** | **Preferred Stock** | **Common Stock** | **Common Stock** | | | |
|  |<br>**Mezzanine** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional**<br>**Paid-in**<br>**Capital** |<br>**Accumulated**<br>**Deficit** |<br>**Total** |
| **Balance at December 31, 2024** | $**3485313** |  | $**-** | **704599512** | $**70460** | $**176508484** | $**(177942547)** | $**(1363603)** |
| Stock and warrant compensation cost |  |  |  |  |  | 55376 |  | 55376 |
| Net Loss | - |  | - | - | - | - | (476094) | (476094) |
| **Balance at March 31, 2025**<br> **(unaudited)** | $**3485313** |  | $**-** | **704599512** | $**70460** | $**176563860** | $**(178418641)** | $**(1784321)** |

---

The accompanying notes are an integral part of these unaudited condensed financial statements.

NEWHYDROGEN, INC.

Condensed Statements of Cash Flows

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Income (Loss) | $(822996) | $(476094) |
| &nbsp;&nbsp;&nbsp;Adjustment to reconcile net income (loss) to net cash (used in) provided by operating activities |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 821 | 821 |
| &nbsp;&nbsp;&nbsp;Change in mezzanine |  | (39200) |
| &nbsp;&nbsp;&nbsp;Non-cash stock compensation expense | 140675 | 55376 |
| &nbsp;&nbsp;&nbsp;(Increase) Decrease in Changes in Assets |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | (42389) | (38400) |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) in Changes in Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | 1302 | 4685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET CASH USED IN OPERATING ACTIVITIES** | **(722587)** | (492812) |
| **NET CASH FLOWS FROM INVESTING ACTIVITIES** | - | - |
| &nbsp;&nbsp;&nbsp;**NET CASH PROVIDED BY FINANCING ACTIVITIES** | - | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET DECREASE IN CASH** | **(722587)** | **(492812)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CASH, BEGINNING OF PERIOD** | $**1436928** | $**2104521** |
| **CASH, END OF PERIOD** | $**714341** | $**1611709** |
| **SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION** |  |  |
| Interest paid | $- | $- |
| Taxes paid | $- | $- |

---

**SUPPLEMENTAL DISCLOSURERS OF NON-CASH FLOW INFORMATION**

The accompanying notes are an integral part of these unaudited condensed financial statements.

NEWHYDROGEN, INC.

CONDENSED NOTES TO FINANCIAL STATEMENTS – UNAUDITED

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

1. Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. For further information refer to the financial statements and footnotes thereto included in the Company's Form 10-K for December 31, 2025.

Going Concern

The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As shown in the accompanying financial statements, the Company has an accumulated deficit and had a working capital deficit as of March 31, 2026. These conditions raise substantial doubt about the Company's ability to continue as a going concern. In order to continue as a going concern, the Company will need, among other things, additional capital resources. The Company is significantly dependent upon its ability, and will continue to attempt, to secure additional equity and/or debt financing. There are no assurances that the Company will be successful in obtaining additional capital.

The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.

As of the three months ended March 31, 2026, the Company had a loss of $822,996, which consisted of a non-cash amount of $140,675 for a net cash loss of $682,321. As of March 31, 2026, its accumulated deficit was $181,612,486. The Company has working capital to cover its' operating expenses for the next three months.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

This summary of significant accounting policies of the Company is presented to assist in understanding the Company's financial statements. The condensed unaudited financial statements and notes are representations of the Company's management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements.

Revenue Recognition

The Company will recognize revenue when services are performed, and at the time of shipment of products, provided that evidence of an arrangement exists, title and risk of loss have passed to the customer, fees are fixed or determinable, and collection of the related receivable is reasonably assured. The Company adopted Accounting Standards Codification ("ASC") 606, whereby revenue will be recognized as performance obligations are satisfied, and customers obtain control of goods or services. However, in the event of a loss on a sale is foreseen, the Company will recognize the loss as it is determined. To date, the Company has not had significant revenues and is in the development stage.

Cash and Cash Equivalent

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.

Concentration Risk

Cash includes amounts deposited in financial institutions in excess of insurable Federal Deposit Insurance Company (FDIC) limits. At times throughout the year, the Company may maintain cash balances in certain bank accounts in excess of FDIC limits. As of March 31, 2026, the cash balance in excess of the FDIC limits was $464,341. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk in these accounts.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the accompanying financial statements. Significant estimates made in preparing these financial statements include the estimate of useful lives of property and equipment, the deferred tax valuation allowance, derivative liabilities and the fair value of stock options. Actual results could differ from those estimates.

Property and Equipment

Property and equipment are stated at cost, and are depreciated using straight line over its estimated useful lives:

Computer equipment 5 Years <br> Machinery and equipment 10 Years

Depreciation expense for the three months ended March 31, 2026 and 2025 were $65 and $65, respectively.

Intangible Assets

The Company has patent applications to protect the inventions and processes behind its proprietary bio-based back-sheet, a protective covering for the back of photovoltaic solar modules traditionally made from petroleum-based film. Intangible assets that have finite useful lives continue to be amortized over their useful lives (See Note 6).

---

| | | | |
|:---|:---|:---|:---|
|  | **Useful Lives** | **March 31, 2026** | **December 31, 2025** |
| Patents | 15 years | $45336 | $45336 |
| Less accumulated amortization |  | (30980) | (30224) |
|  |  | $14356 | $15112 |

---

---

| | |
|:---|:---|
| Remainder of 2026 | $3168 |
| 2027 | 3211 |
| 2028 | 3022 |
| Thereafter | 4955 |
| Total | $14356 |

---

Amortization expense for the three months ended March 31, 2026 and 2025, was $756 and $756, respectively.

Stock-Based Compensation

The Company measures the cost of employee services received in exchange for an equity award based on the grant-date fair value of the award. All grants under our stock-based compensation programs are accounted for at fair value and that cost is recognized over the period during which an employee, consultant, or director are required to provide service in exchange for the award (the vesting period). Compensation expense for options granted to employees and non-employees is determined in accordance with the standard as the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measured. Compensation expense for awards granted is re-measured each period.

On March 1, 2022, the Company issued 5,000,000 common stock purchase warrants through a securities purchase agreement for a purchase price of $1,000. The initial exercise date of the warrant is March 1, 2024, at an exercise price of $0.0255 per share, with a termination date of March 1, 2029. As of March 31, 2026, the 5,000,000 purchase warrants were outstanding.

On March 15, 2022, the Company granted 5,000,000 stock options to a consultant for advisory services. The options vest at a rate of 138,889 options per month for a thirty-six (36) month period during the term of the optionee's consultancy with the Company and expire on March 15, 2032. The 5,000,000 stock options fully vested on March 15, 2025 and as of March 31, 2026 were outstanding.

On April 12, 2022, the Company granted an aggregate of 450,000,000 stock options to its employees for services, at an exercise price of $0.021. The options expire, and all rights to purchase the shares of common stock shall terminate seven (7) years from the date of grant or termination of employment. The 400,000,000 options are exercisable in the amount of 316,666,662 are exercisable upon grant, and the remaining 83,333,338 shares are exercisable in equal amounts over a ten (10) month period during the term of the optionee's employment until the Option is 100% vested. The 50,000,000 options are exercisable in the amount of 19,444,446 are exercisable upon grant and the remaining 30,555,554 shares are exercisable in equal amounts over a twenty-two (22) month period during the term of the optionee's employment until the Options is 100% vested. On March 11, 2023, one of the employees separated from the Company and 50,000,000 options were cancelled as of June 11, 2023. As of March 31, 2026, the remaining 400,000,000 stock options remain outstanding.

On March 20, 2023, the Company granted 50,000,000 stock options, to purchase shares of the Company's common stock at an exercise price of $0.0137 per share. The options were granted pursuant to the terms of the Company's 2022 Equity Incentive Plan. The options have a six-month cliff, whereby 8,333,333 shall become vested and exercisable on September 19, 2023, and the remaining 41,666,667 shall become exercisable in equal amounts over a thirty (30) month period during the term of the participant's employment until fully vested. The unvested portion of the option will not be exercisable on or after the termination of continuous service. As of March 31, 2026, there were 36,057,287 options vested, with a remaining 13,942,713 options to vest. The options expire on March 19, 2030, and remain outstanding.

On May 9, 2023, the Company granted 5,000,000 stock options to a consultant, with an exercise price of $0.0126, and an expiration date of May 31, 2033. The options vest over a thirty-six (36) month period from June 1, 2023, with 833,360 options vesting on November 30, 2023, and 138,888 options vested at the end of each month from the end of the seventh month through May 31, 2026. As of March 31, 2026, there were 3,892,323 options vested, with a remaining 1,107,677 options to vest. The options expire on May 31, 2033. As of March 31, 2026, 5,000,000 shares remain outstanding.

On June 15, 2023, the Company granted 100,000,000 shares of stock options to two employees of the Company, with an exercise price of $0.0121, and an expiration date of June 15, 2030. The options were granted pursuant to the terms of the Company's 2022 Equity Incentive Plan. The grant of the options was made in consideration of services rendered and to be rendered by the employees to the Company. The 100,000,000 stock options vest and are exercisable in four (4) separate tranches based on performance as follows: (a) Tranche I -12,500,000 shares shall become vested and exercisable if the Company files an S-3 registration statement with the Securities and Exchange Commission (SEC) and it is declared effective by the SEC; (b) Tranche II – 12,500,000 shares shall become vested and exercisable if the Company's shares are traded on a national securities exchange; (c) Tranche III – 12,500,000 shares shall become vested and exercisable if the average daily market value of the Company's shares exceeds $100,000 per day over any 20 consecutive trade days; and (d) Tranche IV – 12,500,000 shares shall become vested and exercisable if the average daily market value of the Company's shares exceed $200,000 per day over any 20 consecutive trade days. Prior to December 31, 2025, Tranche III of the performance milestones were met and the 25,000,000 options were vested. On February 20, 2026, the Company amended the above employee performance stock option. The amendment replaces performance vesting conditions of the unvested portion of the stock options to be vested over a fifteen (15) month period until remaining options are fully vested. During the period ended March 31, 2026, 5,000,000 options vested, leaving 55.000,000 options not yet vested as of March 31, 2026. The options expire on June 15, 2030.

On December 9, 2024, the Company entered into an agreement with a consultant to provide advisory services in developing technology and products to produce green hydrogen. The Company granted 2,500,000 stock options, which vest starting January 1, 2025. The options vest at a rate of 69,444 options per month for thirty-five (35) months of consecutive service to the Company. The remaining 69,460 options will be vested at the end of the thirty-sixth (36th) month. The agreement will continue on a month-to-month basis until terminated at the earlier of: (i) 36 months from the date of the agreement, or (ii) any time by either party with a 5-day written notice from one party to the other. As of March 31, 2026, there were 624,998 options vested, and 1,875,002 options not yet vested. The options expire on December 1, 2027.

On May 1, 2025, the Company entered into an agreement with a consultant to provide technology services to the Company in developing technology and products to produce green hydrogen. The Company granted 2,500,000 common stock options, which vest starting May 1, 2025. The options vest at a rate of 69,444 options per month for thirty-five (35) months of consecutive service to the Company. The remaining 69,460 options will be vested at the end of the thirty-sixth (36th) month. The agreement will continue on a month-to-month basis until terminated at the earlier of: (i) 36 months from the date of the agreement, or (ii) any time by either party with a 5-day written notice from one party to the other. As of March 31, 2026, there were 349,315 options vested, and 2,150,685 options not yet vested. The options expire on May 1, 2035.

Determining the appropriate fair value of the stock-based compensation requires the input of subjective assumptions, including the expected life of the stock-based payment and stock price volatility. The Company used Black Scholes to value its stock option awards which incorporated the Company's stock price, volatility, U.S. risk-free rate, dividend rate, and estimated life. The stock options terminate seven (7) years from the date of grant or upon termination of employment. As of March 31, 2026, the aggregate total of 565,000,000 stock options were outstanding. Stock compensation expense recognized for the period was $63,592.

Research and Development

Research and development costs are expensed as incurred. Total research and development costs were $331,513 and $101,518 for the three months ended March 31, 2026 and 2025, respectively.

Advertising and Marketing

The Company expenses the cost of advertising and promotional materials when incurred. The advertising and marketing costs were $93,569 and $106,479 for the three months ended March 31, 2026 and 2025, respectively.

Net Earnings (Loss) per Share Calculations

Net earnings (loss) per share dictates the calculation of basic earnings (loss) per share and diluted earnings per share. Basic earnings (loss) per share are computed by dividing by the weighted average number of common shares outstanding during the year. Diluted net earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include the effect of stock options and stock-based awards (Note 5).

For the three months ended March 31, 2026 and 2025, the Company has not included shares issuable from 565,000,000 stock options and 228,958,334 warrants, because their impact on the income per share is antidilutive.

SCHEDULE OF NET EARNINGS PER SHARE

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended<br> March 31,** | **For the Three Months Ended<br> March 31,** |
|  | **2026** | **2025** |
| Income (Loss) to common shareholders (Numerator) | $(822996) | $(476094) |
| Basic weighted average number of common shares outstanding (Denominator) | 768031041 | 704599512 |
| Diluted weight average number of common shares outstanding (Denominator) | 768031041 | 704599512 |

---

Fair Value of Financial Instruments

Fair Value of Financial Instruments requires disclosure of the fair value information, whether recognized in the balance sheet, where it is practicable to estimate that value. As of March 31, 2026, the amounts reported for cash, inventory, prepaid expenses, accounts payable, and accrued expenses, approximate the fair value because of their short maturities.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include:

● Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;

● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

We measure certain financial instruments at fair value on a recurring basis. As of March 31, 2026, there were no financial instruments to report.

Change in Stockholder's Equity

A change in mezzanine was reclassified and accounted for in the shareholders' deficit statement in the current period.

Recently Issued Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying condensed financial statements.

3. PREFERRED STOCK

**<u>Preferred Stock March 31, 2026 and 2025</u>**

As of March 31, 2026, the Company had a total of 34,853 shares of Series C Preferred Stock outstanding with a fair value of $3,485,313, and a stated face value of one hundred dollars ($100) per share which are convertible into shares of fully paid and non-assessable shares of common stock of the Company. The holder of the Series C preferred stocks is entitled to receive dividends pari passu with the holders of common stock, except upon liquidation, dissolution and winding up of the Corporation. The holder has the right, at any time, at its election, to convert shares of Series C Preferred Stock into common stock at a conversion price of $0.0014 and has no voting rights.

The preferred shares have been classified under mezzanine financing, a hybrid of debt and equity financing that gives a lender the right to convert debt to an equity interest in a company in case of default, generally, after venture capital companies and other senior lenders are paid.

4. COMMON STOCK

**<u>Common Stock March 31, 2026</u>**

As of March 31, 2026, the Company did not issue any common stocks during the period.

5. STOCK OPTIONS AND WARRANTS

**<u>Stock Options</u>**

During the three months ended March 31, 2026 no stock options were granted by the Company. Also, during the three months ended March 31, 2026, no stock options expired.

SCHEDULE OF STOCK OPTIONS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **3/31/2026** | **3/31/2026** | **3/31/2025** | **3/31/2025** |
|  | **Number of Options** | **Weighted average<br> exercise price** | **Number of Options** | **Weighted average<br> exercise price** |
| Outstanding as of the beginning of the periods | 565000000 | $0.0191 | 562500000 | $0.0172 |
| Granted |  |  |  |  |
| Exercised |  |  |  |  |
| Expired/Cancelled | - | - | - | - |
| Outstanding as of the end of the periods | 565000000 | $0.0191 | 562500000 | $0.0172 |
| Exercisable as of the end of the periods | 516527768 | $0.0193 | 436202660 | $0.0196 |

---

The weighted average remaining contractual life of options outstanding as of March 31, 2026 and 2025 were as follows:

SCHEDULE OF WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OPTIONS OUTSTANDING

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **3/31/2026** | **3/31/2026** | **3/31/2026** | | **3/31/2025** | **3/31/2025** | **3/31/2025** | |
| **Exercisable Price** | **Stock Options Outstanding** | **Stock Options Exercisable** |<br>**Weighted Average Remaining Contractual Life (years)** | **Exercisable Price** | **Stock Options Outstanding** | **Stock Options Exercisable** |<br>**Weighted Average Remaining Contractual Life (years)** |
| $0.0395 | 2500000 | 763884 | 9.09 |  |  |  |  |
| $0.0037 | 2500000 | 1041660 | 8.68 | 0.0037 | 2500000 | 205479 | 9.75 |
| $0.0137 | 50000000 | 50000000 | 3.97 | $0.0137 | 50000000 | 28348778 | 4.97 |
| $0.0126 | 5000000 | 4722224 | 7.17 | $0.0126 | 5000000 | 2648402 | 7.92 |
| $0.0121 | 100000000 | 55000000 | 4.21 | $0.0121 | 100000000 |  | 5.21 |
| $0.0223 | 5000000 | 5000000 | 5.96 | $0.0223 | 5000000 | 5000000 | 6.96 |
| $0.0210 | 400000000 | 400000000 | 2.82 | $0.0210 | 400000000 | 400000000 | 4.04 |
|  | 565000000 | 516527768 |  |  | 562500000 | 436202660 |  |

---

The Company adopted ASC 718 to account for stock-based awards measured at fair value, using the Black Scholes Model. The fair value compensation expense is based on the grant date of the stock options and warrants which is the date the Company and employee reach a mutual agreement on the terms of the award. The cost is then recognized as an expense over the requisite service period and the recipient performs the required services.

The reliability of the grant-date fair value relies heavily on the quality and reasonableness of certain input assumptions. A significant input is the expected volatility of the Company's stock over the option's expected term. The expected term represents the period the Company anticipates the employee will hold the option before exercising it. The Black Scholes model requires the use of these assumptions to determine the fair value of the stock-based awards. The Company uses management's best estimates, which include the awards expected term, the fair value of the common stock, the expected volatility of the price of the common stock, the risk-free interest rate, and the expected dividend yield of the common stock. The expected term represents the period that the Company's stock-based awards are expected to be outstanding. The Company has based its expected term on the simplified method available under U.S. GAAP.

The stock options terminate between seven (7) and (10) years from the date of grant or upon termination of employment. As of March 31, 2026, the aggregate total of 565,000,000 stock options were outstanding.

The stock-based compensation expense recognized in the statement of operations during the three months ended March 31, 2026 and 2025, were $140,675 and $55,376, respectively.

As of March 31, 2026, there was no intrinsic value with regards to the outstanding options.

**<u>Warrants</u>**

During the three months ended March 31, 2026, the Company issued no common stock purchase warrants.

As of March 31, 2026 and 2025, the outstanding common stock purchase warrants were as follows:

SCHEDULE OF WARRANTS ACTIVITY

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **3/31/2026** | **3/31/2026** | **3/31/2025** | **3/31/2025** |
|  | **Number of Options** | **Weighted average<br> exercise price** | **Number of Options** | **Weighted average<br> exercise price** |
| Outstanding as of the beginning of the periods | 228958334 | $0.0483 | 228958334 | $0.0483 |
| Granted |  |  |  |  |
| Purchased | - | - | - | - |
| Outstanding as of the end of the periods | 228958334 | $0.0483 | 228958334 | $0.0483 |
| Exercisable as of the end of the periods | 228958334 |  | 228958334 |  |

---

The weighted average remaining contractual life of the warrants outstanding as of March 31, 2026 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **3/31/2026** | **3/31/2026** | **3/31/2026** | **3/31/2026** |
| **Exercisable Price** | **Common Stock Purchase Warrants Outstanding** | **Common Stock Purchase Warrants Exercisable** | **Weighted Average Remaining**<br> **Contractual Life (years)** |
| $0.0255 | 5000000 | 5000000 | 0.96 |
| $0.04 | 125000000 | 125000000 | 0.02 |
| $0.05 | 9375000 | 9375000 | 0.01 |
| $0.06 | 83333334 | 83333334 | 0.33 |
| $0.075 | 6250000 | 6250000 | 0.33 |
|  | 228958334 | 228958334 |  |

---

There was no warrant compensation recognized as of March 31, 2026.

6. EQUITY FINANCING AGREEMENT

On May 2, 2025, the Company entered into an equity financing agreement with GHS pursuant to which GHS has agreed to provide up to three million dollars ($3,000,000) upon effectiveness of a registration statement on Form S-1. Following effectiveness of the registration statement, the Company shall have the right to deliver puts to GHS and GHS will be obligated to purchase shares of our common stock based on the investment amount specified in each put notice. The maximum amount that the Company shall be entitled to put to GHS in each put notice will not exceed two hundred percent (200%) of the average of the daily trading dollar volume of the Company's common stock during the ten (10) trading days preceding the put, so long as such amount does not exceed 4.99% of the outstanding shares of the Company. Pursuant to the Financing Agreement, GHS and its affiliates will not be permitted to purchase, and the Company may not put shares of the Company's common stock to GHS that would result in GHS's beneficial ownership equaling more than 4.99% of the Company's outstanding common stock. The price of each put share shall be equal to ninety-two- and one-half percent (92.5%) of the lowest traded price of the Company's common stock for the ten (10) consecutive trading days preceding the date on which the applicable put is delivered to GHS and one hundred twelve and one-half percent (112.5%) of the put amount shall be delivered in shares in each particular put. No put will be made in an amount greater than $500,000. Puts may be delivered by the Company to GHS until the earlier of twenty-four (24) months after the effectiveness of the registration statement on Form S-1 or the date on which GHS has purchased an aggregate of $3,000,000 worth of put shares. The Company filed the registration statement with the SEC on May 19, 2025, which was declared effective on May 30, 2025.

As of March 31, 2026, the Company had 63,431,529 shares of common stock outstanding, with purchase prices between $0.0195689 – 0.031080 for a fair value of $1,355,807, less the $30,000 commitment fee.

The Agreement is accounted for under ASC 815-40 standard for equity instruments, including common shares issued through an equity finance agreement. This standard provides guidance on the recognition and measurement of equity instruments, including the accounting for equity finance cost.

On May 2, 2025, the Company issued 803,536 shares of common stock to GHS in connection with its equity financing at a price of $0.037335 per share for a total of $30,000 in consideration. The equity financing cost is accounted for as a deduction from equity to the extent it is incremental costs directly attributable to the equity transaction that otherwise would have been avoided. This accounting treatment recognizes that these costs provide future economic benefits to the Company.

On July 17, 2025, the Company issued 11,616,962 shares of common stock through its equity financing agreement and received $298,770 less legal and clearing fees of $15,482 for a total of $314,252.

On August 6, 2025, the Company issued 4,770,259 shares of common stock through its equity financing agreement and received $145,604 less clearing fees of $2,656 for a total of $148,260.

On September 3, 2025, the Company issued 5,499,766 shares of common stock through its equity financing agreement and received $108,546 less clearing fees of $2,244 for a total of $110,709.

On September 18, 2025, the Company issued 3,358,693 shares of common stock through its equity financing agreement and received $62,861 less clearing fees of $2,865 for a total of $65,726.

On October 8, 2025, the Company issued 6,034,628 shares of common stock through its equity financing agreement and received $96,226 less clearing fees of $3,010 for a total of $99,236.

On October 29, 2025, the Company issued 22,535,036 shares of common stock through its equity financing agreement and received $434,402 less clearing fees of $1,025 for a total of $435,427.

On November 14, 2025, the Company issued 8,812,649 shares of common stock through its equity financing agreement and received $179,399 less clearing fees of $1,025 for a total of $180,424.

7. SEGMENT INFORMATION

The Company operates as a single reporting segment engaged in developing a technology that uses water and heat rather than electricity to produce the lowest cost green hydrogen.

The accounting policies of the operating segment are the same as those described in the summary of significant accounting policies. The Chief Operating Decision Makers are the Company's Chief Executive officer and its President, who together (the "CODM"), evaluate company performance based on Net income (loss), determined in accordance with U.S. GAAP, and Adjusted EBDITA, a non-GAAP measure.

The Company defines Adjusted EBITDA as income from operations, determined in accordance with GAAP, excluding the following:

● depreciation and amortization of property and equipment;

● amortization of acquired intangible assets;

7. SEGMENT INFORMATION (Continue)

The CODM uses these measures to assess profitability and guide resource allocations, and believes that Adjusted EBITA, when reviewed in conjunction with Net income (loss), is a useful measure to assess the Company's performance and liquidity, as it provides meaningful operating results by excluding the effects of expenses that are not reflective of the Company's operating business performance. In addition, the CODM uses Adjusted EBITA to understand and compare operating results across accounting periods, and for financial and operational decision-making and resource allocation. The presentation of Adjusted EBITA is not intended to be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP.

The CODM conducts quarterly financial reviews, focusing on research expenditures, operational efficiency, investment decisions, including capital expenditures for new research activities, are made based on expected return on investment and regulatory environment in which the Company operates.

The table below provides the Company's Net loss, Operating Expenses, Other Income, and a reconciliation of Income/Loss to Adjusted EBITDA for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
| SEGMENT INFORMATION | **March 31, 2026** | **March 31, 2025** |
| **REVENUE** | $**-** | $**-** |
| **LESS OPERATING EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Selling and marketing expenses | 93569 | 106479 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 396798 | 267453 |
| &nbsp;&nbsp;&nbsp;Research and development | 331513 | 101518 |
| EBITDA | (821880) | (475450) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 821 | 821 |
| **SEGMENT NET LOSS** | $**(822701)** | $**(476271)** |
| &nbsp;&nbsp;&nbsp;Reconciliation of profit or loss | (295) | 177 |
| &nbsp;&nbsp;&nbsp;Adjustment and reconciling items |  |  |
| **Consolidated Net Income** | $**(822996)** | $**(476094)** |

---

8. COMMITMENTS AND CONTINGENCIES

**<u>Office Rental</u>**

The Company rents office space on a month-to-month basis with a monthly rent payment in the amount of $550.

**<u>Consultant Agreement</u>**

On May 30, 2023, the Company entered into an amendment (the "May 2023 Amendment") to an advisory agreement dated March 15, 2022 entered into with a consultant for general business consulting services to the Company, including but not limited to technology, business development, and product development services. In connection with the advisory agreement, the Company granted the consultant 5,000,000 stock options, vesting at a rate of 138,889 options per month for thirty-six (36) months of consecutive service to the Company. The May 2023 Agreement provided for cash compensation based on an hourly rate of $200 for the services specifically requested by the Company in lieu of a fixed monthly fee. The May 2023 Amendment became effective on June 15, 2023, and will continue on a month-to-month basis until terminated at the earlier of March 15, 2025, or at any time by either party upon a 5-day written notice to the other party. On March 15, 2025, the parties entered into a second amendment to extend the term of the advisory agreement to March 15, 2028. Except for the amendments described above, the provisions of the advisory agreement dated March 15, 2022, shall remain effective.

On December 17, 2024, the Company entered into an agreement with a consultant to provide laboratory support for the development of technology for the production of green hydrogen. The Company agreed to pay Consultant cash compensation of $175 per hour for providing the service. The Agreement will continue until terminated at the earlier of: (i) conclusion of the work or (ii) any time by either party with a 5-day written notice from one party to the other.

On April 15, 2025, the Company entered into an agreement with a consultant to provide general business services to the Company, including but not limited to technology development and business development services as the Company's Chief Technology Officer. The consultant will be paid $10,000 per month.

On May 1, 2025, the Company entered into an agreement with a consultant, to perform research that would benefit the Company at a monthly compensation of $3,000. The Company also granted stock options to the consultant to purchase 2,500,000 shares of common stock of the Company which will vest over a thirty-six (36) month period.

On May 1, 2025, the Company entered into an option agreement with the Regents of the University of California (the "Regents"), to obtain an exclusive option to utilize certain patent rights and solely for the purpose of providing the Company with additional time to evaluate certain inventions to determine its interest in pursuing an exclusive license to the Regents' interest in certain patent rights. The option expires on July 31, 2026. As partial consideration for the option, the Company paid the Regents an option execution fee of $20,000

**<u>Research Agreement</u>**

On August 1, 2023, the Company entered into an agreement with the Regents of the University of California, to perform research that would benefit both the University and the Company, as Sponsor, and that is consistent with the research and educational objectives of the University. The cost to the Company for the University's performance shall not exceed $716,326. The agreement shall be performed on a cost-reimbursement basis. When expenditures reach the above amount, the Company will not be required to fund, and the University will not be required to perform additional work thereunder unless by mutual agreement of both parties. As of September 30, 2025, the Company paid an aggregate of $716,326 to the University which is the maximum payment under the Agreement. .

**<u>Legal</u>**

In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company's financial position or results of operations.

As of March 31, 2026, there were no legal proceedings against the Company.

9. SUBSEQUENT EVENT

Management has evaluated subsequent events according to the requirements of ASC TOPIC 855 and has no subsequent events to report.

On April 1, 2026, the Company amended an existing agreement with a consultant to grant 2,500,000 common stock options, which vest starting April 1, 2026. The options vest at a rate of 69,444 options per month for thirty-five (35) months of consecutive service to the Company. The remaining 69,460 options will be vested at the end of the thirty-sixth (36th) month.

On April 30, 2026, the Company issued 21,523,187 shares of common stock through its equity financing agreement and received $344,387 less clearing fees of $2,471 for a total of $346,858.

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**Special Note on Forward-Looking Statements.**

Certain statements in "Management's Discussion and Analysis and Results of Operations" below, and elsewhere in this quarterly report, are not related to historical results, and are forward-looking statements. Forward-looking statements present our expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements frequently are accompanied by such words such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "potential" or "continue," or the negative of such terms or other words and terms of similar meaning. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements, or timeliness of such results. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of such forward-looking statements. We are under no duty to update any of the forward-looking statements after the date of this quarterly report. Subsequent written and oral forward looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the cautionary statements and risk factors set forth in our annual report on Form 10-K filed with the SEC on March 25, 2025, and in other reports filed by us with the SEC.

You should read the following description of our financial condition and results of operations in conjunction with the financial statements and accompanying notes included in this report.

**Overview**

We are a developer of clean energy technologies. Our current focus is on developing a thermochemical green hydrogen production technology to lower the cost of green hydrogen production.

Hydrogen is the cleanest and most abundant element in the universe, and we can't live without it. Hydrogen is the key ingredient in making fertilizers needed to grow food for the world. It is also used for transportation, refining oil and making steel, glass, pharmaceuticals and more. Nearly all the hydrogen today is made from hydrocarbons like coal, oil, and natural gas, which are dirty and limited resources. Water, on the other hand, is an infinite and renewable worldwide resource.

Currently, the most common method of making green hydrogen is to split water into oxygen and hydrogen with an electrolyzer using green electricity produced from solar or wind. However, green electricity is and always will be very expensive. It currently accounts for 73% of the cost of green hydrogen. By using heat directly, we can skip the expensive process of making electricity, and fundamentally lower the cost of green hydrogen. Inexpensive heat can be obtained from concentrated solar, geothermal, nuclear reactors and industrial waste heat for use in our novel low-cost thermochemical water splitting process. Working with a world class research team at UC Santa Barbara, our goal is to help usher in the green hydrogen economy that Goldman Sachs (in a 2022 report) estimated to have a future market value of $12 trillion.

We have previously developed an innovative material technology to reduce the cost per watt of electricity produced by Photovoltaic, or PV, solar modules.

**Application of Critical Accounting Policies**

Our discussion and analysis of our financial condition and results of operations are based upon our unaudited financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including those related to impairment of property, plant and equipment, intangible assets, deferred tax assets and fair value computation using a Binomial lattice valuation model. We base our estimates on historical experience and on various other assumptions, such as the trading value of our common stock and estimated future undiscounted cash flows, that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions; however, we believe that our estimates, including those for the above-described items, are reasonable.

**Use of Estimates**

The preparation of financial statements in conformity with generally accepted accounting principles, requires management to make estimates and assumptions that affect the amounts reported in the accompanying financial statements. Significant estimates made in preparing these financial statements, include the estimate of useful lives of property and equipment, the deferred tax valuation allowance, derivative liabilities and the fair value of stock options. Actual results could differ from those estimates.

**Fair Value of Financial Instruments**

Our cash, cash equivalents, investments, inventory, prepaid expenses, and accounts payable are stated at cost which approximates fair value due to the short-term nature of these instruments.

**Recently Issued Accounting Pronouncements**

Management reviewed currently issued pronouncements during the three months ended March 31, 2026, and does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying condensed unaudited financial statements.

**Results of Operations – Three months ended March 31, 2026, compared to the Three months ended March 31, 2025.**

**OPERATING EXPENSES**

*<u>Selling and Marketing Expenses</u>*

Selling and marketing ("S&M") expenses decreased by $12,910 to $93,569 for the three months ended March 31, 2026, compared to $106,479 for the prior period ended March 31, 2025. The primary decrease in S&M expenses was the result of a decrease in spending on advertising and marketing.

*<u>General and Administrative Expenses</u>*

General and administrative ("G&A") expenses increased by $129,345 to $396,798 for the three months ended March 31, 2026, compared to $267,453 for the prior period ended March 31, 2025. The overall increase was an increase in insurance expense.

*<u>Research and Development</u>*

Research and Development ("R&D") expenses increased by $229,995 to $331,513 for the three months ended March 31, 2026, compared to $101,518 for the prior period ended March 31, 2025. This overall increase in R&D expenses was the result of an increase in consultant costs.

*<u>Depreciation and Amortization Expense</u>*

Depreciation and amortization expense for the three months ended March 31, 2026 and 2025 was $821 and $821, respectively.

*<u>Other Income/(Expenses)</u>*

Other income and (expenses) decreased by $472 to ($295) for the three months ended March 31, 2026, compared to $177 for the prior period ended March 31, 2025. The decrease in other income and (expenses) was the result of a decrease in interest income of $73 and other expenses of $399 in the current period.

*<u>Net Loss</u>*

Our net loss for the three months ended March 31, 2026 was $822,996, compared to $476,094 for the prior period ended March 31, 2025. The Company has not generated any revenues. The majority of the increase in net loss was due to an overall increase in operating expenses and non-cash expense associated with the net change in stock option expense in the current period. These estimates were based on multiple inputs, including the market price of our stock, interest rates, our stock price volatility, variable conversion prices based on market prices as defined in the respective agreements and probabilities of certain outcomes based on management projections. These inputs were subject to significant changes from period to period and to management's judgment; therefore, the estimated fair value of the stock options fluctuate, and the fluctuation may be material. The Company has not generated any revenues.

**LIQUIDITY AND CAPITAL RESOURCES**

Liquidity is the ability of a company to generate funds to support its current and future operations, satisfy its obligations, and otherwise operate on an ongoing basis. Significant factors in the management of liquidity are funds generated by operations, levels of accounts receivable and accounts payable and capital expenditures.

The accompanying unaudited condensed financial statements as of March 31, 2026, have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets and liabilities and commitments in the normal course of business. The accompanying unaudited condensed financial statements do not reflect any adjustments that might result if we are unable to continue as a going concern. During the three months ended March 31, 2026, we did not generate any revenues, and recognized a net loss of $822,996, due to a change in operating expenses and cash of $722,587 used in operations. As of March 31, 2026, we had working capital of $751,663 and a shareholders' deficit of $2,718,350.

Management believes that we will be able to continue to raise funds through the sale of our securities to existing and new investors, including through the use of its equity financing agreement entered into with GHS Management believes that funding from existing and prospective new investors and future revenue will provide the additional cash needed to meet our obligations as they become due and will allow the development of our core business operations. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt-financing or cause substantial dilution for our stockholders, in case of equity financing.

As of March 31, 2026, we had working capital of $751,663 compared to $1,433,163 for the year ended December 31, 2025. This decrease in working capital was due primarily to a decrease in cash.

During the three months ended March 31, 2026, we used $722,587 in cash for operating activities, as compared to $492,812 for the prior period ended March 31, 2025. The increase in the use of cash for operating activities for the current period was a result of an increase in research and development cost, and advertising and marketing.

There was no investing or financing activities during the three months ended March 31, 2026 and March 31, 2025.

Our independent auditors, in their report on our audited financial statements for the year ended December 31, 2025, expressed substantial doubt about our ability to continue as a going concern without additional capital becoming available. Our financial statements as of March 31, 2026, have been prepared under the assumption that we will continue as a going concern. Our ability to continue as a going concern, ultimately is dependent upon our ability to generate revenue, which is dependent upon our ability to obtain additional equity or debt financing, attain further operating efficiencies and, ultimately, to achieve profitable operations. Our financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**PLAN OF OPERATION AND FINANCING NEEDS**

We are engaged in the development of clean energy technologies to lower the cost of producing green hydrogen. The Company's current focus is on developing ThermoLoop™, a breakthrough technology that uses water and heat rather than electricity to potentially produce the world's lowest cost green hydrogen.

Our plan of operation within the next twelve months is to utilize our cash balances to maintain the existing ThermoLoop™ technology development program at UCSB.

We believe that our current cash and investment balances will be sufficient to support development activity and general and administrative expenses for the next four months. Management estimates that it will require additional cash resources during 2026, based upon its current operating plan and condition. We do not expect increased expenses until early 2027 when we ramp up prototyping efforts related to our thermochemical water splitting technology.

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

As a smaller reporting company, as that term is defined in Item 10(f)(1) of Regulation S-K, we are not required to provide information required by this Item.

**ITEM 4. CONTROLS AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedures**

As of the end of the period covered by this report, we conducted an evaluation, under the supervision and with the participation of our chief executive officer and acting chief financial officer of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act). Based upon this evaluation, our chief executive officer and chief financial officer concluded as of March 31, 2026, that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is: (i) recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms, and (ii) accumulated and communicated to our management, including our chief executive officer and acting chief financial officer, or person performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

**Changes in Internal Control over Financial Reporting**

There was no change to our internal control over financial reporting that occurred during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

**PART II - OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

As of the date of this report, we are not a party to any pending legal proceeding, nor is our property the subject of a pending legal proceeding, that is not in the ordinary course of business or otherwise material to the financial condition of our business. None of our directors, officers or affiliates is involved in a proceeding adverse to our business or has a material interest adverse to our business.

**ITEM 1A. RISK FACTORS**

There are no material changes from the risk factors previously disclosed in the Registrant's annual report on Form 10-K filed on March 30, 2026.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

None

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

**ITEM 5. OTHER INFORMATION**

**Rule 10b5-1 Trading Arrangement**

During our last fiscal quarter, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

**ITEM 6. EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 31.1 | [Certification by Chief Executive Officer pursuant to Sarbanes-Oxley Section 302 (filed herewith).](ex31-1.htm) |
| 31.2 | [Certification by Acting Chief Financial Officer pursuant to Sarbanes-Oxley Section 302 (filed herewith).](ex31-2.htm) |
| 32.1 | [Certification by Chief Executive Officer pursuant to 18 U.S.C. Section 1350 (furnished herewith).](ex32-1.htm) |
| 32.2 | [Certification by Acting Chief Financial Officer pursuant to 18 U.S.C. Section 1350 (furnished herewith).](ex32-2.htm) |
| EX-101.INS | Inline XBRL Instance Document |
| EX-101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| EX-101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase |
| EX-101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase |
| EX-101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase |
| EX-101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **NEWHYDROGEN, INC.** | **NEWHYDROGEN, INC.** |
| Date: May 15, 2026 | By: | */s/ Steven Hill* |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Date: May 15, 2026 | By: | */s/ David Lee* |
|  |  | Chairman, President and Acting Chief Financial Officer |
|  |  | (Principal Financial and Accounting Officer) |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION PURSUANT TO**

**RULE 13a-14(a) OR RULE 15d-14(a) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

I, Steven Hill, certify that:

1. I
 have reviewed this Quarterly Report on Form 10-Q of NewHydrogen, Inc. for the quarter ended March 31, 2026;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
 to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
 the period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
 respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
 this report;

4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
 (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
 Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
 to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

b) Designed
 such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my
 supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about
 the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
 and

d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's
 most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The
 registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial
 reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
 the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
 reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information;
 and

b) Any
 fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
 internal control over financial reporting.

---

| |
|:---|
| Date: May 15, 2026 |
| */s/ Steven Hill* |
| Steven Hill |
| Chief Executive Officer |
| (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION PURSUANT TO**

**RULE 13a-14(a) OR RULE 15d-14(a) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

I, David Lee, certify that:

1. I
 have reviewed this Quarterly Report on Form 10-Q of NewHydrogen, Inc. for the quarter ended March 31, 2026;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
 to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
 the period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
 respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
 this report;

4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
 (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
 Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
 to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

b) Designed
 such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my
 supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about
 the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
 and

d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's
 most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The
 registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial
 reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
 the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
 reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information;
 and

b) Any
 fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
 internal control over financial reporting.

---

| |
|:---|
| Date: May 15, 2026 |
| */s/ David Lee* |
| David Lee |
| Chairman, President and Acting Chief Financial Officer |
| (Principal Financial and Accounting Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of NewHydrogen, Inc. (the "Company") on Form 10-Q for the quarter ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Steven Hill, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

---

| |
|:---|
| Date: May 15, 2026 |
| */s/ Steven Hill* |
| Steven Hill |
| Chief Executive Officer |
| (Principal Executive Officer) |

---

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of NewHydrogen, Inc. (the "Company") on Form 10-Q for the quarter ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, David Lee, Acting Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

---

| |
|:---|
| Date: May 15, 2026 |
| */s/ David Lee* |
| David Lee |
| Chairman, President and Acting Chief Financial Officer |
| (Acting Principal Financial and Accounting Officer) |

---