What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-09-10 compared with 2025-06-13 · 144 added, 210 removed, 465 unchanged (43% of the section changed)

13 unchanged sentences

less copper, (iv) highly reliably and (v) does not require scheduled maintenance .

The industrial electric motor

market is expected to grow from an estimated USD 113.3 billion in 2020 to USD 169.1 billion by 2026, at a CAGR of 6.9% during

the forecast period 2 .

Electric motors are employed

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In such applications, one or more electric motors are used for propulsion.

electric motors currently used for electric mobility employ high energy permanent magnets 4 due to their high efficiency and

electric motors currently used for electric mobility employ high energy rare earth permanent magnets 4 due to their high efficiency

and small size.

The magnetic material is usually sintered neodymium–iron–boron (NdFeB) made or processed in China.

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For Electric Vehicle applications,

AAFIM provide efficiencies that are equal to or higher than ones provided by the best high energy permanent magnet solution (“PM”).

AAFIM are smaller, have higher reliability, are more robust, have larger operating speed range, are not limited to 100 degrees C operating

temperature for the equivalent PM machine.

In addition, AAFIM costs are significantly lower than the equivalent PM machines.

Aura’s axial flux induction motors (“AAFIM”) provide efficiencies that are equal to or higher than ones provided by

the best high energy rare earth permanent magnet solution (“PM”).

AAFIM have higher reliability, are more robust, have larger

operating speed range, are not limited to 100 degrees C operating temperature for the equivalent PM machine.

In addition, AAFIM costs

are significantly lower than the equivalent PM machines.

Aerospace and Defense | 4th September 2024

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Overall, for every ton of rare earth, 2,000 tons of toxic waste are produced.

April 15, 2025, China has restricted the export of several crucial rare earth minerals to the United States in response to President

Donald Trump’s tariff increases.

On April 15, 2025, China

has restricted the export of several crucial rare earth minerals to the United States in response to President Donald Trump’s

tariff increases.

China has used its rare earths monopoly as a weapon before, notably against Japan in 2010.

In September of that year, the Japanese coast guard arrested the captain of a Chinese fishing boat that collided with Japanese ships

off the cost of the disputed Senkaku Islands.

In September of

that year, the Japanese coast guard arrested the captain of a Chinese fishing boat that collided with Japanese ships off the cost of the

disputed Senkaku Islands.

China retaliated by choking off Japan’s supply of rare earth minerals.

Japan quickly gave

in and released the fishing boat captain, but it still suffered significant economic damage from the rare earths blacklist for years

Japan quickly gave in and

released the fishing boat captain, but it still suffered significant economic damage from the rare earths blacklist for years to come.

A significant reason for industry

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and steel with aluminum for housing at a fraction of the cost of equivalent PM machines.

so “green” technology:

the complicated legacy of rare earth mining 12.aug.2021 Harvard international review

Not so “green” technology:

the complicated legacy of rare earth mining 12.aug.2021 Harvard

international review

Breitbart news John Hayward April 15, 2025

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(“AAFIM”) Competitive Edge

Performance- AAFIM provides the highest power density across all other known motor technologies with energy density of more than 45 kW/liter for machines in the 250-kW range.

In addition, Aura’s solution provides efficiencies that are higher than any other solutions for commercial and industrial applications.

○ Performance- AAFIM provides

the highest power density across all other known motor technologies with energy density of more than 45 kW/liter for machines in the

250-kW range.

In addition, Aura’s solution provides efficiencies that are higher than any other solutions for commercial and industrial

applications.

For 250 kW EV applications Aura’s designs show efficiency of more than 97%.

AAFIM solution also has significantly lower rotor inertia than other solutions.

This increases the machine efficiency even further since it requires less input torque to move the rotor.

Size and weight-Aura’s solution is significantly smaller in volume and has lower weight than any known solution for equivalent power rated machines (even includes PM machines).

When compared to traditional radial flux (“RF”) induction machines, AAFIM has less than 40% of the weight and more than 40% reduction in volume.

The AAFIM pancake design creates a solution that can be integrated with vehicles and boats for seamless exportable power.

Cost-AAFIM provides a significant cost advantage over equivalent induction and PM machines.

The cost advantage comes from (a) the higher energy density which means less materials and (b) in the case of PM machines significant cost advantage for equivalent machines by just elimination of the permanent magnets.

AAFIM solution also has significantly

lower rotor inertia than other solutions.

This increases the machine efficiency even further since it requires less input torque to move

○ Size and weight-Aura’s

solution is significantly smaller in volume and has lower weight than any known solution for equivalent power rated machines (even includes

PM machines).

When compared to traditional radial flux (“RF”) induction machines, AAFIM has less than 40% of the weight and

more than 40% reduction in volume.

The AAFIM pancake design creates a solution that can be integrated with vehicles and boats for seamless

exportable power.

○ Cost-AAFIM provides a significant

cost advantage over equivalent induction and PM machines.

The cost advantage comes from (a) the higher energy density which means less

materials and (b) in the case of PM machines significant cost advantage for equivalent machines by just elimination of the permanent

When compared to radial flux induction, Aura’s solution uses approximately 60% less copper.

Due to the fractional materials used and the simple manufacturing processes Aura’s high-performance machines are less expensive to manufacture than other equivalent machines.

Other Advantages-Aura’s solution is extremely reliable with the only components to wear out are the bearings.

AAFIM do not require any scheduled maintenance, and the only materials used are copper and steel for the active components and aluminum for the housing.

These materials are readily available everywhere and are not controlled by any country or political group.

In addition to the performance, Aura’s rotor lends itself to mass manufacturing.

Many of Aura’s axial flux induction machines have been operating for twenty years and have shown remarkable reliability.

Due to the fractional materials

used and the simple manufacturing processes Aura’s high-performance machines are less expensive to manufacture than other equivalent

○ Other Advantages-Aura’s

solution is extremely reliable with the only components to wear out are the bearings.

AAFIM do not require any scheduled maintenance,

and the only materials used are copper and steel for the active components and aluminum for the housing.

These materials are readily

available everywhere and are not controlled by any country or political group.

In addition to the performance, Aura’s rotor lends

itself to mass manufacturing.

Many of Aura’s axial flux induction machines have been operating for twenty years and have shown

remarkable reliability.

Our recent efforts have resulted

in our new 10 kW mobile power generator that which is approximately 20% smaller in diameter and 10% smaller in axial length than the legacy

in our new 10 kW mobile power generator that is approximately 20% smaller in diameter and 10% smaller in axial length than the legacy

8.5 kW solution.

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kW motor has a base speed of 5,000 rpm and an operating range of up to 20,000 rpm.

We have also completed the design and started fabrication

a 250-kW generator that is air cooled and will operate at 3600 rpm.

We already have interest for this new 250-kwgenerator from Israel,

South Korea, and others.

We recently completed the designs for a 5-horsepower motor for swimming pools applications and a 10-kW motor

for farm irrigation applications.

Both of those motors will be put into production in the next few quarters

We have also completed the design for a 250-kW generator

that is air cooled and will operate at 3600 rpm.

We already have interest for this new 250-kw generator from Israel, South Korea, and

We recently completed the designs for a 5-horsepower motor (3.75kW) for swimming pools applications and a 1.5 kW motor for some

industrial applications.

In March 2019, stockholders

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Business Arrangements

During Fiscal 2018 and Fiscal

2019, the Company’s engineering, manufacturing, sales, and marketing activities were reduced while we focused on renegotiating numerous

financial obligations.

During this time, the Company’s agreements with numerous customers, third party vendors, and organizations

and entities material to the operation of the Company business were canceled, delayed or terminated.

During Fiscal 2018, the Company successfully

restructured in excess of $30 million of debt.

Also, during Fiscal 2018,

the Company signed a joint venture agreement with a Chinese company to build, service and distribute AuraGen ® mobile power

products in China.

Under the Jiangsu Shengfeng joint venture agreement, the Chinese partner owns 51% of the joint venture and the Company

The Chinese partner contributed a total of approximately $9.75 million to the venture principally in the form of facilities,

equipment, and approximately $500,000 of working capital while the Company contributed $250,000 in cash as well as a limited license.

The limited license sold to the joint venture, however, does not permit the venture to manufacture the AuraGen ® rotor;

rather, the joint venture is required to purchase all rotor subassemblies as well as certain software elements directly from the Company.

During Fiscal 2018, Jiangsu Shengfeng placed a $1,000,000 order with the Company including a $700,000 advance payment of which the Company

has failed to deliver product in accordance with the order received.

On November 20, 2019, the Company reached a preliminary agreement

with Jiangsu Shengfeng regarding the return of $700,000 previously advanced to the Company.

The preliminary agreement reached consists

of a non-interest-bearing promissory note and a payment plan pursuant to which the $700,000 was to be paid over an 11-month period beginning

March 15, 2020, through February 15, 2021.

The preliminary agreement was subject to the JV continuous operation.

However, starting in

January 2020 the JV was shut down by the Chinese authority due to the COVID-19 virus.

During Fiscal 2018, the Company

signed a joint venture agreement with a Chinese company to build, service and distribute AuraGen ® mobile power products

Under the Jiangsu Shengfeng joint venture agreement, the Chinese partner owns 51% of the joint venture and the Company owns

The Company contributed $250,000 in cash as well as a limited license.

The limited license sold to the joint venture, however, does

not permit the venture to manufacture the AuraGen ® rotor;

rather, the joint venture is required to purchase all rotor subassemblies

as well as certain software elements directly from the Company.

During Fiscal 2018, Jiangsu Shengfeng placed a $1,000,000 order with the

Company including a $700,000 advance payment of which the Company has failed to deliver product in accordance with the order received.

On November 20, 2019, the Company reached a preliminary agreement with Jiangsu Shengfeng regarding the return of $700,000 previously advanced

to the Company.

The preliminary agreement reached consists of a non-interest-bearing promissory note and a payment plan pursuant to which

the $700,000 was to be paid over an 11-month period beginning March 15, 2020, through February 15, 2021.

The preliminary agreement was

subject to the JV continuous operation.

However, starting in January 2020 the JV was shut down by the Chinese authority due to the COVID-19

In 2023, the JV was dissolved and liquidated.

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In fiscal 2026 the Company

completed the design and fabrication of an oil cooled 250 kW electric motor prototype using axial flux induction and completed the design

for a 250-kW air cooled generator using axial flux induction.

In addition, the Company filed 3 new patent applications related to an axial

flux induction machine and subassemblies.

completed the design of 1.5 kW, 3.75 kW, a new 10 and second generation of 250 kW motors and generators of its axial flux induction technology.

In the first 6 months of 2026 the Company also designed a 50kW solution consisting of 40 kW of AC power and 10kW of DC power, as well

as a new 5 kW solution consisting of 2.5 kW of AC and 2.5 kW of DC power with an ability to handle up to 2.5 kW of unscheduled power spikes.

Both the 50 kW and the 5 kW are for specific U.S military applications and customers are paying for the first unis to be evaluated.

The AuraGen ® /VIPER Product Overview:

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and machines in different industries and the renewables sector are major factors driving growth in the electric motor market.

Identification of Technoeconomic Opportunities with the Use of Premium Efficiency Motors as Alternative for Developing Countries -Julio R.

October 16, 2020

Aura’s machines

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EV applications

universal global trend for electrification has created in addition to the industrial demand for motors also a very large demand for motors

used in electric transportation for vehicles, planes, and boats (“EV”).

In such applications, one or more electric motors

are used for propulsion.

The power to drive the electric motors is generally a battery system or fuel cell.

Both batteries and fuel cells

convert some form of fuel to electricity through some chemical process.

EVs include, but are not limited to, road and off-road vehicles,

surface and underwater vessels, electric aircraft, and electric spacecraft.

In addition to the batteries,

the electric motor and supporting power electronics are critical components of EV drivetrain.

It is expected that over 100 million electric

motors will be required per year by 2032 to meet the demand for the growing EV market 9 (where would all the rare earths come

from to support 100 million motors per year?).

The universal global trend

for electrification has created in addition to the industrial demand for motors also a very large demand for motors used in electric transportation

for vehicles, planes, and boats (“EV”).

In such applications, one or more electric motors are used for propulsion.

power to drive the electric motors is generally a battery system or fuel cell.

Both batteries and fuel cells convert some form of fuel

to electricity through some chemical process.

EVs include, but are not limited to, road and off-road vehicles, surface and underwater

vessels, electric aircraft, and electric spacecraft.

The global Electric Vehicle

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Neodymium is one of the rare earth elements.

China has around a third of all rare earth reserves

and around 80% of global production.

Identification of Technoeconomic Opportunities with the Use of Premium Efficiency Motors as Alternative for Developing Countries -Julio R.

October 16, 2020

China has around a third of all rare earth reserves and

around 80% of global production.

Emerging Electric Motor Technologies for the EV Market September 28, 2021, Luke Gear

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Polytechnique Insight January 29, 2025, by Mathieu Xemand

1987 the Chinese President Deng Xiaoping famously said, “ the middle East has Oil;

In 1987 the Chinese President

Deng Xiaoping famously said, “ the middle East has Oil;

China has rare earths ”.

Analytics Expert briefing on July 30, 2020, states that “(i) Permanent Magnets will account for 3⁄4 of rare earth demand by

2030 up from 1⁄4 in 2020 and (ii)Electric vehicles and offshore wind will drive demand and be most vulnerable to supply shocks” .

magnet (“PM”) machines can be extremely light in weight and highly efficient.

In PM machines the magnetic field B is fixed

by the magnets and the only way to change this is with a bucking field.

These bucking currents result in an increase in temperature that

could affect the magnetization of the permanent magnets.

An Oxford Analytics Expert briefing

on July 30, 2020, states that “(i) Permanent Magnets will account for 3⁄4 of rare earth demand by 2030 up from 1⁄4 in

2020 and (ii)Electric vehicles and offshore wind will drive demand and be most vulnerable to supply shocks” .

Permanent magnet (“PM”)

machines can be extremely light in weight and highly efficient.

In PM machines the magnetic field B is fixed by the magnets and the only

way to change this is with a bucking field.

These bucking currents result in an increase in temperature that could affect the magnetization

of the permanent magnets.

In PM machines the operating

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The AuraGen ® operation when integrated in a vehicle or a boat is completely seamless and transparent to the user .

Beside stand-alone gensets

(often referred to “auxiliary power units” or simply “APU” s), all automotive users rely on integrated alternators

in their vehicles for such things as navigation systems, electric seating, electric windows, sound/ phone systems and lights.

alone, 87.9 million passenger vehicles were sold globally 13 (each one used an alternator).

The market for automotive alternators

is presently dominated mainly by four companies:

Denso, Valeo, Mitsubishi Electric, and Hitachi Automotive.

These companies jointly control

nearly 80% of the global market.

The compact size and significant increase in efficiency of the AuraGen ® provides

an ideal replacement (fit and form) for high output automotive alternators while offering higher efficiency, longer lifetime and the flexibility

of multi types of voltage both AC and DC.

Recently, the Company completed the design and development for a 10-kW alternator with a diameter

of 10 inches and axial length of less than 6 inches.

The new 10 kW alternator will provide the full 10 kW power at alternator speeds of

2,500-13,000 rpm with efficiency higher than 90%.

The AuraGen ®

solution increase in efficiency over traditional generators, when combined with our load following architecture and the ability to provide

both AC and VDC simultaneously.

In addition, Aura’s solution provides higher efficiency and the ability to provide both AC and DC voltages simultaneously.

13 Motor Intelligence.

Automotive alternator market growth trends

forecast 2021-2026

alternator market growth trends forecast 2021-2026

The Company is involved in

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(vii) Teco Westinghouse.

There are five basic approaches

used in mobile generators.

Gensets AKA APU .

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are generally only 35% efficient at the low RPM range and increase to 60% efficiency at the high RPM range.

are many inverter manufacturers across the globe;

the best known one is Xentrex.

The pricing of industrial grade sine wave inverters is

approximately $400 per kilowatt plus the cost of a high output alternator (estimated at $1,000) and a good throttle controller (estimated

in the range of $250-500).

Permanent-Magnet Alternators.

number of companies have introduced alternators using exotic rare earth Neodymium (NdFeB) magnets.

These alternators tend to have higher

power generation capabilities than regular alternators at lower RPM.

Unfortunately, PM machines with NdFeB magnets are very sensitive

to temperature and, unlike the AuraGen ® , cannot survive the typical under-the-hood environment (200 o F+).

order to apply such devices for automotive applications one must add an active cooling system to keep the magnets from demagnetizing at

approximately 200 o F.

In addition, most of the rare earth magnets (NeFeB) are manufactured in China and are subject to potential

political and economic pressure.

In addition to the temperature

challenges of such machines, there are other issues involving active control of the magnetic field.

The main disadvantage of PM generators

is the difficulty of output voltage regulation to compensate for speed and load variation due to the lack of a simple means of field control.

cells are solid-state devices that produce electricity by combining a fuel containing hydrogen with oxygen.

They have a wide range of

applications and can be used in place of the internal combustion engine and traditional lead-acid and lithium-ion batteries.

These systems

are generally more expensive.

The most widely deployed fuel cells are estimated to cost significantly more per kilowatt than alternative

Evans Electric in Australia

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is cited in Aura’s issued patents.

Emil recently claims to have

developed an axial flux induction motor for EV applications.

Numerous companies are introducing

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(no PM) can be summarized as:

Disruptive since it addresses the entire field of electrical motors and generators by providing a solution that is smaller, lighter, more efficient, cost less to manufacture and does not use any permanent magnets .

Aura has demonstrated mass production of this technology with more than 11,000 machines.

The economic value proposition is well defined in terms of cost, performance and size.

The Aura solution provides significant global reduction in the use of raw materials such as copper, steel, and aluminum.

The higher efficiency of Aura’s motor, when used in a manufacturing environment, can lead to a noticeable reduction in the global consumption of energy .

When used for mobile power generation, Aura’s technology leads to a significant reduction in global pollution by being able to reduce and, in many situations, eliminate completely small diesel and gasoline engines used in power generation.

When used for electric vehicles, the smaller size, weight, and increased efficiency could lead to an increase in range and/or reduced battery weight .

When used in remote stand-alone diesel power generation such as cell towers, Aura’s increased efficiency, lower rotor inertia, voltages flexibility and load-following architecture results in a significant reduction in fuel usage (and, of course, reduced pollution).

Aura’s significantly (65% less) lower rotor inertia and variable speed capabilities make Aura’s solution ideal for small hydro applications that are currently being ignored because of construction cost, low head, and slow flow situations.

● Disruptive since it addresses

the entire field of electrical motors and generators by providing a solution that is smaller, lighter, more efficient, cost less to

manufacture and does not use any permanent magnets .

● Aura has demonstrated mass

production of this technology with more than 11,000 machines.

● The economic value proposition

is well defined in terms of cost, performance and size.

● The Aura solution provides

significant global reduction in the use of raw materials such as copper, steel, and aluminum.

● The higher efficiency of

Aura’s motor, when used in a manufacturing environment, can lead to a noticeable reduction in the global consumption of energy .

● When used for mobile power

generation, Aura’s technology leads to a significant reduction in global pollution by being able to reduce and, in many

situations, eliminate completely small diesel and gasoline engines used in power generation.

● When used for electric

vehicles, the smaller size, weight, and increased efficiency could lead to an increase in range and/or reduced battery weight .

● When used in remote stand-alone

diesel power generation such as cell towers, Aura’s increased efficiency, lower rotor inertia, voltages flexibility and load-following

architecture results in a significant reduction in fuel usage (and, of course, reduced pollution).

● Aura’s significantly

(65% less) lower rotor inertia and variable speed capabilities make Aura’s solution ideal for small hydro applications that are

currently being ignored because of construction cost, low head, and slow flow situations.

Targeted Market

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industrial applications.

We have completed the design of 4 kW and 10 kW machines.

The designs show significantly increased efficiency

as compared to equivalent other designs, and in addition they are a fraction of the size and weight, use approximately 50-60% less copper

and cost less to manufacture.

We have completed the design of 1.5, 3.75, 10, 50, and 250 kW machines.

The designs show significantly increased

efficiency as compared to equivalent other designs, and in addition they are a fraction of the size and weight, use approximately 50-60%

less copper and cost less to manufacture.

Electric motors for

3 unchanged sentences

magnets) and efficiency of more than 95%.

Our design has an active diameter of approximately 9.45 inches and active axial length of approximately

Mobile power generation

1 unchanged sentence

One focused market for the Company’s VIPER (military name for our axial flux induction generator) is military applications.

traditional markets for military vehicles such as the U.S.

are choosing to upgrade and maintain existing fleets rather than replace aging

vehicles, other regions are looking to purchase new units, which also provides maintenance and upgrade opportunities.

The active number

of military vehicles was estimated at over 418,000 in 2021.

New vehicle procurement is expected to decline in western defense and increase

in emerging markets of APAC and the Middle East.

Automotive alternators.

In 2019, 87.9 million units of passenger cars were sold globally, each one used an alternator.

The market for automotive alternators is

dominated mainly by four companies:

Denso, Valeo, Mitsubishi Electric, and Hitachi Automotive.

These companies jointly control nearly

80% of the global market.

The compact size and significant increase in efficiency of the AuraGen ® provides an ideal replacement

(fit and form) for high output automotive alternators.

Diesel based cell towers .

According to Statista (Technology and telecommunication Thomas Alsop sept 22, 2020), in 2019, there were 395,562 mobile wireless cell

sites in the United States, with a large amount of investment going toward 5G-ready cell sites and antennas as per the source.

Phil Marshall,

chief research officer at Tolaga Research, estimates the global number of base stations at 6.5 million sites, while Chinese equipment

vendor Huawei puts the number at 7 million.

Many of the cell sites are powered by diesel generators.

The AuraGen ® solution

increase in efficiency over traditional generators, when combined with our load following architecture and the ability to provide both

AC and -48VDC simultaneously makes our solution very attractive to cell towers operators that depend on diesel power.

Our solution has

the potential for significant diesel fuel savings in such an application.

Transport Refrigeration

The main competitors for the all-electric TRU are traditional diesel-based solutions provided by Thermo-king

The diesel based comparable systems provided by Thermo-king and Carrier are somewhat less expensive than our AuraGen ®

all-electric solution, however the diesel solutions require frequent maintenance and the utilization of a separate diesel engine

that consumes additional fuel every operating hour.

In addition, the diesel solution emits harmful emissions that have been recognized

Environmental Protection Agency, California’s Air Resource Board and others as dangerous pollutants and are increasingly

subject to federal and state regulations.

A CARB 2015 report “Technology Assessment Transport refrigeration” cites and provides

an analysis of our solution that can be applied for significant pollution reduction and fuel savings for truck-based transport refrigeration.

currently designing machines for use in unmanned ground vehicles applications and for platforms that can be used for anti-drone applications.

We are also working with the USMC for our new 10 kW solution that fits on the Polaris alfa ATV.

Facilities, Manufacturing Process and Suppliers

1 unchanged sentence

the Company occupied approximately 18,000 square feet of space in Lake Forest, California.

In early Fiscal 2022 the Company consolidated

all its administrative offices and operations into this new modern stand-alone facility.

The Lake Forest facility is subject to a lease

4 unchanged sentences

additional space.

In 2026 the Company extended the lease to two more years as we look for a larger facility outside of California.

As the Company continues to

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$1.2 million in Fiscal 2025.

In Fiscal 2025 we completed the design and built a prototype for a 250-kW electric motor using our axial

flux induction technology as well as completing the design for 250 kW electric generator using the axial flux induction technology.

addition, we filed 3 new patent applications for our axial flux induction machines.

Patents and Intellectual Property

6 unchanged sentences

of novel cooling systems which make better heat dissipation is used to reach the highest torque and power density.

The Company is preparing

numerous additional patent applications to be filed over the next few months.

The basic philosophy followed

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we use in manufacturing our products are steel, copper, and aluminum.

Raw materials are purchased both domestically and outside the United

We have no significant long-term supply contracts.

When possible, we maintain a number of sources for our raw materials, which

we believe contribute to our ability to obtain competitive pricing.

The cost of some of our raw materials and shipping costs are dependent

on petroleum cost.

Higher material prices, cost of petroleum, and costs of sourced products could have an adverse effect on margins.

We enter into standard purchase

agreements with certain foreign and domestic suppliers to source selected products.

The terms of these arrangements are customary for

the industry and do not contain any long-term contractual obligations on our behalf.

Raw materials are purchased domestically.

We have no significant

long-term supply contracts.

When possible, we maintain a number of sources for our raw materials, which we believe contribute to our ability

to obtain competitive pricing.

The cost of some of our raw materials and shipping costs are dependent on petroleum cost.

Higher material

prices, cost of petroleum, and costs of sourced products could have an adverse effect on margins.

Available Information

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business