What changed in this filing

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Item 1. Business

2025-03-20 compared with 2024-01-29 · 43 added, 97 removed, 257 unchanged (35% of the section changed)

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help businesses and communities decarbonize in the near term.

HNO stands for Hydrogen and Oxygen and our experienced

management team has over 13 years of expertise in the green hydrogen production industry.

HNO stands for “Hydrogen” and “Oxygen”

and our experienced management team has over 14 years of expertise in the green hydrogen production industry.

HNO provides green hydrogen systems engineering design,

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This can aid companies in decarbonizing their operations in the short term.

HNO focuses on systems engineering design, integration,

and product development to generate green hydrogen-based clean energy solutions to help businesses and communities decarbonize in the

HNO stands for Hydrogen and Oxygen and our experienced

management team has over 13 years of expertise in the green hydrogen production industry.

We provide green hydrogen systems engineering design,

integration, and products to multiple markets, which include:

(i) the zero-emission vehicle and mobile equipment market consisting of

hydrogen fuel cell electric passenger vehicles, material handling equipment such as forklifts and airport ground support equipment, as

well as the medium and heavy-duty truck market;

(ii) the current and emerging hydrogen gas markets encompassing ammonia, fertilizer, steel,

mining, electronics, semiconductors, and fuel cell electric vehicles;

(iii) and the gasoline and diesel engine emissions and maintenance

reduction product and services market.

On May 16, 2023, we began accepting subscription agreements

from investors as part of a $75 million offering under Regulation A.

During the year ended October 31, 2023, we issued 2,026,532 shares

of common stock under our Regulation A offering.

2023, the Company began accepting subscription agreements from investors as part of an offering under Regulation A.

This offering concluded

automatically on May 5, 2024.

During this period, the Company issued 2,459,961 shares of common stock under the Regulation A offering.

HNO International, Inc.

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International, Inc.” our current name.

Principal Business of the Company

HNO focuses on systems engineering design, integration,

and product development to generate green hydrogen-based clean energy solutions to help businesses and communities decarbonize in the

HNO stands for Hydrogen and Oxygen- and our experienced

management team has over 13 years of expertise in the green hydrogen production industry.

We provide green hydrogen systems engineering design,

integration, and products to multiple markets, which include:

(i) the zero-emission vehicle and mobile equipment market consisting of

hydrogen fuel cell electric passenger vehicles, material handling equipment such as forklifts and airport ground support equipment, as

well as the medium and heavy-duty truck market;

(ii) the current and emerging hydrogen gas markets encompassing ammonia, fertilizer, steel,

mining, electronics, semiconductors, and fuel cell electric vehicles;

(iii) and the gasoline and diesel engine emissions and maintenance

reduction product and services market.

We are at the forefront of developing innovative integrated

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A device used to clean carbon deposits from internal combustion engines.

SGHP (Scalable Green Hydrogen Production):

This plant uses larger electrolyzers and compressors to produce

and store 500 – 5000 KG of hydrogen per day.

Although it can be used for applications serviced by the CHRS, it is particularly well-suited

for “off-take” hydrogen customers.

SHEP (Scalable Hydrogen Energy Platform) SHEP is an innovative scalable,

modular hydrogen energy system that efficiently produces, stores, and dispenses green hydrogen made from water.

Our cost-effective platform

prioritizes flexibility and is designed to meet a wide range of diverse, growing hydrogen demands across multifaceted applications.

The need for hydrogen refueling stations is growing

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market demand.

We are also involved with Scalable Green Hydrogen

Production (“ SGHP ”) where the volume of hydrogen that can be produced is from 100 Kilograms per day to over 2,000 (or

We are also involved with Scalable Hydrogen Energy

Platform (“ SHEP ”) where the volume of hydrogen that can be produced is from 100 Kilograms per day to over 2,000 (or

more) kilograms per day for use in commercial applications such as fuel for transportation, power generation, and industrial processes,

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promote lower emissions.

Currently, we are

building and setting up a manufacturing line for 1.25 MW electrolyzers to be able to produce one per day.

We have also ordered the

equipment necessary and leased the land required (approximately $450,000) to build the first Hydrogen Farm located in Katy Texas and

that is scheduled for full operation producing hydrogen in April 2024, with expected revenues of $2,500,000 over next 12 months.

have also identified and contracted a second location for hydrogen production in Lancaster, California.

We are in the hydrogen

infrastructure business.

Over the next 12 months we will identify another 10 - 15 locations to continue to build Hydrogen production

locations, with expected expenditures of approximately $20,000,000 over the next 12 months and expected revenues of $35,000,000 -

$45,000,000 over the next 12 months.

We are scheduled to take

delivery of the first 10 Hydrogen Carbon Cleaners for sale to customers in mid-January 2024.

After demonstrating the technology to prospective

customers, we will take orders and schedule deliver in 30 - 60 days after a customer order.

These materials for these items have already

been paid for out of the current budget.

Currently, we are building

and setting up a manufacturing line for 1.25 MW electrolyzers to be able to produce one per day.

We have also ordered the equipment necessary

and leased the land required (approximately $450,000) to build the first Hydrogen Farm located in Katy Texas and that is scheduled for

full operation producing hydrogen in April 2025, with expected revenues of $2,500,000 over next 15-20 months.

We have also identified

and contracted a second location for hydrogen production in Lancaster, California.

We are in the hydrogen infrastructure business.

the next 12 months we plan to identify another 10 - 15 locations to continue to build Hydrogen production locations, with expected expenditures

of approximately $20,000,000 over the next 15-20 months and expected revenues of $15,000,000 - $25,000,000 over the next 15-20.

We have taken delivery of

the first 10 Hydrogen Carbon Cleaners for sale to customers in mid-March 2025.

After demonstrating the technology to prospective customers,

we expect to take orders and schedule deliver in 30 - 60 days after a customer order.

These materials for these items have already been

paid for out of the current budget.

The CHRS unit has been built

and we are marketing it to customers for delivery to customers in the second quarter of 2024.

and we began marketing it to customers for delivery to customers in the first quarter of 2025.

Revenues from the sales of units is not guaranteed

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According to a report by MarketsandMarkets, the global

hydrogen refueling station market size was valued at USD 1.7 billion in 2020 and is projected to reach USD 7.5 billion by 2025, at a CAGR

of 34.5% during the forecast period.

hydrogen refueling station market size was valued at USD $1.7 billion in 2020 and is projected to reach USD $7.5 billion by 2025, at a

CAGR of 34.5% during the forecast period.

[1] https://www.marketsandmarkets.com/Market-Reports/green-hydrogen-market-92444177.html#:~:text=The%20global%20green%20hydrogen%20market,cagr%20during%20the%20forecast%20period.

However, the market for hydrogen refueling stations

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in the coming years, but the growth rate may vary depending on the region and the success of the hydrogen economy.

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[1] https://www.marketsandmarkets.com/Market-Reports/green-hydrogen-market-92444177.html#:~:text=The%20global%20green%20hydrogen%20market,cagr%20during%20the%20forecast%20period.

[2] https://www.marketsandmarkets.com/Market-Reports/green-hydrogen-market-92444177.html#:~:text=The%20global%20green%20hydrogen%20market,cagr%20during%20the%20forecast%20period.

Current Problems

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Overall, current hydrogen refueling stations face

several challenges, but with ongoing research and development, these issues can be addressed and overcome in the future.

several challenges, but with ongoing research and development, we believe these issues can be addressed and overcome in the future.

[2] https://www.marketsandmarkets.com/Market-Reports/green-hydrogen-market-92444177.html#:~:text=The%20global%20green%20hydrogen%20market,cagr%20during%20the%20forecast%20period.

Our Unique Solution

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affordable, and environmentally friendly for FCEV owners to refuel their vehicles, and it can help to support the growth of the hydrogen

Scalable Green Hydrogen Production

Scalable Hydrogen Energy Platform (SHEP)

Unlike traditional large-scale hydrogen production

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and increasing the overall value of our services to customers.

In the case of Scalable Green Hydrogen Production,

where the volume of hydrogen that can be produced is from 100 Kilograms per day to over 2,000 (or more) kilograms per day, we can service

current and emerging hydrogen gas markets, including ammonia, fertilizer, steel, mining, electronics, semiconductors, in addition to fuel

cell refueling stations.

In the case of the Scalable Hydrogen Energy Platform

(“ SHEP ”), where the volume of hydrogen that can be produced is from 100 Kilograms per day to over 2,000 (or more) kilograms

per day, we can service current and emerging hydrogen gas markets, including ammonia, fertilizer, steel, mining, electronics, semiconductors,

in addition to fuel cell refueling stations.

Existing Engines

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While we are a market leader, there are a few early competitors in green hydrogen, such as Nel, Plug Power, ITM Power, and Nikola.

We, alternatively, either teams or competes with these

green hydrogen companies, depending on the specific market opportunity.

We, alternatively, either team up or competes with

these green hydrogen companies, depending on the specific market opportunity.

Our Competitive Strengths

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Current Market

There is growing demand for decarbonization solutions,

and green hydrogen has emerged as a key technology for meeting the world's emissions reduction goals.

Our target markets have different

needs and challenges, but all can benefit from the benefits that green hydrogen can offer.

According to a report by MarketsandMarkets, the global

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and deploying small to medium green hydrogen production, storage and dispensing systems to satisfy the projected growth of the green hydrogen

[3] https://www.marketsandmarkets.com/Market-Reports/green-hydrogen-market-92444177.html#:~:text=The%20global%20green%20hydrogen%20market,cagr%20during%20the%20forecast%20period .

We operate out of an approximately 5,000 square foot

facility in Murrieta, California and we are establishing a location in Houston, Texas for our Scalable Green Hydrogen Production farms.

As of January 29, 2024, we had two full-time employee and no

part-time employees.

As of March 20, 2025, we had one full-time employee and no part-time

Environmental

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our business operations are conducted environmentally.

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[3] https://www.marketsandmarkets.com/Market-Reports/green-hydrogen-market-92444177.html#:~:text=The%20global%20green%20hydrogen%20market,cagr%20during%20the%20forecast%20period .

Intellectual Property

We hold exclusive

rights to several patents, which are listed in the table below.

These patents represent the innovative intellectual property and data

that are unique to us and are used in our product designs.

We believe they provide a significant competitive advantage for us in the markets

The table includes the country, application number, patent number, and title of each patent, as well as its status.

Patent Number

HYDROGEN SUPPLEMENTAL SYSTEM FOR ON-DEMAND HYDROGEN GENERATION FOR INTERNAL COMBUSTION ENGINES

METHOD AND APPARATUS FOR INCREASING COMBUSTION EFFICIENCY AND REDUCING PARTICULATE MATTER EMISSIONS IN JET ENGINES

HYDROGEN SUPPLEMENTAL SYSTEM FOR ON-DEMAND HYDROGEN GENERATION FOR INTERNAL COMBUSTION ENGINES

HYDROGEN PRODUCING SYSTEM AND DEVICE FOR IMPROVING FUEL EFFICIENCY AND REDUCING EMISSIONS OF INTERNAL COMBUSTION AND/OR DIESEL ENGINES

201980092511.1

HYDROGEN PRODUCING SYSTEM AND DEVICE FOR IMPROVING FUEL EFFICIENCY

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