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Item 1. Business

2026-02-06 compared with 2025-03-20 · 270 added, 253 removed, 47 unchanged (92% of the section changed)

Company Overview

HNO International, Inc., a Nevada corporation (herein

referred to as “ we ,” “ us ,” “ our ,” “ HNO ” and the “ Company ”),

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 near term.

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,

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.

HNO is at the forefront of developing innovative integrated

products that cater to various uses of green hydrogen, both current and future.

HNO International, Inc., a Nevada

corporation (herein referred to as “ we ,” “ us ,” “ our ,” “ HNO ”

and the “ Company ”), 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 near term.

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, 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.

HNO is at the forefront of developing

innovative integrated products that cater to various uses of green hydrogen, both current and future.

These include:

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

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.

was incorporated in the State

of Nevada on May 2, 2005 under the name “American Bonanza Resources Limited.” On March 19, 2009, we changed our name to “Clenergen

Corporation.” On August 4, 2009, we acquired Clenergen Corporation Limited (UK), a United Kingdom corporation (“Limited”),

and succeeded to the business of Limited.

In April 2009, Limited acquired the assets of Rootchange Limited, a biofuel and biomass research

and development company.

was incorporated

in the State of Nevada on May 2, 2005 under the name “American Bonanza Resources Limited.” On March 19, 2009, we changed our

name to “Clenergen Corporation.” On August 4, 2009, we acquired Clenergen Corporation Limited (UK), a United Kingdom corporation

(“Limited”), and succeeded to the business of Limited.

In April 2009, Limited acquired the assets of Rootchange Limited, a

biofuel and biomass research and development company.

On July 8, 2020, we changed our name to Excoin Ltd.

And on August 31, 2021, we changed our name to “HNO

International, Inc.” our current name.

We are at the forefront of developing innovative integrated

products that cater to various uses of green hydrogen, both current and future.

And on August 31, 2021, we changed

our name to “HNO International, Inc.” our current name.

We are at the forefront of developing

innovative integrated products that cater to various uses of green hydrogen, both current and future.

These include:

Hydrogen refueling and generation systems for Fuel Cell Electric vehicles, such as forklifts, drones, cars, and trucks, as well as for zero-emission heating and cooking applications.

Small to mid-scale green hydrogen production facilities with a capacity of 100kg/day to 5,000kg/day.

These facilities can help decarbonize industrial processes and increase the use of hydrogen and hydrogen-based fuels for transportation and material handling.

Solar/hydrogen powered micro-grids designed

to provide power to a specific industrial development or residential community, for example, independent of the legacy power grid.

Hydrogen refueling and generation systems

for Fuel Cell Electric vehicles, such as forklifts, drones, cars, and trucks, as well as for zero-emission heating and cooking applications.

Small to mid-scale green hydrogen production

facilities with a capacity of 100kg/day to 5,000kg/day.

These facilities can help decarbonize industrial processes and increase the use

of hydrogen and hydrogen-based fuels for transportation and material handling.

Hydrogen technologies that decrease emissions and maintenance for existing gasoline and diesel internal combustion engines.

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

We have three products that

we manufacture and sell:

CHRS (Compact Hydrogen Refueling Station):

A cost-effective solution for rapidly deploying hydrogen

We have four products that we

offer for sale, all of which are commercially available.

Our current products are described below.

HyGridTM System .

Our HyGrid TM System is a solar/hydrogen powered micro-power grid designed to provide power to a specific industrial development

or residential community, for example, independent of the legacy power grid.

The adjacent graphic illustrates the base design of our HyGrid TM

There is a growing demand for

micro-power grids that operate independent of the legacy power grid.

The HyGrid TM System is a solar/hydrogen powered micro-grid

designed to provide power to a specific industrial development or residential community, for example.

We believe that our HyGrid TM

System offers a cost-effective solution to potential customers, including real estate subdivisions and industrial developments.

Each HyGrid TM

System will cost approximately $2,500,000 for us to construct on behalf of a customer at the customer’s location – we would

retain ownership of each HyGrid TM System.

Once completed, we will enter into a power purchase agreement with the customer,

by which we will generate revenue.

Compact Hydrogen Refueling

Our Compact Hydrogen Refueling Station (CHRS) product offers a cost-effective solution for rapidly deploying hydrogen

production in the 50 KG to 200 KG per day range.

It has a dispensing system that can be adapted for vehicles (trucks, buses, etc.), warehouse

equipment (forklifts), or other fuel cell applications, including power generation.

HCC (Hydrogen Carbon Cleaner):

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

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

as more fuel cell vehicles come on the road.

Current solutions are expensive, require a long permitting and installation process, and

consistently face outages.

Our Compact Hydrogen Refueling System (“ CHRS ”) seeks to solve these problems and address

market demand.

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,

as well as in the production of chemicals and materials.

We also develop energy systems that complement the zero-emissions infrastructure,

reduce harmful emissions such as black carbon and other greenhouse gasses, and cut maintenance costs of commercial diesel fleets.

designs and integrates components from leading industry partners in order to transition fossil fuels to cleaner burning alternatives which

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

Revenues from the sales of units is not guaranteed

and, as stated in Note 4 to our audited financial statements, at October 31, 2024, we had a deficit of $44,313,460 and have not been able

to generate sufficient cash from operating activities to fund our ongoing operations and we will be required to raise additional funds

through public or private financing or other arrangements until we are able to raise revenues to a point of positive cash flow.

The CHRS System has a dispensing system that can be adapted for vehicles (trucks, buses,

etc.), warehouse equipment (forklifts) or other fuel cell applications, including power generation.

The need for hydrogen refueling stations

is growing as more fuel cell vehicles come on the road.

Current solutions are expensive, require a long permitting and installation process

and consistently face outages.

Our CHRS System, each of which is to be sold at a price of $375,000, seeks to solve these problems and

address market demand.

We are marketing this product to customers for delivery to customers in the first quarter of 2026.

Scalable Hydrogen Energy

Our 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.

Our SHEP System is capable of producing hydrogen

at rates from 100 Kilograms per day to over 2,000 kilograms per day for use in commercial applications such as fuel for transportation,

power generation, and industrial processes, as well as in the production of chemicals and materials.

We are currently developing a containerized

version of the SHEP system.

Hydrogen Carbon Cleaner .

Our Hydrogen Carbon Cleaner (HCC) is a device used to clean carbon deposits from internal combustion engines.

After demonstrating the

technology with our prototype to prospective customers, any resulting orders for an HCC device would be delivered within 60 days.

Hydrogen Production Facility .

The Company plans to develop a hydrogen production facility designed to produce up to 1,000 kilograms of hydrogen per day.

is intended to be located at a leased industrial site in Katy, Texas, which is subject to completion of landlord construction and build-out.

As of October 31, 2025, the Company had not commenced occupancy of the facility, and hydrogen production activities had not begun.

During 2025, the Company obtained

approximately $250,000 needed to complete this project.

Following a brief pre-start-up interruption in September 2025, the Company has

continued pre-operational activities and currently expects the facility to commence full-scale commercial production of hydrogen in early

Based on current assumptions, the Company estimates revenues of approximately $2,555,000 over the next 12 months [1,000 kg of hydrogen

produced per day without interruption multiplied by an expected average sale price of $7.00 per kg would yield daily revenues of approximately

$7,000 in daily revenues multiplied by 365 days yields a total revenues of approximately $2,555,000 in revenues].

The Company has also identified

a second location for hydrogen production in Lancaster, California;

no prediction as to if and when we will be able to construct such

facility, due to our lack of capital.

There is no assurance that we will be able to obtain such needed capital.

Hydrogen Refueling

The market for hydrogen refueling stations is currently

in a state of growth, as the use of hydrogen fuel cell electric vehicles (“ FCEVs ”) is becoming more popular.

private companies, and research institutions around the world are investing in the development of hydrogen refueling infrastructure to

support the growth of the FCEV market.

Currently, most hydrogen refueling stations are located

in California, Germany, Japan, and South Korea.

These countries have actively invested in developing hydrogen infrastructure and, as a

result, have a larger number of stations available.

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.

[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

is still relatively small compared to other alternative fuels, such as electric charging stations.

The high cost of building and maintaining

hydrogen stations, lack of economies of scale, and lack of hydrogen production facilities, have hindered the market’s growth.

Despite these challenges, the market for hydrogen

refueling stations is expected to grow in the future as the number of FCEVs on the road increases and more countries begin to invest in

the development of hydrogen infrastructure.

The market for hydrogen refueling

stations is currently in a state of growth, as the use of hydrogen fuel cell electric vehicles (“FCEVs”) is becoming more

Governments, private companies, and research institutions around the world are investing in the development of hydrogen refueling

infrastructure to support the growth of the FCEV market.

Currently, most hydrogen refueling

stations are located in California, Germany, Japan, and South Korea.

These countries have actively invested in developing hydrogen infrastructure

and, as a result, have a larger number of stations available.

However, the market for hydrogen

refueling stations is still relatively small compared to other alternative fuels, such as electric charging stations.

The high cost of

building and maintaining hydrogen stations, lack of economies of scale, and lack of hydrogen production facilities, have hindered the

market’s growth.

Despite these challenges, the

market for hydrogen refueling stations is expected to grow in the future as the number of FCEVs on the road increases and more countries

begin to invest in the development of hydrogen infrastructure.

Fuel Cell EV Growth

The expected growth of FCEVs is projected to be significant

in the coming years.

According to a report by MarketsandMarkets, the global fuel cell electric vehicle market size is projected to reach

1.63 million units by 2030, growing at a CAGR of 42.2% during the forecast period of 2025 to 2030.

This growth is driven by several factors, including

increasing government support and funding for the development of hydrogen infrastructure, advancements in fuel cell technology, and increasing

consumer awareness and acceptance of FCEVs.

In addition, many countries have set ambitious targets

to reduce greenhouse gas emissions, and deploying FCEVs is seen as a key measure to achieving these goals.

However, it's worth noting that the expected growth

of FCEVs is highly dependent on the success of the hydrogen economy and the availability of hydrogen fueling stations.

The growth of FCEVs

also depends on the cost of hydrogen and the competition with other technologies such as battery electric vehicles.

Overall, the growth of FCEVs is expected to be significant

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

The adoption of FCEVs is expected

to increase over time as advancements in hydrogen technology, infrastructure development, and regulatory support continue.

Growth in hydrogen

production capacity is generally correlated with increased deployment of hydrogen-powered vehicles and related applications.

Factors supporting potential growth

in FCEV adoption include increasing government support and funding for the development of hydrogen infrastructure, advancements in fuel

cell technology, and increasing consumer awareness and acceptance of FCEVs.

In addition, many countries have set ambitious targets to

reduce greenhouse gas emissions, and deploying FCEVs is seen as a key measure to achieving these goals.

However, the pace and scale of

FCEV adoption is highly dependent on the success of the hydrogen economy and the availability of hydrogen fueling stations.

of FCEVs also depends on the cost of hydrogen and the competition with other technologies such as battery electric vehicles.

Overall, the growth of FCEVs is

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

Current Problems

There are several common problems associated with

current hydrogen refueling stations:

There are several common problems

associated with current hydrogen refueling stations:

Building and maintaining hydrogen refueling stations can be expensive, and the high cost can be a barrier to the widespread deployment of the technology.

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The small number of hydrogen stations and vehicles currently in operation makes it difficult to achieve economies of scale and reduce costs.

Overall, current hydrogen refueling stations face

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

Overall, current hydrogen refueling

stations face several challenges, but with ongoing research and development, we believe these issues can be addressed and overcome in

Our Unique Solutions

Compact and Modular .

Our CHRS delivers modular, compact green hydrogen

refueling stations and could have significant value in the growing hydrogen FCEV market.

These types of stations are designed to be compact,

easy to install, and highly efficient, which can help to reduce the cost of building and maintaining the typical hydrogen refueling stations.

One of the main advantages of CHRS is that they can

be quickly and easily deployed in various locations, such as urban areas, parking garages, residential locations, along highway corridors,

even at a consumer's home.

They can be quickly located with a smartphone app, and once located, the hydrogen availability can be determined

and the hours of operation of the station.

Because of the way the current infrastructure is set up, including the lack of hydrogen production

on-site, it is often impossible for a customer to know if they will even be able to get fuel or not until they actually arrive at one

of the extremely limited refueling locations.

The CHRS system will increase the availability of hydrogen fueling options for FCEV owners,

making it easier for them to refuel their vehicles and for manufacturers to sell their hydrogen vehicles because of the availability of

hundreds of fueling stations.

Additionally, these types of stations can be powered

by renewable energy sources, such as solar or wind power, which can reduce their environmental impact and help to promote the use of green

Another advantage of these stations is that they can

be easily expanded as the demand for hydrogen fuel increases.

This can help to ensure that there is always enough hydrogen available to

meet the needs of FCEV owners.

Overall, a product that delivers modular, compact

green hydrogen refueling stations can be a disruptive factor and help to spur the growth of the FCEV market, by making it more convenient,

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

Scalable Hydrogen Energy Platform (SHEP)

Unlike traditional large-scale hydrogen production

plants, our plants are smaller, low-cost, and quicker to permit, install, and scale.

One of the key benefits of our approach is the use

of low-cost, PGM-free electrolysis technology.

This technology eliminates the need for expensive and rare platinum group metals, making

green hydrogen production more sustainable and cost-effective.

This is particularly important in today's market, where the price of these

metals has been increasing, making traditional hydrogen production more expensive.

Another benefit of our approach is the ability to

scale green hydrogen production quickly.

Our plants are designed to be quickly installed and operational, allowing them to respond quickly

to changes in market demand.

This is important as the green hydrogen market is rapidly growing, and companies need a reliable source of

clean energy to meet this demand.

In addition, our approach is more environmentally

friendly than traditional hydrogen production methods.

We use renewable energy sources such as wind and solar power to produce green hydrogen,

reducing the carbon footprint of hydrogen production.

This is becoming increasingly important as more companies seek to adopt clean energy

solutions and reduce their environmental impact.

We also have a robust supply chain, sourcing high-quality

equipment from trusted suppliers.

This ensures that our plants are reliable and efficient, reducing the risk of production disruptions

and increasing the overall value of our services to customers.

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.

Our CHRS delivers modular, compact green hydrogen refueling stations and could have significant value in the growing hydrogen FCEV market.

These types of stations are designed to be compact, easy to install, and highly efficient, which can help to reduce the cost of building

and maintaining the typical hydrogen refueling stations.

One of the main advantages of

CHRS is that they can be quickly and easily deployed in various locations, such as urban areas, parking garages, residential locations,

along highway corridors, even at a consumer's home.

They can be quickly located with a smartphone app, and once located, the hydrogen

availability can be determined and the hours of operation of the station.

Because of the way the current infrastructure is set up, including

the lack of hydrogen production on-site, it is often impossible for a customer to know if they will even be able to get fuel or not until

they actually arrive at one of the extremely limited refueling locations.

The CHRS system will increase the availability of hydrogen fueling

options for FCEV owners, making it easier for them to refuel their vehicles and for manufacturers to sell their hydrogen vehicles because

of the availability of hundreds of fueling stations.

Additionally, these types of stations

can be powered by renewable energy sources, such as solar or wind power, which can reduce their environmental impact and help to promote

the use of green hydrogen as a fuel.

Another advantage of these stations

is that they can be easily expanded as the demand for hydrogen fuel increases.

This can help to ensure that there is always enough hydrogen

available to meet the needs of FCEV owners.

Overall, a product that delivers

modular, compact green hydrogen refueling stations can be a disruptive factor and help to spur the growth of the FCEV market, by making

it more convenient, affordable, and environmentally friendly for FCEV owners to refuel their vehicles, and it can help to support the

growth of the hydrogen economy.

Scalable Hydrogen Energy

Platform (SHEP) .

Unlike traditional large-scale hydrogen production plants, our plants are smaller, more cost-effective, and quicker

to permit, install, and scale.

One of the key benefits of our approach is the use of low-cost, PGM-free electrolysis technology.

technology eliminates the need for expensive and rare platinum group metals, making green hydrogen production more sustainable and cost-effective.

This is particularly important in today's market, where the price of these metals has been increasing, making traditional hydrogen production

more expensive.

Another benefit of our approach

is the ability to scale green hydrogen production quickly.

Our plants are designed to be quickly installed and operational, allowing them

to respond quickly to changes in market demand.

This is important as the green hydrogen market is rapidly growing, and companies need

a reliable source of clean energy to meet this demand.

In addition, our approach is more

environmentally friendly than traditional hydrogen production methods.

We use renewable energy sources such as wind and solar power to

produce green hydrogen, reducing the carbon footprint of hydrogen production.

This is becoming increasingly important as more companies

seek to adopt clean energy solutions and reduce their environmental impact.

We also have a robust supply chain,

sourcing high-quality equipment from trusted suppliers.

This ensures that our plants are reliable and efficient, reducing the risk of

production disruptions and increasing the overall value of our services to customers.

In the case of the 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 .

We are manufacturing custom hydrogen carbon cleaning

equipment for engine service providers in the engine cleaning industry.

Hydrogen can is currently used for Internal Combustion Engine

(“ ICE ”) decarbonization and maintenance prevention market through manufacturing hydrogen carbon cleaning equipment

for engine service providers.

We, as a technology company, have been actively developing

and integrating hydrogen technologies that can effectively reduce diesel engine emissions and maintenance requirements.

By using hydrogen,

our technology can significantly reduce harmful emissions such as particulate matter, nitrogen oxides, and carbon dioxide, while also

improving engine performance and extending engine life.

We are manufacturing custom hydrogen carbon cleaning equipment for engine service providers in the engine cleaning industry.

is currently used for Internal Combustion Engine (“ICE”) decarbonization and maintenance prevention market through manufacturing

hydrogen carbon cleaning equipment for engine service providers.

We have been actively

developing and integrating hydrogen technologies that can effectively reduce diesel engine emissions and maintenance requirements.

By using hydrogen for cleaning existing engines, our technology can significantly reduce harmful emissions such as particulate

matter, nitrogen oxides, and carbon dioxide, while also improving engine performance and extending engine life.

Corporate Growth Strategy

Our growth strategy focuses on expanding our product

offerings and target markets.

This will be achieved through ongoing research and development to identify new opportunities, as well as

strategic partnerships and collaborations with key players in our target markets.

We will target our products to businesses and communities

that are looking to decarbonize.

Our sales and marketing strategies will focus on building relationships with key players in our target

markets, such as current users of industrial hydrogen, the emerging hydrogen refueling market, hydrogen vehicle manufacturers, engine

service providers and diesel fleet operators.

Our growth strategy focuses on

monetizing our current products, as well as expanding our product offerings and target markets.

This will be achieved through ongoing

research and development to identify new opportunities, as well as strategic partnerships and collaborations with key players in our target

We will target our products to

businesses and communities that are looking to decarbonize.

Our sales and marketing strategies will focus on building relationships with

key players in our target markets, such as current users of industrial hydrogen, the emerging hydrogen refueling market, hydrogen vehicle

manufacturers, engine service providers and diesel fleet operators.

Market Competition

The market is currently dominated by industrial gas

producers using Steam Methane Reforming (“ SMR ”) which use carbon-based feedstock as the energy input for the hydrogen

The result of these methods results in gray and black (residual carbon footprint.

hydrogen production.

The hydrogen production market

is currently dominated by industrial gas producers using Steam Methane Reforming (“SMR”) which use carbon-based feedstock

as the energy input for the hydrogen production.

The result of these methods results in gray and black hydrogen, both of which carry a

significant residual carbon footprint.

Our Competition

Major competitors in the traditional hydrogen production

market are represented by the following companies:

Major competitors in the traditional

hydrogen production market are represented by the following companies:

Air Products and Chemicals

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Advanced Gas Technologies

These and other current hydrogen producers will require

significant investment in infrastructure for carbon capture technologies to meet the emerging requirements for clean energy generation.

We are focused on the production of green hydrogen,

using renewable energy as the input power to produce green hydrogen with no carbon footprint.

We are an innovator in this emergent marketplace.

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 team up or competes with

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

These and other current hydrogen

producers will require significant investment in infrastructure for carbon capture technologies to meet the emerging requirements for

clean energy generation.

We are focused on the production

of green hydrogen, using renewable energy as the input power to produce green hydrogen with a lower carbon footprint.

We are an innovator

in this emergent marketplace.

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 team

up or compete with these green hydrogen companies, depending on the specific market opportunity.

Our Competitive Strengths

1 unchanged sentence

Focus on Low-Cost Technologies :

integrating proven low-cost technologies sets us apart from competitors, as it allows us to offer our products at a more affordable price

Comprehensive Portfolio of Products :

a wide range of products including hydrogen cleaning equipment for engine service providers, hydrogen delivery systems for diesel engines,

and green hydrogen production systems for various markets.

This comprehensive portfolio of products sets us apart from competitors that

focus on a limited range of products.

Our focus on integrating proven low-cost technologies sets us apart from competitors, as it allows us to offer our products at a more

affordable price point.

Comprehensive Portfolio

of Products :

We offer a wide range of products including hydrogen cleaning equipment for engine service providers, hydrogen delivery

systems for diesel engines, and green hydrogen production systems for various markets.

This comprehensive portfolio of products sets us

apart from competitors that focus on a limited range of products.

Strong Technical Expertise :

We have a strong

team of technical experts with extensive knowledge and experience in the hydrogen technology and engineering industries.

This expertise

gives us a competitive advantage in developing and offering high-quality products that meet customer demands.

We have a strong team of technical experts with extensive knowledge and experience in the hydrogen technology and engineering industries.

This expertise gives us a competitive advantage in developing and offering high-quality products that meet customer demands.

Strong Partnerships :

We have established partnerships

with key players in the hydrogen technology and engineering industries, which enhances our ability to secure new customers and expand

our reach in the market.

We have established partnerships with key players in the hydrogen technology and engineering industries, which enhances our ability to

secure new customers and expand our reach in the market.

Innovative Solutions :

Our focus on innovation

and continuous improvement sets us apart from our competitors, as we are constantly developing new and improved products and solutions

to meet the changing needs of our customers.

Our focus on innovation and continuous improvement sets us apart from our competitors, as we are constantly developing new and improved

products and solutions to meet the changing needs of our customers.

Commitment to Sustainability :

We are committed

to promoting sustainability and reducing carbon emissions, which aligns with the growing demand for green hydrogen products and services.

We are committed to promoting sustainability and reducing carbon emissions, which aligns with the growing demand for green hydrogen products

and services.

Current Market

According to a report by MarketsandMarkets, the global

growth for hydrogen consumption is projected to grow from $11.6B in 2022 to $90B in 2030, growing by a 55% CAGR.

We are focused on developing

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

Environmental

Our operations do not pose an environmental risk,

and we have no past environmental violations.

We also do not require special environmental permits to conduct our business activities.

We follow standard policies and procedures for environmental

compliance and risk management.

We prioritize environmental sustainability and we continuously strive to improve our environmental performance.

We recognize that emerging climate change and other

environmental issues present potential risks to any business.

However, these risks only underscore the need for our products and services.

As we continue to grow and expand our business, we will remain vigilant in identifying and addressing potential environmental risks.

want to highlight that our supply chains are diverse and well-shielded, reducing the potential environmental risks associated with our

business operations.

The global market for hydrogen

consumption is expected to grow over time as governments, utilities, and industrial users pursue decarbonization initiatives and alternative

energy solutions.

The Company is focused on developing and deploying small- to medium-scale green hydrogen production, storage, and dispensing

systems intended to support anticipated demand for hydrogen-based energy applications.

We operate out of an approximately

5,000 square foot facility in Murrieta, California, which management believes is sufficient to meet its current operational needs.

In addition, the Company has entered

into a lease agreement for an approximately 25,000 square foot industrial facility located in Katy, Texas.

The leased facility is intended

to support future hydrogen production operations.

The commencement of the lease and the Company’s occupancy of the facility are

subject to completion of landlord construction and build-out.

As of October 31, 2025, construction had not been completed, the Company

had not taken possession of the facility, and no operations had commenced at the location.

As of October 31, 2025, we had two full-time

employees, our two executive officers, and no part-time employees.

Environmental Consideration

Our operations post a limited

environmental risk, and we have no past environmental violations.

We also do not require special environmental permits to conduct our

business activities.

We follow standard policies and

procedures for environmental compliance and risk management.

We prioritize environmental sustainability and we continuously strive to

improve our environmental performance.

We recognize that emerging climate

change and other environmental issues present potential risks to any business.

However, these risks only underscore the need for our products

and services.

As we continue to grow and expand our business, we will remain vigilant in identifying and addressing potential environmental

We want to highlight that our supply chains are diverse and well-shielded, reducing the potential environmental risks associated

with our business operations.

We work closely with our suppliers to ensure their environmental practices align with our standards.

We continuously

monitor and evaluate our supply chains to identify potential environmental risks.

We will follow standard procedures for any environmental

insurance coverage or other risk management strategies that we have in place.

We are committed to protecting the environment and ensuring

our business operations are conducted environmentally.

continuously monitor and evaluate our supply chains to identify potential environmental risks.

We will follow standard procedures

for any environmental insurance coverage or other risk management strategies that we have in place.

We are committed to protecting the

environment and ensuring our business operations are conducted in an environmentally conscious manner.

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