What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2025-09-22 compared with 2025-06-23 · 141 added, 135 removed, 147 unchanged (65% of the section changed)

22 unchanged sentences

Results of Operations

For the three months ended April 30, 2025 and

For the three months ended April 30, 2025 and 2024, the Company

recognized revenue of $43,708 and $0, respectively.

Revenue in the current period was generated from the facilitation of the delivery

of hydrogen equipment and related integration support.

The Company concluded that it acted as an agent with respect to the equipment component

of the arrangement, as it did not take control of the goods and the third-party supplier shipped directly to the customer.

revenue was recognized on a net basis, limited to the Company’s retained margin.

For the three months ended July 31, 2025 and

2024, the Company recognized revenue of $0 and $4,241, respectively.

Revenue in the prior year was generated from hydrogen engineering

services and combustion solutions.

Cost of Goods Sold

Cost of Goods Sold consists of direct

expenses related to hydrogen engineering services and combustion solution projects, including materials, subcontracted labor, and other

project-specific implementation costs.

For the three months ended April 30, 2025 and 2024, total cost of sales was $0 and $0, respectively.

The Company acted as an agent in facilitating delivery of certain hydrogen refueling equipment during the 2025 period and did not generate

separate cost of goods sold.

For the three months ended April 30, 2025

and 2024, gross profit was $43,708 and $0, respectively.

The increase reflects revenue generated from the facilitation of the delivery

of hydrogen equipment and integration support services.

As the Company was acting as an agent with respect to the equipment delivered

by a third-party vendor, no cost of goods sold was recognized, and gross profit equaled the margin retained.

For the three months ended July 31, 2025

and 2024, total cost of sales was $0 and $3,688, respectively.

The cost of goods sold in prior year consisted of expenses related to contract

labor associated with revenue generation.

For the three months ended July 31, 2025 and 2024, gross profit

was $0 and $553, respectively.

The decrease from the prior year reflects the absence of revenue-generating activities in the current quarter.

Operating Expenses

General and administrative expenses were $421,940

for the three months ended April 30, 2025, compared to $526,635 during the same period in 2024, a decrease of $212,312.

was due to reduced professional fees, lower consultant costs, and a general reduction in administrative overhead.

for the three months ended July 31, 2025, compared to $430,693 during the same period in 2024, a decrease of $8,751.

The current period

included $241,380 of stock-based compensation expense.

No stock-based compensation was recorded during the same period in 2024.

stock-based compensation, general and administrative expenses decreased by $250,133, primarily due to reduced professional fees, lower

consultant costs, and a general reduction in administrative overhead.

Depreciation and amortization expense increased by $17,815, totaling

$57,539 for the three months ended April 30, 2025, compared to $42,631 for the three months ended April 30, 2024, due to depreciation

associated with additional property and equipment acquired during the period.

and marketing expenses were $14,810 for the three months ended April 30, 2025, compared to $0 for the same period in 2024.

reflects expanded outreach efforts supporting the Company’s hydrogen engineering and combustion solutions.

$66,742 for the three months ended July 31, 2025, compared to $48,927 for the three months ended July 31, 2024, due to depreciation associated

with additional property and equipment acquired during recent prior periods.

and marketing expenses were $2,610 for the three months ended July 31, 2025, compared to $9,593 for the same period in 2024.

was due to reduced outreach activities compared to the prior year, which had higher spending to support the Company’s hydrogen engineering

and combustion solutions.

Other Income (Expenses)

Other expenses increased from $1,589 for the three

months ended April 30, 2024 to $127,102 for the period ended April 30, 2025, the increase primarily related to $14,985 loss on fair value

of convertible note related to the issuance of a convertible note in exchange for legal services and $105,190 loss on the write-off of

intangible asset as a result of an out-of-period adjustment due to the incorrect capitalization of costs associated with developed intellectual

Net loss for the three months ended April 30, 2025,

Other expenses decreased from $6,924 for the three

months ended July 31, 2024 to $6,718 for the period ended July 31, 2025.

Net loss for the three months ended July 31, 2025,

was $498,010 compared to a net loss of $495,584 during the same period in 2024.

For the six months ended April 30, 2025 and

For the six months ended April 30, 2025 and 2024, the Company recognized

revenue of $43,708 and $0, respectively.

Revenue in the current period was generated from the facilitation of delivery of hydrogen equipment

and related integration support.

The Company concluded that it acted as an agent with respect to the equipment component of the arrangement,

as it did not take control of the goods and the third-party supplier shipped directly to the customer.

As a result, revenue was recognized

on a net basis, limited to the Company’s retained margin.

For the nine months ended July 31, 2025 and

2024, the Company recognized revenue of $43,708 and $4,241, respectively.

Revenue in the current period was generated from the facilitation

of delivery of hydrogen equipment and related integration support.

The Company concluded that it acted as an agent with respect to the

equipment component of the arrangement, as it did not take control of the goods and the third-party supplier shipped directly to the customer.

As a result, revenue was recognized on a net basis, limited to the Company’s retained margin.

Revenue in the prior year was generated

from hydrogen engineering services and combustion solutions.

Cost of Goods Sold

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project-specific implementation costs.

For the six months ended April 30, 2025 and 2024, total cost of sales was $0 and $0, respectively.

For the nine months ended July 31, 2025 and 2024, total cost of sales was $0 and $3,688, respectively.

The Company acted as an agent in facilitating delivery of certain hydrogen refueling equipment during the 2025 period and did not generate

separate cost of sales.

For the six months ended April 30, 2025 and

The prior year’s cost of goods sold related to contract labor expenses associated with revenue-generating

For the nine months ended July 31, 2025 and

2024, gross profit was $43,708 and $553, respectively.

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General and administrative expenses were $6,130,926

for the six months ended April 30, 2025, compared to $990,641 during the same period in 2024, a decrease of $108,711.

The current period

included $265,502 of share-based compensation expense.

No share-based compensation was recorded during the same period in 2024.

share-based compensation, general and administrative expenses decreased by $374,213, primarily due to reduced professional fees, lower

consultant costs, and a general reduction in administrative overhead.

for the nine months ended July 31, 2025, compared to $1,421,333 during the same period in 2024, a decrease of $4,709,593.

period included $5,333,937 of stock-based compensation expense.

No stock-based compensation was recorded during the same period in 2024.

Excluding stock-based compensation, general and administrative expenses decreased by $358,842, primarily due to reduced professional fees,

lower consultant costs, and a general reduction in administrative overhead.

Depreciation and amortization expense increased by

$32,921 to $111,988 for the six months ended April 30, 2025, compared to $79,067 for the same period in 2024, reflecting depreciation

$50,736 to $178,730 for the nine months ended July 31, 2025, compared to $127,994 for the same period in 2024, reflecting depreciation

on additions to property and equipment.

Advertising and marketing expenses were $22,770 for

the six months ended April 30, 2025, compared to $0 for the same period in 2024.

The increase reflects the Company’s expanded outreach

and promotional activities supporting its hydrogen engineering and combustion solutions offerings.

the nine months ended July 31, 2025, compared to $9,593 for the same period in 2024.

The increase reflects the Company’s expanded

outreach and promotional activities supporting its hydrogen engineering and combustion solutions offerings.

Other Income (Expenses)

Other expenses increased from $8,220 for the six months

ended April 30, 2024 to $134,034 for the period ended April 30, 2025, the increase primarily related to $14,985 loss on fair value of

convertible note related to the issuance of a convertible note in exchange for legal services and $105,190 loss on the write-off of intangible

asset as a result of an out-of-period adjustment due to the incorrect capitalization of costs associated with developed intellectual property.

Net loss for the six months ended April 30, 2025,

Other expenses increased from $15,145 for the nine

months ended July 31, 2024 to $140,751 for the period ended July 31, 2025, the increase primarily related to $15,000 loss on fair value

of convertible note related to the issuance of a convertible note in exchange for legal services and $105,190 loss on the write-off of

intangible asset as a result of an out-of-period adjustment due to the incorrect capitalization of costs associated with developed intellectual

Net loss for the nine months ended July 31, 2025,

was $6,429,469 compared to a net loss of $1,573,512 during the same period in 2024.

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Liquidity and Capital Resources

a net loss for the three months ended April 30, 2025 of $470,066 and had an accumulated deficit of $45,430,730 at April 30, 2025.

a net loss for the three months ended July 31, 2025 of $498,010 and had an accumulated deficit of $51,864,163 at July 31, 2025.

31, 2025, we had a cash balance of $31,984, compared to a cash balance of $20,255 at October 31, 2024.

At April 30, 2025, the working

capital deficit was $2,627,780, compared to a working capital deficit of $1,969,965 at October 31, 2024.

Our existing and available capital

resources are not expected to be sufficient to satisfy our funding requirements through one year from the date of this filing in the absence

of share issuances or other sources of financing.

At July 31, 2025, the working capital

deficit was $2,424,655, compared to a working capital deficit of $1,969,965 at October 31, 2024.

Our existing and available capital resources

are not expected to be sufficient to satisfy our funding requirements through one year from the date of this filing in the absence of

share issuances or other sources of financing.

been able to generate sufficient cash from operating activities to fund our ongoing operations.

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and the results of operations.

For the Six Months Ended April 30, 2025 and 2024

For the Nine months Ended July 31, 2025 and 2024

The following table summarizes our cash flows for

the periods indicated below:

For the Six Months Ended April 30,

For the Nine months Ended July 31,

Cash Used in Operating Activities

$ (1,382,728 )

Cash Provided by Financing Activities

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Cash Used in Operating Activities

the six months ended April 30, 2025, cash used in operating activities amounted to $(671,197), primarily reflecting our net loss of $(1,104,404).

This impact was partially offset by non-cash items, including depreciation and amortization of $111,988, $105,190 loss on write-off of

an intangible asset, and $59,985 related to a convertible note issued for legal services, including $45,000 recognized as legal expense

and a $14,985 fair value adjustment.

Changes in working capital included a decrease in accounts payable of $(106,116) and a decrease in

accrued payroll of $(8,881), partially offset by a $13,864 increase in accrued interest payable.

During the six months ended April 30, 2024, cash

used in operating activities totaled $(953,923), primarily reflecting our net loss of $(1,077,928).

This was offset by non-cash

charges such as depreciation and amortization amounting to $79,067.

Additionally, there was a decrease in due from related party of

$56,392 and an increase in accrued interest payable of $13,712 and a decrease in payroll taxes of $14,802, contributing to the

overall cash movements during the period.

During the nine

months ended July 31, 2025, cash used in operating activities amounted to $(877,827), primarily reflecting our net loss of $(6,429,469).

This impact was largely offset by non-cash items, primarily $5,333,937 in stock-based compensation, along with depreciation and amortization

of $178,730, a $105,190 loss on write-off of an intangible asset, and $60,000 related to a convertible note issued for legal services,

including $45,000 recognized as legal expense and a $15,000 fair value adjustment.

Changes in working capital included a decrease in accounts

payable of $(129,137) and a decrease in accrued payroll of $(17,762), partially offset by a $20,569 increase in accrued interest payable.

During the nine months ended July 31, 2024, cash used

in operating activities totaled $(1,382,728), primarily reflecting our net loss of $(1,573,512).

This was offset by non-cash charges such

as depreciation and amortization amounting to $127,994.

Additionally, there was a decrease in due from related party of $56,392 and an

increase in accrued interest payable of $20,643 and a decrease in payroll taxes of $14,802, contributing to the overall cash movements

during the period.

Cash provided by Financing Activities

During the six months

ended April 30, 2025, cash provided by financing activities was $901,500, which consisted of net proceeds from related party

advances of $359,000 and proceeds from the sale of common stock of $542,500.

During the six months ended April 30, 2024, cash provided

During the nine months ended July 31, 2025, cash provided

by financing activities was $1,067,500, which consisted of net proceeds from related party advances of $131,000 and proceeds from the

sale of common stock of $936,500.

During the nine months ended July 31, 2024, cash provided

by financing activities was $1,592,612, which consisted of proceeds from related party advances of $800,585, $706,429 from the sale of

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Cash Used in Investing Activities

During the six month ended April

30, 2025, cash used in investing activities was $(177,943), which consisted of the purchase of property.

During the six months ended April 30, 2024, cash used

During the nine months ended July 31, 2025, cash used

in investing activities was $(177,944), which consisted of the purchase of property.

During the nine months ended July 31, 2024, cash used

in investing activities was $(366,126), which consisted of the purchase of property and equipment and purchase long-term assets.

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in the normal course of business.

During the six months ended April 30, 2025, the Company incurred a net loss of $1,104,404 and used cash

in operating activities of $671,197, and on April 30, 2025, had stockholders’ deficit of $1,693,793.

During the nine months ended July 31, 2025, the Company incurred a net loss of $6,429,469 and used cash

in operating activities of $877,827, and on July 31, 2025, had stockholders’ deficit of $1,556,423.

These factors, among others,

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Critical Accounting Policies

Our discussion and analysis of results of operations

and financial condition are based upon our condensed financial statements, which have been prepared in accordance with accounting principles

generally accepted in the United States of America.

The preparation of these condensed financial statements requires us to make estimates

and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets

and liabilities.

We evaluate our estimates on an ongoing basis, including those related to provisions for uncollectible accounts receivable,

inventories, valuation of intangible assets and contingencies and litigation.

We base our estimates on historical experience and on various

other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments

about the carrying values of assets and liabilities that are not readily apparent from other sources.

Actual results may differ from these

estimates under different assumptions or conditions.

Our discussion and analysis of results of

operations and financial condition are based upon our condensed financial statements, which have been prepared in accordance with

accounting principles generally accepted in the United States of America.

The preparation of these condensed financial statements

requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and

related disclosure of contingent assets and liabilities.

We evaluate our estimates on an ongoing basis, including those related to

provisions for uncollectible accounts receivable, inventories, valuation of intangible assets and contingencies and litigation.

base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the

circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are

not readily apparent from other sources.

Actual results may differ from these estimates under different assumptions or

Stock Based-Compensation

The Company accounts for stock-based

compensation in accordance with Accounting Standards Codification (“ASC”) 718 Compensation - Stock Compensation

ASC 718 requires that the cost of equity instrument awards, issued in exchange for services, including

those issued to employees and predominantly to consultants, be measured at the grant-date fair value.

The Company does not adhere to

a formal stock-based compensation plan;

rather, it issues stock awards on a discretionary basis as part of compensation agreements

with selected employees and consultants.

Compensation for stock-based awards is recognized as a non-cash expense on the statement of

The expense associated with these awards is recorded based on the fair value on the date of grant, as determined using a

pricing model commensurate with the terms of the award.

This cost is recognized over the period during which the award recipient is

required to perform services, typically known as the vesting period.

The total compensation cost related to vested stock-based

awards is recognized after adjusting for estimated forfeitures at the time of vesting.

The expense related to stock-based

compensation is included within the same income statement lines as cash compensation for the consultants and employees who receive

the awards, currently included in general and administrative expenses on the statement of operations as the Company does not

allocate compensation costs to Costs of Goods Sold.

As of the report date, the Company has not established any plans to issue

dividends on stock-based awards.

Any tax benefits arising from deductions for these awards are recorded in additional paid-in

capital, provided they exceed the cumulative compensation cost recognized.

The Company accounts for stock-based compensation

in accordance with Accounting Standards Codification (“ASC”) 718 Compensation - Stock Compensation (“ASC 718”).

ASC 718 requires that the cost of equity instrument awards, issued in exchange for services, including those issued to employees and predominantly

to consultants, be measured at the grant-date fair value.

The Company does not adhere to a formal stock-based compensation plan;

it issues stock awards on a discretionary basis as part of compensation agreements with selected employees and consultants.

for stock-based awards is recognized as a non-cash expense on the statement of operations.

The fair value of restricted stock grants is

determined using the closing market price on the grant date, adjusted for an appropriate discount to reflect the restrictions on transferability

and marketability of the shares.

The discount is calculated using a weighted average of comparable restricted stock transactions, which

better reflects the economic impact of larger issuances and provides a more accurate representation of fair value under ASC 718.

associated with these awards is recorded based on the fair value on the date of grant, as determined using a pricing model commensurate

with the terms of the award.

This cost is recognized over the period during which the award recipient is required to perform services,

typically known as the vesting period.

The total compensation cost related to vested stock-based awards is recognized after adjusting

for estimated forfeitures at the time of vesting.

The expense related to stock-based compensation is included within the same income statement

lines as cash compensation for the consultants and employees who receive the awards, currently included in general and administrative

expenses on the statement of operations as the Company does not allocate compensation costs to Costs of Goods Sold.

As of the report date,

the Company has not established any plans to issue dividends on stock-based awards.

Any tax benefits arising from deductions for these

awards are recorded in additional paid-in capital, provided they exceed the cumulative compensation cost recognized.

As of the report date, the Company has not established

any plans to issue dividends on stock-based awards.

Employee Benefits

During the quarter ended July 31, 2025,

the Company paid $743 in employer retirement contributions, representing 3% of semi-monthly payroll for one employee over three pay

These contributions are made in accordance with the terms of the Company’s state-mandated retirement plan for eligible

employees and are recorded as employee benefits expense in the period incurred.

Fair Value Measurement of Convertible Instruments

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a $45,000 convertible note in connection with a legal service agreement during the period that allows for a fixed dollar amount to be

settled in a a variable number of shares which requires liability classification and was measured at fair value on initial recognition.

settled in a variable number of shares which requires liability classification and was measured at fair value on initial recognition.

On the issuance date, the Company determined the fair

6 unchanged sentences

changes in fair value recognized in the statements of operations.

For the three months ended July 31, 2025, the Company recorded an additional

$15 loss in connection with the change in fair value of the convertible note.

Revenue Recognition

We recognize revenue in accordance with ASC 606, Revenue

from Contracts with Customers (“ASC 606”).

The standard’s stated core principle is that an entity should recognize

revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity

expects to be entitled in exchange for those goods or services.

To achieve this core principle, ASC 606 includes provisions within a five-step

model that includes identifying the contract with a customer, identifying the performance obligations in the contract, determining the

transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when, or as, an entity satisfies

a performance obligation.

We recognize revenue in accordance with ASC

606, Revenue from Contracts with Customers (“ASC 606”).

The standard’s stated core principle is that

an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the

consideration to which the entity expects to be entitled in exchange for those goods or services.

To achieve this core principle,

ASC 606 includes provisions within a five-step model that includes identifying the contract with a customer, identifying the

performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance

obligations, and recognizing revenue when, or as, an entity satisfies a performance obligation.

In certain arrangements where the Company facilitates

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Outstanding Share Data

As of April 30, 2025, the following securities were

As of July 31, 2025, the following securities were

Common Stock:

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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-Q

Item 2. Management’s Discussion and Analysis