What changed in this filing

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Item 1. Business

2023-03-28 compared with 2022-03-28 · 143 added, 73 removed, 146 unchanged (60% of the section changed)

Overview and Market Opportunities

KULR Technology Group, Inc., through our wholly owned subsidiary KULR Technology Corporation, develops and commercializes high-performance thermal management technologies for batteries, electronics, and other components across an array of battery-powered applications.

As the global economy becomes increasingly electrified and connected, KULR is addressing the rising demand for cooler, lighter, and safer batteries, and electronic systems.

Leveraging the company’s roots in developing breakthrough cooling solutions for NASA space missions and backed by a strong intellectual property portfolio, KULR provides customers with industry-leading battery safety technologies as well as cost-effective cooling technologies that outperform traditional solutions.

The world’s leading aerospace, electronics, energy storage, 5G infrastructure, and electric vehicle manufacturers trust KULR to solve safety, reliability, and efficiency challenges in an ethical and environmentally sustainable manner.

Active government initiatives propelled by industry and regulatory tailwinds are increasing demand for battery recycling and clean energy, resulting in an expanding total addressable market for KULR’s solutions.

KULR Technology Group, Inc., through our wholly owned subsidiary KULR Technology Corporation, develops and commercializes an energy management platform to accelerate the global transition to a sustainable electrification economy.

This energy management platform consists of high-performance thermal management technologies for batteries and electronics, AI-powered battery management and vibration mitigation software solutions, and reusable energy storage modules.

Our mission is advance and apply these technologies to make our world more sustainable by using less energy;

using energy more efficiently;

making energy consumption safer and cooler;

using less materials to achieve these goals;

and completing the circular economy through recycling.

Active government initiatives propelled by industry and regulatory tailwinds are increasing demand for energy storage, battery recycling and clean energy, resulting in an expanding total addressable market for KULR’s solutions.

According to Precedence Research, global energy storage systems market is to grow from $210B in 2021 to $435B by 3030.

Global lithium-ion battery recycling industry is to grow from $4.6B in 2021 to $22.8B by 2030, according to Market and Markets Research.

The Company’s disruptive technologies strive to fulfill an addressable $24 billion thermal management systems market (estimated based on market data projections published by Converged Markets stating that the thermal management systems market size was projected to grow from $11.1 billion in 2017 to $24.8 billion by 2025.

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The Company’s goal is to provide total battery safety solutions for more efficient battery systems, increased sustainability, and end-of-life battery management, making KULR a key technology solutions provider in the migration to a global circular economy.

KULR ONE and KULR ONE Design Solutions (K1DS)

The KULR ONE family of battery packs represent a groundbreaking innovation that is driving the world's transition to a more sustainable electrification economy.

These revolutionary designs offer a unique combination of cutting-edge features, including unparalleled safety, exceptional performance, intelligent functionality, modular construction, reliability, and customizability.

The KULR ONE battery packs have been engineered to meet the exacting demands of the world's most demanding applications.

They offer a comprehensive solution that addresses the critical need for safe and reliable energy storage in a wide range of industries, from aerospace and defense to electric vehicles and consumer electronics.

One of the key features of the KULR ONE family of battery packs is its modular design.

This allows for greater flexibility as customers can easily adjust the size and configuration of the battery pack to suit their specific application requirements.

The intelligent functionality of the KULR ONE packs also allows for real-time monitoring and optimization of battery performance, ensuring optimal efficiency and longevity.

In addition to offering exceptional performance and reliability, the KULR ONE battery packs are also designed with safety as a top priority.

They incorporate state-of-the-art thermal management technology to prevent overheating and ensure safe operation even in the most challenging environments.

Overall, the KULR ONE family of battery packs is at the forefront of the global drive towards sustainable electrification.

With its unparalleled combination of safety, performance, intelligence, modularity, reliability, and customizability, KULR ONE is positioned to revolutionize the way we think about energy storage and powering the world's most demanding applications.

K1DS offers a comprehensive approach to designing safe and reliable battery solutions for a wide range of applications.

Our services start with the quality and reliable cell supply from North American sources to ensure that our customers receive high-performing and long-lasting batteries.

To ensure the performance and safety of our batteries, we have various cell testing capabilities, including cell screening to NASA 37A.

We also conduct extensive cell testing to ensure that our batteries meet the highest standards for safety and reliability.

Our Multiphysics modeling capabilities, which include the use of GTC Suite software, enable us to optimize battery performance and minimize the risk of failure.

Our battery design services focus on designing custom solutions that meet our customers' specific needs.

We conduct rigorous testing of those battery packs to ensure reliability and safety, including systems-level testing that helps customers understand the safety and reliability of their applications.

Additionally, we provide real-time monitoring of their batteries to ensure battery health and safety in the field, minimizing the risk of failure and prolonging battery life.

In summary, KULR ONE design services offer a comprehensive approach to battery design and testing, ensuring that our customers receive high-performing and safe battery solutions that meet their unique needs.

We strive to be the go-to provider for reliable and innovative battery solutions that accelerate the global transition to a sustainable electrification economy.

KULR VIBE Solution

During 2022, we acquired intellectual property from Vibetech International, LLC (“Vibetech”), which allows KULR to expand itself as a vertically integrated energy management company focused on sustainable energy solutions.

For nearly twenty years, the

primary application has been aviation.

However, advances in measurement and computing technologies have allowed KULR VIBE to provide transformative and scalable solutions across transportation, renewable energy (wind farm), manufacturing, industrial, performance racing and autonomous aerial (drone) applications among others.

KULR VIBE addresses one of the most challenging issues with advanced machinery today;

excessive energy robbing vibrations that are destructive to both the machinery and in many cases the operator.

The KULR VIBE suite of technologies utilize proprietary sensor processes with advanced learning algorithms to both achieve precision balancing solutions, and successfully predict component failure based on its comprehensive database of vibration signatures.

Its enhanced AI learning algorithms pinpoint areas where excess vibrations cause a loss of energy that can lead to system malfunctions, weakened performance, and maintenance issues.

This innovative technology can be utilized as a standalone solution or be paired with existing track and balance technology to facilitate vibration reduction, achieve increased energy production, and reduce mechanical failures thereby extending platform life.

KULR VIBE recently balanced the motors and blades of a mission critical drone to demonstrate the benefits of the technology.

The results were a 23% increase in battery life and a lift increase of 45%.

Same motors, same blades, KULR VIBE optimized.

The KULR VIBE suite of products and services have provided vibration analysis and mitigation to global companies across multiple industries and sectors.

According to Fact.MR, an insights-driven global market intelligence company, the global vibration motor market is estimated at $6.5 billion in 2022 and is forecast to reach $24.1 billion by 2032, growing at a Compounded Annual Growth Rate (“CAGR”) of 14.1% during 2022-2032.

The Future is Energy + AI

We believe the future of KULR is Energy + AI.

We are building our AI infrastructure on industry leading Nvidia and AMD semiconductor platforms, and they are hosted on a hybrid of private cloud and Microsoft Azure.

As the world faces shortages in supply of raw materials to produce enough Li-ion batteries to power everything from EV’s to smartphones, KULR is developing a modular battery storage architecture that can be used across multiple applications with real-time monitoring by AI-powered CellCheck.

This product is to target the following markets:

Aerospace and defense systems, such as CubeSat batteries meeting JSC 20793 safety requirements by NASA

Power tools and industrial equipment

High-performance electric vehicles

Electric vertical take-off and landing (“eVOTL”)

Electric micro-mobility vehicles

Residential and commercial energy storage systems

Through our partnership with MoliCel, KULR has access to best-in-class Li-ion battery cells with high power and energy to build battery modules with the highest safety ratings.

As part of the strategic relationship, KULR has access to over 700MWh of battery energy capacity to further accelerate its production and supply chain localization initiatives within North America.

Securing this MoliCel battery cell supply accelerates our ability to provide total solutions to high value customer applications with revenue potential that could exceed $350 million annually in five years.

Energy Storage

doubled its energy storage capacity in 2021 and is expected to increase 17x by 2030, according to Wood Mackenzie.

Lithium-ion batteries are the dominant technology on the market for energy storage because of their cost and availability but do carry well documented safety risks.

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Additionally, we installed independently enclosed areas to support the machine shop, testing lab, battery lab, and Fiber Thermal Interface Material (“FTI”) manufacturing lab.

We have implemented a 5S standard for the entire facility and will seek ISO 9001 certification in June 2022.

KULR has engaged with Managed Solutions to enhance our IT infrastructure and improve all aspects of Cyber Security.

As a sub-contractor for DOD programs, it was vital that KULR have state of the art IT systems and controls.

We have implemented a 5S standard for the entire facility and received ISO 9001 certification in July 2022.

KULR opened a new facility in January 2023 at 1692 N.

Texas Avenue, Webster, TX.

This facility provides 4800 ft2 space in an industrial complex where KULR will focus on research and development related activities for lithium-ion battery systems.

This space will provide room for additional personnel office space, an engineering design and prototyping sandbox, a 3D printing room, an electrical room for tab welding operations, and a small warehouse for storage.

Once fully operational, activities will be completed to have the new location included in KULR’s existing ISO 9001 certification.

KULR TRS (Thermal Runaway Shield) Manufacturing:

KULR will be onboarding a fully automated TRS manufacturing system in our Texas facility in early Q323.

The intent of this system is to further onshore the manufacturing of TRS thereby reducing supply chain risks, costs, and improve LT performance for our customers.

This is another example of KULR nearshoring/onshoring our manufacturing of products to gain further direct control of manufacturing.

By developing automated systems, we are capable of being very competitive, and in certain cases, more competitive than offshore manufacturing we considering total cost of ownership.

KULR has engaged with Managed Solutions to enhance our IT infrastructure and improve all aspects of Cybersecurity.

As a sub-contractor for DOD programs, it is vital that KULR have state of the art IT systems and controls.

We believe the best path based on the current scale of the company is to outsource this activity to a professional IT services organization.

The result of this activity was an improvement of our NIST score of over 140 points.

We have not yet achieved profitability and expect to continue to incur cash outflows from operations, as a result, we will eventually need to generate significant revenues to achieve profitability.

Until that time we shall have to continue to use cash reserves or raise additional cash through equity or debt financings.

Additionally, KULR has further increased its Cybersecurity initiatives by hiring FRSecure to act as a VCISO and provide continuous cyber threat training to our personnel.

They also will audit our current level of threat sophistication and ensure any weak link is addressed immediately.

KULR was incorporated in the State of Delaware in December 2015 and was formerly known as “KT High-Tech Marketing, Inc.” and, prior to that, as “Grant Hill Acquisition Corporation.” In April 2016, KULR implemented a change of control by issuing shares to new shareholders, redeeming shares of existing shareholders, electing new officers and directors and accepting the resignations of its then existing officers and directors.

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Recent Developments

In March 2020, the World Health Organization declared COVID-19, a novel strain coronavirus, a pandemic.

During 2020 and continuing into 2022, the global economy has been, and continues to be, affected by COVID-19.

While the Company continues to see signs of economic recovery as certain governments begin to gradually ease restrictions, provide economic stimulus and accelerate vaccine distribution, the rate of recovery on a global basis has been affected by resurgence of the virus or its variants in certain jurisdictions.

The Company continues to monitor the impact of COVID-19 on its business and operational assumptions and estimates and has determined there were no material adverse impacts on the Company’s results of operations and financial position at December 31, 2021, although the full extent of the future impact of COVID-19 on the Company’s operations and financial condition remains uncertain.

In December 2019, an outbreak of a novel strain of coronavirus, COVID-19, was identified in Wuhan, China.

Since then, COVID-19 has spread across the globe, including the U.S., and other countries in which the Company or its affiliates operate, and was recognized as a pandemic by the World Health Organization.

The COVID-19 pandemic resulted in a sharp contraction in many areas of the global economy and increased volatility and uncertainty in the capital markets.

In response to the pandemic, the governments of many countries, provinces, states, municipalities, and other geographic regions took preventative or protective actions, including closures of certain businesses, mandatory quarantines, limits on individuals’ time outside of their homes, travel restrictions and social distancing or other preventative measures.

Such measures have been eased or lifted in varying degrees by different governments of various countries, states and municipalities since implementation in 2020, but the continued spread of COVID-19 and increased infection rates has caused, and may continue to cause, some jurisdictions to roll back reopening plans that had been underway and re-impose quarantines, border closures, closure of certain businesses and stay-at-home orders.

The COVID-19 pandemic continues to impact the global economy and, specifically, the U.S., and the other countries in which the Company or its affiliates operate.

We continue to closely monitor and respond, where possible, to the ongoing COVID-19 pandemic.

As the global situation continues to change rapidly, ensuring the health and safety of our employees remains one of our top priorities.

In the U.S., numerous states have continued to remove their COVID-19 related restrictions.

This has resulted in the re-opening of, and increased occupancy capacities in, retail outlets, including those that sell our products.

Any reinstatement of restrictions on the operations of retail outlets could negatively impact our short-term results of operations in the U.S.

Additionally, in the U.S., there have been a number of supply chain challenges, such as container ships facing delays due to congestion in ports, impacting many industries, including the industries in which we operate.

For example, during the quarterly period ended March 31, 2022, we experienced significant impact to our business due to the COVID-19 lockdown in Shanghai, China, during which time inventory in excess of $325,000 could not be shipped.

The product was shipped, and revenue was recognized during the subsequent quarter.

COVID-related challenges have resulted in delays in product shipment, not cancellations.

As restrictions have eased in recent months, we expect to make up for lost time and revenue as we move through our sizeable inventory.

We are currently taking active steps to direct our production and supply chain activities to North America to geographically diversify and potentially reduce further COVID-19 impacts.

Although we have not yet seen a significant impact from supply chain disruptions, we continue to monitor our supply chain closely.

Collectively, the effects of the COVID-19 pandemic have adversely affected our results of operations and, if the effects continue unabated, could continue to do so as long as measures to combat the COVID-19 pandemic remain in effect or supply chains continue to be challenged.

At this time, neither the duration nor scope of the disruption can be predicted;

therefore, the ultimate impact to our business cannot be reasonably estimated, but such impact could materially adversely affect our business, financial condition and results of operations.

Despite the impacts of the COVID-19 pandemic, we believe that our significant cash on hand and short-term investments will be adequate to meet liquidity and capital requirements for at least the next twelve months.

Appointment of Officers and Management

On March 8, 2021, our Board of Directors (the “Board”) appointed Keith Cochran as President and Chief Operating Officer of the Company, to hold office until the earlier of the expiration of the term of office, a successor is duly elected and qualified, or the earlier of such officer’s death, resignation, disqualification, or removal.

As compensation for his services as President and Chief Operating Officer of the Company, Mr.

Cochran will receive:

(1) a salary of $250,000 per annum and commensurate benefits;

(2) 2,000,000 restricted shares of the Company’s common stock, which shares shall vest, so long as Mr.

Cochran remains employed by the Company, in four (4) equal yearly installments, with the first installment amount to vest on March 1, 2022 and annually thereafter;

and (3) eligibility, also subject to Mr.

Cochran’s continued employment with the Company, for incentive based grants of up to 1,500,000 shares, which shall be earned upon the Company achieving certain market capitalization milestones.

In addition, during 2021, we hired Antonio Martinez as our new Vice President of Operations on April 19, 2021 and Greg Provenzano as our new Vice President of Sales and Marketing on June 10, 2021.

Appointment and Resignation of Independent Directors

Effective June 7, 2021, in connection with our uplisting to the NYSE American exchange, Morio Kurosaki, Joanna D.

Massey and Stayce D.

Harris were appointed as directors to our Board of Directors.

In connection with their appointments, each of Mr.

Kurosaki, Dr.

Massey and Ms.

Harris were granted compensation equal to (1) $10,000 per quarter;

(2) 20,000 shares of the Company’s restricted common stock, vesting in equal 5,000 share increments per quarter, with the first quarterly vest on September 7, 2021, subject to the respective director’s continued services to the Company;

(3) $5,000 per year ($10,000 for respective chairpersons), beginning on June 7, 2021, for each directors’ positions on each of the Compensation Committee and Nominating and Corporate Governance Committee of the Board;

(4) $8,000 per year ($17,000 for the chairperson), beginning on June 7, 2021, for each directors’ position on the Audit Committee of the Board;

and (5) customary per diems and/or expense reimbursements for attending meetings of the Board.

Effective as of December 13, 2021, Ms.

Harris resigned as an independent member of the Board.

Conversion of Series B Preferred Stock

During the year ended December 31, 2021, KULR issued an aggregate of 698,600 shares of our common stock upon conversion of 13,972 shares of our Series B Preferred Stock, after which there remained no further Series B Preferred Stock outstanding.

Series D Preferred Stock

On May 20, 2021, we sold an aggregate of 650 shares of Series D Preferred pursuant to a new designation of preferred stock, and one-year warrants to purchase 2,600,000 shares of common stock at a price of $2.50 per share, for aggregate gross proceeds of $6,500,000.

The Series D Preferred shares were convertible into an aggregate of 3,170,732 shares of common stock at a fixed conversion price of $2.05 and had the right to vote on an as-converted basis.

We also paid the investor a commitment fee of 1,300,000 shares of common stock in connection with the sale of the Series D Preferred.

Notes payable obligations in the aggregate amount of $1,540,000, were paid in full upon the closing of the sale of the Series D Preferred.

On June 17, 2021, we issued an aggregate of 3,170,730 shares of our common stock upon conversion of 650 shares of our Series D Preferred Stock, after which no Series D Preferred shares remained outstanding.

Operating Lease

On April 5, 2021, we entered into an agreement to lease office space for a thirty-six-month period, commencing June 1, 2021 with the option to renew for an additional 5 years.

Monthly rental payments under the new lease total $23,787, which are comprised of $18,518 of base rent plus $5,269 for common area costs, with annual escalation of 3.5%.

Exercise of Warrants

During the year ended December 31, 2021, we issued 6,793,358 shares of common stock upon the exercise of warrants for proceeds of $11,719,204.

NYSE American Exchange Listing

On June 7, 2021, the Company’s common stock was up listed and now trades on the NYSE American Exchange.

Appointment of Chief Technology Officer

On November 1, 2022, the Company announced the appointment by the Company’s Board of Directors (the “Board”) of Dr.

William Walker as Chief Technology Officer (“CTO”) of the Company.

Appointment of Lead Director of the Board

On November 1, 2022, the Board appointed Dr.

Joanna Massey as lead director (the “Lead Director”) of the Board.

Massey has served on the Board, and its committees, since June 2021.

The Board, believing that the Lead Director position would enhance corporate governance and relieve certain duties of the Board’s Chairman, Michael Mo, to allow him to focus on the performance of his Chief Executive Officer duties, designated certain responsibilities to be fulfilled by the Lead Director, including but not limited to:

(i) coordinating the activities of the independent directors;

(ii) setting the agenda for board meetings in conjunction with the CEO and corporate secretary;

(iii) chairing executive sessions of the independent directors;

and (iv) performing such other duties as are assigned from time to time by the board.

Management Equity Incentive Grants

On November 1, 2022, the Board unanimously approved equity grants, to each of Dr.

Joanna Massey and Morio Kurosaki, equal to 30,000 shares of the Company’s common stock to be vested in four equal quarterly installments (the first vest occurred on December 31, 2022), and grants of a fully vested 7,500 shares for services performed during the quarter ended September 30, 2022.

On November 1, 2022, the Board also unanimously approved the termination of a previously issued equity incentive grant of 1,500,000 shares to each of Keith Cochran and Michael Mo, which grants had vesting schedules corresponding with the achievement of certain market-capitalization milestones.

In order to more accurately reflect the incentive compensation that the previously issued grants were intended to achieve, the Board approved replacement equity grants to each of Keith Cochran and Michael Mo in the form of Restricted Stock Units (“RSUs”) for the stock settlement of 1,500,000 shares, which RSUs contain provisions for delayed stock settlement and for vesting to occur in four equal annual installments.

The foregoing is a summary description of certain terms of the RSUs.

Sales and Marketing Strategy

The Company markets and sells products and solutions directly to customers and through representatives.

We believe that a direct relationship with Key Accounts allows us to have more in-depth technical interactions, faster turnaround time and provides valuable information directly to our Engineering and Marketing teams we use to improve our product features and roadmap.

We market to our customers through our website, industry conferences, and industry market research reports.

In the first half of 2022, we are expanding our direct sales and support team for Key Account coverage and to support an expanded representative and distributor network in the second half of 2022.

The Company employs various channels to market and sell its products and solutions, including direct sales to customers, as well as sales through representatives and strategic partners.

We believe that establishing direct relationships with Key Accounts allows for deeper technical interactions, faster turnaround times, and provides valuable feedback that helps inform product development and marketing efforts.

To ensure that our target customers fully understand the unique features and benefits of our products and services, we organize technology day events.

We use a combination of marketing approaches to reach prospects and customers, such as leveraging employee, representative, and strategic partner relationships, maintaining an informative website, attending industry conferences, and conducting market research.

Recently, we expanded our direct sales and marketing teams, and we are excited to welcome Mr.

Ted Krupp, a highly experienced professional with important relationships in the Aerospace and Defense sectors, as our new VP of Sales and Marketing.

Looking ahead, we plan to further expand our direct sales team to enhance our Key Account coverage and support a growing representative and distributor network.

Advertising and Communications Strategy

We plan to utilize all forms of advertising and communications tools at our disposal.

This includes commissioning unbiased white papers and technical papers, attending, sponsoring, and guest speaking at industry events, conferences, and symposiums.

We have hired a public relations consultant who will oversee our press releases and media relations interface with newspapers, magazines, and blogs.

We have also hired a SEO specialist for social media outreach activities and will also rely on the company’s pedigree within the thermal management community to spread high praise via word of mouth.

To date, as a result of these efforts, we have received coverage in WSJ, Cheddar TV, CNBC, Forbes, EE Times, USA Today, Business Insider and others.

We employ a diverse range of advertising and communication tools to reach our audience.

These include commissioning impartial white papers and technical papers, participating in industry events, conferences, and symposiums as attendees, sponsors, and guest speakers.

We maintain a public relations consultant who oversees our press releases and media relations, ensuring that we maintain a positive presence in newspapers, magazines, and blogs.

To bolster our social media outreach activities, we have a dedicated SEO specialist.

We leverage our strong reputation within the thermal management and lithium-ion battery safety communities to spread positive feedback through word-of-mouth.

Additionally, we utilize several social media platforms, such as LinkedIn, YouTube, Twitter, Instagram, and Facebook, to reach a broader audience.

Intellectual Property and Patent Strategy

Our intellectual property strategy includes pursuing patent protection for new innovations in core carbon fiber architecture development, application development, acquisition of intellectual property, and licensing of third-party patents and intellectual property.

As of December 31, 2021, we have five patents granted and assigned to KULR, an exclusive license to four third party patents, and eight pending nonprovisional and provisional patent applications.

As of December 31, 2022, we have twelve patents granted and assigned to KULR, an exclusive license to four third party patents, and ten pending nonprovisional and provisional patent applications.

Product and Services

Our heat management products and services can be divided into the following categories, subcategories and functionalities:

In addition to KULR ONE and KULR VIBE, here are some of the technologies and products we offer to customers:

Lithium-Ion Battery Thermal Runaway Shield (“TRS”) :

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TRS keeps neighboring cell temperatures from rising above 100°C (well below the 130°C threshold) and prevents TRP.

KULR Battery Cell Screening and Testing Automation System:

A new automated battery cell testing platform in the second quarter of 2021 to support the stringent requirements of NASA and the DOD.

KULR Automated Battery Cell Screening and Test System:

KULR completed the installation of a fully automated battery cell testing platform this January in our Sand Diego facility.

The system fully supports the stringent requirements of NASA and the DOD.

This platform has been designed to meet the entire specifications of NASA WI-037 battery testing requirements.

The automated equipment is modular and the initial processing capability is 500K cells annually.

Based on current commitments for the equipment, we intend to have the system installed and validated in the third quarter of 2022.

This fully automated system is believed to be the only fully automated system capable of such performance.

We have designed the system to be modular and have installed a minimum of 500K cell capacity annually capable of handling 18650 and 21700 cells.

Volume processing will start in February 2023.

A scalable battery management platform to provide a new level of safety, performance optimization and regulatory compliance capabilities to our customers.

We achieve this by putting together a modular architecture that's built on large data sets, performing an array of analytics, and then layering on top of it AI algorithms to provide predictive and preventative intelligence to our customers.

We achieve this by putting together a modular architecture that is built on large data sets, performing an array of analytics, and then layering on top of it AI algorithms to provide predictive and preventative intelligence to our customers.

It’s modular so that we can incorporate new capabilities and enhancements to the platform as the battery evolution accelerates in the coming years.

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The CRUX Cathode is composed of a carbon fiber velvet, providing a means of generating powerful electron pulses by field emission from the tops of the carbon fibers.

CRUX Cathodes can be customized for different applications including the generation of microwaves, x-rays, and laser radiation.

CRUX Cathodes can be customized for different applications

including the generation of microwaves, x-rays, and laser radiation.

They can be fabricated in a wide variety of physical configurations, ranging from simple planar and cylindrical forms to more complex lobed shapes.

Currently, the battery industry uses a number of solutions to mitigate thermal runaway propagation that are offered by Unifrax, Lydall, LHS, 3M, Engineered Syntactic Systems, Celono, AllCell and others.

Currently, the battery industry uses a number of solutions to mitigate thermal runaway propagation that are offered by Aspen Aerogel, Unifrax, Lydall, LHS, 3M, Engineered Syntactic Systems, Celono, AllCell and others.

Each of their solutions offer unique features and benefits for a specific application.

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We also seek to maintain our trade secrets and confidential information by implementing organizational nondisclosure policies and through the use of appropriate confidentiality agreements.

As of December 31, 2021, we held five U.S.

patents and eight non-provisional pending U.S.

As of December 31, 2022, we held eight U.S.

patents and six non-provisional pending U.S.

patent applications with expiration dates ranging from 2022 to 2035.

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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