What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2022-03-31 compared with 2021-02-16 · 201 added, 314 removed, 25 unchanged (95% of the section changed)

We are a developer of

clean energy technologies.

Our current focus is on developing an electrolyzer technology to lower the cost of Green Hydrogen production.

Hydrogen is the cleanest

and most abundant fuel in the universe.

It is a zero-emission fuel and only produces water vapor when used.

However, hydrogen does

not exist in its pure form on Earth so it must be extracted.

are a developer of clean energy technologies.

Our current focus is on developing an electrolyzer technology to lower the cost of Green

Hydrogen production.

is the cleanest and most abundant fuel in the universe.

It is zero-emission and only produces water vapor when used.

However, hydrogen

does not exist in its pure form on Earth so it must be extracted.

For centuries, scientists have known how to use electricity to split

water into hydrogen and oxygen using a device called an electrolyzer.

Electrolyzers installed behind a solar farm or wind farm

can use renewable electricity to split water, thereby producing Green Hydrogen.

Electrolyzers installed behind a solar farm or wind farm can use

renewable electricity to split water, thereby producing Green Hydrogen.

However, modern electrolyzers still cost too much.

The chemical catalysts that enable the water-splitting reactions are currently made from platinum and iridium –

both of which

are very expensive precious metals.

catalysts that enable the water-splitting reactions are currently made from platinum and iridium – both are very expensive precious

These catalysts account for nearly 50% of the cost of the electrolyzer.

We are developing technologies

to significantly reduce or replace rare earth materials with inexpensive earth abundant materials in electrolyzers to help usher

in a Green Hydrogen economy.

In a 2020 report, Goldman Sachs estimates that Green Hydrogen will be a $12 trillion market opportunity

We are also developing

innovative technologies to increase the storage capacity, lower the cost and extend the life of lithium-ion batteries for electric

vehicles (EV).

We have previously developed an innovative material technology to reduce the cost per watt of electricity produced

by Photovoltaic, or PV, solar modules.

We are currently working on a silicon anode material technology intended to reduce the cost

of current and future generation of lithium-ion batteries for EVs.

Industry Overview

Hydrogen is the most abundant and prevalent

clean energy in the universe.

are developing technologies to significantly reduce or replace rare materials with inexpensive earth abundant materials in electrolyzers

to help usher in a Green Hydrogen economy.

In a 2020 report, Goldman Sachs estimates that Green Hydrogen will be a $12 trillion market

opportunity by 2050.

is the most abundant and prevalent clean energy in the universe.

73% of the Sun is made up of hydrogen.

On a weight basis, hydrogen (142 MJ/kg) contains 3X as much energy as gasoline (46 MJ/kg), and 200X as much energy as lithium-ion batteries (0.6 MJ/kg).

It can be used in fuel cells to power electric vehicles or cities.

It can be combusted in gas turbines or internal combustion engines for power generation.

It is a zero-emission clean fuel and produces only water vapor when used.

It is the main ingredient in fertilizers that feed our hungry world.

Hydrogen doesn’t

exist in its pure form, so it must be extracted.

a weight basis, hydrogen (142 MJ/kg) contains 3X as much energy as gasoline (46 MJ/kg), and 200X as much energy as lithium-ion batteries

can be used in fuel cells to power electric vehicles or cities.

can be combusted in gas turbines or internal combustion engines for power generation.

is a zero-emission clean fuel and produces only water vapor when used.

is the main ingredient in fertilizers that feed our hungry world.

does not exist in its pure form, and must be extracted.

According to a 2020 report from the U.S.

Department of Energy, more

than 98% of hydrogen in the world is made by steam reforming of natural gas (“Grey Hydrogen”) or

coal gasification (“Brown Hydrogen”).

Both sources of hydrogen are basically different forms of dirty,

carbon heavy, and non-renewable fossil fuels.

This does little to help fight climate change or lead to renewable

energy and a sustainable planet.

According to a 2020

research report from Grand View Research, hydrogen is already a big business with an annual market size of more than $117 billion

Developing cost-competitive Green Hydrogen made from renewable resources such as solar, wind and water

can significantly expand the market for hydrogen.

At this time, electrolyzer technology represents the most certain way

Solar or Wind Energy + Water + Electrolyzers

= Green Hydrogen

Abundant sources of

Green Hydrogen can then power a clean energy world of fast charging fuel cell electric vehicles,

light up our homes, make our fertilizers and ultimately replace many forms of fossil fuels.

overwhelming amount of scientific evidence shows that carbon emissions from fossil fuels have contributed to increasing global

climate change.

Department of Energy, more than 98%

of hydrogen in the world are made by steam reforming of natural gas (“Grey Hydrogen”) or coal gasification (“Brown

Both sources of hydrogen are basically different forms of dirty, carbon heavy, and non-renewable fossil fuels.

does nothing to help fight climate change or lead to renewable energy and a sustainable planet.

to a 2020 research report from Grand View Research, hydrogen is already a big business today with an annual market size of more than

$117 billion in 2019.

Developing cost-competitive Green Hydrogen made from renewable resources such as solar, wind and water can significantly

expand the market for hydrogen.

At this time, we believe electrolyzer technology represents the most certain way forward.

or Wind Energy + Water + Electrolyzers = Green Hydrogen

sources of Green Hydrogen can power a clean energy world of fast charging fuel cell electric vehicles, light up our homes, make our fertilizers

and ultimately replace many forms of fossil fuels.

overwhelming amount of scientific evidence shows that carbon emissions from fossil fuels have contributed to increasing global climate

Policymakers around the world have accelerated programs to enable the development and adoption of renewable energy.

The U.S has been slow to adopt such programs but is quickly becoming a formidable force.

According to the World Resources Institute,

more than 14 U.S.

been slow to adopt such programs but is quickly becoming a formidable force.

According to the World Resources Institute, more than 14

states have legislative mandates requiring 100% renewable electricity, some as early as 2040.

Both the U.K.

European Union are targeting net zero greenhouse gas emissions by 2050.

With this global backdrop

and concerted actions toward climate policies and clean energy, we believe the Green Hydrogen revolution is ready to take off.

The Sun doesn’t always shine, and the wind doesn’t always blow.

Therefore, green energy from solar and wind power is

inherently intermittent and unreliable as a primary source of power.

However, by converting that green electricity into Green Hydrogen,

and it can be used anywhere and anytime for electricity, chemicals, heating and all necessities of life.

Because of the versatility

of hydrogen, Green Hydrogen has the potential to fundamentally improve the world economy and usher in a new era of economic prosperity,

sustainability, and energy independence to those with access to solar, wind and water…

which describes most of the entire

In a 2020 report, Bank

of America said that hydrogen will take 25% of all oil demand by 2050 and that the Green Hydrogen economy could be worth more than

$11 trillion by 2050.

The firm also compared the opportunity for Green Hydrogen to pre-2007 smartphones and the Internet prior

to the dot-com boom.

Electrolyzer Technology

and European Union are

targeting net zero greenhouse gas emissions by 2050.

this global backdrop and concerted actions toward climate policies and clean energy, we believe the Green Hydrogen revolution is ready

The Sun does not always shine, and the wind does not always blow.

Therefore, green energy from solar and wind power is inherently

intermittent and unreliable as a primary source of power.

However, by converting that green electricity into Green Hydrogen, it can be

used anywhere and anytime for electricity, chemicals, heating and all necessities of life.

of the versatility of hydrogen, we believe Green Hydrogen has the potential to fundamentally improve the world economy and usher in a

new era of economic prosperity, sustainability, and energy independence to those with access to solar, wind and water which describes

most of the entire world.

a 2020 report, Bank of America noted that hydrogen will take 25% of all oil demand by 2050 and that Green Hydrogen economy could be worth

more than $11 trillion by 2050.

The firm also compared Green Hydrogen to pre-2007 smartphones and the Internet prior to the dot-com boom.

more than 200 years, scientists have known how to split water into hydrogen (H 2 ) and oxygen (O 2 ).

placing two metal electrodes into a jar of salted water (electrolytic solution) and applying an electrical voltage between them,

H 2 and O 2 will bubble up at the separate electrodes.

This process is called electrolysis and the

device is called an electrolyzer.

If the source of electricity is renewable such as solar or wind, then the resulting hydrogen

is a zero-greenhouse gas renewable resource –

By placing two

metal electrodes into a jar of salted water (electrolytic solution) and applying an electrical voltage between them, H 2 and

O 2 will bubble up at the separate electrodes.

This process is called electrolysis and the device is called an electrolyzer.

If the source of electricity is renewable such as solar or wind, then the resulting hydrogen is a zero-greenhouse gas renewable resource

– Green Hydrogen.

There are two primary

types of commercial electrolyzers.

are two primary types of commercial electrolyzers.

The original alkaline electrolyzer and the modern proton exchange membrane (PEM) electrolyzer.

However, neither technology can currently produce Green Hydrogen at scale that is cost competitive with Grey or Brown Hydrogen

sourced from fossil fuels.

PEM electrolysis has

the advantage of higher efficiency and quickly reacting to fluctuating input energy, which is ideally matched to the fluctuating

nature of solar and wind energy.

Its smaller footprint also makes it ideal for distributed systems, which is how most renewable

energy systems are implemented.

PEM electrolyzers are

expensive because they rely on rare earth materials such as platinum and iridium –

literally stardust found only in asteroids

as chemical catalysts for the water-splitting reactions.

According to the National Renewable Energy Laboratory (NREL),

these materials account for nearly 50% of the capital cost of PEM electrolyzers.

However, neither technology can currently produce Green Hydrogen at scale that is cost competitive with Grey or Brown Hydrogen sourced

from fossil fuels.PEM electrolysis has the advantage of higher efficiency and quickly reacting to fluctuating input energy, which is

ideally matched to the fluctuating nature of solar and wind energy.

Its smaller footprint also makes it ideal for distributed systems,

which is how most renewable energy systems are implemented.

electrolyzers are expensive because they rely on rare materials such as platinum and iridium – which is akin to stardust found

only in asteroids – as chemical catalysts for the water-splitting reactions.

According to National Renewable Energy Laboratory

(NREL), these materials account for nearly 50% of the capital cost of PEM electrolyzers.

Additionally, the cost of electricity contributes

to over 50% of hydrogen production costs.

Our technology is aimed

at lowering the cost of catalysts and key components in PEM electrolyzers by:

Replacing rare earth materials with inexpensive earth abundant materials,

Significantly reducing the amount of rare earth materials used, and

Reducing energy consumption

Applications of Green Hydrogen

Unlike lithium-ion where

it is simply a battery technology, Green Hydrogen is an economy.

There are many applications for Green Hydrogen, some with larger

markets than others.

technology is aimed at lowering the cost of catalysts and key components in PEM electrolyzers by:

rare materials with inexpensive earth abundant materials,

significantly

reducing the amount of rare materials used, and

energy consumption.

of Green Hydrogen

lithium-ion where it is simply a battery technology, Green Hydrogen is an economy.

There are many applications for Green Hydrogen, some

with larger markets than others.

Here are just a few.

Green Electric Grid - The electric grid is finicky, sometimes it needs a lot of electricity sometimes it doesn’t.

Unused electricity from solar and wind farms are wasted if it is not used immediately.

The Sun doesn’t always shine, and the wind doesn’t always blow, and this makes solar and wind sourced electricity unreliable.

One solution is to use an electrolyzer system to convert the excess solar/wind electricity into hydrogen and store it in inexpensive nearby underground caverns.

When electricity demand spikes, the hydrogen can be converted back into electricity through a fuel cell.

This is a very scalable solution as opposed to miles and miles of very expensive grid-scale battery systems.

In fact, the Advanced Clean Energy Storage project in Utah aims to do just this by building the world’s largest storage facility for 1,000 megawatts of clean power, partly by putting hydrogen into underground salt caverns.

Fuel Cell Electric Vehicles (FCEV) - Perhaps the most exciting application of hydrogen is the direct use in fuel cell electric vehicles.

A hydrogen tank in a passenger car can be filled in under 5 minutes.

Electric Grid - The electric grid is finicky, sometimes it needs a lot of electricity sometimes it does not.

Unused electricity

from solar and wind farms are wasted if it is not used immediately.

The Sun does not always shine, and the wind does not always blow,

and this makes solar and wind sourced electricity unreliable.

One solution is to use an electrolyzer system to convert the excess

solar/wind electricity into hydrogen and store it in inexpensive nearby underground caverns.

When electricity demand spikes, the

hydrogen can be converted back into electricity through a fuel cell.

We believe, this is a very scalable solution as opposed to miles

and miles of very expensive grid-scale battery systems.

In fact, the Advanced Clean Energy Storage project in Utah aims to do just

this by building the world’s largest storage facility for 1,000 megawatts of clean power, partly by putting hydrogen into underground

salt caverns.

Cell Electric Vehicles (FCEV) - Perhaps the most exciting application of hydrogen is the direct use in fuel cell electric vehicles.

A hydrogen tank in a passenger car can be filled in under five minutes.

The only tailpipe emission is water.

Big name car manufacturers such as Toyota, Hyundai, BMW, Mercedes-Benz all have FCEVs in development.

China is committing to putting 1,000,000 FCEVs on the road by 2030.

Battery Electric Vehicles (BEV) - BEV and FCEV can coexist just like diesel and gasoline cars coexist today.

Battery EVs running on electricity generated through the Green Electric Grid is a beneficiary and indirect user of hydrogen technology.

Hydrogen Fueling Stations - Electrolyzers are well suited and scalable for distributed onsite Green Hydrogen generation in fueling station applications.

With green electricity from a nearby solar array or renewable electric grid, Green Hydrogen can be produced anywhere and anytime.

This distributed model of hydrogen production eliminates the need for expensive transportation from a centralized facility.

Lower Carbon Gas Infrastructure - Green Hydrogen can serve as a steppingstone to a lower carbon footprint natural gas supply.

Southern California Gas, and others, have demonstrated that the existing natural gas pipelines that supply gas to our cooking stoves and homes can safely contain 5-10% hydrogen without any modifications.

This means that an electrolyzer system near a natural gas plant can inject Green Hydrogen directly into the existing gas infrastructure, lowering the carbon footprint of our meals and our warm homes.

Air Taxis of the Future - Hydrogen has 200 times the theoretical energy of lithium-ion batteries per kilogram.

In the emerging but potentially revolutionary air mobility market, small electric aircrafts, such as the Skai air tax drone, hydrogen is the obvious choice because weight matters.

According to Skai, battery-powered air mobility vehicles are projected to have flight durations of less than half an hour before needing to recharge –

Skai’s hydrogen fuel cells give them the ability to fly continuously for up to 4 hours or more with higher capacity auxiliary tanks.

Research and Development

Our electrolyzer technology

research and development is conducted at the University of California at Los Angeles through a sponsored research agreement.

current program is focused on replacing iridium with earth abundant materials that meet or exceed the performance characteristics

We have also identified additional components and materials in electrolyzers where meaningful cost reductions can be

While iridium is the oxygen catalyst, its counterpart on the hydrogen side is platinum, a material so rare that only

200 tons are mined every year.

Another critical component is the porous transport layer (“PTL”), aka gas diffusion

layer, which facilitates the movement of water and gases to and from the catalyst surfaces.

According to the National Renewable

Energy Laboratory, the catalysts, membrane and PTL assembly account for more than 50%-75% of the capital cost of the electrolyzer

In parallel to our Green

Hydrogen technology program described above, we are developing a new material processing technology to produce Silicon Oxide Composite

anode material.

Silicon Oxide Composite anode has recently received significant interest because of its superior cycle and calendar

life performance.

We anticipate that a new processing technology can be developed to produce a type of Silicon Oxide Composite

anode material that will significantly lower the cost of lithium-ion batteries for EVs.

Marketing Strategy

We will begin marketing

our electrolyzer catalyst technologies as soon as a tangible form of quantitative performance demonstration becomes available.

Our marketing plan includes engaging with manufacturers of existing electrolyzer component and delivery infrastructure, as well

as identifying and developing relationships with potential licensing partners with large scale hydrogen generation and supply logistics

Big name car manufacturers

such as Toyota, Hyundai, BMW, Mercedes-Benz all have FCEVs in development.

China is committing to putting 1,000,000 FCEVs on the

road by 2030.

Electric Vehicles (BEV) – We believe BEV and FCEV can coexist just like diesel and gasoline cars coexist today.

EVs running on electricity generated through the Green Electric Grid is a beneficiary and indirect user of hydrogen technology.

Green Electric Grid is the network of solar, wind and other alternative energy generation and distribution.

Fueling Stations – We believe electrolyzers are well suited and scalable for distributed onsite Green Hydrogen generation

in fueling station applications.

With green electricity from a nearby solar array or renewable electric grid, Green Hydrogen can

be produced anywhere and anytime.

This distributed model of hydrogen production eliminates the need for expensive transportation

from a centralized facility.

Carbon Gas Infrastructure - Green Hydrogen can serve as a steppingstone to a lower carbon footprint natural gas supply.

California Gas, and others, have demonstrated that the existing natural gas pipelines that supply gas to our cooking stoves and homes

can safely contain 5-10% hydrogen without any modifications.

This means that an electrolyzer system near a natural gas plant can

inject Green Hydrogen directly into the existing gas infrastructure, lowering the carbon footprint of our meals and our warm homes.

Taxis of the Future - Hydrogen has 200 times the theoretical energy of lithium-ion batteries per kilogram.

We believe hydrogen

is the obvious choice because of its lighter weight, in the emerging but potentially revolutionary air mobility market of small electric

aircrafts, such as the Skai air tax drone.

According to Skai, battery-powered air mobility vehicles are projected to have flight

durations of less than half an hour before needing to recharge – Skai’s hydrogen fuel cells give them the ability to

fly continuously for up to 4 hours or more with higher capacity auxiliary tanks.

and Development

electrolyzer technology research and development is conducted at the University of California at Los Angeles through a sponsored research

The current program is focused on replacing iridium with earth abundant materials that meet or exceed the performance characteristics

We have also identified additional components and materials in electrolyzers where meaningful cost reductions can be performed.

While iridium is the oxygen catalyst, its counterpart on the hydrogen side is platinum, a material so rare that only 200 tons are mined

Another critical component is the porous transport layer (“PTL”), also known as the gas diffusion layer, which

facilitates the movement of water and gases to and from the catalyst surfaces.

According to the National Renewable Energy Laboratory,

the catalysts, membrane and PTL assembly account for more than 50%-75% of the capital cost of the electrolyzer stack.

will begin marketing our electrolyzer catalyst technologies as soon as a tangible form of quantitative performance demonstration becomes

Our marketing plan includes engaging with manufacturers of existing electrolyzer component and delivery infrastructure, as

well as identifying and developing relationships with potential licensing partners with large scale hydrogen generation and supply logistics

all over the world.

We will begin marketing

our silicon oxide processing technology in partnership with our joint development partners to electric vehicle manufacturers and

suppliers of EV batteries when the demonstration of our scaled-up material processing technology becomes available.

Potential licensing

partners exist in the following industries:

electric vehicles, consumer electronics and power tools.

We are currently outsourcing

our promotion efforts to a public relations firm that is assisting us with comprehensive advertising and promotion of the Company.

Backlog of Orders

We do not have any backlog

Government Contracts

We do not have any government contracts at

Compliance with Environmental Laws and Regulations

Our operations are subject

to local, state and federal laws and regulations governing environmental quality and pollution control.

To date, our compliance

with these regulations has had no material effect on our operations, capital, earnings, or competitive position, and the cost of

such compliance has not been material.

We are unable to assess or predict at this time what effect additional regulations or legislation

could have on our activities.

Manufacturing and Distribution

We currently do not

have any mechanism for the manufacture and distribution of our own technology products, nor do we have adequate financing to undertake

these efforts on our own.

BioBacksheet R is currently available for licensing only.

Intellectual Property

On May 19, 2011, we

patent to protect the intellectual property rights for “Photovoltaic Module Backsheet, Materials for Use in

Module Backsheet and Process for Making the Same,”

application number 13/093,549.

are currently outsourcing our promotion efforts to a public relations firm that is assisting us with comprehensive advertising and promotion

of the Company.

do not have any backlog of orders.

do not have any government contracts at this time.

with Environmental Laws and Regulations

operations are subject to local, state and federal laws and regulations governing environmental quality and pollution control.

our compliance with these regulations has had no material effect on our operations, capital, earnings, or competitive position, and the

cost of such compliance has not been material.

We are unable to assess or predict at this time what effect additional regulations or

legislation could have on our activities.

Manufacturing

and Distribution

entered into a manufacturing supply agreement with a third party for the future commercial production of hydrogen generation plants.

See “Recent Developments” below.

may enter into additional agreements for the manufacture and distribution of our own technology products in the future.

May 19, 2011, we filed a U.S.

patent to protect the intellectual property rights for “Photovoltaic Module Backsheet, Materials

for Use in Module Backsheet and Process for Making the Same,” application number 13/093,549.

The inventor listed on the patent

1 unchanged sentence

The Company is listed as assignee.

This patent was issued

on July 14, 2015.

On March 26, 2018, North

Carolina Agricultural and Technical State University filed a U.S.

This patent was issued on July 14,

Our BioBacksheet R is currently available for licensing only.

March 26, 2018, North Carolina Agricultural and Technical State University filed a U.S.

patent application U.S.

62/473,772 titled “Prelithiated

Silicon Particles for Lithium_Ion Batteries”, and we signed an Exclusive License Agreement for the use of the technology

effective September 25, 2017.

titled “Prelithiated Silicon Particles for Lithium Ion Batteries”, and we currently have a non-exclusive License Agreement

for the use of the technology.

The patent was issued on December 29, 2020.

On May 19, 2020, we

filed a provisional U.S.

patent application to protect the intellectual property rights for “Silicon Alloy Anode for High

Power Batteries,”

application number 63027154.

The inventor listed on the patent application is David Lee, our Chief Executive

The Company is listed as assignee.

We rely upon confidentiality agreements signed by our employees, consultants and third

parties to protect our intellectual property.

There are a number of

companies developing technologies for catalysts intended for hydrogen electrolyzers.

We expect a high level of competition, but

the market opportunity is very large.

There are a number of

companies manufacturing lithium-ion batteries including, Panasonic, Samsung, LG Chem, and Tesla.

We plan to seek licensing arrangements

for our lithium-ion battery technology with a select group of companies such as the ones listed above, and do not expect to be

their direct competition.

Technology Development Partners

The Company has entered

into a research agreement, effective August 17, 2016 (the “Agreement”), with North Carolina A&T State University,

a constituent member of the University of North Carolina system (the “University”), pursuant to which the Company sponsors

the University’s project which includes the research, testing and evaluation of a proposal.

On September 11, 2017, the Company

and the University extended the initial term of the Agreement for another twelve months, through September 11, 2018.

The agreement

ended on September 11, 2018.

On September 28, 2017,

the Company entered into an Exclusive License Agreement (the “License Agreement”) with North Carolina A&T State

University related to the use of the University’s intellectual property in the Company’s business of developing, producing

and marketing lithium-ion batteries.

Within thirty (30) days after entering into the License Agreement, the Company paid to the

University a one-time, non-refundable license fee in the sum of $15,000.

are a number of companies developing green hydrogen technologies including ITM Power, Clean Power Hydrogen Group, Sunfire, Greenway Energy,

Amalyst, and AFC Energy.

We expect a high level of competition, but the market opportunity is very large.

Once we implement the prototype

demonstration of our technology for commercial application, we plan on seeking partnership or licensing arrangements for our green hydrogen

technology with a select group of equipment manufacturers of green hydrogen.

Development Partners

September 28, 2017, the Company entered into an Exclusive License Agreement (the “License Agreement”) with the North Carolina

A&T State University related to the use of the University’s intellectual property in the Company’s business of developing,

producing and marketing lithium-ion batteries.

Within thirty (30) days after entering into the License Agreement, the Company paid to

the University a one-time, non-refundable license fee in the sum of $15,000.

Pursuant to the terms of the License Agreement, the Company

is obligated to pay all costs of preparing, filing, prosecution, issuance and maintenance related to the patents underlying the

intellectual property licensed by the Company.

In addition, the Company is obligated to make certain annual royalty payments and

sub-licensing fees.

is obligated to pay all costs of preparing, filing, prosecution, issuance and maintenance related to the patents underlying the intellectual

property licensed by the Company.

In addition, the Company is obligated to make certain annual royalty payments and sub-licensing fees.

On September 28, 2020, the Company again paid to the University annual non-refundable licensee fee of $15,000.

On May 26, 2017, the

Company executed a joint development agreement with Top Battery Co., Ltd.

(“Top Battery”), a leading manufacturer of

advanced lithium-ion battery solutions, based in the Republic of Korea, to assess, develop, manufacture, and/or market high power,

high energy lithium-ion batteries integrating BioSolar technology and Top Battery technology.

On June 14, 2018, the

Company executed a joint development agreement with Silicio Ferrosolar SLU, a subsidiary of Ferroglobe, PLC (NASDAQ:GSM), for collaborative

efforts to assess, develop, and/or market silicon anode materials for high power, high energy lithium-ion batteries by integrating

BioSolar technology and Ferroglobe silicon materials.

On March 6, 2020, the

Company executed a joint development agreement with Soelect, Inc, for collaborative efforts to assess, develop, and/or market a

processing technology to produce silicon oxide anode materials for electric vehicle lithium-ion batteries.

On December 14, 2020,

the Company executed a sponsored research agreement with the University of California, Los Angeles, for collaborative efforts to

discover and develop efficient and stable earth-abundant material-based catalysts for hydrogen production through water electrolysis.

To assist us in the

development of our technology, we intend to seek out and enter into technology development agreements with other entities with

battery testing and materials expertise.

Corporate Information and History

We were incorporated

in the State of Nevada on April 24, 2006, as BioSolar Labs, Inc.

On September 28, 2021,

the Company chose not to renew the exclusive licensing arrangement.

The Company still retains a nonexclusive license to use the technology.

June 14, 2018, the Company executed a joint development agreement with Silicio Ferrosolar SLU, a subsidiary of Ferroglobe, PLC (NASDAQ:GSM),

for collaborative efforts to assess, develop, and/or market silicon anode materials for high power, high energy lithium ion batteries

by integrating BioSolar technology and Ferroglobe silicon materials.

March 6, 2020, the Company executed a joint development agreement with Soelect, Inc, for collaborative efforts to assess, develop, and/or

market a processing technology to produce silicon oxide anode materials for electric vehicle lithium ion batteries.

The Company ended

the joint development relationship in June 2021 and has pivoted away from pursuing battery technology to focus on pursuing Green Hydrogen

Opportunities.

December 14, 2020, the Company executed a sponsored research agreement with the University of California, Los Angeles, for collaborative

efforts to discover and develop efficient and stable earth-abundant material-based catalysts for hydrogen production through water electrolysis.

assist us in the development of our technology, we intend to seek out and enter into technology development agreements with other entities

with battery testing and materials expertise.

Information and History

were incorporated in the State of Nevada on April 24, 2006, as BioSolar Labs, Inc.

Our name was changed to BioSolar, Inc.

on June 8, 2006.

Our principal

executive offices are located at 27936 Lost Canyon Road, Suite 202, Santa Clarita, California 91387, and our telephone number is

(661) 251-0001.

Our fiscal year end is December 31.

Recent Development

On January 24, 2021 (the

“Signing Date”), the Company entered into a securities purchase agreement (the “Purchase Agreement”) with

a single institutional and accredited investor (the “Investor”) pursuant to which the Company will sell to the Investor

in a private placement an aggregate of (i) 52,000,000 shares of common stock (the “Shares”), (ii) pre-funded warrants

to purchase up to an aggregate of 31,333,334 shares of common stock (the “Pre-Funded Warrants”) and (iii) warrants

to purchase up to an aggregate of 83,333,334 shares of common stock for gross proceeds to the Company of approximately $5,000,000.

The combined purchase price for one share of common stock and a warrant to purchase one share of common stock is $0.06 and the

combined purchase price for one pre-funded warrant to purchase one share of common stock and a warrant to purchase one share of

common stock is 0.0599.

The Company intends to

use the net proceeds primarily to expand and accelerate the development of its electrolyzer technology, as well as for working

capital and general corporate purposes.

The closing was on January 27, 2021.

The Pre-Funded warrants

have an exercise price of $0.0001 per share, subject to adjustment and no expiration date.

The Pre-Funded Warrants will be

exercisable immediately and may be exercised at any time until all of the Pre-Funded Warrants are exercised in full.

The Warrant is exercisable

for a period of five and one-half years from the date of issuance and has an exercise price of $0.06 per share, subject to adjustment

as set forth in the Warrant for stock splits, stock dividends, recapitalizations and similar customary adjustments.

may exercise the Warrant on a cashless basis if the shares of common stock underlying the Warrant (the “Warrant Shares”)

are not then registered pursuant to an effective registration statement.

The Investor has contractually agreed to restrict its

ability to exercise the Warrant such that the number of shares of the Company’s common stock held by the Investor and its

affiliates after such exercise does not exceed the Beneficial Ownership Limitation set forth in the Warrant which may not exceed

4.99% of the Company’s then issued and outstanding shares of common stock.

In connection with the

Purchase Agreement, the Company entered into a registration rights agreement (the “Registration Rights Agreement”)

with the Investor.

Pursuant to the Registration Rights Agreement, the Company will be required to file a resale registration statement

(the "Registration Statement") with the Securities and Exchange Commission (the “SEC”) to register for resale

of the Shares, the shares issuable upon exercise of the Pre-Funded Warrants and the Warrant Shares, within 15 days of the Signing

Date, and to have such Registration Statement declared effective within 60 days after the Signing Date, or 90 days of the Signing

Date in the event the Registration Statement is “fully”

reviewed by the SEC.

The Company will be obligated to pay certain

liquidated damages to the investor if the Company fails to file the resale registration statement when required, fails to cause

the Registration Statement to be declared effective by the SEC when required, of if the Company fails to maintain the effectiveness

of the Registration Statement.

The Company filed the

Registration Statement with the SEC on January 29, 2021 and it was declared effective by the SEC on February 5, 2021.

The Registration

Statement registered the Shares, the Shares issuable upon exercise of the Pre-Funded Warrant, the Warrant shares and the shares

issuable upon exercise of the warrants issued to the placement agent (as noted in the paragraph below).

Pursuant to an engagement

letter (the “Engagement Letter”), dated as of January 22, 2021, by and between the Company and H.C.

Co., LLC (“Wainwright”), the Company engaged Wainwright to act as the Company’s exclusive placement agent in

connection with the offering.

Pursuant to the engagement agreement, the Company agreed to pay Wainwright a cash fee of 7.5% of

the gross proceeds the Company receives under the Purchase Agreement.

The Company also agreed to pay Wainwright (i) a management

fee equal to 1.0% of the gross proceeds raised in the offering;

and (ii) $85,000 for non-accountable expenses.

In addition, the

Company agreed to issue to Wainwright (or its designees) placement agent warrants (the “Placement Agent Warrants”)

to purchase a number of shares equal to 7.5% of the aggregate number of Shares sold under the Purchase Agreement., or warrants

to purchase up to an aggregate of 6,250,000 shares.

The Placement Agent Warrants generally will have the same terms as the Warrants,

except they will have an exercise price of $0.075 per share.

As of February 12, 2021,

we had two (2) full time employee.

We have not experienced any work stoppages and we consider relations with our employees to be

2006, and to NewHydrogen, Inc.

on April 30, 2021.

principal executive offices are located at 27936 Lost Canyon Road, Suite 202, Santa Clarita, California 91387, and our telephone number

is (661) 251-0001.

fiscal year end is December 31.

file annual, quarterly, and current reports, proxy statements and other information with the U.S.

Securities Exchange Commission (the

These filings are available to the public on the Internet at the SEC’s website at http://www.sec.gov.

maintain our corporate website at http://newhydrogen.com (this website address is not intended to function as a hyperlink and

the information contained on our website is not intended to be a part of this Report ).

February 2, 2022, we entered into a Manufacturing Supply Agreement with Verde LLC providing for the future commercial production of hydrogen

generation plants.

The term of the Agreement continues through December 31, 2024, unless earlier terminated pursuant to the terms thereof.

Additionally, the Agreement contemplates that the quantities, pricing and delivery date and other terms will be set forth in purchase

orders issued under the Agreement.

Capital Resources

of March 31, 2022, we had two (2) full time employee.

We have not experienced any work stoppages and we consider relations with our

employees to be good.

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