What changed in this filing

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Item 1. Financial Statements

2022-08-10 compared with 2022-05-09 · 125 added, 156 removed, 273 unchanged (51% of the section changed)

FINANCIAL STATEMENTS

BIOSOLAR, INC.)

BALANCE SHEET

THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021

March 31, 2022

June 30, 2022

December 31, 2021

13 unchanged sentences

COMMITMENTS AND CONTINGENCIES (See Note 9)

Series C Convertible Preferred Stock, 34,853

shares outstanding, respectively, redeemable value of $ 3,485,313

and $ 3,485,313 ,

Series C Convertible Preferred Stock, 34,853 and 34,853 shares outstanding, respectively, redeemable

value of $ 3,485,313 and $ 3,485,313 , respectively

SHAREHOLDERS’ EQUITY

2 unchanged sentences

Common stock, $ 0.0001 par value;

3,000,000,000 authorized shares

715,496,051 and 715,496,051 shares issued and outstanding, respectively

3,000,000,000 authorized shares 715,496,051 and

715,496,051 shares issued and outstanding, respectively

Preferred treasury stock, 0 and 1,000 shares outstanding, respectively

6 unchanged sentences

accompanying notes are an integral part of these unaudited condensed financial statements.

BIOSOLAR, INC.)

STATEMENTS OF OPERATIONS

THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021

March 31, 2022

March 31, 2021

THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021

Three Months Ended

March 31, 2022

March 31, 2021

Six Months Ended

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2021

OPERATING EXPENSES

6 unchanged sentences

( 3,890,179 )

( 6,262,957 )

( 18,949,452 )

OTHER INCOME/(EXPENSES)

7 unchanged sentences

$ ( 3,436,302 )

$ ( 3,654,944 )

$ ( 6,261,722 )

BASIC EARNINGS (LOSS) PER SHARE

2 unchanged sentences

accompanying notes are an integral part of these unaudited condensed financial statements.

BIOSOLAR, INC.)

STATEMENT OF SHAREHOLDERS’ DEFICIT

THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021

THREE MONTHS ENDED MARCH 31, 2021

THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021

SIX MONTHS ENDED JUNE 30, 2021

Preferred Stock

9 unchanged sentences

Stock compensation cost

Balance at March 31, 2021 (unaudited)

$ 117,784,316

Issuance of common stock warrants deemed dividends

( 5,983,504 )

Ending Balance

Balance at June 30 201 (unaudited)

$ 131,582,079

$ ( 123,944,272 )

THREE MONTHS ENDED MARCH 31, 2022

SIX MONTHS ENDED JUNE 30, 2022

Preferred Stock

2 unchanged sentences

$ ( 160,869,525 )

Beginning Balance

$ 164,000,447

$ ( 160,869,525 )

Purchase of common stock warrants for cash

Issuance of common stock warrants for cash

Stock and warrant compensation cost

1 unchanged sentence

( 6,261,722 )

Balance at March 31, 2022 (unaudited)

$ 166,380,772

$ ( 163,670,587 )

Ending Balance

Balance at June 30, 2022 (unaudited)

$ 169,424,478

1 unchanged sentence

accompanying notes are an integral part of these unaudited condensed financial statements.

BIOSOLAR, INC.)

STATEMENTS OF CASH FLOWS

THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021

March 31, 2022

March 31, 2021

Three Months Ended

March 31, 2022

March 31, 2021

THE SIX MONTHS ENDED JUNE 30, 2022 AND 2021

Six Months Ended

June 30, 2022

June 30, 2021

CASH FLOWS FROM OPERATING ACTIVITIES:

1 unchanged sentence

$ ( 6,261,722 )

Adjustment to reconcile net income(loss) to net cash

(used in) provided by operating activities

Adjustment to reconcile net income(loss) to net cash (used in) provided by operating activities

Depreciation and amortization expense

11 unchanged sentences

NET CASH USED IN OPERATING ACTIVITIES

( 1,264,374 )

CASH FLOWS FROM INVESTING ACTIVITIES:

15 unchanged sentences

accompanying notes are an integral part of these unaudited condensed financial statements.

BIOSOLAR, INC.)

TO CONDENSED FINANCIAL STATEMENTS – UNAUDITED

THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021

of Presentation

THE SIX MONTHS ENDED JUNE 30, 2022 AND 2021

Basis of Presentation

accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted

4 unchanged sentences

been included.

Operating results for the three months ended March 31, 2022, are not necessarily indicative of the results that may be

expected for the year ending December 31, 2022.

For further information refer to the financial statements and footnotes thereto included

in the Company’s Form 10-K for the December 31, 2021.

Operating results for the six months ended June 30, 2022, are not necessarily indicative of the results that may be expected

for the year ending December 31, 2022.

For further information refer to the financial statements and footnotes thereto included in the

Company’s Form 10-K for the December 31, 2021.

Concern Substantial Doubt Alleviated

of the three months ended March 31, 2022, the Company had a net loss of $ 2,589,777 .

As of March 31, 2022, its shareholders equity was

$ 2,781,734 .

believes the Company’s present cash flows will enable it to meet its obligations for twenty four months from the date these financial

statements are available to be issued.

Management will continue to obtain new equity financing.

It is probable that management will continue

to obtain new sources of financing that will enable the Company to meet its obligations for the twelve-month period

OF SIGNIFICANT ACCOUNTING POLICIES

of the six months ended June 30, 2022, the Company had a net loss of $ 6,261,722 .

As of June 30, 2022, its shareholders equity was $ 2,364,780 .

believes the Company’s present cash flows will enable it to meet its obligations for twenty-four months from the date of these

financial statements.

Management will continue to assess it operational needs and seek additional financing as needed to fund its operations..

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

summary of significant accounting policies of the Company is presented to assist in understanding the Company’s financial statements.

16 unchanged sentences

throughout the year, the Company may maintain cash balances in certain bank accounts in excess of FDIC limits.

As of March 31, 2022,

the cash balance in excess of the FDIC limits was $ 5,938,264 .

The Company has not experienced any losses in such accounts and believes

it is not exposed to any significant credit risk in these accounts.

As of June 30, 2022, the

cash balance in excess of the FDIC limits was $ 5,477,784 .

The Company has not experienced any losses in such accounts and believes it

is not exposed to any significant credit risk in these accounts.

preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates

7 unchanged sentences

SCHEDULE OF PROPERTY AND EQUIPMENT

Computer equipment

Machinery and equipment

expense for the years ended March 31, 2022 and 2021 was $ 1,091 and $ 1,091 , respectively.

BIOSOLAR, INC.)

and equipment

expense for the six months ended June 30, 2022 and 2021 was $ 2,161 and $ 2,182 , respectively.

TO CONDENSED FINANCIAL STATEMENTS – UNAUDITED

THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021

THE SIX MONTHS ENDED JUNE 30, 2022 AND 2021

OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

6 unchanged sentences

Intangible assets

expense for the three months ended March 31, 2022 and the year ended December 31, 2021 was $ 756 and $ 3,022 , respectively.

expense for the six months ended June 30, 2022 and the year ended December 31, 2021 was $ 1,511 and $ 3,022 , respectively.

Company measures the cost of employee services received in exchange for an equity award based on the grant-date fair value of the award.

5 unchanged sentences

is re-measured each period.

March 24, 2015, the Company granted 2,450,000 stock options and on September 2, 2015 13,500,000 stock options to its employees and directors

for services.

March 24, 2015, the Company granted 2,450,000 stock options and on September 2, 2015 granted 13,500,000 stock options to its employees

and directors for services.

On March 24, 2022, the 2,450,000 options expired leaving the September 2, 2015 options of 13,500,000 outstanding.

3 unchanged sentences

terminate seven (7) years from the date of grant or termination of employment.

Half of the 400,000,000 options vest immediately, and

the remaining half of the option to purchase 200,000,000 shares of the Company’s common stock shall become exercisable in equal

amounts over a twenty-four ( 24 ) month period during the term of the optionee’s employment, with the first installment of 8,333,333

shares vesting on March 18, 2021.

The 50,000,000 options are exercisable in equal amounts over a thirty-six ( 36 ) month period during

the term of the optionee’s employment, with the first installment of 1,388,889 shares vesting on March 18, 2021.

On March 1, 2022, the Company issued

5,000,000 common stock purchase warrants through a securities purchase agreement for a purchase price of $ 1,000 .

Half of the 400,000,000 options vested immediately upon

grant, and the remaining half of the option to purchase 200,000,000 shares of the Company’s common stock shall become exercisable

in equal amounts over a twenty-four ( 24 ) month period during the term of the optionee’s employment, with the first installment

of 8,333,333 shares vesting on March 18, 2021.

The 50,000,000 options are exercisable in equal amounts over a thirty-six ( 36 ) month period

during the term of the optionee’s employment, with the first installment of 1,388,889 shares, vesting on March 18, 2021.

12, 2022, the Company cancelled the 450,000,000 stock options dated February 18, 2021, and concurrently granted 450,000,000 new options

to its’ employees for services.

March 1, 2022, the Company issued 5,000,000 common stock purchase warrants through a securities purchase agreement for a purchase price

March 15, 2022, the Company granted 5,000,000 stock options to a consultant for advisory services.

The options vest at a rate of 138,889

options per month for a thirty-six ( 36 ) month period during the term of the optionee’s employment.

options per month for a thirty-six ( 36 ) month period during the term of the optionee’s consultancy with the Company.

April 12, 2022, the Company granted 450,000,000 stock options to its employees for services at an exercise price of $ 0.021 .

expire, and all rights to purchase the shares shall terminate seven ( 7 ) years from the date of grant or termination of employment.

vesting schedule of the 400,000,000 options are exercisable in the amount of 316,666,662 immediately, and the remaining 83,333,338 shares

shall become exercisable in equal amounts over a ten ( 10 ) month period during the term of the optionee’s employment until the Option

is 100 % vested.

The 50,000,000 options are exercisable in the amount of 19,444,446 immediately and the remaining 30,555,554 shares shall

become exercisable in equal amounts over a twenty-two ( 22 ) month period during the term of the optionee’s employment until the

Options is 100 % vested.

the appropriate fair value of the stock-based compensation requires the input of subjective assumptions, including the expected life

5 unchanged sentences

(7) years from the date of grant or upon termination of employment.

As of March 31, 2022, the aggregate total of 468,500,000 stock options

As of June 30, 2022, the aggregate total of 468,500,000 stock options

were outstanding.

1 unchanged sentence

and development costs are expensed as incurred.

Total research and development costs were $ 220,546 and $ 219,026 for the three months

ended March 31, 2022 and 2021, respectively.

BIOSOLAR, INC.)

Total research and development costs were $ 451,092 and $ 508,440 for the six months ended

June 30, 2022 and 2021, respectively.

TO CONDENSED FINANCIAL STATEMENTS – UNAUDITED

THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021

THE SIX MONTHS ENDED JUNE 30, 2022 AND 2021

OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

6 unchanged sentences

of stock options and stock-based awards (Note 4), plus the assumed conversion of convertible debt (Note 5).

the three months ended March 31, 2022, the Company has not been included shares issuable from 468,500,000 stock options and 228,958,334

warrants, because their impact on the income per share is antidilutive.

Company has included shares issuable from convertible debt of $ 107,000 and 440,950,000 stock options for the three months ended March

the six months ended June 30, 2022, the Company has not included shares issuable from 468,500,000 stock options and 228,958,334 warrants,

because their impact on the income per share is antidilutive.

Company has included shares issuable from convertible debt of $ 107,000 and 440,950,000 stock options for the six months ended June 30,

2021, because their impact on the income per share is dilutive.

SCHEDULE OF NET EARNINGS PER SHARE

For the Three Months Ended

For the Six Months Ended

Income (Loss) to common shareholders (Numerator)

$ ( 6,261,722 )

$ 132,568,425

Basic weighted average number of common shares outstanding (Denominator)

3 unchanged sentences

practicable to estimate that value.

As of March 31, 2022, the amounts reported for cash, inventory, prepaid expenses, accounts payable,

As of June 30, 2022, the amounts reported for cash, inventory, prepaid expenses, accounts payable,

and accrued expenses, approximate the fair value because of their short maturities.

12 unchanged sentences

measure certain financial instruments at fair value on a recurring basis.

As of March 31, 2022, there were no financial instruments to

As of June 30, 2022, there were no financial instruments to

Issued Accounting Pronouncements

4 unchanged sentences

There was no material impact on any of the Company’s previously issued financial statements.

BIOSOLAR, INC.)

TO CONDENSED FINANCIAL STATEMENTS – UNAUDITED

THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021

Stock March 31, 2022

of March 31, 2022, the Company had a total of 34,853 shares of Series C Preferred Stock with a fair value of $ 3,485,313 , and a stated

face value of one hundred dollars ($ 100 ) (“share value”) per share, and is convertible into shares of fully paid and non-assessable

shares of common stock of the Company.

The Series C preferred stock shall be entitled to receive dividends pari passu with the holders

THE SIX MONTHS ENDED JUNE 30, 2022 AND 2021

CAPITAL STOCK

Stock June 30, 2022

of June 30, 2022, the Company had a total of 34,853 shares of Series C Preferred Stock outstanding with a fair value of $ 3,485,313 , and

a stated face value of one hundred dollars ($ 100 ) per share which are convertible into shares of fully paid and non-assessable shares

of common stock of the Company.

The holder of the Series C preferred stock are entitled to receive dividends pari passu with the holders

of common stock, except upon liquidation, dissolution and winding up of the Corporation.

The stock was presented as mezzanine equity because it is redeemable at a fixed or determinable amount upon an event

that is outside of the issuer’s control.

The holder has the right, at any time, at its

4 unchanged sentences

B Preferred Stock.

The intent of the Board is that all shares of the Series B Preferred Stock be issued to David Lee, Chief Executive

Officer, Chairman of the Board, President and acting Chief Financial Officer in exchange for his continued employment with the Company.

March 26, 2021, the Company entered into a purchase agreement with an investor for an exchange of convertible debt to equity.

The shares of the Series B Preferred Stock were issued to David Lee, Chief Executive Officer, Chairman of the Board,

President and acting Chief Financial Officer as consideration for his continued employment with the Company.

March 26, 2021, the Company entered into a purchase agreement with an investor for an exchange of convertible debt into equity.

exchanged convertible notes in the amount of $ 2,462,060 , plus interest in the amount of $ 1,023,253 for an aggregate total of $ 3,485,313

1 unchanged sentence

The extinguishment of the convertible debt and derivative

was recognized in the financials as a gain on settlement of convertible notes and derivative liability.

A valuation was prepared based

on a stock price of $ 0.075 , with a volatility of 206.03 %, based on an estimated term of 5 years.

was recognized in the Company’s financial statement as a gain on settlement of convertible notes and derivative liability.

was prepared based on a stock price of $ 0.075 , with a volatility of 206.03 %, based on an estimated term of 5 years.

SCHEDULE OF EXTINGUISHMENT OF DEBT

7 unchanged sentences

Company recognized a gain on settlement of $ 93,180,986 for the extinguishment of convertible debt, plus derivative liability for the

period ended March 31, 2021.

Stock March 31, 2022

the three months ended March 31, 2022, the Company issued 5,000,000 common stock purchase warrants for cash in the amount of $ 1,000 .

Stock March 31, 2021

October 28, 2019, the Board of Directors deem it advisable and in the best interest of the Corporation to increase the authorized number

of shares of common stock of the Corporation from 500,000,000 shares of common stock, par value $ 0.0001 per share to 3,000,000,000 shares

of common stock, par value $ 0.0001 per share.

the three months ended March 31, 2021, the Company issued 83,333,334 shares of common stock purchased through a private placement for

$ 5,000,000 at a purchase price of $ 0.06 per share.

the three months ended March 31, 2021, the Company issued 21,964,188 shares of common stock upon conversion of convertible promissory

notes in the amount of $ 184,124 , plus accrued interest of $ 20,851 , and other fees of $ 1,000 at prices ranging from $ 0.0014 - $ 0.0641 .

the three months ended March 31, 2021, the Company issued 73,273,212 shares of common stock upon conversion of convertible promissory

notes in the amount of $ 587,628 , plus accrued interest of $ 74,006 , and other fees of $ 500 at prices ranging from $ 0.00495 - $ 0.0172 .

the three months ended March 31, 2021, the Company issued 1,000,000 shares of common stock for services at fair value.

BIOSOLAR, INC.)

six months ended June 30, 2021.

Stock June 30, 2022

the six months ended June 30, 2022, the Company issued 5,000,000 common stock purchase warrants for cash in the amount of $ 1,000 .

Stock June 30, 2021

the six months ended June 30, 2021, the Company issued an aggregate of 52,000,000 shares of common stock and separate pre-funded warrants

to purchase up to 31,333,334 shares of common stock, plus warrants to purchase up to 83,333,334 at an exercise price of $ 0.06 per share.

the six months ended June 30, 2021, the Company issued 65,000,000 shares of common stock and separate pre-funded warrants to purchase

up to 60,000,000 shares of common stock, plus warrants to purchase up to 125,000,000 at an exercise price of $ 0.04 per shares.

the six months ended June 30, 2021, the Company issued 21,964,188 shares of common stock upon conversion of convertible promissory notes

in the amount of $ 184,124 , plus accrued interest of $ 20,851 , and other fees of $1,000 at prices ranging from $ 0.0014 - $ 0.0641 .

the six months ended June 30, 2021, the Company issued 73,273,212 shares of common stock upon conversion of convertible promissory notes

in the amount of $ 587,628 , plus accrued interest of $ 74,006 , and other fees of $ 500 at prices ranging from $ 0.00495 - $ 0.0172 .

the six months ended June 30, 2021, the Company issued 1,000,000 shares of common stock for services at fair value.

TO CONDENSED FINANCIAL STATEMENTS – UNAUDITED

THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021

THE SIX MONTHS ENDED JUNE 30, 2022 AND 2021

STOCK (Continued)

Stock March 31, 2021 (Continued)

the three months ended March 31, 2021, the Company issued 28,000,000 shares of common stock upon conversion of 392 shares of preferred

OPTIONS AND WARRANTS

the three months ended March 31, 2022, the Company granted stock options in the amount of 5,000,000 .

Stock June 30, 2021 (Continued)

the six months ended June 30, 2021, the Company issued 28,000,000 shares of common stock upon conversion of 392 shares of preferred stock.

STOCK OPTIONS AND WARRANTS

the six months ended June 30, 2022, the Company granted stock options in the amount of 5,000,000 .

(See Note 2).

3 unchanged sentences

Outstanding as of the beginning of the periods

Expired/Cancelled

( 452,450,000 )

1 unchanged sentence

Exercisable as of the end of the periods

weighted average remaining contractual life of options outstanding as of March 31, 2022 was as follows:

weighted average remaining contractual life of options outstanding as of June 30, 2022 was as follows:

SCHEDULE OF WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OPTIONS OUTSTANDING

3 unchanged sentences

Weighted Average Remaining Contractual Life (years)

stock-based compensation expense recognized in the statement of operations during the three months ended March 31, 2022 related to these

stock-based compensation expense recognized in the statement of operations during the six months ended June 30, 2022 related to these

options was $ 5,423,031 .

of March 31, 2022, there was no intrinsic value with regards to the outstanding options.

During the period ended March

31, 2022, the Company issued 5,000,000 common stock purchase warrants through a securities purchase agreement for a purchase price of

of June 30, 2022, there was no intrinsic value with regards to the outstanding options.

the period ended June 30, 2022, the Company issued 5,000,000 common stock purchase warrants through a securities purchase agreement for

a purchase price of $ 1,000 .

SCHEDULE OF WARRANTS ACTIVITY

3 unchanged sentences

Exercisable as of the end of the periods

BIOSOLAR, INC.)

TO CONDENSED FINANCIAL STATEMENTS – UNAUDITED

THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021

THE SIX MONTHS ENDED JUNE 30, 2022 AND 2021

OPTIONS AND WARRANTS (Continued)

weighted average remaining contractual life of the warrants outstanding as of March 31, 2022 was as follows:

weighted average remaining contractual life of the warrants outstanding as of June 30, 2022 was as follows:

SCHEDULE OF WARRANTS OUTSTANDING

Exercisable Price

Stock Warrants Outstanding

Stock Warrants Exercisable

Weighted Average Remaining Contractual Life (years)

Warrants Outstanding

Warrants Exercisable

Average Remaining Contractual Life (years)

the period, the Company recognized warrant compensation at fair value in the amount $ 115,102 .

AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

Company rents office space on a yearly basis with a monthly rent payment in the amount of $ 550 .

9 unchanged sentences

of $ 5,000 per month for the services provided.

of March 31, 2022, there were no legal proceedings against the Company.

has evaluated subsequent events according to the requirements of ASC TOPIC 855 and has reported the following subsequent events.

April 11, 2022, the Board of Directors approved the 2022 Equity Incentive Plan (“2022 Plan”), that provides for the grant

of incentive stock options, non-qualified stock options, restricted stock and restricted stock units collectively.

The stock awards may

be granted to our employees, consultants, and directors.

The maximum number of shares of common stock initially available for issuance

under the 2022 Plan is 500,000,000 shares of common stock, and thereafter shall automatically be increased on the first day of the Company’s

fiscal year beginning in 2023 so that the total number of shares issuable under the 2022 Plan shall at all times equal fifteen percent

( 15 %) of the Company’s fully diluted capitalization on the first day of the Company’s fiscal year, unless the Company’s

Board of Directors adopts a resolution providing that the number of shares issuable under the 2022 Plan shall not be so increased.

Board of Directors may suspend or terminate the 2022 Plan at any time.

April 12, 2022, the Board of Directors approved the cancellation of the 450,000,000 stock options previously granted on February 18,

2021 in exchange for granting new stock options under the Corporation’s 2022 Equity Incentive Plan approved on April 11, 2022.

EVENT (Continued)

April 12, 2022, the Company granted 450,000,000 stock options to its employees for services at an exercise price of $ 0.021 .

expire, and all rights to purchase the shares shall terminate seven (7) years from the date of grant or termination of employment.

options out of the 400,000,000 options vest immediately, and the remaining 83,333,338 of the option shall become exercisable in equal

amounts over a ten ( 10 ) month period during the term of the optionee’s employment, with the first installment of 8,333,334 shares

vesting on May 12, 2022.

19,444,446 options out of the 50,000,000 options vest immediately, and the remaining 30,555,554 option shall

become exercisable in equal amounts over a twenty two ( 22 ) month period during the term of the optionee’s employment, with the

first installment of 1,388.889 shares vesting on May 12, 2022.

of June 30, 2022, there were no legal proceedings against the Company.

SUBSEQUENT EVENT

has evaluated subsequent events according to the requirements of ASC TOPIC 855 and has reported no subsequent events.

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 1. Financial Statements