What changed in this filing

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Item 1. Business

2023-03-10 compared with 2022-03-31 · 53 added, 43 removed, 183 unchanged (34% of the section changed)

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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.

For more than 200 years, 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.

However, modern electrolyzers still cost too much.

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

chemical 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.

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In a 2022 report, Goldman Sachs estimates that Green Hydrogen will be a $11 trillion market

opportunity by 2050.

opportunity for the utilities industry along by 2050.

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

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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.

to a 2023 research report from Vantage Market Research, green hydrogen has an annual market size of more than$374 million in 2021, and

is expected to hit $8.7 billion in 2028.

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

or Wind Energy + Water + Electrolyzers = Green Hydrogen

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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 ).

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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

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.

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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.

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.

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

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Here are just a few.

Department of Energy)

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

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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.

According to a recent

article by Hydrogen Fuel News, hydrogen car market is expected to take off by 2028.

Until now, the zero-emission passenger vehicle

market has been dominated by battery electric technology by a wide margin.

The falling price of green hydrogen and energy security

issues in terms of electricity in many areas of the world, however, are causing automakers, governments and consumers to look more

favorably at hydrogen than had previously been the case.

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.

BEVs running on

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

The 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.

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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.

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

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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.

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.

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

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

On October 30, 2022, the Company entered into Sponsored Research Agreement Third Amendment (the

“Amendment Agreement”).

Pursuant to the Amendment Agreement, the Sponsored Research Agreement was further amended to among

other things (i) extend the term of the Sponsored Research Agreement to December 31, 2025;

(ii) increase the consideration payable to

the University under the Sponsored Research Agreement to $2,797,368;

(iv) amend the scope of work under the Sponsored Research Agreement;

and (iii) update the schedule of payments to the University.

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

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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.

of March 1, 2023 we had one (1) full time employee.

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

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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