NewHydrogen, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>NewHydrogen, Inc. (NEWH) filed its Q1 2024 10-Q report, detailing financial and operational information for the period ending March 31, 2024.</b>

AI Summary

NewHydrogen, Inc. (NEWH) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. NewHydrogen, Inc. filed a 10-Q report for the quarterly period ended March 31, 2024. The company's principal executive offices are located at 27936 Lost Canyon Road, Suite 202, Santa Clarita, CA 91387. NewHydrogen, Inc. was formerly known as BioSolar Inc, with a name change effective August 1, 2006. The filing covers the period from January 1, 2024, to March 31, 2024. The company's Standard Industrial Classification is UNSUPPORTED PLASTICS FILM & SHEET [3081].

Why It Matters

For investors and stakeholders tracking NewHydrogen, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and operational updates for NewHydrogen, Inc., crucial for assessing the company's current standing and future prospects. Understanding the details within this report allows stakeholders to evaluate the company's financial health, strategic direction, and any potential risks or opportunities identified in the reporting period.

Risk Assessment

Risk Level: low — NewHydrogen, Inc. shows low risk based on this filing. The filing is a standard 10-Q report, which typically contains routine financial information and does not indicate any immediate or significant financial distress or positive development.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand NewHydrogen's performance and outlook.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-13 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (Period covered by the report)
• 2023-03-31 — Prior Year Quarter End Date (Comparison period)

Key Players & Entities

• NewHydrogen, Inc. (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-13 (date) — Filed as of date
• 27936 Lost Canyon Road, Suite 202, Santa Clarita, CA 91387 (address) — Business address
• BioSolar Inc (company) — Former company name
• 2006-08-01 (date) — Date of name change
• 0001371128 (company) — Central Index Key
• NEWH (ticker) — Ticker symbol

FAQ

Industry Context

NewHydrogen, Inc. operates within the plastics film and sheet manufacturing industry, focusing on unsupported products.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded entities, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for the quarter ended March 31, 2024.
2. Review the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' section for insights into performance drivers.
3. Check for any new risk factors or updates to existing ones disclosed in the filing.

Year-Over-Year Comparison

This filing represents the quarterly report for the period ending March 31, 2024, following the previous annual report (10-K) and prior quarterly reports.

Key Financial Figures

• $100,000 — t value of the Company's shares exceeds $100,000 per day over any 20 consecutive trade d
• $200,000 — et value of the Company's shares exceed $200,000 per day over any 20 consecutive trade d
• $5,000,000 — on the current market cap of less than $5,000,000 and average trading stock volume of les
• $5,000 — erage trading stock volume of less than $5,000 per day. As of March 31, 2024, 100,000,

Filing Documents

• form10-q.htm (10-Q) — 530KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 18KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• 0001493152-24-018905.txt (&nbsp;) — 3244KB
• newh-20240331.xsd (EX-101.SCH) — 22KB
• newh-20240331_cal.xml (EX-101.CAL) — 28KB
• newh-20240331_def.xml (EX-101.DEF) — 73KB
• newh-20240331_lab.xml (EX-101.LAB) — 218KB
• newh-20240331_pre.xml (EX-101.PRE) — 165KB
• form10-q_htm.xml (XML) — 498KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION ITEM 1

FINANCIAL STATEMENTS (Unaudited)

FINANCIAL STATEMENTS (Unaudited) 1 Condensed Balance Sheets 1 Condensed Statements of Operations 2 Condensed Statement of Shareholders' Deficit 3 Condensed Statements of Cash Flows 4 Notes to the Condensed Financial Statements 5 ITEM 2

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 12 ITEM 3

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 15 ITEM 4

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 15

: OTHER INFORMATION

PART II: OTHER INFORMATION ITEM 1

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 15 ITEM 1A

RISK FACTORS

RISK FACTORS 15 ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 16 ITEM 3 DEFAULTS UPON SENIOR SECURITIES 16 ITEM 4 MINE SAFETY DISCLOSURES 16 ITEM 5 OTHER INFORMATION 16 ITEM 6 EXHIBITS 16

SIGNATURES

SIGNATURES 17 i PART I – FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS NEWHYDROGEN, INC. CONDENSED BALANCE SHEET March 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS Cash $ 3,247,036 $ 3,678,441 Prepaid expenses 48,712 10,311 TOTAL CURRENT ASSETS 3,295,748 3,688,752 PROPERTY AND EQUIPMENT Machinery and equipment 37,225 37,225 Less accumulated depreciation ( 35,913 ) ( 35,642 ) NET PROPERTY AND EQUIPMENT 1,312 1,583 OTHER ASSETS Patents, net of amortization of $ 24,935 and $ 24,179 respectively 20,401 21,157 Deposit 770 770 TOTAL OTHER ASSETS 21,171 21,927 TOTAL ASSETS $ 3,318,231 $ 3,712,262 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and other payable $ 10,496 $ 9,810 TOTAL CURRENT LIABILITIES 10,496 9,810 TOTAL LIABILITIES 10,496 9,810 COMMITMENTS AND CONTINGENCIES (See Note 9) - - MEZZANINE (See Note 3) Series C Convertible Preferred Stock, 34,853 and 34,853 shares outstanding, respectively,redeemable value of $ 3,485,313 and $ 3,485,313 , respectively 3,485,313 3,485,313 SHAREHOLDERS' EQUITY (DEFICIT) Preferred stock, $ 0.0001 par value; 10,000,000 authorized shares - - Common stock, $ 0.0001 par value; 3,000,000,000 authorized shares 704,599,512 and 704,599,512 shares issued and outstanding, respectively 70,460 70,460 Additional paid in capital 176,355,551 176,279,264 Accumulated deficit ( 176,603,589 ) ( 176,132,585 ) TOTAL SHAREHOLDERS' EQUITY (DEFICIT) ( 177,578 ) 217,139 TOTAL LIABILITIES, MEZZANINE AND SHAREHOLDERS' EQUITY (EQUITY) $ 3,318,231 $ 3,712,262 The accompanying notes are an integral part of these unaudited condensed financial statements. 1 NEWHYDROGEN, INC. CONDENSED March 31, 2024 March 31, 2023 For the Three Months Ended March 31, 2024 March 31, 2023 REVENUE $ - $ - OPERATING EXPENSES General and administrative expenses 381,375 1,615,938 Rese

NOTES TO FINANCIAL STATEMENTS – UNAUDITED

NOTES TO FINANCIAL STATEMENTS – UNAUDITED FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 1. Basis of Presentation BASIS OF PRESENTATION The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. For further information refer to the financial statements and footnotes thereto included in the Company's Form 10-K for the December 31, 2023. Going Concern As of the three months ended March 31, 2024, the Company had a loss of $ 471,004 , which consisted of a non-cash amount of $ 76,287 for a net cash loss of $ 394,717 . As of March 31, 2024, its accumulated deficit was $ 176,603,589 . Management 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. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This summary of significant accounting policies of the Company is presented to assist in understanding the Company's financial statements. The condensed unaudited financial statements and notes are representations of the Company's management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States

NOTES TO FINANCIAL STATEMENTS – UNAUDITED

NOTES TO FINANCIAL STATEMENTS – UNAUDITED FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Property and Equipment Property and equipment are stated at cost, and are depreciated using straight line over its estimated useful lives: SCHEDULE OF PROPERTY AND EQUIPMENT Computer equipment 5 Years Machinery and equipment 10 Years Depreciation expense for the three months ended March 31, 2024 and 2023 were $ 271 and $ 271 , respectively. Intangible Assets The Company has patent applications to protect the inventions and processes behind its proprietary bio-based back-sheet, a protective covering for the back of photovoltaic solar modules traditionally made from petroleum-based film. Intangible assets that have finite useful lives continue to be amortized over their useful lives. SCHEDULE OF INTANGIBLE ASSETS AMORTIZED OVER THEIR USEFUL LIVES Useful Lives 3/31/2024 3/31/2023 Patents $ 45,336 $ 45,336 Less accumulated amortization 15 years ( 24,935 ) ( 24,179 ) Intangible assets $ 20,401 $ 21,157 Amortization expense for the three months ended March 31, 2024 and 2023 was $ 756 and $ 756 , respectively. Stock-Based Compensation The Company measures the cost of employee services received in exchange for an equity award based on the grant-date fair value of the award. All grants under our stock-based compensation programs are accounted for at fair value and that cost is recognized over the period during which an employee, consultant, or director are required to provide service in exchange for the award (the vesting period). Compensation expense for options granted to employees and non-employees is determined in accordance with the standard as the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measured. Compensation expense for awards granted is re-measured each period. On February 18, 2021, the

NOTES TO FINANCIAL STATEMENTS – UNAUDITED

NOTES TO FINANCIAL STATEMENTS – UNAUDITED FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) On 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 consultancy with the Company. As of March 31, 2024, the 5,000,000 stock options were outstanding. On April 12, 2022, the Company granted an aggregate of 450,000,000 stock options to its employees for services, at an exercise price of $ 0.021 . The options expire, and all rights to purchase the shares shall terminate seven ( 7 ) years from the date of grant or termination of employment. The 400,000,000 options are exercisable in the amount of 316,666,662 are exercisable upon grant, and the remaining 83,333,338 shares are 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 are exercisable upon grant and the remaining 30,555,554 shares are 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. On March 11, 2023, one of the employees separated from the Company and 50,000,000 options were cancelled as of June 11, 2023. As of March 31, 2024, the other 400,000,000 stock options remain outstanding. On March 20, 2023, the Company granted 50,000,000 shares of stock options, to purchase the total number of shares of common stock equal to the number of option shares at the exercise price of $ 0.0137 per share. The options were granted pursuant to the terms of the Company's 2022 Equity Incentive Plan. The 50,000,000 shares subject to the options, have a six-month cliff, whereby 8,333,333 shall become vested and exercisable on September 19, 2023 and the

NOTES TO FINANCIAL STATEMENTS – UNAUDITED

NOTES TO FINANCIAL STATEMENTS – UNAUDITED FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Research and Development Research and development costs are expensed as incurred. Total research and development costs were $ 88,939 and $ 15,000 for the three months ended March 31, 2024 and 2023, respectively. Advertising The Company expenses the cost of advertising and promotional materials when incurred. The advertising costs were $ 74,971 and $ 0 for the three months ended March 31, 2024 and 2023, respectively. Net Earnings (Loss) per Share Calculations Net earnings (Loss) per share dictates the calculation of basic earnings (loss) per share and diluted earnings per share. Basic earnings (loss) per share are computed by dividing by the weighted average number of common shares outstanding during the year. Diluted net earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include the effect of stock options and stock-based awards (Note 4), plus the assumed conversion of convertible debt (Note 5). For the three months ended March 31, 2024, the Company has not included shares issuable from 560,000,000 stock options and 228,958,334 warrants, because their impact on the income per share is antidilutive. For the three months ended March 31, 2023, the Company has not included shares issuable from 505,000,000 stock options and 228,958,334 warrants, because their impact on the income per share is antidilutive. SCHEDULE OF NET EARNINGS PER SHARE 2024 2023 For the Three Months Ended March 31, 2024 2023 Income (Loss) to common shareholders (Numerator) $ ( 471,004 ) $ ( 1,631,500 ) Basic weighted average number of common shares outstanding (Denominator) 704,599,512 705,126,846 Diluted weighted average number of common shares outstanding (Denominator) 704,599,512 705,126,846 Fair Value of Financial Instruments Fai

NOTES TO FINANCIAL STATEMENTS – UNAUDITED

NOTES TO FINANCIAL STATEMENTS – UNAUDITED FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. We measure certain financial instruments at fair value on a recurring basis. As of March 31, 2024, there were no financial instruments to report. Recently Issued Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying condensed financial statements. 3. PREFERRED STOCK Preferred Stock December 31, 2024 and 2023 As of March 31, 2024, 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 stocks is entitled to receive dividends pari passu with the holders of common stock, except upon liquidation, dissolution and winding up of the Corporation. The holder has the right, at any time, at its election, to convert shares of Series C Preferred Stock into common stock at a conversion price of $ 0.0014 and has no voting rights. The preferred shares have b

NOTES TO FINANCIAL STATEMENTS – UNAUDITED

NOTES TO FINANCIAL STATEMENTS – UNAUDITED FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 5. STOCK OPTIONS AND WARRANTS (Continued) The weighted average remaining contractual life of options outstanding as of March 31, 2024 and 2023 was as follows: SCHEDULE OF WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OPTIONS OUTSTANDING 3/31/2024 3/31/2023 Exercisable Price Stock Options Outstanding Stock Options Exercisable Weighted Average Remaining Contractual Life (years) Exercisable Price Stock Options Outstanding Stock Options Exercisable Weighted Average Remaining Contractual Life (years) $ 0.0137 50,000,000 16,666,667 5.97 $ 0.0137 50,000,000 - 6.97 $ 0.0126 5,000,000 1,388,889 9.17 $ - - - - $ 0.0121 100,000,000 - 6.21 $ - - - - $ 0.0223 5,000,000 3,333,333 7.96 $ 0.223 5,000,000 1,739,726 8.96 $ 0.0210 400,000,000 400,000,000 5.04 $ 0.028 450,000,000 423,219,020 6.04 560,000,000 421,388,889 505,000,000 435,959,666 Determining the appropriate fair value of the stock-based compensation requires the input of subjective assumptions, including the expected life of the stock-based payment and stock price volatility. The Company used Black Scholes to value its stock option awards which incorporated the Company's stock price, volatility, U.S. risk-free rate, dividend rate, and estimated life. The stock options terminate seven ( 7 ) year0s from the date of grant or upon termination of employment. As of March 31, 2024, the aggregate total of 560,000,000 stock options were outstanding. The stock-based compensation expense recognized in the statement of operations during the three months ended March 31, 2024 and 2023, were $ 76,287 and $ 1,472,225 , respectively. As of March 31, 2024, there was no intrinsic value with regards to the outstanding options. Warrants As of March 31, 2023, the Company issued no common stock purchase warrants during the three months ended March 31, 2024. As of March 3

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