NewHydrogen, Inc. Files Q2 2024 10-Q

TL;DR

NewHydrogen (NEWH) filed its Q2 10-Q. Check financials.

AI Summary

NewHydrogen, Inc. filed its 10-Q for the period ending June 30, 2024. The company, formerly known as BioSolar Inc., is incorporated in Nevada and operates in the plastics film & sheet industry. Its principal business address is in Santa Clarita, California.

Why It Matters

This filing provides investors with an update on NewHydrogen's financial performance and operational status for the second quarter of 2024.

Risk Assessment

Risk Level: medium — As a publicly traded company filing a 10-Q, there are inherent risks associated with its financial performance and market position.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 20240812 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• NewHydrogen, Inc. (company) — Filer of the 10-Q
• BioSolar Inc. (company) — Former name of NewHydrogen, Inc.
• 20240630 (date) — End of reporting period
• Santa Clarita, CA (location) — Business and mailing address

FAQ

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 June 30, 2024, 100,000,0

Filing Documents

• form10-q.htm (10-Q) — 640KB
• ex31-1.htm (EX-31.1) — 19KB
• ex31-2.htm (EX-31.2) — 19KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• 0001493152-24-031288.txt ( ) — 3825KB
• newh-20240630.xsd (EX-101.SCH) — 24KB
• newh-20240630_cal.xml (EX-101.CAL) — 32KB
• newh-20240630_def.xml (EX-101.DEF) — 90KB
• newh-20240630_lab.xml (EX-101.LAB) — 278KB
• newh-20240630_pre.xml (EX-101.PRE) — 215KB
• form10-q_htm.xml (XML) — 576KB

: 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 16 ITEM 4

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 16

: OTHER INFORMATION

PART II: OTHER INFORMATION ITEM 1

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 16 ITEM 1A

RISK FACTORS

RISK FACTORS 16 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 17 ITEM 6 EXHIBITS 17

SIGNATURES

SIGNATURES 18 i PART I – FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS NEWHYDROGEN, INC. CONDENSED BALANCE SHEETS June 30, 2024 December 31, 2023 (Unaudited) ASSETS CURRENT ASSETS Cash $ 2,854,236 $ 3,678,441 Prepaid expenses 36,459 10,311 TOTAL CURRENT ASSETS 2,890,695 3,688,752 PROPERTY AND EQUIPMENT Machinery and equipment 37,225 37,225 Less accumulated depreciation ( 36,184 ) ( 35,642 ) NET PROPERTY AND EQUIPMENT 1,041 1,583 OTHER ASSETS Patents, net of amortization of $ 25,691 and $ 24,179 respectively 19,645 21,157 Deposit 770 770 TOTAL OTHER ASSETS 20,415 21,927 TOTAL ASSETS $ 2,912,151 $ 3,712,262 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and other payable $ 115 $ 9,810 TOTAL CURRENT LIABILITIES 115 9,810 COMMITMENTS AND CONTINGENCIES (See Note 9) - - 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 176,398,594 176,279,264 Accumulated deficit ( 177,042,331 ) ( 176,132,585 ) TOTAL SHAREHOLDERS' EQUITY (DEFICIT) ( 573,277 ) 217,139 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 2,912,151 $ 3,712,262 The accompanying notes are an integral part of these unaudited condensed financial statements. 1 NEWHYDROGEN, INC. CONDENSED (Unaudited) Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 REVENUE $ - $ - $ - $ - OPERATING EXPENSES Selling and marketing expenses 70,229 15,849 145,200 15,849 General and administrative expenses 27

NOTES TO FINANCIAL STATEMENTS – UNAUDITED

NOTES TO FINANCIAL STATEMENTS – UNAUDITED FOR THE SIX MONTHS ENDED JUNE 30, 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 six months ended June 30, 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 six months ended June 30, 2024, the Company had a loss of $ 909,746 , which consisted of a non-cash amount of $ 119,331 for a net cash loss of $ 790,415 . As of June 30, 2024, its accumulated deficit was $ 177,042,331 . The Company has working capital to cover its' operating expenses for the next eighteen months. Management believes the Company's present cash flows will enable it to meet its obligations for eighteen months from the date of these financial 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 account

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