NewHydrogen, Inc. Files Q3 2024 10-Q

TL;DR

NewHydrogen (NEWH) filed its Q3 10-Q. Financials updated.

AI Summary

NewHydrogen, Inc. filed its 10-Q for the period ending September 30, 2024. The company, formerly known as BioSolar Inc., is based in Santa Clarita, CA. The filing covers financial data for the third quarter and the year-to-date period, including details on preferred stock, common stock, and retained earnings as of various dates in 2023 and 2024.

Why It Matters

This filing provides investors with an update on NewHydrogen's financial position and performance for the third quarter of 2024, crucial for understanding the company's operational status and future prospects.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that requires careful analysis to assess the company's financial health and operational risks.

Key Numbers

• 2024-09-30 — Reporting Period End Date (The end date for the financial information presented in the 10-Q.)
• 2024-11-01 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2023-12-31 — Prior Year End Date (Provides a comparison point for financial data from the previous fiscal year.)

Key Players & Entities

• NewHydrogen, Inc. (company) — Filer of the 10-Q
• BioSolar Inc. (company) — Former name of NewHydrogen, Inc.
• 20240930 (date) — End of the reporting period
• 20241101 (date) — Filing date
• Santa Clarita, CA (location) — Company's 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 September 30, 2024, 100,

Filing Documents

• form10-q.htm (10-Q) — 662KB
• 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
• 0001493152-24-043359.txt ( ) — 3847KB
• newh-20240930.xsd (EX-101.SCH) — 24KB
• newh-20240930_cal.xml (EX-101.CAL) — 33KB
• newh-20240930_def.xml (EX-101.DEF) — 90KB
• newh-20240930_lab.xml (EX-101.LAB) — 278KB
• newh-20240930_pre.xml (EX-101.PRE) — 216KB
• form10-q_htm.xml (XML) — 581KB

: 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 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 16 ITEM 6 EXHIBITS 16

SIGNATURES

SIGNATURES 17 i PART I – FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS NEWHYDROGEN, INC. CONDENSED BALANCE SHEETS September 30, 2024 December 31, 2023 (Unaudited) ASSETS CURRENT ASSETS Cash $ 2,489,296 $ 3,678,441 Prepaid expenses 23,454 10,311 TOTAL CURRENT ASSETS 2,512,750 3,688,752 PROPERTY AND EQUIPMENT Machinery and equipment 37,225 37,225 Less accumulated depreciation ( 36,455 ) ( 35,642 ) NET PROPERTY AND EQUIPMENT 770 1,583 OTHER ASSETS Patents, net of amortization of $ 26,446 and $ 24,179 respectively 18,890 21,157 Deposit 770 770 TOTAL OTHER ASSETS 19,660 21,927 TOTAL ASSETS $ 2,533,180 $ 3,712,262 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and other payable $ 3,636 $ 9,810 TOTAL CURRENT LIABILITIES 3,636 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 176,453,539 176,279,264 Accumulated deficit ( 177,479,768 ) ( 176,132,585 ) TOTAL SHAREHOLDERS' EQUITY (DEFICIT) ( 955,769 ) 217,139 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 2,533,180 $ 3,712,262 The accompanying notes are an integral part of these unaudited condensed financial statements. 1 NEWHYDROGEN, INC. Condensed (Unaudited) Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 REVENUE $ - $ - $ - $ - OPERATING EXPENSES Selling and marketing expenses 83,539 36,361 228,739 176,529 Gener

NOTES TO FINANCIAL STATEMENTS – UNAUDITED

NOTES TO FINANCIAL STATEMENTS – UNAUDITED FOR THE NINE MONTHS ENDED SEPTEMBER 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 nine months ended September 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 nine months ended September 30,2024, the Company had a loss of $ 1,347,183 , which consisted of a non-cash amount of $ 174,275 for a net cash loss of $ 1,172,908 . As of September 30, 2024, its accumulated deficit was $ 177,479,768 . The Company has working capital to cover its' operating expenses for the next fifteen months. Management believes the Company's present cash flows will enable it to meet its obligations for fifteen 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 ob

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View this 10-Q filing on SEC EDGAR