NewHydrogen Inc
For the period ended Sep 30, 2024. Filed Nov 1, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 1, 2024
NEWHStored price and day change unavailable
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-12.
0001493152-24-031288
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-01.
0001493152-24-043359
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 57 previous paragraphs and 58 current paragraphs.
40 unchanged; 15 reworded; 2 added; 1 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (2)
Current report
Results of Operations – Nine months ended September 30, 2024 Compared to the Nine months ended September 30, 2023.
Current report
Management believes the Company’s present cash flows will enable it to meet its obligations for fifteen 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.
Removed paragraphs (1)
Previous report
Results of Operations – Six months ended June 30, 2024 Compared to the Six months ended June 30, 2023.
Reworded paragraphs (15)
Previous wording
Management reviewed currently issued pronouncements during the six months ended June 30, 2024, and does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying condensed unaudited financial statements.
Current wording
Management reviewed currently issued pronouncements during the nine months ended September 30, 2024, and does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying condensed unaudited financial statements.
Previous wording
Selling and marketing (“S&M”) expenses increased by $54,380 to $70,229 for the three months ended June 30, 2024, compared to $15,849 for the prior period ended June 30, 2023. The primary increase in (S&M) expenses was the result of an increase in advertising of $25,944, and an increase in marketing cost of $28,436.
Current wording
Selling and marketing (“S&M”) expenses increased by $47,178 to $83,539 for the three months ended September 30, 2024, compared to $36,361 for the prior period ended September 30, 2023. The primary increase in (S&M) expenses was the result of an increase in service providers of $36,867, with an increase in other cost of $10,311.
Previous wording
General and administrative (“G&A”) expenses decreased by $1,665,881 to $585,248 for the six months ended June 30, 2024, compared to $2,251,129 for the prior period ended June 30, 2023. The primary decrease in G&A expenses was the result of a decrease in fair value of non-cash stock compensation of $1,753,393, with an overall decrease in G&A expenses of $87,512.
Current wording
General and administrative (“G&A”) expenses decreased by $48,247 to $266,491 for the three months ended September 30, 2024, compared to $314,738 for the prior period ended September 30, 2023. The primary decrease in G&A expenses was the result of a decrease in professional fees of $41,003, with an overall decrease in G&A expenses of $7,244.
Previous wording
Research and Development (“R&D”) expenses increased by $78,939 to $88,939 for the three months ended June 30, 2024, compared to $10,000 for the prior period ended June 30, 2023. This overall increase in R&D expenses was the result of an increase in outside research fees.
Current wording
Research and Development (“R&D”) expenses increased by $1,203 to $90,142 for the three months ended September 30, 2024, compared to $88,939 for the prior period ended September 30, 2023. This overall increase in R&D expenses was the result of an increase in outside research fees.
Previous wording
Other income and (expenses) decreased by $152 to $297 for the three months ended June 30, 2024, compared to $449 for the prior period ended June 30, 2023. The decrease in other income and (expenses) was the result of a decrease in interest income of $152. The decrease in other income and (expenses) was primarily due to the net change in interest income.
Current wording
Other income and (expenses) increased by $3,340 to $3,761 for the three months ended September 30, 2024, compared to $421 for the prior period ended September 30, 2023. The increase in other income and (expenses) was the result of an increase in interest income of $3,340. The increase in other income and (expenses) was primarily due to the net change in interest income.
Previous wording
Selling and marketing (“S&M”) expenses increased by $129,351 to $145,200 for the six months ended June 30, 2024, compared to $15,849 for the prior period ended June 30, 2023. The primary increase in (S&M) expenses was the result of an increase in marketing cost of $129,351.
Current wording
Selling and marketing (“S&M”) expenses increased by $52,210 to $228,739 for the nine months ended September 30, 2024, compared to $176,529 for the prior period ended September 30, 2023. The primary increase in (S&M) expenses was the result of an increase in marketing cost.
Previous wording
General and administrative (“G&A”) expenses decreased by $356,347 to $278,844 for the three months ended June 30, 2024, compared to $635,191 for the prior period ended June 30, 2023. The primary decrease in G&A expenses was the result of a decrease in fair value of non-cash stock compensation of $355,455, with an overall increase in G&A expenses of $892.
Current wording
General and administrative (“G&A”) expenses decreased by $1,714,129 to $851,738 for the nine months ended September 30, 2024, compared to $2,565,867 for the prior period ended September 30, 2023. The primary decrease in G&A expenses was the result of a decrease in fair value of non-cash stock compensation of $1,766,554, with an overall increase in G&A expenses of $52,425.
Previous wording
Research and Development (“R&D”) expenses increased by $152,878 to $177,878 for the six months ended June 30, 2024, compared to $25,000 for the prior period ended June 30, 2023. This overall increase in R&D expenses was the result of an increase in outside research fees.
Current wording
Research and Development (“R&D”) expenses increased by $154,082 to $268,021 for the nine months ended September 30, 2024, compared to $113,939 for the prior period ended September 30, 2023. This overall increase in R&D expenses was the result of an increase in outside research fees.
Previous wording
Depreciation and amortization expense for the six months ended June 30, 2024 and 2023 was $2,054 and $2,053, respectively.
Current wording
Depreciation and amortization expense for the nine months ended September 30, 2024 and 2023 was $3,080 and $3,080, respectively.
Previous wording
Other income and (expenses) decreased by $279 to $634 for the six months ended June 30, 2024, compared to $913 for the prior period ended June 30, 2023. The decrease in other income and (expenses) was primarily due to the net change in interest income.
Current wording
Other income and (expenses) increased by $3,060 to $4,395 for the nine months ended September 30, 2024, compared to $1,335 for the prior period ended September 30, 2023. The decrease in other income and (expenses) was primarily due to the net change in interest income.
Previous wording
Our net loss for the three months ended June 30, 2024 was $438,742, compared to $661,618 for the prior period ended June 30, 2023. The decrease in net loss was due to a decrease in non-cash expense` associated with the net change in stock option expense in the current period. These estimates were based on multiple inputs, including the market price of our stock, interest rates, our stock price volatility, variable conversion prices based on market prices as defined in the respective agreements and probabilities of certain outcomes based on management projections. These inputs were subject to significant changes from period to period and to management’s judgment; therefore, the estimated fair value of the stock options fluctuate, and the fluctuation may be material. The Company has not generated any revenues.
Current wording
Our net loss for the nine months ended September 30, 2024 was $1,347,183, compared to $2,8598,080 for the prior period ended September 30, 2023. The majority of the decrease in net loss was due to a decrease in non-cash expense associated with the net change in stock option expense in the current period. These estimates were based on multiple inputs, including the market price of our stock, interest rates, our stock price volatility, variable conversion prices based on market prices as defined in the respective agreements and probabilities of certain outcomes based on management projections. These inputs were subject to significant changes from period to period and to management’s judgment; therefore, the estimated fair value of the stock options fluctuate, and the fluctuation may be material. The Company has not generated any revenues.
Previous wording
The unaudited condensed financial statements have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets and liabilities and commitments in the normal course of business. The accompanying unaudited condensed financial statements do not reflect any adjustments that might result if we are unable to continue as a going concern. During the six months ended June 30, 2024, we did not generate any revenues, and recognized a net loss of $909,746, due to a change in non-cash stock compensation, and cash of $824,205 used in operations. As of June 30, 2024, we had working capital of $2,890,580 and a shareholders’ deficit of $573,277.
Current wording
The unaudited condensed financial statements have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets and liabilities and commitments in the normal course of business. The accompanying unaudited condensed financial statements do not reflect any adjustments that might result if we are unable to continue as a going concern. During the nine months ended September 30, 2024, we did not generate any revenues, and recognized a net loss of $1,347,183, due to a decrease in non-cash stock compensation of $1,766,554, and cash of $1,189,145 used in operations. As of September 30, 2024, we had working capital of $2,509,114 and a shareholders’ deficit of $955,769.
Previous wording
As of June 30, 2024, we had working capital of $2,890,580 compared to $3,678,942 for the year ended December 31, 2023. This decrease in working capital was due primarily to a decrease in cash.
Current wording
As of September 30, 2024, we had working capital of $2,509,114 compared to $3,678,942 for the year ended December 31, 2023. This decrease in working capital was due primarily to a decrease in cash.
Previous wording
During the six months ended June 30, 2024, we used $824,205 of cash for operating activities, as compared to $422,098 for the prior period ended June 30, 2023. The increase in the use of cash for operating activities for the current period was a result of an increase in research and development cost, advertising and marketing, and salaries.
Current wording
During the nine months ended September 30, 2024, we used $1,189,145 of cash for operating activities, as compared to $790,889 for the prior period ended September 30, 2023. The increase in the use of cash for operating activities for the current period was a result of an increase in research and development cost, advertising and marketing, and salaries.
Previous wording
Net cash provided from equity financing activities for the six months ended June 30, 2024 and June 30, 2023 was $0. There was no equity financing during the current or prior period. Our capital needs have primarily been met from the proceeds of the sale of our securities, as we currently have not generated any revenues.
Current wording
Net cash provided from equity financing activities for the nine months ended September 30, 2024 and September 30, 2023 was $0. There was no equity financing during the current or prior period. Our capital needs have primarily been met from the proceeds of the sale of our securities, as we currently have not generated any revenues.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Our net loss for the three months ended September 30, 2024 was $441,199, compared to $441,065 for the prior period ended September 30, 2023. The Company has not generated any revenues.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Our net loss for the six months ended June 30, 2024 was $909,746, compared to $2,293,118 for the prior period ended June 30, 2023. The decrease in net loss was due to a decrease in non-cash expense` associated with the net change in stock option expense in the current period. These estimates were based on multiple inputs, including the market price of our stock, interest rates, our stock price volatility, variable conversion prices based on market prices as defined in the respective agreements and probabilities of certain outcomes based on management projections. These inputs were subject to significant changes from period to period and to management’s judgment; therefore, the estimated fair value of the stock options fluctuate, and the fluctuation may be material. The Company has not generated any revenues.