NewHydrogen, Inc.

Previous wording

Management reviewed currently issued pronouncements during the nine months ended September 30, 2025, 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 three months ended March 31, 2026, 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 $11,924 to $95,463 for the three months ended September 30, 2025, compared to $83,539 for the prior period ended September 30, 2024. The primary increase in S&M expenses was the result of an increase in spending on advertising.

Current wording

Selling and marketing (“S&M”) expenses decreased by $12,910 to $93,569 for the three months ended March 31, 2026, compared to $106,479 for the prior period ended March 31, 2025. The primary decrease in S&M expenses was the result of a decrease in spending on advertising and marketing.

Previous wording

General and administrative (“G&A”) expenses increased by $13,454 to $281,248 for the three months ended September 30, 2025, compared to $267,794 for the prior period ended September 30, 2024. The overall increase was an increase in insurance expense.

Current wording

General and administrative (“G&A”) expenses increased by $129,345 to $396,798 for the three months ended March 31, 2026, compared to $267,453 for the prior period ended March 31, 2025. The overall increase was an increase in insurance expense.

Previous wording

Research and Development (“R&D”) expenses increased by $14,547 to $104,689 for the three months ended September 30, 2025, compared to $90,142 for the prior period ended September 30, 2024. This overall increase of $14,547 in R&D expenses was the result of an increase in consultant costs.

Current wording

Research and Development (“R&D”) expenses increased by $229,995 to $331,513 for the three months ended March 31, 2026, compared to $101,518 for the prior period ended March 31, 2025. This overall increase in R&D expenses was the result of an increase in consultant costs.

Previous wording

Depreciation and amortization expense for the three months ended September 30, 2025 and 2024 was $821 and $1,027, respectively.

Current wording

Depreciation and amortization expense for the three months ended March 31, 2026 and 2025 was $821 and $821, respectively.

Previous wording

Other income and (expenses) decreased by $3,636 to $125 for the three months ended September 30, 2025, compared to $3,761 for the prior period ended September 30, 2024. The decrease in other income and (expenses) was the result of a decrease in interest income of $3,636.

Current wording

Other income and (expenses) decreased by $472 to ($295) for the three months ended March 31, 2026, compared to $177 for the prior period ended March 31, 2025. The decrease in other income and (expenses) was the result of a decrease in interest income of $73 and other expenses of $399 in the current period.

Previous wording

Our net loss for the three months ended September 30,2025 was $482,096, compared to $438,741 for the prior period ended September 30,2024. The Company has not generated any revenues. The majority of the decrease in net loss was due to an overall decrease in operating expenses and 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 three months ended March 31, 2026 was $822,996, compared to $476,094 for the prior period ended March 31, 2025. The Company has not generated any revenues. The majority of the increase in net loss was due to an overall increase in operating expenses and 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 accompanying unaudited condensed financial statements as of September 30, 2025, 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, 2025, we did not generate any revenues, and recognized a net loss of $1,581,894, due to a change in operating expenses and cash of $1,413,695 used in operations. As of September 30, 2025, we had working capital of $1,318,162 and a shareholders’ deficit of $179,524,441.

Current wording

The accompanying unaudited condensed financial statements as of March 31, 2026, 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 three months ended March 31, 2026, we did not generate any revenues, and recognized a net loss of $822,996, due to a change in operating expenses and cash of $722,587 used in operations. As of March 31, 2026, we had working capital of $751,663 and a shareholders’ deficit of $2,718,350.

Previous wording

Management believes that we will be able to continue to raise funds through the sale of our securities to existing and new investors, including through the use of its equity financing agreement entered into with GHSManagement believes that funding from existing and prospective new investors and future revenue will provide the additional cash needed to meet our obligations as they become due and will allow the development of our core business operations. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt-financing or cause substantial dilution for our stockholders, in case of equity financing.

Current wording

Management believes that we will be able to continue to raise funds through the sale of our securities to existing and new investors, including through the use of its equity financing agreement entered into with GHS Management believes that funding from existing and prospective new investors and future revenue will provide the additional cash needed to meet our obligations as they become due and will allow the development of our core business operations. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt-financing or cause substantial dilution for our stockholders, in case of equity financing.

Previous wording

As of September 30, 2025, we had working capital of $1,318,162 compared to $2,102,307 for the year ended December 31, 2024. This decrease in working capital was due primarily to a decrease in cash.

Current wording

As of March 31, 2026, we had working capital of $751,663 compared to $1,433,163 for the year ended December 31, 2025. This decrease in working capital was due primarily to a decrease in cash.

Previous wording

During the nine months ended September 30, 2025, we used $1,413,695 in cash for operating activities, as compared to $1,189,145 for the prior period ended September 30, 2024. 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, and advertising and marketing.

Current wording

During the three months ended March 31, 2026, we used $722,587 in cash for operating activities, as compared to $492,812 for the prior period ended March 31, 2025. 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, and advertising and marketing.

Previous wording

We believe that our current cash and investment balances will be sufficient to support development activity and general and administrative expenses for the next nine months. Management estimates that it will require additional cash resources during 2025, based upon its current operating plan and condition. We do not expect increased expenses until early 2026 when we ramp up prototyping efforts related to our thermochemical water splitting technology.

Current wording

We believe that our current cash and investment balances will be sufficient to support development activity and general and administrative expenses for the next four months. Management estimates that it will require additional cash resources during 2026, based upon its current operating plan and condition. We do not expect increased expenses until early 2027 when we ramp up prototyping efforts related to our thermochemical water splitting technology.