SUBSEQUENT EVENTS |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS | 8. SUBSEQUENT EVENTS
Management has evaluated subsequent events according to the requirements of ASC TOPIC 855 and has no subsequent events to report except as described herein.
On October 8, 2026, the Company amended its Option Agreement with The Regents of the University of California, to extend through November 30, 2027. Under the amended agreement, an option execution fee of $10,000 is due on or before December 31, 2026.
On October 14, 2026, the Company amended its Research Agreement with The Regents of the University of California, on behalf of its Santa Barbara Campus to extend through November 30, 2027. Under the amended agreement, the Company’s total cost under the agreement shall not exceed $2,330,038.
On October 21, 2026, the Company entered into an agreement with Green Investment Strategies, LLC to cancel and terminate the warrant for shares of Common Stock.
On October 23, 2026, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with SunHydrogen, Inc., a Nevada corporation (the “Purchaser”), pursuant to which the Company agreed to issue and sell to the Purchaser (i) shares (the “Shares”) of the Company’s common stock, par value $ per share, at a purchase price of $ per share, and (ii) a Common Stock purchase warrant (the “Warrant”) to purchase up to 407,300,000 shares of Common Stock. The aggregate purchase price for the Shares and the Warrant was $2,999,764.50. The transaction closed on October 26, 2026.
The Warrant is exercisable for cash immediately upon issuance at an exercise price of $0.016203 per share and expires on October 23, 2031. Upon certain fundamental transactions, the holder may require the Company or any successor entity to purchase the unexercised portion of the Warrant for an amount equal to its Black Scholes Value (as defined in the Warrant).
The Purchase Agreement contains customary representations, warranties, covenants and indemnification obligations. The Company intends to use the net proceeds for general corporate purposes, including working capital. |