NewHydrogen, Inc.

NewHydrogen is a pre-revenue, development-stage hydrogen concept with an explicit going-concern doubt.

Strengths

• Large reported current ratio reflects cash relative to negligible liabilities
• Sizable theoretical end-market and a research partnership

Risks

• Going-concern doubt, $180M accumulated deficit, and never any meaningful revenue since 2006 inception
• Ongoing cash burn with only ~$1.4M working capital and reliance on dilutive financing

Notable findings

• Going concernThese factors, among others discussed in Note (1) to the financial statements included in this annual report, raise substantial doubt about our ability to continue as a going concern
• Chronic dilutionShare count +26%/yr over 4y (dilution, book value/share -125%)