UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

(Mark One)

☒ ANNUAL REPORT UNDERPURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2021_________________________________________

FOR THE FISCAL YEAR ENDED DECEMBER 31, 2017or

☐ TRANSITION REPORT UNDERPURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM __________ TO __________

COMMISSION FILE NUMBER: 000-54819

BIOSOLAR,NEWHYDROGEN, INC.

(NameExact name of registrant as specified in its charter)

27936 Lost Canyon Road, Suite 202, Santa Clarita, California91387

 (Address(Address of principal executive offices) (Zip Code)

Issuer’sRegistrant’s telephone Number:number: (661) (661) 251-0001

Securities registered underpursuant to Section 12(b) of the Exchange Act: None.

Securities registered under Section 12(g) of the Exchange Act: common stock,

Common Stock, par value $0.0001 per share

Indicate by check mark whetherif the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes  ☐   Yes☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller“small reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐No ☒

The aggregate market value of the voting and non-voting common stock of the issuer held by non-affiliates, computed by reference to the price at which the common stock was sold on June 30, 2017,2021, was approximately $1,519,382.$19,331,768.

The number of shares of the registrant’s common stock outstanding, as of March 12, 201829, 2022 was 46,508,334. 715,496,051.

DOCUMENTS INCORPORATED BY REFERENCE

None.

TABLE OF CONTENTS

PART I

Overview

We are a developer of clean energy technologies. Our current focus is on developing an electrolyzer technology to lower the cost of Green Hydrogen production.

Hydrogen is the cleanest and most abundant fuel in the universe. It is zero-emission and only produces water vapor when used. However, hydrogen does not exist in its pure form on Earth so it must be extracted. For centuries, scientists have known how to use electricity to split water into hydrogen and oxygen using a device called an electrolyzer. Electrolyzers installed behind a solar farm or wind farm can use renewable electricity to split water, thereby producing Green Hydrogen. However, modern electrolyzers still cost too much. The chemical catalysts that enable the water-splitting reactions are currently made from platinum and iridium – both are very expensive precious metals. These catalysts account for nearly 50% of the cost of the electrolyzer.

We are developing innovative technologies to increasesignificantly reduce or replace rare materials with inexpensive earth abundant materials in electrolyzers to help usher in a Green Hydrogen economy. In a 2020 report, Goldman Sachs estimates that Green Hydrogen will be a $12 trillion market opportunity by 2050.

Industry Overview

Hydrogen is the capacitymost abundant and reduceprevalent clean energy in the cost of storing electrical energy. We have previously developed an innovative material technology to reduce the cost per watt of electricity produced by Photovoltaic, or PV, solar modules.

We are currently working on a silicon anode additive material technology intended to drastically increase the storage capacity of current and future generation of lithium-ion batteries while lowering the cost of storing electrical energy. The lower cost of electrical energy storage will result in reduced cost per watt of electricity produced by PV solar modules as well.

Industry Overview

The solar industry relies on two distinctly different solar energy technologies. Solar energy can be converted directly into electricity using PV devices or into heat by solar thermal devices. PV devices convert sunlight directly into electricity through a photovoltaic cell, commonly called a solar cell, a non-mechanical device usually made from silicon alloys. Solar thermal devices, on the other hand, are typically used for directly heating swimming pools, heating water for domestic use, and space heating of buildings.

Our product development focus had been based on PV technology, thus we are currently a partuniverse. 73% of the PV segmentSun is made up of the industry. Photovoltaics is derived from the words photo, meaning light, and voltaic, meaning voltage producing. Sunlight, not heat, fuels photovoltaic cells. The cells, made mostly of the semiconductor silicon, convert sunlight directly into electricity.hydrogen.

With all of these PV panels being installed, there is still one major challenge that prevents solar from being a primary and reliable source of power – the sunHydrogen does not shine at night. As a result, solar users will switch to using electricity from the local power company during the evening hours. This switch causes sudden spikesexist in power demand on the gridits pure form, and creates havoc at the local power company because the grid is not designed to respond to rapid demand changes. The key to solving this problem is efficient electrical energy storage systems that canmust be charged and discharged rapidly, day in and day out. This will time-shift daytime solar energy for nighttime use with minimal reliance on the power grid.

extracted. According to a 20152020 report from the U.S. Department of Energy, more than 98% of hydrogen in the world are made by Solar Energy Industries Association, the demand for rooftop solar pairedsteam reforming of natural gas (“Grey Hydrogen”) or coal gasification (“Brown Hydrogen”). Both sources of hydrogen are basically different forms of dirty, carbon heavy, and non-renewable fossil fuels. This does nothing to help fight climate change or lead to renewable energy and a sustainable planet.

According to a 2020 research report from Grand View Research, hydrogen is already a big business today with energy storage systems will reach $1an annual market size of more than $117 billion in 2019. Developing cost-competitive Green Hydrogen made from renewable resources such as solar, wind and water can significantly expand the U.S. by 2020,market for hydrogen. At this time, we believe electrolyzer technology represents the most certain way forward.

Solar or Wind Energy + Water + Electrolyzers = Green Hydrogen

Abundant sources of Green Hydrogen can power a clean energy world of fast charging fuel cell electric vehicles, light up our homes, make our fertilizers and will create pent up demand for cost effective solar energy storage solutions. Pairing solar panels with batteries means users can store power during the day and use it at night, reducing electricity bills. Those savings can be more significant for customers who pay higher rates for electricity during peak periods.ultimately replace many forms of fossil fuels.

An overwhelming amount of scientific evidence shows that carbon emissions from fossil fuels have contributed to increasing global climate change. Policymakers around the world have accelerated programs to enable the development and adoption of renewable energy. The U.S has been slow to adopt such programs but is quickly becoming a formidable force. According to the World Resources Institute, more than 14 U.S. states have legislative mandates requiring 100% renewable electricity, some as early as 2040. Both the U.K. and European Union are targeting net zero greenhouse gas emissions by 2050.

With this global backdrop and concerted actions toward climate policies and clean energy, we believe the Green Hydrogen revolution is ready to take off. The Sun does not always shine, and the wind does not always blow. Therefore, green energy from solar and wind power is inherently intermittent and unreliable as a modernprimary source of power. However, by converting that green electricity into Green Hydrogen, it can be used anywhere and anytime for electricity, chemicals, heating and all necessities of life.

Because of the versatility of hydrogen, we believe Green Hydrogen has the potential to fundamentally improve the world running on electricity, the need for battery storage has never been greater. The ability to store energy, take it on the go,economy and use it later, has opened upusher in a new worldera of “Killer Apps” such as long range electric vehicles, iPhones,economic prosperity, sustainability, and storage of renewableenergy independence to those with access to solar, wind and solar energy for later use. The key to enabling these Killer Apps is better and lower cost batteries.

According to a 2014 report from Lux Research, the global energy storage market will rise to $50 billion by the year 2020, with a compound annual growth rate of 8%. Muchwater which describes most of the growthentire world.

In a 2020 report, Bank of America noted that hydrogen will take 25% of all oil demand by 2050 and that Green Hydrogen economy could be in electric vehicles, whichworth more than $11 trillion by 2050. The firm also compared Green Hydrogen to pre-2007 smartphones and the Internet prior to the dot-com boom.

Electrolyzer Technology

For more than 200 years, scientists have known how to split water into hydrogen (H₂) and oxygen (O₂). By placing two metal electrodes into a jar of salted water (electrolytic solution) and applying an electrical voltage between them, H₂ and O₂ will rise to $21 billion, followed bybubble up at the incumbent consumer electronics segment such as iPhones, which will rise to $27 billion, withseparate electrodes. This process is called electrolysis and the remainderdevice is called an electrolyzer. If the source of $2.8 billion in stationary applicationselectricity is renewable such as solar backup power,or wind, then the resulting hydrogen is a zero-greenhouse gas renewable resource – Green Hydrogen.

There are two primary types of commercial electrolyzers. The original alkaline electrolyzer and grid storage.

Researchthe modern proton exchange membrane (PEM) electrolyzer. However, neither technology can currently produce Green Hydrogen at scale that is cost competitive with Grey or Brown Hydrogen sourced from fossil fuels.PEM electrolysis has the advantage of higher efficiency and Development

We developed robust bio-based components that meetquickly reacting to fluctuating input energy, which is ideally matched to the stringent thermal and durability requirements of current PV module manufacturing processes. We identified certain bio-based materials that are inherently durable, and we then applied proprietary material processes to enhance the desirable characteristics of these bio-based materials – turning them into robust and durable materials to be used as solar panel components.  Based on long term environmental testing performed by the Company, we believe our BioBacksheet^R is more durable than conventional petroleum based back sheets available in the market today.

The BioBacksheet^R successfully obtained Underwriters Laboratories’ (UL) material certification in February 2011.  This version of our back sheet is designed for conventional c-Si solar modules, which currently represents over 75 percentfluctuating nature of solar modules produced in the world, as well asand wind energy. Its smaller footprint also makes it ideal for certain thin film solar modules.  The relative thermal index (RTI) rating of 130° C by UL was issued during the 3rd quarter of 2012, and a number of PV panel manufacturers obtained certificationsdistributed systems, which is how most renewable energy systems are implemented.

PEM electrolyzers are expensive because they rely on their PV panels incorporating BioBacksheet^R for UL/IEC.  

A key ingredient of BioBacksheet^R is Nylon 11 derived from castor bean oil. We do not currently have an agreement with Arkema, Inc, a global producer of high performance materials including Nylon 11, for the supply of Nylon 11 and there is currently no other known supplier of Nylon 11. If Nylon 11 becomes unavailable in the future, alternativerare materials such as Nylon 1010 or Nylon 12 can be substituted,platinum and iridium – which is akin to stardust found only in asteroids – as chemical catalysts for which there are many known suppliers. The Company currently does not manufacture BioBacksheet^Rthe water-splitting reactions. According to National Renewable Energy Laboratory (NREL), but the product is availablethese materials account for licensing.

We initially focused our energy storage development effort on high capacity cathode materials since most of today’s Li-ion batteries are “cathode limited.” With the goal of creating the company’s next generation super battery technology, we are currently investigating high capacity anode materials recognizing the fact that the overall battery capacity is determined by a combination of both cathode and anode. 

Silicon (Si) is onenearly 50% of the most promising anode materials being considered for next generation, high energycapital cost of PEM electrolyzers. Additionally, the cost of electricity contributes to over 50% of hydrogen production costs.

Our technology is aimed at lowering the cost of catalysts and high power lithium ion batteries (Li-Bs). However, Si anodes suffer from large capacity fading and tremendous volume changes during lithium-ion charge-discharge cycling. The strains due to the huge volume changes actually pulverizes the Si material and eventually lead to electrode shattering and delamination, which adversely affect the battery performance and cycle life. These are the primary challenges to the commercial use of Si for battery anodes, which the Company intends to overcome.key components in PEM electrolyzers by:

We are currently sponsoring a research program at the North Carolina Agricultural and Technical State University to strengthen the engineering development efforts of its battery technology. Dr. Sung-Jin Cho, Assistant Professor in the Nanoengineering Department at the university, is the lead investigator of the sponsored research program.

Applications of Green Hydrogen

Unlike lithium-ion where it is simply a battery technology, Green Hydrogen is an economy. There are many applications for Green Hydrogen, some with larger markets than others. Here are just a few.

(Source: U.S. DOE)

Research and Development

Our electrolyzer technology research and development is conducted at the University of California at Los Angeles through a sponsored research agreement. The current program is focused on replacing iridium with earth abundant materials that meet or exceed the performance characteristics of iridium. We have also identified additional components and materials in electrolyzers where meaningful cost reductions can be performed. While iridium is the oxygen catalyst, its counterpart on the hydrogen side is platinum, a material so rare that only 200 tons are mined every year. Another critical component is the porous transport layer (“PTL”), also known as the gas diffusion layer, which facilitates the movement of water and gases to and from the catalyst surfaces. According to the National Renewable Energy Laboratory, the catalysts, membrane and PTL assembly account for more than 50%-75% of the capital cost of the electrolyzer stack.

Marketing Strategy

We will begin marketing our energy storage component material technologyelectrolyzer catalyst technologies as soon as a tangible form of quantitative performance demonstration prototypes becomebecomes available. Our marketing plan includes engaging with large Lithium-ion battery manufacturers of existing electrolyzer component and delivery infrastructure, as well as identifying and developing relationships with potential licensing partners inwith large scale hydrogen generation and supply logistics all over the following industries: electric vehicles, consumer electronics and grid electrical storage.world.

We are currently outsourcing our promotion efforts to a public relations firm that is assisting us with comprehensive advertising and promotion of the Company and its super cathode technology.Company.

Backlog of Orders

We do not have any backlog of orders.

Government Contracts

We do not have any government contracts at this time.

Compliance with Environmental Laws and Regulations

Our operations are subject to local, state and federal laws and regulations governing environmental quality and pollution control. To date, our compliance with these regulations has had no material effect on our operations, capital, earnings, or competitive position, and the cost of such compliance has not been material. We are unable to assess or predict at this time what effect additional regulations or legislation could have on our activities.

Manufacturing and Distribution

We currently do not have any mechanismentered into a manufacturing supply agreement with a third party for the future commercial production of hydrogen generation plants. See “Recent Developments” below.

We may enter into additional agreements for the manufacture and distribution of our BioBacksheet^R, nor do we have adequate financing to undertake these efforts on our own. BioBacksheet^R is currently available for licensing.own technology products in the future.

Intellectual Property

On May 19, 2011, we filed a U.S. patent to protect the intellectual property rights for “Photovoltaic Module Backsheet, Materials for Use in Module Backsheet and Process for Making the Same,” application number 13/093,549. The inventor listed on the patent application is Stanley Levy, our former Chief Technology Officer. The Company is listed as assignee. This patent was issued on July 14, 2015. Our BioBacksheet^R is currently available for licensing only.

On June 23, 2015, we filed a provisional U.S. patent to protect the intellectual property rights for “High Capacity Cathode for Use in Supercapacitors and Batteries and Method for Manufacturing Such Cathodes”, U.S. Provisional Application No. 62-175,912. The inventors listed on the patent application are David Vonlanthen, Alan J. Heeger, David Lee, our Chief Executive Officer, and Stanley Levy, our Chief Technology Officer. The University of California, Santa Barbara (“UCSB”) and the Company are listed as assignees. In June 2016, we followed up by filing a joint international patent application (PCT) with UCSB.

On March 20, 2017,26, 2018, North Carolina Agricultural and Technical State University filed a provisional U.S. patent application U.S. Serial No. 62/473,772 titled “Silicon Iron Lithium Nanocomposite“Prelithiated Silicon Particles for Lithium Ion Batteries,Batteries”, and we signed an Exclusivecurrently have a non-exclusive License Agreement for the use of the technologytechnology. The patent was issued on September 25, 2017.December 29, 2020.

We rely upon confidentiality agreements signed by our employees, consultants and third parties to protect our intellectual property.Competition

Competition

There are a number of companies manufacturing lithium-ion batteries including: Panasonic, Samsung, LG Chem,developing green hydrogen technologies including ITM Power, Clean Power Hydrogen Group, Sunfire, Greenway Energy, Amalyst, and Tesla.AFC Energy. We expect a high level of competition, but the market opportunity is very large. Once we implement the prototype demonstration of our technology for commercial application, we plan to seekon seeking partnership or licensing arrangements for our lithium-ion batterygreen hydrogen technology with a select group of companies such as the ones listed above, and do not expect to be their direct competition.equipment manufacturers of green hydrogen.

Technology Development Partners

The Company has entered into a research agreement, effective August 17, 2016 (the “Agreement”), with North Carolina Agricultural and Technical State University, a constituent member of the University of North Carolina system (the “University”), pursuant to which the Company sponsors the University’s project which includes the research, testing and evaluation of a proposal. Total costs to the Company are not to exceed the sum of $123,993. The Agreement shall continue for the contract period, which is from September 12, 2016 through September 11, 2017. The Agreement may be extended upon mutual agreement by the parties and may be terminated due to the inability of the principal investigator to continue the project, and a mutually acceptable substitute is not available, or upon thirty (30) days prior written notice by either party to the other. On September 11, 2017, the Company and the University extended the initial term of the Agreement for another twelve months, through September 11, 2018.

On September 28, 2017, the Company entered into an Exclusive License Agreement (the “License Agreement”) with the North Carolina A&T State University related to the use of the University’s intellectual property in the Company’s business of developing, producing and marketing lithium-ion batteries.

Within thirty (30) days after entering into the License Agreement, the Company paid to the University a one-time, non-refundable license fee in the sum of $15,000. Pursuant to the terms of the License Agreement, the Company is obligated to pay all costs of preparing, filing, prosecution, issuance and maintenance related to the patents underlying the intellectual property licensed by the Company. In addition, the Company is obligated to make certain annual royalty payments and sub-licensing fees. On September 28, 2020, the Company again paid to the University annual non-refundable licensee fee of $15,000. On September 28, 2021, the Company chose not to renew the exclusive licensing arrangement. The Company still retains a nonexclusive license to use the technology.

On June 14, 2018, the Company executed a joint development agreement with Silicio Ferrosolar SLU, a subsidiary of Ferroglobe, PLC (NASDAQ:GSM), for collaborative efforts to assess, develop, and/or market silicon anode materials for high power, high energy lithium ion batteries by integrating BioSolar technology and Ferroglobe silicon materials.

On March 6, 2020, the Company executed a joint development agreement with Soelect, Inc, for collaborative efforts to assess, develop, and/or market a processing technology to produce silicon oxide anode materials for electric vehicle lithium ion batteries. The Company ended the joint development relationship in June 2021 and has pivoted away from pursuing battery technology to focus on pursuing Green Hydrogen Opportunities.

On December 14, 2020, the Company executed a sponsored research agreement with the University of California, Los Angeles, for collaborative efforts to discover and develop efficient and stable earth-abundant material-based catalysts for hydrogen production through water electrolysis.

To assist us in the development of our technology, we intend to seek out and enter into technology development agreements with other entities with battery testing and materials expertise.

Corporate Information and History

We were incorporated in the State of Nevada on April 24, 2006, as BioSolar Labs, Inc. Our name was changed to BioSolar, Inc. on June 8, 2006. 2006, and to NewHydrogen, Inc. on April 30, 2021.

Our principal executive offices are located at 27936 Lost Canyon Road, Suite 202, Santa Clarita, California 91387, and our telephone number is (661) 251-0001.

Our fiscal year end is December 31.

Available Information

We file annual, quarterly, and current reports, proxy statements and other information with the U.S. Securities Exchange Commission (the “SEC”). These filings are available to the public on the Internet at the SEC’s website at http://www.sec.gov.

We maintain our corporate website at http://newhydrogen.com (this website address is not intended to function as a hyperlink and the information contained on our website is not intended to be a part of this Report).

Recent Development

On February 2, 2022, we entered into a Manufacturing Supply Agreement with Verde LLC providing for the future commercial production of hydrogen generation plants. The term of the Agreement continues through December 31, 2024, unless earlier terminated pursuant to the terms thereof. Additionally, the Agreement contemplates that the quantities, pricing and delivery date and other terms will be set forth in purchase orders issued under the Agreement.

EMPLOYEES

Human Capital Resources

As of March 12, 2018,31, 2022, we had one (1)two (2) full time employee. We have not experienced any work stoppages and we consider relations with our employees to be good.

WE HAVE A LIMITED HISTORY OF LOSSES AND HAVE NEVER REALIZED REVENUES TO DATE.

Since inception, we have incurred losses and have negative cash flows from operations and have realized only minimal revenues. From inception through December 31, 2017,2021, we have an accumulated deficit of approximately $7,654,535.$151,914,888. These factors, among others discussed in Note 1(1) to the financial statements included in this Annual Report, raise substantial doubt about our ability to continue as a going concern. We expect to continue to incur net losses until we are able to realize revenues to fund our continuing operations. We may fail to achieve any or significant revenues from sales or achieve or sustain profitability. Accordingly, there can be no assurance of when, if ever, we will be profitable or be able to maintain profitability.

WE ARE A DEVELOPMENT STAGE COMPANY AND MAY BE UNABLE TO MANAGE OUR GROWTH OR IMPLEMENT OUR EXPANSION STRATEGY IF WE ARE ABLE TO LAUNCH OUR PRODUCT AND SERVICE OFFERINGS.

We are a development stage company that was formed on April 24, 2006 and may not be able to launch our product and service offerings or implement the other features of our business strategy at the rate or to the extent presently planned. If we are able to launch our product and service offerings, our projected growth will place a significant strain on our administrative, operational and financial resources. If we are unable to successfully manage our future growth, establish and upgrade our operating and financial control systems, recruit and hire necessary personnel or effectively manage unexpected expansion difficulties, our financial condition and results of operations could be materially and adversely affected.

WE MAY NOT BE ABLE TO SUCCESSFULLY DEVELOP AND COMMERCIALIZE OUR TECHNOLOGIES WHICH WOULD RESULT IN CONTINUED LOSSES.

While we have made progress in the development of our products, we have generated only minimal revenues and are unable to project when we will achieve profitability, if at all. As is the case with any new technology, we are a development stage company and expect the development process to continue. We may not be able to develop our product offering, develop a customer base and markets, or implement the other features of our business strategy at the rate or to the extent presently planned. Growth beyond the product development stage will place a significant strain on our administrative, operational and financial resources. In addition, our operations will not be able to move out of the development stage without additional funding.

OUR REVENUES ARE DEPENDENT UPON ACCEPTANCE OF OUR PRODUCTS BY THE MARKET; THE FAILURE OF WHICH WOULD CAUSE TO CURTAIL OR CEASE OPERATIONS.

We believe that virtually all of our revenues will come from the sale or license of our products. As a result, we will continue to incur substantial operating losses until such time as we are able to sell and license our products from the sale or license of our products.and generate revenue. There can be no assurance that businesses and customers will adopt our technology and products, or that businesses and prospective customers will agree to pay for or license our products. In the event that we are not able to significantly increase the number of customers that purchase or license our products, or if we are unable to charge the necessary prices or license fees, our financial condition and results of operations will be materially and adversely affected.

WE DO NOT MAINTAIN THEFT OR CASUALTY INSURANCE, AND ONLY MAINTAIN MODEST LIABILITY AND PROPERTY INSURANCE COVERAGE AND THEREFORE WE COULD INCUR LOSSES AS A RESULT OF AN UNINSURED LOSS.

We do not maintain theft or casualty insurance and we have modest liability and property insurance coverage. We cannot assure you that we will not incur uninsured liabilities and losses as a result of the conduct of our business. Any such uninsured or insured loss or liability could have a material adverse effect on our results of operations.

IF WE LOSE KEY EMPLOYEES AND CONSULTANTS OR ARE UNABLE TO ATTRACT OR RETAIN QUALIFIED PERSONNEL, OUR BUSINESS COULD SUFFER.

Our success is highly dependent on our ability to attract and retain qualified scientific, engineering and management personnel. We are highly dependent on our solechief executive officer, Dr. David Lee, who has been critical to the development of our technologies and business. The loss of the services of Dr. Lee could have a material adverse effect on our operations. We are also highly dependent on our chief operating officer, Mr. Spencer Hall, who has been critical in the development of business relationships with partners and potential customers. We do not have an employment agreementagreements with Dr. Lee or Mr. Hall and do not maintain key man insurance with respect to Dr. Lee.Lee or Mr. Hall. Accordingly, there can be no assurance that hethey will remain associated with us. HisTheir efforts will be critical to us as we continue to develop our technology and as we attempt to transition from a development stage company to a company with commercialized products and services. If we were to lose Dr. Lee, or any other key employees or consultants, we may experience difficulties in competing effectively, developing our technology and implementing our business strategies.

THE LOSS OF STRATEGIC RELATIONSHIPS USED IN THE DEVELOPMENT OF OUR PRODUCTS AND TECHNOLOGY COULD IMPEDE OUR ABILITY TO COMPLETE OUR PRODUCT.

We may rely on strategic relationships with technology development partners to provide personnel, and expertise in the research and development of our technology and manufacturing process underlying our product. A loss of these relationships for any reason could cause us to experience difficulties in completing the development of our product and implementing our business strategy. There can be no assurance that we could establish other relationships of adequate expertise in a timely manner or at all.

OUR PATENT APPLICATION FOR OUR TECHNOLOGY IS PENDING AND THERE IS NO ASSURANCE THAT THIS APPLICATION WILL BE GRANTED. FAILURE TO OBTAIN THE PATENT FOR OUR APPLICATION COULD PREVENT US FROM SECURING ROYALTY PAYMENTS IN THE FUTURE, IF APPROPRIATE.

We have filed a US patent to protect our intellectual property rights on BioBacksheet, “Photovoltaic Laminated Module Backsheet, Material for Use In Module Backsheet and Process for Making the Same,” and this patent application was granted on July 14, 2015.

We have filed a patent to protect the intellectual property rights on our battery technology, “A Multicomponent Approach to Enhance Stability and Capacitance in Polymer-Hybrid Supercapacitors.”  To date this patent application has not been granted. We cannot be certain that this will be granted nor can we be certain that other companies have not filed for patent protection for this technology before us. Even if we are granted patent protection for our technology, there is no assurance that we will be in a position to enforce our patent rights. Failure to be granted patent protection for our technology could result in greater competition or in limited royalty payments. This could result in inadequate revenue and cause us to cease operations.

OUR CURRENT AND POTENTIAL COMPETITORS, SOME OF WHOM HAVE GREATER RESOURCES THAN WE DO, MAY DEVELOP PRODUCTS AND TECHNOLOGIES THAT MAY CAUSE DEMAND FOR, AND THE PRICES OF, OUR PRODUCTS TO DECLINE.

While there are a number of companies manufacturing componentsdeveloping green hydrogen technologies for PV devices and electrical energy storage devices,electrolyzers, we do not know of any employing the use of bio-based materials or polymer-based supercapacitor designs.anything similar to our non-precious metal-based catalysts. We may face competition from these companies as they may expand or combine with other combines to extend their product offering to incorporate bio-basednew catalyst materials. In addition, other companies may enter our markets by acquiring or entering into strategic relationships with our competitors. Current and potential competitors have established, or may establish, cooperative relationships among themselves or with third parties to increase the abilities of their PV components to address the needs of our prospective customers.

Many of our current and potential competitors have longer operating histories, significantly greater financial, technical, product development and marketing resources, greater name recognition and larger customer bases than we do. Our present or future competitors may be able to develop products comparable or superior to those we offer, adapt more quickly than we do to new technologies, evolving industry trends and standards or customer requirements, or devote greater resources to the development, promotion and sale of their products than we do. Accordingly, we may not be able to compete effectively in our markets, competition may intensify and future competition may harm our business.

WE ARE CONTROLLED BY CURRENT OFFICERS, DIRECTORS AND PRINCIPAL STOCKHOLDERS.

Our directors and executive officers and principal stockholders and their affiliates beneficially own approximately 38.9%31.6% of the outstanding shares of our common stock as of December 31, 2017.2021. Accordingly, our executive officers, directors, principal stockholders and certain of their affiliates will have the ability to control the election of our Board of Directors and the outcome of matters submitted to a vote of our stockholders.

Risks Related to Our Common Stock

BECAUSE THERE IS A LIMITED MARKET IN OUR COMMON STOCK, STOCKHOLDERS MAY HAVE DIFFICULTY IN SELLING OUR COMMON STOCK AND OUR COMMON STOCK MAY BE SUBJECT TO SIGNIFICANT PRICE SWINGS.

There is a very limited market for our common stock. Since trading commenced in February 2007, there has been little activity in our common stock and on some days, there is no trading in our common stock. Because of the limited market for our common stock, the purchase or sale of a relatively small number of shares may have an exaggerated effect on the market price for our common stock. We cannot assure stockholders that they will be able to sell common stock or, that if they are able to sell their shares, that they will be able to sell the shares in any significant quantity at the quoted price.

IF WE FAIL TO REMAIN CURRENT ON OUR REPORTING REQUIREMENTS, WE COULD BE REMOVED FROM THE OTC BULLETIN BOARD WHICH WOULD LIMIT THE ABILITY OF BROKER-DEALERS TO SELL OUR SECURITIES AND THE ABILITY OF STOCKHOLDERS TO SELL THEIR SECURITIES IN THE SECONDARY MARKET.

Securities traded on the OTCQB must be registered with the Securities and Exchange Commission and the issuer must be current with its filings pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1933, as amended in order to maintain price quotation privileges on the OTCQB. If we fail to remain current in our reporting requirements, we could be removed from the OTCQB. As a result, the market liquidity for our securities could be severely adversely affected by limiting the ability of broker-dealers to sell our securities and the ability of stockholders to sell their securities in the secondary market. In addition, we may be unable to get re-listed on the OTCQB, which may have an adverse material effect on our Company.

OUR COMMON STOCK IS SUBJECT TO THE “PENNY STOCK” RULES OF THE SEC AND THE TRADING MARKET IN OUR SECURITIES IS LIMITED, WHICH MAKES TRANSACTIONS IN OUR STOCK CUMBERSOME AND MAY REDUCE THE VALUE OF AN INVESTMENT IN OUR STOCK.

The Securities and Exchange Commission has adopted Rule 15g-9 which establishes the definition of a “penny stock,” for the purposes relevant to us, as any equity security that has a market price of less than $5.00 per share or with an exercise price of less than $5.00 per share, subject to certain exceptions. For any transaction involving a penny stock, unless exempt, the rules require:

In order to approve a person’s account for transactions in penny stocks, the broker or dealer must:

The broker or dealer must also deliver, prior to any transaction in a penny stock, a disclosure schedule prescribed by the Commission relating to the penny stock market, which, in highlight form:

Generally, brokers may be less willing to execute transactions in securities subject to the “penny stock” rules. This may make it more difficult for investors to dispose of our common stock and cause a decline in the market value of our stock.

Disclosure also has to be made about the risks of investing in penny stocks in both public offerings and in secondary trading and about the commissions payable to both the broker-dealer and the registered representative, current quotations for the securities and the rights and remedies available to an investor in cases of fraud in penny stock transactions. Finally, monthly statements have to be sent disclosing recent price information for the penny stock held in the account and information on the limited market in penny stocks.

WE DO NOT EXPECT TO PAY DIVIDENDS IN THE FUTURE; ANY RETURN ON INVESTMENT MAY BE LIMITED TO THE VALUE OF OUR COMMON STOCK.

We do not currently anticipate paying cash dividends in the foreseeable future. The payment of dividends on our Common Stock will depend on earnings, financial condition and other business and economic factors affecting it at such time as the board of directors may consider relevant. Our current intention is to apply net earnings, if any, in the foreseeable future to increasing our capital base and development and marketing efforts. There can be no assurance that the Company will ever have sufficient earnings to declare and pay dividends to the holders of our Common Stock, and in any event, a decision to declare and pay dividends is at the sole discretion of the our Board of Directors. If we do not pay dividends, our Common Stock may be less valuable because a return on your investment will only occur if its stock price appreciates.

Our headquarters are located at 27936 Lost Canyon Road, Suite 202, Santa Clarita, California 91387. We lease our facility under a month to monthmonth-to-month lease without an expiration date. Our monthly lease payment is $550. The size of our office is 144 square feet.

We are not currently a party to, nor are any of our property currently the subject of, any pending legal proceeding that will have a material adverse effect on our business.

N/A

PART II

On February 22, 2007, our common stock became eligible for quotation on the OTC Bulletin Board under the ticker symbol “BSRC” and is currently quoted on the OTCQBOTC Pink maintained by the OTC Markets Group, Inc. under the ticker symbol “BSRC”“NEWH”.

For the periods indicated, the following table sets forth the high and low bid prices per shareCommon Stock

We are authorized to issue 6,000,000,000 shares of common stock, $0.0001 par value per share.

Holders of the Company’s common stock are entitled to one vote for each share on all matters submitted to a stockholder vote. Holders of common stock do not have cumulative voting rights. Therefore, holders of a majority of the shares of common stock voting for the election of directors can elect all of the directors to our board of directors. Subject to the rights of our preferred stock, holders of the Company’s common stock representing a majority of the voting power of the Company’s common stock issued, outstanding and entitled to vote, represented in person or by proxy, are necessary to constitute a quorum at any meeting of stockholders. A vote by the holders of a majority of the Company’s outstanding shares is required to effectuate certain fundamental corporate changes such as a liquidation, merger or an amendment to the Company’s articles of incorporation

Subject to the rights of preferred stockholders (if any), holders of the Company’s common stock are entitled to share in all dividends that the Board of Directors, in its discretion, declares from legally available funds. In the event of a liquidation, dissolution or winding up, each outstanding share entitles its holder to participate pro rata in all assets that remain after payment of liabilities and after providing for each class of stock, if any, having preference over the common stock. These highThe Company’s common stock has no pre-emptive rights, no conversion rights, and low bid prices represent prices quoted by broker-dealers onthere are no redemption provisions applicable to the OTCQB. These prices represent inter-dealer quotations without retail markup, markdown, or commission and may not necessarily represent actual transactions.Company’s common stock.

Common Stock

As of March 12, 2018,30, 2022, our common stock was held by 7690 stockholders of record and we had 46,508,334715,496,051 shares of common stock issued and outstanding. We believe that the number of beneficial owners is substantially greater than the number of record holders because a significant portion of our outstanding common stock is held of record in broker street names for the benefit of individual investors.

Dividend Policy

We have never declared or paid any cash dividends on our common stock. We do not anticipate paying any cash dividends to stockholders in the foreseeable future. In addition, any future determination to pay cash dividends will be at the discretion of the board of directors and will be dependent upon our financial condition, results of operations, capital requirements, and such other factors as the Board of Directors deem relevant. There are no restrictions in our articles of incorporation or bylaws that restrict us from declaring dividends.

Transfer Agent

The Company’s registrar and transfer agent is Computershare Trust Company N.A., P.O. Box 43070, Providence, RI 02940-3070.Worldwide Stock Transfer, LLC, One University Plaza, Suite 505, Hackensack, NJ 07601.

Securities Authorized for Issuance Under Equity Compensation Plan

We currently do not have an equity compensation plan.

Unregistered Sales of Equity Securities

None.

Issuer Purchases of Equity Securities

None.

None.

N/A

Special Note on Forward-Looking Statements.

Certain statements in “Management’s Discussion and Analysis or Plan of Operation” below, and elsewhere in this annual report, are not related to historical results, and are forward-looking statements.

Forward-looking statements present our expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements frequently are accompanied by such words such as “may,” “will,” “should,” “could,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” or the negative of such terms or other words and terms of similar meaning. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements, or timeliness of such results. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of such forward-looking statements. We are under no duty to update any of the forward-looking statements after the date of this annual report. Subsequent written and oral forward looking statements attributable to us or to persons acting in our behalf are expressly qualified in their entirety by the cautionary statements and risk factors set forth below and elsewhere in this annual report, and in other reports filed by us with the SEC.

You should read the following description of our financial condition and results of operations in conjunction with the financial statements and accompanying notes included in this Annual Report beginning on page F-1.

Overview

We are engageda developer of clean energy technologies. Our current focus is on developing an electrolyzer technology to lower the cost of Green Hydrogen production.

Hydrogen is the cleanest and most abundant fuel in the developmentuniverse. It is zero-emission and only produces water vapor when used. However, hydrogen does not exist in its pure form on Earth so it must be extracted. For centuries, scientists have known how to electricity to split water into hydrogen and oxygen using a device called an electrolyzer. Electrolyzers installed behind a solar farm or wind farm can use renewable electricity to split water, thereby producing Green Hydrogen. However, modern electrolyzers still cost too much. The chemical catalysts that enable the water-splitting reactions are currently made from platinum and iridium – both are very expensive precious metals. These catalysts account for nearly 50% of the cost of the electrolyzer.

We are developing technologies to significantly reduce or replace catalysts made from rare materials with catalysts made from inexpensive earth abundant materials in electrolyzers to lower the cost of Green Hydrogen, thus help usher in a Green Hydrogen economy. In a 2020 report, Goldman Sachs estimates that Green Hydrogen will be a $12 trillion market opportunity by 2050.

We have previously developed an innovative technologies and materials that we believe willmaterial technology to reduce the cost per watt of electricity generatedproduced by Photovoltaic, (PV)or PV, solar modules and the cost per watt of storing electrical energy.modules.

Our current focus is on developing technologies and materials for storing electrical energy.  We are currently investigating high capacity silicon alloy anode materials recognizing the fact that the overall battery capacity is determined by combination of both cathode and anode. We are focusing our research and product development efforts on increasing the storage capacity as well as lowering the cost of storage compared to existing electrical storage devices.

RESULTS OF OPERATIONS - YEAR ENDED DECEMBER 31, 20172021 COMPARED TO THE YEAR ENDED DECEMBER 31, 20162020

General and Administrative Expenses

General and administrative (“G&A”) expenses decreasedincreased by $432,380$50,781,366 to $1,663,058$51,229,031 for the year ended December 31, 2017,2021, compared to $2,095,438$447,665 for the prior period December 31, 2016.2020. This decreaseincrease in G&A expenses was the result of an decreaseincrease in non-cash stock compensation expense of $306,533, decrease$50,232,202, increase in investor relationssalaries of $48,713, decrease$232,771, increase in professional fees of $22,907, decrease in salaries of $35,200, decrease in insurance expense of $18,050,$290,208, with an overall decreaseincrease of $975$26,185 in other G&A expenses.

Research and Development

Research and Development (“R&D”) expenses decreasedincreased by $50,575$1,043,412 to $176,306$1,221,134 for the year ended December 31, 2017,2021, compared to $226,881$177,722 for the prior period ended December 31, 2016.2020. This overall decreaseincrease in R&D expenses was the result of a decreasean increase in corporate outside services, with an increase in consultant fees.services.

Depreciation and amortization Expense

Depreciation and amortization expense for the years ended December 31, 2021 and 2020 was $4,365 and $4,365, respectively.

Other Income/(Expenses)

Other income and (expenses) decreasedincreased by $3,461,495$(206,044,226) to $(936,292))$62,644,010, of other expense for the year ended December 31, 2017,2021, compared to $2,525,203$(139,914,908 of other income for the yearprior period ended December 31, 2016.2020. The decrease was the result of an decreaseincrease in non-cash gainloss on change in fair value of the derivative instruments of $3,721,294,$202,253,656, interest income of $3,557 with a decrease in interest expense in the amount of $259,819,$(301,705), which includes the net change in amortization of debt discount in the amount of $297,700, and interest income of $20.$155,857. The decrease in other income and (expenses) was primarily due to the non-cash net change in derivatives for our outstanding convertible promissory notes.

Net Income/(Loss)Loss

Our net income (loss) increased by $(2,984,823) to $(2,785,024)was $10,189,480 for the year ended December 31, 2017,2021, compared to $199,799a net loss of $(140,544,660) for the prior period ended December 31, 2016.2020. The increase in net lossincome was due to an decreaseincrease in non-cash other income (expenses) associated with the net change in derivatives,derivative instruments estimated each period. These estimates are 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 an overall decrease in operating expenses dueprobabilities of certain outcomes based on the calculated estimates. These inputs are used to determine the non-cash stock compensation expense.fair value of the derivative liabilities and are subject to significant changes from period to period based on these valuations, therefore, the estimated fair value of the derivative liabilities will fluctuate from period to period, and the fluctuation may be material. The Company has not generated any revenues.

LIQUIDITY AND CAPITAL RESOURCES

As of December 31, 2017,2021, we had $5,941,190$6,655,953 in working capital deficit as compared to $5,396,611$150,532,859 for the prior year ended December 31, 2016.2020. The increase of $544,579decrease in working capital deficit was due primarily to ana decrease in cash,derivative liability, convertible debt, and prepaid expenses, with an increase in cash and accounts payable, accrued expenses, convertible debt, and derivative liability.payable.

During the year ended December 31, 2017,2021, the Company used $560,483$2,084,486 of cash for operating activities, as compared to $671,864$647,298 for the prior year ended December 31, 2016.2020. The decreaseincrease in the use of cash for operating activities was a result of a decreasean increase in net loss from operations, which included a decrease in office salaries, research and development, and professional fees comparingsalary expense in the year ended December 31, 20172021 compared to December 31, 2016.2020. The Company is focused on development of its Photovoltaic solar cells technology.silicon anode additive technology for next generation lithium-ion batteries.

Cash used in investing activities was $700 for the yearyears ended December 31, 2017 as compared to cash used in investing activities of $7,117 for the prior year ended December 31, 2016. The increase in cash used in investing activities2021 and 2020 was due to the cost of patents and the purchase of office equipment in the prior year.$0, respectively.

Cash provided from financing activities during the year ended December 31, 20172021 was $472,000$8,666,700 as compared to $685,000$649,000 for the prior year ended December 31, 2016.2020. Our capital needs have primarily been met from the proceeds of private placements, as weconvertible debt offerings and equity financing. We are currently in the development stage of our business and have no revenues.

Our financial statements as of December 31, 20172021 and 20162020 have been prepared under the assumption that we will continue as a going concern. Our independent registered public accounting firm has issued their report dated March 19, 2018February 14, 2021 that included an explanatory paragraph expressing substantial doubt in our ability to continue as a going concern without additional capital becoming available. Our ability to continue as a going concern ultimately is dependent on our ability to generate a profit which is dependent upon our ability to obtain additional equity or debt financing, attain further operating efficiencies and, ultimately, to achieve profitable operations. TheOur financial statements do not include any adjustments that might result from the outcome of this uncertainty.

PLAN OF OPERATION AND FINANCING NEEDS

We are engaged in the development of innovativeclean energy technologies that we believe will reduceto lower the cost per watt of electricity generated by Photovoltaic solar modules.  We have previously developed BioBacksheet^R, our first commercial product, and we are currently focusingproducing green hydrogen. The Company’s current focus is on developing a silicon anode additive material technologylower cost replacements for lithium-ion batteries by 2019.precious metal based catalysts for hydrogen electrolyzers.

Our plan of operation within the next sixtwelve months is to utilize our cash balances to finish developing our silicon anode additive materialexpand the existing electrolyzer technology for high capacity and low cost Lithium-ion batteries.  program focused on significantly reducing or replacing rare materials in electrolyzers with inexpensive earth abundant materials to help usher in a Green Hydrogen economy.

We believe that our current cash and investment balances will be sufficient to support development activity and general and administrative expenses for the next twenty four months. Management estimates that it will require additional cash resources during 2018,2024, based upon its current operating plan and condition. We expect increased expenses during the thirdsecond quarter of 20182022 as we ramp up prototyping efforts for Lithium-ion batterieselectrolyzer incorporating our silicon-based anode material.  We will be investigatingcatalyst technology as well as commence an additional financing alternatives, including equity and/or debt financing. There is no assurance that capital in any form would be available to us, and if available, on terms and conditions that are acceptable. If we are unable to obtain sufficient funds during the next fifteen months, we may be forced to reduce the size of our organization, which could have a material adverse impact on, or cause us to curtail and/or cease the development of our products.related technology program.

All financial information required by this Item is attached hereto at the end of this report beginning on page F-1 and is hereby incorporated by reference.

None.

Evaluation of Disclosure Controls and Procedures.

We maintain “disclosure controls and procedures,” as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”), that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Act (15 U.S.C. 78a et seq.) is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. These disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Act is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

In designing and evaluating our disclosure controls and procedures, management recognized that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable assurance that the objectives of the disclosure controls and procedures are met. Additionally, in designing disclosure controls and procedures, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures. The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

As of December 31, 2017,2021, we carried out an evaluation, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective in ensuring that information required to be disclosed by us in our periodic reports is recorded, processed, summarized and reported, within the time periods specified for each report and that such information is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Management’s Report of Internal Control over Financial Reporting.

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as such term is defined in Exchange Act Rule 13a - 15(f). Our internal control system was designed to provide reasonable assurance to our management and the Board of Directors regarding the preparation and fair presentation of published financial statements. All internal control systems, no matter how well designed have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Our management assessed the effectiveness of our internal control over financial reporting as of December 31, 2017.2021. In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control - Integrated Framework - Guidance for Smaller Public Companies (the COSO criteria). Based on our assessment we believe that, as of December 31, 2017,2021, our internal controlcontrols over financial reporting is effective based on those criteria.

This annual report does not include an attestation report by Liggett & Webb P.A.,M&K CPAS, PLLC, our independent registered public accounting firm, regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s independent registered public accounting firm pursuant to temporary rules of the SEC that permits the Company to only provide management’s report in this Form 10-K.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting that occurred during the fourth quarter ended December 31, 20172021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

None.

PART III

The following table sets forth information about our executive officers, key employees and directors.

The Directors of the Company are elected by the vote of a majority in interest of the holders of the voting stock of the Company and hold office until the expiration of the term for which he or she was elected and until a successor has been elected and qualified.

A majority of the authorized number of directors constitutes a quorum of the Board for the transaction of business. The directors must be present at the meeting to constitute a quorum. However, any action required or permitted to be taken by the Board may be taken without a meeting if all members of the Board individually or collectively consent in writing to the action.

Directors receive compensation for their services and reimbursement for their expenses as shall be determined from time to time by resolution of the Board. Currently, our directors do not receive monetary compensation for their service on the Board of Directors.

Officers are appointed to serve for one year until the meeting of the board of directors following the annual meeting of stockholders and until their successors have been elected and qualified.

The principal occupations for the past five years (and, in some instances, for prior years) of each of our executive officers and directors, followed by our key employees, are as follows:

David Lee - Chief Executive Officer and Acting Chief Financial Officer and Director of the Company since inception (April 24, 2006). Dr. Lee has over 30 years of engineering, marketing, sales, and corporate management experience in the areas of military and consumer communication systems, automotive electronics, software development and consulting. From 2004 to 2006, he was with Ramsey-Shilling Co. in the business of Commercial Real Estate Investment and Brokerage. From 2000 to 2004, he served as Chief Operating Officer for Applied Reasoning, Inc., a Delaware company engaged in the business of Internet Software Development. From 1994 to 2000, he served as Vice Present and General Manager for RF-Link Technology, Inc., a California company engaged in the business of Wireless Technology Development and Manufacturing. Dr. Lee received a Ph.D. in Electrical Engineering from Purdue University in 1989, a Master of Science in Electrical Engineering from University of Michigan in 1986 and a Bachelor of Science in Electrical Engineering from the University of Texas at Austin in 1984.

The Board of Directors has concluded that Dr. Lee is qualified to serve as a director of the Company because of his diverse experience in technology, marketing, and executive management.

Stanley LevySpencer Hall –  - Vice PresidentChief Operating Officer and Chief Technology OfficerDirector of the Company since August 2007. Dr. LevyFebruary 8, 2021, Mr. Hall has held senior management positions over 50 yearsthe course of engineeringhis career including director of communications for PacifiCorp, a Berkshire Hathaway Energy-owned electric utility serving nearly two million customers across Oregon, California, Washington, Utah, Idaho and technical experienceWyoming. Prior to his role at PacifiCorp, he served as vice president of digital platforms for the Utah Jazz (Larry H. Miller Sports & Entertainment) and as news director of KSL.com, the largest news outlet in the areas of plastics and film development. Dr. Levy spent 27 years at DuPont working on many of their premiere films, including Teflon, Mylar and Kapton. HeIntermountain West. Hall holds 12 patents, his work has been published in numerous technical publications and he has received several awards for technical excellence. Prior to joining the Company, Dr. Levy was a consultant on module packaging for photovoltaic manufacturing companies including Global Solar, MiaSole, and Solar Integrated Technologies. In addition, he is a member of the National Renewable Energy Laboratory’s Thin Film PV Module Reliability Team. Dr. Levy holds a Ph.D in Mechanical Engineering from the University of Connecticut, a Master of Science in Mechanical EngineeringInstructional Design and Technology from theUtah State University of Connecticut and a Bachelor of ScienceArts in Mechanical EngineeringVisual Art from the University of Rhode Island.Brigham Young University.

Steven C. Bartling – Director since May 11, 2006. Steven C. Bartling has over 30 years of engineering and corporate management experience in the areas of ultra-high performance digital CMOS (Complementary Metal Oxide Semiconductor) circuit design, high performance microprocessor architecture/design, systems on a chip, packaging, and testing. From 2002 to the present, Mr. Bartling has been employed by Texas Instruments, Inc. in advanced research and development activities for various TI internal businesses and is currently serving as MCU Technology Development Manager for TI’s Micro-Controller Division. From 2001 to 2002, he served as Director of Custom Design for Celerence, an Oregon company engaged in the business of Optical Communication Networking. Mr. Bartling received a Master of Science in Electrical Engineering from Georgia Institute of Technology in 1987 and a Bachelor of Science in Electrical Engineering from the University of Texas at Austin in 1985.  We concluded that Mr. Bartling’s wealth of technical and business experience he gained through his successful technical and corporate management career made him qualified to serve on the Board of Directors.  Mr. Bartling does not currently hold any other directorship. The Board of Directors has concluded that Mr. BartlingHall is qualified to serve as a director of the Company because of his extensivediverse experience in technology, marketing, and business development.executive management.

Dennis LePon – Director since May 11, 2006. Dennis LePon has over 45 years of financial, managerial, and business experience working for a bank, real estate finance companies, as well as a startup high tech company. From 1992 to the present, Mr. LePon has served as Chief Financial officer of Catalyst Resource Group, Inc., a real estate finance and consulting firm offering specialized financing for healthcare, C-Store, gasoline station and other varied commercial properties nationwide.  From 2002 to 2004, he served as Chief Financial Officer for FoodMarket Place.com, a California company engaged in the business of Web Based marketing for food and restaurant industry partnered with Hewlett Packard. Mr. LePon received a Bachelor of Arts from California State University at Northridge in 1969 and a Master of Business Administration from the University of Southern California in 1977.  We concluded that Mr. LePon’s strong financial and business experience he gained throughout his successful financial and corporate management career made him qualified to serve on the Board of Directors.  Mr. LePon does not currently hold any other directorship. The Board of Directors has concluded that Mr. LePon is qualified to serve as a director of the Company because of his extensive experience in corporate and finance management.

COMMITTEES OF THE BOARD

We currently do not maintain any committees of the Board of Directors. Given our size and the development of our business to date, we believe that the board through its meetings can perform all of the duties and responsibilities which might be performed by a committee. We do not currently have an audit committee financial expert.

INDEBTEDNESS OF EXECUTIVE OFFICERS AND DIRECTORS

No executive officer, director or any member of these individuals’ immediate families or any corporation or organization with whom any of these individuals is an affiliate is or has been indebted to us since the beginning of our last fiscal year.

FAMILY RELATIONSHIPS

There are no family relationships among our executive officers and directors.

CODE OF ETHICS

We have adopted a Code of Ethics that applies to all of our directors, officers and employees. The text of the Code of Ethics is filed as an exhibit to this annual report on Form 10-K for the year ended December 31, 2008 filed with the Securities and Exchange Commission on March 25, 2008. The Company will provide to any person without charge, upon request to the Company at its office, a copy of the Code of Ethics. Any waiver of the provisions of the Code of Ethics for executive officers and directors may be made only by the Audit Committee and, in the case of a waiver for members of the Audit Committee, by the Board of Directors. Any such waivers will be promptly disclosed to our shareholders.

LEGAL PROCEEDINGS

During the past ten years, none of our directors, executive officers, promoters, control persons, or nominees has been:

Board Leadership Structure and Role in Risk Oversight

Although we have not adopted a formal policy on whether the Chairman and Chief Executive Officer positions should be separate or combined, we have traditionally determined that it is in the best interests of the Company and its shareholders to combine these roles. Due to the small size and early stage of the Company, we believe it is currently most effective to have the Chairman and Chief Executive Officer positions combined. In addition, having one person serve as both Chairman and Chief Executive Officer eliminates potential for confusion and provides clear leadership for the Company, with a single person setting the tone and managing our operations. The Board oversees specific risks, including, but not limited to:

Board of Directors Meetings and Attendance

We have no formal policy regarding director attendance at the annual meeting of stockholders. The Board of Directors held 1 meetingeighteen (18) meetings in 20172021 including 3three (3) meetings prior to filing our quarterly reports and 1one (1) meeting prior to filing this Annual Report. All Board members were present at all of the meetings.

Section 16(a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Exchange Act requires the Company’s directors, executive officers and persons who own more than 10% of the Company’s stock (collectively, “Reporting Persons”) to file with the SEC initial reports of ownership and changes in ownership of the Company’s common stock. Reporting Persons are required by SEC regulations to furnish the Company with copies of all Section 16(a) reports they file. To the Company’s knowledge, based solely on its review of the copies of such reports received or written representations from certain Reporting Persons that no other reports were required, the Company believes that during its fiscal year ended December 31, 20172021 all Reporting Persons timely complied with all applicable filing requirements.

The following table summarizes all compensation recorded by us in each of the last two completed fiscal years for the named executive officers.

Employment Agreements

The Company currently has no employment agreements with its executive officers.

Employee Benefit Plans

The Company currently has no benefit plans in place for its employees.

Stock Option Plan

The Company has no stock option plan.

Director Compensation

Directors receive compensation for their services and reimbursement for their expenses as shall be determined from time to time by resolution of the Board. Currently, our directors do not receive monetary compensation for their service on the Board of Directors.

The following table sets forth, as of March 12, 2018,31, 2022, the number of and percent of our common stock beneficially owned by:

We believe that all persons named in the table have sole voting and investment power with respect to all shares of common stock beneficially owned by them.

A person is deemed to be the beneficial owner of securities that can be acquired by him within 60 days from March 12, 201831, 2022 upon the exercise of options, warrants or convertible securities. Each beneficial owner’s percentage ownership is determined by assuming that options, warrants or convertible securities that are held by him, but not those held by any other person, and which are exercisable within 60 days of March 12, 201831, 2022 have been exercised and converted. Unless otherwise indicated, the address of each of the following beneficial owner is c/o Biosolar,NewHydrogen, Inc., 27936 Lost Canyon Road, Suite 202, Santa Clarita, CA 91387

*Less than one percent.  

There were no material related party transactions which we entered into during the last two fiscal years.

Director Independence

Steven C. Bartling is independentWe currently do not currently have any directors who are “independent” as the term “independent” is defined under the NASDAQ Marketplace Rules.

Audit Fees

The aggregatefollowing table shows that fees billablethat were billed to usthe Company by Liggett & Webb P.A. during 2017our independent registered public accounting firm for professional services rendered in 2021 and 20162020.

The audit fees represent fees for professional services performed by M&K CPAS, PLLC (“M&K”) as applicable, for the audit of our annual financial statements forand the fiscal year totaled approximately $23,000review of our quarterly financial statements, as well as services that are normally provided in connection with statutory and $23,000, respectively.regulatory filings or engagements.

Audit-Related Fees

We did not incur assurance and audit-related fees during 20172021 and 2016,2020, to Liggett & Webb P.A.M&K as applicable, nor in connection with the audit of our financial statements for the reviews of registration statements and issuance of related consents and assistance with SEC comment letters.

Tax Fees

We did not incur fees for tax compliance, tax advice, or tax planning for the fiscal years ended December 31, 20172021 and 2016,2020, respectively.

All Other Fees

There were no other fees billed to us by Liggett & Webb P.A.M&K as applicable, for services rendered to us during the last two fiscal years ended December 31, 2021 and 2020, respectively, other than the services described above under “Audit Fees” and “Audit-Related Fees.”

As of the date of this filing, our current policy is to not engage Liggett & Webb P.A.our independent registered public accounting firm to provide, among other things, bookkeeping services, appraisal or valuation services, or international audit services. The policy provides that we engage Liggett & Webb P.A.our independent registered public accounting firm to provide audit and other assurance services, such as review of SEC reports or filings.filings, as set forth above.

SIGNATURES

None

SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Santa Clarita,Los Angeles, State of California, on March 19, 2018.31, 2022.

Pursuant to the requirements of the Securities Act of 1933, this reportregistration statement has been signed by the following persons in the capacities and on the date indicated:

INDEX TO FINANCIAL STATEMENTS

BIOSOLAR,NEWHYDROGEN, INC.

FINANCIAL STATEMENTS

CONTENTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and ShareholdersStockholders of NewHydrogen, Inc.

BioSolar, Inc.

Santa Clarita, CaliforniaOpinion on the Financial Statements

We have audited the accompanying balance sheets of BioSolar.NewHydrogen, Inc. (“the Company”)(the Company) as of December 31, 20172021 and 2016,2020, and the related statements of operations, shareholders’ deficit, and cash flows for the yearstwo-year period then ended.  These financial statements areended, and the responsibility ofrelated notes (collectively referred to as the Company’s management. Our responsibility is to express an opinion on the financial statements based upon our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States)“financial statements”). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of BioSolar, Inc.the Company as of December 31, 20172021 and 2016,2020, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

The accompanyingBasis for Opinion

These financial statements have been prepared assuming thatare the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company will continuein accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB .

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and the significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a going concern.  whole, and we are not, by communicating the critical audit matters below, providing separate opinion on the critical audit matters or on the accounts or disclosures to which they relate.

As discussed in Note 12 to the financial statements, the Company does not generate revenue and has negative cash flows from operations.  This raises substantial doubt aboutissues stock-based compensation in accordance with ASC 718, Compensation.

Auditing management’s calculation of the Company’s abilityfair value of stock-based compensation can be a significant judgment given the fact that the Company uses management estimates on various inputs to continue asthe calculation. Auditing a going concern.  Management’s plans in regardspecialist’s calculation of the value of derivatives can be a significant judgment given the fact that the Company uses the specialists estimates on various inputs to these matters are also described in Note 1.  The financial statements do not include any adjustments that might result from the outcome of this uncertainty.calculation.

We have served as the Company's auditor since 2013.

March 19, 2018

New York, New York

BIOSOLAR,NEWHYDROGEN, INC.

BALANCE SHEETS

The accompanying notes are an integral part of these audited financial statements

BIOSOLAR,

NEWHYDROGEN, INC.

STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED DECEMBER 31, 20172021 AND 20162020

The accompanying notes are an integral part of these audited financial statements

NEWHYDROGEN, INC.

BIOSOLAR, INC.

STATEMENTSTATEMENTS OF SHAREHOLDERS’ DEFICIT

FOR THE YEARS ENDED DECEMB ERDECEMBER 31, 20172021 AND 20162020