Anuncio • Jul 07
NewHydrogen Announces Plans To Automate ThermoLoop Engineering Test Unit NewHydrogen, Inc. announced plans to automate its ThermoLoop engineering test unit (ETU), a move designed to accelerate the Company’s path toward its first commercial pilot plant. Introducing automated controls will shift focus from managing the test setup to analyzing the data and expediting time to market for the Company’s first commercial pilot plant. Using results from an ETU is the standard, industry-accepted pathway for designing a commercial pilot plant. The Company’s ETU will serve as the bridge between its bench-scale laboratory experiments and the pilot plant, specifically built to prove the fundamental physics, chemistry, and kinetics of ThermoLoop. The plan builds on the Company’s recent announcement that it successfully passed Stage Gate One and transitioned from the research phase into the engineering phase of its development program, as well as its strategic collaboration with NuCube Energy to explore nuclear-powered hydrogen production. NewHydrogen is now focused on building a dedicated ThermoLoop ETU, and automating its controls is intended to give the Company’s engineering team continuous, around-the-clock testing capability with greater precision and repeatability from run to run. By reducing the time engineers spend manually managing the test setup, automation is expected to let the team focus more on analyzing results, shortening the time required to generate the data needed to determine commercial pilot plant specifications. ThermoLoop is a breakthrough technology that uses water and heat instead of electricity to produce the world’s cheapest clean hydrogen. Hydrogen is the key ingredient in making fertilizers needed to grow food for the world. It is also used for transportation, refining oil and making steel, glass, pharmaceuticals and more. Nearly all the hydrogen is made from hydrocarbons like coal, oil, and natural gas, which are dirty and limited resources. Water, on the other hand, is an infinite and renewable worldwide resource. Currently, the most common method of making clean hydrogen is to split water into oxygen and hydrogen with an electrolyzer using green electricity produced from solar or wind. Green electricity currently accounts for 73% of the cost of clean hydrogen. By using heat directly, the expensive process of making electricity can be skipped, fundamentally lowering the cost of clean hydrogen. Inexpensive heat can be obtained from concentrated solar, geothermal, nuclear reactors and industrial waste heat for use in the novel low-cost thermochemical water splitting process. The goal is to help usher in the clean hydrogen economy that Goldman Sachs estimated to have a future market value of $12 trillion. Anuncio • Apr 24
Newhydrogen Inc Completes Pre-Pilot Plant Technical Validation for ThermoLoop Technology NewHydrogen, Inc. announced that ThermoLoop has successfully completed a critical pre-pilot plant technical validation milestone. The Company will now proceed with construction of a dedicated ThermoLoop engineering test unit to determine commercial pilot plant specifications. Stage Gate One required ThermoLoop to meet the following engineering and performance criteria: Maximum operating temperature below 1,000°C; Demonstrated operation over more than 10 cycles; Hydrogen production efficiency exceeding 75% of theoretical yield; Defined industrial heat-integration strategy; Formal process control and management-of-change framework in place; All non-core balance-of-plant equipment utilizes commercially proven technologies; Manageable separations; Acceptable safety and toxicity profile; No identified economic barriers to pilot-scale development. The ThermoLoop engineering test unit will be constructed by a University of California, Santa Barbara team led by Ryan Patrick, NewHydrogen Senior Chemical Engineer. The UCSB program is directed by Dr. Eric McFarland, NewHydrogen’s Chief Technology Officer, in collaboration with UCSB lead investigator Dr. Phil Christopher. The objective of the engineering test unit is to validate around-the-clock performance and generate the data necessary to design the first commercial pilot plant. The next phase will generate the engineering data necessary to support pilot plant design but may also lead to the sale or license of the technology. Anuncio • Mar 12
NewHydrogen, Inc. Files International Patent Application for Thermoloop Technology NewHydrogen, Inc. had jointly filed an international patent application with the University of California, Santa Barbara for its innovative clean hydrogen production process and associated technology titled “Coupled Multi-phase Oxidation-Reducing For Production of Chemicals.” NewHydrogen filed an international patent application under the Patent Cooperation Treaty (PCT) that further expands the basis for the Company’s ThermoLoop thermochemical water splitting process together with new material compositions discovered by the UCSB technology team and the new isothermal hydrogen process. A key innovation in the filing is the use of artificial intelligence and Large Language Models (LLM) to discover and design optimal materials for these reaction networks. This allows the team to identify and optimize complex mixed-metal oxides and other regenerable materials that can operate efficiently within specific temperature ranges. The technology enables hydrogen production at temperatures below 1000°C, which avoids the energy-inefficient large temperature swings required by previous methods. The PCT application establishes a filing date in all 158 contracting countries, providing the Company with a robust foundation to protect its intellectual property as it moves toward commercialization. Anuncio • Nov 04
NewHydrogen, Inc. Jointly Files Second Patent Application with University of California, Santa Barbara for its Innovative Clean Hydrogen Production Process NewHydrogen, Inc. announced that it has jointly filed a second provisional patent application with the University of California, Santa Barbara for its innovative clean hydrogen production process. The patent, titled " Improved Materials and Methods For Production of Chemicals By Thermochemical Looping," is a comprehensive provisional patent application that describes the most recent improvements to the Company's ThermoLoop thermochemical water splitting process together with new material compositions discovered by the UCSB technology team and the first disclosure of the new isothermal hydrogen process. The Company's proprietary process utilizes advanced solid-state materials and machine learning-driven material discovery to optimize efficiency and cost-effectiveness. Recently, the NewHydrogen technical team completed preliminary design and economic studies on integrating ThermoLoop with current and future power plants. The team also concluded that Small Modular Reactors (SMRs) are the perfect pairing for the Company's technology, and are ideal sources of constant and reliable baseload heat for powering the ThermoLoop process. The patent filing marks a significant milestone in NewHydrogen's collaboration with leading researchers at UC Santa Barbara, who are at the forefront of advancing materials science for hydrogen production. Anuncio • Jul 15
NewHydrogen, Inc. Announces Its First Production of Clean Hydrogen NewHydrogen, Inc. announced its first production of clean hydrogen. The Company also released an online Special Report featuring the first public demonstration of its functioning ThermoLoop lab benchtop unit producing hydrogen in real-time. The Special Report highlights a significant milestone and advancement from previous iterations of ThermoLoop technology. The Special Report provides an unprecedented look inside the laboratory, featuring detailed explanations from the company's scientific team. The video demonstrates ThermoLoop's unique approach to thermochemical water-splitting, which the company believes could eventually make traditional electrolyzers obsolete. The Special Report features insights from Dr. Eric McFarland, NewHydrogen's Chief Technology Officer and co-inventor of ThermoLoop. Other team members are also featured, including Dr. Phil Christopher, Professor of Chemical Engineering at UC Santa Barbara, a co-inventor and Principal Investigator on the ThermoLoop project, as well as Sundar Narayanan, NewHydrogen's Director of Process Engineering, who brings 35 years of industrial and chemical process engineering experience, including more than 20 years with ExxonMobil. This lab demonstration represents the first step in scaling the Company's breakthrough technology from laboratory to commercial applications, similar to how steam reforming of natural gas evolved from lab units to massive commercial plants that now produce over 60 million tons of hydrogen per year in the current $170 billion fossil-fuel-based hydrogen market. ThermoLoop's heat-based approach addresses the fundamental cost challenge in clean hydrogen production, where electricity currently accounts for up to 73% of production costs. By using heat directly from sources such as concentrated solar, geothermal, nuclear reactors, and industrial waste heat, ThermoLoop bypasses the expensive process of electricity generation. Anuncio • Apr 30
NewHydrogen, Inc. Appoints Dr. Eric McFarland as Chief Technology Officer NewHydrogen, Inc. announced the appointment of Dr. Eric McFarland as Chief Technology Officer. As CTO, Dr. McFarland will evolve the company’s technology strategy and help accelerate ThermoLoop’s advancement from the laboratory and pilot scale to the commercial marketplace. McFarland will also continue to work with the scientific team at the University of California, Santa Barbara (UCSB), led by Dr. Phil Christopher. Eric McFarland studied Nuclear Engineering and received B.S. and M.S. degrees from U.C. Berkeley, and his Ph.D. from the Massachusetts Institute of Technology. He joined the Nuclear Engineering faculty at MIT where his research moved from nuclear reaction fundamentals to use of nuclear phenomena for non-destructive materials and chemical analysis. In 1991 McFarland moved to the University of California, Santa Barbara, where he is a Professor of Chemical Engineering. McFarland’s academic research in energy conversion technology and reaction engineering has been both fundamental and applied. He has published over 200 scientific papers and is the inventor on over 30 patents. McFarland has always worked closely with industry and has been a founder or co-founder of a number of chemical technology companies and has served in several executive and Board positions. Together with other University faculty, he was one of the founding directors of Symyx Technologies a chemical technology start-up that went on to have a successful public offering. McFarland served as CEO and President of Gas Reaction Technologies Inc. (GRT) that had major R&D programs with several global oil and gas companies. McFarland was awarded the Dow Chemical Chair of Chemical Engineering at the University of Queensland, Australia and spent two-years as the founding Director of the Dow Centre for Sustainable Engineering Innovation. He was a founder and served as Chief Technology Officer of CZero a company developing technology to use fossil resources for hydrogen production without carbon dioxide emissions. McFarland also studied medicine and earned an M.D. from Harvard Medical School and did post-graduate training in general surgery. He practiced part-time in Emergency Medicine and worked as a volunteer physician for several relief agencies. Anuncio • Mar 11
NewHydrogen, Inc. Files Patent for Innovative Hydrogen Production Process NewHydrogen, Inc. announced that it has jointly filed a patent application in the United States with the University of California, Santa Barbara (“UCSB”) for its innovative hydrogen production process. The patent, titled “Coupled Multi-Phase Oxidation-Reduction for Production of Chemicals,” introduces a novel thermochemical method for splitting water into hydrogen and oxygen without relying on expensive electrolyzers. This proprietary process utilizes advanced solid-state materials and machine learning-driven material discovery to optimize efficiency and cost-effectiveness. The patent filing marks a significant milestone in NewHydrogen’s collaboration with leading researchers at UC Santa Barbara, who are at the forefront of advancing materials science for hydrogen production. Anuncio • Jan 24
NewHydrogen, Inc. Provides Progress Update About Its ThermoLoop Technology NewHydrogen, Inc. provided a progress update about its ThermoLoop technology currently being developed with the University of California Santa Barbara (UCSB). The most common method of making green hydrogen is to split water into oxygen and hydrogen with an electrolyzer using green electricity produced from solar or wind. However, green electricity is, and always will be very expensive. It currently accounts for 73% of the cost of green hydrogen. Anuncio • Jun 17
NewHydrogen, Inc. Promotes Steven Hill to Chief Executive Officer NewHydrogen, Inc. announced that Steven Hill has been promoted to Chief Executive Officer, effective immediately. Hill has been serving as Vice President. Dr. David Lee, the Company’s founder, will continue to serve as the Chairman of the Board and President. In his new role, Hill will champion the company's mission and technologies to investors, media, the public, and potential partners. With over two decades of senior-level experience in sales, marketing, and business development within the pharmaceutical industry, Hill brings extensive business knowledge to NewHydrogen. Anuncio • Jan 24
NewHydrogen, Inc. Launches Its Green Hydrogen Generator Prototype NewHydrogen, Inc. provided an update about the launch of its hydrogen generator prototype which showcases its novel low-cost and high-performance catalyst technology. The prototype will continue to serve as a platform for incorporating additional next generation electrolyzer component innovations to be developed by the Company going forward. In preparation for the upcoming full cell performance evaluation, a systematic acidic water splitting test is now under way using commercial platinum and iridium-based catalysts to establish the benchmark performance of current commercial catalysts and to set up a standard testing protocol. Larger quantities of catalysts with consistent material characteristics are needed for full operation of the prototype electrolyzer platform. Therefore, the Company is amplifying the synthesis of its noble catalysts prior to the upcoming performance evaluation that includes activity transition into electrolytic cell, long term stability, hydrogen production rate, specific energy consumption and estimated overall costs of new catalysts. Anuncio • Dec 28
NewHydrogen, Inc. Announces Resignation of Spencer Hall as Chief Operating Officer, Effective December 31, 2022 On December 21, 2022, Spencer Hall informed NewHydrogen, Inc. of his decision to resign as Chief Operating Officer of the Company to pursue other opportunities effective December 31, 2022. Mr. Hall’s decision to resign was not due to a dispute or disagreement with the Company or its management. Mr. Hall will continue to serve as a member of the board of directors of the Company. Anuncio • Oct 11
NewHydrogen, Inc. Begins Prototyping of Hydrogen Generator NewHydrogen, Inc. has begun the prototype development of a complete electrolyzer that will showcase its novel low-cost and high-performance catalyst technology. The prototype will serve as a platform for incorporating additional electrolyzer component innovations to be developed by NewHydrogen going forward. The goal of NewHydrogen’s sponsored research at the University of California Los Angeles (UCLA) is to lower the cost of green hydrogen by systematically reducing the cost and increasing the performance of critical components of hydrogen generators. These electrolyzers split water into oxygen and hydrogen and currently rely on rare materials such as iridium and platinum, which account for a substantial portion of the cost. In 2021, researchers at UCLA funded by NewHydrogen developed a low-cost oxygen catalyst that does not use expensive iridium and significantly improved the performance of PEM electrolyzers. Also developed were hydrogen catalysts that use an order of magnitude less platinum or no platinum at all. The Company is now entering the stage of incorporating its novel oxygen and hydrogen catalysts into a complete prototype electrolyzer. As the Company expands its technology focus beyond catalysts, this prototype will serve as a platform to include additional component innovations related to gas diffusion layer, ion exchange membrane, and catalyst layer. The Company’s ultimate goal is to develop a low-cost and high-performance electrolyzer consisting of multiple breakthrough components. The researchers will first systematically conduct acidic water splitting by using the commercial platinum and iridium-based catalysts to evaluate the benchmark performance of current commercial catalysts and set up a standard testing protocol. They will then evaluate the performance of the Company’s new catalysts in the prototype electrolyzer, such as the activity transition into electrolytic cell, long term stability, hydrogen production rate, specific energy consumption and estimated overall costs of new catalysts. Anuncio • Sep 07
Newhydrogen, Inc. Reports on the Progress of Its Green Hydrogen Technology Development NewHydrogen, Inc. reported on the progress of its Oxygen Evolution Reaction (OER) catalyst that does not use iridium and is for use in proton exchange membrane (PEM) electrolyzers. The goal of NewHydrogen’s sponsored research at UCLA is to lower the cost of green hydrogen by eliminating or drastically reducing the use of precious metals in electrolyzers. Electrolyzers currently rely on rare materials such as iridium and platinum. These materials often account for a substantial portion of the cost of electrolyzers. In 2021, researchers at UCLA funded by NewHydrogen developed a non-precious metal-based catalyst that does not use iridium but with significant improvement of OER in acidic conditions for PEM electrolyzers. Ongoing research at UCLA since then has focused on identifying optimal modification methods as well as establishing scientific evidence supporting the superior performance. In-depth analysis of the catalytic materials before and after the structural modification may also provide a path to further improvements in the future. As previously mentioned in the Company’s June 2022 report, the OER catalyst samples before and after structure modification were subjected to a number of tests and measurements. The resulting data have been further analyzed to establish the key scientific evidence supporting the superior performance of its OER catalyst.Doped elements were positioned within the modified structure of the catalyst in a specific manner associated with the enhanced material characteristics, thus deemed to be the origin of the superior OER performance. After extended OER cycles, average distance between certain atoms and coordination atoms within the modified catalyst changed substantially less than that of the catalyst without modification. Smaller change in average distance suggests a higher stability of the modified catalyst. Anuncio • Jun 08
NewHydrogen Reports on the Progress of Its OER Catalyst Development NewHydrogen, Inc. reported on the progress of its Oxygen Evolution Reaction (OER) catalyst development for proton exchange membrane (PEM) electrolyzers. Previously, the company also reported on the progress made with its single-atom Hydrogen Evolution Reaction (HER) catalyst that does not use platinum. Green hydrogen is a versatile fuel and storage material with significant environmental benefits when compared to fossil fuels. The U.S. Department of Energy’s Hydrogen Shot and the European Union’s Clean Hydrogen Alliance and the REPowerEU plan are among the many initiatives around the world setting ambitious targets for green hydrogen as a sustainable transportation fuel, to produce electricity, and to create heat for homes. The goal of NewHydrogen’s sponsored research at UCLA is to lower the cost of green hydrogen by eliminating or drastically reducing the use of precious metals in electrolyzers. Electrolyzers currently rely on rare materials such as iridium and platinum. These materials often account for a substantial portion of the cost of electrolyzers. In 2021, the UCLA researchers developed a non-precious metal-based catalyst with significant improvement of OER in acidic conditions for PEM electrolyzers. The catalytic performance was then further improved by modifying the material structure of the catalyst. The ongoing research is designed to identify optimal modification methods and to understand specific causes of the improvements. In-depth analysis of the catalytic materials before and after the structural modification provides a path to further improvements in the future. Recently, catalyst samples before and after structure modification were subjected to synchrotron tests at a national laboratory. The XANES analysis provided plausible explanations for the significant catalytic performance improvement observed. In one important aspect under observation, the doped elements were positioned within the modified structure of the catalyst in a specific manner associated with the enhanced material characteristics, thus deemed to be the most likely origin of the superior OER performance. Anuncio • Jun 01
Newhydrogen, Inc. Provides Updates on Its Green Hydrogen Technology Development NewHydrogen, Inc. provided an important update on the progress of its green hydrogen technology development under a sponsored research agreement with the University of California at Los Angeles (UCLA). The company’s sponsored research program at UCLA is currently focused on replacing iridium, a precious metal found only in asteroids, with earth abundant materials that meet or exceed the performance characteristics of iridium. The objective is to develop inexpensive and robust materials with an outstanding ability to catalyze the electrochemical oxygen evolution reaction (OER) while achieving overall high performance water electrolysis for hydrogen production. The company previously reported that a baseline non-precious metal based OER catalyst was selected and successfully synthesized upon adjusting its physical parameters and conditions to exhibit the best material characteristics. The researchers have recently created a non-precious metal based catalyst that demonstrated significant improvement of OER in acidic conditions by substituting part of the existing metal element in the aforementioned catalyst material structure. Though the intrinsic activity and OER kinetics of the new catalyst may be somewhat lower than those of precious metal based catalysts, its low cost and high durability make it a good candidate toward the commercial water electrolysis systems operating at high current densities. The researchers plan on scaling up the process for studies in electrolyzers in a later phase. Eventually, a fully functional hydrogen-producing electrolyzer will serve as a reference prototype to help electrolyzer manufacturers worldwide to assess NewHydrogen’s breakthrough technology to produce low-cost green hydrogen. Anuncio • Mar 04
NewHydrogen, Inc. Expands Green Hydrogen Technology Research Program At University Of California, Los Angeles NewHydrogen, Inc. announced that it has executed an agreement to expand the existing sponsored research agreement with the University of California at Los Angeles (UCLA) to develop technology to reduce the cost of green hydrogen production. The new agreement is 10 times the previous budget and significantly expands the scope of the research program. The initial sponsored research program at UCLA was focused on replacing the oxygen catalyst, iridium, a precious metal found only in asteroids, with low cost materials that meet or exceed the performance characteristics of iridium. The expanded research will focus on significantly reducing or replacing the hydrogen catalyst, platinum. Platinum is so rare that only 200 tons are mined every year and yet its demand is ever increasing in applications such as batteries, fuel cells, fiber optics, LCD displays, cancer treatment and many others. Additionally, a complete and fully optimized electrolyzer device will be developed that incorporates all the innovations from this research program. This fully functional hydrogen-producing electrolyzer will serve as a reference prototype to help electrolyzer manufacturers worldwide use its breakthrough technology to produce low cost green hydrogen. Anuncio • Feb 08
BioSolar, Inc. Names Spencer Hall as Chief Operating Officer BioSolar, Inc. announced that Spencer Hall will serve as chief operating officer and member of the company’s board of directors, effective immediately. Hall is a former spokesperson for PacifiCorp, a large investor-owned electric utility serving customers in six western states. In this capacity, Hall will lead BioSolar’s operations while representing the company’s mission and technologies to investors, media, public, and potential partners. Hall brings to BioSolar extensive experience and knowledge gained from working alongside conventional and renewable energy infrastructure companies that serve the electric utility industry. Anuncio • Jan 29
BioSolar, Inc. announced that it has received $4.996867 million in funding On January 27, 2021, BioSolar, Inc. (OTCPK:BSRC) closed the transaction. Anuncio • Jan 26
BioSolar, Inc. announced that it expects to receive $4.996867 million in funding BioSolar, Inc. (OTCPK:BSRC) announced that it has entered into a securities purchase agreement with a single institutional and accredited investor for a private placement of 52,000,000 common shares at a price of $0.06 per share for gross proceeds of $3,120,000 and 31,333,334 pre-funded warrants at a price of $0.0599 for gross proceeds of $1,876,866.7066 for aggregate gross proceeds of $4,996,866.7066 on January 24, 2021. The pre-funded warrants have an exercise price of $0.0001 per share, subject to adjustment and no expiration date. The pre-funded warrants will be exercisable immediately and may be exercised at any time until all of pre-funded warrants are exercised in full. The company will also issue 83,333,334 warrants with an exercise price of $0.06 per share and will expire five and one half years from the closing. The transaction is expected to close on or about January 27, 2021, subject to the satisfaction of customary closing conditions. The company will issue securities pursuant to exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended and Regulation D. Anuncio • Jan 09
Biosolar, Inc. Announces Demise of Stanley B. Levy, Vice President and Chief Technology Officer Stanley B. Levy passed away on January 5, 2021. At the time of his death, Dr. Levy was serving as Vice President and Chief Technology Officer of BioSolar, Inc. (the “Company”). Dr. Levy had over 40 years of engineering and technical experience in the areas of plastics and film development and was the inventor of the Company’s BioBacksheet, the world’s first bio-based back sheet for use in solar panels. He was not involved in the Company’s current EV battery or green hydrogen development programs. Anuncio • Oct 27
BioSolar, Inc. Provides Updates on its Battery Technology BioSolar, Inc. announced that it has reported on the progress of the anode material performance evaluation for its Silicon Oxide Composite technology program, one designed to meet the global automotive need for better batteries and is focused on increasing storage capacity, extending life and lowering cost. The Company previously reported on the construction and testing of half-cell prototype batteries as a part of the Material Design and Selection process, the first development phase the Silicon Oxide Composite Processing technology program. The half-cell testing was followed by an electrochemical analysis of the materials and process adjustments to further improve the key battery material characteristics. Now, the Company has begun testing a prototype Silicon Oxide anode in full-cell configuration with NCA (LiNiCoAlO2) cathode, and the process of building and testing additional half-cell as well as full-cell batteries will continue until desired anode material properties are obtained. The Silicon Oxide Composite anode has generated significant interest of late because of its superior cycle and calendar life performance. Anuncio • Sep 18
BioSolar, Inc. announced that it has received $0.053 million in funding from PowerUp Lending Group, Ltd. BioSolar, Inc. (OTCPK:BSRC) announced that it has entered into a securities purchase agreement with returning accredited investor PowerUp Lending Group, Ltd. for a private placement of a convertible promissory note for gross proceeds of $53,000 on September 14, 2020. The note is issued at a par value with a fixed coupon of 10% per annum and will mature on September 14, 2021. The note will be convertible into common shares of the company 180 days following the date of the note at a variable conversion price of 61% multiplied by the average of the lowest two trading prices for the common stock during the 15 trading-days period ending on the latest complete trading-day prior to the conversion date. The note is redeemable in nature. The company may prepay, during the initial 30 calendar day period after the issuance of this note, by making a payment to the holder of an amount in cash equal to 120% multiplied the amount that the borrower is prepaying; during the 31st through 60 calendar day period after the issuance, by making a payment equal to 125%; during the 61st through 90 calendar day period after the issuance, by making a payment equal to 130%; during the 91st through 120 calendar day period after the issuance, by making a payment equal to 135%; during the 121st through 150 calendar day period after the issuance, by making equal to 140%, during the 151st through 180 calendar day period after the issuance, by making equal to 145%, subject to the holder’s prior written acceptance in its sole discretion. The company may optional prepayment notice under the note after the 180th calendar day after the issuance of the note. The company will has issued securities pursuant to exemption provided under Regulation D and Section 4(a)(2) of the Securities Act of 1933. Anuncio • Jul 10
BioSolar, Inc. announced that it has received $0.053 million in funding from PowerUp Lending Group, Ltd. On July 7, 2020, BioSolar, Inc. (OTCPK:BSRC) closed the transaction. Anuncio • Jun 20
BioSolar, Inc. announced that it expects to receive $0.053 million in funding from PowerUp Lending Group, Ltd. BioSolar, Inc. (OTCPK:BSRC) announced that it has entered into a securities purchase agreement for a private placement of a convertible promissory note for gross proceeds of $53,000 on June 16, 2020. The transaction will include participation from returning investor, PowerUp Lending Group, Ltd. The note carries a fixed coupon of 10% per annum and would mature on June 16, 2021. The note is convertible into common shares, of par value $0.0001 of the company at a variable conversion price which shall mean 61% multiplied by the average of the lowest two trading prices for the common stock during the fifteen trading day period ending on the latest complete trading day prior to the conversion date. The note is redeemable. The company may prepay, during the initial 30 day period after the issuance of this note, by making a payment to the holder of an amount in cash equal to 120% multiplied the amount that the borrower is prepaying, during the period beginning on the date which is 31 days following the issue date and ending on the date which is 60 days following the issue date at 125%, during the period beginning on the date which is 61 days following the issue date and ending on the date which is 90 days following the issue date at 130%, during the period beginning on the date that is 91 day from the issue date and ending 120 days following the issue date at 135%, the period beginning on the date that is 121 day from the issue date and ending 150 days following the issue date at 140%, during the period beginning on the date that is 151 day from the issue date and ending 180 days following the issue date at 145%. After 180 days, the borrower shall have no right of prepayment. The company expects to receive the funds for the note by June 22, 2020.