PowerTap Hydrogen Capital (NEO: MOVE) (OTC: MOTNF), a leading provider of onsite hydrogen production technology, is providing a clarification regarding a previously released disclosure, following a review by the British Columbia Securities Commission (“BCSC”). The clarification is designed to provide a broader understanding of the company’s business and commitments. According to the announcement, PowerTap Hydrogen’s management discussion and analysis (“MD&A”) includes the following:
- a discussion on how the impairment of intangibles and investment in Progressus Clean Technologies effects the company’s continuing operations
- a discussion on the company’s plan for its Gen3 hydrogen-dispensing unit design and the status of the development
- a discussion on R&D expenses, including a breakdown of material components of expensed R&D as well as the current status of the development of the company’s third-generation, blue-hydrogen dispensing unit
- a discussion on factors causing variations over previous quarters
- a discussion on how MOTNF will continue as a going concern
- identification of specific parties the company has entered into contracts with
- a discussion on expenses and business activities related to consulting costs, marketing and sponsorship costs, professional fees, sales expense, and share-based compensation for the year ended June 30, 2022, and the nine months ended March 31, 2023.
“In addition to the foregoing, the company notes that for the year ended June 30, 2022, the company recorded an impairment of $101,497,740 as a result of management’s assessment of the recoverable amount of the intellectual property as at year end, as well as impairment of $23,616,714 for the Progressus Clean Technology investment,” the company stated in the press release.
To view the full press release, visit https://ibn.fm/UcBJH
About PowerTap Hydrogen Capital Corp.
PowerTap Hydrogen, through its wholly owned subsidiary PowerTap Hydrogen Fueling Corp., is focused on installing hydrogen production and dispensing fueling infrastructure in the United States. PowerTap’s patented solution has been developed over 20 years. PowerTap is now commercializing its third-generation, blue-hydrogen product, which will focus on the refueling needs of the automotive and long-haul trucking markets that lack hydrogen fueling infrastructure. For more information about the company, please visit www.PowerTapCapital.com.
NOTE TO INVESTORS: The latest news and updates relating to MOTNF are available in the company’s newsroom at https://ibn.fm/MOTNF
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