PowerTap Announces Amended & Restated Q3 2023 Management Discussion

Source: www.gulfoilandgas.com 7/25/2023, Location: North America

PowerTap Hydrogen Capital Corp., announces that as a result of a review by the British Columbia Securities Commission ("BCSC"), the Company is issuing the following press release to clarify our disclosure.

The management discussion & analysis for the interim period ended March 31, 2023 (the "MD&A") has been amended and re-filed on SEDAR. The amended MD&A includes:

(i) a discussion on how the impairment of intangibles and investment in Progressus Clean Technologies effects the Company's continuing operations;

(ii) a discussion on the Company's plan for its Gen3 hydrogen dispensing unit design and the status of the development;

(iii) a discussion on research and development expenses, a breakdown of material components of expensed research and development, and the current status of the development of the 3rd generation blue hydrogen dispensing unit;

(iv) a discussion on factors that have caused variations over the prior quarters;

(v) a discussion on how the Company will continue as a going concern;

(vi) identification of specific related parties with whom the Company has entered into contracts with; and

(vii) a discussion on the expenses and the 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.

This enhanced disclosure in the amended and restated MD&A is aimed to provide the reader with a broader understanding of the Company’s business and commitments.


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