Greenway Technologies Inc. Files Q1 2024 10-Q

TL;DR

Greenway Tech (GWTI) filed its Q1 2024 10-Q. Arlington, TX based.

AI Summary

Greenway Technologies Inc. filed its 10-Q for the period ending March 31, 2024. The company, formerly UMED Holdings, Inc., is incorporated in Texas and operates in the miscellaneous food preparations sector. Its principal business address is in Arlington, TX.

Why It Matters

This filing provides investors with the latest financial performance and operational details for Greenway Technologies Inc. during the first quarter of 2024.

Risk Assessment

Risk Level: low — This filing is a standard quarterly report and does not contain immediate red flags.

Key Numbers

• 2024-03-31 — Reporting Period End Date (First quarter of 2024)
• 2024-08-07 — Filing Date (Date the 10-Q was submitted)

Key Players & Entities

• GREENWAY TECHNOLOGIES INC (company) — Filer
• UMED HOLDINGS, INC. (company) — Former Company Name
• ARLINGTON, TX (location) — Business and Mail Address

FAQ

Filing Documents

• form10-q.htm (10-Q) — 759KB
• ex31-1.htm (EX-31.1) — 12KB
• ex31-2.htm (EX-31.2) — 13KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 7KB
• ex32-3.htm (EX-32.3) — 1KB
• form10-q_001.jpg (GRAPHIC) — 3KB
• ex32-3_001.jpg (GRAPHIC) — 119KB
• 0001493152-24-030518.txt ( ) — 3677KB
• gwti-20240331.xsd (EX-101.SCH) — 25KB
• gwti-20240331_cal.xml (EX-101.CAL) — 26KB
• gwti-20240331_def.xml (EX-101.DEF) — 113KB
• gwti-20240331_lab.xml (EX-101.LAB) — 193KB
• gwti-20240331_pre.xml (EX-101.PRE) — 173KB
• form10-q_htm.xml (XML) — 481KB

– Financial Information

Part I – Financial Information. 3

Consolidated Financial Statements & Notes (Unaudited)

Item 1. Consolidated Financial Statements & Notes (Unaudited) 3

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 36

Controls and Procedures

Item 4. Controls and Procedures 36

- Other Information

Part II - Other Information 39

Legal Proceedings

Item 1. Legal Proceedings 39

Risk Factors

Item 1A. Risk Factors 39

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 40

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 40

Other Information

Item 5. Other Information 40

Exhibits

Item 6. Exhibits 40 2 PART I – FINANCIAL INFORMATION Item 1. Consolidated Financial Statements & Notes (Unaudited) Greenway Technologies, Inc. and Subsidiaries Page(s) Consolidated Balance Sheets 4 Consolidated Statements of Operations (Unaudited) 5 Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) 6 - 7 Consolidated Statements of Cash Flows (Unaudited) 8

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 9 - 24 3 Greenway Technologies, Inc. and Subsidiaries Consolidated Balance Sheets March 31, 2024 December 31, 2023 (Unaudited) (Audited) Assets Current Assets Cash $ - $ 1,132 Total Current Assets - 1,132 - Total Assets $ - $ 1,132 Liabilities and Stockholders' Deficit Current Liabilities Accounts payable and accrued expenses $ 3,979,163 $ 3,822,338 Accounts payable and accrued expenses - related parties 4,747,928 4,549,464 Accounts payable and accrued expenses 4,747,928 4,549,464 Notes payable 652,500 652,500 Notes payable - related parties - net 2,805,774 2,805,774 Notes payable 2,805,774 2,805,774 Convertible note payable - net 166,667 166,667 Advances - related parties 31,850 31,200 Advances - others 2,500 2,500 Advances 2,500 2,500 Total Current Liabilities 12,386,382 12,030,443 Commitments and Contingencies (Note 7) - Stockholders' Deficit Common stock - $ 0.0001 par value, 500,000,000 shares authorized 403,844,204 and 403,844,204 shares issued and outstanding, respectively 40,385 40,385 Additional paid-in capital 25,789,908 25,789,908 Accumulated deficit ( 38,216,675 ) ( 37,859,604 ) Total Stockholders' Deficit ( 12,386,382 ) ( 12,029,311 ) Total Liabilities and Stockholders' Deficit $ - $ 1,132 The accompanying notes are an integral part of these unaudited consolidated financial statements 4 Greenway Technologies, Inc. and Subsidiaries Consolidated (Unaudited) 2024 2023 For the Three Months Ended March 31, 2024 2023 Operating expenses General and administrative expenses $ 202,338 $ 330,591 Total operating expenses 202,338 330,591 Loss from operations ( 202,338 ) ( 330,591 ) Other income (expense) Interest expense ( 154,733 ) ( 153,128 ) Total other income (expense) - net ( 154,733 ) ( 153,128 ) Net loss $ ( 357,071 ) $ ( 483,719 )

Business

Business Segments The Company uses the "management approach" to identify its reportable segments. The management approach requires companies to report segment financial information consistent with information used by management for making operating decisions and assessing performance as the basis for identifying the Company's reportable segments. The Company has identified one single reportable operating segment. The Company manages its business on the basis of one operating and reportable segment and derives revenues from selling its product and related services. Use of Estimates Preparing financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates, and those estimates may be material. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and other assumptions, which include both quantitative and qualitative assessments that it believes to be reasonable under the circumstances. Significant estimates during the three months ended March 31, 2024 and 2023, respectively, include valuation of stock-based compensation, uncertain tax positions, and the valuation allowance on deferred tax assets. 11 GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2024 (UNAUDITED) Fair Value of Financial Instruments The Company accounts for financial instruments under Financial Accounting Standards Board ("FASB") ASC 820, Fair Value Measurements . ASC 820 provides a framework for measuring fair value and requires disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to

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View this 10-Q filing on SEC EDGAR