Greenway Technologies Inc. Files Q2 2024 10-Q

TL;DR

Greenway Tech (GWTI) filed its Q2 10-Q. Financials are in.

AI Summary

Greenway Technologies Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. The company, formerly UMED Holdings, Inc., is based in Arlington, TX, and operates in the food preparations sector.

Why It Matters

This filing provides investors and stakeholders with the latest financial health and operational status of Greenway Technologies Inc. as of the end of the second quarter of 2024.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report and does not contain immediate red flags or significant negative developments.

Key Numbers

• 20240630 — Reporting Period End (The end date for the financial information presented in the 10-Q.)
• 20240813 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• GREENWAY TECHNOLOGIES INC (company) — Filer
• UMED HOLDINGS, INC. (company) — Former company name
• 20240630 (date) — Reporting period end date
• 20240813 (date) — Filing date
• ARLINGTON, TX (location) — Company address

FAQ

Filing Documents

• form10-q.htm (10-Q) — 1077KB
• ex31-1.htm (EX-31.1) — 11KB
• ex31-2.htm (EX-31.2) — 12KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 6KB
• form10-q_001.jpg (GRAPHIC) — 104KB
• 0001493152-24-031528.txt ( ) — 4278KB
• gwti-20240630.xsd (EX-101.SCH) — 26KB
• gwti-20240630_cal.xml (EX-101.CAL) — 26KB
• gwti-20240630_def.xml (EX-101.DEF) — 113KB
• gwti-20240630_lab.xml (EX-101.LAB) — 196KB
• gwti-20240630_pre.xml (EX-101.PRE) — 173KB
• form10-q_htm.xml (XML) — 577KB

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 38

Controls and Procedures

Item 4. Controls and Procedures 38

- Other Information

Part II - Other Information 41

Legal Proceedings

Item 1. Legal Proceedings 41

Risk Factors

Item 1A. Risk Factors 41

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 42

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 42

Other Information

Item 5. Other Information 42

Exhibits

Item 6. Exhibits 42 2 PART I – FINANCIAL INFORMATION Item 1. Consolidated Financial Statements & Notes (Unaudited) Greenway Technologies, Inc. and Subsidiaries Page(s) Consolidated Balance Sheets 4 Consolidated 5 - 6 Consolidated 7 - 10 Consolidated 11 Notes to Consolidated Financial Statements (Unaudited) 12 - 26 3 Greenway Technologies, Inc. and Subsidiaries Consolidated Balance Sheets June 30, 2024 December 31, 2023 (Unaudited) Assets Current Assets Cash $ 1 $ 1,132 Total Current Assets 1 1,132 Total Assets $ 1 $ 1,132 Liabilities and Stockholders' Deficit Current Liabilities Accounts payable and accrued expenses $ 4,086,125 $ 3,822,338 Accounts payable and accrued expenses - related parties 4,981,393 4,549,464 Accounts payable and accrued expenses 4,981,393 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 2,286 31,200 Advances - others 2,500 2,500 Advances 2,500 2,500 Total Current Liabilities 12,697,245 12,030,443 Commitments and Contingencies (Note 7) - - Stockholders' Deficit Common stock - $ 0.0001 par value, 500,000,000 shares authorized 406,539,538 and 403,844,204 shares issued and outstanding, respectively 40,655 40,385 Additional paid-in capital 25,828,568 25,789,908 Accumulated deficit ( 38,566,467 ) ( 37,859,604 ) Total Stockholders' Deficit ( 12,697,244 ) ( 12,029,311 ) Total Liabilities and Stockholders' Deficit $ 1 $ 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 F

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. 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 six months ended June 30, 2024 and 2023, respectively, include valuation of stock-based compensation, uncertain tax positions, and the valuation allowance on deferred tax assets. 13 GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 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 transfer a liability in an orderly transaction between market participa

View Full Filing

View this 10-Q filing on SEC EDGAR