Greenway Technologies Inc. Files Q3 2024 10-Q
Ticker: GWTI · Form: 10-Q · Filed: Nov 13, 2024 · CIK: 1572386
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
Greenway Tech's Q3 10-Q is in. Check financials.
AI Summary
Greenway Technologies Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position. Specific financial figures and operational details are presented within the report.
Why It Matters
This filing provides investors and stakeholders with a crucial update on Greenway Technologies Inc.'s financial health and operational status for the third quarter of 2024.
Risk Assessment
Risk Level: low — The filing is a standard quarterly report and does not indicate any immediate or significant risks.
Key Numbers
- 2024-09-30 — Period End Date (Financial reporting period)
- 2024-11-13 — Filing Date (Date the report was submitted)
Key Players & Entities
- GREENWAY TECHNOLOGIES INC (company) — Filer
- UMED HOLDINGS, INC. (company) — Former Company Name
- 20240930 (date) — Period of Report
- 20241113 (date) — Filing Date
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240930, meaning the filing covers the period ending September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on 20241113.
What was Greenway Technologies Inc. formerly known as?
Greenway Technologies Inc. was formerly known as UMED HOLDINGS, INC., with a date of name change on 20130318.
What is the Standard Industrial Classification (SIC) code for Greenway Technologies Inc.?
The SIC code is 2090, categorized under MISCELLANEOUS FOOD PREPARATIONS & KINDRED PRODUCTS.
Where is Greenway Technologies Inc. located?
The company's business and mailing address is 1521 NORTH COOPER STREET, SUITE 205, ARLINGTON, TX 76011.
Filing Stats: 4,438 words · 18 min read · ~15 pages · Grade level 16.3 · Accepted 2024-11-13 17:05:59
Filing Documents
- form10-q.htm (10-Q) — 1036KB
- ex31-1.htm (EX-31.1) — 12KB
- ex31-2.htm (EX-31.2) — 12KB
- ex32-1.htm (EX-32.1) — 6KB
- ex32-2.htm (EX-32.2) — 7KB
- ex32-3.htm (EX-32.3) — 2KB
- form10-q_001.jpg (GRAPHIC) — 19KB
- ex32-3_001.jpg (GRAPHIC) — 31KB
- 0001493152-24-045179.txt ( ) — 4063KB
- gwti-20240930.xsd (EX-101.SCH) — 26KB
- gwti-20240930_cal.xml (EX-101.CAL) — 27KB
- gwti-20240930_def.xml (EX-101.DEF) — 110KB
- gwti-20240930_lab.xml (EX-101.LAB) — 194KB
- gwti-20240930_pre.xml (EX-101.PRE) — 171KB
- form10-q_htm.xml (XML) — 574KB
– 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 24
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 34
Controls and Procedures
Item 4. Controls and Procedures 35
- Other Information
Part II - Other Information 37
Legal Proceedings
Item 1. Legal Proceedings 37
Risk Factors
Item 1A. Risk Factors 37
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 38
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 38
Other Information
Item 5. Other Information 38
Exhibits
Item 6. Exhibits 38 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 3 Greenway Technologies, Inc. and Subsidiaries Consolidated Balance Sheets September 30, 2024 December 31, 2023 (Unaudited) Assets Current Assets Cash $ 115,434 $ 1,132 Total Current Assets 115,434 1,132 Total Assets $ 115,434 $ 1,132 Liabilities and Stockholders' Deficit Current Liabilities Accounts payable and accrued expenses $ 4,064,985 $ 3,822,338 Accounts payable and accrued expenses - related party 5,153,415 4,549,464 Accounts payable and accrued expenses 5,153,415 4,549,464 Note 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 100 31,200 Advances - others 2,500 2,500 Advances 2,500 2,500 Total Current Liabilities 12,845,941 12,030,443 Commitments and Contingencies (Note 7) - - Stockholders' Deficit Common stock - $ 0.0001 par value, 500,000,000 shares authorized and 424,247,871 and 403,844,204 shares issued and outstanding, respectively 42,426 40,385 Additional paid-in capital 26,189,297 25,789,908 Accumulated deficit ( 38,962,230 ) ( 37,859,604 ) Total Stockholders' Deficit ( 12,730,507 ) ( 12,029,311 ) Total Liabilities and Stockholders' Deficit $ 115,434 $ 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 2024 2023 For the Three Months Ended September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Operating expenses General and administrative expenses $ 214,589 $ 181,909 $ 614,537 $ 720,077 Research and development 25,000 - 25,000 - Total operating expenses 239,589 181,909 639,537 720,077 Loss from operations ( 239,589 ) ( 181,909 ) ( 63
Business
Business Segments The Company uses the "management approach" to identify its reportable segments. The management approach requires companies to report segment financial 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. 10 GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2024 (UNAUDITED) 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 nine months ended September 30, 2024 and 2023, respectively, include valuation of stock-based compensation, uncertain tax positions and the valuation allowance on deferred tax assets. 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 pay to transfer a liability in an orderly transaction between market participants at the measurem