$GWTI
Greenway Technologies Inc

2022 Q3 Form 10-Q Financial Statement

#000149315222023145 Filed on August 16, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $230.8K $247.7K $238.0K
YoY Change -16.76% -10.8% -18.04%
% of Gross Profit
Research & Development $16.00K
YoY Change -46.67%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $230.8K $247.7K $254.0K
YoY Change -29.04% -23.95% -20.72%
Operating Profit -$230.8K -$247.7K -$254.0K
YoY Change -29.04% -23.95%
Interest Expense $185.1K $174.4K -$147.6K
YoY Change -223.9% 17.93% 2.33%
% of Operating Profit
Other Income/Expense, Net -$185.1K -$104.0K -$147.6K
YoY Change -29.65%
Pretax Income -$415.9K -$351.8K -$401.6K
YoY Change -12.38% -25.73% -13.56%
Income Tax
% Of Pretax Income
Net Earnings -$415.9K -$351.8K -$401.6K
YoY Change -12.38% -25.73% -13.56%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 $0.00 $0.00
Diluted Earnings Per Share -$1.106K -$949.30 -$1.127K
COMMON SHARES
Basic Shares Outstanding 375.5M shares 370.6M shares 356.2M shares
Diluted Shares Outstanding 376.0M shares 370.6M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.64K $35.19K $470.00
YoY Change -7.68% -37.3% 42.42%
Cash & Equivalents $34.64K $35.19K $466.00
Short-Term Investments
Other Short-Term Assets $7.970K $4.590K $60.00
YoY Change 5592.86% 4490.0% -98.19%
Inventory
Prepaid Expenses $4.592K
Receivables
Other Receivables
Total Short-Term Assets $42.61K $39.79K $520.00
YoY Change 13.14% -29.23% -85.71%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $42.61K $39.79K $520.00
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $42.61K $39.79K $520.00
YoY Change 13.14% -29.23% -85.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.890M $575.2K $683.2K
YoY Change 861.43% -20.51% -15.58%
Accrued Expenses $1.131M $5.914M
YoY Change -78.09% 20.66%
Deferred Revenue
YoY Change
Short-Term Debt $687.5K $0.00 $0.00
YoY Change
Long-Term Debt Due $2.965M $3.666M $3.618M
YoY Change -17.27% 19.1% 5.39%
Total Short-Term Liabilities $10.55M $10.33M $10.22M
YoY Change 7.25% 13.96% 10.29%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.55M $10.33M $10.22M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $10.55M $10.33M $10.22M
YoY Change 7.25% 7.72% 10.29%
SHAREHOLDERS EQUITY
Retained Earnings -$35.94M -$35.52M
YoY Change
Common Stock $25.43M $25.38M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$10.50M -$10.29M -$10.22M
YoY Change
Total Liabilities & Shareholders Equity $42.61K $39.79K $520.00
YoY Change 13.14% -29.23% -85.71%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$415.9K -$351.8K -$401.6K
YoY Change -12.38% -25.73% -13.56%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$173.3K -$108.3K -$105.8K
YoY Change -29.0% -60.83% -29.18%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 172.7K 143.0K 45.70K
YoY Change -23.39% -56.96% -69.13%
NET CHANGE
Cash From Operating Activities -173.3K -108.3K -105.8K
Cash From Investing Activities
Cash From Financing Activities 172.7K 143.0K 45.70K
Net Change In Cash -550.0 34.72K -60.08K
YoY Change -97.04% -37.77% 4521.54%
FREE CASH FLOW
Cash From Operating Activities -$173.3K -$108.3K -$105.8K
Capital Expenditures
Free Cash Flow
YoY Change

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LiabilitiesAssumed1
1991 usd
us-gaap Liabilities Assumed1
LiabilitiesAssumed1
18602 usd
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
51769 usd
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
329997 usd
us-gaap Notes Issued1
NotesIssued1
14180 usd
us-gaap Notes Issued1
NotesIssued1
48643 usd
GWTI Shares Issued For Settlement Of Liability
SharesIssuedForSettlementOfLiability
155000 usd
GWTI Subscription Receivable For Shares Issued For Private Placement
SubscriptionReceivableForSharesIssuedForPrivatePlacement
150000 usd
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-35519553 usd
us-gaap Revenues
Revenues
0 usd
us-gaap Net Income Loss
NetIncomeLoss
-753376 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-214056 usd
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 usd
CY2021 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
3500 usd
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
51769 usd
us-gaap Repayments Of Debt
RepaymentsOfDebt
16245 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_845_eus-gaap--UseOfEstimates_zeT11x2QgH71" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of Estimates</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">The preparation of condensed unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed unaudited consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include allowance for collectible receivables and deferred tax valuation allowances. Actual results could differ from such estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
CY2022Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4015 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4015 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
0 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
0 usd
us-gaap Depreciation
Depreciation
0 usd
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
0 shares
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_849_eus-gaap--ConcentrationRiskCreditRisk_zlZ5BmY3hTI8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentration and Credit Risk</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments and related items, which potentially subject the Company to concentrations of credit risk consist primarily of cash. The Company places its cash with high credit quality institutions. At times, such deposits may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limit of $<span id="xdx_900_eus-gaap--CashFDICInsuredAmount_c20220630_pp0p0" title="FDIC insurance amount">250,000</span>. The Company did <span id="xdx_902_eus-gaap--DepositAssets_iI_pp0p0_do_c20220630_zgVdcVkoAozh" title="Deposit asset">no</span>t have cash on deposit in excess of such limit on June 30, 2022 and December 31, 2021.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2022Q2 us-gaap Deposit Assets
DepositAssets
0 usd
us-gaap Depreciation
Depreciation
0 usd
CY2021Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
48000 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
16000 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
78000 usd
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4015 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4015 usd
CY2022Q2 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
2804779 usd
CY2021Q4 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
2745264 usd
CY2022Q2 us-gaap Notes Payable
NotesPayable
861131 usd
CY2021Q4 us-gaap Notes Payable
NotesPayable
826667 usd
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1130910 usd
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1129258 usd
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
375330871 shares
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
355060834 shares
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
355060834 shares
CY2022Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
3000000 shares
CY2022Q2 GWTI Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
3000000 shares
CY2022Q1 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
51769 usd
CY2019Q4 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
90378 usd
CY2022Q2 us-gaap Cash
Cash
20000 usd
CY2022Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
70377 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
usd

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