$GWTI
Greenway Technologies Inc

2022 Q4 Form 10-Q Financial Statement

#000149315222032768 Filed on November 17, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $172.0K $230.8K $152.7K
YoY Change 12.65% -16.76% -66.11%
% of Gross Profit
Research & Development $38.28K $32.00K
YoY Change 19.63% 6.67%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $210.3K $230.8K $184.7K
YoY Change 13.86% -29.04% -61.56%
Operating Profit -$230.8K
YoY Change -29.04%
Interest Expense -$133.1K $185.1K -$146.8K
YoY Change -9.31% -223.9% -24.68%
% of Operating Profit
Other Income/Expense, Net -$185.1K $0.00
YoY Change
Pretax Income -$343.4K -$415.9K -$331.5K
YoY Change 3.6% -12.38% -54.1%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$343.4K -$415.9K -$331.5K
YoY Change 3.6% -12.38% -54.1%
Net Earnings / Revenue
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00 -$1.106K -$954.70
COMMON SHARES
Basic Shares Outstanding 377.3M shares 375.5M shares
Diluted Shares Outstanding 376.0M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.60K $34.64K $60.55K
YoY Change -59.37% -7.68% 3614.72%
Cash & Equivalents $24.60K $34.64K $60.55K
Short-Term Investments
Other Short-Term Assets $2.950K $7.970K $60.00
YoY Change 4816.67% 5592.86% -99.47%
Inventory
Prepaid Expenses $56.00
Receivables
Other Receivables
Total Short-Term Assets $27.54K $42.61K $60.61K
YoY Change -54.55% 13.14% 371.27%
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 $27.54K $42.61K $60.61K
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $27.54K $42.61K $60.61K
YoY Change -54.55% 13.14% 371.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.117M $6.890M $667.1K
YoY Change 966.76% 861.43% -17.15%
Accrued Expenses $1.129M
YoY Change -75.51%
Deferred Revenue
YoY Change
Short-Term Debt $672.5K $687.5K $0.00
YoY Change
Long-Term Debt Due $2.972M $2.965M $3.572M
YoY Change -16.78% -17.27% 8.3%
Total Short-Term Liabilities $10.77M $10.55M $9.947M
YoY Change 8.22% 7.25% 12.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $10.77M $10.55M $9.947M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $10.77M $10.55M $9.947M
YoY Change 8.22% 7.25% 12.31%
SHAREHOLDERS EQUITY
Retained Earnings -$36.28M -$35.94M -$34.77M
YoY Change 4.35%
Common Stock $25.54M $25.43M $24.88M
YoY Change 2.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$10.74M -$10.50M -$9.887M
YoY Change
Total Liabilities & Shareholders Equity $27.54K $42.61K $60.61K
YoY Change -54.55% 13.14% 371.27%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q4
OPERATING ACTIVITIES
Net Income -$343.4K -$415.9K -$331.5K
YoY Change 3.6% -12.38% -54.1%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$109.3K -$173.3K -$122.0K
YoY Change -10.43% -29.0% -11.17%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00
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 99.28K 172.7K 145.1K
YoY Change -31.57% -23.39% 5.18%
NET CHANGE
Cash From Operating Activities -109.3K -173.3K -122.0K
Cash From Investing Activities 0.000
Cash From Financing Activities 99.28K 172.7K 145.1K
Net Change In Cash -10.04K -550.0 23.03K
YoY Change -143.6% -97.04% 4245.28%
FREE CASH FLOW
Cash From Operating Activities -$109.3K -$173.3K -$122.0K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-35935431 usd
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
-10503138 usd
CY2022Q3 GWTI Working Capital Deficit
WorkingCapitalDeficit
10503138 usd
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
34636 usd
CY2019Q4 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
90377 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_845_eus-gaap--UseOfEstimates_zaNXn7YfrSld" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant estimates during the nine months ended September 30, 2022 and 2021 include valuation of stock-based compensation, estimated useful lives of property and equipment, uncertain tax positions, and the valuation allowance on deferred tax assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2022Q3 us-gaap Cash Uninsured Amount
CashUninsuredAmount
0 usd
CY2021Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
0 usd
CY2022Q3 us-gaap Debt Default Longterm Debt Amount
DebtDefaultLongtermDebtAmount
592500 usd
CY2022Q3 us-gaap Debt Default Longterm Debt Amount
DebtDefaultLongtermDebtAmount
592500 usd
CY2021Q4 us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
20000 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
70377 usd
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2022Q3 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
0 usd
CY2021Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
0 usd
CY2022Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
us-gaap Common Stock Voting Rights
CommonStockVotingRights
Voting at 1 vote per share
CY2021Q3 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
126000 usd
CY2022Q3 us-gaap Due To Officers Or Stockholders Current
DueToOfficersOrStockholdersCurrent
16245 usd
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_84D_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zoChMflOH64d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reclassifications</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain prior year amounts have been reclassified for consistency with the current year presentation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company combined various accrued liabilities into one caption called accounts payable and accrued expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company combined various accrued liabilities with related parties into one caption called accounts payable and accrued expenses – related parties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company separately disclosed its notes payable and convertible notes payable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These reclassifications had no effect on the results of operations, stockholders’ deficit, or cash flows.</span></p>
us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
1991 usd
CY2022Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.01
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
15567999 shares
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
225200 usd
us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
180000 shares
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
4500 usd
CY2022Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
0.025
GWTI Stock Issued Shares To Settle Accrued Liabilities
StockIssuedSharesToSettleAccruedLiabilities
6200000 shares
GWTI Stock Issued Value To Settle Accrued Liabilities
StockIssuedValueToSettleAccruedLiabilities
155000 usd
CY2022Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
0.025
CY2021 us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
1197758 shares
CY2021 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
54986 usd
CY2021Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.045
CY2021 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
482500 shares
CY2021 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
14475 usd
CY2021Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
0.03
CY2021 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
18112501 shares
CY2021 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
656500 usd

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