$GWTI
Greenway Technologies Inc

2023 Q2 Form 10-K Financial Statement

#000149315223012221 Filed on April 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $210.0K $172.0K $890.0K
YoY Change -15.23% 12.65% -10.83%
% of Gross Profit
Research & Development $38.28K $54.28K
YoY Change 19.63% -65.65%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $207.6K $210.3K $942.9K
YoY Change -16.21% 13.86% -18.44%
Operating Profit -$207.6K -$942.9K
YoY Change -16.21% -15.88%
Interest Expense -$150.0K -$133.1K -$640.0K
YoY Change -186.0% -9.31% 8.79%
% of Operating Profit
Other Income/Expense, Net -$154.6K -$569.8K
YoY Change 48.56%
Pretax Income -$360.0K -$343.4K -$1.510M
YoY Change 2.34% 3.6% -13.44%
Income Tax
% Of Pretax Income
Net Earnings -$362.1K -$343.4K -$1.513M
YoY Change 2.95% 3.6% -13.28%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 392.9M shares 377.3M shares 371.6M shares
Diluted Shares Outstanding 396.8M shares 371.6M shares

Balance Sheet

Concept 2023 Q2 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.020K $24.60K $24.60K
YoY Change -80.05% -59.37% -59.37%
Cash & Equivalents $7.016K $24.60K
Short-Term Investments
Other Short-Term Assets $0.00 $2.950K $2.950K
YoY Change -100.0% 4816.67% 4816.67%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $7.016K $27.54K $27.54K
YoY Change -82.37% -54.55% -54.56%
LONG-TERM ASSETS
Property, Plant & Equipment
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 $7.016K $27.54K $27.54K
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $7.016K $27.54K $27.54K
YoY Change -82.37% -54.55% -54.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.704M $7.117M $7.117M
YoY Change 1239.38% 966.76% 966.76%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $652.5K $672.5K $672.5K
YoY Change
Long-Term Debt Due $2.972M $2.972M $2.972M
YoY Change -18.92% -16.78% -16.78%
Total Short-Term Liabilities $11.33M $10.77M $10.77M
YoY Change 9.74% 8.22% 8.22%
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 $11.33M $10.77M $10.77M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $11.33M $10.77M $10.77M
YoY Change 9.74% 8.22% 8.22%
SHAREHOLDERS EQUITY
Retained Earnings -$37.12M -$36.28M
YoY Change 4.52% 4.35%
Common Stock $25.80M $25.54M
YoY Change 1.64% 2.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$11.33M -$10.74M -$10.74M
YoY Change
Total Liabilities & Shareholders Equity $7.016K $27.54K $27.54K
YoY Change -82.37% -54.55% -54.56%

Cashflow Statement

Concept 2023 Q2 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$362.1K -$343.4K -$1.513M
YoY Change 2.95% 3.6% -13.28%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$90.78K -$109.3K -$496.7K
YoY Change -16.16% -10.43% -37.28%
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 $482.2K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 97.80K 99.28K $460.7K
YoY Change -31.61% -31.57% -45.85%
NET CHANGE
Cash From Operating Activities -90.78K -109.3K -$496.7K
Cash From Investing Activities
Cash From Financing Activities 97.80K 99.28K $460.7K
Net Change In Cash 7.020K -10.04K -$35.95K
YoY Change -79.78% -143.6%
FREE CASH FLOW
Cash From Operating Activities -$90.78K -$109.3K -$496.7K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2022 us-gaap Use Of Estimates
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<p id="xdx_846_eus-gaap--UseOfEstimates_zgmqELBth163" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_869_zmqV218vvtn5">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 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: 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: 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: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant estimates during the years ended December 31, 2022 and 2021, respectively, include valuation of stock-based compensation, uncertain tax positions, and the valuation allowance on deferred tax assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DECEMBER 31, 2022 AND 2021</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2022Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
0 usd
CY2021Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
0 usd
CY2022 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
54275 usd
CY2021 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
158000 usd
CY2022Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
0 usd
CY2021Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
0 usd
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3689400 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5083338 shares
CY2022 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_841_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zkB2Mjsh8vxe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_862_z9vz8sXO8Lnk">Reclassifications</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 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: 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: 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: 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: 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: 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: 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: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company separately reflected amortization of debt discount from general and administrative expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These reclassifications had no effect on the consolidated results of operations, stockholders’ deficit, or cash flows.</span></p>
CY2022Q4 us-gaap Debt Default Longterm Debt Amount
DebtDefaultLongtermDebtAmount
592500 usd
CY2022Q4 us-gaap Debt Default Longterm Debt Amount
DebtDefaultLongtermDebtAmount
592500 usd
CY2022Q4 us-gaap Due To Officers Or Stockholders Current
DueToOfficersOrStockholdersCurrent
16245 usd
CY2019Q4 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
90377 usd
CY2021Q4 us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
20000 usd
CY2022 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
70377 usd
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Voting at 1 vote per share
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-311000 usd
CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-366000 usd
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
-15000 usd
CY2022 GWTI Income Tax Reconciliation Subtotal
IncomeTaxReconciliationSubtotal
-326000 usd
CY2021 GWTI Income Tax Reconciliation Subtotal
IncomeTaxReconciliationSubtotal
-366000 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-326000 usd
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-366000 usd
CY2022Q4 GWTI Deferred Tax Assets Amortization Of Debt Discount
DeferredTaxAssetsAmortizationOfDebtDiscount
-10000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
6000 usd
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
-1184000 usd
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
1184000 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
4910000 usd
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
5785000 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
3710000 usd
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
6969000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3710000 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
6969000 usd
CY2022Q4 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
3259000 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
23380000 usd
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
23380000 usd
CY2022 GWTI Taxable Income Percentage
TaxableIncomePercentage
0.80 pure
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2022 GWTI Corporate Tax Returns
CorporateTaxReturns
0 usd

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