$GWTI
Greenway Technologies Inc

2023 Q1 Form 10-Q Financial Statement

#000149315223018279 Filed on May 19, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $330.0K $238.0K
YoY Change 38.66% -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 $330.6K $254.0K
YoY Change 30.15% -20.72%
Operating Profit -$330.6K -$254.0K
YoY Change 30.15%
Interest Expense -$150.0K -$147.6K
YoY Change 1.63% 2.33%
% of Operating Profit
Other Income/Expense, Net -$153.1K -$147.6K
YoY Change 3.74%
Pretax Income -$480.0K -$401.6K
YoY Change 19.52% -13.56%
Income Tax
% Of Pretax Income
Net Earnings -$483.7K -$401.6K
YoY Change 20.45% -13.56%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 -$1.127K
COMMON SHARES
Basic Shares Outstanding 388.5M shares 356.2M shares
Diluted Shares Outstanding 388.5M shares

Balance Sheet

Concept 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $470.00
YoY Change -100.0% 42.42%
Cash & Equivalents $466.00
Short-Term Investments
Other Short-Term Assets $0.00 $60.00
YoY Change -100.0% -98.19%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $520.00
YoY Change -85.71%
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
YoY Change
TOTAL ASSETS
Total Short-Term Assets $520.00
Total Long-Term Assets $0.00 $0.00
Total Assets $520.00
YoY Change -85.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.433M $683.2K
YoY Change 987.9% -15.58%
Accrued Expenses $5.914M
YoY Change 20.66%
Deferred Revenue
YoY Change
Short-Term Debt $657.5K $0.00
YoY Change
Long-Term Debt Due $2.972M $3.618M
YoY Change -17.84% 5.39%
Total Short-Term Liabilities $11.07M $10.22M
YoY Change 8.3% 10.29%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $11.07M $10.22M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $11.07M $10.22M
YoY Change 8.3% 10.29%
SHAREHOLDERS EQUITY
Retained Earnings -$36.76M
YoY Change
Common Stock $25.70M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$11.07M -$10.22M
YoY Change
Total Liabilities & Shareholders Equity $520.00
YoY Change -85.71%

Cashflow Statement

Concept 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$483.7K -$401.6K
YoY Change 20.45% -13.56%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$144.8K -$105.8K
YoY Change 36.88% -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 $135.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $120.2K 45.70K
YoY Change 163.02% -69.13%
NET CHANGE
Cash From Operating Activities -$144.8K -105.8K
Cash From Investing Activities
Cash From Financing Activities $120.2K 45.70K
Net Change In Cash -$24.60K -60.08K
YoY Change -59.06% 4521.54%
FREE CASH FLOW
Cash From Operating Activities -$144.8K -$105.8K
Capital Expenditures
Free Cash Flow
YoY Change

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<p id="xdx_84F_eus-gaap--UseOfEstimates_zlgYqvPka8mh" 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><span id="xdx_86C_z1Kk65IFPT69">Use of Estimates</span></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"><b> </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">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 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">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 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">Significant estimates during the three months ended March 31, 2023 and 2022, 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: 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"/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 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: 0pt 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: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MARCH 31, 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(UNAUDITED)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
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CY2023Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_847_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_z9WehhkUnzHk" 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><span id="xdx_861_zxaSxUriA8ha">Reclassifications</span></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 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: 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">The Company separately reflected amortization of debt discount from interest expense.</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">This reclassification had no effect on the consolidated results of operations, stockholders’ deficit, or cash flows.</span></p>
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
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Voting at 1 vote per share

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