$GWTI
Greenway Technologies Inc

2023 Q4 Form 10-Q Financial Statement

#000149315223040967 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $240.6K $180.0K $230.8K
YoY Change 39.86% -22.02% -16.76%
% of Gross Profit
Research & Development $0.00
YoY Change -100.0%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $240.6K $181.9K $230.8K
YoY Change 14.41% -21.19% -29.04%
Operating Profit -$181.9K -$230.8K
YoY Change -21.19% -29.04%
Interest Expense -$156.2K -$160.0K $185.1K
YoY Change 17.32% -186.46% -223.9%
% of Operating Profit
Other Income/Expense, Net -$156.2K -$185.1K
YoY Change -15.61%
Pretax Income -$396.8K -$340.0K -$415.9K
YoY Change 15.53% -18.25% -12.38%
Income Tax
% Of Pretax Income
Net Earnings -$396.8K -$338.1K -$415.9K
YoY Change 15.53% -18.71% -12.38%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 -$1.106K
COMMON SHARES
Basic Shares Outstanding 403.8M shares 400.7M shares 375.5M shares
Diluted Shares Outstanding 401.6M shares 376.0M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.130K $0.00 $34.64K
YoY Change -95.41% -100.0% -7.68%
Cash & Equivalents $1.132K $1.290K $34.64K
Short-Term Investments
Other Short-Term Assets $0.00 $0.00 $7.970K
YoY Change -100.0% -100.0% 5592.86%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.132K $1.290K $42.61K
YoY Change -95.89% -96.97% 13.14%
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 $1.132K $1.290K $42.61K
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $1.132K $1.290K $42.61K
YoY Change -95.89% -96.97% 13.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.372M $8.010M $6.890M
YoY Change 17.64% 16.26% 861.43%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $652.5K $650.0K $687.5K
YoY Change -2.97% -5.45%
Long-Term Debt Due $2.972M $2.970M $2.965M
YoY Change 0.0% 0.16% -17.27%
Total Short-Term Liabilities $12.03M $11.63M $10.55M
YoY Change 11.75% 10.32% 7.25%
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 $12.03M $11.63M $10.55M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $12.03M $11.63M $10.55M
YoY Change 11.75% 10.28% 7.25%
SHAREHOLDERS EQUITY
Retained Earnings -$37.86M -$37.46M -$35.94M
YoY Change 4.36% 4.25%
Common Stock $25.83M $25.83M $25.43M
YoY Change 1.15% 1.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$12.03M -$11.63M -$10.50M
YoY Change
Total Liabilities & Shareholders Equity $1.132K $1.290K $42.61K
YoY Change -95.89% -96.97% 13.14%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$396.8K -$338.1K -$415.9K
YoY Change 15.53% -18.71% -12.38%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$32.66K -$30.00K -$173.3K
YoY Change -70.12% -82.69% -29.0%
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 29.20K 30.00K 172.7K
YoY Change -70.59% -82.63% -23.39%
NET CHANGE
Cash From Operating Activities -32.66K -30.00K -173.3K
Cash From Investing Activities
Cash From Financing Activities 29.20K 30.00K 172.7K
Net Change In Cash -3.460K -0.00000000001819 -550.0
YoY Change -65.54% -100.0% -97.04%
FREE CASH FLOW
Cash From Operating Activities -$32.66K -$30.00K -$173.3K
Capital Expenditures
Free Cash Flow
YoY Change

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us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84D_eus-gaap--UseOfEstimates_zP7mok2OGGtb" 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_86B_zFD7FDeHmzB7">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"> </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 nine months ended September 30, 2023 and 2022 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023Q3 us-gaap Cash Uninsured Amount
CashUninsuredAmount
0 usd
CY2022Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
0 usd
CY2023Q3 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
0 usd
CY2022Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
0 usd
CY2023Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2023Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
16000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3969875 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2083338 shares
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_844_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_z1NhfNtUc0y7" 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_864_zYFzmd8K6Occ">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 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 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">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: 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">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: 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">The Company separately disclosed its notes payable and convertible notes payable.</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">These reclassifications 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
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
70377 usd
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2023Q3 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
CY2022 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
5000 usd
CY2022Q4 us-gaap Share Price
SharePrice
0.02

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