GREENWAY TECHNOLOGIES INC

March 31, 2024

In May 2022, the Company issued a note payable for $67,500, with an original issue debt discount of $37,500, resulting in net proceeds of $30,000. The note was due on September 30, 2022 and at March 31, 2024 remains in default.

On December 20, 2017, the Company issued a convertible promissory note for $166,667, fully payable by December 20, 2019. This loan is in default for breach of payment. By its terms, the cash interest payable increased to 18% per annum on December 20, 2018 and continues at such rate until the default is cured or is paid at term. At March 31, 2024 remains in default.

On September 26, 2019, the Company entered into a Settlement Agreement with Southwest Capital Funding Ltd., as part of the consideration for an agreed stipulated judgment, we agreed to provide Southwest a Promissory Note in the amount of $525,000, providing for a three-year term, at 7.7% simple interest only, payable semi-annually, with interest due calculated on a 365-day year, default interest at 18%, with the principal amount due at maturity. Since the note was issued, two semiannual payments of interest have been paid. The Company was in default of its semiannual interest payment due on February 15, 2021. In May 2021, the Company made the semi-annual interest payment (including late fees) and cured the default. However, the Company again failed to make the required payments and at March 31, 2024 remains in default.

On September 14, 2018, the Company entered into a Loan Agreement and a related Security Agreement with Mabert, LLC (“Mabert”). Under the Loan Agreement, up to $5,000,000 of principal may be loaned to the Company. Under the related Security Agreement, Mabert has a security interest in all the assets of the Company. This security interest is supported by a UCC-1 filed on September 28, 2023 and its scheduled lapse date is October 10, 2028. As of March 31, 2024, the principal amount outstanding is $3,624,941 and accrued interest is $2,481,006. The loans were made by 8 individuals, consisting of 25 loans. The interest rate varies from 10% to 18%, depending on the amount loaned. All of the loans made to the Company under this Loan Agreement have maturities of one year. At March 31. 2024, all of these loans are in default.