GREENWAY TECHNOLOGIES, INC. & SUBSIDIARIES
For the period ended Dec 31, 2025. Filed Apr 15, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Apr 15, 2026
GWTIStored price and day change unavailable
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-03-11.
0001493152-25-009823
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-04-15.
0001493152-26-016820
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 118 previous paragraphs and 124 current paragraphs.
80 unchanged; 24 reworded; 19 added; 13 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (19)
Current report
1– Our net loss in 2025 compared to 2024 increased primarily due to increases of $531,724 in consulting fees, commissions of $58,000, meals and entertainment of $5,598, stock quoting service of $13,620, travel of $12,035, wages of $37,500, board of directors fees of $30,000, expense reimbursements of $15,306, investor promotion expense of $5,340, legal expenses of $985,641, research and development of $1,155,335 and commuting expense of $49,250. These increases in expenses were offset by decreases in auditor fees of $12,183, mining expense of $14,400 and interest expense of $6,128. Additionally, net loss was reduced by a gain on legal settlement of $648,783 and income for forfeiture of non-refundable deposits in the amount of $1,700.
Current report
2– Our net cash used in operations in 2025 compared to 2024 increased primarily due to increases in net loss of $444,166, prepaids and other of $45,679, accounts payable and accrued expenses of $1,206,485, customer deposits of $10,000 and liabilities for legal settlement of $731,183. These were offset by a decrease in accounts payable and accrued expenses – related parties of $443,923.
Current report
3– The working capital deficit increased in 2025 compared to 2024 due to increases in cash and prepaids and other of $26,502, accounts payable and accrued expenses of $35,066, accounts payable and accrued expenses – related parties of $281,437, customer deposits of $10,000 and legal settlement liability of $950,000, These were offset by an decreases in notes payable of $5,000 and convertible note payable – net of $166,666..
Current report
1– General and administrative expenses in 2025 compared to 2024 increased primarily due to increases of $531,724 in consulting fees, commissions of $58,000, meals and entertainment of $5,598, stock quoting service of $13,620, travel of $12,035, wages of $37,500, board of directors fees of $30,000, expense reimbursements of $15,306, investor promotion expense of $5,340, legal expenses of $985,641, research and development of $1,155,335 and commuting expense of $49,250. These increases in expenses were offset by decreases in auditor fees of $12,183, mining expense of $14,400 and interest expense of $6,128.
Current report
4 – The Company entered into a non-binding agreement with a counterparty to pay a non-refundable deposit to pay the Company non-refundable deposits in the amount of $1,700,000. Ultimately, ultimately the counterparty was not able to follow through with its commitment to purchase a reformer. As a result, the $1,700,000 became income instead of being applied to the purchase of a reformer.
Current report
5 – The Company reached a settlement in a legal dispute that resulted in an extraordinary gain of $648,783. The gain resulted due to reduction of several liabilities, the creation of a new liability and the issuance of 2,000,000 shares of stock.
Current report
1- Cash decreased in 2025 compared to 2024 due to net loss of $1,957,734, an increase in cash of $691,000 from financing activities and an increase in adjustments to reconcile net loss to net cash used in operations by $1,247,445.
Current report
2– Prepaids and other assets increased in 2025 from 2024 due to an increase of prepaid legal fees of $45,791.
Current report
5– Notes Payable in 2025 compared to 2024 decreased by $5,000 due to a loan payment in 2025 in the amount of $5,000
Current report
6– Convertible note payable net in 2025 compared to 2024 decreased due the fact that the debt was settled in a legal settlement.
Current report
7 – Customer deposits increased in 2025 compared to 2024 increased by $10,000 due to a customer making a deposit for future technology development.
Current report
8 – Legal settlement liability increased in 2025 compared to 2024 by $950,000 due to a legal settlement.
Current report
9 – See notes #4 - #8 above.
Current report
Repayment on notes payable - $(5,000)
Current report
On August 2, 2025, the Company entered into a management consulting agreement with Blue Shift Pacific, LLC. That agreement provides that the Company pay an hourly rate of $150, $900 per day, $4,500 per week or $20,000 per month, depending on the extent of services requested by a company representative. The initial term of the agreement is twelve (12) months. After the initial term has ended, the agreement shall renew for subsequent one (1) month terms unless and until the Company or Blue Shift Pacific, LLC terminates the agreement. The agreement may be terminated at any time upon fifteen (15) days written notice to the other party. As of December 31, 2025, the Company accrued $98,643 under the contract.
Current report
On August 5, 2025, the Company entered into a management consulting agreement with Anthony Bradzil. That agreement provides that the Company pay an hourly rate of $120, $900 per day, $4,000 per week or $16,500 per month, depending on the extent of services requested by a company representative. The initial term of the agreement is twelve (12) months. After the initial term has ended, the agreement shall renew for subsequent one (1) month terms unless and until the Company or Anthony Bradzil terminates the agreement. The agreement may be terminated at any time upon fifteen (15) days written notice to the other party. As of December 31, 2025, the Company accrued $17,185 under the contract.
Current report
On July 28, 2025, the Company entered into a management consulting agreement with Kent Harer. The agreement provides that Kent Harer will receive 5,000,000 warrants to purchase the Company’s common stock at an exercise price $.065, or the closing price of the stock on the day the agreement is executed by both parties and expiring on July 30, 2028. The agreement did not specify the timing for the execution or the language of the warrant agreement. As of the date of this filing, the Company has not provided Mr. Harer a warrant agreement for his consideration. The initial term of the agreement was two (2) months and renews for subsequent one (1) month terms unless the Company or Mr. Harer terminates it by providing a fifteen (15) day written notice to the other party. On January 6, 2026, the Company terminated the consulting agreement.
Current report
On October 31, 2025, the Company entered into a settlement agreement related to litigation with plaintiffs Ric Halden, Randy Moseley, Tunstall Canyon Group, LLC and Chisos Equity Consultants, LLC. Due to the settlement, the note payable to Tunstall Canyons Group, LLC, which held the debt convertible into warrants, was completely settled. As a result, the warrants were cancelled by operation of the settlement.
Current report
The CODM is Chief Executive Officer.
Removed paragraphs (13)
Previous report
1– Our net loss in 2024 compared to 2023 decreased primarily due to the net effect of reductions in legal expenses of $161,731, mining lease expense of $34,093, professional fees of $23,500 and stock quoting service of $6,600. These reductions in expenses were offset by an increase in research and development expense of $50,000.
Previous report
2– Our net cash used in operations increased by $141,560 in 2024 compared to 2023. The change was primarily due to a decrease of $67,167 of net loss and decreases of accounts payable and accrued expenses of $161,015 and accounts payable and accrued expenses – related parties of $44,653.
Previous report
3– The increase in working capital deficit of $997,138 from 2023 to 2024 primarily relates to increases in accounts payable and accrued expenses of $344,098, increased accounts payable and accrued expenses – related parties of $683,359 These were offset by an increase of cash of $19,007 and a decrease in advances – related parties of $31,200.
Previous report
Results of Operations
Previous report
1–The decrease resulted primarily due to the net effect of reductions in legal expenses of $161,731, mining lease expense of $34,093, professional fees of $23,500 and stock quoting service of $6,600. These reductions were offset by an increase in consulting fees of $87,089.
Previous report
1- Cash increased in 2024 due to proceeds from the sale of Common Stock exceeding cash disbursed.
Previous report
2– The prepaid of $112 at December 31, 2024 represented prepaid legal fees.
Previous report
5– In 2024, Advances – related parties were settled by the issuance of Common Stock and cash payments.
Previous report
6– See discussions in #4 and #5 above.
Previous report
Repayment of advances – related parties - $2,386
Previous report
On October 19, 2020, the Company entered into a management consulting services agreement with Dean Goekel (the “Goekel Agreement” via “Analytical Professionals”), to manage engineering and vendor relationships, assist in defining the design and cost of certain capital equipment and to manage the direction of research, development and other related engineering activities. Mr. Goekel will also support the Company’s ongoing business operations, including assistance in commercialization and market implementation, strategic planning and other services. The agreed upon start date under the agreement is July 1, 2020 and the minimum engagement term was for six (6) months. After the initial term the agreement automatically renews for subsequent six (6) month terms unless the Company or Mr. Goekel terminates the agreement. Under the agreement, in exchange for Mr. Goekel’s services he will receive a minimum monthly fee of $10,000 per month in deferred compensation until such time that adequate funds are available for payment. As of December 31, 2023, we have accrued $420,000 in compensation expense related to this agreement. Additionally, under the agreement Mr. Goekel was issued stock warrants for 3,000,000 shares at a strike price of $0.03 per share effective July 1, 2020 and expiring on June 30, 2022. The Company recognized valued and recognized compensation expense related to these warrants of $25,137 for the year ended December 31, 2020. Mr. Goekel did not exercise any of the stock warrant prior to June 30, 2022 and the warrants expired unexercised. After meeting certain deliverables set forth in the agreement, Mr. Goekel will be issued stock warrants for 1,000,000 shares at a strike price that is an average of the stock price for the 90 days that the deliverables have been met. No such deliverables have been met to date, and currently management does not believe these 1,000,000 warrants will be earned by the service provider.
Previous report
For 2024, our annual lease maintenance fees due to Bureau of Land Management (“BLM”) for the Arizona, were $14,500. There is no actual lease agreement with the BLM, but we file an annual maintenance fee form and pay fees to the BLM to hold our claims. The next payment will be due on or before August 31, 2025.
Previous report
The CODM is President.
Reworded paragraphs (24)
Previous wording
Since 2020, the Company has received several U.S. Patents (the ‘594 Patent, ‘104 Patent, ‘827 Patent, and ‘473 Patent) pertaining to syngas generation for gas-to-liquid fuel conversion. In addition, the Company has several other pending patent applications, both domestic and international, related to various components and processes involving our proprietary GTL methods, which when granted, will further complement our existing portfolio of issued patents and pending patent applications.
Current wording
Since 2020, the Company has received several U.S. Patents (the ‘594 Patent, ‘104 Patent, ‘827 Patent, and ‘473 Patent) pertaining to syngas generation for gas-to-liquid fuel conversion. In addition, the Company has other pending patent applications, both domestic and international, related to various components and processes involving our proprietary GTL methods, which when granted, will further complement our existing portfolio of issued patents and pending patent applications.
Previous wording
On December 8, 2020, the Company announced an exclusive worldwide patent licensing agreement with the University of Texas at Arlington (UTA) for all patent applications currently filed with the Patent and Trademark Office relating to GWTI’s natural gas reforming technologies developed under its sponsored research agreement with UTA. During 2024, the Company paid UTA $50,000 under an SRA for the period from July 1, 2024 through June 30, 2025.
Current wording
On December 8, 2020, the Company announced an exclusive worldwide patent licensing agreement with the UTA for all patent applications currently filed with the Patent and Trademark Office relating to GWTI’s natural gas reforming technologies developed under its sponsored research agreement with UTA. During 2025, the Company paid UTA $196,587 under SRAs and $250,000 under a Patent & Technology License Agreement. Additionally, at December 31, 2025, the Company had a liability to UTA under its SRA for the period July 1, 2025 – June 30, 2026 in the amount of $216,212.
Previous wording
In December 2010, UMED acquired the rights to approximately 1,440 acres of placer mining claims located on Bureau of Land Management (“BLM”) land in Mohave County, Arizona for 5,066,000 shares of restricted Common A stock. Early indications, from samples taken and processed, provided reason to believe that the potential recovery value of the metals located on the 1,440 acres is significant, but only actual mining and processing will determine the ultimate value which may be realized from this property holding. The Company is currently exploring strategic options to partner or sell its interest in this acreage, while it focuses on its emerging GTL technology sales and marketing efforts.
Current wording
In December 2010, UMED acquired the rights to approximately 1,440 acres of placer mining claims located on Bureau of Land Management (“BLM”) land in Mohave County, Arizona for 5,066,000 shares of restricted Common A stock. Early indications, from samples taken and processed, provided reason to believe that the potential recovery value of the metals located on the 1,440 acres is significant, but only actual mining and processing will determine the ultimate value which may be realized from this property holding. The Company explored strategic options to partner or sell its interest in this acreage, while it focused on its emerging GTL technology sales and marketing efforts. However, the Company decided to focus only on its core technologies and the mining interests were forfeited on August 31, 2025 for failure to timely pay Mining Claim Maintenance Fees.
Previous wording
4– The increase in Stockholders’ deficit from 2023 to 2024 results from the net effect of 2024 net loss of $1,513,568 offset by issuances of common stock of $536,430, which decreased the stockholders’ deficit.
Current wording
4– The increase in stockholders’ deficit in 2025 compared to 2024 resulted from the net effect of an increase net loss of $1,917,743 offset by issuances of common stock of $879,400.
Previous wording
We reported consolidated net losses during the years ended December 31, 2024 and 2023 of $1,513,568 and $1,580,735, respectively.
Current wording
We reported consolidated net losses during the years ended December 31, 2025 and 2024 of $1,957,734 and $1,513,568, respectively.
Previous wording
Total operating expenses decreased by $17,818 from $960,692 in 2023 to $894,305 in 2024.
Current wording
Total operating expenses increased by $2,799,077 from $894,305 in 2024 to $3,693,382 in 2025.
Previous wording
2– The increase of $50,000 was related having an increase in liquidity from sales of Common Stock, which allowed for additional spending on R&D.
Current wording
2– The increase was related generating an increase in liquidity from sales of Common Stock of $696,000 and collection of non-refundable deposits in the amount of $1,700,000, which allowed the Company to bring payments under its patent Patent & Licensing Agreement with UTA current and additional spending on R&D to provide impetus to commercialize our technology.
Previous wording
Our consolidated net loss decreased by $67,167 to $1,513,568 ($0.00) - basic and diluted earnings share for the year ended December 31, 2024, as compared to a net loss of $1,580,735 ($0.00), for the same period ended in 2023.
Current wording
Our consolidated net loss increased by $444,166 from $1,513,568 in 2024 compared to $1,957,734 in 2025. Th basic and diluted earnings share for the year ended December 31, 2025, as compared to December 31, 2024 were the same $.00 per share
Previous wording
The weighted-average number of shares of Common Stock used in the earnings per share for the basic and dilutive computation was 413,126,039 for the year ended December 31, 2024, and 397,741,921 for the year ended December 31, 2023.
Current wording
The weighted-average number of shares of Common Stock used in the earnings per share for the basic and dilutive computation was 444,862,026 for the year ended December 31, 2025, and 413,126,039 for the year ended December 31, 2024.
Previous wording
We do not currently have sufficient working capital to fund our expected future operations. We cannot assure investors that we will be able to continue our operations without securing additional adequate funding. We had $20,139 in cash, total assets of $20,251, and total liabilities of $13,026,700 as of December 31, 2024. Total accumulated deficit at December 31, 2024, was ($39,373,172).
Current wording
We do not currently have sufficient working capital to fund our expected future operations. We cannot assure investors that we will be able to continue our operations without securing additional adequate funding. We had $850 in cash, total assets of $46,753, and total liabilities of $14,131,536 as of December 31, 2025. Total accumulated deficit at December 31, 2025, was ($41,330,906).
Previous wording
3- See discussion regarding cash resources in #1 above.
Current wording
3- See discussion regarding cash resources in #1 and #2 above.
Previous wording
4– Accounts payable and accrued expenses and accounts payable and accrued expenses - related party increased due to the fact that amounts accrued were greater than amounts paid in satisfaction of the liabilities.
Current wording
4– Accounts payable and accrued expenses and accounts payable and accrued expenses - related party in 2025 compared to 2024 increased due to the fact that amounts accrued were greater than amounts paid in satisfaction of the liabilities.
Previous wording
Our net cash used in operations in 2024 was greater than 2023. The increase was primarily due to an decrease of $67,167 of net loss and decreases of accounts payable and accrued expenses of $161,015 and accounts payable and accrued expenses – related parties of $44,653.
Current wording
Our net cash used in operations in 2025 was greater than 2024. The increase was primarily due to increases of net loss of $444,166, stock issued in a legal settlement of $83,400, stock issued for prepaid legal fees of $100,000, in accounts payable and accrued expense of $1,206,485, customer deposits of $10,000 and decreases in prepaids and other assets of $45,769, accounts payable and accrued expenses – related parties of $443,923 and liabilities for legal settlement – net of $732,183.
Previous wording
In 2024, the Company had net cash provided by financing activities of $463,230, consisting of the following:
Current wording
In 2025, the Company had net cash provided by financing activities of $691,000, consisting of the following:
Previous wording
Proceeds from stock issued for cash - $458,500
Current wording
Proceeds from stock issued for cash - $696,000
Previous wording
As shown in the accompanying consolidated financial statements, we have incurred an accumulated deficit of $39,373,172 and $37,859,604 as of December 31, 2024 and 2023, respectively.
Current wording
As shown in the accompanying consolidated financial statements, we have incurred an accumulated deficit of $41,330,906 and $39,373,172 as of December 31, 2025 and 2024, respectively.
Previous wording
In August 2012, we entered into an employment agreement with Raymond Wright, for the position of president of GIE, for a term of five years, with compensation of $90,000 per year. In September 2014, Mr. Wright’s employment agreement was amended to increase his annual pay to $180,000. By its terms, Mr. Wright’s employment agreement automatically renewed on August 12, 2020, 2021, 2022 2023 and 2024., for successive one-year periods. During the twelve-month periods ended December 31, 2024 and 2023, we paid and/or accrued a total of $180,000 under the terms of the agreement. As of December 31, 2024, total accrued salary was $1,599,738 and $1,501,038, respectively, and is presented as part of Accounts payable and accrued expenses -related party. Mr. Wright is also the Chairman of our Board of Directors.
Current wording
In August 2012, we entered into an employment agreement with Raymond Wright, for the position of president of GIE, for a term of five years, with compensation of $90,000 per year. In September 2014, Mr. Wright’s employment agreement was amended to increase his annual pay to $180,000. By its terms, Mr. Wright’s employment agreement automatically renewed on August 12, 2020, 2021, 2022 2023,2024 and 2025, for successive one-year periods. During the twelve-month periods ended December 31, 2025 and 2024, we paid and/or accrued a total of $180,000 under the terms of the agreement. As of December 31, 2025 and December 31, 2024, total accrued salary was $1,635,938 and $1,599,738, respectively, and is presented as part of Accounts payable and accrued expenses -related party. Mr. Wright is also the Chairman of our Board of Directors and Interim President of the Company.
Previous wording
Effective May 10, 2018, we entered into an employment agreement with Ransom Jones, Chief Financial Officer, Secretary and a member of the board of directors. Mr. Jones earns a base salary of $120,000 per year. During each year that Mr. Jones’ agreement is in effect, he is entitled to receive a bonus (“Bonus”) equal to at least Thirty-Five Thousand Dollars ($35,000) per year, such amount having been accrued for the period ended December 31, 2024. Mr. Jones received a grant of common stock (the “Stock Grant”) at the start of his employment equal to 250,000 shares each of the Company’s Common Stock, par value $.0001 per share (the “Common Stock”), such shares vesting immediately. Mr. Jones is also entitled to participate in the Company’s benefit plans when such plans exist. The foregoing summary of Mr. Jones’s employment agreement is qualified in its entirety by reference to the actual true and correct Employment Agreement by and between Mr. Jones and our Company, dated May 10, 2018, a copy of which is filed as Exhibit 10.40 to this Form 10-K and incorporated by reference herein. During the 12-month periods ended December 31, 2024 and 2023, we paid an/or accrued a total of $155,000 under the terms of the agreement. As of December 31, 2024 and 2023, the total accrued salary was $889,167 and $792,667, respectively, and is presented as part of Accounts payable and accrued expenses – related parties.
Current wording
Effective May 10, 2018, we entered into an employment agreement with Ransom Jones, Chief Financial Officer, Secretary and Treasurer and a member of the board of directors. Mr. Jones earns a base salary of $120,000 per year. During each year that Mr. Jones’ agreement is in effect, he is entitled to receive a bonus (“Bonus”) equal to at least Thirty-Five Thousand Dollars ($35,000) per year, such amount having been accrued for the period ended December 31, 2025. Mr. Jones received a grant of common stock (the “Stock Grant”) at the start of his employment equal to 250,000 shares each of the Company’s Common Stock, par value $.0001 per share (the “Common Stock”), such shares vesting immediately. Mr. Jones is also entitled to participate in the Company’s benefit plans when such plans exist. The foregoing summary of Mr. Jones’s employment agreement is qualified in its entirety by reference to the actual true and correct Employment Agreement by and between Mr. Jones and our Company, dated May 10, 2018, a copy of which is filed as Exhibit 10.40 to this Form 10-K and incorporated by reference herein. By its terms, Mr. Jones’ employment agreement automatically renewed on May 10,2019, 2020, 2021, 2022, 2023, 2024 and 2025, for successive one-year periods. As of December 31, 2025 and December 31, 2024, respectively, total accrued salary was $889,167 and $1,599,738, respectively, and is presented as part of Accounts payable and accrued expenses - related party.
Previous wording
The balance of Advances – related parties at December 31, 2023 was $31,200. For the year ended December 31, 2024, there was $7,116 of related- party financing, which was reflected as Proceeds from advances – related parties. During 2024, $38,316 was repaid resulting in a balance of -0- at December 31, 2024. $35,930 was satisfied by issuance of Common Stock and $2,386 was repaid by cash payments.
Current wording
For the year ended December 31, 2025, there was no related-party financing. For the year ended December 31, 2024, there was $7,116 of related- party financing, which was reflected as Proceeds from advances – related parties. During 2024, $38,316 was repaid resulting in a balance of -0- at December 31, 2024. $35,930 was satisfied by issuance of Common Stock and $2,386 was repaid by cash payments.
Previous wording
On various dates throughout the year ended December 31, 2024, the Company issued 4,415,334 shares of Rule 144 restricted Common Stock, par value $.0001 per share to related parties in settlement of liability – related parties in the amount of $77,930 ($.01 - $.01/share).
Current wording
For the year ended December 31, 2025, there were no shares issued to related-parties. On various dates throughout the year ended December 31, 2024, the Company issued 4,415,334 shares of Rule 144 restricted Common Stock, par value $.0001 per share to related parties in settlement of liability – related parties in the amount of $77,930 ($.01 - $.01/share).
Previous wording
On various dates throughout the year ended December 31, 2023, the Company issued 18,633,333 shares of Rule 144 restricted Common Stock, par value $0.0001 per share pursuant to private placement sales to various accredited investors, for $265,500 ($.01 - $.02/share).
Current wording
On various dates throughout the year ended December 31, 2025, the Company issued 22,523,333 shares of Rule 144 restricted Common Stock, par value $0.0001 per share pursuant to private placement sales to various accredited investors, for $696,000 ($.01 - $.02/share).
Previous wording
On various dates throughout the year ended December 31, 2024, the Company issued 22,578,333 shares of Rule 144 restricted Common Stock, par value $0.0001 per share pursuant to private placement sales to various accredited investors, for $458,500 ($.01 - $.02/share).
Current wording
On various dates throughout the year ended December 31, 2024, the Company issued 22,578,333 shares of Rule 144 restricted Common Stock, par value $0.0001 per share pursuant to private placement sales to various accredited investors, for $458,500 ($.02 - $.05/share).
Previous wording
While we are subject to general inflationary trends, including for basic manufacturing production materials, our management believes that inflation in and of itself does not have a material effect on our operating results. However, inflation may become a factor in the future. The economics of GTL conversion rely in part on the arbitrage between oil and natural gas prices, with economic models for many producers, including our own models, using a range of $30-60/bbl (for WTI or Brent Crude as listed daily on the Nymex and ICE commodities exchanges) to determine relative profitability of their GTL operations.
Current wording
While we are subject to general inflationary trends, including costs for basic manufacturing production materials, our management believes that inflation in and of itself does not have a material effect on our operating results. However, inflation may become a factor in the future. The economics of GTL conversion rely in part on the arbitrage between oil and natural gas prices, with economic models for many producers, including our own models, using a range of $30-60/bbl (for WTI or Brent Crude as listed daily on the Nymex and ICE commodities exchanges) to determine relative profitability of their GTL operations.
Previous wording
The Company incurred research and development expenses of $50,000 and $-0- for the years ended December 31, 2024 and 2023, respectively.
Current wording
The Company incurred research and development expenses of $1,205,335 and $50,000 - for the years ended December 31, 2025 and 2024, respectively.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
In December 2010, UMED acquired the rights to approximately 1,440 acres of placer mining claims located on Bureau of Land Management (“BLM”) land in Mohave County, Arizona (such property, the “Arizona Property”), in an Assignment Agreement dated December 27, 2010, and filed as Exhibit 10.31 to this Form 10-K, between Melek Mining, Inc., 4HM Partners, Inc. and the Company, in exchange for 5,066,000 shares of our common stock. Early indications from samples taken and processed by Melek Mining provided reason to believe that the potential recovery value of the metals located on the Arizona Property could be significant, but only actual mining and processing will determine the ultimate value that may be realized from this property holding. However, the Company decided to focus only on its core technologies and the mining interests were forfeited on August 31, 2025 for failure to timely pay Mining Claim Maintenance Fees.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Proceeds from advances – related parties - $7,116