GREENWAY TECHNOLOGIES, INC. & SUBSIDIARIES
For the period ended Jun 30, 2026. Filed Sep 28, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Sep 28, 2026
GWTIStored price and day change unavailable
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-20.
0001493152-26-024621
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-09-28.
0001493152-26-044428
Item 2. 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 136 previous paragraphs and 150 current paragraphs.
81 unchanged; 30 reworded; 32 added; 22 removed; 3 previous and 7 current paragraphs rearranged.
Tables are not compared: 6 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 (32)
Current report
If OPMG did not pay rent or the other expenses outlined above, it represented Events of Default, which allowed Mabert the right to terminate the lease. Based on the Events of Default that occurred, Mabert exercised its right to terminate the lease.
Current report
1 – Our net loss decreased by $619,748, due to decreases in general and administrative expenses of $282,319 and in research and development of $328,558. General and administrative expenses decreased primarily as a result of decreases in consulting fees of $142,013, legal expenses of $158,728, commission expense of $66,500, Board of Director fees of $40,000, commuting expenses of a consultant of $10,228, investor promotion expense of $5,340, stock quoting service of $13,020, meals and entertainment of $7,607, travel expenses of $7,856 and consulting fees of $142,013. The decreases in general and administrative expenses were partially offset by increases in employee salaries and other compensation of $70,000, auditor expense in the amount of $12,453 and miscellaneous expenses of $14,447. The net loss was decreased by a decrease in interest expense of $8,871.
Current report
3 – The increase in our working capital deficit resulted primarily from decreases in cash of $389, and prepaids and other of $42,964 and increases in accounts payable and accrued expenses of $635,289, accounts payable and accrued expenses – related parties of $417,237, notes payable – related parties of $5,000, advances – related parties of $25,825 and advances from others of $16,000
Current report
4 – The increase in stockholders’ deficit is related to our net loss of $$1,270,544.
Current report
1 – The decrease in general and administrative expenses of $168,836 results primarily due to decreases in consulting fees of $71,211, commissions of $57,500, legal expenses of $67,604, commuting expenses of a consultant in the amount of $14,678, auditor fees of $5,642 and stock quoting service of $13,020. The decreases in general and administrative expenses were partially offset by increases in employee salaries and compensation of $70,000.
Current report
2 – Interest expense decreased by $6,605 due primarily to the fact that a convertible note in the amount of $166,667 was settled in the 2025 and was not outstanding in the second quarter of 2026. This resulted in less interest payable on notes payable.
Current report
3 – Research and development expenses decreased by $204,798 due to the fact that the Company’s cash flow was not sufficient to allow the same amount of research and development that occurred in the comparable period in 2025.
Current report
Six-months ended June 30, 2026, compared to the six-months ended June 30, 2025
Current report
We reported consolidated net losses for the six months ended June 30,2026 and 2025 of $1,270,544 and $1,890,292, respectively.
Current report
1 – General and administrative expenses decreased by $282,319 primarily as a result of decreases in consulting fees of $142,013, legal expenses of $158,728, commission expense of $66,500, Board of Director fees of $40,000, commuting expenses of a consultant of $10,228, investor promotion expenses of $5,340, stock quoting service of $13,020, meals and entertainment of $7,607, travel expenses of $7,856 and consulting fees of $142,013. The decrease in general and administrative expenses were partially offset by increases in employee salaries and other compensation of $70,000, auditor expense in the amount of $12,453 and miscellaneous expenses of $14,447.
Current report
2 – Research and Development expense decreased by $328,058 due to the fact that in significant amounts were paid to The University of Texas at Arlington in the six months ended June 30, 2025 for payments under Sponsored Research Agreements that had not been previously paid fin prior years.
Current report
1 – Cash decreased due to increases in in payments of operating expenses of $175,054 compared to $174,776 of net cash provided by operating expenses.
Current report
2 – Prepaids and other decreased due to expensing of legal fees of $41,164 that offset the prepaid legal fees.
Current report
Convertible notes payable – net decreased by $166,667 due the legal settlement on October 31, 2025, as more fully discussed in other sections of this Form 10-Q.
Current report
Advances – related parties increased $25,825 due to advances made to the Company and other expenses paid by related parties to third-parties on behalf of the Company.
Current report
Customer deposited decreased by $1,300,000 due to the fact that they were forfeited under the terms of agreements with third-parties.
Current report
Advances – other increased by $16,000 due to the fact that third-parties funded expenses on behalf of the Company.
Current report
Legal settlement liability increased by $950,000 due to the legal settlement on October 31, 2025, as more fully discussed in other sections of this Form 10-Q.
Current report
Our net cash used in operations decreased primarily due to the fact that the Company paid $161,126 less in operating activities in the six months ended June 30, 2026 compared to the six months ended June 30, 2025.
Current report
The Company was provided cash through advances – related parties of $25,825 and advances – non-related parties of $16,000.
Current report
On June 9, 2026, Doug Cogan was elected Chief Executive Officer of the Company. He also serves as a member of the Board of Directors. On June 12, 2026, he was elected President of GIE, a wholly-owned subsidiary of the Company. On June 12, 2026, we entered an employment agreement with Doug Cogan. The agreement is for a three-year term and automatically renews as of that date unless the Company or Mr. Cogan provides a written notice of termination to the other party at least 60 days prior to the end of the initial term or any renewal term. Mr. Cogan earns a base salary of $240,000 per year. Mr. Cogan can earn bonuses based on defined milestones and subject to approval by the Board of Directors.
Current report
During the six-month period ended June 30, 2026 we paid and/or accrued a total of $12,000 under the terms of the agreement. As of June 30, 2026, total accrued salary was $12,000 and, as of December 31 2025, the total accrued salary was $-0- and is presented as part of Accounts payable and accrued expenses – related parties
Current report
During the six months ended June 30, 2026, the Company utilized 2 consultants under consulting agreements. The payables to consultants is reflected in accounts payable and accrued expenses and are in the amount of $216,909.
Current report
For the six months ended June 30, 2026, there were $25,825 advances – related parties.
Current report
For the six months ended June 30, 2026, there were no shares issued to related parties in exchange for cash.
Current report
For the year ended December 31, 2025, there were no shares issued to related-parties.
Current report
Related Parties
Current report
For the three months ended June 30, 2026, there were no shares issued to related parties in exchange for cash.
Current report
For the year ended December 31, 2025, there were no shares issued to related-parties.
Current report
For the three months ended June 30, 2026, we received $16,000 in advances non-related parties.
Current report
For the three months ended June 30, 2026, there were no shares issued to non- related parties in exchange for cash.
Current report
Changes to accounting principles are established by the Financial Accounting Standards Board in the form of Accounting Standards Updates (“ASU’s”) to the FASB’s Codification. We consider the applicability and impact of all ASU’s on our consolidated financial position, results of operations, stockholders’ deficit, cash flows, or presentation thereof. Management has evaluated all recent accounting pronouncements as issued by the FASB in the form of Accounting Standards Updates (“ASU”) through the date these financial statements were available to be issued and found no recent accounting pronouncements issued, but not yet effective accounting pronouncements, when adopted, will have a material impact on the financial statements of the Company.
Removed paragraphs (22)
Previous report
Competition
Previous report
Company History
Previous report
We were originally incorporated as Dynalyst Manufacturing Corporation (“Dynalyst”) under the laws of the State of Texas on March 13, 2002. In connection with the merger with Universal Media Corporation (“UMC”), a Nevada corporation, on August 17, 2009, we changed our name to UMC. The transaction was accounted for as a reverse merger, and UMC was the acquiring company on the basis that UMC’s senior management became the entire senior management of the merged entity and there was a change of control of Dynalyst. The transaction was accounted for as recapitalization of Dynalyst’s capital structure. In connection with the merger, Dynalyst issued 57,500,000 restricted equity securities to the shareholders of UMC in exchange for 100% of UMC. On March 23, 2011, Universal Media Corporation approved and filed with the Texas Secretary of State an amendment to our Certificate to change our name to UMED Holdings, Inc.
Previous report
On June 22, 2017, in recognition of our primary operational activity, we approved an amendment to our Certificate to change our name to “Greenway Technologies Inc.” We filed a certificate of amendment with the Texas Secretary of State to affect that name change on June 23, 2017.
Previous report
On June 26, 2019, we held our annual shareholders meeting in Arlington, Texas. There were seven proposals presented for vote by our shareholders (the “Shareholders”), including to approve the Company’s slate of directors, to amend our Certificate, to amend our bylaws, and to ratify our then current independent public accounting audit firm. We disclosed the results of the vote of the Shareholders on our Current Report Form 8-K, filed with the SEC on July 2, 2019, which is incorporated herein by reference. On August 1, 2019, we filed a Current Report on Form 8-K/A, noting that due to a potential tabulation error, we were reviewing the results for Proposal 2, which was to amend our Company’s Certificate to increase the authorized shares of capital stock of the Company and Proposal 3, which was to amend the Company’s Certificate to permit the vote of the holders of the majority of shares entitled to vote on and represented in person or by proxy at a meeting of the Shareholders at which a quorum is present, to be the action of the Shareholders, including for “fundamental actions,” as such term is defined by the Texas Business Organizations Code (the “TBOC”). To resolve any such potential errors, we called a special meeting of the Shareholders to be held December 11, 2019, in Arlington, Texas.
Previous report
On December 11, 2019, we held a special meeting of the Shareholders to approve four proposals. In connection with these four proposals, we filed a Certificate of Amendment to the Certificate with the Secretary of State of the State of Texas, which is attached as Exhibit 3.9 to our Company’s Current Report on Form 8-K filed with the SEC on December 16, 2019, and incorporated herein by reference. All four proposals passed overwhelmingly. For more information regarding these proposals, please see our Definitive Proxy Statement on Schedule 14A filed with the SEC on November 19, 2019 and incorporated herein by reference.
Previous report
1 – Our net loss decreased by $239,509, primarily due to decreases of several expense categories – research and development in the amount of $123,760, legal expense in the amount of $91,123, , travel expenses in the amount of $10,436 , commission expense in the amount of $9,000, meals and entertainment in the amount of $5,186, Board of Directors fees of $40,000 and investor promotion expenses in the amount of $5,000. These decreases were partially offset by increases in several expense categories - consulting fees of $8,667, audit fees of $18,095 and miscellaneous expenses of $14,693
Previous report
3 – The increase in our working capital deficit resulted due to decreases in cash of $162,561, a decrease in prepaids and other of $7,520 and increases in accounts payable and accrued expenses of $166,563, accounts payable, accrued expenses – related parties of $439,848 and an increase in legal settlement liability of $950,000. This was partially offset by a decrease in notes payable of $5,000, a decrease in convertible notes payable of $166,667 and a decrease in customer deposits of $300,000.
Previous report
4 – The increase in stockholders’ deficit from December 31, 2025 to March 31, 2026 results from the net effect of the net loss for the period from January 1, 2026 to March 31, 2026 in the amount of $444,132 offset by issuance of common stock in the $60,000, which decreased stockholders’ deficit.
Previous report
1 – General and administrative expenses decreased by $113,483, primarily due to decreases of several expense categories – research and development in the amount of $123,760, legal expense in the amount of $91,123, , travel expenses in the amount of $10,436 , commission expense in the amount of $9,000, meals and entertainment in the amount of $5,186, Board of Directors fees of $40,000 and investor promotion expenses in the amount of $5,000. These decreases were partially offset by increases in several expense categories - consulting fees of $8,667, audit fees of $18,095 and miscellaneous expenses of $14,693
Previous report
2 – Interest expense decreased due to an adjustment in interest payable on one note payable in the first quarter of 2026 compared to the first quarter of 2025.
Previous report
3 – Research and development expense decreased due to a reduction of research and development activity first quarter of 2026 compared to the first quarter of 2025. Due to decreased liquidity, the Company was required to reduce its research and development expenditures.
Previous report
1 – Cash and prepaid and other decreaseddue to due toa decrease in net loss of $239,509, an decrease in prepaids and other of$1,800, an increase in account payable and accrued expenses of $208,070 and an increase in accounts payable and accrued expenses – related parties of $180,674. This was partially offset by proceeds from stock issued for cash in the amount of $60,000.
Previous report
4 –Customer deposits in the amount of $300,000 were forfeited by the customers and recognized as income by the Company.
Previous report
6 – See all discussions in #1 - #5 above.
Previous report
Our net cash used in operating activities decreased due to a reduction in general and administrative expenses of $113,483, primarily due to decreases of several expense categories – research and development in the amount of $123,760, legal expense in the amount of $91,123, , travel expenses in the amount of $10,436 , commission expense in the amount of $9,000, meals and entertainment in the amount of $5,186, Board of Directors fees of $40,000 and investor promotion expenses in the amount of $5,000. These decreases were partially offset by increases in several expense categories - consulting fees of $8,667, audit fees of $18,095 and miscellaneous expenses of $14,693
Previous report
hold our claims.
Previous report
None
Previous report
The note was eliminated in a legal settlement agreement between the parties on October 31, 2025. Because there are no warrants outstanding at March 31, 2026, there are no potentially dilutive securities outstanding.
Previous report
The Company follows Accounting Standards Update 2023-07 – Segment Reporting (Topic 280): Reportable Segment Disclosures (“ASU 2023-07”), which expands reportable segment information by requiring companies to disclose, on an annual and interim basis, significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment’s profit of loss. ASU 2023-07 also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM makes decisions about allocating resources to segments and evaluating performance.
Previous report
The Company conducts its business activities and reports financial results as a single reportable brokerage services segment, The CODM makes decisions about allocating resources and assessing performance in a manner consistent with the way the Company operates its business and presents their financial results. The nature of business and accounting policies of the brokerage services segment are the same as described in the description of business and summary of significant accounting policies notes.
Previous report
The CODM isthe Chief Executive Officer.
Reworded paragraphs (30)
Previous wording
We are engaged in the research and development of proprietary gas-to-liquids (“GTL”) synthesis gas (“Syngas”) conversion systems and micro-plants that can be scaled to meet specific gas field production requirements. Our patented and proprietary technologies have been realized in our first commercial G-Reformer TM unit (“G-Reformer”), a unique component used to convert natural gas into Syngas, which when combined with a Fischer-Tropsch (“FT”) reactor and catalyst, produces fuels including gasoline, diesel, jet fuel, methanol, ns high-value chemicals. We are also actively involved in producing G-Reformers to produce hydrogen. G-Reformer units can be deployed to process a variety of natural gas streams including pipeline gas, associated gas, flared gas, vented gas, coal-bed methane and/or biomass gas. When derived from any of these natural gas sources, the liquid fuels created are incrementally cleaner than conventionally produced oil-based fuels. Our Company’s objective is to become a material direct and licensed producer of renewable GTL synthesized diesel and jet fuels, with a near -term focus on U.S. market opportunities. For more information about our Company, please visit our website located athttps://gwtechinc.com/.
Current wording
We are engaged in the research and development of proprietary gas-to-liquids (“GTL”) synthesis gas (“Syngas”) conversion systems and micro-plants that can be scaled to meet specific gas field production requirements. Our patented and proprietary technologies have been realized in our first commercial G-Reformer TM unit (“G-Reformer”), a unique component used to convert natural gas into Syngas, which when combined with a Fischer-Tropsch (“FT”) reactor and catalyst, produces fuels including gasoline, diesel, jet fuel, methanol and high-value chemicals. G-Reformer units can be deployed to process a variety of natural gas streams including pipeline gas, associated gas, flared gas, vented gas, coal-bed methane and/or biomass gas. When derived from any of these natural gas sources, the liquid fuels created are incrementally cleaner than conventionally produced oil-based fuels. Our Company’s objective is to become a material direct and licensed producer of renewable GTL synthesized diesel and jet fuels, with a near -term focus on U.S. market opportunities. Our G-]Reformer also has the capability to convert natural gas into hydrogen. For more information about our Company, please visit our website located athttps://gwtechinc.com/.
Previous wording
On August 2012, we acquired 100% of GIE, pursuant to that certain Purchase Agreement, by and between us and GIE, dated August 29, 2012, and filed as Exhibit 10.5 to this Form 10-K, and incorporated by reference herein (the “GIE Acquisition Agreement”). GIE owns patents and trade secrets for proprietary technology to convert natural gas into Syngas. Based on a new, breakthrough process called Fractional Thermal Oxidation™ (“FTO”), we believe that the G-Reformer, combined with conventional FT processes, offers an economical and scalable method to converting natural gas to liquid fuels, high-value chemicals, methanol and hydrogen. On February 15, 2013, GIE filed for its first patent on this GTL technology, resulting in the issue of U.S. Patent 8,574,501 B1 on November 5, 2013. On November 4, 2013, GIE filed for a second patent covering other unique aspects of the design and was issued U.S. Patent 8,795,597 B2 on August 5, 2014. The Company has several other pending patent applications, both domestic and international, related to various components and processes relating to our proprietary GTL methods, complementing our existing portfolio of issued patents and pending patent applications.
Current wording
In August 2012, we acquired 100% of GIE, pursuant to that certain Purchase Agreement, by and between us and GIE, dated August 29, 2012, and filed as Exhibit 10.5, and incorporated by reference herein (the “GIE Acquisition Agreement”). GIE owns patents and trade secrets for a proprietary technology to convert natural gas into Syngas. Based on a new, breakthrough process called Fractional Thermal Oxidation™ (“FTO”), we believe that the G-Reformer, combined with conventional FT processes, offers an economical and scalable method to converting natural gas to liquid fuel. On February 15, 2013, GIE filed for its first patent on this GTL technology, resulting in the issue of U.S. Patent 8,574,501 B1 on November 5, 2013. On November 4, 2013, GIE filed for a second patent covering other unique aspects of the design and was issued U.S. Patent 8,795,597 B2 on August 5, 2014. The Company has several other pending patent applications, both domestic and international, related to various components and processes relating to our proprietary GTL methods, complementing our existing portfolio of issued patents and pending patent applications.
Previous wording
Products created by the GTL process include High Cetane Diesel, Naphtha, Technical Grade Water, and high value, high purity chemicals. The chemicals which would be produced in the GTL plant would be vital to many industries including pharmaceutical, cosmetics, fragrances, adhesives, and others. The vast majority of these chemicals are produced in China. Such dependencies make America captive to shortfalls whether they are manufacturing related or intentional. By making these chemicals in the USA, we reduce that dependency and keep the product, the jobs, and the profits in America.
Current wording
Products created by the GTL process include High Cetane Diesel, Naphtha, Technical Grade Water, and high value, high purity chemicals. The chemicals which would be produced in the GTL plant would be vital to many industries including pharmaceutical, cosmetics, fragrances, adhesives, and others. The vast majority of these chemicals are produced in China. Such dependency makes America captive to shortfalls whether they are manufacturing related or intentional. By making these chemicals in the USA, we reduce that dependency and keep the product, the jobs, and the profits in America.
Previous wording
As of the filing date of this Form 10-Q, we have three (4) employees. Two of the employees have no employment agreement and receive no compensation. The other two (2) employees have employment agreements and compensation is accrued pursuant to those agreements. None of our employees are covered by collective bargaining agreements. We consider our employee relations to be satisfactory.
Current wording
As of the filing date of this Form 10-Q, we have four (4) employees. Three (3) employees have employment agreements and one does not have an employment agreement. None of our employees are covered by collective bargaining agreements. We consider our employee relations to be satisfactory.
Previous wording
The accompanying consolidated financial statements to this Form 10-K (our “Financial Statements”) have been prepared on a going concern basis, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business. As of March 31, 2026, we have an accumulated deficit of $41,775,038. For the quarter ended March 31, 2026, we incurred a net loss of $444,132 and used $53,579 net cash for operating activities. The ability of the Company to continue as a going concern is in doubt and dependent upon achieving a profitable level of operations or on the ability of the Company to obtain necessary financing to fund ongoing operations. While the Company is attempting to commence revenue generating operations and thereby generate sustainable revenues, the Company’s current cash position is not sufficient to support its ongoing daily operations and requires the Company to raise additional capital through debt and/or equity sources.
Current wording
The accompanying consolidated financial statements to this Form 10-K (our “Financial Statements”) have been prepared on a going concern basis, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business. As of June 30, 2026, we have an accumulated deficit of $42,601,450. For the quarter ended June 30, 2026, we incurred a net loss of 826,412 and used $107.214 net cash for operating activities. The ability of the Company to continue as a going concern is in doubt and dependent upon achieving a profitable level of operations or on the ability of the Company to obtain necessary financing to fund ongoing operations. While the Company is attempting to commence revenue generating operations and thereby generate sustainable revenues, the Company’s current cash position is not sufficient to support its ongoing daily operations and requires the Company to raise additional capital through debt and/or equity sources.
Previous wording
We remain dependent on both third party and related party sources of funding for continuation of our operations (debt and/or equity based). Our independent registered public accounting firm issued a going concern qualification in their report dated April 15, 2026 and filed with our annual report on Form 10-K, which is included by reference to our Financial Statements and raises substantial doubt about our ability to continue as a going concern.
Current wording
We remain dependent on both third party and related party sources of funding for continuation of our operations (debt and/or equity based). The Company’s dependency on relying on thire party and related party sources for funding raises substantial doubt about our ability to continue as a going concern.
Previous wording
2 - Our net cash used in operations decreased due to the net loss decreasing by $239,509 an decrease of $53,312 in prepaids and other, an increase of $$131,497 in accounts payable and accrued expenses and an increase in accounts payable and accrued expenses – related parties of $158,411, and a $300,000 decrease in customer deposits.
Current wording
2- Our net cash used in operations decreased due to a decrease in net loss of $619,748, and increases in prepaids and other of $20,356, accounts payable and accrued expenses of $544,077, accounts payable and accrued expenses – other of $286,945 offset by a decrease in Customer Deposits of $1,310,000.
Previous wording
As of March 31, 2026, we had total liabilities in excess of assets by $14,468,915 and used net cash of $53,579 for our operating activities. This is compared to the most recent year ended December 31, 2025, when we used net cash of $710,289 for operating activities.
Current wording
As of June 30, 2026, we had total liabilities in excess of assets by $15,227,487 and used net cash of $175,054 for our operating activities. This is as compared to the most recent year ended December 31, 2025, when we used net cash of $710,289 for operating activities.
Previous wording
We reported consolidated net losses for the three months ended March 31, 2026 and 2025 of $444,132 and $683,641 respectively.
Current wording
We reported consolidated net losses for the three months ended June 30, 2026 and 2025 of $826,412 and $1,206,651, respectively.
Previous wording
The following table summarizes consolidated operating expenses and other income and expenses for thethree months ended March 31, 2026 and 2025:
Current wording
The following table summarizes consolidated operating expenses and other income and expenses for the three months ended June 30, 2026 and 2025:
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. As of March 31, 2026, we had $7,271 in cash, total assets of $51,375, and total liabilities of $14,520,299. Our total accumulated deficit at March 31, 2026 was $41,775,038.
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. As of June 30, 2026, we had $461 in cash, total assets of $3,400 and total liabilities of $15,230,887. Our total accumulated deficit at June 30, 2026 was $42,601,450.
Previous wording
Liquidity is the ability of a company to generate adequate amounts of cash to meet all of its financial obligations. The following table provides certain selected balance sheet comparisons between March 31,2026 and 2025:
Current wording
Liquidity is the ability of a company to generate adequate amounts of cash to meet all of its financial obligations. The following table provides certain selected balance sheet comparisons between June 30, 2026 and 2025:
Previous wording
2 – Accounts payable and accrued expenses increased due to the fact that accrued contractual expenses increased at a greater amount than the company had liquidity to reduce the payables.
Current wording
3 – Accounts payable and accrued expenses increased due to the fact that accrued contractual expenses increased at a greater amount than the company had liquidity to reduce the payables.
Previous wording
3 – Accounts payable and accrued expenses – related parties increased due to the fact that accrued contractual expenses increased at a greater amount than the company had liquidity to reduce the payables.
Current wording
4 –Accounts payable and accrued expenses – related parties increased due to the fact that accrued contractual expenses increased at a greater amount than the company had liquidity to reduce the payables
Previous wording
Net cash used in investing activities for the three months ended March 31, 2026 and 2025 was $0.
Current wording
Net cash used in investing activities for the six months ended June 30, 2026 and 2025 was $0 and $0, respectively.
Previous wording
Net cash provided by financing activities was $60,000 and $476,000 for the three months ended March 31, 2026and 2025, respectively.
Current wording
Net cash provided by financing activities was $174,665 and $696,000 for the six months ended June 30, 2026 and 2025, respectively.
Previous wording
In the first quarter of 2026, the Company sold stock in the amount of $60,000.
Current wording
In the second quarter of 2026, the Company sold no stock for cash.
Previous wording
As shown in the accompanying consolidated financial statements, we have incurred an accumulated deficit of $41,775,038 and $40,056,813 as of March 31, 2026 and December 31, 2025, respectively.
Current wording
As shown in the accompanying consolidated financial statements, we have incurred an accumulated deficit of $42,601,450 and $41,330,906 as of June 30, 2025 and December 31, 2024, respectively.
Previous wording
In August 2012, we entered into an employment agreement with our chairman of the board, Ray Wright, as president of Greenway Innovative Energy, Inc., for a term of five years with compensation of $90,000 per year. In September 2014, Wright’s employment agreement was amended to increase such annual pay to $180,000. By its terms, the employment agreement automatically renews each year for successive one-year periods, unless otherwise earlier terminated. During the three-months ended March 31, 2025, the Company paid and/or accrued a total of $45,000 for the period under the terms of the agreement.
Current wording
In August 2012, we entered into an employment agreement with our chairman of the board, Ray Wright, as president of Greenway Innovative Energy, Inc., for a term of five years with compensation of $90,000 per year. In September 2014, Wright’s employment agreement was amended to increase such annual pay to $180,000. By its terms, the employment agreement automatically renews each year for successive one-year periods, unless otherwise earlier terminated. During the six months ended June 30, 2026 and June 30, 2025, the Company accrued $80,500 and $90,000, respectively, under the terms of the agreement. Mr. Wright resigned his positions with the Company on May 28, 2026. He resigned as President of GIE, a wholly-owned subsidiary of the Company, effective June 11, 2026.
Previous wording
Effective May 10, 2018, we entered into an employment agreement with Ransom Jones, as Chief Financial Officer. Ransom Jones, as Chief Financial Officer, earns a salary of $120,000 per year. Mr. Jones also serves as the Company’s Secretary and Treasurer. 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. The Company accrued $30,000 at March 31, 2025 and December 31, 2024.
Current wording
Effective May 10, 2018, we entered into an employment agreement with Ransom Jones, as Chief Financial Officer. Ransom Jones, as Chief Financial Officer, earns a salary of $120,000 per year. Mr. Jones also serves as the Company’s Secretary and Treasurer. 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. During the six months ended June 30, 2026 and 2025, the Company accrued $95,000 and $95,000, respectively, under the terms of the agreement.
Previous wording
For the year ended December 31, 2025, there was $-0- of related- party financing.
Current wording
For the year ended December 31, 2025, there was no related-party financing.
Previous wording
For the period ended March 31, 2026, we received $-0- in related party loans.
Current wording
For the period ended June 30, 2026, we received $25,825 in advances – related parties.
Previous wording
On various dates throughout the quarter ended March 31, 2026, the Company issued 6,000,000 shares of Rule 144 restricted Common Stock, par value $0.0001 per share pursuant to private placement sales to ones accredited investor, for $60,000 ($.01).
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 non-related parties, which are accredited investors, for $696,000 ($.01 - $.02/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. However, the COVID-19 virus and its current extraordinary impact on the world economy has reduced oil consumption globally, decreasing crude oil prices, to levels not seen since the early 1980’s. 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 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. However, the COVID-19 virus and its current extraordinary impact on the world economy has reduced oil consumption globally, decreasing crude oil prices, to levels not seen since the early 1980’s. 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. While the COVID-19 virus may run its human course in the near term, we believe (as many others in the U.S. government and media believe), that the economic impacts will be long lasting and for all practical matters, remain largely unknown at this time.
Previous wording
We believe that the critical accounting policies discussed below affect our more significant judgments and estimates used in the preparation of our financial statements.
Current wording
We believe that the critical accounting policies discussed above affect our more significant judgments and estimates used in the preparation of our financial statements.
Previous wording
Significant estimates during the three months ended March 31, 2026 and 2025, respectively, include valuation of stock-based compensation, uncertain tax positions, and the valuation allowance on deferred tax assets.
Current wording
Significant estimates during the six months ended June 30, 2026 and 2025, respectively, include valuation of stock-based compensation, uncertain tax positions, and the valuation allowance on deferred tax assets.
Previous wording
The Company recognizes interest and penalties related to uncertain income tax positions in other expense. No interest and penalties related to uncertain income tax positions were recorded during the three months ended March 31, 2026 and 2025, respectively.
Current wording
The Company recognizes interest and penalties related to uncertain income tax positions in other expense. No interest and penalties related to uncertain income tax positions were recorded during the six months ended June 30, 2025 and 2024, respectively.
Previous wording
The Company incurred research and development expenses of $19,033 and $142,793 for the three months ended March 31, 2026 and 2025, respectively.
Current wording
The Company incurred research and development expenses of $461,293 and $0 for the six months ended June 30, 2025 and 2024, respectively.
Previous wording
The Company uses the fair value method for equity instruments granted to non-employees and use the Black-Scholes or other acceptable binomial methods for measuring the fair value of options.
Current wording
The Company uses the fair value method for equity instruments granted to non-employees and use the Black-Scholes or other acceptable binomial models for measuring the fair value of options.
Previous wording
At March 31, 2026 and 2025, respectively, the Company had the following common stock equivalents outstanding, which were potentially dilutive equity securities:
Current wording
At June 30, 2026 and 2025, respectively, the Company had the following common stock equivalents outstanding, which are potentially dilutive equity securities:
Rearranged current paragraphs (7)
Current report — wording carried from elsewhere
On April 28, 2020, the Company was issued a new U.S. Patent 10,633,594 B1 for syngas generation for gas-to-liquid fuel conversion. 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 report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
On December 15, 2020, the Company announced additional information regarding valuable outputs produced by the company’s proprietary G-Reformer™ catalyst reactor and Fischer-Tropsch (FT) technology which combine to form the “Greer-Wright” GTL solution. Originally developed to convert natural gas into ultra-clean synthetic fuel, recent research and development activity has shown that the technology can also allow the extraction of high-value chemicals and alcohols. The chemical outputs include n-Hexane, n-Heptane, n-Octane, n-Decane, n-Dodecane, and n-Tridecane. Alcohols produced include ethanol and methanol. The company has identified worldwide industrial demand for these outputs which will significantly improve the economic return on investment (ROI) of GTL plants that are based on GWTI’s technology. GWTI is a development-stage company with plans to commercialize its unique and patented technology.
Current report — wording carried from elsewhere
We had no revenues for our consolidated operations for the six months ended June 30,2026 and 2025, respectively.
Current report — wording carried from elsewhere
The following table summarizes consolidated operating expenses and other income and expenses for the six months ended June 30, 2026 and 2025:
Current report — wording carried from elsewhere
Financing – Six Months Ended June 30, 2026 and the Year Ended December 31, 2025
Current report — wording carried from elsewhere
For the year ended December 31, 2025, there was $-0- advances – related parties.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
According toResearch and Markets in late 2024, key industry players include: Shell, Chevron, PetroSA, Qatar Petroleum, Sasol, Statoil ASA, Velocys, ENI S.p.A. In terms of global production and consumption, Shell had the largest market share in 2024, with virtually all current production located overseas. Our technology is not designed to compete with the large refinery-size GTL plants operated by such large industry operators. Our plants are designed to be scaled to meet individual gas field production requirements on a distributed and mobile basis. According to a report released in July 2019 by the Global Gas Flaring Reduction Partnership (“GGFRP”), there are currently only 5 small-scale GTL plant technologies that have been proven and are now available for flared gas monetization available in the U.S., including: Greyrock (“Flare to Fuels”); Advantage Midstream (licensing Greyrock technology); EFT (“Flare Buster”); Primus GE and GasTechno (“Methanol in a Box”). We were not a direct part of this study, as we had not received 3rd party certification of our proprietary technology as of the date of this report.
Previous report — wording carried elsewhere
However, the GGFRP report mentioned us as follows, “Greenway Technologies announced on July 23, 2018 that Mabert LLC, a major investor in Greenway, acquired the whole INFRA plant including an operating license agreement. The purpose of the acquisition is the incorporation and commercial demonstration of Greenway’s ‘G-Reformer’ technology. We will see whether the new team will be able to make the plant with the new reformer operational. (Globe Newswire, Fort Worth, Texas, Aug 31, 2019).”
Previous report — wording carried elsewhere
For the period ended March 31, 2025, we received $0 in debt financing.