Greenway Technologies Reports Improved Cash Reserves, Increased Expenses, and Default on Loans

Greenway Technologies, Inc. reported its financial results for the three and nine months ended September 30, 2024, highlighting significant changes in its financial position compared to the previous fiscal period. The company is not classified as an emerging growth company and has no shell company status. As of September 30, 2024, Greenway had 425,847,871 shares of common stock outstanding.

The company experienced a notable increase in cash reserves, rising to $115,434 from just $1,132 at the end of 2023. Total current assets also increased significantly, reflecting improved liquidity. However, total current liabilities rose to $12,845,941, up from $12,030,443 at the end of 2023, contributing to a total stockholders’ deficit of $(12,730,507), which is an increase from $(12,029,311) in the prior period.

For the three months ended September 30, 2024, Greenway reported total operating expenses of $239,589, an increase from $181,909 in the same period of 2023. The net loss for this quarter was $(395,763), compared to $(338,083) in Q3 2023. For the nine-month period, the net loss decreased to $(1,102,626) from $(1,183,947) year-over-year, indicating a slight improvement in overall financial performance.

The company’s research and development expenses for the nine months ended September 30, 2024, were $25,000, a new expense category as no R&D costs were reported in the same period of 2023. This investment is aimed at advancing the company’s proprietary gas-to-liquids (GTL) technology, particularly the G-Reformer unit, which is central to its business strategy.

Strategically, Greenway is focusing on executing its business operations more fully and has secured contracts to manufacture G-Reformers, which are essential for commercializing its technology. The company is also exploring strategic partnerships to enhance its market position.

Despite these developments, the company faces challenges, including substantial doubt about its ability to continue as a going concern, as noted by its independent auditors. The company has also reported that it is currently in default on various loans, with interest rates ranging from 10% to 18%.

Overall, while Greenway Technologies has made strides in cash management and operational focus, it continues to grapple with significant financial liabilities and operational challenges that could impact its future viability.