GWTI — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-20

• According to Research 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 ove…

• 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 demonstratio…

• 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…

• 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.

• 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 …

Text removed vs the prior filing · source: 10-Q · 2025-11-13

• On July 23, 2019, we announced that Mabert LLC, a Texas limited liability company (“Mabert”), 100% owned by Kevin Jones, acquired INFRA Technology Group’s U.S. GTL plant and technology located in Wharton, Texas (the “Wharton Plant”). Mabert purchased the entire 5.2-acre site, plant and equipment, in…

• On August 29, 2019, to further facilitate the commercialization process, we announced that Greenway entered into a joint venture with OPM Green Energy, LLC, a Texas limited liability company (“OPMGE”), for a 42.857% ownership interest in OPMGE. In exchange for its 42.857% ownership of OPMGE, Greenwa…

• Greenway never transferred the G-Reformer to OPMGE, as required by the LIMITED LIABILITY COMPANY AGREEMENT OF OPM GREEN ENERGY, LLC. Accordingly, it defaulted on its obligation under the agreement. Under the LEASE AGREEMENT between Mabert and OPMGE, OPMGE was required to pay rent and to pay the foll…

• The lease stated that this transaction was a “Triple Net Lease.”

• 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.

Text added vs the prior filing · source: 10-Q · 2026-05-20

• We have identified at least the following deficiencies, which together constitute a material weakness in our assessment of the effectiveness of internal control over financial reporting as of March 31, 2026:

Text removed vs the prior filing · source: 10-Q · 2025-11-13

• Based on an evaluation performed by the principal executive officer and the principal finance officer, the disclosure controls and procedures were not effective.

• Also, based on the evaluation described in the prior paragraph, management has concluded that, as of September 30, 2025, our Disclosure Controls and Procedures were ineffective.

• We have identified at least the following deficiencies, which together constitute a material weakness in our assessment of the effectiveness of internal control over financial reporting as of September 30, 2025:

Text added vs the prior filing · source: 10-Q · 2026-05-20

• On December 9, 2025, the court approved an AGREED ORDER OF DISMISSAL WITH PREJUDICE.

• The Company recognized a gain of $648,783 related to the legal settlement.

• The Company defaulted on its obligation to pay $50,000 by February 27,2026. The Plaintiff hold an Agreed Judgement in the amount of $1,250,000, which can be exercised at any time. At the date of this filing, the Plaintiff has not exercised the rights under the Agreed Judgement.

• On May 4, 2026, the Company received a notice that the plaintiffs stating the if the Company does not cure the default within 15 days, it will be in formal breach of the settlement agreement. It also states that the Plaintiffs intend to exercise it rights under the Agreed Judgement. The Company is i…

• The Company is subject to litigation, claims, investigations, and audits arising from time to time in the ordinary course of business. Although legal proceedings are inherently unpredictable, the Company believes that it has valid defenses with respect to any matters currently pending against the Co…

Text removed vs the prior filing · source: 10-Q · 2025-11-13

• The Company believes the net financial impact of the settlement to the Company under the Agreement is approximately a positive $649,636.

• The Company is subject to litigation, claims, investigations, and audits arising from time to time in the ordinary course of business. Although legal proceedings are inherently unpredictable, the Company believes that it has valid defenses with respect to any matters currently pending against the Co…