UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended ~~June~~September 30, 2025

☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _______ to _______

Commission File No. 000-55030

GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES

(Exact name of registrant as specified in its charter)

Texas

90-0893594

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification Number)

1521 North Cooper Street, Suite 205

Arlington, Texas

76011

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (~~561~~972) ~~809~~342-~~4644~~4051

Securities registered pursuant to Section 12(b) of the Act:

Title of each class 

Trading Symbol(s)

Name of exchange on which registered

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirement for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Act). Yes ☐ No ☒

The number of shares of the registrant’s common stock, par value $0.0001 per share, outstanding as of ~~August~~November 1113, 2025, was ~~454~~456,361,204.

Table of Contents

Part I – Financial Information. 3 Item 1. Consolidated Financial Statements & Notes (Unaudited) 3 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 2724 Item 3. Quantitative and Qualitative Disclosures about Market Risk 3834 Item 4. Controls and Procedures 3835 Part II - Other Information 4137 Item 1. Legal Proceedings 4137 Item 1A. Risk Factors 4137 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 4137 Item 3. Defaults Upon Senior Securities 4238 Item 4. Mine Safety Disclosures 4238 Item 5. Other Information 4238 Item 6. Exhibits 4238

PART I – FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements & Notes (Unaudited)

Greenway Technologies, Inc. and Subsidiaries

	~~Page(s)~~	Page(s)
Consolidated Balance Sheets	4	4
Consolidated Statements of Operations (Unaudited)	~~5 - 6~~	5
Consolidated Statements of Changes in Stockholders’ Deficit (Unaudited)	~~7 - 10~~	6 - 7
Consolidated Statements of Cash Flows (Unaudited)	11	8
Notes to Consolidated Financial Statements (Unaudited)	~~12 - 26~~	9

Greenway Technologies, Inc. and Subsidiaries

Consolidated Balance Sheets

	June 30, 2025			December 31, 2024
	September 30, 2025			December 31, 2024
	(Unaudited)			~~(Audited)~~
Assets
Current Assets
Cash	$	~~379~~36,~~959~~632		$	20,139
Prepaids and other		7768,~~502~~853			112
Total Current Assets		~~457~~105,~~461~~485			20,251
Total Assets	$	~~457~~105,~~461~~485		$	20,251
Liabilities and Stockholders’ Deficit
Current Liabilities
Accounts payable and accrued expenses	$	45,~~433~~070,~~646~~212		$	4,166,436
Accounts payable and accrued expenses - related parties		5,192,116			5,232,823
Accounts payable and accrued expenses - related party		5,314,438			5,232,823
Accounts payable and accrued expenses		5,~~192~~314,~~116~~438			5,232,823
Notes payable		647,500			652,500
Note payable		647,500			652,500
Notes payable - related parties - net		2,805,774			2,805,774
Notes payable		2,805,774			2,805,774
Convertible note payable - net		166,667			166,667
Advances - others		2,500			2,500
Customer deposits		1,~~310~~710,000			-
Total Current Liabilities		1415,~~558~~717,~~203~~091			13,026,700
Commitments and Contingencies (Note 7)		-			-
Commitments and Contingencies (Note 8)		-			-
Stockholders’ Deficit
Common stock - $0.0001 par value, 500,000,000 shares authorized 454,361,204 and 430,837,871 shares issued and outstanding respectively		45,435			43,085
Common stock - $0.0001 par value, 500,000,000 shares authorized and 454,361,204 and 430,837,871 shares issued and outstanding, respectively		45,437			43,085
Additional paid-in capital		27,117,286			26,323,638
Accumulated deficit		(4142,~~263~~774,~~463~~329	)		(39,373,172	)
Total Stockholders’ Deficit		(1415,~~100~~611,~~742~~606	)		(13,006,449	)
Total Liabilities and Stockholders’ Deficit	$	~~457~~105,~~461~~485		$	20,251

The accompanying notes are an integral part of these unaudited consolidated financial statements

Greenway Technologies, Inc. and Subsidiaries

Consolidated Statements of Operations

(Unaudited)

	2025			2024			2025			2024
	For the Three Months Ended June 30,
	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2025			2024			2025			2024
Operating expenses
General and administrative expenses	$	~~733~~990,~~518~~360		$	~~197~~214,~~610~~589		$	2,113,227		$	614,537
Research and development		~~318~~364,~~500~~496			-25,000			825,789			25,000
Total operating expenses		1,~~052~~354,~~018~~856			~~197~~239,~~610~~589			2,939,016			639,537
Loss from operations		(1,~~052~~354,~~018~~856	)		(~~197~~239,~~610~~589	)		(2,939,016	)		(639,537	)
Other income (expense)
Other expense
Interest expense		(~~154~~156,~~633~~009	)		(~~152~~156,~~182~~174	)		(462,141	)		(463,089	)
Total other income (expense) - net		(154,633	)		(152,182	)
Total other expense		(156,009	)		(156,174	)		(462,141	)		(463,089	)
Net loss	$	(1,~~206~~510,~~651~~865	)	$	(~~349~~395,~~792~~763	)	$	(3,401,157	)	$	(1,102,626	)
Loss per share - basic and diluted	$	(0.00	)	$	(0.00	)	$	(0.01	)	$	(0.00	)
Weighted average number of shares - basic and diluted		~~453~~454,~~636~~361,~~479~~204			~~405~~415,~~621~~233,~~347~~666			449,141,229			408,566,920

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Greenway Technologies, Inc. and Subsidiaries

Consolidated Statements of ~~Operations~~Changes in Stockholders’ Deficit

For the Three and Nine Months Ended September 30, 2025

(Unaudited)

	2025			2024
	Shares			Amount			Capital		Receivable			be Issued			Deficit			Deficit
	For the Six Months Ended June 30,
	Common Stock						Additional Paid-in		Subscriptions			Common Stock To			Accumulated			Total Stockholders’
	2025			2024
	Shares			Amount			Capital		Receivable			be Issued			Deficit			Deficit
Operating expenses
December 31, 2024		430,837,871		$	43,085		$	26,323,638	$	-		$	-		$	(39,373,172	)	$	(13,006,449	)
General and administrative expenses	$	1,122,867		$	399,948
Stock issued for cash		14,490,000			1,449			553,551		(99,000	)		20,000			-			476,000
Research and development		461,293			-
Net loss		-			-			-		-			-			(683,641	)		(683,641	)
Total operating expenses		1,584,160			399,948
March 31, 2025		445,327,871			44,534			26,877,189		(99,000	)		20,000			(40,056,813	)		(13,214,090	)
Loss from operations		(1,584,160	)		(399,948	)
Stock issued for cash		9,033,333			903			240,097		-			-			-			241,000
Other income (expense)
Subscription receivable – stock issued		-			-			-		99,000			-			-			99,000
Interest expense		(306,132	)		(306,915	)
Common stock to be issued – stock issued		-			-			-		-			(20,000	)		-			(20,000	)
Total other income (expense) – net		(306,132	)		(306,915	)
Net loss		-			-			-		-			-			(1,206,651	)		(1,206,651	)
Net loss	$	(1,890,292	)	$	(706,863	)
June 30, 2025		454,361,204			45,437			27,117,286		-			-			(41,263,464	)		(14,100,741	)
Loss per share - basic and diluted	$	(0.00	)	$	(0.00	)
Net loss		-			-			-		-			-			(1,510,865	)		(1,510,865	)
Weighted average number of shares - basic and diluted		446,487,981			404,732,776
September 30, 2025		454,361,204		$	45,437		$	27,117,286	$	-		$	-		$	(42,774,329	)	$	(15,611,606	)

The accompanying notes are an integral part of these unaudited consolidated financial statements

Greenway Technologies, Inc. and Subsidiaries

Consolidated Statements of Changes in Stockholders’ Deficit

For the Three and Nine Months Ended ~~June~~September 30, ~~2025~~2024

(Unaudited)

	Shares		Amount		Capital		~~Receivable~~be Issued			~~Issued~~Deficit			Deficit			~~Deficit~~
	Common Stock				Additional Paid-in		~~Subscription~~Common Stock To			~~Common Stock To Be~~Accumulated			~~Accumulated~~Total Stockholders’			~~Total Stockholders’~~
	Shares		Amount		Capital		~~Receivable~~be Issued			~~Issued~~Deficit			Deficit			~~Deficit~~
March 31, 2025		445,327,871	$	44,534	$	26,877,189	$	(99,000	)	$	20,000		$	(40,056,813	)	$	(13,214,090	)
December 31, 2023		403,844,204	$	40,385	$	25,789,908		-		$	(37,859,604	)	$	(12,029,311	)
Stock Issued for cash		9,033,333		903		240,097		-			-			-			241,000
Net loss		-		-		-		-			(357,071	)		(357,071	)
Subscription receivable - stock issued		-		-		-		99,000			-			-			99,000
March 31, 2024		403,844,204		40,385		25,789,908		-			(38,216,675	)		(12,386,382	)
Common stock be issues – stock issued		-		-		-		-			(20,000	)		-			(20,000	)
Stock issued for cash		300,000		30		2,970		-			-			3,000
Net loss		-		-		-		-			-			(1,206,651	)		(1,206,651	)
Stock issued in exchange for debt – related party		2,395,334		240		35,690								35,930
June 30, 2025		454,361,204	$	45,437	$	27,117,286		-			-		$	(41,263,464	)	$	(14,100,741	)
Net loss		-		-		-		-			(349,792	)		(349,792	)
June 30, 2024		406,539,538		40,655		25,828,568		-			(38,566,467	)		(12,697,244	)
Balance		406,539,538		40,655		25,828,568		-			(38,566,467	)		(12,697,244	)
Stock issued for cash		17,708,333		1,771		360,729		-			-			362,500
Net loss		-		-		-		-			(395,763	)		(395,763	)
September 30, 2024		424,247,871	$	42,426	$	26,189,297		-		$	(38,962,230	)	$	(12,730,507	)
Balance		424,247,871	$	42,426	$	26,189,297		-		$	(38,962,230	)	$	(12,730,507	)

The accompanying notes are an integral part of these unaudited consolidated financial statements

Greenway Technologies, Inc. and Subsidiaries

Consolidated Statements of Changes in Stockholders’ Deficit

For the Three Months Ended June 30, 2024

(Unaudited)

	Shares		Amount		Capital		Deficit			Deficit
	Common Stock				Additional Paid-in		Accumulated			Total Stockholders’
	Shares		Amount		Capital		Deficit			Deficit
March 31, 2024		403,844,204	$	40,385	$	25,789,908		(38,216,675	)	$	(12,386,382	)
Stock issued for cash		2,695,334		270		38,660		-			38,930
Net loss		-		-		-		(349,792	)		(349,792	)
June 30, 2024		406,539,538	$	40,655	$	25,828,568	$	(38,566,467	)	$	(12,697,244	)

The accompanying notes are an integral part of these unaudited consolidated financial statements

Greenway Technologies, Inc. and Subsidiaries

Consolidated Statements of Changes in Stockholders’ Deficit

For the Six Months Ended June 30, 2025

(Unaudited)

	Shares		Amount		Capital		Deficit			Deficit
	Common Stock				Additional Paid-in		Accumulated			Total Stockholders’
	Shares		Amount		Capital		Deficit			Deficit
December 31, 2024		430,837,871	$	43,085	$	26,323,638	$	(39,373,172	)	$	(13,006,449	)
Stock issued for cash		23,523,333		2,352		793,648		-			796,000
Net loss		-		-		-		(1,890,292	)		(1,890,292	)
June 30, 2025		454,361,204	$	45,437	$	27,117,286	$	(41,263,464	)	$	(14,100,741	)

The accompanying notes are an integral part of these unaudited consolidated financial

Greenway Technologies, Inc. and Subsidiaries

Consolidated Statements of Changes in Stockholders’ Deficit

For the Six Months Ended June 30, 2024

(Unaudited)

	Shares		Amount		Capital		Issued		Deficit			Deficit
	Common Stock				Additional Paid-in		Common Stock to be		Accumulated			Total Stockholders’
	Shares		Amount		Capital		Issued		Deficit			Deficit
December 31, 2023		403,844,204	$	40,385	$	25,789,908	$	-	$	(37,859,604	)	$	(12,029,311	)
Balance		403,844,204	$	40,385	$	25,789,908	$	-	$	(37,859,604	)	$	(12,029,311	)
Stock issued for cash		300,000		30		2,970		-		-			3,000
Stock issued for settlement of liability - related party		2,395,334		240		35,690		-		-			35,930
Net loss		-		-		-		-		(706,863	)		(706,863	)
June 30, 2024		406,539,538	$	40,655	$	25,828,568	$	-	$	(38,566,467	)	$	(12,697,244	)
Balance		406,539,538	$	40,655	$	25,828,568	$	-	$	(38,566,467	)	$	(12,697,244	)

The accompanying notes are an integral part of these unaudited consolidated financial

Greenway Technologies, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

	2025			2024
	For the Six Months Ended June 30,
	For the Nine Months Ended September 30,
	2025			2024
Operating activities
Net loss	$	(13,~~890~~401,~~292~~157	)	$	(~~706~~1,~~863~~102,626	)
Adjustments to reconcile net loss to net cash used in operations
Changes in operating assets and liabilities
(Increase) decrease in
Prepaids and other		2231,~~610~~259			-
Increase (decrease) in					-
Accounts payable and accrued expenses		~~262~~903,~~210~~776			~~263~~242,~~787~~647
Accounts payable and accrued expenses - related parties		(40,708	)		431,929
Accounts payable and accrued expenses - related party		81,615			603,951
Customer deposits		1,~~310~~710,000			-
Net cash used in operating activities		(~~336~~674,~~180~~507	)		(11256,~~147~~028	)
Financing activities
Financing/investing
Proceeds from advances - related parties		-			7,016
Proceeds from advances – related parties		-			7,116
Proceeds from stock issued for cash		696,000			3,000
Repayments of advances - related parties		-			(2,286	)
Net cash provided by financing activities		696,000			10,016
Repayments on notes payable		(5,000	)		-
Net increase in cash		359,820			(1,131	)
Proceeds from stock issued for cash		696,000			365,500
Net cash provided by financing activities		691,000			370,330
Net increase in cash		16,493			114,302
Cash - beginning of period		20,139			1,132
Cash - end of period	$	~~379~~36,~~959~~632		$	1115,434
Supplemental disclosure of cash flow information
Cash paid for interest	$	260,542		$	-10,000
Cash paid for income tax	$	-		$	-
Supplemental disclosure of non-cash investing and financing activities
Stock issued for settlement of liability– related party	$	-		$	35,930
Shares issued for settlement of liability – related party	$	-		$	35,930
Issuance of common stock issuable	$	-			5,000

The accompanying notes are an integral part of these unaudited consolidated financial statements

118

GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

~~JUNE~~SEPTEMBER 30, 2025

(UNAUDITED)

Note 1 - Organization and Nature of Operations

Organization and Nature of Operations

Greenway Technologies, Inc. (collectively, “we,” “us,” “our” or the “Company”), through its ~~wholly~~ wholly owned subsidiary, Greenway Innovative Energy, Inc., is primarily engaged in the research, development and commercialization of a proprietary Gas-to-Liquids (GTL) syngas conversion system that can be economically scaled to meet individual natural gas field/resource requirements. The Company’s proprietary and patented technology has been realized in Greenway’s first generation commercial-scale G-ReformerTM unit (“G-Reformer”), a unique and critical component of the Company’s overall GTL technology solution. Greenway’s objective is to become a material direct and licensed producer of renewable GTL synthesized diesel, jet fuels, and high -value chemicals, as a byproduct of the conversion process, and hydrogen, with a near term focus on U.S. market opportunities.

Both of the Company’s wholly-owned subsidiaries: Universal Media Corp and Logistix Technology Systems, Inc. are currently inactive.

Liquidity, Going Concern and Management’s Plans

These unaudited consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business.

As reflected in the accompanying unaudited consolidated financial statements, for the ~~six~~nine months ended ~~June~~September 30, 2025, the Company had:

●	Net loss of $13,~~890~~401,~~292~~157; and
●	Net cash used in operations was $~~336~~674,~~180~~507

Additionally, at ~~June~~September 30, 2025, the Company had:

● Accumulated deficit of $4142,~~263~~774,~~463~~329 ● Stockholders’ deficit of $1415,~~100~~611,~~742~~606; and ● Working capital deficit of $1415,~~100~~611,~~742~~606

The Company has cash on hand of $~~379~~36,~~959~~632 at ~~June~~September 30, 2025. The Company does not expect to generate sufficient revenues or positive cash flows from operations sufficiently to meet its current obligations. However, the Company may seek to raise debt or equity-based capital at favorable terms, though such terms are not certain.

These factors create substantial doubt about the Company’s ability to continue as a going concern within the twelve-month period subsequent to the date that these ~~consolidated~~ financial statements are issued. The ~~consolidated~~ financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Accordingly, the financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

~~Management’s strategic plans include the following:~~9

●	Execute business operations more fully during the year ended December 31, 2025,
●	Explore and execute prospective strategic and partnership opportunities

GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

~~JUNE~~SEPTEMBER 30, 2025

(UNAUDITED)

Management’s strategic plans include the following:

	●	Execute business operations more fully during the year ended December 31, 2025,
	●	Explore and execute prospective strategic and partnership opportunities.

Note 2 - Summary of Significant Accounting Policies

Principles of Consolidation

The accompanying unaudited consolidated financial statements include the financial statements of Greenway and its wholly owned subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. These unaudited interim condensed financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2024.

Business Segments

Our President and Director is the chief operating decision maker who reviews financial information on a basis for allocating resources and evaluating financial performance.

The Company uses the “management approach” to identify its reportable segments. The management approach requires companies to report segment financial information consistent with information used by management for making operating decisions and assessing performance as the basis for identifying the Company’s reportable segments. The Company has identified one single reportable operating segment. The Company manages its business on the basis of one operating and reportable segment and derives revenues from selling its products and related services.

Our President and Director assessed performance and decides how to allocate primarily based on net income, which is reported on our Consolidated Statement of Operations. Total assets on the Consolidated Balance Sheets represent our segment assets.

~~Use of Estimates~~10

Preparing consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates, and those estimates may be material.

Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and other assumptions, which include both quantitative and qualitative assessments that it believes to be reasonable under the circumstances.

Significant estimates during the six months ended June 30, 2025 and 2024, respectively, include valuation of stock-based compensation, uncertain tax positions, and the valuation allowance on deferred tax assets.

GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

~~JUNE~~SEPTEMBER 30, 2025

(UNAUDITED)

Use of Estimates

Preparing financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates, and those estimates may be material.

Significant estimates during the nine months ended September 30, 2025 and 2024, respectively, include valuation of stock-based compensation, uncertain tax positions and the valuation allowance on deferred tax assets.

Fair Value of Financial Instruments

The Company accounts for financial instruments under Financial Accounting Standards Board (“FASB”) ASC 820, Fair Value Measurements. ASC 820 provides a framework for measuring fair value and requires disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or ~~paid~~pay to transfer a liability in an orderly transaction between market participants at the measurement date, based on the Company’s principal or, in absence of a principal, most advantageous market for the specific asset or liability.

The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a ~~recurring basis, as well as assets and liabilities measured at fair value on a~~ non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires the Company to use observable inputs, when available~~, and to minimize the use of unobservable inputs,~~ when determining fair value.

The three tiers are defined as follows:

	●	Level 1 - Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets;
	●	Level 2 - Observable inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities; and
	●	Level 3 - Unobservable inputs that are supported by little or no market data, which require the Company to develop its own assumptions.

GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

(UNAUDITED)

The determination of fair value and the assessment of a measurement’s placement within the hierarchy requires judgment. Level 3 valuations often involve a higher degree of judgment and complexity. Level 3 valuations may require the use of various cost, market, or income valuation methodologies applied to unobservable management estimates and assumptions. Management’s assumptions could vary depending on the asset or liability valued and the valuation method used. Such assumptions could include estimates of prices, earnings, costs, actions of market participants, market factors, or the weighting of various valuation methods. The Company may also engage external advisors to assist us in determining fair value, as appropriate.

Although the Company believes that the recorded fair value of ~~our~~its financial instruments is appropriate, these fair values may not be indicative of net realizable value or reflective of future fair values.

The Company’s financial instruments, including cash, accounts payable and accrued expenses, accounts payable and accrued expenses – related parties, advances and various debt instruments are carried at historical cost.

14At September 30, 2025 and December 31, 2024, respectively, the carrying amounts of these instruments approximated their fair values because of the short-term nature of these instruments.

ASC 825-10 “Financial Instruments” allows entities to voluntarily choose to measure certain financial assets and liabilities at fair value (“fair value option”). The fair value option may be elected on an instrument-by-instrument basis and is irrevocable unless a new election date occurs. If the fair value option is elected for an instrument, unrealized gains and losses for that instrument, should be reported in earnings at each subsequent reporting date. The Company did not elect to apply the fair value option to any outstanding financial instruments.

GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

~~JUNE~~SEPTEMBER 30, 2025

(UNAUDITED)

At June 30, 2025 and December 31, 2024, respectively, the carrying amounts of these instruments approximated their fair values because of the short-term nature of these instruments.

ASC 825-10 “Financial Instruments” allows entities to voluntarily choose to measure certain financial assets and liabilities at fair value (“fair value option”). The fair value option may be elected on an instrument-by-instrument basis and is irrevocable unless a new election date occurs. If the fair value option is elected for an instrument, unrealized gains and losses for that instrument should be reported in earnings at each subsequent reporting date. The Company did not elect to apply the fair value option to any outstanding financial instruments.

Cash and Cash Equivalents and Concentration of Credit Risk

For purposes of the statements of cash flows, the Company considers all highly liquid instruments with a maturity of three months or less at the purchase date and money market accounts to be cash equivalents.

At ~~June~~September 30, 2025 and December 31, 2024, respectively, the Company did not have any cash equivalents.

The Company is exposed to credit risk on its cash and cash equivalents in the event of default by the financial institutions to the extent account balances exceed the amount insured by the FDIC, which is $250,000. At ~~June~~September 30, 2025, ~~the~~and ~~Company’s cash exceeded federal insured limit by approximately $130,000.At~~ December 31, 2024, the Company did not have any cash in excess of the insured FDIC limit.

GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025

(UNAUDITED)

Impairment of Long-lived Assets

Management evaluates the recoverability of the Company’s identifiable intangible assets and other long-lived assets when events or circumstances indicate a potential impairment exists, in accordance with the provisions of ASC 360-10-35-15 “Impairment or Disposal of Long-Lived Assets.” Events and circumstances considered by the Company in determining whether the carrying value of identifiable intangible assets and other long-lived assets may not be recoverable include but are not limited to: significant changes in performance relative to expected operating results; significant changes in the use of the assets; significant negative industry or economic trends; and changes in the Company’s business strategy. In determining if impairment exists, the Company estimates the undiscounted cash flows to be generated from the use and ultimate disposition of these assets.

If impairment is indicated based on a comparison of the assets’ carrying values and the undiscounted cash flows, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets.

Property and Equipment

Expenditures for repair and maintenance which do not materially extend the useful lives of property and equipment are charged to operations. When property and equipment is sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the respective accounts with the resulting gain or loss reflected in operations.

Management reviews the carrying value of its property and equipment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.

GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

(UNAUDITED)

Derivative Liabilities

The Company analyzes all financial instruments with features of both liabilities and equity under FASB ASC Topic No. 480, (“ASC 480”), “Distinguishing Liabilities from Equity” and FASB ASC Topic No. 815, (“ASC 815”) “Derivatives and Hedging”. Derivative liabilities are adjusted to reflect fair value at each reporting period, with any increase or decrease in the fair value recorded in the results of operations (other income/expense) as change in fair value of derivative liabilities. The Company uses a binomial pricing model to determine fair value of these instruments.

Upon conversion or repayment of a debt instrument in exchange for shares of common stock, where the embedded conversion option has been bifurcated and accounted for as a derivative liability (generally convertible debt and warrants), the Company records the shares of common stock at fair value, relieves all related debt, derivatives, and debt discounts, and recognizes a net gain or loss on debt extinguishment.

16Equity instruments that are initially classified as equity, that become subject to reclassification under ASC Topic 815 are reclassified to liabilities, at the fair value of the instrument on the reclassification date.

At September 30, 2025 and December 31, 2024, the Company had no derivative liabilities.

GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

~~JUNE~~SEPTEMBER 30, 2025

(UNAUDITED)

~~Equity~~Income instruments that are initially classified as equity that become subject to reclassification under ASC Topic 815 are reclassified to liabilities at the fair value of the instrument on the reclassification date.Taxes

AtThe ~~June~~Company 30accounts for income tax using the asset and liability method prescribed by ASC 740, ~~2025~~“Income Taxes”. Under this method, deferred tax assets and ~~December~~liabilities 31are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the year in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, ~~2024~~it is more-likely-than-not that some portion, ~~respectively~~or all, of the ~~Company~~deferred ~~had~~tax noassets ~~derivative~~will ~~liabilities~~not be realized. The effect on deferred taxes of a change in tax rates is recognized as income or loss in the period that includes the enactment date.

The Company follows the accounting guidance for uncertainty in income taxes using the provisions of ASC 740 “Income Taxes”. Using that guidance, tax positions initially need to be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. As of September 30, 2025 and December 31, 2024, respectively, the Company had no uncertain tax positions that qualify for either recognition or disclosure in the financial statements.

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 nine months ended September 30, 2025 and 2024, respectively.

Research and Development

The Company accounts for research and development costs in accordance with ASC subtopic 730-10, Research and Development (“ASC 730-10”).

Under ASC 730-10, all research and development costs must be charged to expense as incurred. Accordingly, internal research and development costs are expensed as incurred. Third-party research and development costs are expensed when the contracted work has been performed or as milestone results have been achieved as defined under the applicable agreement. Company-sponsored research and development costs related to both present and future products are expensed in the period incurred.

The Company incurred research and development expenses of $825,789 and $25,000 for the nine months ended September 30, 2025 and 2024, respectively. The cash was paid to The University of Texas at Arlington and several other services providers for services rendered in connection with advancing the Company’s technology toward commercialization.

Debt Discount

For certain notes issued, the Company may provide the Debt holder with an original issue discount. The original issue discount is recorded as a debit discount, reducing the face amount of the note, and is amortized to interest expense over the life of the debt, in the Consolidated Statements of Operations.

Debt Issue Costs

Debt issuance cost paid to lenders or third parties are recorded as debt discounts and amortized to interest expense over the life of the underlying debt instrument, in the Consolidated Statements of Operations.

~~Income Taxes~~15

The Company accounts for income tax using the asset and liability method prescribed by ASC 740, “Income Taxes”. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the year in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized as income or loss in the period that includes the enactment date.

The Company follows the accounting guidance for uncertainty in income taxes using the provisions of ASC 740 “Income Taxes”. Using that guidance, tax positions initially need to be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. As of June 30, 2025 and December 31, 2024, respectively, the Company had no uncertain tax positions that qualify for either recognition or disclosure in the financial statements.

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.

GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

~~JUNE~~SEPTEMBER 30, 2025

(UNAUDITED)

Research and Development

The Company accounts for research and development costs in accordance with ASC subtopic 730-10, Research and Development (“ASC 730-10”).

The Company incurred research and development expenses of $461,293 and $0 for the six months ended June 30, 2025 and 2024, respectively.

Stock-Based Compensation

The Company accounts for ~~our~~its stock-based compensation under ASC 718 “Compensation – Stock Compensation” using the fair value-based method. Under this method, compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. This guidance establishes standards for the accounting for transactions in which an entity exchanges itits equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments.

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.

The fair value of stock-based compensation is determined as of the date of the grant or the date at which the performance of the services is completed (measurement date) and is recognized over the vesting periods.

When determining fair value, the Company considers the following assumptions in the Black-Scholes mode or other acceptable binomial models:

●	Exercise price,
●	Expected dividends,
●	Expected volatility,
●	Risk-free interest rate; and
●	Expected life of option

18Stock Warrants

In connection with certain financing, consulting and collaboration arrangements, the Company may issue warrants to purchase shares of its common stock. The outstanding warrants are standalone instruments that are not puttable or mandatorily redeemable by the holder and are classified as equity awards. The Company measures the fair value of the awards using the Black-Scholes option pricing model or other acceptable binomial models as of the measurement date. Warrants issued in conjunction with the issuance of common stock are initially recorded at fair value as a reduction in additional paid-in capital of the common stock issued. All other warrants are recorded at fair value as expense over the requisite service period or at the date of issuance if there is not a service period.

GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AND SUBSIDIARIES

~~JUNE~~SEPTEMBER 30, 2025

(UNAUDITED)

Stock Warrants

In connection with certain financing, consulting and collaboration arrangements, the Company may issue warrants to purchase shares of its common stock. The outstanding warrants are standalone instruments that are not puttable or mandatorily redeemable by the holder and are classified as equity awards. The Company measures the fair value of the awards using the Black-Scholes option pricing model as of the measurement date. Warrants issued in conjunction with the issuance of common stock are initially recorded at fair value as a reduction in additional paid-in capital of the common stock issued. All other warrants are recorded at fair value as expense over the requisite service period or at the date of issuance if there is not a service period.

Basic and Diluted Earnings (Loss) per Share

Pursuant to ASC 260-10-45, basic loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding for the periods presented. Diluted loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period. Potentially dilutive common shares may consist of common stock issuable for stock options and warrants (using the treasury stock method), convertible notes and common stock issuable. These common stock equivalents may be dilutive in the future. Because the Company reported a net loss during the three and six months ended June 30, 2025 and 2024, common stock equivalents were anti-dilutive; therefore, the amounts reported for basic and dilutive loss per share were the same.

At ~~June~~September 30, 2025 and 2024, respectively, the Company had the following common stock equivalents outstanding, which are potentially ~~dilutive~~ dilutive equity securities:

	June 30, 2025		June 30, 2024
	September 30, 2025		September 30, 2024
Convertible debt		4,~~626~~720,~~375~~900		4,~~251~~345,~~375~~900
Potentially dilutive equity securities		4,626,375		4,251,375
Total		4,720,900		4,345,900

19Tunstall Canyon Group, LLC (“Tunstall”) holds the convertible note payable in the principal amount of $166,667 and the accrued interest on the note at September 30,2025, a total amount payable of $377,672. The note is convertible into common stock at $.08 per share. On July 9, 2025, the court granted a traditional motion for partial summary judgement to Tunstall. The motion held that Tunstall is due $355,234 plus prejudgment interest at a rate of 18% per year from January 1, 2025, until the date of a Final Judgement in this case. There has not yet been a final judgment and, until that time, it is unknown how the convertibility feature will be settled.

GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025

(UNAUDITED)

Related Parties

Parties are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company.

Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal with if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests.

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.

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.

~~Recently Issued Accounting Pronouncements Not Yet Adopted~~ 17

In November 2024, the FASB, issued Accounting Standards Update 2024-04, Debt-Debt with Conversions and Other Option, (“ASU 2024-04”). ASU 2024-04 is intended to clarify requirements for determining whether certain settlements of convertible debt instruments, including convertible debt instruments with cash conversion features or convertible debt instruments that are not currently convertible, should be accounted for as an induced conversion. This ASU is effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the potential impact of this guidance on its disclosures.

In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued Accounting Standards Update No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for us for our annual reporting for fiscal 2028 and for interim period reporting beginning in fiscal 2029 on a prospective basis. Both early adoption and retrospective application are permitted. The Company is currently evaluating the impact that the adoption of these standards will have on its consolidated financial statements and disclosures.

The Company continually assesses any new accounting pronouncements to determine their applicability to the Company. Where it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequence of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company’s financials properly reflect the change.

GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

~~JUNE~~SEPTEMBER 30, 2025

(UNAUDITED)

Recent Accounting Standards

Note 3 – Notes Payable

Notes payable and related terms were as follows:

Terms

Note Payable

Issuance date of note

September 2019

March 2019

May 2022

Maturity date

September 2022

March 2024

September 2022

Interest rate

7.70

N/A

Default interest rate

18.00

N/A

Collateral

Unsecured

Original amount

525,000

300,000

67,500

								Total		In-Default
Balance – December 31, 2024	$	525,000	$	60,000		$	67,500	$	652,500	$	652,500
Balance	$	525,000	$	60,000		$	67,500	$	652,500	$	652,500
Payments		-		(5,000	)		-		-		-
Balance – June 30, 2025	$	525,000	$	55,000		$	67,500	$	647,500	$	647,500
Balance - September 30, 2025	$	525,000	$	55,000		$	67,500	$	647,500	$	647,500
Balance	$	525,000	$	55,000		$	67,500	$	647,500	$	647,500

1 The Company executed a settlement agreement with a third-party for $525,000 in 2019. This note requires semi-annual interest payments. At June 30, 2025, the note is in default.

	1	The Company executed a settlement agreement with a third party for $525,000 in 2019. This note requires semi-annual interest payments. At September 30, 2025, the note is in default.

	2	The Company executed a settlement agreement with a third party for $300,000 in 2019. This note requires sixty (60) monthly installments of $5,000 each until paid in full. At September 30, 2025, the note is in default.

	3	The Company executed a note for $67,500 and received net proceeds of $30,000. The balance of $37,500 was an original issue discount amortized over the life of the note. At September 30, 2025, the note is in default.

2 The Company executed a settlement agreement with a third party for $300,000 in 2019. This note requires sixty (60) monthly installments of $5,000 each until paid in full. At June 30, 2025, this settlement agreement is in default.18

3 In 2022, the Company executed a note for $67,500 and received net proceeds of $30,000. The balance of $37,500 was an original issue discount amortized over the life of the note. At June 30, 2025, the note is in default.

GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

~~JUNE~~SEPTEMBER 30, 2025

(UNAUDITED)

Note 4 – Notes Payable – Related Parties

The Company executed a loan agreement for up to $5,000,000 in advances with a Company owned by a stockholder and who is the brother of the Company’s Chief Financial Officer as well as a member of the Board of Directors.

~~Mr. Robert K. Jones and his late wife and Mabert have loaned a total of~~The ~~$2,057,341 to the~~ Company ~~and~~also ~~four~~has ~~other~~executed ~~shareholders~~various ~~have loaned a balance of $748,433, pursuant to the Loan Agreement, through the year ended December 31, 2024. These~~ loans ~~are~~with ~~secured~~other bystockholders ~~the assets of our Company. A financing statement~~ and ~~UCC-1~~members ~~have been filed according to Texas statutes. Should a default under the Loan Agreement occur, there could be a foreclosure or a bankruptcy proceeding filed by Mabert on behalf~~ of the ~~lenders~~Board ~~party to the Loan Agreement~~Directors. A foreclosure sale or distribution through bankruptcy could only result in the creditors receiving a pro-rata payment based on the terms of the Loan Agreement. Mabert did not nor will it receive cash compensation for its efforts.

The notes bear interest ranging from 10% - 18%. ~~These~~The notes ~~are~~all inhave ~~default~~initial atone-year ~~June~~(1) ~~30,~~dates ~~2025~~to maturity and are all in default.

Typically, with each of these notes, the Company has issued shares of common stock, which have been recognized as a debt discount and amortized over the life of the note.

From January 1, 2025 – ~~June~~September 30, 2025, the Company did not issue notes under this loan structure and therefore, did not issue shares in connection with such note structure.

~~Notes payable – related parties consist of loans from various members of management and the Board of Directors, typically for use as working capital. Related terms were as follows:~~19

Schedule of Notes Payable - Related Parties and Related Terms

	Notes Payable
Terms	Related Parties
Issuance date of notes		Various
Maturity date		1 year
Interest rate		10% - 18	%
Collateral		All assets
Balance – December 31, 2024	$	2,805,774
Balance	$	2,805,774
No activity in the through June 30, 2025	$	-
No activity	$	-
Balance – June 30, 2025	$	2,805,774
Balance	$	2,805,774

As of June 30, 2025 and December 31, 2024, total accrued interest for Notes Payable-Related Parties was $2,427,414 and $2,427,321, respectively, and is presented as part of Accounts payable and accrued expenses – related parties. The Company recorded interest expense from Notes Payable-Related Parties for fiscal years ending June 30, 2025 and 2024, of $123,529 and $123,464, respectively.

GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

~~JUNE~~SEPTEMBER 30, 2025

(UNAUDITED)

Notes payable – related parties consist of loans from various members of management and the Board of Directors, typically for use as working capital. Related terms were as follows:

	Notes Payable
Terms	Related Parties

Issuance date of notes		Various
Maturity date		Various
Interest rate		10% - 18%
Collateral		All assets

Balance - December 31, 2024	$	2,805,774
Balance	$	2,805,774
No activity through September 30, 2025		-
Balance – September 30, 2025		2,805,774
Balance	$	2,805,774

As of September 30, 2025 and December 31, 2024, total principal amount for Notes Payable-Related Parties was $2,805,774 and $2,805,774, respectively, and is presented as Notes Payable – Related Parties - Net. The Company recorded interest expense on Notes Payable-Related Parties for periods ending September 30, 2025 and 2024, of $124,822 and $124,822 respectively.

Note 5 – Convertible Note Payable

Convertible note payable and related terms were as follows:

Schedule of Convertible Notes Payable

	Convertible
Terms	Note Payable
Issuance dates of note		2017
Maturity date		2019
Interest rate		4.50	%
Default interest rate		18.00	%
CollateTral		Unsecured
Collateral		Unsecured
Conversion rate	$	0.08/share
Equivalent common shares		4,720,900

			In-Default
Balance – December 31, 2024	$	166,667	$	166,667
No activity through June 30, 2025		-		-
No activity through September 30, 2025		-		-
Balance – June 30, 2025	$	166,667	$	166,667
Balance, September 30, 2025		166,667		166,667

This note is in default as of ~~June~~September 30, 2025 and December 31, 2024. As of ~~June~~September 30, 2025 and December 31, 2024, total accrued interest for Convertible Notes Payable was $~~203~~211,~~443~~ 005 and $188,567, ~~respectively.~~ ~~The Company recorded interest expense from Convertible Notes Payable for the six months ended June 30, 2025 and 2024, of $7,479 and $7,479,~~ respectively.

2320

GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

~~JUNE~~SEPTEMBER 30, 2025

(UNAUDITED)

Note 6 – Advances – Related Parties

Advances – related parties and related terms were as follows:

The advances were made to pay certain operating expenses. The advances were non-interest bearing, were not collateralized and had no repayment terms.

	Advances
Terms	Advancesd Related Parties
Terms	Related Parties
Interest rate		0
Interest rate		0	%
Collateral		Unsecured
Balance – December 31, 2023	$	31,200
Proceeds		7,016
Conversion of stockholder advances to notes payable - related parties (see Note 8)		(35,930	)
Repayment		(2,286	)
Balance – December 31, 2024	$	-0-
No activity in the six months ended June 30, 2025		-0-
No activity in the nine months ended September 30, 2025		-0-
Balance – June 30, 2025	$	-0-
Balance – September 30, 2025	$	-0-

~~As of~~During ~~December 31, 2023, the Company owed $700 to its Chief Financial Officer. In the first quarter~~ 2024, ~~the~~related ~~Company~~parties ~~received~~advanced $~~650~~7,116 ~~and~~to in the ~~second quarter 202, the~~ Company. ~~received~~Related ~~$936~~party ~~from~~advances ~~its Chief Financial Officer for working capital, which was repaid~~ in the ~~third~~amount ~~quarter~~ of ~~2024. During the second quarter 2024, the Acting President paid~~ $235,~~700~~930 ~~and~~were aconverted ~~Director~~to ~~paid $~~2,~~730 directly~~395,334 toshares ~~a vendor on behalf~~ of ~~the~~common ~~Company~~stock. InRelated ~~the~~parties ~~second quarter~~were ~~2024,~~repaid ~~those advances, including outstanding balance of~~ $302,~~500~~386 ~~were~~in ~~converted from Advances – Related Parties to common stock~~cash.

Note 7 – Employment Agreements – Related Parties

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 ~~2024.~~ 2025, for successive one-year periods. During the ~~six~~nine-month period ended ~~June~~September 30, 2025 and 2024, we paid and/or accrued a total of $90,000 under the terms of the agreement. As of ~~June~~ September 30, 2025, total accrued salary was $1,~~598~~590,~~438~~938 and, as of December 31, 2024, total accrued salary was $1,599,738. The liability is presented as part of Accounts payable and accrued expenses - related parties. Mr. Wright is also the President of the Company and Chairman of our Board of Directors.

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, 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. 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. During the ~~six~~nine-month period ended ~~June~~September 30, 2025 we paid and/or accrued a total of $95120,000 under the terms of the agreement. As of ~~June~~September 30, 2025, total accrued salary was $~~849~~854,667 and, as of December 31 2024, the total accrued salary was $889,167 and is presented as part of Accounts payable and accrued expenses – related parties.

As of ~~June~~September 30, 2025 and December 31, 2024, the accrued salary from employment agreements and accrued interest for Notes Payable Related Parties totaling $54,~~192~~997,~~116~~841 and $5,232,~~823~~923, respectively are presented as Accounts payable and accrued ~~expensed~~expenses – related ~~parties~~party.

~~Note 8 – Commitments and Contingencies~~21

Legal Matters

On September 7, 2021, the Company was served with a demand for mediation and potential arbitration by Gregory Sanders (“Plaintiff”), a previous employee of the Company. The demand claims Mr. Sanders had an employment agreement with the Company entitling him to certain compensation payments under the contract. No conclusion was made during mediation which occurred in the fourth quarter of 2021. On October 25, 2023, there was a hearing on Plaintiff’s motion for summary judgement. Plaintiff asserted 3 motions, all of which were denied by the court, as ordered on November 1, 2023. Plaintiff withdrew his action against the Company on January 11, 2024 and the court so ordered on the same date.

On November 8, 2023, the Company was served with a demand for payments under various agreements with the plaintiffs. The Plaintiffs are Ric Halden, Randy Moseley, Tunstall Canyon Group, LLC (“Tunstall Canyon”) and Chisos Equity Consultants, LLC (“Chisos”). Ric Halden and Randy Moseley were founders of the Company and served as officers and directors of the Company until 2017, when each of them resigned all positions with the Company. The Company believes that Tunstall Canyon and Chisos are majority-owned by Ric Halden. As of June 30, 2025, the Company had accrued liabilities in the amount of $1,672,074 to Ric Halden, Randy Moseley and Tunstall Canyon, which are all included in the liabilities reflected on the accompanying consolidated balance sheet. The court set an original trial date for November 25, 2024. The Plaintiffs and the Company petitioned the Court for a new trial date, which was granted and a new trial date was set for May 26, 2025. On March 28, 2025, Plaintiffs and the Company again petitioned the Court for a new trial date. The request was granted and the trial is currently set for September 15, 2025. The case is currently in its discovery phase.

The Plaintiffs, Ric Halden, Randy Moseley, Tuntall Canyon and Chisos, filed a Traditional Motion for Partial Summary Judgement, or in the Alternative, Traditional Motion for Partial Summary Judgement as to Liability Only which was originally set to be heard by the Court on March 26, 2025. Plaintiffs and the Company agreed to reset the hearing to at least 45 days after March 26, 2025. On April 29, 2025, Tunstall Canyon, LLC filed a second traditional motion for partial summary judgement. The hearing was set for July 19, 2025. The Company did not challenge the motion and on July 9, 2025, the court granted a summary judgement in the amount of $335,234 plus prejudgement interest at a rate of 18% per year from January 1, 2025, until the date of a Final Judgement in the case. The amount payable to Tunstall Canyon, LLC is fully recorded as a liability by the Company.

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 Company and intends to defend itself vigorously. The outcome of these matters, individually and in the aggregate, is not expected to have a material impact on the Company’s cash flows, results of operations, or financial position.

GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

~~JUNE~~SEPTEMBER 30, 2025

(UNAUDITED)

Note 8 – Commitments and Contingencies

Legal Matters

On September 7, 2021, the Company was served with a demand for mediation and potential arbitration by Gregory Sanders, a previous employee of the Company. The demand claims Mr. Sanders had an employment agreement with the Company entitling him to certain compensation payments under the contract. No conclusion was made during mediation which occurred in the fourth quarter of 2021. On October 25, 2023, there was a hearing on Plaintiff’s motion for summary judgement. Plaintiff asserted 3 motions, all of which were denied by the court, as ordered on November 1, 2023. Plaintiff withdrew his action against the Company on January 11, 2024 and the court so ordered on the same date.

On November 8, 2023, the Company was served with a demand for payments under various agreements with the plaintiffs. The Plaintiffs are Ric Halden, Randy Moseley, Tunstall Canyon Group, LLC (“Tunstall Canyon”) and Chisos Equity Consultants, LLC (“Chisos”). Ric Halden and Randy Moseley were founders of the Company and served as officers and directors of the Company until 2017, when each of them resigned all positions with the Company. The Company believes that Tunstall Canyon and Chisos are majority-owned by Ric Halden. As of June 30, 2025, the Company had accrued liabilities in the amount of $1,672,074 to Ric Halden, Randy Moseley and Tunstall Canyon, which are all included in the liabilities reflected on the accompanying consolidated balance sheet. The court set an original trial date for November 25, 2024. The Plaintiffs and the Company petitioned the Court for a new trial date, which was granted and a new trial date was set for May 26, 2025. On March 28, 2025, Plaintiffs and the Company again petitioned the Court for a new trial date. The request was granted and the trial was reset set for September 15, 2025. Trial was subsequently reset to December 1, 2025.

The Plaintiffs, Ric Halden, Randy Moseley, Tunstall Canyon and Chisos, filed a Traditional Motion for Partial Summary Judgement, or in the Alternative, Traditional Motion for Partial Summary Judgement as to Liability Only which was originally set to be heard by the Court on March 26, 2025. Plaintiffs and the Company agreed to reset the hearing to at least 45 days after March 26, 2025. On April 29, 2025, Tunstall Canyon, LLC filed a second traditional motion for partial summary judgement. The hearing was set for July 19, 2025. The Company did not challenge the motion and on July 9, 2025, the court granted a summary judgement in the amount of $335,234 plus prejudgement interest at a rate of 18% per year from January 1, 2025, until the date of a Final Judgement in the case. The amount payable to Tunstall Canyon is fully recorded as a liability by the Company.

On October 30, 2025, this dispute was fully resolved on the following terms: (1) Greenway to issue Ric Halden 2,000,000 shares of restricted stock in Greenway by November 6, 2025 (representing a value of $80,000 at a price of $.04 per share); (2) Greenway to make a payment to Plaintiffs in the amount of $50,000 by March 1, 2026; (3) Greenway to pay $900,000 in twelve (12) monthly installments beginning on August 1, 2026. Greenway’s payment obligations will be secured by an Agreed Judgment in the amount of $1,250,000 that will held in trust by Plaintiff’s counsel and only filed with a court in the event of a non-cured default by Greenway. In exchange for these obligations, the lawsuit will be dismissed and Plaintiffs will execute a release of all claims against Greenway that could have been brought in the litigation. This includes the withdrawal of the summary judgement granted to Tunstall Canyon by the court on July 9, 2025 in the amount of $335,234 plus prejudgement interest at a rate of 18% per year from January 1, 2025. Further, Plaintiff, Randy Moseley, relinquished his claims against the Company. The Company reflected a liability to Randy Moseley in the amount of $714,663 as of September 30, 2025.

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

Note 9 – Stockholders’ Deficit

The Company has one (1) class of stock:

Common Stock

	-	500,000,000 shares authorized
	-	$0.0001 par value
	-	Voting at 1 vote per share

Equity Transactions for the ~~Six~~Nine Months Ended ~~June~~September 30, 2025

Stock Issued for Cash

During the ~~six~~nine months ended ~~June~~September 30, 2025, the Company issued 23,523,333 shares of common stock for $796,000 ($0.025 - $.10 per share).

GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

(UNAUDITED)

Common Stock to be Issued

The Company committed to issue 1,000,000 shares of stock for $20,000 ($.03/share). The shares were issued during the quarter ending June 30, 2025.

Subscription Receivable

The Company executed a Subscription Agreement under which it is committed to issue 3,333,333 shares of stock for $100,000 ($.03/share). The Company received a deposit of $1,000 during the first quarter of 2025 and received $99,000 the second quarter of 2025. The shares were issued during the quarter ending June 30, 2025.

Note 10 – Warrants

There was no warrant activity for the ~~six~~nine months ended ~~June~~September 30, 2025 and the twelve months ended December 31, 2024.

Note 11 – Segment Reporting

The Company operates as a single reportable segment, as the Chief Operating Decision Maker (“CODM”), The Chief Executive Officer (“CEO”), evaluates the business on a consolidated basis and does not receive discrete financial information for multiple Business units.

Measure of Segment Profit or Loss

The CODM assesses the Company’s financial performance based on operating loss, which aligns with the amount reported in the consolidated statements of comprehensive loss. The following table presents a reconciliation of segment operating loss to net loss for the ~~three~~nine-months period ended ~~June~~September 30, 2025 and 2024:

	2025			2024
Operating expenses
General and administrative expenses	$	~~733~~2,~~518~~113,227		$	~~197~~614,~~610~~537
Research and development		~~318~~825,~~500~~789			-25,000
Total operating expenses		12,~~052~~939,~~018~~016			~~197~~639,~~610~~537
Loss from operations		(12,~~052~~939,~~018~~016	)		(~~197~~639,~~610~~537	)
Other expense
Interest expense		(~~154~~462,~~633~~141	)		(~~152~~463,~~182~~089	)
Total other expense		(~~154~~462,~~633~~141	)		(~~152~~463,~~182~~089	)
Net Loss	$	(13,~~206~~401,~~651~~157	)	$	(~~349~~1,~~792~~102,626	)

Significant Segment Expenses

The Company considers the following as significant expenses in evaluating its segment performance:

General and administrative expenses: includes personnel costs, professional fees and other overhead expenses.

Research and development: includes payments made to UTA under Sponsored Research Agreements to perform research and development on the Company’s reformers and other aspects of the process to convert natural gas to high value fuels, chemicals and water and the purchase of a G-Reformer. It also includes payments to third-party vendors and consultants dedicated to research and development necessary to commercialize the technology.

Interest expense: interest expense on notes payable issued over a period of many years to fund the Company’s operations.

Chief Operating Decision Maker (CODM)

The CODM of the Company is the ~~Chief Executive Officer (CEO)~~President, who is responsible for evaluating financial results and making resource allocation decisions.

GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025

(UNAUDITED)

Note 12 – Subsequent Events

Subsequent to ~~June~~September 30, 2025, the Company reflects the following:

26Legal Matters

On October 30, 2025, a Mediated Settlement Agreement (“MSA”) between Greenway and the plaintiffs, Ric Halden, Randy Moseley, Tunstall Canyon Group, LLC and Chisos Equity Consultants, LLC, was executed. The MSA was approved by the Company’s Board of Directors on October 31, 2025. The MSA fully resolved the dispute among the parties. This MSA is more fully disclosed herein in NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Note 8 – Commitments and Contingencies – Legal Matters and Part 2 – OTHER INFORMATION, Item 1. Legal Proceedings.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

The following discussion and analysis of our results of operations and financial condition for the periods ending ~~June~~September 30, 2025 and ~~2024~~ 2024 should be read in conjunction with our consolidated Financial Statements and the notes to those Financial Statements that are included elsewhere in this Form 10-Q and were prepared assuming that we will continue as a going concern. Our discussion includes forward-looking ~~statements~~ statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations, and intentions. ~~Actual~~ Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those set forth under the “Risk Factors,” “Cautionary Notice Regarding Forward-Looking Statements” and “Description of Business” sections and elsewhere in this Form 10-Q. We use words such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “could,” “predict,” and similar expressions to identify forward-looking statements. Although we believe the expectations expressed in these forward-looking statements are based on reasonable assumptions within the bounds of our knowledge of our business, our actual results could differ materially from those discussed in these statements. We undertake no obligation to update publicly any forward-looking statements for any reason even if new information becomes available or other events occur in the future.

Information regarding market and industry statistics contained in this Report is included based on information available to us that we believe is accurate. Much of this general market information is based on industry trade journals, articles and other publications that are not produced for purposes of SEC filings or economic analysis. We have not reviewed nor included data from all possible sources and cannot assure investors of the accuracy or completeness of any such data that is included in this Report. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and the additional uncertainties accompanying any estimates of future market size, revenue and market acceptance of our services. As a result, investors should not place undue reliance on these forward-looking statements, and we do not assume any obligation to update any forward-looking statement.

The following discussion and analysis of financial condition, results of operations, liquidity, and capital resources, should be read in conjunction with our Annual Form 10-K filed on March 11, 2025. As discussed in Note 1 to these unaudited consolidated financial statements, our recurring net losses and inability to generate sufficient cash flows to meet our obligations and sustain our operations raise substantial doubt about our ability to continue as a going concern. Management’s plans concerning these matters are also discussed in Note 1 to the unaudited consolidated financial statements. This discussion contains forward-looking statements that involve risks and uncertainties, including information with respect to our plans, intentions and strategies for our businesses. Our actual results may differ materially from those estimated or projected in any of these forward-looking statements.

In this Form 10-Q, “we,” “our,” “us,” the “Company” and similar terms in this report, including references to “UMED” and “Greenway” all refer to Greenway Technologies, Inc., and our wholly-owned subsidiary, Greenway Innovative Energy, Inc., unless the context requires otherwise.

Overview

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-ReformerTM 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~~methanol. 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 at https://gwtechinc.com/.

2724

Our GTL Technology

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.

On June 26, 2017, we and The University of Texas at Arlington (“UTA”) announced that we had successfully demonstrated our GTL technology at our sponsored Conrad Greer Laboratory at UTA, proving the viability of the science behind the technology.

On March 6, 2018, we announced the completion of our first commercial scale G-Reformer, a critical component in what we call the Greer-Wright GTL system. The G-Reformer is the critical component of the Company’s innovative GTL system. A team consisting of individuals from our Company, UTA and our Company’s contracted G-Reformer manufacturer worked together to test and calibrate the newly built G-Reformer unit. The testing substantiated the units’ Syngas generation capability and demonstrated additional proficiencies within certain proprietary prior prescribed testing metrics.

On July ~~April 28~~23, ~~2020~~2019, ~~the~~we ~~Company~~announced ~~was~~that ~~issued~~Mabert LLC, a ~~new~~Texas ~~U.S.~~limited ~~Patent~~liability 10company (“Mabert”),~~633,594~~ B1100% ~~for~~owned ~~syngas~~by ~~generation~~Kevin ~~for gas-to-liquid~~Jones, ~~fuel~~acquired ~~conversion.~~INFRA ~~The~~Technology ~~Company~~Group’s ~~has~~U.S. ~~several~~GTL ~~other~~plant ~~pending~~and ~~patent~~technology ~~applications,~~located ~~both~~in ~~domestic and international~~Wharton, ~~related~~Texas to(the ~~various~~“Wharton ~~components~~Plant”). ~~and~~Mabert ~~processes~~purchased ~~involving~~the ~~our~~entire ~~proprietary~~5.2-acre ~~GTL methods~~site, ~~which~~plant ~~when~~and ~~granted~~equipment, ~~will~~including ~~further~~INFRA’s ~~complement~~proprietary ~~our~~FT ~~existing~~reactor ~~portfolio~~system ~~of issued patents~~ and ~~pending~~operating ~~patent applications~~license agreement.

On August ~~December 8~~29, ~~2020~~2019, to further facilitate the ~~Company~~commercialization process, we announced anthat ~~exclusive~~Greenway ~~worldwide~~entered ~~patent~~into ~~licensing~~a ~~agreement~~joint venture with ~~the University~~OPM ofGreen Energy, LLC, a Texas atlimited ~~Arlington~~liability company (~~UTA~~“OPMGE”), for ~~all~~a ~~patent~~42.857% ~~applications~~ownership ~~currently~~interest ~~filed~~in ~~with~~OPMGE. In exchange for its 42.857% ownership of OPMGE, Greenway agreed to contribute a G-Reformer to the ~~Patent~~entity. The other members of OPMGE are Mabert, which owns 42.857% and ~~Trademark~~Tom ~~Office~~Phillips, ~~relating~~our former Vice President of Operations for GIE, who owns 14.286%. Additionally, OPMGE entered a LEASE AGREEMENT with Mabert whereby OPMGE leased the Wharton Plant from Mabert. Our involvement in OPMGE was intended to ~~GWTI~~facilitate third-party certification of our G-Reformer and related equipment and technology. In addition, we anticipated that OPMGE’s operations would ~~natural~~demonstrate ~~gas~~that the G-Reformer is a commercially viable technology for producing Syngas and marketable fuel products. As the first operating GTL plant to use our proprietary reforming ~~technologies~~technology ~~developed~~and ~~under~~equipment, ~~its~~the ~~sponsored~~Wharton ~~research~~Plant ~~agreement~~was ~~with~~initially ~~UTA~~expected to yield a minimum of 75 - 100 barrels per day of gasoline and diesel fuels from converted natural gas.

OnGreenway never ~~December~~transferred ~~15, 2020,~~ the ~~Company announced additional information regarding valuable outputs produced by the company’s proprietary~~ G-Reformer™ ~~catalyst~~to ~~reactor~~OPMGE, ~~and~~as ~~Fischer-Tropsch~~required ~~(FT)~~by ~~technology which combine to form~~ the ~~“Greer-Wright” GTL~~LIMITED ~~solution.~~LIABILITY ~~Originally~~COMPANY ~~developed~~AGREEMENT toOF ~~convert~~OPM ~~natural~~GREEN ~~gas~~ENERGY, ~~into~~LLC. ~~ultra-clean synthetic fuel~~Accordingly, it ~~recent~~defaulted ~~research~~on ~~and~~its ~~development~~obligation ~~activity~~under ~~has shown that~~ the ~~technology~~agreement. ~~can~~Under ~~also allow~~ the ~~extraction~~LEASE ofAGREEMENT ~~high-value~~between ~~chemicals~~Mabert and ~~alcohols.~~OPMGE, ~~The~~OPMGE ~~chemical~~was ~~outputs~~required ~~include~~to ~~n-Hexane,~~pay ~~n-Heptane,~~rent ~~n-Octane, n-Decane, n-Dodecane,~~ and ~~n-Tridecane.~~to ~~Alcohols~~pay ~~produced~~the ~~include~~following ~~ethanol~~expenses ~~and~~relating ~~methanol.~~to ~~The company has identified worldwide industrial demand for these outputs which will significantly improve~~ the ~~economic~~operation ~~return on investment (ROI)~~ of ~~GTL~~the ~~plants~~Wharton ~~that are based on GWTI’s technology. GWTI is a development-stage company with plans to commercialize its unique and patented technology.~~Plant:

	●	Utilities
	●	Trash removal and lawn maintenance
	●	Taxes
	●	Insurance
	●	Maintenance, Repairs or Alterations

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.

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.

2825

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.

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.

Ultimately, we believe that our proprietary G-Reformer is a major innovation in gas reforming and GTL technology in general. Initial tests have demonstrated that our Company’s solution appears to be superior to legacy technologies, which are more costly, have a larger footprint, and cannot be easily deployed at field sites to process associated gas, stranded gas, coal-bed methane, vented gas, or flared gas.

The technology for the G-Reformer is unique, because it permits for transportable (mobile) GTL plants with much smaller footprints, compared to legacy large-scale technologies. Thus, we believe that our technologies and processes will allow for multiple small-scale GTL plants to be built with substantially lower up-front and ongoing costs, resulting in more profitable results for oil and gas operators.

GTL Industry –Market

GTL converts natural gas – the cleanest-burning fossil fuel – into high-quality liquid products that would otherwise be made from crude oil. These products include transport fuels, motor oils, and the ingredients for everyday necessities like plastics, detergents, and cosmetics. GTL products are colorless, odorless, and contain almost none of the impurities, (e.g., sulphur, aromatics, and nitrogen) that are found in crude oil.

Our Company has developed a revolutionary and unique process that converts natural gas of various origins and compositions into a highly pure variety of chemicals, high cetane diesel fuel, industrial grade pure water and electrical energy. GTL technology has existed as a traditional process going back generations. This process consists of two steps. First, natural gas is converted into Synthesis Gas (Syngas) which is a non-naturally occurring blend of Hydrogen and Carbon Monoxide. The front-end part of the GTL process is called “Gas Reformation”. The output of the Gas Reformer is compressed and fed through a secondary process, called Fischer-Tropsch (FT). This secondary process is widely used in many forms in the chemical and oil industries. While FT is a common process, Gas Reformation has been the most difficult step beyond an old and traditional process typically used in refineries. The invention of our software-controlled GTL process fronted by our patented and revolutionary gas reformation unit, the G-Reformer®, makes us the innovator in GTL technology. Our patents are based on scalability, transportability, flexibility and self-sustainment based on a wide variety of input gasses and output mixtures.

The Company’s process is made of small sized modularly scalable units which are portable and self-contained unlike other GTL solutions based on Steam Methane reformation. While many companies have tried to scale Steam Methane Reformation down for use in smaller, non-refinery based GTL plants, they have been largely unsuccessful. As a result, we can build self-sufficient GTL plants at virtually any location capable of supplying wellhead or pipeline gas of sufficient ongoing volume. This gives us the ability to eliminate flaring at the source while keeping remote oil fields in production without flaring. The conversion of flaring gas to liquid allows trucks to easily move liquid chemicals, clean diesel fuel, highly clean water and the power grid to move electricity from virtually any location.

Our initial ROI studies of the market for high purity chemicals we produce can provide incredibly rapid payback of investments. It should be noted the vast majority of these chemicals produced are made in China. Further, because they originate from a barrel of oil at a refinery, they are much lower in purity.

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.

2926

Development of stringent environmental regulations by numerous governments to control pollution and promote cleaner fuel sources is expected to complement industry growth. For example, we believe that U.S. guidelines such as the Petroleum and Natural Gas Regulatory Board Act, 2006, Oilfields (Regulation and Development) Act of 1948, and Oil Industry (Development) Act, 1974 are likely to continue to encourage GTL applications in diverse end-use industries to conserve natural gas and other resources. Under the Clean Air Act (CAA), the EPA sets limits on certain air pollutants, including setting limits on how much can be in the air anywhere in the United States. The Clean Air Act also gives EPA the authority to limit emissions of air pollutants coming from sources like chemical plants, refineries, utilities, and steel mills. Individual states or tribes may have stronger air pollution laws, but they may not have weaker pollution limits than those set by EPA. Because our G-Reformer based GTL plants are not considered refineries, they do not fall under any related current EPA air quality guidelines. More information can be found under the EPA’s New Source Performance Standards which are published under 40 CFR 60.

Competition

Key industry players include: Chevron Corporation; KBR Inc, PetroSA, Qatar Petroleum, Royal Dutch Shell; and Sasol Limited. In terms of global production and consumption, Shell had the largest market share in ~~2023~~2021, 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.

However, the GGFRP report mentioned us as follows, “Greenway Technologies announced on July 23 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).”

Mining Interests

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, 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. While we are not currently conducting mining operations, we are exploring strategic options to partner or sell our interest in the Arizona Property, while we focus on our emerging GTL technology sales and marketing efforts. The mining interests were forfeited on August 31, 2025 for failure to pay Mining Claim Maintenance Fees.

Employees

As of the filing date of this Form 10-Q, we have three (3) employees. One of the employees has no employment agreement. 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.

Going Concern

The accompanying consolidated financial statements to this Form 10-KQ (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~~September 30, 2025, we have an accumulated deficit of $4142,~~263~~774,~~463~~329. For the quarter ended ~~June~~September 30, 2025, we incurred a net loss of $13,~~206~~401,~~651~~157 and used $~~336~~674,~~180~~507 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.

Accordingly, our ability to continue as a going concern is therefore in doubt and dependent upon achieving a profitable level of operations or on our ability to obtain necessary financing to fund ongoing operations. Management intends to raise additional funds by way of public or private offerings, or both. Management believes that the actions presently being taken to implement our business plan to generate revenues will provide us the opportunity to continue as a going concern.

While we are attempting to commence operations and generate revenues, our cash position may not be sufficient to support our daily operations. Management intends to raise additional funds by way of a public or private offering. Management believes that the actions presently being taken to further implement our business plan and generate revenues provide the opportunity for us to continue as a going concern. While management believes in the viability of our strategy to generate revenues and in our ability to raise additional funds, there can be no assurances to that effect. Our ability to continue as a going concern is dependent upon our ability to further implement our business plan and generate revenues.

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 March 11, 2025 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.

	September 30, 2025			September 30, 2024			Increase (Decrease)		Percent Change
Net loss	$	(3,401,157	)	$	(1,102,626	)		2,298,531		208.46	%1
Net cash used in operations	$	(674,507	)	$	(256,028	)		418,479		163.45	%2
Negative working capital	$	(15,611,606	)	$	(12,730,507	)		2,881,099		22.63	%3
Stockholders’ deficit	$	(15,611,606	)	$	(12,730,507	)		2,881,099		22.63	%4

	June 30, 2025		June 30, 2024		Increase (Decrease)		% Change
Net loss	$	1,890,292	$	706,863	$	1,183,429		100.67	%1
Net cash used in operations	$	336,180	$	11,147	$	325,033		291.59	%2
Working capital deficit	$	14,100,742	$	13,006,449	$	1,094,293		8.41	%3
Stockholders’ deficit	$	14,100,742	$	13,006,449	$	1,094,293		8.41	%4

1 – Our net loss increased by $2,298,531, due to increases in general and administrative expenses of $1,498,690 and in research and development of $800,789. General and administrative expenses increased primarily as a result of increases in consulting fees of $447,194, legal expenses of $808,496, commission expense of $66,500, expense reimbursements to employees of $9,943, meals and entertainment of $8,226, wages of $37,500, fees of $13,620 associated with restoring the Company to trading on the OTCQB, Board of Director fees of $40,000, and commuting expenses of a consultant in the amount of $51,386.These increases were partially offset by a decrease of $14,400 for Mining Maintenance Fees.

1 2 – Our net ~~loss~~cash ~~increased~~used byin ~~$1,183,429,~~operations increased due to ~~increases~~an increase in ~~general~~net ~~and~~loss ~~administrative expenses~~ of $~~722~~2,~~919~~298,531, ~~and~~an increase in ~~research~~prepaids and ~~development~~ other of $~~461~~31,~~293.~~259, ~~General~~an ~~and~~increase ~~administrative expenses increased primarily as a result of increases~~ in ~~consulting~~customer ~~fees~~deposits of ~~$142,367,~~ ~~legal expenses of~~ $~~386~~1,~~401~~710, ~~commission expense of $66~~000,~~500,~~ ~~fees~~and ofan ~~$13,620~~increase ~~associated~~in ~~with~~accounts ~~restoring~~payable ~~the~~and ~~Company~~accrued toexpenses ~~trading on the OTCQB, Board~~ of ~~Director fees of~~ $40903,~~000~~776, ~~commuting~~offset ~~expenses~~by ofan aincrease ~~consultant~~ in ~~the~~accounts ~~amount~~payable ~~of $14,678~~ and accrued ~~meals~~expenses ~~and~~– ~~entertainment~~related party of $1081,~~906~~615.

2- Our net cash used in operations increased due to an increase in net loss of $1,183,429, an increase in prepaids and other in the amount of $77,502, an increase in Customer Deposits in the amount of $1,310,000, and an increase in accounts payable and accrued expenses – related parties of $210,723.27

3 – The increase in our working capital deficit resulted primarily from increases ~~in cash of $379,958,~~ accounts payable and accrued expenses of $~~347~~985,~~521~~391, customer deposits of $1,~~310~~710,000, ~~and~~a andecrease ~~increase~~ in ~~accounts~~prepaid ~~payable~~expenses of $31,259 and ~~accrued~~a ~~expenses~~decrease –in ~~related~~cash ~~parties~~ of $~~210~~9,~~723~~949. ~~and~~The increases were partially offset by a decrease in notes payable of $5,000.

4 – The increase in stockholders’ deficit is related to our net loss of $13,~~890~~401,~~292~~157.

As of ~~June~~September 30, 2025, we had total liabilities in excess of assets by $1415,~~100~~611,~~742~~606 and used net cash of $~~336~~674,~~180~~507 for our operating activities. This is as compared to the most recent year ended December 31, 2024, when we used net cash of $444,~~233~~223 for operating activities.

These factors raise substantial doubt about our ability to continue as a going concern.

The Financial Statements included in our Form 10-Q do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should we be unable to continue in existence. Our ability to continue as a going concern is dependent upon our ability to generate sufficient new cash flows to meet our obligations on a timely basis, to obtain additional financing as may be required, and/or ultimately to attain profitable operations. However, there is no assurance that profitable operations, financing, or sufficient new cash flows will occur in the future.

Results of Operations

Three-months ended ~~June~~September 30, 2025, compared to the three-months ended ~~June~~September 30, 2024.

We had no revenues for our consolidated operations for the quarters ended ~~June~~September 30, 2025 and 2024, respectively.

We reported consolidated net losses for the three months ended ~~June~~September 30, 2025 and 2024 of $1,~~206~~510,~~651~~865 and $~~349~~395,~~792~~763, respectively.

The following table summarizes consolidated operating expenses and other income and expenses for the three months ended ~~June~~September 30, 2025 and 2024:

					$
	September 30, 2025		September 30, 2024		Increase (Decrease)			Percent Change
	June 30, 2025		June 30, 2024		Increase (Decrease)			% Change
Revenues	$	-	$	-
Revenues	$	-	$	-	$	-			0.00	%
General and administrative expenses	$	990,360	$	214,589		775,771			300.62	%1
General and administrative expenses	$	733,518	$	197,610	$	535,908			271.19	%1
Interest expense	$	156,009	$	156,174		(165	)		-	%
Research and development	$	~~318~~364,~~500~~496	$	-25,000	$	~~(318~~339,~~500~~496	)		~~100~~1,300.0058	%2
Interest expense	$	154,633	$	152,182	$	2,451			.16	%

1 – General and Administrative Expenses - The increase results primarily due to increases in ~~consulting~~wages ~~fees~~ of $~~121~~37,~~227~~500, ~~commissions~~consulting fees of $57297,~~500~~326, legal expenses of $~~299~~422,~~159, fees~~095 ofand ~~$22,020~~commuting ~~associated~~expenses ~~with~~of ~~restoring~~a ~~the~~consultant ~~Company~~in tothe ~~trading~~amount onof ~~the~~$36,708. This ~~OTCQB~~is ~~and~~partially ~~commuting~~offset ~~expenses~~by of a ~~consultant~~decrease in ~~the~~Mining ~~amount~~Maintenance Fees of $14,~~678~~400.

~~Six-months ended June 30, 2025, compared to the six-months ended June 30, 2024~~28

WeNine-months ~~had~~ended noSeptember ~~revenues~~30, ~~for~~2025, ~~our~~compared ~~consolidated~~to ~~operations for the six~~ nine-months ended ~~June~~September 30,~~2025~~ ~~and~~ 2024~~, respectively~~.

We ~~reported~~had ~~consolidated~~no ~~net~~revenues ~~losses~~for our consolidated operations for the ~~six~~nine-month ~~months~~periods ended ~~June~~September 30, 2025 and 2024 ~~of $1,890,292 and $706,863, respectively~~.

~~The~~We ~~following~~reported ~~table summarizes~~ consolidated ~~operating~~net ~~expenses~~losses ~~and other income and expenses~~ for the ~~six~~nine months ended ~~June~~September 30, 2025 and 2024: of $3,401,157 and $1,102,626, respectively.

					$
	June 30, 2025		June 30, 2024		Increase (Decrease)			% Change
Revenues	$	-	$	-	$	-			0.00	%
General and administrative expenses	$	1,122,867	$	399,948	$	722,919			180.75	%1
Research and development	$	461,293	$	-	$	461,293			100.00	%
Interest expense	$	306,132	$	306,915	$	(783	)		(.26	)%

The following table summarizes consolidated operating expenses and other income and expenses for the three months ended September 30, 2025 and 2024:

1 – General and administrative expenses increased primarily as a result of increases in consulting fees of $142,367, legal expenses of $386,401, commission expense of $66,500, fees of $13,620 associated with restoring the Company to trading on the OTCQB, Board of Director fees of $40,000, commuting expenses of a consultant in the amount of $14,678 and meals and entertainment of $10,906.

	September 30, 2025		September 30, 2024		Increase (Decrease)			Percent Change
Revenues	$	-	$	-		-			-
General and administrative expenses	$	2,113,227	$	614,537		1,498,690			243.87	%1
Interest expense	$	462,141	$	463,089		(948	)		(.20	)%
Research and development	$	825,789	$	25,000		800,789			3,203.16	%

1 - General and administrative expenses increased primarily as a result of increases in consulting fees of $447,194, legal expenses of $808,496, commission expense of $66,500, expense reimbursements to employees of $15,306, meals and entertainment of $8,226, wages of $32,500, fees of $13,620 associated with restoring the Company to trading on the OTCQB, Board of Director fees of $40,000, and commuting expenses of a consultant in the amount of $51,386. These increases were partially offset by a decrease of $14,400 for Mining Maintenance Fees.

Liquidity and Capital Resources

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~~September 30, 2025, we had $~~379~~36,~~959~~632 in cash, total assets of of $~~457~~105,~~461~~485, and total liabilities of $1415,~~558~~717,~~203~~092. Our total accumulated deficit at ~~June~~September 30, 2025 was $4142,~~263~~774,~~463~~ 329.

32Liquidity 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 September 30, 2025 and 2024:

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, 2025 and 2024:

	September 30, 2025		September 30, 2024		Increase (Decrease)			% Change

Cash	$	36,632	$	115,434	$	(78,802	)		(68.27	)%1
Prepaids and other	$	68,853	$	-		68,853			100.00	%2
Total current assets	$	105,485	$	115,434	$	(9,949	)		8.69	%
Total assets	$	105,485	$	115,434	$	(9,949	)		8.69	%

Accounts payable and accrued expenses	$	5,070,212	$	4,064,985	$	1,005,227			24.73	%3
Accounts payable and accrued expenses - related party	$	5,314,438	$	5,153,415	$	161,023			18.45	%3
Note payable	$	647,500	$	652,500	$	(5,000	)		0.76	%4
Notes payable - related parties - net	$	2,805,774	$	2,805,774	$	-			0.00	%
Convertible note payable - net	$	166,667	$	166,667	$	-			0.00	%
Advances - related parties	$	-	$	100	$	(100	)		(100.00	)%
Advances - other	$	2,500	$	2,500	$	-
Customer deposits	$	1,710,000	$	-	$	1,710,000			100.00	%5
Total current liabilities	$	15,717,091	$	12,845,941	$	2,871,150			10.42	%6
Total liabilities	$	15,717,091	$	12,845,941	$	2,871,150			10.42	%6

					$
	June 30, 2025		June 30, 2024		Increase (Decrease)			% Change
Cash	$	379,959	$	1	$	379,858			99.99	%1
Prepaids and other	$	77,502	$	-	$	77,502			99.99	%
Total assets	$	457,461	$	1	$	457,460			99.99	%
Accounts payable and accrued expenses	$	4,433,646	$	4,086,125	$	347,521			8.50	%2
Accounts payable and accrued expenses - related party	$	5,192,116	$	4,981,393	$	210,723			4.23	%2
Note payable	$	647,500	$	652,500	$	(5,000	)		0.77	%
Notes payable - related parties - net	$	2,805,774	$	2,805,774	$	-			0.00	%
Convertible note payable - net	$	166,667	$	166,667	$	-			0.00	%
Advances - related parties	$	-	$	2,286	$	(2,286	)		0.00	%
Customer deposits	$	1,310,000		-	$	1,310,000			100.00	%3
Advances - other	$	2,500		2,500		-			-	%
Total current liabilities	$	14,558,203	$	12,697,245	$	1,860,958			14.65	%4
Total liabilities	$	14,558,203	$	12,697,245	$	1,860,958			14.65	%4

1 – Cash decreased due to expenditures exceeding cash provided through sales of stock.

1 2 – ~~Cash~~Prepaids ~~increased~~and other current assets increased due to ~~increases~~the inissuance ~~the~~of ~~sales~~shares of stock ,in ~~which~~exchange ~~provided~~for ~~sufficient~~services ~~cash~~in toexcess ~~pay~~of ~~for~~the ~~increased~~value ~~expenses~~of ~~and~~the ~~payments reducing~~services ~~notes~~rendered ~~payable~~ and ~~accounts payable and accrued expenses – related party.~~payment

2 3 – Accounts payable and accrued expenses and accounts payable and accrued expenses – related party increased due to the fact that accrued contractual expenses increased atby a greater amount than the company had liquidity to reduce the payables.

3 4 – ~~Customer~~There ~~deposits~~was ~~increased~~a ~~due~~payment ~~to deposits made by customers in advance~~ of ~~the~~$5,000 ~~Company~~against ~~completing the agreed-upon projects~~notes payable.

~~4 –~~5 ~~See~~- ~~all~~Customers ~~discussions~~made in $1,710,000 payments as deposits. The deposits are non-refundable #4in ~~above~~the event the Company does not enter into definitive agreements with the parties.

6 – See all discussions in #1 - #5 above.

To increase our working capital, we have considered raising additional debt and/or equity-based financing from both third-parties and related-parties. However, terms of these financings may not be favorable to the Company.

Cash Flows

							$
	September 30, 2025			September 30, 2024			$ Increase (Decrease)		% Change
	June 30, 2025			June 30, 2024			Increase (Decrease)		% Change
Net cash used in operating activities	$	(674,507	)	$	(256,028	)	$	418,479		163.45	%
Net cash used in operating activities	$	336,180		$	11,147		$	325,033		291.59	%
Net cash provided by financing activities	$	691,000		$	370,330			320,670		86.59	%
Net cash provided by financing activities	$	696,000		$	10,016		$	685,984		684.88	%

Operating activities

Our net cash used in operations increased primarily due to the fact that the Company issued stock in the amount of $696,000, which ~~allowed~~ allowed the payment of additional liabilities and operating expenses than were paid in the ~~six~~nine months ended ~~Jule~~September 30, 2025 compared to the six months ended June 30, 2024.

Investing activities

Net cash used in investing activities for the ~~six~~ nine-months ~~ended~~periods ~~June~~ending September 30, 2025 and 2024 was $0 and $0, respectively.

Financing Activities

Net cash provided by financing activities was $~~696~~691,000 and $10370,~~016~~330 for the ~~six~~nine months ended ~~June~~September 30, 2025 and 2024, respectively.

In the ~~second~~third quarter of 2025, the Company sold stock no instock ~~the~~and ~~amount~~made ofa $~~241~~5,000 payment on notes payable.

Our accompanying consolidated 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. Our general business strategy is to first develop our GTL technology to maintain our basic viability, while seeking significant development capital for full commercialization.

As shown in the accompanying consolidated financial statements, we have incurred an accumulated deficit of $4142,~~263~~774,~~463~~329 and $39,373,172 as of ~~June~~September 30, 2025 and December 31, 2024, respectively.

Our ability to continue as a going concern is in doubt and dependent upon achieving a profitable level of operations and on our ability to obtain necessary financing to fund ongoing operations.

Our accompanying consolidated 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. Our general business strategy is to first develop our GTL technology to maintain our basic viability, while seeking significant development capital for full commercialization.

As shown in the accompanying consolidated financial statements, we have incurred an accumulated deficit of $42,774,329 and $39,373,172 as of September 30, 2025 and December 31, 2024, respectively.

Our ability to continue as a going concern is in doubt and dependent upon achieving a profitable level of operations and on our ability to obtain necessary financing to fund ongoing operations.

Seasonality

We do not anticipate that our business will be affected by seasonal factors.

Commitments

Capital Expenditures - none

Operational Expenditures

Employment Agreements

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~~nine months ended ~~June~~September 30, 2025 and ~~June~~September 30, 2024, the Company ~~accrued~~ accrued $90135,000 under the terms of the agreement.

Effective May 10, 2018, we entered into an employment agreement with Ransom Jones, as Chief Financial Officer. Ransom Jones, as Chief ~~Financial~~ 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. 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 During the ~~six~~nine months ended ~~June~~September 30, 2025 and 2024, the Company accrued $95120,000 and $95125,000, respectively, under the terms of the agreement.

Mr. Jones is entitled to participate in the Company’s benefit plans if and when such plans exist.

3431

Consulting Agreements

On an ongoing basis, the Company utilizes the services of a variety of external consultants. There are Agreements in effect with 5 of the consultants.

Other

Pursuant to the GIE Acquisition Agreement in August 2012, we agreed to: (i) issue an additional 7,500,000 shares of Common Stock when the first portable GTL unit is built and becomes operational, and is capable of producing 2,000 barrels of diesel or jet fuel per day, and (ii) pay a 2% royalty on all gross production sales on each unit placed in production, or one percent (1%) each to the founders and previous owners of GIE. On February 6, 2018, and in connection with a settlement agreement dated April 5, 2018, by and between the Greer Family Trust and us, which is the successor in interest one of the founders and prior owners of GIE, F. Conrad Greer (“Greer”), (the “Trust”, and such settlement agreement the “Trust Settlement Agreement”), we issued 3,000,000 shares of Common Stock and a convertible promissory note for $150,000 to the Trust in exchange for: (i) a termination of the Trust’s right to receive 3,750,000 shares of Common Stock in the future and 1% of the royalties owed to the Trust under the GIE Acquisition Agreement; (ii) the termination of Greer’s then current employment agreement with GIE; and (iii) the Trust’s waiver of any future claims against us for any reason. A copy of the Trust Settlement Agreement and related promissory note dated April 5, 2018, by us in favor of the Trust is filed as Exhibit 10.36 to this Form 10-Q and incorporated by reference herein.

As a result of the transactions consummated by the Trust Settlement Agreement, we are committed to issue a reduced number of 3,750,000 shares of Common Stock and 1% of the royalties due on production of our GTL operational units to Ray Wright, the other founder and prior owner of GIE, pursuant to the GIE Acquisition Agreement.

Mining Leases

We have a minimum commitment during ~~2025~~2024 of approximately $14,400 for our annual lease maintenance fees due to Bureau of Land Management (“BLM”) for the Arizona Property,. ~~with~~That ~~such~~ payment ~~due~~was bymade prior to August 31, ~~2025~~2024. There is no actual lease agreement ~~with~~ with the BLM, but we file an annual maintenance fee form and pay fees to the BLM to hold our claims. The mining interests were forfeited on August 31, 2025 for failure to pay Mining Claim Maintenance Fees.

Financing – ~~Six~~Nine Months Ended ~~June~~September 30, 2025 and the Year Ended December 31, 2024

Related parties

Financing to date has been provided by loans, advances from Shareholders and Directors and issuances of our Common Stock in various private placements to accredited investors, related parties and institutions.

For the period ended ~~June~~September 30, 2025, we received $-0- in related party loans.

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.

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).

For the period ended September 30, 2025, the Company issued 2,395,334 shares of Rule 144 restricted CommonStock, par value $.0001 per share to two related parties in settlement of debt in the amount of $35,930.

In 2024, the Company received advances from related parties of $7,116.

For the nine months ended September 30, 2024, the Company received $1,686 of advances – related party from its Chief Financial Officer, Ransom Jones, of which $1,585 was fully repaid in the quarter ended September 30, 2023. The other $5,430 was received from 2 other related parties and was settled with the issuance of stock, as discussed above.

For the nine months ended September 30, 2025, we received -0- advances from related parties.

Third-party financing

For the ~~period~~quarter ended ~~June~~on September 30, 2025, we received $0 in debt financing.

OnFor ~~various dates throughout~~ the quarter ended ~~Jume~~on ~~30,~~September 2025, the Company issued 23,523,333 shares of Rule 144 restricted Common Stock, par value $0.0001 per share pursuant to private placement sales to various accredited investors, for $796,000 ($.02 - $.10/share). On various dates throughout the quarter ended June 30, 2025, the ~~Company issued~~ ~~Subscription~~company ~~Agreements~~sold ~~representing~~no ~~5,700,000~~ shares of Rule 144 restricted Common Stock~~, par value $0~~.~~0001 per share pursuant to private placement sales to various accredited investors for $241,000 ($.025 - $0.10/share).~~

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).

Impact of Inflation

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.

Off-Balance Sheet Arrangements

None

Critical Accounting Policies and Estimates

Our Financial Statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Preparing our Financial Statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenue, and expenses. These estimates and assumptions are affected by management’s application of accounting policies. Critical accounting policies include revenue recognition and impairment of long-lived assets.

We evaluate our long-lived assets for financial impairment on a regular basis in accordance with Statement of Financial Accounting Standards No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets,” which evaluates the recoverability of long-lived assets not held for sale by measuring the carrying amount of the assets against the estimated discounted future cash flows associated with them. At the time such evaluations indicate that the future discounted cash flows of certain long-lived assets are not sufficient to recover the carrying value of such assets, the assets are adjusted to their fair values.

We believe that the critical accounting policies discussed above affect our more significant judgments and estimates used in the preparation of our financial statements.

Use of Estimates

Significant estimates during the ~~six~~nine months ended ~~June~~September 30, 2025 and 2024, respectively, include valuation of stock-based compensation, uncertain tax positions, and the valuation allowance on deferred tax assets.

Cash and Cash Equivalents and Concentration of Credit Risk

At ~~June~~September 30, 2025 and December 31, 2024, respectively, the Company did not have any cash equivalents.

The Company is exposed to credit risk on its cash and cash equivalents in the event of default by the financial institutions to the extent account balances exceed the amount insured by the FDIC, which is $250,000. At ~~June~~September 30, 2025 and December 31, 2024, respectively, ~~the~~ the Company did not have any cash in excess of the insured FDIC limit.

3633

Use of Estimates

The preparation of our Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of our Financial Statements and the reported amount of revenue and expenses during the reported period. Actual results could differ materially from the estimates.

Income Taxes

The Company follows the accounting guidance for uncertainty in income taxes using the provisions of ASC 740 “Income Taxes”. Using that guidance, tax positions initially need to be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. As of ~~June~~September 30, 2025 and December 31, 2024, respectively, the Company had no uncertain tax positions that qualify for either recognition or disclosure in the financial statements.

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~~nine months ended ~~June~~September 30, 2025 and 2024, respectively.

Research and Development

The Company accounts for research and development costs in accordance with ASC subtopic 730-10, Research and Development (“ASC 730-10”).

The Company incurred research and development expenses of $~~461~~825,~~293~~789 and $0 25,000 for the ~~six~~nine months ended ~~June~~September 30, 2025 and 2024, respectively.

Stock-Based Compensation

The Company accounts for our stock-based compensation under ASC 718 “Compensation – Stock Compensation” using the fair value-based method. Under this method, compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. This guidance establishes standards for the accounting for transactions in which an entity exchanges it equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments.

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.

When determining fair value, the Company considers the following assumptions in the Black-Scholes model:

●	Exercise price,
●	Expected dividends,
●	Expected volatility,
●	Risk-free interest rate; and
●	Expected life of option

Basic and Diluted Earnings (Loss) per Share

At ~~June~~September 30, 2025 and 2024, respectively, the Company had the following common stock equivalents outstanding, which are potentially ~~dilutive~~ dilutive equity securities:

	June 30, 2025		June 30, 2024
	September 30, 2025		September 30, 2024
Convertible debt		4,~~626~~720,~~375~~900		4,~~251~~345,~~375~~900

Recently Issued Accounting Pronouncements

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.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

As a smaller reporting company, as defined by Rule12b-2 of the Securities Exchange Act of 1934 and Item 10(f)(1) of Regulation S-K, we are not required to provide information requested by this item.

Item 4. Controls and Procedures.

The term disclosure controls and procedures means controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

38Based on an evaluation performed by the principal executive officer and the principal finance officer, the disclosure controls and procedures were not effective.

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Exchange Act as a process designed by, or under the supervision of, our principal executive officer and our principal financial officer and effected by our Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP and includes those policies and procedures that:

	●	Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the issuer;

	●	Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the issuer are being made only in accordance with authorizations of management and directors of the issuer; and

	●	Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the issuer’s assets that could have a material effect on the financial statements.

Our management, including our ~~Chief~~president ~~Executive Officer~~ and ~~Chief~~chief ~~Financial~~financial ~~Officer~~officer, ~~does~~do not expect that our disclosure controls and procedures or our internal controls over financial reporting will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of inherent limitations in all control systems, internal control over financial reporting may not prevent or detect misstatements, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

~~During~~In ~~the~~September ~~period ended June 30,~~ 2025, we conducted an evaluation, under the supervision and with the participation of our principal executive officer and principal financial officer, of the effectiveness of internal control over financial reporting based on the framework in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Management’s assessment included an evaluation of the design of our internal ~~controls~~control over financial reporting and ~~testing~~controls of the operational effectiveness of our internal control over financial reporting. Based on this evaluation, management has concluded that, as of ~~June~~September 30, 2025, our internal controls over financial reporting were ineffective. ~~Additionally, management has concluded that as of June 30, 2025, disclosure controls and procedures were ineffective.~~

WeAlso, ~~have~~based ~~identified~~on ~~at least~~ the ~~following~~evaluation ~~deficiencies,~~described ~~which together constitute a material weakness~~ in ~~our assessment of~~ the ~~effectiveness of~~prior ~~internal~~paragraph, ~~control~~management ~~over~~has ~~financial~~concluded ~~reporting~~that, as of ~~June~~September 30, 2025:, our Disclosure Controls and Procedures were ineffective.

1. We have ~~inadequate~~identified ~~segregation~~at ofleast ~~duties within our cash disbursement control design. 2. During~~ the ~~period~~following ~~ended June 30~~deficiencies, ~~2025,~~which wetogether ~~internally~~constitute ~~performed~~a ~~all~~material ~~aspects~~weakness ofin our ~~financial~~assessment ~~reporting process including, but not limited to, the underlying accounting records and record journal entries and internally maintained responsibility for the preparation~~ of the ~~financial statements. Due to the fact these duties were often performed by the same people, a lack~~ effectiveness of ~~independent~~internal ~~review~~control ~~process was created~~ over ~~the~~ financial reporting ~~process that might result in a failure to detect errors in spreadsheets, calculations, or assumptions used to compile the financial statements and related disclosures~~ as filed with the SEC. These control deficiencies could result in a material misstatement to our interim or annual financial statements that would not be prevented or detected. 3. We do not have a sufficient number of ~~independent~~September ~~or qualified directors for our Board of Directors and a qualified Audit Committee. We currently have only two (2) independent directors on our board~~30, which is fully comprised of five directors, and accordingly we do not yet have a functioning audit committee, as the only otherwise qualified director is not independent. Further, as a publicly traded company, we should strive to have a majority of our board of directors be independent.2025:

391. We have inadequate segregation of duties within our cash disbursement control design. 2. During the quarter ended September 30, 2025, we internally performed all aspects of our financial reporting process including, but not limited to, the underlying accounting records and record journal entries and internally maintained responsibility for the preparation of the financial statements. Due to the fact these duties were often performed by the same person, a lack of independent review process was created over the financial reporting process that might result in a failure to detect errors in spreadsheets, calculations, or assumptions used to compile the financial statements and related disclosures as filed with the SEC. These control deficiencies could result in a material misstatement to our interim or annual financial statements that would not be prevented or detected. 3. We do not have a sufficient number of independent or qualified directors for our Board of Directors and a qualified Audit Committee. We currently have only two (2) independent directors on our board, which is fully comprised of five directors, and accordingly we do not yet have a functioning audit committee, as the only otherwise qualified director is not independent. Further, as a publicly traded company, we should strive to have a majority of our board of directors be independent.

For the period ending June 30, 2025, Greenway internally performed all aspects of its financial reporting process, including, but not limited to the underlying accounting records and record journal entries and responsibility for the preparation of the financial statement due to the fact these duties were performed often times by the same people, a lack of review was created over the financial reporting process that might result in a failure to detect errors in spreadsheets, calculations, or assumptions used to compile the financial statements and related disclosures as filed with the SEC. These control deficiencies could result in a material misstatement to our interim or annual financial statements that would not be prevented or detected.35

For the period ending September 30, 2025, Greenway internally performed all aspects of its financial reporting process, including, but not limited to the underlying accounting records and record journal entries and responsibility for the preparation of the financial statement due to the fact these duties were performed often times by the same people, a lack of review was created over the financial reporting process that might result in a failure to detect errors in spreadsheets, calculations, or assumptions used to compile the financial statements and related disclosures as filed with the SEC. These control deficiencies could result in a material misstatement to our interim or annual financial statements that would not be prevented or detected.

We are continuing the process of remediating our control deficiencies. However, the material weakness in internal control over financial reporting that have been identified will not be remediated until numerous new internal controls are implemented and operate for a period of time, are tested, and we are able to conclude that such internal controls are operating effectively. We cannot provide assurance that these procedures will be successful in identifying material errors that may exist in our Financial Statements. We cannot make assurances that we will not identify additional material weaknesses in our internal control over financial reporting in the future. Our management plans, as capital becomes available to us, to increase the accounting and financial reporting staff and provide future investments in the continuing education and public company accounting training of our accounting and financial professionals.

It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control system, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.

This quarterly report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant to ~~the~~ rules of ~~the~~ the Securities and Exchange Commission that permit us to provide only management’s report in this quarterly report.

Management believes that the material weaknesses set forth above did not have a material effect on our financial results. However, the lack of a functioning audit committee and lack of a majority of independent directors on our board of directors resulting in potentially ineffective oversight in the establishment and monitoring of required internal controls and procedures, can impact our financial statements.

Changes in Internal Controls over Financial Reporting

There were no changes (including corrective actions with regard to significant deficiencies or material weaknesses) in our internal control over financial reporting that occurred during the ~~period~~quarter ended ~~June~~September 30, 2025, that have materially affected, or are reasonably ~~likely~~ likely to materially affect, our internal control over financial reporting.

4036

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

On September 7, 2021, the Company was served with a demand for mediation and potential arbitration by Gregory Sanders ~~(“Plaintiff”)~~, a previous employee of the Company. The demand claims Mr. Sanders had an employment agreement with the Company entitling him to certain compensation payments under the contract. No conclusion was ~~made~~ met during mediation which occurred in the fourth quarter of ~~2021~~2022. On October 25, 2023, there was a hearing on Plaintiff’s motion for summary judgement. Plaintiff asserted 3 motions, all of which were denied by the court, as ordered on November 1, 2023. Plaintiff withdrew his action against the Company on January 11, 2024 and the court so ordered on the same ~~date~~ day.

On November 8, 2023, the Company was served with a demand for payments under various agreements with the plaintiffs. The Plaintiffs are Ric Halden, Randy Moseley, Tunstall Canyon Group, LLC (“Tunstall Canyon”) and Chisos Equity Consultants, LLC (“Chisos”). Ric Halden and Randy Moseley were founders of the Company and served as officers and directors of the Company until 2017, when each of them resigned all positions with the Company. The Company believes that Tunstall Canyon and Chisos are majority-owned by Ric Halden. As of June 30, 2025, the Company had accrued liabilities in the amount of $1,672,074 to Ric Halden, Randy Moseley and Tunstall Canyon, which are all included in the liabilities reflected on the accompanying ~~consolidated~~ consolidated balance sheet. The court set an original trial date for November 25, 2024. The Plaintiffs and the Company petitioned the Court for a new trial date, which was granted and a new trial date was set for May 26, 2025. On March 28, 2025, Plaintiffs and the Company ~~again~~ again petitioned the Court for a new trial date. The request was granted and the trial iswas ~~currently~~reset set for September 15, 2025. ~~The~~Trial ~~case~~was subsequently isreset ~~currently~~to inDecember ~~its~~1, ~~discovery phase~~2025.

The Plaintiffs, Ric Halden, Randy Moseley, ~~Tuntall~~Tunstall Canyon and Chisos, filed a Traditional Motion for Partial Summary Judgement, or in the Alternative, Traditional Motion for Partial Summary Judgement as to Liability Only which was originally set to be ~~set to be~~ heard by the Court on March 26, 2025. Plaintiffs and the Company agreed to reset the hearing to at least 45 days after March 26, 2025. On April 29, 2025, Tunstall Canyon, LLC filed a second traditional motion for partial summary judgement. The hearing was set for July 19, 2025. The Company did not challenge the motion and on July 9, 2025, the court granted a summary judgement in the amount of $335,234 plus prejudgement interest at a rate of 18% per year from January 1, 2025, until the date of a Final Judgement in the case. The amount payable to Tunstall Canyon, ~~LLC~~ is fully recorded as a liability by the Company.

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

Item 1A. Risk Factors.

Information regarding risk factors appears in the Form 10-K Part I, Item 1A, Risk Factors. There have been no material changes from the risk factors previously disclosed in our Form 10-K for the year ended December 31, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

On various dates throughout the ~~six~~nine months ended September ~~June~~ 30, 2025, the Company issued 23,523,333 shares of Rule 144 restricted Common Stock, par value $0.0001 per share pursuant to private placement sales to various accredited investors, for $796,000 ($.02 - $.10/share). OnThe ~~various dates throughout the quarter ended June 30, 2025, the~~ Company issued ~~Subscription~~-0- ~~Agreements representing 5,700,000~~ shares of Rule 144 ~~restricted~~ Common Stock, ~~par~~during ~~value $0.0001 per share pursuant to private placement sales to various accredited investors for $241,000 ($.03/share). $20,000 of~~ the ~~amount~~quarter isended ~~reflected~~September ~~as Common Stock To be Issued and $99~~30,~~000~~ ~~is reflected as Subscriptions Receivable~~2025.

Our unregistered securities were issued in reliance upon an exemption from registration pursuant to Section 4(a)(2) of the Securities Act or Rule 506(3) of Regulation D promulgated under the Securities Act. Each investor took his/her securities for investment purposes without a view to distribution and had access to information concerning us and our business prospects, as required by the Securities Act. In addition, there was no general solicitation or advertising for the purchase of our securities. Our securities were sold only to accredited investors and current shareholders as defined in the Securities Act with whom we had a direct personal, preexisting relationship, and after a thorough discussion. Each certificate contained a restrictive legend as required by the Securities Act. Finally, our stock transfer agent has been instructed not to transfer any of such securities, unless such securities are registered for resale or there is an exemption with respect to their transfer.

All of the above- described investors who received shares of our common stock were provided with access to our filings with the SEC, including the following:

	●	The information contained in our annual report on Form 10-K under the Exchange Act.

	●	The information contained in any reports or documents required to be filed by Greenway Technologies under sections 13(a), 14(a), 14(c), and 15(d) of the Exchange Act since the distribution or filing of the reports specified above.

	●	A brief description of the securities being offered, and any material changes in our affairs that were not disclosed in the documents furnished.

4137

Our transfer agent is: Transfer Online, Inc., whose address is 512 SE Salmon Street, 2nd Floor, Portland, Oregon 97214, ~~2nd Floor,~~ telephone number (503) 227-2950.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

None.

Item 3. Defaults Upon Senior Securities.

~~June~~September 30, 2025

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 ~~June~~September 30, 2025 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 ~~June~~September 30, 2025 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 ~~June~~September 30, 2025 ~~and~~ and the loan remains in default.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

Item 6. Exhibits.

Exhibit No.		Identification of Exhibit
2.1**		Combination Agreement executed as of August 18, 2009, between Dynalyst Manufacturing Corporation and Universal Media Corporation, filed as Exhibit 10.2 to the registrant’s registration statement on Form 10-12G on August 29, 2013, Commission File Number 000-55030.
3.1**		Articles of Incorporation of Dynalyst Manufacturing Corporation filed with the Secretary of State of Texas on March 13, 2002, filed as Exhibit 3.1 to the registrant’s registration statement on Form 10-12G on August 29, 2013, Commission File Number 000-55030.
3.2**		Articles of Amendment of Articles of Incorporation of Dynalyst Manufacturing Corporation filed with the Secretary of State of Texas on June 7, 2006, filed as Exhibit 3.2 to the registrant’s registration statement on Form 10-12G on August 29, 2013, Commission File Number 000-55030.
3.3**		Articles of Amendment of Articles of Incorporation of Dynalyst Manufacturing Corporation filed with the Secretary of State of Texas on August 28, 2009, changing the corporate name to Universal Media Corporation, filed as Exhibit 3.3 to the registrant’s registration statement on Form 10-12G on August 29, 2013, Commission File Number 000-55030.
3.4**		Articles of Amendment of Articles of Incorporation of Universal Media Corporation filed with the Secretary of State of Texas on March 23, 2011, changing the corporate name to UMED Holdings, Inc., filed as Exhibit 3.4 to the registrant’s registration statement on Form 10-12G on August 29, 2013, Commission File Number 000-55030.
3.5**		Articles of Amendment of Certificate of Formation of UMED Holdings, Inc. filed with the Secretary of State of Texas on June 23, 2017, changing the corporate name to Greenway Technologies, Inc., filed as Exhibit 3.1 to the registrant’s Form 8-K/A on July 20, 2017, Commission File Number 000-55030.
3.6**		Bylaws of Dynalyst Manufacturing Corporation, filed as Exhibit 3.5 to the registrant’s registration statement on Form 10-12G on August 29, 2013, Commission File Number 000-55030.
3.7**		Articles of Incorporation of Greenway Innovative Energy, Inc. filed with the Secretary of State of Nevada on July 6, 2012, filed as Exhibit 3.7 to the registrant’s Form 10-Q/A, amendment No. 1, on September 21, 2017, Commission File Number 000-55030.

4238

3.8**		Bylaws of Greenway Innovative Energy, Inc., filed as Exhibit 3.8 to the registrant’s Form 10-Q/A, amendment No. 1, on September 21, 2017, Commission File Number 000-55030.
3.9**		Certificate of Amendment to the Articles of Incorporation approved by the Shareholders at the Special Shareholders Meeting on December 11, 2019
10.2**		Purchase Agreement dated as of May 1, 2012, between Universal Media Corporation and Mamaki Tea & Extract, Inc., filed as Exhibit 10.3 to the registrant’s registration statement on Form 10-12G on August 29, 2013, Commission File Number 000-55030.
10.3**		Addendum and Modification to Purchase Agreement dated as of December 31, 2012, between Universal Media Corporation and Mamaki of Hawaii, Inc. formerly Mamaki Tea & Extract, Inc., filed as Exhibit 10.4 to the registrant’s registration statement on Form 10-12G on August 29, 2013, Commission File Number 000-55030.
10.4**		Second Addendum and Modification to Purchase Agreement dated as of December 31, 2012, between Universal Media Corporation and Mamaki of Hawaii, Inc. formerly Mamaki Tea & Extract, Inc., filed as Exhibit 10.5 to the registrant’s registration statement on Form 10-12G on August 29, 2013, Commission File Number 000-55030.
10.5**		Purchase Agreement dated August 29th, 2012, between Universal Media Corporation and Greenway Innovative Energy, Inc., filed as Exhibit 10.6 to the registrant’s registration statement on Form 10-12G on August 29, 2013, Commission File Number 000-55030.
10.6**		Purchase Agreement dated as of February 23, 2012, between Rig Support Services, Inc. and UMED Holdings, Inc., filed as Exhibit 10.7 to the registrant’s registration statement on Form 10-12G on August 29, 2013, Commission File Number 000-55030.
10.7**		Asset Purchase Agreement dated as of October 2, 2011, between Jet Regulators, L.C., R/T Jet Tech, L.P. and UMED Holdings, Inc., filed as Exhibit 10.8 to the registrant’s registration statement on Form 10-12G on August 29, 2013, Commission File Number 000-55030.
10.8**		Employee Agreement dated May 27, 2011, between UMED Holdings, Inc. and Kevin Bentley, filed as Exhibit 10.9 to the registrant’s registration statement on Form 10-12G on August 29, 2013, Commission File Number 000-55030.
10.9**		Employee Agreement dated May 27, 2011, between UMED Holdings, Inc. Randy Moseley, filed as Exhibit 10.10 to the registrant’s registration statement on Form 10-12G on August 29, 2013, Commission File Number 000-55030.
10.10**		Employee Agreement dated May 27, 2011, between UMED Holdings, Inc. and Richard Halden, filed as Exhibit 10.11 to the registrant’s registration statement on Form 10-12G on August 29, 2013, Commission File Number 000-55030.
10.11**		Employee Agreement dated August 29, 2012, between UMED Holdings, Inc. and Raymond Wright, filed as Exhibit 10.12 to the registrant’s registration statement on Form 10-12G on August 29, 2013, Commission File Number 000-55030.
10.12**		Employee Agreement dated August 29, 2012, between UMED Holdings, Inc. and Conrad Greer, filed as Exhibit 10.13 to the registrant’s registration statement on Form 10-12G on August 29, 2013, Commission File Number 000-55030.
10.13**		Consulting Agreement dated May 27, 2011, between UMED Holdings, Inc. and Jabez Capital Group, LLC, filed as Exhibit 10.14 to the registrant’s registration statement on Form 10-12G on August 29, 2013, Commission File Number 000-55030.
10.14**		Promissory Note in the amount of $850,000 dated August 17, 2012, executed by Mamaki Tea, Inc. payable to Southwest Capital Funding, Ltd., filed as Exhibit 10.15 to the registrant’s registration statement on Form 10-12G on August 29, 2013, Commission File Number 000-55030.
10.15**		Modification of Note and Liens effective as of October 1, 2012, between Southwest Capital Funding, Ltd. and Mamaki Tea, Inc., filed as Exhibit 10.16 to the registrant’s registration statement on Form 10-12G on August 29, 2013, Commission File Number 000-55030.
10.16**		Second Modification of Note and Liens effective as of December 20, 2012, between Southwest Capital Funding, Ltd., Mamaki Tea, Inc., and Mamaki of Hawaii, Inc., filed as Exhibit 10.17 to the registrant’s registration statement on Form 10-12G on August 29, 2013, Commission File Number 000-55030.
10.17**		Promissory Note in the amount of $150,000 dated August 17, 2012, executed by Mamaki Tea, Inc. payable to Robert R. Romer, filed as Exhibit 10.18 to the registrant’s registration statement on Form 10-12G on August 29, 2013, Commission File Number 000-55030.
10.18**		Addendum and Modification to Purchase Agreement dated as of December 31, 2012, between Rig Support Services, Inc. and UMED Holdings, Inc., filed as Exhibit 10.19 to the registrant’s registration statement on Form 10-12G on August 29, 2013, Commission File Number 000-55030.
10.20**		Promissory Note in the amount of $158,000 dated September 18, 2014, executed by UMED Holdings, Inc. payable to Tonaquint, Inc., filed as Exhibit 10.20 to the registrant’s Form 10-Q/A, amendment No. 1, on September 21, 2017, Commission File Number 000-55030.
10.21**		Warrant dated September 18, 2014, for $47,400 worth of UMED Holdings, Inc. shares issued to Tonaquint, Inc., filed as Exhibit 10.21 to the registrant’s Form 10-Q/A, amendment No. 1, on September 21, 2017, Commission File Number 000-55030.

4339

10.22**		Office Lease Agreement dated October 2015, between UMED Holdings, Inc. and The Atrium Remains the Same, LLC, filed as Exhibit 10.22 to the registrant’s Form 10-Q/A, amendment No. 1, on September 21, 2017, Commission File Number 000-55030.
10.23**		Warrant dated October 31, 2015, for 4,000,000 shares issued to Norman T. Reynolds, Esq, filed as Exhibit 10.23 to the registrant’s Form 10-Q/A, amendment No. 1, on September 21, 2017, Commission File Number 000-55030.
10.24**		Promissory Note in the amount of $36,000 dated March 8, 2016, executed by UMED Holdings, Inc. payable to Peter C. Wilson, filed as Exhibit 10.24 to the registrant’s Form 10-Q/A, amendment No. 1, on September 21, 2017, Commission File Number 000-55030.
10.25**		Convertible Promissory Note in the amount of $224,000 dated May 4, 2016, executed by UMED Holdings, Inc. payable to Tonaquint, Inc., filed as Exhibit 10.25 to the registrant’s Form 10-Q/A, amendment No. 1, on September 21, 2017, Commission File Number 000-55030.
10.26**		Severance and Release Agreement by and between UMED Holdings, Inc. and Randy Moseley dated November 11, 2016, filed as Exhibit 10.26 to the registrant’s Form 10-Q/A, amendment No. 1, on September 21, 2017, Commission File Number 000-55030.
10.27**		Settlement and Mutual Release Agreement dated January 13, 2017, executed by UMED Holdings, Inc. in connection with Cause No. DC-16-004718, in the 193rd District Court, Dallas County, Texas against Mamaki of Hawaii, Inc., Hawaiian Beverages, Inc., Curtis Borman, and Lee Jenison, filed as Exhibit 10.27 to the registrant’s Form 10-Q/A, amendment No. 1, on September 21, 2017, Commission File Number 000-55030.
10.28**		Warrant dated February 1, 2017, for 2,000,000 shares issued to Richard J. Halden, filed as Exhibit 10.28 to the registrant’s Form 10-Q/A, amendment No. 1, on September 21, 2017, Commission File Number 000-55030.
10.29**		Warrant dated February 1, 2017, for 4,000,000 shares issued to Richard J. Halden, filed as Exhibit 10.29 to the registrant’s Form 10-Q/A, amendment No. 1, on September 21, 2017, Commission File Number 000-55030.
10.30**		Severance and Release Agreement by and between UMED Holdings, Inc. and Richard Halden dated February 1, 2017, filed as Exhibit 10.30 to the registrant’s Form 10-Q/A, amendment No. 1, on September 21, 2017, Commission File Number 000-55030.
10.31**		Assignment Agreement dated December 27, 2010, between Melek Mining, Inc., 4HM Partners, LLC, and UMED Holdings, Inc., filed as Exhibit 10.31 to the registrant’s Form 10-Q/A, amendment No. 1, on September 21, 2017, Commission File Number 000-55030.
10.32**		Consulting Agreement by and between the registrant and Chisos Equity Consultants, LLC, as amended on February 16, 2018, and March 19, 2018, filed as Exhibit 10.1 to the registrant’s Form 8-K, on March 21, 2018, Commission File Number 000-55030.
10.33**		Promissory Note in the amount of $100,000 dated November 13, 2017, executed by Greenway Technologies, Inc. payable to Wildcat Consulting Group LLC.
10.34**		Subordinated Convertible Promissory Note in the amount of $166,667 dated December 20, 2017, executed by Greenway Technologies, Inc. payable to Tunstall Canyon Group LLC.
10.35**		Warrant dated November 30, 2017 for 1,000,000 shares issued to MTG Holdings, LTD.
10.36**		Greer Family Trust Promissory Note and Settlement. filed at Exhibit 10.34 to the registrant’s Form 10K on April 5, 2018, Commission File Number 000-55030.
10.37**		Warrant dated January 8, 2018 for 4,000,000 shares issued to Kent Harer.
10.38**		Settlement agreement by and between Greenway Technologies, Inc. and Tonaquint, Inc. dated April 9, 2018.
10.39**		Employment agreement with John Olynick, as President, dated May 10, 2018.
10.40**		Employment agreement with Ransom Jones, as Chief Financial Officer, Secretary and Treasurer, dated May 10, 2018.
10.41**		Consulting Agreement with Gary L. Ragsdale, Ph.D., P.E.
10.42**		Consulting Agreement with John Olynick
10.43**		Consulting Agreement with Marl Zoellers
10.44**		Consulting Agreement with Paul Alfano dba Alfano Consulting Services
10.45**		Consulting Agreement with Peter Hauser
10.46**		Consulting Agreement with William Campbell
10.47**		Consulting Agreement with Ryan Turner
10.48**		Amendment on July 30, 2014 to that certain Employment Agreement with Raymond Wright dated August 29, 2012
10.49**		Mabert LLC as Agent Loan Agreement dated September 14, 2018
10.50**		Mabert LLC as Agent Security Agreement dated September 14, 2018
10.51**		Texas UCC-1 filed by Mabert LLC as Agent on October 11, 2018, ending October 10, 2023.
10.52**		Rule 11 Agreement, dated March 6, 2019, pursuant to a mutual settlement of all claims by Wildcat Consulting, LLC for the matters in Cause No. 2018-005801 and Cause No. 2018-006416-2, filed in the County Courts at Law in Tarrant County, TX on Sept 7, and September 27, 2018 respectively.
10.53**		Employment agreement with Thomas Phillips, as Vice President of Operations, effective date April 1, 2019.
10.54**		Settlement Agreement executed on September 26, 2019 with Southwest Capital Funding, Ltd. to resolve all conflicts related to loan guarantees provided for Mamaki of Hawaii, Inc., Hawaiian Beverages, Inc., Curtis Borman, and Lee Jenison.

4440

10.55**		Limited Liability Company Agreement of OPM Green Energy, LLC, dated August 23, 2019, by and among Greenway Technologies, Inc., a Texas corporation, Mabert, LLC, a Texas limited liability company, Tom Phillips, an individual, and OPM Green Energy, LLC, a Texas corporation.
10.56**		Subscription Agreement dated August 23, 2019, by and between Greenway Technologies, Inc., a Texas corporation, and OPM Green Energy, LLC, a Texas limited liability company.
10.57**		Intellectual Property License dated August 23, 2019, by and between Greenway Technologies, Inc., a Texas corporation, and OPM Green Energy, LLC, a Texas limited liability company.
10.58**		Employment agreement with Ryan Turner for Business Development and Investor Relations, dated April 1, 2019.
10.59**		Agreed Order of Dismissal with Prejudice, dated February 25, 2020, pursuant to the mutual settlement of all claims by Wildcat Consulting, LLC for the matters in Cause No. 2018-005801 and Cause No. 2018-006416-2, filed in the County Courts at Law in Tarrant County, TX on Sept 7, and September 27, 2018 respectively.
10.60**		Agreed Order of Dismissal without Prejudice, dated November 19, 2019, pursuant to the mutual settlement of all claims by Chisos Equity Consultants, LLC for the matters in Cause No. 67-306723-19, filed in the County Courts at Law in Tarrant County, TX on March 13, 2019.
10.61**		Agreed Order of Dismissal without Prejudice, dated November 19, 2019, pursuant to the mutual settlement of all claims by Richard Halden for the matters in Cause No. 352-306721-19, filed in the County Courts at Law in Tarrant County, TX on March 13, 2019.
10.62**		Agreed Order of Dismissal without Prejudice, dated November 26, 2019, pursuant to the mutual settlement of all claims by Greenway Technologies, Inc. against Micheal R. Warner et al (the “Dissident Shareholders”) for the matters in Cause No. DC-19-04207, filed in the District Court in Dallas County, TX on March 26, 2019.
10.63**		Securities Purchase Agreement by and between Greenway Technologies, Inc. and PowerUp Lending Group, Ltd, pursuant to that certain Convertible Promissory Note executed on January 24, 2020.
10.64**		Convertible Promissory Note by and between Greenway Technologies, Inc. and PowerUp Lending Group, Ltd., pursuant to that certain Securities Purchase Agreement executed on January 24, 2020.
10.65**		Securities Purchase Agreement by and between Greenway Technologies, Inc. and PowerUp Lending Group, Ltd., pursuant to that certain Convertible Promissory Note executed on February 12, 2020.
10.66**		Convertible Promissory Note by and between Greenway Technologies, Inc. and PowerUp Lending Group, Ltd., pursuant to that certain Securities Purchase Agreement executed on February 12, 2020.
14.1**		Code of Ethics for Senior Financial Officers, filed as Exhibit 10.1 to the registrant’s registration statement on Form 10-12G on August 29, 2013, Commission File Number 000-55030.
31.1*		Certification of ~~Raymond~~Kent ~~L Wright~~Harer, President of Greenway Technologies, Inc., pursuant to 18 U.S.C. §1350, as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of Ransom Jones, Chief Financial Officer and Principal Accounting Officer of Greenway Technologies, Inc., pursuant to 18 U.S.C. §1350, as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002.
32.1*		Certification of ~~Raymond~~Kent ~~L Wright~~Harer, President of Greenway Technologies, Inc., pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002.
32.2*		Certification of Ransom Jones, Chief Financial Officer and Principal Accounting Officer of Greenway Technologies, Inc., pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002.
32.3*		Texas UCC Amendment Filing Acknowledgement.
101.INS		Inline XBRL Instance Document
101.SCH		Inline XBRL Instance Document
101.CAL		Inline XBRL Instance Document
101.DEF		Inline XBRL Instance Document
101.LAB		Inline XBRL Instance Document
101.PRE		Inline XBRL Instance Document
104		Inline XBRL Instance Document

* Filed herewith.

** Previously filed.

4541

SIGNATURES

In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	GREENWAY TECHNOLOGIES, INC.
Date: August 11, 2025
Date: November 13, 2025.
	By	/s/ Raymond L. Wright
		Raymond L. Wright, President
		Raymond L.Wright, President
	By	/s/ Ransom Jones
		Ransom Jones, Chief Financial Officer and Principal Accounting Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

4642

Filing Compare · GREENWAY TECHNOLOGIES, INC. & SUBSIDIARIES