Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 14, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | GREENWAY TECHNOLOGIES INC | |
Entity Central Index Key | 0001572386 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 336,468,075 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash | $ 330 | $ 1,628 |
Prepaid Expenses | 3,310 | 11,235 |
Receivable - related party, net | ||
Total Current Assets | 3,640 | 12,863 |
Property & equipment, net | ||
Total Assets | 3,640 | 12,863 |
Current Liabilities | ||
Accounts payable | 809,337 | 805,237 |
Advances - related parties | 122,064 | 142,934 |
Accrued severance expense | 1,301,964 | 1,301,964 |
Accrued expenses | 943,911 | 860,368 |
Accrued expenses - related parties | 1,870,255 | 1,797,818 |
Accrued interest payable (includes related parties interest of $675,980 and $562,890 respectively) | 785,177 | 650,480 |
Notes payable and convertible notes payable | 876,667 | 886,667 |
Notes payable - related parties (Net of debt discount of $11,625 and $13,153 respectively) | 2,556,067 | 2,411,605 |
Total Current Liabilities | 9,265,442 | 8,857,073 |
Total Liabilities | 9,265,442 | 8,857,073 |
Commitments and contingencies (Note 10) | ||
Stockholders' Deficit | ||
Common stock 500,000,000 shares authorized, par value $0.0001, 336,468,075 and 335,268,075 outstanding at March 31, 2021 and December 31, 2020, respectively | 33,647 | 33,527 |
Additional paid-in capital | 24,159,805 | 24,123,925 |
Common stock to be issued | 47,398 | 36,384 |
Subscription receivable - warrants | (16,245) | (16,245) |
Accumulated deficit | (33,486,407) | (33,021,801) |
Total Stockholders' Deficit | (9,261,802) | (8,844,210) |
Total Liabilities & Stockholder's Deficit | $ 3,640 | $ 12,863 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accrued related party interest | $ 675,980 | $ 562,890 |
Debt discount | $ 11,625 | $ 13,153 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares outstanding | 336,468,075 | 335,268,075 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Revenues | ||
Expenses | ||
General and administrative | 290,368 | 287,955 |
Research and development | 30,000 | |
Total Expense | 320,368 | 287,955 |
Operating loss | (320,368) | (287,955) |
Other income (expenses) | ||
Gain/(loss) on change in fair value of derivative | (60,610) | |
Interest expense | (144,238) | (181,016) |
Gain on settlement of accounts payable | 810 | |
Convertible debt derivative expense | (33,978) | |
Total other income / (expense) | (144,238) | (274,794) |
Loss before income taxes | (464,606) | (562,749) |
Provision for income taxes | ||
Net loss | $ (464,606) | $ (562,749) |
Net loss per share | ||
Basic and diluted net loss per share | $ 0 | $ 0 |
Weighted average shares outstanding Basic and diluted | 335,441,408 | 302,507,204 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Stockholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Common Stock to be Issued [Member] | Subscription Receivable [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2019 | $ 30,153 | $ 22,710,632 | $ 857,227 | $ (7,668) | $ (30,479,829) | $ (6,889,485) |
Balance, shares at Dec. 31, 2019 | 296,648,677 | |||||
Shares issued for cashless Warrant conversions | $ 86 | 8,491 | (8,577) | |||
Shares issued for cashless Warrant conversions, shares | 857,737 | |||||
Shares issued for Loan Conversion | $ 391 | 311,984 | (312,375) | |||
Shares issued for Loan Conversion, shares | 3,906,610 | |||||
Shares issued for Promissory Note Fees | $ 146 | 124,706 | (124,852) | |||
Shares issued for Promissory Note Fees, shares | 1,460,260 | |||||
Shares to be issued for Promissory Note Fees | 10,901 | 10,901 | ||||
Shares to be issued for settlement of accrued legal expenses | 31,603 | 31,603 | ||||
Shares issued for stock-based compensation | $ 700 | 419,300 | (420,000) | |||
Shares issued for stock-based compensation, shares | 7,000,000 | |||||
Shares issued for Private Placement | $ 60 | 59,940 | 60,000 | |||
Shares issued for Private Placement, shares | 600,000 | |||||
Net loss | (562,749) | (562,749) | ||||
Balance at Mar. 31, 2020 | $ 31,536 | 23,635,053 | 42,504 | (16,245) | (31,042,578) | (7,349,730) |
Balance, shares at Mar. 31, 2020 | 310,473,284 | |||||
Balance at Dec. 31, 2020 | $ 33,527 | 24,123,925 | 36,384 | (16,245) | (33,021,801) | (8,844,210) |
Balance, shares at Dec. 31, 2020 | 335,268,075 | |||||
Shares to be issued for Promissory Note Fees | 8,014 | 8,014 | ||||
Shares to be issued for consulting fees | 3,000 | 3,000 | ||||
Shares issued for Private Placement | $ 120 | 35,880 | 36,000 | |||
Shares issued for Private Placement, shares | 1,200,000 | |||||
Net loss | (464,606) | (464,606) | ||||
Balance at Mar. 31, 2021 | $ 33,647 | $ 24,159,805 | $ 47,398 | $ (16,245) | $ (33,486,407) | $ (9,261,802) |
Balance, shares at Mar. 31, 2021 | 336,468,075 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (464,606) | $ (562,749) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Change in fair value of derivatives | 60,610 | |
Amortization of debt discount | 9,542 | 66,774 |
Derivative expense | 33,978 | |
Shares based consulting fees | 3,000 | |
Gain on settlement of accounts payable | (810) | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 7,925 | |
Accrued expenses | 105,150 | |
Accrued expenses - related parties | 185,527 | 155,518 |
Accounts payable | 4,100 | (15,894) |
Net Cash Used in Operating Activities | (149,362) | (262,572) |
Cash flows from Investing Activities: | ||
Receivable - related parties | (25,000) | |
Net Cash Used in Investing Activities | (25,000) | |
Cash Flows from Financing Activities | ||
Proceeds from notes payable - related parties | 101,833 | |
Proceeds from convertible notes payable | 171,000 | |
Payments on other notes payable | (10,000) | (50,000) |
Proceeds from sale of common stock | 36,000 | 60,000 |
Stockholder advances (repayments), net | 122,064 | (1,019) |
Net Cash Provided by Financing Activities | 148,064 | 281,814 |
Net Decrease in Cash | (1,298) | (5,758) |
Cash Beginning of Period | 1,628 | 16,043 |
Cash End of Period | 330 | 10,285 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash Paid during the period for interest | 43,581 | |
Cash Paid during the period for taxes | ||
Non-Cash investing and financing activities | ||
Subscription receivables - warrants | 8,577 | |
Shares to be issued for promissory note fees | 8,014 | 10,901 |
Shares issued from common stock to be issued | 712,375 | |
Shares issued for settlement of accrued legal settlements | 31,603 | |
Conversion of stockholder advances - related parties to notes payable | $ 142,934 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | NOTE 1 – ORGANIZATION Nature of Operations Greenway Technologies, Inc., (“Greenway”, “GTI” or the “Company”) through its 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 now been realized in Greenway’s recently completed first generation commercial-scale G-Reformer TM Greenway’s GTL Technology In August 2012, Greenway Technologies acquired 100% of Greenway Innovative Energy, Inc. (“GIE”) which owns patents and trade secrets for proprietary technologies to convert natural gas into synthesis gas (“syngas”). Based on a breakthrough process called Fractional Thermal Oxidation™ (“FTO”), the Company believes that its G-Reformer unit, combined with conventional and proprietary Fischer-Tropsch (“FT”) processes, offers an economical and scalable method to converting natural gas to liquid fuel. To facilitate the commercialization process, Greenway announced in August 2019 that it had entered into an agreement to partially own and operate an existing GTL plant located in Wharton, Texas. Originally acquired by Mabert, a company controlled by director, Kevin Jones, members include OPMGE (a company formed to facilitate the joint venture), Mabert and Tom Phillips, an employee of the Company. The Company’s involvement in the venture is intended to facilitate third-party certification of the Company’s G-Reformer technology, related equipment and technology. In addition, the Company anticipates that OPMGE’s operations will demonstrate that the G-Reformer is a commercially viable technology for producing syngas and marketable fuel products. As the first operating GTL plant to use Greenway’s proprietary reforming technology and equipment, the Wharton joint venture facility is initially expected to yield a minimum of 75 - 100 barrels per day of gasoline and diesel fuels from converted natural gas. To date, the Company has not raised sufficient funding to achieve the aforementioned objectives, but continues to work toward that end. The Company believes that its proprietary G-Reformer is a major innovation in gas reforming and GTL technology in general. Initial tests have demonstrated that the 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, all markets the Company seeks to service. The new plant is anticipated to prove out the economics for the Company’s technology and GTL processes. |
Basis of Presentation and Going
Basis of Presentation and Going Concern Uncertainties | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Going Concern Uncertainties | NOTE 2 - BASIS OF PRESENTATION AND GOING CONCERN UNCERTAINTIES Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these unaudited consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the results of the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full year ending December 31, 2021. These unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Principles of Consolidation The accompanying unaudited consolidated financial statements include the financial statements of Greenway and its wholly owned subsidiaries. All significant inter-company accounts and transactions were eliminated in consolidation. The accompanying condensed unaudited consolidated financial statements include the accounts of the following entities: Name of Entity % Entity Incorporation Relationship Greenway Technologies, Inc. Corporation Texas Parent Universal Media Corporation 100 % Corporation Wyoming Subsidiary Greenway Innovative Energy, Inc. 100 % Corporation Nevada Subsidiary Logistix Technology Systems, Inc. 100 % Corporation Texas Subsidiary Greenway’s investments in unconsolidated entities in which a significant, but less than controlling, interest is held and in variable interest entities (“VIE”) in which the Company is not deemed to be the primary beneficiary are accounted for by the equity method. Going Concern Uncertainties The condensed unaudited 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. As of March 31, 2021, we have an accumulated deficit of $33,486,407. For the three-months ended March 31, 2021, we had no revenue, generated a net loss of $464,606 and used cash of $149,362 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 addition capital through debt and/or equity sources. Management believes that its current and future plans will enable it to continue as a going concern for the next twelve months from the date of this report. The outbreak of COVID-19 (coronavirus), caused by a novel strain of the coronavirus, was recognized as a pandemic by the World Health Organization, and the outbreak has become increasingly widespread in the United States, including in each of the areas in which the Company operates. The COVID-19 (coronavirus) outbreak has had a notable impact on general economic conditions, including but not limited to the temporary closures of many businesses, “shelter in place” and other governmental regulations, reduced business and consumer spending due to both job losses, reduced investing activity and M&A transactions, among many other effects attributable to the COVID-19 (coronavirus), and there continue to be many unknowns. While to date the Company has not been required to stop operating, management is evaluating its use of its office space, virtual meetings and the like. The Company continues to monitor the impact of the COVID-19 (coronavirus) outbreak closely. The extent to which the COVID-19 (coronavirus) outbreak will impact our operations, the operations of OPMGE and/or ability to obtain financing or future financial results is uncertain. The accompanying consolidated financial statements do not include any adjustments to the recorded assets or liabilities that might be necessary should the Company have to curtail operations or be unable to continue in existence |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of significant accounting policies applied in the presentation of the condensed unaudited consolidated financial statements are as follows: Property and Equipment Property and equipment is recorded at cost. Major additions and improvements are capitalized. The cost and related accumulated depreciation of equipment retired or sold, are removed from the accounts and any differences between the undepreciated amount and the proceeds from the sale or salvage value are recorded as a gain or loss on sale of equipment. Depreciation is computed using the straight-line method over the estimated useful life of the assets. Impairment of Long-Lived Assets The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, in accordance with Accounting Standards Codification, ASC Topic 360, Property, Plant and Equipment Revenue Recognition The FASB issued ASC 606 as guidance on the recognition of revenue from contracts with customers in May 2014 with amendments in 2015 and 2016. Revenue recognition will depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The Company has not, to date, generated any revenues. Equity Method Investment On August 29, 2019, the Company entered into a Material Definitive Agreement related to the formation of OPM Green Energy, LLC (OPMGE). The Company contributed a limited license to use its proprietary and patented GTL technology for no actual cost basis in exchange for 42.86% (300 of 700 currently owned member units) revenue interest in OPMGE, expected to be later reduced to a 30% interest upon the completion of certain expected third-party investments for the remining 300 of 1,000 member units available. The Company evaluated its interest in OPMGE and determined that the Company does not control OPMGE. The Company accounts for its interest in OPMGE via the equity method of accounting. At March 31, 2021, there was no change in the investment cost of $0. At March 31, 2021, OPMGE had no material business activity as of such date. As described in Note 9, the Company maintains a Related Party receivable with OPMGE for $412,885 related to our advancing capital for certain of OPMGE’s capital expenditures that the Company believes are in their best interests. Due to the uncertainty of the collectability of the OPMGE receivable, the Company has fully reserved the full amount of this equity method receivable with OPMGE as of March 31, 2021. Use of Estimates The preparation of condensed unaudited consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“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 the condensed unaudited consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include allowance for collectible receivables, derivative liability valuations and deferred tax valuation allowances. Actual results could differ from such estimates. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three-months or less to be cash equivalents. There were no cash equivalents at March 31, 2021 or December 31, 2020, respectively. Income Taxes The Company accounts for income taxes in accordance with FASB ASC 740, “Income Taxes,” which requires that the Company recognize deferred tax liabilities and assets based on the differences between the financial statement carrying amounts and the tax bases of assets and liabilities, using enacted tax rates in effect in the years the differences are expected to reverse. Deferred income tax benefit (expense) results from the change in net deferred tax assets or deferred tax liabilities. A valuation allowance is recorded when it is more likely than not that some or all deferred tax assets will not be realized. The Company has adopted the provisions of FASB ASC 740-10-05 Accounting for Uncertainty in Income Taxes. The ASC clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The ASC prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The ASC provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Open tax years, subject to IRS examination include 2016 – 2020, with no corporate tax returns filed for the years ending 2016 to 2020. Net Loss Per Share, basic and diluted Basic loss per share has been computed by dividing net loss available to common shareholders by the weighted average number of common shares issued and outstanding for the period. For the three months ended March 31, 2021, shares issuable upon the exercise of warrants (3,000,000), shares convertible for debt (2,083,333) and shares outstanding but not yet issued (923,630) have been excluded as a common stock equivalent in the diluted loss per share because their effect would be anti-dilutive. For the three months ended March 30, 2020, shares issuable upon the exercise of warrants (8,000,000), shares convertible for debt (2,083,333) and shares outstanding but not yet issued (1,204,711) have been excluded as a common stock equivalent in the diluted loss per share because their effect would be anti-dilutive. Derivative Instruments The Company accounts for derivative instruments in accordance with Accounting Standards Codification 815, Derivatives and Hedging (“ASC 815”), If certain conditions are met, a derivative may be specifically designated as a hedge, the objective of which is to match the timing of gain or loss recognition on the hedging derivative with the recognition of (i) the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk or (ii) the earnings effect of the hedged forecasted transaction. For a derivative not designated as a hedging instrument, the gain or loss is recognized in income in the period of change. The Company did not have any derivative liabilities as of March 31, 2021. During the year ended December 31, 2020, the Company entered into two convertible notes creating derivative liabilities which were converted into shares and settled during the year. See Note 6 – Notes Payable and Convertible Notes Payable. Fair Value of Financial Instruments Effective January 1, 2008, fair value measurements are determined by the Company’s adoption of authoritative guidance issued by the FASB, with the exception of the application of the statement to non-recurring, non-financial assets and liabilities, as permitted. Fair value is defined in the authoritative guidance as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy was established, which prioritizes the inputs used in measuring fair value into three levels as follows: Level 1 – Valuation based on unadjusted quoted market prices in active markets for identical assets or liabilities. Level 2 – Valuation based on, observable inputs (other than level one prices), quoted market prices for similar assets such as at the measurement date; quoted prices in the market that are not active; or other inputs that are observable, either directly or indirectly. Level 3 – Valuation based on unobservable inputs that are supported by little or no market activity, therefore requiring management’s best estimate of what market participants would use as fair value. The following table represents the Company’s assets and liabilities by level measured at fair value on a recurring basis at March 31, 2021 and December 31, 2020: Description Level 1 Level 2 Level 3 March 31, 2021 Derivative Liabilities $ - $ - $ - December 31, 2020 Derivative Liabilities $ - $ - $ - The following assets and liabilities are measured on the balance sheets at fair value on a recurring basis utilizing significant unobservable inputs or Level 3 assumptions in their valuation. The following tables provide a reconciliation of the beginning and ending balances of the liabilities: All gains and losses on assets and liabilities measured at fair value on a recurring basis and classified as Level 3 within the fair value hierarchy are recognized in other interest income and expense in the accompanying condensed unaudited consolidated financial statements. As of and for the three months ended March 31, 2021, the Company did not have a derivative or derivative activity. The change in the convertible notes payable derivative liabilities at fair value for the year ended December 31, 2020, is as follows: FairValue Change New (Gain)/loss Fair Value January 1,2020 in FairValue Convertible on Settlement Conversions December 31,2020 Derivative Liabilities $ - $ (62,645 ) $ 204,978 $ (50,336 ) $ (91,997 ) $ - Stock Based Compensation The Company follows Accounting Standards Codification subtopic 718-10, Compensation Concentration and Credit Risk Financial instruments and related items, which potentially subject the Company to concentrations of credit risk consist primarily of cash. The Company places its cash with high credit quality institutions. At times, such deposits may be in excess of the FDIC insurance limit of $250,000. The Company did not have cash on deposit in excess of such limit on March 31, 2021 and December 31, 2020. Research and Development The Company accounts for research and development costs in accordance with Accounting Standards Codification subtopic 730-10, Research and Development Issuance of Common Stock The issuance of common stock for other than cash is recorded by the Company at market values based on the closing price of the stock on the date of any such grant. Impact of New Accounting Standards Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying condensed unaudited consolidated financial statements. |
Property, Plant, and Equipment
Property, Plant, and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | NOTE 4 – PROPERTY, PLANT, AND EQUIPMENT Range of Lives March 31, 2021 December 31, 2020 Equipment 5 $ 2,032 $ 2,032 Furniture and fixtures 5 1,983 1,983 4,015 4,015 Less accumulated depreciation (4,015 ) (4,015 ) $ 0 $ 0 Depreciation expense was $0 for the three months ended March 31, 2021 and 2020. |
Convertible Notes Payable and N
Convertible Notes Payable and Notes Payable Related Parties | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Convertible Notes Payable and Notes Payable Related Parties | NOTE 5 – CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE RELATED PARTIES Convertible notes payable, including notes payable to related parties consisted of the following at March 31, 2021 and December 31, 2020 respectively: March 31, 2021 December 31, 2020 Secured notes payable with related parties at 18% per annum related to the Mabert LLC as Agent Loan Agreement originally dated September 14, 2018 for up to $5,000,000 (as amended), shown net of debt discount of $11,625 and $13,153 (1) $ 2,556,067 $ 2,411,605 Total notes payable related parties $ 2,556,067 $ 2,411,605 Unsecured convertible note payable at 4.5% per annum dated December 20, 2017 to a corporation, payable in two parts on January 8, 2018 and 2019 (2) 166,667 166,667 Promissory Note 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 August 15, 2022 (3) 525,000 525,000 Settlement agreement to pay $5,000 per month for 60 monthly installments beginning March 2019. (4) 185,000 195,000 Total notes payable and convertible notes payable $ 876,667 $ 886,667 (1) On September 14, 2018, the Company entered into a loan agreement with a private company, Mabert LLC, acting as Agent for various private lenders (the “Loan Agreement”) for the purpose of funding working capital and general corporate expenses up to $1,500,000, subsequently amended to a maximum of $5,000,000. Mabert LLC is a Texas limited liability company, owned by Director and stockholder, Kevin Jones, and his late wife Christine Early (for each and all references herein forward, “Mabert”). Under the Loan Agreement, Mabert has loaned gross loan proceeds of $2,567,692 (excluding a debt discount of $11,625, for a net $2,556,067 book debt) through March 31, 2021. Mr. Jones, and his late wife have loaned $1,894,259 from inception through March 31, 2021, including $142,934 in the current period ended March 31, 2021. The loan is fully secured, Mabert having filed a UCC-1 with the State of Texas. For each Promissory Note loan made under the Loan Agreement, as a cost to each note, the Company agreed to issue warrants and/or stock for Common Stock valued at $0.01 per share on an initial one-time basis at 3.67:1 and subsequently on a 2:1 basis for each dollar borrowed. Pursuant to ACS 470, the fair value attributable to a discount on the debt is $11,625 for the three months ended March 31, 2021; this amount is amortized to interest expense on a straight-line basis over the terms of the loans. On March 31, 2020, the Company executed a Promissory Note under the Loan Agreement with Kevin Jones, a Director and shareholder for $101,823, at 18% interest per annum. As a cost of the note, the Company agreed to issue 203,646 shares of its Common Stock at a market price of $0.06 per share for a total debt discount of $10,901, subject to standard Rule 144 restrictions. On July 1, 2020, the Company executed a Promissory Note under the Loan Agreement with Kevin Jones, a Director and shareholder for $128,093, at 18% interest per annum. As a cost of the note, the Company agreed to issue 256,186 shares of its Common Stock at a market price of $0.04 per share for a total debt discount of $9,488, subject to standard Rule 144 restrictions. On July 1, 2020, the Company executed a Promissory Note under the Loan Agreement with Ransom Jones, a Director and shareholder for $25,000, at 10% interest per annum. As a cost of the note, the Company agreed to issue 50,000 shares of its Common Stock at a market price of $0.04 per share for a total debt discount of $1,852, subject to standard Rule 144 restrictions. On July 1, 2020, the Company executed a Promissory Note under the Loan Agreement with Kent Harer, a Director and shareholder for $25,000, at 10% interest per annum. As a cost of the note, the Company agreed to issue 50,000 shares of its Common Stock at a market price of $0.04 per share for a total debt discount of $1,852, subject to standard Rule 144 restrictions. On October 1, 2020, the Company executed a Promissory Note under the Loan Agreement with Kevin Jones, a Director and shareholder for $95,352, at 18% interest per annum. As a cost of the note, the Company agreed to issue 190,704 shares of its Common Stock at a market price of $0.02 per share for a total debt discount of $2,795, subject to standard Rule 144 restrictions. On August 28, 2020, the Company executed a Promissory Note under the Loan Agreement with Michael Wykrent, a Director and shareholder for $10,000, at 18% interest per annum. As a cost of the note, the Company agreed to issue 20,000 shares of its Common Stock at a market price of $0.02 per share for a total debt discount of $293, subject to standard Rule 144 restrictions On October 1, 2020, the Company executed a Promissory Note under the Loan Agreement with Ransom Jones, a Director and shareholder for $3,433, at 10% interest per annum. As a cost of the note, the Company agreed to issue 6,867 shares of its Common Stock at a market price of $0.02 per share for a total debt discount of $101, subject to standard Rule 144 restrictions. On October 1, 2020, the Company executed a Promissory Note under the Loan Agreement with Kent Harer, a Director and shareholder for $5,000, at 10% interest per annum. As a cost of the note, the Company agreed to issue 10,000 shares of its Common Stock at a market price of $0.02 per share for a total debt discount of $147, subject to standard Rule 144 restrictions. On January 1, 2021, the Company executed a Promissory Note under the Loan Agreement with Kevin Jones, a Director and shareholder for $142,934, at 18% interest per annum. As a cost of the note, the Company agreed to issue 285,868 shares of its Common Stock at a market price of $0.03 per share for a total debt discount of $8,014, subject to standard Rule 144 restrictions. The 285,868 shares of common stock are reported in common stock to be issued as of March 31, 2021, as they were not yet issued by the Company. Each of the individual Promissory Notes have one-year terms, automatically renewable, unless an individual lender under the Loan Agreement notifies the agent within 60 days of the term that they would like payment of the principal and accrued interest upon the end of such promissory note term. No lenders requested payment for such individual promissory notes through the period ended March 2021. (2) 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. See Note 6 – Notes Payable and Convertible Notes Payable. (3) On September 26, 2019, the Company entered into a Settlement Agreement with Southwest Capital Funding Ltd. (“ Southwest See Note 6 – Notes Payable and Convertible Notes Payable. (4) On March 6, 2019, the Company entered into Settlement Agreement with Wildcat Consulting Group LLC (“Wildcat”), as settlement of a consulting agreement lawsuit the Company agreed to pay Wildcat a total of $300,000, payable in sixty monthly installments of $5,000 per month beginning March 2019 and continuing each month until the settlement is paid in full. |
Notes Payable and Convertible N
Notes Payable and Convertible Notes Payable | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Notes Payable and Convertible Notes Payable | NOTE 6 – NOTES PAYABLE AND CONVERTIBLE NOTES PAYABLE The Company issued a $166,667 convertible promissory note bearing interest at 4.50% per annum to a company, Tunstall Canyon Group, LLC, payable in two installments of $86,667 on December 20, 2018 and $80,000, plus accrued interest on December 20, 2019. Per the terms of the promissory note, the holder has the right to convert the note into common stock of the Company at a conversion price of $0.08 per share for each one dollar of cash payment which may be due (which would be 1,083,333 shares for the first $86,667 payment and 1,000,000 shares for the second $80,000 installment payment, respectively). As of December 20, 2018, a material event of default occurred for breach of payment of the interest then due, with such default continuing thought the date of this report. The holder of the note has the right to convert at any time and has indicated that it might convert under settlement discussions with the principal, Richard Halden, unrelated to this convertible note. See Note 5 – Term Notes Payable and Notes Payable Related Parties. The Company evaluated the terms of the convertible note in accordance with ASC 815-40, Contracts in Entity’s Own Equity, and concluded that the Convertible Note did not resulted in a derivative. The Company evaluated the terms of the convertible note and concluded that there was a beneficial conversion feature since the convertible note was convertible into shares of common stock at a discount to the market value of the common stock. The discount related to the beneficial conversion feature on the note was valued at $27,083 based on the $0.013 difference between the market price of $0.093 and the conversion price of $0.08 times the 2,083,325 conversion shares. As a result of the event of default, the discount related to the beneficial conversion feature has been extinguished for the balance of 2018, and until the event of default is cured or the note is converted to common shares. On September 26, 2019, the Company entered into a Settlement Agreement with Southwest Capital Funding Ltd. (“ Southwest Southwest Capital Funding, Ltd. v. Mamaki Tea, Inc., et. al rd |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | NOTE 7 – ACCRUED EXPENSES Accrued expenses consisted entirely of accrued consulting fees. The consulting work involved fundraising and capital raising activities with potential investors for the Company, as well as consulting work related to chemical engineering and plant operations. March 31, 2021 December 31, 2020 Accrued consulting fees and expense 943,911 860,368 Total accrued expenses $ 943,911 $ 860,368 |
Capital Structure
Capital Structure | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Capital Structure | NOTE 8 – CAPITAL STRUCTURE At the Company’s Special Shareholders Meeting held in December 2019, a number of proposals were presented and passed by the Company’s shareholders, including Proposal 1 to increase the number of authorized shares of Class A Shares of the Company, par value $0.0001 per share (“Class A Shares”), from 300,000,000 to 500,000,000, (such amendment, “Amendment No. 1”); Proposal 2 to change the name of the Company’s Class A Shares from “Class A” to “common stock” (“common stock” or “Common Stock”),with the same $0.0001 par value per share, designations, powers, privileges, rights, qualifications, limitations, and restrictions as the former Class A Shares, and Proposal 3 to eliminate Class B Shares as a class of capital stock of the Company. All references to Common Stock described herein below include by definition any former Class A common stock. Accordingly, the Company is authorized to issue 500,000,000 shares of Common Stock with a par value of $.0001 per share, with each share having one voting right. Common Stock At March 31, 2021, there were 336,468,075 total shares of Common Stock outstanding. During the three-months ended March 31, 2021, the Company: issued 1,200,000 shares of Rule 144 restricted Common Stock, issued in a private placement to an accredited investor, at $0.03 per share for $36,000. As of March 31, 2021, the Company has 823,630 shares of common stock to be issued to Kevin Jones, a related party, for costs related to issuance of promissory notes, and 100,000 shares of common stock to be issued for $3,000 payment of consulting fees, these shares will be issued in the second quarter of 2021. During the three-months ended March 31, 2020, the Company: issued 13,824,607 shares of Rule 144 restricted Common Stock, including 600,000 shares issued in a private placement to an accredited investor, at $0.10 per share, 3,906,610 for the conversion of a prior loan at $0.047 per shares, 1,460,260 shares for costs related to the issuance of promissory notes at an average $0.085 per share and 857,737 shares at $0.01 per share from convertible warrants conversions. Shares to be issued are for the settlement of legal expenses which were accrued pursuant to agreements with two prior law firms. At December 31, 2020, there were 335,268,075 shares of Common Stock issued and outstanding. Stock options, warrants and other rights As of March 31, 2021 and 2020 respectively, the Company has not adopted and does not have an employee stock option plan. As of March 31, 2021, the Company had total warrants issued and outstanding of 3,000,000, which are in favor of Dean Goekel and expire in June 2022. The exercise price of these remaining warrants is $0.03. There is no unvested expense relating to the warrants. After meeting certain deliverables set forth in the agreement, Mr. Goekel will be issued additional stock warrants for 1,000,000 shares at a strike price that is an average of the stock price for the 90 days that the deliverables have been met. For the year ended December 2020, the Company had 7,000,000 warrants outstanding, of which 4,000,000 have expired in 2021. The remaining 3,000,000 warrants in the favor of Dean Goekel expire in June 2022. The exercise price of these remaining warrants is $0.03. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 9 - RELATED PARTY TRANSACTIONS After approval during a properly called special meeting of the board of directors, on September 14, 2018 Mabert, LLC, a Texas Limited Liability Company owned by a director and stockholder, Kevin Jones and his late wife Christine Early, as an Agent for various private lenders including themselves, entered into a loan agreement (“Loan Agreement”) for the purpose of funding working capital and general corporate expenses for the Company of up to $1,500,000, which was subsequently amended to provide up to $5,000,000. The Company bylaws provide no bar from transactions with Interested Directors, so long as the interested party does not vote on such transaction. Mr. Jones as an Interested Director did not vote on this transaction. Since the inception of the Loan Agreement through March 31, 2021, a total of $2,567,692 (excluding debt discount of $11,625) has been loaned to the Company and $675,980 has been accrued in interest by eight shareholders, including Mr. Jones. See Note 5 – Convertible Notes Payable and Notes Payable Related Parties. Through Mabert, as of March 31, 2021, Mr. Jones along with his late wife and his company have loaned $1,894,259, and six other shareholders have loaned the balance of the Mabert Loans. These loans are secured by the assets of the Company. A financing statement and UCC-1 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 the Agent for these shareholders. The actions of the Company in case of default can only be determined by the shareholders. A foreclosure sale or distribution through bankruptcy could only result in the creditors receiving a pro rata payment based upon the terms of the loan agreement. Mabert did not nor will it receive compensation for its work as an agent for the lenders. For the period ended March 31, 2021, the Company accrued expenses for related parties of $1,870,255 to account for the total deferred compensation expenses among two current executives, two former executive and one current employee. Each of the current executives and employees have agreed to defer their compensation until such time as sufficient cash is available to make such payments, the Company’s Chief Financial Officer having the express authority to determine what constitutes cash sufficiency from time-to-time. Through the period ended March 31, 2021, we received $122,064 in cash advances from three of our directors, Kent Harer and Michael Wykrent, in the amount of $5,000 each, and Kevin Jones in the amount of $112,064. Through the period ended March 31, 2020, we received $50,000 in cash advances from two of our directors, Ransom Jones and Kent Harer in the amounts of $25,000 each. These amounts have been accrued as Advances - related parties for the periods. An advance of $1,019 made by our director, Kevin Jones, was repaid in the period ending March 31, 2020 and advances of $101,823 made by Mr. Jones during the period ending March 31, 2020 were converted to a note payable. See Note 5 – Convertible Notes Payable and Notes Payable Related Parties. Through the periods ended March 31, 2021 and 2020, the Company made advances to an affiliate, OPMGE, of $412,885 and $412,847, respectively As reported previously, the Company owns a non-consolidating 42.86% interest in the OPMGE GTL plant located in Wharton, Texas. In the event of default, the Company holds a second lien against the assets of OPMGE. The amount advanced was booked as a related party receivable by the Company. Given the uncertainty of the collectability of this receivable, the Company has fully reserved the full amount of this equity method receivable with OPMGE as of December 31, 2020. The Company does not consider the results of the equity method investee to be material to the Company’s net loss. The cost basis for this equity method investee is zero and thus, losses have not been allocated to the Company. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 10 – COMMITMENTS AND CONTINGENCIES Employment Agreements In August 2012, the Company entered into an employment agreement with our chairman of the board, Ray Wright, as president of Greenway Innovative Energy, Inc., for a term of five years with compensation of $90,000 per year. In September 2014, Wright’s employment agreement was amended to increase such annual pay to $180,000. By its terms, the employment agreement automatically renews each year for successive one-year periods, unless otherwise earlier terminated. During the three-month period ended March 31, 2021, the Company paid and/or accrued a total of $45,000 for the period under the terms of the agreement. Effective May 10, 2018, the Company entered into identical employment agreements with John Olynick, as President, and Ransom Jones, as Chief Financial Officer, respectively. The terms and conditions of their employment agreements were identical. John Olynick elected not to renew his employment agreement and resigned as President on July 19, 2019. Ransom Jones, as Chief Financial Officer, earns a salary of $120,000 per year. Mr. Jones also serves as the Company’s Secretary and Treasurer. During each year that Mr. Jones’ agreement is in effect, he is entitled to receive a bonus (“Bonus”) equal to at least Thirty-Five Thousand Dollars ($35,000) per year, such amount having been accrued for the year ended December 2020. Both Mr. Olynick and Mr. Jones received a grant of common stock (the “Stock Grant”) at the start of their 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. Effective April 1, 2019, the Company entered into an employment agreement with Ryan Turner for a term of twelve (12) months with compensation of $80,000 per year, to manage the Company’s Business Development and Investor Relations functions. Turner reports to the President of Greenway Technologies and is entitled to a no-cost grant of common stock equal to 2,500,000 shares of the Company’s Rule 144 restricted common stock, par value $.0001 per share, valued at $.06 per share, or $150,000, which was expensed as of the effective date of the agreement. Such stock-based compensation shares were physically issued in February 2020. Turner is also entitled to certain additional stock grants based on the performance of the Company during the term of his employment. Turner is also entitled to participate in the Company’s benefit plans, if and when such become available. Other In the August 2012 acquisition agreement with Greenway Innovative Energy, Inc. (“GIE”), the Company agreed to: (i) issue an additional 7,500,000 shares of restricted 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. In connection with a settlement agreement with the Greer Family Trust (‘Trust”), the successor owner of one of the two founders and prior owners of GIE on February 6, 2018, the Company exchanged Greer’s half of the 7,500,000 shares (3,750,000 shares) to be issued in the future, Greer’s half of the 2% royalty, a termination of Greer’s then current Employment Agreement and the Trust’s waiver of any future claims against the Company for any reason, for the issuance and delivery to the Trust of three million (3,000,000) restricted shares of the Company’s common stock and a convertible Promissory Note for $150,000. As a result, only 3,750,000 common shares are committed to be later issued under the original 2012 acquisition agreement. The Company has accrued management fees of $1,301,964 related to separation agreements and settlement expenses for two prior executives of the Company, Richard Halden and Randy Moseley, who both resigned from their respective management positions in 2016, with Halden then further resigning as a director from our Board of Directors in Feb 2017. Although we have not maintained currency with respect to the contractual payment obligations therein, both former employees are greater than five percent shareholders and had agreed to defer payments until such time as we have sufficient available liquidity to begin making payments on a regular basis. In March 2020, Halden filed suit against the Company alleging claims arising from his severance and release agreement between the parties, seeking to recover monetary damages, interest, court costs, and attorney’s fees. The Company answered the lawsuit and asserted a number of affirmative defenses; subsequently, the lawsuit was dismissed without prejudice on November 19, 2019. Other than an increase in our legal expenses related to defending against Halden’s lawsuit, and given the subsequent dismissal of the same, we expect no further material financial impacts from such accrued fees until any such regular payments are able to begin, or another form of settlement is reached. Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases (Topic 842). The updated guidance requires lessees to recognize lease assets and lease liabilities for most operating leases. In addition, the updated guidance requires that lessors separate lease and non-lease components in a contract in accordance with the new revenue guidance in ASC 606. This guidance is effective for interim and annual reporting periods beginning after December 15, 2018. The Company adopted this guidance effective January 1, 2019 and noted that the leases discussed below did meet the requirements for recording a right of use asset or liability under ASC-842 given that they were short term leases. Greenway rents approximately 600 square feet of office space at 1521 North Cooper St., Suite 205, Arlington, Texas 76011, at a rate of $949 per month, under a one-year lease agreement, renewable for successive one-year terms in the Company’s sole discretion. Each September, the Company pays $11,880 in annual maintenance fees on its Arizona BLM mining leases, under one-year lease agreements, renewable for successive one-year terms in the Company’s sole discretion in addition. These leases provide for 10% royalties based on production, if any. There has been no production to date. Legal Matters On October 19, 2019 the Company was served with a lawsuit by Norman Reynolds, a previously engaged counsel by the Company. The suit was filed in Harris County District Court, Houston, Texas, asserting claims for unpaid fees of $90,378. While fully reserved, Greenway vigorously disputes the total amount claimed. Greenway has asserted counterclaims based upon alleged conflicts of interest, breaches of fiduciary duty and violations of the Texas Deceptive Trade Practices Act (“DTPA”). Greenway is confident in its defenses and counterclaims and intends to vigorously defend its interests and prosecute its claims. Capital Expenditures The last funded Scope of Work (“ SOW th |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 11-SUBSEQUENT EVENTS As of May 14, 2021, we have received $112,064 in cash and payment advances from Kevin Jones, a director and greater than 5% shareholder. Such advances and any further advances received will be accrued as “Advances - related parties” in the period received. From April 1, 2021 through May 14, 2021, the Company issued 3,690,297 shares of common stock comprised of: 2,766,667 shares of Rule 144 restricted Common Stock issued in a private placement to two accredited investors at an average price of $0.03 per share; 823,630 shares issued to Kevin Jones, a related party, for costs related to issuance of promissory notes, and 100,000 shares of common stock for $3,000 payment of consulting fees. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment is recorded at cost. Major additions and improvements are capitalized. The cost and related accumulated depreciation of equipment retired or sold, are removed from the accounts and any differences between the undepreciated amount and the proceeds from the sale or salvage value are recorded as a gain or loss on sale of equipment. Depreciation is computed using the straight-line method over the estimated useful life of the assets. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, in accordance with Accounting Standards Codification, ASC Topic 360, Property, Plant and Equipment |
Revenue Recognition | Revenue Recognition The FASB issued ASC 606 as guidance on the recognition of revenue from contracts with customers in May 2014 with amendments in 2015 and 2016. Revenue recognition will depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The Company has not, to date, generated any revenues. |
Equity Method Investment | Equity Method Investment On August 29, 2019, the Company entered into a Material Definitive Agreement related to the formation of OPM Green Energy, LLC (OPMGE). The Company contributed a limited license to use its proprietary and patented GTL technology for no actual cost basis in exchange for 42.86% (300 of 700 currently owned member units) revenue interest in OPMGE, expected to be later reduced to a 30% interest upon the completion of certain expected third-party investments for the remining 300 of 1,000 member units available. The Company evaluated its interest in OPMGE and determined that the Company does not control OPMGE. The Company accounts for its interest in OPMGE via the equity method of accounting. At March 31, 2021, there was no change in the investment cost of $0. At March 31, 2021, OPMGE had no material business activity as of such date. As described in Note 9, the Company maintains a Related Party receivable with OPMGE for $412,885 related to our advancing capital for certain of OPMGE’s capital expenditures that the Company believes are in their best interests. Due to the uncertainty of the collectability of the OPMGE receivable, the Company has fully reserved the full amount of this equity method receivable with OPMGE as of March 31, 2021. |
Use of Estimates | Use of Estimates The preparation of condensed unaudited consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“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 the condensed unaudited consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include allowance for collectible receivables, derivative liability valuations and deferred tax valuation allowances. Actual results could differ from such estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three-months or less to be cash equivalents. There were no cash equivalents at March 31, 2021 or December 31, 2020, respectively. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with FASB ASC 740, “Income Taxes,” which requires that the Company recognize deferred tax liabilities and assets based on the differences between the financial statement carrying amounts and the tax bases of assets and liabilities, using enacted tax rates in effect in the years the differences are expected to reverse. Deferred income tax benefit (expense) results from the change in net deferred tax assets or deferred tax liabilities. A valuation allowance is recorded when it is more likely than not that some or all deferred tax assets will not be realized. The Company has adopted the provisions of FASB ASC 740-10-05 Accounting for Uncertainty in Income Taxes. The ASC clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The ASC prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The ASC provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Open tax years, subject to IRS examination include 2016 – 2020, with no corporate tax returns filed for the years ending 2016 to 2020. |
Net Loss Per Share, Basic and Diluted | Net Loss Per Share, basic and diluted Basic loss per share has been computed by dividing net loss available to common shareholders by the weighted average number of common shares issued and outstanding for the period. For the three months ended March 31, 2021, shares issuable upon the exercise of warrants (3,000,000), shares convertible for debt (2,083,333) and shares outstanding but not yet issued (923,630) have been excluded as a common stock equivalent in the diluted loss per share because their effect would be anti-dilutive. For the three months ended March 30, 2020, shares issuable upon the exercise of warrants (8,000,000), shares convertible for debt (2,083,333) and shares outstanding but not yet issued (1,204,711) have been excluded as a common stock equivalent in the diluted loss per share because their effect would be anti-dilutive. |
Derivative Instruments | Derivative Instruments The Company accounts for derivative instruments in accordance with Accounting Standards Codification 815, Derivatives and Hedging (“ASC 815”), If certain conditions are met, a derivative may be specifically designated as a hedge, the objective of which is to match the timing of gain or loss recognition on the hedging derivative with the recognition of (i) the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk or (ii) the earnings effect of the hedged forecasted transaction. For a derivative not designated as a hedging instrument, the gain or loss is recognized in income in the period of change. The Company did not have any derivative liabilities as of March 31, 2021. During the year ended December 31, 2020, the Company entered into two convertible notes creating derivative liabilities which were converted into shares and settled during the year. See Note 6 – Notes Payable and Convertible Notes Payable. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Effective January 1, 2008, fair value measurements are determined by the Company’s adoption of authoritative guidance issued by the FASB, with the exception of the application of the statement to non-recurring, non-financial assets and liabilities, as permitted. Fair value is defined in the authoritative guidance as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy was established, which prioritizes the inputs used in measuring fair value into three levels as follows: Level 1 – Valuation based on unadjusted quoted market prices in active markets for identical assets or liabilities. Level 2 – Valuation based on, observable inputs (other than level one prices), quoted market prices for similar assets such as at the measurement date; quoted prices in the market that are not active; or other inputs that are observable, either directly or indirectly. Level 3 – Valuation based on unobservable inputs that are supported by little or no market activity, therefore requiring management’s best estimate of what market participants would use as fair value. The following table represents the Company’s assets and liabilities by level measured at fair value on a recurring basis at March 31, 2021 and December 31, 2020: Description Level 1 Level 2 Level 3 March 31, 2021 Derivative Liabilities $ - $ - $ - December 31, 2020 Derivative Liabilities $ - $ - $ - The following assets and liabilities are measured on the balance sheets at fair value on a recurring basis utilizing significant unobservable inputs or Level 3 assumptions in their valuation. The following tables provide a reconciliation of the beginning and ending balances of the liabilities: All gains and losses on assets and liabilities measured at fair value on a recurring basis and classified as Level 3 within the fair value hierarchy are recognized in other interest income and expense in the accompanying condensed unaudited consolidated financial statements. As of and for the three months ended March 31, 2021, the Company did not have a derivative or derivative activity. The change in the convertible notes payable derivative liabilities at fair value for the year ended December 31, 2020, is as follows: FairValue Change New (Gain)/loss Fair Value January 1,2020 in FairValue Convertible on Settlement Conversions December 31,2020 Derivative Liabilities $ - $ (62,645 ) $ 204,978 $ (50,336 ) $ (91,997 ) $ - |
Stock Based Compensation | Stock Based Compensation The Company follows Accounting Standards Codification subtopic 718-10, Compensation |
Concentration and Credit Risk | Concentration and Credit Risk Financial instruments and related items, which potentially subject the Company to concentrations of credit risk consist primarily of cash. The Company places its cash with high credit quality institutions. At times, such deposits may be in excess of the FDIC insurance limit of $250,000. The Company did not have cash on deposit in excess of such limit on March 31, 2021 and December 31, 2020. |
Research and Development | Research and Development The Company accounts for research and development costs in accordance with Accounting Standards Codification subtopic 730-10, Research and Development |
Issuance of Common Stock | Issuance of Common Stock The issuance of common stock for other than cash is recorded by the Company at market values based on the closing price of the stock on the date of any such grant. |
Impact of New Accounting Standards | Impact of New Accounting Standards Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying condensed unaudited consolidated financial statements. |
Basis of Presentation and Goi_2
Basis of Presentation and Going Concern Uncertainties (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Subsidiaries | The accompanying condensed unaudited consolidated financial statements include the accounts of the following entities: Name of Entity % Entity Incorporation Relationship Greenway Technologies, Inc. Corporation Texas Parent Universal Media Corporation 100 % Corporation Wyoming Subsidiary Greenway Innovative Energy, Inc. 100 % Corporation Nevada Subsidiary Logistix Technology Systems, Inc. 100 % Corporation Texas Subsidiary |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Company's Assets and Liabilities by Level Measured at Fair Value on a Recurring Basis | The following table represents the Company’s assets and liabilities by level measured at fair value on a recurring basis at March 31, 2021 and December 31, 2020: Description Level 1 Level 2 Level 3 March 31, 2021 Derivative Liabilities $ - $ - $ - December 31, 2020 Derivative Liabilities $ - $ - $ - |
Schedule of Change in Notes Payable at Fair Value | The change in the convertible notes payable derivative liabilities at fair value for the year ended December 31, 2020, is as follows: FairValue Change New (Gain)/loss Fair Value January 1,2020 in FairValue Convertible on Settlement Conversions December 31,2020 Derivative Liabilities $ - $ (62,645 ) $ 204,978 $ (50,336 ) $ (91,997 ) $ - |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Range of Lives March 31, 2021 December 31, 2020 Equipment 5 $ 2,032 $ 2,032 Furniture and fixtures 5 1,983 1,983 4,015 4,015 Less accumulated depreciation (4,015 ) (4,015 ) $ 0 $ 0 |
Convertible Notes Payable and_2
Convertible Notes Payable and Notes Payable Related Parties (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable | Convertible notes payable, including notes payable to related parties consisted of the following at March 31, 2021 and December 31, 2020 respectively: March 31, 2021 December 31, 2020 Secured notes payable with related parties at 18% per annum related to the Mabert LLC as Agent Loan Agreement originally dated September 14, 2018 for up to $5,000,000 (as amended), shown net of debt discount of $11,625 and $13,153 (1) $ 2,556,067 $ 2,411,605 Total notes payable related parties $ 2,556,067 $ 2,411,605 Unsecured convertible note payable at 4.5% per annum dated December 20, 2017 to a corporation, payable in two parts on January 8, 2018 and 2019 (2) 166,667 166,667 Promissory Note 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 August 15, 2022 (3) 525,000 525,000 Settlement agreement to pay $5,000 per month for 60 monthly installments beginning March 2019. (4) 185,000 195,000 Total notes payable and convertible notes payable $ 876,667 $ 886,667 (1) On September 14, 2018, the Company entered into a loan agreement with a private company, Mabert LLC, acting as Agent for various private lenders (the “Loan Agreement”) for the purpose of funding working capital and general corporate expenses up to $1,500,000, subsequently amended to a maximum of $5,000,000. Mabert LLC is a Texas limited liability company, owned by Director and stockholder, Kevin Jones, and his late wife Christine Early (for each and all references herein forward, “Mabert”). Under the Loan Agreement, Mabert has loaned gross loan proceeds of $2,567,692 (excluding a debt discount of $11,625, for a net $2,556,067 book debt) through March 31, 2021. Mr. Jones, and his late wife have loaned $1,894,259 from inception through March 31, 2021, including $142,934 in the current period ended March 31, 2021. The loan is fully secured, Mabert having filed a UCC-1 with the State of Texas. For each Promissory Note loan made under the Loan Agreement, as a cost to each note, the Company agreed to issue warrants and/or stock for Common Stock valued at $0.01 per share on an initial one-time basis at 3.67:1 and subsequently on a 2:1 basis for each dollar borrowed. Pursuant to ACS 470, the fair value attributable to a discount on the debt is $11,625 for the three months ended March 31, 2021; this amount is amortized to interest expense on a straight-line basis over the terms of the loans. On March 31, 2020, the Company executed a Promissory Note under the Loan Agreement with Kevin Jones, a Director and shareholder for $101,823, at 18% interest per annum. As a cost of the note, the Company agreed to issue 203,646 shares of its Common Stock at a market price of $0.06 per share for a total debt discount of $10,901, subject to standard Rule 144 restrictions. On July 1, 2020, the Company executed a Promissory Note under the Loan Agreement with Kevin Jones, a Director and shareholder for $128,093, at 18% interest per annum. As a cost of the note, the Company agreed to issue 256,186 shares of its Common Stock at a market price of $0.04 per share for a total debt discount of $9,488, subject to standard Rule 144 restrictions. On July 1, 2020, the Company executed a Promissory Note under the Loan Agreement with Ransom Jones, a Director and shareholder for $25,000, at 10% interest per annum. As a cost of the note, the Company agreed to issue 50,000 shares of its Common Stock at a market price of $0.04 per share for a total debt discount of $1,852, subject to standard Rule 144 restrictions. On July 1, 2020, the Company executed a Promissory Note under the Loan Agreement with Kent Harer, a Director and shareholder for $25,000, at 10% interest per annum. As a cost of the note, the Company agreed to issue 50,000 shares of its Common Stock at a market price of $0.04 per share for a total debt discount of $1,852, subject to standard Rule 144 restrictions. On October 1, 2020, the Company executed a Promissory Note under the Loan Agreement with Kevin Jones, a Director and shareholder for $95,352, at 18% interest per annum. As a cost of the note, the Company agreed to issue 190,704 shares of its Common Stock at a market price of $0.02 per share for a total debt discount of $2,795, subject to standard Rule 144 restrictions. On August 28, 2020, the Company executed a Promissory Note under the Loan Agreement with Michael Wykrent, a Director and shareholder for $10,000, at 18% interest per annum. As a cost of the note, the Company agreed to issue 20,000 shares of its Common Stock at a market price of $0.02 per share for a total debt discount of $293, subject to standard Rule 144 restrictions On October 1, 2020, the Company executed a Promissory Note under the Loan Agreement with Ransom Jones, a Director and shareholder for $3,433, at 10% interest per annum. As a cost of the note, the Company agreed to issue 6,867 shares of its Common Stock at a market price of $0.02 per share for a total debt discount of $101, subject to standard Rule 144 restrictions. On October 1, 2020, the Company executed a Promissory Note under the Loan Agreement with Kent Harer, a Director and shareholder for $5,000, at 10% interest per annum. As a cost of the note, the Company agreed to issue 10,000 shares of its Common Stock at a market price of $0.02 per share for a total debt discount of $147, subject to standard Rule 144 restrictions. On January 1, 2021, the Company executed a Promissory Note under the Loan Agreement with Kevin Jones, a Director and shareholder for $142,934, at 18% interest per annum. As a cost of the note, the Company agreed to issue 285,868 shares of its Common Stock at a market price of $0.03 per share for a total debt discount of $8,014, subject to standard Rule 144 restrictions. The 285,868 shares of common stock are reported in common stock to be issued as of March 31, 2021, as they were not yet issued by the Company. Each of the individual Promissory Notes have one-year terms, automatically renewable, unless an individual lender under the Loan Agreement notifies the agent within 60 days of the term that they would like payment of the principal and accrued interest upon the end of such promissory note term. No lenders requested payment for such individual promissory notes through the period ended March 2021. (2) 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. See Note 6 – Notes Payable and Convertible Notes Payable. (3) On September 26, 2019, the Company entered into a Settlement Agreement with Southwest Capital Funding Ltd. (“ Southwest See Note 6 – Notes Payable and Convertible Notes Payable. (4) On March 6, 2019, the Company entered into Settlement Agreement with Wildcat Consulting Group LLC (“Wildcat”), as settlement of a consulting agreement lawsuit the Company agreed to pay Wildcat a total of $300,000, payable in sixty monthly installments of $5,000 per month beginning March 2019 and continuing each month until the settlement is paid in full. |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted entirely of accrued consulting fees. The consulting work involved fundraising and capital raising activities with potential investors for the Company, as well as consulting work related to chemical engineering and plant operations. March 31, 2021 December 31, 2020 Accrued consulting fees and expense 943,911 860,368 Total accrued expenses $ 943,911 $ 860,368 |
Organization (Details Narrative
Organization (Details Narrative) - Greenway Innovative Energy, Inc. [Member] | Aug. 31, 2012 |
Ownership percentage | 100.00% |
Number of barrels description | In addition, the Company anticipates that OPMGE's operations will demonstrate that the G-Reformer is a commercially viable technology for producing syngas and marketable fuel products. As the first operating GTL plant to use Greenway's proprietary reforming technology and equipment, the Wharton joint venture facility is initially expected to yield a minimum of 75 - 100 barrels per day of gasoline and diesel fuels from converted natural gas. To date, the Company has not raised sufficient funding to achieve the aforementioned objectives, but continues to work toward that end. |
Basis of Presentation and Goi_3
Basis of Presentation and Going Concern Uncertainties (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Accumulated deficit | $ (33,486,407) | $ (33,021,801) | |
Net loss | (464,606) | $ (562,749) | |
Cash used for operating activities | $ (149,362) | $ (262,572) |
Basis of Presentation and Goi_4
Basis of Presentation and Going Concern Uncertainties - Schedule of Subsidiaries (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Greenway Technologies, Inc. [Member] | |
Ownership percentage | |
State of incorporation | Texas |
Relationship | Parent |
Universal Media Corporation [Member] | |
Ownership percentage | 100.00% |
State of incorporation | Wyoming |
Relationship | Subsidiary |
Greenway Innovative Energy, Inc. [Member] | |
Ownership percentage | 100.00% |
State of incorporation | Nevada |
Relationship | Subsidiary |
Logistix Technology Systems, Inc. [Member] | |
Ownership percentage | 100.00% |
State of incorporation | Texas |
Relationship | Subsidiary |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | Aug. 29, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Cash equivalents | ||||
FDIC insurance amount | 250,000 | |||
Deposit asset | ||||
Research and development expenses | $ 30,000 | |||
Warrant [Member] | ||||
Antidilutive securities | 3,000,000 | 8,000,000 | ||
Shares Convertible for Debt [Member] | ||||
Antidilutive securities | 2,083,333 | 2,083,333 | ||
Shares Outstanding But Not Yet Issued [Member] | ||||
Antidilutive securities | 923,630 | 1,204,711 | ||
OPM Green Energy LLC [Member] | Material Definitive Agreement [Member] | ||||
Equity method investment, ownership percentage | 42.86% | |||
Equity investment description | The Company contributed a limited license to use its proprietary and patented GTL technology for no actual cost basis in exchange for 42.86% (300 of 700 currently owned member units) revenue interest in OPMGE, expected to be later reduced to a 30% interest upon the completion of certain expected third-party investments for the remining 300 of 1,000 member units available. The Company evaluated its interest in OPMGE and determined that the Company does not control OPMGE. The Company accounts for its interest in OPMGE via the equity method of accounting. At March 31, 2021, there was no change in the investment cost of $0. | |||
Equity investment cost | $ 0 | |||
Equity investment related Party receivable | $ 412,885 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Company's Assets and Liabilities by Level Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair value derivative liabilities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair value derivative liabilities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair value derivative liabilities |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Change in Notes Payable at Fair Value (Details) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Accounting Policies [Abstract] | |
Derivative liabilities, beginning balance | |
Change in Fair Value | (62,645) |
New Convertible Notes | 204,978 |
Gain/(loss) on Settlement | (50,336) |
Conversions | (91,997) |
Derivative liabilities, ending balance |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 0 | $ 0 |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Property and equipment, gross | $ 4,015 | $ 4,015 |
Less: accumulated depreciation | (4,015) | (4,015) |
Property and equipment, net | ||
Equipment [Member] | ||
Property and equipment useful lives | 5 years | 5 years |
Property and equipment, gross | $ 2,032 | $ 2,032 |
Furniture and Fixtures [Member] | ||
Property and equipment useful lives | 5 years | 5 years |
Property and equipment, gross | $ 1,983 | $ 1,983 |
Convertible Notes Payable and_3
Convertible Notes Payable and Notes Payable Related Parties - Schedule of Notes Payable (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | |
Total notes payable related parties | $ 2,556,067 | $ 2,411,605 | |
Total notes payable and convertible notes payable | 876,667 | 886,667 | |
Settlement Agreement [Member] | |||
Total notes payable related parties | [1] | 185,000 | 195,000 |
Secured Notes Payable [Member] | |||
Total notes payable related parties | [2] | 2,556,067 | 2,411,605 |
Unsecured Convertible Note Payable [Member] | |||
Total notes payable related parties | [3] | 166,667 | 166,667 |
Promissory Notes Payable [Member] | |||
Total notes payable related parties | [4] | $ 525,000 | $ 525,000 |
[1] | On March 6, 2019, the Company entered into Settlement Agreement with Wildcat Consulting Group LLC ("Wildcat"), as settlement of a consulting agreement lawsuit the Company agreed to pay Wildcat a total of $300,000, payable in sixty monthly installments of $5,000 per month beginning March 2019 and continuing each month until the settlement is paid in full. | ||
[2] | On September 14, 2018, the Company entered into a loan agreement with a private company, Mabert LLC, acting as Agent for various private lenders (the "Loan Agreement") for the purpose of funding working capital and general corporate expenses up to $1,500,000, subsequently amended to a maximum of $5,000,000. Mabert LLC is a Texas limited liability company, owned by Director and stockholder, Kevin Jones, and his late wife Christine Early (for each and all references herein forward, "Mabert"). Under the Loan Agreement, Mabert has loaned gross loan proceeds of $2,567,692 (excluding a debt discount of $11,625, for a net $2,556,067 book debt) through March 31, 2021. Mr. Jones, and his late wife have loaned $1,894,259 from inception through March 31, 2021, including $142,934 in the current period ended March 31, 2021. The loan is fully secured, Mabert having filed a UCC-1 with the State of Texas. For each Promissory Note loan made under the Loan Agreement, as a cost to each note, the Company agreed to issue warrants and/or stock for Common Stock valued at $0.01 per share on an initial one-time basis at 3.67:1 and subsequently on a 2:1 basis for each dollar borrowed. Pursuant to ACS 470, the fair value attributable to a discount on the debt is $11,625 for the three months ended March 31, 2021 and 2020; this amount is amortized to interest expense on a straight-line basis over the terms of the loans. On March 31, 2020, the Company executed a Promissory Note under the Loan Agreement with Kevin Jones, a Director and shareholder for $101,823, at 18% interest per annum. As a cost of the note, the Company agreed to issue 203,646 shares of its Common Stock at a market price of $0.06 per share for a total debt discount of $10,901, subject to standard Rule 144 restrictions. On July 1, 2020, the Company executed a Promissory Note under the Loan Agreement with Kevin Jones, a Director and shareholder for $128,093, at 18% interest per annum. As a cost of the note, the Company agreed to issue 256,186 shares of its Common Stock at a market price of $0.04 per share for a total debt discount of $9,488, subject to standard Rule 144 restrictions.On July 1, 2020, the Company executed a Promissory Note under the Loan Agreement with Ransom Jones, a Director and shareholder for $25,000, at 10% interest per annum. As a cost of the note, the Company agreed to issue 50,000 shares of its Common Stock at a market price of $0.04 per share for a total debt discount of $1,852, subject to standard Rule 144 restrictions. On July 1, 2020, the Company executed a Promissory Note under the Loan Agreement with Kent Harer, a Director and shareholder for $25,000, at 10% interest per annum. As a cost of the note, the Company agreed to issue 50,000 shares of its Common Stock at a market price of $0.04 per share for a total debt discount of $1,852, subject to standard Rule 144 restrictions.On October 1, 2020, the Company executed a Promissory Note under the Loan Agreement with Kevin Jones, a Director and shareholder for $95,352, at 18% interest per annum. As a cost of the note, the Company agreed to issue 190,704 shares of its Common Stock at a market price of $0.02 per share for a total debt discount of $2,795, subject to standard Rule 144 restrictions. On August 28, 2020, the Company executed a Promissory Note under the Loan Agreement with Michael Wykrent, a Director and shareholder for $10,000, at 18% interest per annum. As a cost of the note, the Company agreed to issue 20,000 shares of its Common Stock at a market price of $0.02 per share for a total debt discount of $293, subject to standard Rule 144 restrictions On October 1, 2020, the Company executed a Promissory Note under the Loan Agreement with Ransom Jones, a Director and shareholder for $3,433, at 10% interest per annum. As a cost of the note, the Company agreed to issue 6,867 shares of its Common Stock at a market price of $0.02 per share for a total debt discount of $101, subject to standard Rule 144 restrictions. On October 1, 2020, the Company executed a Promissory Note under the Loan Agreement with Kent Harer, a Director and shareholder for $5,000, at 10% interest per annum. As a cost of the note, the Company agreed to issue 10,000 shares of its Common Stock at a market price of $0.02 per share for a total debt discount of $147, subject to standard Rule 144 restrictions. On January 1, 2021, the Company executed a Promissory Note under the Loan Agreement with Kevin Jones, a Director and shareholder for $142,934, at 18% interest per annum. As a cost of the note, the Company agreed to issue 285,868 shares of its Common Stock at a market price of $0.03 per share for a total debt discount of $8,014, subject to standard Rule 144 restrictions. The 285,868 shares of common stock are reported in common stock to be issued as of March 31, 2021, as they were not yet issued by the Company. Each of the individual Promissory Notes have one-year terms, automatically renewable, unless an individual lender under the Loan Agreement notifies the agent within 60 days of the term that they would like payment of the principal and accrued interest upon the end of such promissory note term. No lenders requested payment for such individual promissory notes through the period ended March 2021. | ||
[3] | 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. See Note 6 - Notes Payable and Convertible Notes Payable. | ||
[4] | On September 26, 2019, the Company entered into a Settlement Agreement with Southwest Capital Funding Ltd. ("Southwest"),as part of the consideration for an agreed stipulated judgement, we agreed to provide Southwest a Promissory Note in the amount of $525,000, providing for a three-year term, at 7.7% simple interest only, payable semi-annually, with interest due calculated on a 365-day year, default interest at 18%, with the principal amount due at maturity. Since the note was issued, two semiannual payments of interest have been paid. The Company is in default of its semiannual interest payment due on February 15, 2021, and thus has classified the note as a current liability. See Note 6 - Notes Payable and Convertible Notes Payable. |
Convertible Notes Payable and_4
Convertible Notes Payable and Notes Payable Related Parties - Schedule of Notes Payable (Details) (Parenthetical) - USD ($) | Oct. 02, 2020 | Aug. 28, 2020 | Jul. 02, 2020 | Mar. 31, 2020 | Sep. 26, 2019 | Mar. 06, 2019 | Dec. 20, 2018 | Sep. 14, 2018 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Mar. 31, 2021 | Jan. 02, 2021 |
Debt discount | $ 11,625 | $ 13,153 | $ 11,625 | ||||||||||
Debt maturity date | Dec. 20, 2019 | ||||||||||||
Amortization of debt discount | $ 9,542 | $ 66,774 | |||||||||||
Debt instrument interest rate increase description | 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. | ||||||||||||
Common Stock [Member] | |||||||||||||
Number of shares issued during period | 1,200,000 | 600,000 | |||||||||||
Mabert LLC [Member] | |||||||||||||
Working capital and general corporate expenses | $ 1,500,000 | ||||||||||||
Warrants exercise price per share | $ 0.01 | ||||||||||||
Warrants exercise price description | For each Promissory Note loan made under the Loan Agreement, as a cost to each note, the Company agreed to issue warrants and/or stock for Common Stock valued at $0.01 per share on an initial one-time basis at 3.67:1 and subsequently on a 2:1 basis for each dollar borrowed. | ||||||||||||
Amortization of debt discount | $ 11,625 | ||||||||||||
Mr Jones and His Wife [Member] | |||||||||||||
Due to related party | $ 142,934 | 1,894,259 | |||||||||||
Director and Shareholder [Member] | |||||||||||||
Debt, interest rate | 18.00% | 18.00% | |||||||||||
Debt instrument face amount | $ 101,833 | $ 101,833 | |||||||||||
Director and Shareholder [Member] | Common Stock [Member] | |||||||||||||
Debt discount | $ 10,901 | $ 10,901 | |||||||||||
Number of shares issued during period | 203,646 | ||||||||||||
Shares issued price per share | $ 0.06 | $ 0.06 | |||||||||||
Kevin Jones [Member] | Common Stock [Member] | |||||||||||||
Debt, interest rate | 18.00% | ||||||||||||
Debt discount | $ 9,488 | ||||||||||||
Debt instrument face amount | $ 128,093 | ||||||||||||
Number of shares issued during period | 256,186 | ||||||||||||
Shares issued price per share | $ 0.04 | ||||||||||||
Ransom Jones [Member] | Common Stock [Member] | |||||||||||||
Debt, interest rate | 10.00% | 10.00% | |||||||||||
Debt discount | $ 101 | $ 1,852 | |||||||||||
Debt instrument face amount | $ 3,433 | $ 25,000 | |||||||||||
Number of shares issued during period | 6,867 | 50,000 | 285,868 | ||||||||||
Shares issued price per share | $ 0.02 | $ 0.04 | |||||||||||
Kent Harer [Member] | Common Stock [Member] | |||||||||||||
Debt, interest rate | 10.00% | 10.00% | 18.00% | ||||||||||
Debt discount | $ 147 | $ 1,852 | $ 8,014 | ||||||||||
Debt instrument face amount | $ 5,000 | $ 25,000 | $ 142,934 | ||||||||||
Number of shares issued during period | 10,000 | 50,000 | |||||||||||
Shares issued price per share | $ 0.02 | $ 0.04 | $ 0.03 | ||||||||||
Kevin Jones A Director and Shareholder [Member] | Common Stock [Member] | |||||||||||||
Debt, interest rate | 18.00% | 18.00% | |||||||||||
Debt discount | $ 2,795 | $ 293 | |||||||||||
Debt instrument face amount | $ 95,352 | $ 10,000 | |||||||||||
Number of shares issued during period | 190,704 | 20,000 | |||||||||||
Shares issued price per share | $ 0.02 | $ 0.02 | |||||||||||
Settlement Agreement [Member] | |||||||||||||
Debt instrument periodic payment | $ 5,000 | $ 5,000 | |||||||||||
Debt instrument, frequency of periodic payment | 60 monthly | 60 monthly | |||||||||||
Settlement Agreement [Member] | Southwest Capital Funding Ltd [Member] | |||||||||||||
Debt, interest rate | 7.70% | ||||||||||||
Debt discount | $ 525,000 | ||||||||||||
Debt, default interest rate | 18.00% | ||||||||||||
Debt term | 3 years | ||||||||||||
Settlement Agreement [Member] | Wildcat Consulting Group LLC [Member] | |||||||||||||
Debt instrument periodic payment | $ 5,000 | ||||||||||||
Loss contingency, alleged foreclosed amount | $ 300,000 | ||||||||||||
Amended Loan Agreement [Member] | |||||||||||||
Working capital and general corporate expenses | $ 5,000,000 | ||||||||||||
Amended Loan Agreement [Member] | Mabert LLC [Member] | |||||||||||||
Working capital and general corporate expenses | $ 5,000,000 | ||||||||||||
Mabert LLC Loan Agreement [Member] | Mabert LLC [Member] | |||||||||||||
Debt discount | $ 11,625 | 11,625 | |||||||||||
Due to related party | 2,567,692 | ||||||||||||
Debt instrument face amount | $ 2,556,067 | $ 2,556,067 | |||||||||||
Secured Notes Payable [Member] | |||||||||||||
Debt, interest rate | 18.00% | 18.00% | 18.00% | ||||||||||
Debt issuance date | Sep. 14, 2018 | Sep. 14, 2018 | |||||||||||
Secured notes payable | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | ||||||||||
Debt discount | $ 11,625 | $ 13,153 | $ 11,625 | ||||||||||
Unsecured Convertible Note Payable [Member] | |||||||||||||
Debt, interest rate | 4.50% | 4.50% | 4.50% | ||||||||||
Debt issuance date | Dec. 20, 2017 | Dec. 20, 2017 | |||||||||||
Debt maturity date | Jan. 8, 2018 | Jan. 8, 2018 | |||||||||||
Promissory Notes Payable [Member] | |||||||||||||
Debt, interest rate | 7.70% | 7.70% | 7.70% | ||||||||||
Debt maturity date | Aug. 15, 2022 | Aug. 15, 2022 |
Notes Payable and Convertible_2
Notes Payable and Convertible Notes Payable (Details Narrative) - USD ($) | Dec. 20, 2019 | Sep. 26, 2019 | Sep. 26, 2019 | Jul. 25, 2019 | Dec. 20, 2018 | Mar. 31, 2021 |
Debt instrument maturity date | Dec. 20, 2019 | |||||
Southwest Capital Funding Ltd [Member] | Settlement Agreement [Member] | ||||||
Debt stated interest rate | 7.70% | 7.70% | ||||
Debt default interest percentage | 18.00% | 18.00% | ||||
Debt term | 3 years | |||||
Southwest Capital Funding Ltd [Member] | Settlement Agreement [Member] | Restricted Stock [Member] | ||||||
Number of shares issued, shares | 1,000,000 | |||||
Share price per share | $ 0.05 | |||||
Convertible Promissory Note [Member] | ||||||
Debt instrument monthly payment | $ 80,000 | $ 86,667 | ||||
Debt payment terms | Per the terms of the promissory note, the holder has the right to convert the note into common stock of the Company at a conversion price of $0.08 per share for each one dollar of cash payment which may be due (which would be 1,083,333 shares for the first $86,667 payment and 1,000,000 shares for the second $80,000 installment payment, respectively). | |||||
Debt conversion price | $ 0.08 | |||||
Debt conversion, shares issued | 1,000,000 | 1,083,333 | 2,083,325 | |||
Debt conversion, value | $ 80,000 | $ 86,667 | ||||
Debt instrument related to beneficial conversion feature | $ 27,083 | |||||
Market price | $ 0.093 | |||||
Debt conversion description | The discount related to the beneficial conversion feature on the note was valued at $27,083 based on the $0.013 difference between the market price of $0.093 and the conversion price of $0.08 times the 2,083,325 conversion shares. | |||||
Convertible Promissory Note [Member] | Trust [Member] | ||||||
Debt conversion, shares issued | 3,906,610 | |||||
Debt conversion, value | $ 183,220 | |||||
Convertible Promissory Note [Member] | Tunstall Canyon Group, LLC [Member] | ||||||
Debt instrument face amount | $ 166,667 | |||||
Debt stated interest rate | 4.50% | |||||
Settlement Agreement [Member] | Southwest Capital Funding Ltd [Member] | ||||||
Debt instrument face amount | $ 525,000 | $ 525,000 | ||||
Debt stated interest rate | 7.70% | 7.70% | ||||
Debt default interest percentage | 18.00% | 18.00% | ||||
Debt term | 3 years | |||||
Debt instrument maturity date | Aug. 15, 2022 | |||||
Debt instrument interest payment, description | The Company is in default of its semiannual interest payment due on February 15, 2021, and thus has classified the note as a current liability. |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued consulting fees and expenses | $ 943,911 | $ 860,368 |
Total accrued expenses | $ 943,911 | $ 860,368 |
Capital Structure (Details Narr
Capital Structure (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 30, 2019 | |
Common stock, par value | $ 0.0001 | $ 0.0001 | |||
Common stock, shares authorized | 500,000,000 | 500,000,000 | |||
Common stock, shares outstanding | 336,468,075 | 335,268,075 | |||
Shares to be issued for consulting fees | $ 3,000 | ||||
Common stock, shares issued | 335,268,075 | ||||
Warrant [Member] | |||||
Warrants outstanding | 3,000,000 | 7,000,000 | |||
Number of warrants expired | 4,000,000 | ||||
Restricted Common Stock [Member] | |||||
Stock issued during period, restricted stock, shares | 13,824,607 | ||||
Restricted Common A Stock [Member] | |||||
Shares issued price per share | $ 0.047 | ||||
Number of loan conversion shares | 3,906,610 | ||||
Convertible Warrant [Member] | |||||
Shares issued price per share | $ 0.01 | ||||
Number of loan conversion shares | 857,737 | ||||
Promissory Notes [Member] | |||||
Shares issued price per share | $ 0.085 | ||||
Number of loan conversion shares | 1,460,260 | ||||
Kevin Jones [Member] | |||||
Shares to be issued for consulting fees, shares | 100,000 | ||||
Shares to be issued for consulting fees | $ 3,000 | ||||
Kevin Jones [Member] | Promissory Notes [Member] | |||||
Number of shares to be issued | 823,630 | ||||
Dean Goekel [Member] | Warrant [Member] | |||||
Number of warrants issued | 1,000,000 | ||||
Dean Goekel [Member] | Warrant [Member] | June 2022 [Member] | |||||
Warrants exercise price | $ 0.03 | ||||
Dean Goekel [Member] | Warrant [Member] | June 2021 [Member] | |||||
Warrants outstanding | 3,000,000 | ||||
Warrants exercise price | $ 0.03 | ||||
Accredited Investor [Member] | |||||
Stock issued during period, restricted stock, shares | 600,000 | ||||
Shares issued price per share | $ 0.10 | ||||
Private Placement [Member] | Accredited Investor [Member] | |||||
Stock issued during period, restricted stock, shares | 1,200,000 | ||||
Shares issued price per share | $ 0.03 | ||||
Stock issued during period, restricted stock | $ 36,000 | ||||
Class A Common Stock [Member] | |||||
Common stock, par value | $ 0.0001 | $ 0.0001 | |||
Common stock, shares authorized | 500,000,000 | 300,000,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Sep. 14, 2018 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Notes payable | $ 876,667 | $ 886,667 | ||
Amortization of debt discount | 9,542 | $ 66,774 | ||
Kevin Jones [Member] | ||||
Proceeds from related party | 122,064 | |||
Repayment of related party debt | 1,019 | |||
Advance to related party | 101,823 | |||
Kent Harer [Member] | ||||
Proceeds from related party | 5,000 | 25,000 | ||
Michael Wykrent [Member] | ||||
Proceeds from related party | 5,000 | |||
Ransom Jones and Kent Harer [Member] | ||||
Proceeds from related party | 50,000 | |||
Ransom Jones [Member] | ||||
Proceeds from related party | 25,000 | |||
Amended Loan Agreement [Member] | ||||
Working capital and general corporate expenses | $ 5,000,000 | |||
Loan Agreement [Member] | ||||
Notes payable | 2,567,692 | |||
Amortization of debt discount | 11,625 | |||
Mabert LLC [Member] | ||||
Working capital and general corporate expenses | 1,500,000 | |||
Amortization of debt discount | 11,625 | |||
Mabert LLC [Member] | Amended Loan Agreement [Member] | ||||
Working capital and general corporate expenses | $ 5,000,000 | |||
Eight Shareholders Including Mr.Jones [Member] | ||||
Accured interest | 675,980 | |||
Kevin Jones, His Late wife, His Company And Six Other Shareholders [Member] | ||||
Notes payable | 1,894,259 | |||
Two Current Executives, Two Former Executive and One Current Employee [Member] | ||||
Deferred compensation expenses | 1,870,255 | |||
OPM Green Energy LLC [Member] | ||||
Advance to related party | $ 412,885 | $ 412,847 | ||
Related party transaction, description | As reported previously, the Company owns a non-consolidating 42.86% interest in the OPMGE GTL plant located in Wharton, Texas. In the event of default, the Company holds a second lien against the assets of OPMGE. |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) | Oct. 19, 2019USD ($) | Apr. 01, 2019USD ($)$ / sharesshares | May 10, 2018USD ($)$ / sharesshares | Feb. 06, 2018USD ($)shares | Feb. 29, 2020USD ($)$ / shares | Sep. 30, 2014USD ($) | Aug. 31, 2012USD ($)Integershares | Mar. 31, 2021USD ($)ft²$ / shares | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($)$ / shares |
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | ||||||||
Accrued management fees | $ 1,301,964 | $ 1,301,964 | ||||||||
Unpaid fees | $ 90,378 | |||||||||
Original 2012 Acquisition Agreement [Member] | Greer Family Trust [Member] | ||||||||||
Number of common stock for acquisition | shares | 3,750,000 | |||||||||
Office Space [Member] | ||||||||||
Percentage of royalty on gross production sales | 10.00% | |||||||||
Area of square feet | ft² | 600 | |||||||||
Base rate per month | $ 949 | |||||||||
Annual maintenance fees | 11,880 | |||||||||
Employment Agreement [Member] | Greenway Innovative Energy Inc. [Member] | Greer Family Trust [Member] | ||||||||||
Number of restricted common stock | shares | 3,000,000 | |||||||||
Employment Agreement [Member] | Ray Wright [Member] | ||||||||||
Compensation cost | $ 180,000 | $ 90,000 | 45,000 | |||||||
Employment Agreement [Member] | John Olynick [Member] | ||||||||||
Accrued salary | $ 120,000 | |||||||||
Number of shares, granted | shares | 250,000 | |||||||||
Common stock, par value | $ / shares | $ 0.0001 | |||||||||
Employment Agreement [Member] | John Olynick [Member] | Minimum [Member] | ||||||||||
Bonus amount | $ 35,000 | |||||||||
Employment Agreement [Member] | Ransom Jones [Member] | ||||||||||
Accrued salary | $ 120,000 | |||||||||
Number of shares, granted | shares | 250,000 | |||||||||
Common stock, par value | $ / shares | $ 0.0001 | |||||||||
Employment Agreement [Member] | Ransom Jones [Member] | Minimum [Member] | ||||||||||
Bonus amount | $ 35,000 | |||||||||
Employment Agreement [Member] | Thomas Phillips [Member] | ||||||||||
Stock issued price | $ / shares | $ 0.06 | |||||||||
Employment Agreement [Member] | Ryan Turner [Member] | ||||||||||
Compensation cost | $ 80,000 | $ 150,000 | ||||||||
Common stock, par value | $ / shares | $ 0.0001 | |||||||||
Number of restricted common stock | shares | 2,500,000 | |||||||||
Stock issued price | $ / shares | $ 0.06 | |||||||||
Acquisition Agreement [Member] | Greenway Innovative Energy Inc. [Member] | ||||||||||
Number of restricted common stock | shares | 7,500,000 | |||||||||
Number of barrels of fuel per day | Integer | 2,000 | |||||||||
Percentage of royalty on gross production sales | 2.00% | |||||||||
Settlement Agreement [Member] | Greenway Innovative Energy Inc. [Member] | Greer Family Trust [Member] | ||||||||||
Number of restricted common stock | shares | 3,750,000 | |||||||||
Percentage of royalty on gross production sales | 2.00% | |||||||||
Settlement Agreement [Member] | Promissory Notes [Member] | Greenway Innovative Energy Inc. [Member] | Greer Family Trust [Member] | ||||||||||
Debt instrument face amount | $ 150,000 | |||||||||
Separation Agreements [Member] | Richard Halden and Randy Moseley [Member] | ||||||||||
Accrued management fees | $ 1,301,964 | |||||||||
Sponsored Research Agreement [Member] | ||||||||||
Payments for capital expenditure | $ 120,000 | |||||||||
Capital expenditure, payments description | The term of the agreement is through February 15, 2022. The first payment under the SRA was made in March 2021 for $30,000. Going forward on the 15th of each month we will pay UTA $15,454.54 through February 15, 2022, for a total commitment of $200,000. |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] | May 14, 2021USD ($)$ / shares | May 14, 2021USD ($)$ / sharesshares |
Number of shares issued during period | 3,690,297 | |
Private Placement [Member] | ||
Number of restricted shares issued | 2,766,667 | |
Share price per share | $ / shares | $ 0.03 | $ 0.03 |
Kevin Jones [Member] | ||
Proceeds from related party | $ | $ 112,064 | |
Related party transaction, description | Kevin Jones, a director and greater than 5% shareholder. | |
Number of shares issued for consulting services | 100,000 | |
Payments for consulting services | $ | $ 3,000 | |
Kevin Jones [Member] | Promissory Note [Member] | ||
Number of issued for related party debt | 823,630 |