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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Greenway Technologies Inc (QB) | USOTC:GWTI | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.01184 | 0.011 | 0.0134 | 0.0134 | 0.011 | 0.0134 | 96,330 | 14:36:48 |
þ
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Texas
|
90-0893594
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
(IRS Employer
Identification No.)
|
6628 Bryant Irvin Road, Suite 250
|
|
Fort Worth, Texas
|
76132
|
(Address of principal executive offices)
|
(Zip Code)
|
Registrant's telephone number, including area code 817-346-6900
|
Large accelerated filer
|
¨
|
Accelerated filer
|
¨
|
Non-accelerated filer
|
¨
|
Smaller reporting company
|
þ
|
PAGE
|
||
PART I
|
||
Item 1.
|
Business
|
1
|
Item 1A.
|
Risk Factors
|
3
|
Item 2.
|
Properties
|
3
|
Item 3.
|
Legal Proceedings
|
3
|
|
|
|
PART II
|
||
Item 5.
|
Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
3
|
Item 6.
|
Selected Financial Data
|
4
|
Item 7.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
4
|
Item 8.
|
Financial Statements and Supplementary Data
|
F-1
|
Item 9.
|
Changes In and Disagreements with Accountants On Accounting and Financial Disclosure
|
11
|
Item 9A
|
Controls and Procedures
|
12
|
Item 9B.
|
Other Information
|
13
|
PART III
|
||
Item 10.
|
Directors, Executive Officers and Corporate Governance
|
14
|
Item 11.
|
Executive Compensation
|
16
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
17
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence
|
18
|
Item 14.
|
Principal Accountant Fees and Services
|
18
|
PART IV
|
||
Item 15.
|
Exhibits and Financial Statement Schedules
|
19
|
SIGNATURES
|
20
|
2013
|
2012
|
||||||
HIGH
|
LOW
|
HIGH
|
LOW
|
||||
First Quarter
|
$0.15
|
$0.075
|
$0.14
|
$0.14
|
|||
Second Quarter
|
0.11
|
0.07
|
0.11
|
0.11
|
|||
Third Quarter
|
0.10
|
0.05
|
0.11
|
0.11
|
|||
Fourth Quarter
|
0.14
|
0.06
|
0.08
|
0.08
|
Engineering
|
$ | 500,000 | ||
Desulfurization unit
|
600,000 | |||
Steam methane reformer
|
2,900,000 | |||
Catalyst
|
3,000,000 | |||
FT reactor
|
5,000,000 | |||
Fractionation tower
|
4,000,000 | |||
Manufacturing costs
|
2,000,000 | |||
Corporate overhead
|
2,000,000 | |||
Total
|
$ | 20,000,000 |
Operations
|
$ | 1,000,000 | ||
Facilities
|
1,000,000 | |||
Marketing
|
500,000 | |||
Additional acreage
|
2,500,000 | |||
Total
|
$ | 5,000,000 |
2013
|
2012
|
|||||||
Net loss
|
$
|
(975,056
|
)
|
$
|
(892,114
|
)
|
||
Cash flow (negative) from operations
|
(672,426
|
)
|
117,461
|
|||||
Negative working capital
|
(2,455,676
|
)
|
(1,852,000
|
)
|
||||
Stockholders’ deficit
|
(1,211,700
|
)
|
(601,077
|
)
|
2013
|
2012
|
|||||||
General and administrative
|
$
|
618,075
|
$
|
1,441,932
|
||||
Depreciation and amortization
|
118,457
|
61,918
|
||||||
Net interest expense
|
87,281
|
60,727
|
||||||
Forgiveness of debt
|
0
|
645,427
|
||||||
Loss on sale of assets
|
70,300
|
0
|
Mamaki Tea
|
Other
|
Total
|
||||||||||
Sales
|
$ | 15,479 | $ | 0 | $ | 15,479 | ||||||
Cost of sales
|
96,422 | 0 | 96,422 | |||||||||
(80,943 | ) | 0 | (80,943 | ) | ||||||||
General and administration expense
|
528,441 | 89,634 | 618,075 | |||||||||
Depreciation expense
|
118,061 | 396 | 118,457 | |||||||||
Operating loss
|
(727,445 | ) | (90,030 | ) | (817,475 | ) | ||||||
Other income (expense)
|
||||||||||||
Interest expense
|
(84,876 | ) | (2,405 | ) | (87,281 | ) | ||||||
Loss on sale of assets
|
(70,300 | ) | 0 | (70,300 | ) | |||||||
Total Other income
|
(155,176 | ) | (2,405 | ) | (157,581 | ) | ||||||
Net loss
|
$ | (882,621 | ) | $ | (92,435 | ) | $ | (975,056 | ) | |||
Mamaki Tea
12-31- 2013
|
Other
12-31-2013
|
Total
12-31-2013
|
||||||||||
Total assets
|
$ | 1,882,468 | $ | 277,504 | $ | 2,159,972 | ||||||
Total liabilities
|
$ | 1,687,487 | $ | 1,684,185 | $ | 3,371,672 | ||||||
Mamaki Tea |
Other
|
Total | ||||||||||
Sales
|
$ | 59,257 | $ | 0 | $ | 59,257 | ||||||
Cost of sales
|
94,089 | 0 | 94,089 | |||||||||
(34,832 | ) | 0 | (34,832 | ) | ||||||||
General and administration expense
|
228,073 | 1,213,909 | 1,441,982 | |||||||||
Operating loss
|
(262,905 | ) | (1,213,909 | ) | (1,476,814 | ) | ||||||
Other income (expense)
|
||||||||||||
Interest expense
|
(60,727 | ) | 0 | (60,727 | ) | |||||||
Forgiveness of debt
|
443,927 | 201,500 | 645,427 | |||||||||
Total Other income
|
383,200 | 201,500 | 584,700 | |||||||||
Net income
|
$ | 120,295 | $ | (1,012,409 | ) | $ | (892,114 | ) | ||||
Mamaki Tea
12-31- 2012
|
Other
12-31-2012
|
Total
12-31-2012
|
||||||||||
Total assets
|
$ | 2,052,997 | $ | 359,398 | $ | 2,412,395 | ||||||
Total liabilities
|
$ | 1,154,271 | $ | 1,859,201 | $ | 3,013,472 |
O
|
The Company has inadequate segregation of duties within its cash disbursement control design.
|
O
|
During the year ended December 31, 2013, the Company internally performed all aspects of its financial reporting process, including, but not limited to the underlying accounting records and record journal entries and responsibility for the preparation of the financial statement due to the fact these duties were performed often times by the same people, a lack of review was created over the financial reporting process that might result in a failure to detect errors in spreadsheets, calculations, or assumptions used to compile the financial statements and related disclosures as filed with the SEC. These control deficiencies could result in a material misstatement to our interim or annual financial statements that would not be prevented or detected.
|
|
O
|
The Company does not have a sufficient number of independent directors for its board and audit committee. We currently have no independent director on our board, which is comprised of four directors, and we do not have a functioning audit committee. As a publicly-traded company, we should strive to have a majority of our Board of Directors be independent.
|
Present Position
|
||||
Name
|
Age
|
and Offices
|
||
Kevin Bentley
|
41
|
Chief Executive Officer and Director
|
||
Richard Halden
|
60
|
President and Director
|
||
Randy Moseley
|
66
|
Treasurer, Chief Financial Officer, Director
|
||
Principal Accounting Officer
|
||||
and Secretary
|
||||
Craig Takacs
|
47
|
Director
|
Kevin Bentley, Richard Halden, Randy Moseley and Craig Takacs, our current officers and directors, inadvertently failed to timely file Reports on Form 3 upon the Company becoming a reporting company, as applicable, which Reports on Form 3 will be filed as soon as possible.
|
Summary Compensation Table
|
|||||||||||||
All Other
|
|||||||||||||
Name and Position
|
Year
|
Salary($)
|
Bonus($)
|
Compensation ($)
|
Total ($)
|
||||||||
Kevin Bentley, Chief Executive Officer
|
2013
|
0
|
(1)
|
-
|
0
|
||||||||
2012
|
240,000
|
(2)
|
-
|
240,000
|
|||||||||
2011
|
180,000
|
(3)
|
-
|
6,250
|
(4)
|
186,250
|
|||||||
Richard Halden, President
|
2013
|
0
|
(5)
|
-
|
0
|
||||||||
2012
|
240,000
|
(6)
|
-
|
240,000
|
|||||||||
2011
|
380,000
|
(7)
|
6,250
|
(8)
|
386,250
|
||||||||
Randy Moseley, Chief Financial Officer
|
2013
|
0
|
(9)
|
-
|
0
|
||||||||
and Principal Financial Officer
|
2012
|
240,000
|
(10)
|
-
|
240,000
|
||||||||
2011
|
380,000
|
(11)
|
6,250
|
(12)
|
386,250
|
||||||||
Executive agreed to eliminate 50% of his deferred compensation which made 2013 have 0 accrual.
|
|||
(2)
|
This amount includes $240,000 accrued by the Company but unpaid.
|
||
(3)
|
This amount includes $180,000 accrued by the Company but unpaid.
|
||
(4)
|
This amount represents value of 625,000 shares of common stock issued based on employment agreement.
|
||
(5)
|
Executive agreed to eliminate 50% of his deferred compensation which made 2013 have 0 accrual.
|
||
(6)
|
This amount includes $240,000 accrued by the Company but unpaid.
|
||
(7)
|
This amount includes $380,000 accrued by the Company but unpaid.
|
||
(8)
|
This amount represents value of 625,000 shares of common stock issued based on employment agreement.
|
||
(9)
|
Executive agreed to eliminate 50% of his deferred compensation which made 2013 have 0 accrual.
|
||
(10)
|
This amount includes $240,000 accrued by the Company but unpaid.
|
||
(11)
|
This amount includes $380,000 accrued by the Company but unpaid.
|
||
(12)
|
This amount represents value of 625,000 shares of common stock issued based on employment agreement.
|
|
||||||||
Name and Address
|
Amount and Nature
of Beneficial
Ownership(1)
|
Percent of
Class(2)
|
||||||
Randy Moseley (3)
|
26,573,947
|
|
16.68%
|
|
||||
Richard Halden (4)
|
28,396,947
|
|
17.82%
|
|
||||
Kevin Bentley (5)
|
13,125,000
|
|
8.24%
|
|
||||
Craig Takacs
|
3,157,563
|
|
1.99$
|
|
||||
All officers and directors
|
||||||||
as a group (4 persons)
|
71,253,457 |
|
44.72 %
|
|
(1)
|
Beneficial ownership is determined based on factors including voting and investment power with respect to shares.
|
(3)
|
Includes 5,999,000 shares of common held directly by Mr. Moseley, 2,797,000 shares of common held by Mr. Moseley’s spouse, 5,000,000 shares of preferred held directly by Mr. Moseley, 6,626,554 shares of common and 611,956 shares of convertible preferred held by Capital Equity Partners, LLC of which Mr. Moseley is a member, 5,000,000 shares of common held by Media Advertising LLC of which Mr. Moseley is a member, 3,500,000 shares of common held by Arkansas Partners of which Mr. Moseley is a partner, and 625,000 shares of common held by BioEnergy LLC of which Mr. Moseley is a member.
|
|
(4)
|
Includes 8,744,000 shares of common held directly by Mr. Halden, 2,500,000 shares of common held by Mr. Halden’s spouse, 5,000,000 shares of preferred held directly by Mr. Halden, 6,626,554 shares of common and 611,956 shares of convertible preferred held by Capital Equity Partners, LLC of which Mr. Halden is a member, 5,000,000 shares of common held by Media Advertising Partners LLC of which Mr. Halden is a member and 3,500,000 shares of common held by Arkansas Partners of which Mr. Halden is a partner.
|
|
(5)
|
Includes 8,125,000 shares of common stock and 5,000,000 shares of preferred stock.
|
2013
|
2012
|
|||||||
Audit Fees
|
$
|
17,500
|
$
|
2,500
|
||||
Audit Related Fees
|
$
|
0
|
$
|
0
|
||||
Tax Fees
|
$
|
0
|
$
|
0
|
||||
All Other Fees
|
$
|
0
|
$
|
0
|
||||
Total
|
$
|
1 7,500
|
$
|
2,500
|
Exhibit No.
|
Name of Exhibit
|
3.1**
|
Articles of Incorporation filed March 13, 2002
|
3.2**
|
Amended Articles of Incorporation filed June 7, 2006
|
3.3**
|
Amended Articles of Incorporation filed August 18, 2009
|
3.4**
|
Amended Articles of Incorporation filed March 23, 2011
|
3.5**
|
Bylaws
|
10.1*
|
Code of Ethics
|
10.2*
|
Agreement and Plan of Merger by end between Dynalyst Manufacturing Corporation and Universal Media Corporation dated August 18, 2009
|
10.3*
|
Purchase Agreement between UMED and Mamaki Tea & Extract, Inc. dated May 1, 2012
|
10.4*
|
Addendum and Modification to Purchase Agreement between UMED and Mamaki Tea & Extract, Inc. dated December 31, 2012
|
10.5*
|
Second Addendum and Modification to Purchase Agreement between UMED and Mamaki Tea & Extract, Inc. dated December 31, 2012
|
10.6*
|
Purchase Agreement between UMED and Greenway Innovative Energy, Inc. dated August 29, 2012
|
10.7*
|
Purchase Agreement between UMED and Rig Support Services, Inc. dated February 23, 2012
|
10.8*
|
Asset Agreement between UMED and JetTech LLC dated October 2, 2011
|
10.9*
|
Employment agreement with Kevin Bentley dated May 27, 2011
|
10.10*
|
Employment agreement with Randy Moseley dated May 27, 2011
|
10.11*
|
Employment agreement with Richard Halden dated May 27, 2011
|
10.12*
|
Employment agreement with Raymond Wright dated August 29, 2012
|
10.13*
|
Employment with Conrad Greer dated August 29, 2012
|
10.14*
|
Consulting agreement with Jabez Capital Group LLC dated May 27, 2011
|
10.15**
|
Mamaki of Hawaii, Inc. Promissory Note with Southwest Capital Funding Ltd dated August 17, 2012
|
10.16*
|
Modification of Note and Lien between Mamaki of Hawaii, Inc. and Southwest Capital Funding Ltd dated October1, 2012
|
10.17*
|
Second Modification of Note and Lien between Mamaki of Hawaii, Inc. and Southwest Capital Funding Ltd dated December 20, 2012
|
10.18*
|
Mamaki of Hawaii, Inc. Promissory Note to Robert R. Romer dated August 17, 2012
|
10.19**
|
Rig Support Services, Inc. Addendum & Modification to Purchase Agreement
|
21***
|
List of Subsidiaries
|
31.1***
|
Certification pursuant to Section 13a-14 of CEO
|
31.2***
|
Certification pursuant to Section 13a-14 of CFO
|
32.1***
|
Certification pursuant to Section 1350 of CEO
|
32.2***
|
Certification pursuant to Section 1350 of CFO
|
UMED HOLDINGS, INC.
|
||
July
19, 2018
|
By:
|
/s/
John Olynick
|
John
Olynick
|
||
President
|
Financial Statements:
|
|
|
Reports of Independent Registered Public Accounting Firm
|
F- 1
|
|
Balance Sheets
|
|
F- 2
|
Statements of Operations
|
|
F- 3
|
Statements of Stockholders’ Deficit
|
|
F- 4
|
Statements of Cash Flows
|
|
F- 5
|
Notes to Financial Statements
|
|
F- 6
|
UMED HOLDINGS, INC.
|
||||||||
Consolidated Statements of Operations
|
||||||||
For the years ended December 31, 2013 and 2012
|
||||||||
2013
|
2012
|
|||||||
Sales
|
$
|
15,479
|
$
|
59,257
|
||||
Cost of sales
|
96,422
|
32,221
|
||||||
Gross Profit
|
(80,943
|
)
|
27,036
|
|||||
Expenses
|
||||||||
General and administrative
|
618,075
|
1,441,982
|
||||||
Depreciation
|
118,457
|
61,918
|
||||||
736,532
|
1,503,850
|
|||||||
Operating loss
|
(817,475
|
)
|
(1,476,814
|
)
|
||||
Other income (expense)
|
||||||||
Interest expense
|
(87,281
|
)
|
(60,727)
|
|||||
Forgiveness of debt
|
-
|
645,427
|
||||||
Loss on sale of assets
|
(70,300
|
)
|
-
|
|||||
Total other income (expense)
|
(157,581
|
)
|
584,700
|
|||||
Net loss before income taxes
|
(975,056
|
)
|
(892,114
|
)
|
||||
Provision for income taxes
|
-
|
-
|
||||||
Net loss
|
$
|
(975,056)
|
$
|
(892,114)
|
||||
Loss per share-basic and diluted
|
$
|
(0.01
|
)
|
$
|
(0.02
|
)
|
||
Weighted average number of shares
|
127,324,190
|
118,991,313
|
UMED HOLDINGS, INC.
|
||||||||
Consolidated Statements of Cash Flows
|
||||||||
For the years ended December 31, 2013 and 2012
|
||||||||
2013
|
2012
|
|||||||
Cash Flows from Operating Activities
|
||||||||
Net loss
|
$
|
(975,056
|
)
|
$
|
(892,114
|
)
|
||
Adjustments to reconcile net loss to net cash used in
|
||||||||
operating activities
|
||||||||
Depreciation
|
118,457
|
61,918
|
||||||
Warrants issued
|
500
|
|||||||
Stock issued for services
|
129,433
|
90,416
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(1,680
|
)
|
0
|
|||||
Prepaid expenses
|
22,239
|
(76,198)
|
||||||
Accounts payable
|
78,464
|
1,391
|
||||||
Accrued management fees
|
(302,829
|
)
|
809,000
|
|||||
Accrued expenses
|
257,936
|
123,048
|
||||||
Net cash provided by (used in) operating activities
|
(672,426
|
)
|
117,461
|
|||||
Cash Flows from Investing Activities
|
||||||||
Purchase of property and equipment
|
(59,204
|
)
|
(1,983)
|
|||||
Investment in Mamaki Tea of Hawaii, Inc.
|
0
|
(384,528)
|
||||||
Investment in Rig Support
|
16,000
|
(6,000)
|
||||||
Investment in G2L Unit
|
-
|
-
|
||||||
Net cash used in investing activities
|
(43,204
|
)
|
(392,511
|
)
|
||||
Cash Flows from Financing Activities
|
||||||||
Advances from shareholders converted to common stock
|
171,435
|
443,160
|
||||||
Increase in notes payable
|
245,194
|
|||||||
Sale of common stock
|
105,000
|
25,000
|
||||||
Net cash provided by financing activities
|
521,629
|
468,160
|
||||||
Net increase in cash
|
(194,001
|
)
|
193,110
|
|||||
Cash beginning of period
|
195,443
|
2,333
|
||||||
Cash end of period
|
$
|
1,442
|
$
|
195,443
|
||||
Supplemental Disclosures of Cash Flow Information
|
||||||||
Cash paid during the period for interest
|
$
|
70,055
|
$
|
-
|
||||
Common stock issued for Rig Support Services, Inc.
|
$
|
37,500
|
$
|
10,000
|
||||
Common stock issued for Mamaki Tea & Extract, Inc.
|
$
|
-
|
$
|
185,478
|
Buildings
|
20 years
|
Mamaki bushes
|
15 years
|
Equipment
|
5 to 7 years
|
Form of
|
State of
|
|||
Name of Entity
|
%
|
Entity
|
Incorporation
|
Relationship
|
UMED Holdings, Inc.
|
0
|
Corporation
|
Texas
|
Parent
|
Mamaki Tea & Extract, Inc.
|
100%
|
Corporation
|
Nevada
|
Subsidiary
|
Universal Media Corporation
|
100%
|
Corporation
|
Wyoming
|
Subsidiary
|
Greenway Innovative Energy, Inc.
|
100%
|
Corporation
|
Nevada
|
Subsidiary
|
Range of
|
||||||||||||
Lives in
|
December 31,
|
|||||||||||
Years
|
2013
|
2012
|
||||||||||
Land
|
150,000
|
150,000
|
||||||||||
Buildings
|
20
|
$
|
871,842
|
$
|
871,842
|
|||||||
Mamaki Tea Bushes
|
20
|
750,000
|
750,000
|
|||||||||
Equipment
|
5
|
241,665
|
220,461
|
|||||||||
Vehicles
|
5
|
15,000
|
15,000
|
|||||||||
Logistic software
|
5
|
73,500
|
0
|
|||||||||
Furniture and fixtures
|
5
|
4,590
|
2,590
|
|||||||||
2,106,597
|
2,009,893
|
|||||||||||
Less accumulate depreciation
|
(193,596
|
)
|
(75,139
|
)
|
||||||||
$
|
1,913,001
|
1,934,754
|
||||||||||
Depreciation expense
|
$
|
118,457
|
$
|
61,918
|
2013 | 2012 | |||||||
Jet Tech LLC
|
||||||||
In October 2011, the Company acquired a 49% interest in JetTech LLC (Exhibit
|
||||||||
10.8), which is an aerospace maintenance operation located at Meacham
|
||||||||
Airport in Fort Worth, Texas for 600,000 shares of the Company's restricted
|
||||||||
Common Stock. The shares were valued at $.15 per share.
|
90,000 | 90,000 | ||||||
Rig Support Services
|
||||||||
In February 2012, the Company acquired a 50% interest in Rig Support Services,
|
||||||||
Inc. (nka Logistic Technology Services, Inc.) for 600,000 shares of restricted Common
Stock (100,000 shares issued at December 31, 2012), which is developing a unique
|
||||||||
and valuable technology and asset management tool for the oil and gas industry.
|
||||||||
This goal of this technology is to provide independent rig owners and operating
|
||||||||
companies the ability to more accurately view and report on drilling operations, allow
|
||||||||
for a more streamlined approach to processing purchase orders, receiving parts,
|
||||||||
saving dollars, and ensuring increased efficiency by significantly decreasing
|
||||||||
rig down-time due to mechanical break-downs. The investment at December 31,
|
||||||||
2012 includes the 100,000 shares valued at $6,000 plus $10,000 in advances.
|
0 | 16,000 | ||||||
Total Investments
|
$ | 90,000 | $ | 106,000 |
|
||||||||
2013
|
2012
|
|||||||
Secured note payable dated August 17, 2012 (Southwest Capital
|
||||||||
Funding, Ltd.), at 7.7% interest, payable on 15 year amortization schedule
|
||||||||
with balance due August 16, 2017
|
$
|
808,950
|
$
|
838,358
|
||||
Secured note payable dated August 17, 2012 (Bob Romer), at 9.0% interest,
|
||||||||
payable on 15 year amortization schedule with balance due on
|
||||||||
August 16, 2015
|
143,650
|
149,375
|
||||||
Unsecured note payable dated August 17, 2012 (Bob Romer), monthly
|
||||||||
installments of $1,500, including interest at 9.0%, through 2017
|
95,767
|
98,750
|
||||||
Secured note payable (John Deere), monthly installments of $4,632,
|
||||||||
including interest at 4.9% through December 2016
|
12,658
|
4,348
|
||||||
Secured note payable (Individual), due January 16, 2014 including
|
||||||||
interest at 15.0%
|
25,000
|
-
|
||||||
Secured note payable (Individual), due September 12, 2014, including
|
||||||||
interest at 10.0%
|
25,000
|
-
|
||||||
Secured note payable (Individual), due March 25, 2014, including
|
||||||||
interest at 10.0%
|
20,000
|
-
|
||||||
Secured note payable (Individual), due March 28, 2014, including
|
||||||||
interest at 10.0%
|
25,000
|
-
|
||||||
Unsecured note payable (Individual), due July 28, 2013, including
|
||||||||
interest at 10.0%
|
30,000
|
-
|
||||||
Secured note payable (Individual), due September 30, 2014,including
|
||||||||
Interest at 1.25%
|
29,579
|
-
|
||||||
Secured note payable (Individual), due July 18, 2014, including
|
||||||||
Interest at 12% plus 1% of Mamaki of Hawaii revenues beginning in the
|
||||||||
thirteenth month from date of the note until noteholder receives a 50%
|
||||||||
total return including interest income
|
150,000
|
-
|
||||||
Total
|
1,365,604
|
1,090,831
|
||||||
Less current portion
|
506,579
|
201,000
|
||||||
Term notes payable-long-term portion
|
$
|
859,025
|
$
|
889,831
|
2013
|
2012
|
|||||||
Accrued consulting fees
|
$
|
130,000
|
$
|
180,000
|
||||
Bank over-drafts
|
12,371
|
-
|
||||||
Accrued interest expense
|
22,141
|
30,168
|
||||||
Other accrued expenses
|
25,312
|
-
|
||||||
Accrued wages
|
281,160
|
2,880
|
||||||
Total accrued expenses
|
$
|
470,984
|
$
|
213,048
|
2013
|
2012
|
|||||||
Current
|
$
|
-
|
$
|
-
|
||||
Deferred
|
-
|
-
|
||||||
Total provision for (benefit from) income taxes
|
$
|
-
|
$
|
-
|
2013
|
2012
|
|||||||
Federal statutory rate
|
(34.0
|
)%
|
(34.0
|
)%
|
||||
State tax, net of federal benefit
|
-
|
-
|
||||||
Permanent differences and other including surtax exemption
|
-
|
-
|
||||||
Valuation allowance
|
34.0
|
34.0
|
||||||
Effective tax rate
|
-
|
%
|
-
|
%
|
2013
|
2012
|
|||||||
Deferred tax assets
|
||||||||
Net operating loss carry forwards
|
$
|
2,044,100
|
$
|
935,100
|
||||
Deferred compensation
|
1,472,700
|
1,901,500
|
||||||
Other allowances
|
527,700
|
232,200
|
||||||
Total
|
4,044,500
|
3,069,800
|
||||||
Less valuation allowances
|
(4,044,500
|
)
|
(3,069,800
|
)
|
||||
Deferred tax assets
|
$
|
-
|
$
|
-
|
||||
Deferred tax liabilities
|
||||||||
Depreciation and amortization
|
$
|
-
|
$
|
-
|
||||
Net long-term deferred tax asset
|
$
|
-
|
$
|
-
|
Mamaki Tea
|
Other
|
Total
|
||||||||||
Sales
|
$ | 15,479 | $ | 0 | $ | 15,479 | ||||||
Cost of sales
|
96,422 | 0 | 96,422 | |||||||||
(80,943 | ) | 0 | (80,943 | ) | ||||||||
General and administration expense
|
528,441 | 89,634 | 618,075 | |||||||||
Depreciation expense
|
118,061 | 396 | 118,457 | |||||||||
Operating loss
|
(727,445 | ) | (90,030 | ) | (817,475 | ) | ||||||
Other income (expense)
|
||||||||||||
Interest expense
|
(84,876 | ) | (2,405 | ) | (87,281 | ) | ||||||
Loss on sale of assets
|
(70,300 | ) | 0 | (70,300 | ) | |||||||
Total Other income
|
(155,176 | ) | (2,405 | ) | (157,581 | ) | ||||||
Net loss
|
$ | (882,621 | ) | $ | (92,435 | ) | $ | (975,056 | ) | |||
Mamaki Tea
12-31- 2013
|
Other
12-31-2013
|
Total
12-31-2013
|
||||||||||
Total assets
|
$ | 1,882,468 | $ | 277,504 | $ | 2,159,972 | ||||||
Total liabilities
|
$ | 1,687,487 | $ | 1,684,185 | $ | 3,371,672 |
Mamaki Tea
|
Other
|
Total
|
||||||||||
Sales
|
$ | 59,257 | $ | 0 | $ | 59,257 | ||||||
Cost of sales
|
94,089 | 0 | 94,089 | |||||||||
(34,832 | ) | 0 | (34,832 | ) | ||||||||
General and administration expense
|
228,073 | 1,213,909 | 1,441,982 | |||||||||
Operating loss
|
(262,905 | ) | (1,213,909 | ) | (1,476,814 | ) | ||||||
Other income (expense)
|
||||||||||||
Interest expense
|
(60,727 | ) | 0 | (60,727 | ) | |||||||
Forgiveness of debt
|
443,927 | 201,500 | 645,427 | |||||||||
Total Other income
|
383,200 | 201,500 | 584,700 | |||||||||
Net income (loss)
|
$ | 120,295 | $ | (1,012,409 | ) | $ | (892,114 | ) | ||||
Mamaki Tea
12-31- 2012
|
Other
12-31-2012
|
Total
12-31-2012
|
||||||||||
Total assets
|
$ | 2,052,997 | $ | 359,398 | $ | 2,412,395 | ||||||
Total liabilities
|
$ | 1,154,271 | $ | 1,859,201 | $ | 3,013,472 |
1 Year Greenway Technologies (QB) Chart |
1 Month Greenway Technologies (QB) Chart |
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