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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 | 0.0001 | 0.265 | 0.00 | 21:15:27 |
Texas
|
90-0893594
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Large accelerated filer
☐
|
Accelerated filer
☐
|
Non-accelerated filer
☐
|
Smaller reporting company
☑
|
PART I
|
|
FINANCIAL INFORMATION
|
Page
Number
|
||
|
|
|
|
|
|
|
|
Item 1
:
|
|
Condensed Financial Statements
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheets – March 31, 2016 and December 31, 2015 (Unaudited)
|
1
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Operations - Three Months ended March 31, 2016 and 2015 (Unaudited)
|
2
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows – Three Months ended March 31, 2016 and 2015 (Unaudited)
|
3
|
|
|
|
|
|
|
|
|
|
|
Notes to Condensed Consolidated Financial Statements (Unaudited)
|
4
|
|
|
|
|
|
|
|
|
Item 2:
|
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
16
|
|
|
|
|
|
|
|
|
Item 3:
|
|
Quantitative and Qualitative Disclosures About Market Risk
|
21
|
|
|
|
|
|
|
|
|
Item 4T:
|
|
Controls and Procedures
|
21
|
|
|
|
|
|
|
PART II
|
|
OTHER INFORMATION
|
|
||
|
|
|
|
|
|
|
|
Item 1:
|
|
Legal Proceedings
|
22
|
|
|
Item 1A:
|
|
Risk Factors
|
22
|
|
|
Item 2:
|
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
22
|
|
|
Item 3:
|
|
Defaults Upon Senior Securities
|
23
|
|
|
Item 4:
|
|
Submission of Matters to a Vote of Security Holders
|
23
|
|
|
Item 5:
|
|
Other Information
|
23
|
|
|
|
|
|
|
|
|
Item 6
:
|
|
Exhibits
|
23
|
|
|
|
|
|
|
|
|
|
|
Signatures
|
23
|
|
March 31,
|
December 31,
|
||||||
|
2016
|
2015
|
||||||
|
||||||||
Assets
|
||||||||
Current Assets
|
||||||||
Cash
|
$
|
10,295
|
$
|
0
|
||||
Total Current Assets
|
10,295
|
0
|
||||||
|
||||||||
Fixed assets
|
||||||||
Property & equipment
|
4,015
|
4,015
|
||||||
Less depreciation
|
3,370
|
3,271
|
||||||
|
645
|
744
|
||||||
Other Assets
|
||||||||
Mine properties
|
0
|
0
|
||||||
Investment
|
0
|
0
|
||||||
Total Other Assets
|
0
|
0
|
||||||
Total Assets
|
$
|
10,940
|
$
|
744
|
||||
|
||||||||
Liabilities & Stockholders' Deficit
|
||||||||
Current Liabilities
|
||||||||
Accounts payable
|
$
|
77,173
|
$
|
85,545
|
||||
Stockholder advances
|
166,756
|
102,214
|
||||||
Accrued management fees
|
1,820,602
|
1,793,617
|
||||||
Accrued expenses
|
238,365
|
229,763
|
||||||
Note payable
|
36,000
|
0
|
||||||
Derivative liability – warrants
|
100,262
|
60,164
|
||||||
Total Current Liabilities
|
2,439,158
|
2,271,303
|
||||||
Total Liabilities
|
2,439,158
|
2,271,303
|
||||||
|
||||||||
Commitments and contingencies
|
||||||||
Stockholders' Deficit
|
||||||||
Common Class B stock, 20,000,000 shares authorized, par value $0.0001,
|
||||||||
15,126,938 issued and outstanding at March 31, 2016 and
|
||||||||
December 31, 2015
|
1,513
|
1,513
|
||||||
Common Class A stock 300,000,000 shares authorized, par value $0.0001,
|
||||||||
188,552,419 and 183,882,132 issued and outstanding at
|
||||||||
March 31, 2016 and December 31, 2015, respectively
|
18,857
|
18,389
|
||||||
Additional paid-in capital
|
10,504,183
|
10,167,670
|
||||||
Accumulated deficit
|
(12,952,771
|
)
|
(12,458,131
|
)
|
||||
Total Stockholders' Deficit
|
(2,428,218
|
)
|
(2,270,559
|
)
|
||||
Total Liabilities & Stockholders' Deficit
|
$
|
10,940
|
$
|
744
|
|
2016
|
2015
|
||||||
|
||||||||
Sales
|
$
|
0
|
$
|
0
|
||||
Expenses
|
||||||||
General and administrative
|
289,493
|
315,493
|
||||||
Research and development
|
164,835
|
72,000
|
||||||
Depreciation
|
99
|
99
|
||||||
Total Expense
|
454,427
|
387,592
|
||||||
|
||||||||
Operating loss
|
(454,427
|
)
|
(387,592
|
)
|
||||
|
||||||||
Other income (expenses)
|
||||||||
Loss on change in fair value of derivative
|
(40,098
|
)
|
0
|
|||||
Interest expense
|
(115
|
)
|
(36,395
|
)
|
||||
Total other income (expense)
|
(40,213
|
)
|
(36,395
|
)
|
||||
|
||||||||
Operating loss from continuing operations
|
(494,640
|
)
|
(423,987
|
)
|
||||
Loss from discontinued operations, net of tax
|
0
|
(143,008
|
)
|
|||||
Loss before income taxes
|
(566,995
|
)
|
||||||
Provision for income taxes
|
0
|
0
|
||||||
Net loss
|
$
|
(494,640
|
)
|
$
|
(566,995
|
)
|
||
|
||||||||
Net loss per share;
|
||||||||
Basic and diluted net income (loss) per shares
Continuing operations
|
$
|
0.01
|
$
|
0.00
|
||||
Discontinued operations
|
0.00
|
0.00
|
||||||
$
|
0.01
|
$
|
0.00
|
|||||
|
||||||||
Weighted average shares
|
||||||||
Outstanding;
|
||||||||
Basic and diluted
|
186,441,276
|
146,159,118
|
|
2016
|
2015
|
||||||
Cash Flows from Operating Activities
|
||||||||
Net Loss from operations
|
$
|
(494,640
|
)
|
$
|
(423,9875
|
)
|
||
|
||||||||
Adjustments to reconcile net loss to net cash used in
|
||||||||
operating activities:
|
||||||||
Depreciation
|
99
|
98
|
||||||
Stock issued for services
|
40,480
|
0
|
||||||
Loss on derivative
|
40,098
|
0
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts payable
|
(8,372
|
)
|
898
|
|||||
Accrued management fees
|
26,985
|
135,563
|
||||||
Derivative
|
0
|
0
|
||||||
Accrued expenses
|
8,602
|
7,910
|
||||||
|
||||||||
Net Cash Used in Operating Activities
|
(386,748
|
)
|
(279,518
|
)
|
||||
|
||||||||
Cash Flows from Investing Activities
|
0
|
0
|
||||||
|
||||||||
Cash Flows from Financing Activities
|
||||||||
Shareholder advances, net
|
116,043
|
136,610
|
||||||
Proceeds - note payable
|
36,000
|
0
|
||||||
Decrease in convertible notes payable
|
0
|
(22,515
|
)
|
|||||
Proceeds from sale of common stock
|
245,000
|
108,001
|
||||||
Debt issuance cost
|
0
|
23,754
|
||||||
Net Cash Provided by Financing Activities
|
397,043
|
245,850
|
||||||
Cash Used in Discontinued Operations
|
0
|
(43,624
|
)
|
|||||
|
||||||||
Net Increase (Decrease) in Cash
|
10,295
|
(77,292
|
)
|
|||||
Cash Beginning of Period
|
0
|
77,503
|
||||||
Cash End of Period
|
$
|
10,295
|
$
|
211
|
||||
|
||||||||
|
||||||||
Supplemental Disclosure of Cash Flow Information:
|
||||||||
Cash Paid during the period for interest
|
$
|
0
|
$
|
0
|
||||
Cash Paid during the period for taxes
|
$
|
0
|
$
|
0
|
||||
Conversion of shareholder advances to common stock
|
$
|
51,500
|
$
|
18,500
|
Statement of Operations
|
As Previously Stated
|
Reclassification
|
As Reclassified
|
|||||||||
Sales
|
$
|
27,301
|
$
|
(27,301
|
)
|
$
|
0
|
|||||
Cost of sales
|
3,147
|
(3,147
|
)
|
0
|
||||||||
Gross profit
|
24,154
|
(24,154
|
)
|
0
|
||||||||
Expenses
|
||||||||||||
General and administrative
|
422,299
|
(106,806
|
)
|
315,493
|
||||||||
Research and development
|
72,000
|
0
|
72,000
|
|||||||||
Depreciation
|
29,839
|
(29,740
|
)
|
99
|
||||||||
524,138
|
(136,574
|
)
|
387,592
|
|||||||||
Operating loss
Other expenses
|
(499,984
|
)
|
(111,492
|
)
|
(387,592
|
)
|
||||||
Interest expense
|
(67,011
|
)
|
30,616
|
(36,395
|
)
|
|||||||
Operating loss from continuing operations
|
(566,995
|
)
|
143,008
|
(423,987
|
)
|
|||||||
Loss from discontinued operations
|
0
|
(143,008
|
)
|
(143,008
|
)
|
|||||||
Loss before income taxes
|
(566,995
|
)
|
0
|
(566,995
|
)
|
|||||||
Provision for income taxes
|
0
|
0
|
0
|
|||||||||
Net loss
|
$
|
(566,995
|
)
|
$
|
0
|
$
|
(566,995
|
)
|
||||
Basic loss per share
|
||||||||||||
Operating loss
|
$
|
(0.00
|
)
|
|||||||||
Loss from discontinued operations
|
$
|
(0.00
|
)
|
Statement of Cash Flows Accounts
|
As Previously Stated
|
Reclassification
|
As Reclassified
|
|||||||||
|
||||||||||||
Net Loss
|
$
|
(566,995
|
)
|
$
|
(143,008
|
)
|
$
|
(423,987
|
)
|
|||
|
||||||||||||
Depreciation
|
29,838
|
29,739
|
99
|
|||||||||
Stock issued for services
|
0
|
0
|
0
|
|||||||||
Warrants
|
0
|
0
|
0
|
|||||||||
Accounts receivable
|
(12,355
|
)
|
(12,355
|
)
|
0
|
|||||||
Prepaid expenses
|
5,140
|
5,140
|
0
|
|||||||||
Accounts payable
|
(11,229
|
)
|
(12,127
|
)
|
898
|
|||||||
Accrued management fees
|
135,563
|
0
|
135,5635
|
|||||||||
Accrued expenses
|
92,990
|
85,080
|
7,910
|
|||||||||
Net Cash Provided by Operations
|
(327,048
|
)
|
47,530
|
(279,518
|
)
|
|||||||
|
||||||||||||
Advances from shareholders
|
136,610
|
0
|
136,610
|
|||||||||
Proceeds from convertible note
|
(22,515
|
)
|
0
|
(22,515
|
)
|
|||||||
Decrease in notes payable
|
1,077
|
(1,077
|
)
|
0
|
||||||||
Proceeds from sale of common stock
|
108,001
|
0
|
108,001
|
|||||||||
Debt issue costs
|
23,754
|
0
|
23,754
|
|||||||||
Net Cash Provided by Financing
|
246,927
|
(1,077
|
)
|
245,850
|
||||||||
|
||||||||||||
|
||||||||||||
Cash used in discontinued operations
|
(43,624
|
)
|
(43,624
|
)
|
||||||||
|
||||||||||||
Net Increase in Cash
|
$
|
(80,121
|
)
|
$
|
2,829
|
$
|
(77,292
|
)
|
Equipment
|
5 to 7 years
|
|
Range of
|
|||||||||||
|
Lives in
|
March 31, December 31,
|
||||||||||
|
Years
|
2016
|
2015
|
|||||||||
Equipment
|
5
|
2,032
|
2,032
|
|||||||||
Furniture and fixtures
|
5
|
1,983
|
1,983
|
|||||||||
|
4,015
|
4,015
|
||||||||||
Less accumulate depreciation
|
(3,370
|
)
|
(3,271
|
)
|
||||||||
|
$
|
645
|
744
|
|||||||||
|
||||||||||||
Depreciation expense for the period ended
|
$
|
99
|
$
|
396
|
|
March 31,
|
December 31,
|
||||||
|
2016
|
2015
|
||||||
Jet Tech LLC
In October 2011, the Company acquired a 49% interest in
JetTech LLC which is an aerospace maintenance operation
located at Meacham Airport in Fort Worth, Texas. The Company
has impaired the investment at March 31, 2016 and December 31, 2014,
respectively.
|
$
|
0
|
$
|
0
|
||||
|
||||||||
TOTAL INVESTMENTS
|
$
|
0
|
$
|
0
|
|
2016
|
2015
|
||||||
|
||||||||
Accrued consulting fees
|
$
|
238,250
|
$
|
229,000
|
||||
Bank overdraft
|
0
|
763
|
||||||
Accrued interest expense
|
115
|
0
|
||||||
Total accrued expenses
|
$
|
238,365
|
$
|
229,763
|
|
2015
|
2015
|
||||||
|
||||||||
Current
|
$
|
-
|
$
|
-
|
||||
Deferred
|
-
|
-
|
||||||
Total tax provision for (benefit from) income taxes
|
$
|
-
|
$
|
-
|
|
|
2016
|
|
|
2015
|
|
||
|
|
|
|
|
|
|
||
Federal statutory rate
|
|
|
(34.0
|
) %
|
|
|
(34.0
|
) %
|
State tax, net of federal benefit
|
|
|
(0.0
|
)
|
|
|
(0.0
|
)
|
Permanent differences and other including surtax exemption
|
|
|
0.0
|
|
|
|
0.0
|
|
Valuation allowance
|
|
|
34.0
|
|
|
|
34.0
|
|
Effective tax rate
|
|
|
0.0
|
%
|
|
|
0.0
|
%
|
|
2016
|
2015
|
||||||
Deferred tax assets
|
||||||||
Net operating loss carry forwards
|
$
|
4,806,093
|
$
|
4,028,702
|
||||
Deferred compensation
|
2,544,213
|
2,409,213
|
||||||
Stock based compensation
|
4,930,968
|
4,898.968
|
||||||
Other
|
671,497
|
1,121,2480
|
||||||
Total
|
12,952,771
|
12,458,131
|
||||||
Less valuation allowance
|
(12,952,771
|
)
|
(12,458,131
|
)
|
||||
Deferred tax asset
|
-
|
-
|
||||||
Deferred tax liabilities
|
||||||||
Depreciation and amortization
|
$
|
-
|
$
|
-
|
||||
Net long-term deferred tax asset
|
$
|
-
|
$
|
-
|
|
2015
|
|||
Sales
|
$
|
27,301
|
||
Cost of sales
|
3,147
|
|||
Gross profit
|
24,154
|
|||
|
||||
Operating Expenses:
|
||||
General and administrative expenses
|
106,806
|
|||
Depreciation
|
29,740
|
|||
Total Operating Expenses
|
136,546
|
|||
Operating Loss
|
(112,392
|
)
|
||
|
||||
Other Income (Expense)
|
||||
Interest expense
|
(30,616
|
)
|
||
|
||||
Loss from discontinued operations
|
$
|
( 143,008
|
)
|
|
Loss per share - discontinued operations
|
$
|
(0.00
|
)
|
|
2016
|
2015
|
||||||
|
||||||||
General and administrative
|
$
|
289,493
|
$
|
315,493
|
||||
Research and development
|
164,835
|
72,000
|
||||||
Depreciation and amortization
|
99
|
99
|
||||||
Interest expense
|
115
|
36,395
|
|
2015
|
|||
|
||||
Sales
|
$
|
27,301
|
||
Cost of sales
|
3,147
|
|||
Gross Profit (Loss)
|
24,154
|
|||
|
||||
General and administrative expense
|
106,806
|
|||
Depreciation expense
|
29,740
|
|||
Operating loss
|
(112,392
|
)
|
||
|
||||
Other expense
|
||||
Interest expense
|
(30,616
|
)
|
||
|
||||
Net loss
|
$
|
(143,008
|
)
|
(thousands)
|
2016
|
2015
|
||||||
Cash provided by (used for):
|
||||||||
Operating activities
|
$
|
(386,748
|
)
|
$
|
(279,518
|
)
|
||
Investing activities
|
0
|
0
|
||||||
Financing activities
|
397,043
|
245,850
|
||||||
Cash used in discontinued operations
|
0
|
(43,624
|
)
|
|||||
(Decrease) Increase in cash
|
$
|
10,295
|
$
|
(77,292
|
)
|
●
|
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
|
|
|
●
|
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
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●
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provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company's assets that could have a material effect on the financial statements.
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Listing of Exhibits:
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31.1
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Certification of Chief Executive Officer.
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31.2
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Certification of Chief Financial Officer.
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32.1
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Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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101
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Interactive data files pursuant to Rule 405 of Regulation S-T.
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UMED HOLDINGS, INC.
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Date: May 13, 2016
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By:
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/s/ Ransom Jones
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Its: Interim Chief Executive Officer
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Date: May 13, 2016
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By:
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/s/ Randy Moseley
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Its: Chief Financial Officer
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1 Year Greenway Technologies (QB) Chart |
1 Month Greenway Technologies (QB) Chart |
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