Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Apr. 14, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 000-55030 | ||
Entity Registrant Name | GREENWAY TECHNOLOGIES, INC. | ||
Entity Central Index Key | 0001572386 | ||
Entity Tax Identification Number | 90-0893594 | ||
Entity Incorporation, State or Country Code | TX | ||
Entity Address, Address Line One | 1521 North Cooper Street | ||
Entity Address, Address Line Two | Suite 205 | ||
Entity Address, City or Town | Arlington | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 76011 | ||
City Area Code | 800 | ||
Local Phone Number | 289-2515 | ||
Title of 12(g) Security | Common Stock, par value $0.0001 per share | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 5,809,786 | ||
Entity Common Stock, Shares Outstanding | 392,944,204 | ||
Documents Incorporated by Reference | None | ||
Auditor Firm ID | 5036 | ||
Auditor Location | Margate, Florida | ||
Auditor Name | ASSURANCE DIMENSIONS CERTIFIED PUBLIC ACCOUNTANTS & ASSOCIATES |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash | $ 24,595 | $ 60,549 |
Prepaids and other | 2,947 | 56 |
Total Current Assets | 27,542 | 60,605 |
Total Assets | 27,542 | 60,605 |
Current Liabilities | ||
Accounts payable and accrued expenses | 3,317,225 | 3,215,942 |
Accounts payable and accrued expenses - related parties | 3,799,452 | 3,091,538 |
Notes payable | 672,500 | 660,000 |
Notes payable - related parties - net | 2,805,774 | 2,745,264 |
Convertible note payable - net | 166,667 | 166,667 |
Advances - related parties | 3,500 | 68,014 |
Total Current Liabilities | 10,765,118 | 9,947,425 |
Commitments and Contingencies (Note 7) | ||
Stockholders’ Deficit | ||
Common stock - $0.0001 par value, 500,000,000 shares authorized 382,610,871 and 355,060,834 shares issued and outstanding, respectively | 38,262 | 35,506 |
Additional paid-in capital | 25,498,031 | 24,842,907 |
Common stock to be issued | 5,000 | 17,189 |
Subscription receivable | (16,245) | |
Accumulated deficit | (36,278,869) | (34,766,177) |
Total Stockholders’ Deficit | (10,737,576) | (9,886,820) |
Total Liabilities and Stockholders’ Deficit | $ 27,542 | $ 60,605 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 382,610,871 | 355,060,834 |
Common stock, shares outstanding | 382,610,871 | 355,060,834 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating expenses | ||
General and administrative expenses | $ 888,599 | $ 962,901 |
Research and development | 54,275 | 158,000 |
Total operating expenses | 942,874 | 1,120,901 |
Loss from operations | (942,874) | (1,120,901) |
Other income (expense) | ||
Interest expense | (591,963) | (588,273) |
Amortization of debt discount | (48,232) | (35,202) |
Gain on debt settlement | 70,377 | |
Total other income (expense) - net | (569,818) | (623,475) |
Net loss | $ (1,512,692) | $ (1,744,376) |
Loss per share - basic and diluted | $ 0 | $ (0.01) |
Weighted average number of shares - basic and diluted | 371,601,679 | 342,400,231 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Deficit - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Common Stock To Be Issued [Member] | Subscription Receivable [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 33,527 | $ 24,123,925 | $ 36,384 | $ (16,245) | $ (33,021,801) | $ (8,844,210) |
Beginning balance, shares at Dec. 31, 2020 | 335,268,075 | |||||
Stock issued as debt issue costs | $ 119 | 54,867 | (24,195) | 30,791 | ||
Stock issued as debt issue costs, shares | 1,197,758 | |||||
Stock issued for cash | $ 1,812 | 649,688 | 5,000 | 656,500 | ||
Stock issued for cash, shares | 18,112,501 | |||||
Stock issued for services | $ 48 | 14,427 | 14,475 | |||
Stock issued for services, shares | 482,500 | |||||
Net loss | (1,744,376) | (1,744,376) | ||||
Ending balance, value at Dec. 31, 2021 | $ 35,506 | 24,842,907 | 17,189 | (16,245) | (34,766,177) | (9,886,820) |
Ending balance, shares at Dec. 31, 2021 | 355,060,834 | |||||
Stock issued as debt issue costs | $ 30 | 14,150 | (12,189) | 1,991 | ||
Stock issued as debt issue costs, shares | 302,038 | |||||
Settlement of subscription receivable - warrants | 16,245 | 16,245 | ||||
Stock issued for cash | $ 2,068 | 480,132 | 482,200 | |||
Stock issued for cash, shares | 20,667,999 | |||||
Stock issued to settle accrued liabilities | $ 620 | 154,380 | 155,000 | |||
Stock issued to settle accrued liabilities, shares | 6,200,000 | |||||
Stock issued for services | $ 38 | 6,462 | 6,500 | |||
Stock issued for services, shares | 380,000 | |||||
Net loss | (1,512,692) | (1,512,692) | ||||
Ending balance, value at Dec. 31, 2022 | $ 38,262 | $ 25,498,031 | $ 5,000 | $ (36,278,869) | $ (10,737,576) | |
Ending balance, shares at Dec. 31, 2022 | 382,610,871 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | ||
Net loss | $ (1,512,692) | $ (1,744,376) |
Adjustments to reconcile net loss to net cash used in operations | ||
Amortization of debt discount | 48,232 | 35,202 |
Stock issued for services | 6,500 | 14,475 |
Gain on debt settlement | (70,377) | |
(Increase) decrease in | ||
Prepaids and other | (2,891) | 11,179 |
Increase (decrease) in | ||
Accounts payable and accrued expenses | 326,660 | 160,783 |
Accounts payable and accrued expenses - related parties | 707,914 | 730,831 |
Net cash used in operating activities | (496,654) | (791,906) |
Financing activities | ||
Proceeds from advances - related parties | 3,500 | 354,327 |
Proceeds from issuance of note payable | 30,000 | |
Repayments on notes payable | (55,000) | (60,000) |
Repayments on notes payable - related parties | (100,000) | |
Proceeds from stock issued for cash | 482,200 | 656,500 |
Net cash provided by financing activities | 460,700 | 850,827 |
Net increase (decrease) in cash | (35,954) | 58,921 |
Cash - beginning of year | 60,549 | 1,628 |
Cash - end of year | 24,595 | 60,549 |
Supplemental disclosure of cash flow information | ||
Cash paid for interest | 35,858 | 49,046 |
Cash paid for income tax | ||
Supplemental disclosure of non-cash investing and financing activities | ||
Stock issued as debt issue costs | 1,991 | 30,791 |
Conversion of stockholder advances to notes payable - related parties | 51,769 | 429,249 |
Stock issued in settlement of accrued liabilities | 155,000 | |
Settlement of subscription receivable - warrants | 16,245 | |
Shares issued for promissory note fees | $ 54,986 |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | Note 1 - Organization and Nature of Operations Organization and Nature of Operations Greenway Technologies, Inc. (collectively, “we,” “us,” “our” or the “Company”), through its wholly owned subsidiary, Greenway Innovative Energy, Inc., is primarily engaged in the research, development and commercialization of a proprietary Gas-to-Liquids (GTL) syngas conversion system that can be economically scaled to meet individual natural gas field/resource requirements. The Company’s proprietary and patented technology has been realized in Greenway’s first generation commercial-scale G-Reformer TM Both of the Company’s wholly-owned subsidiaries: Universal Media Corp and Logistix Technology Systems, Inc. are currently inactive. Impact of COVID-19 The ongoing COVID-19 global and national health emergency has caused significant disruption in the international and United States economies and financial markets. In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. The spread of COVID-19 has caused illness, quarantines, cancellation of events and travel, business and school shutdowns, reduction in business activity and financial transactions, labor shortages, supply chain interruptions and overall economic and financial market instability. The COVID-19 pandemic has the potential to significantly impact the Company’s supply chain, distribution centers, or logistics and other service providers. In addition, a severe prolonged economic downturn could result in a variety of risks to the business, including weakened demand for products and services and a decreased ability to raise additional capital when needed on acceptable terms, if at all. As the situation continues to evolve, the Company will continue to closely monitor market conditions and respond accordingly. The ultimate impact of the COVID-19 pandemic on the Company’s operations is unknown and will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the COVID-19 outbreak, new information which may emerge concerning the severity of the COVID-19 pandemic, and any additional preventative and protective actions that governments, or the Company, may direct, which may result in an extended period of continued business disruption and reduced operations. Any resulting financial impact cannot be reasonably estimated at this time but is anticipated to have a material adverse impact on our business, financial condition, and results of operations. GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2022 AND 2021 Liquidity, Going Concern and Management’s Plans These consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying consolidated financial statements, for the year ended December 31, 2022, the Company had: ● Net loss of $ 1,512,692 ● Net cash used in operations was $ 496,654 Additionally, at December 31, 2022, the Company had: ● Accumulated deficit of $ 36,278,869 ● Stockholders’ deficit of $ 10,737,576 ● Working capital deficit of $ 10,737,576 The Company has cash on hand of $ 24,595 These factors create substantial doubt about the Company’s ability to continue as a going concern within the twelve-month period subsequent to the date that these financial statements are issued. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Accordingly, the consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business. Management’s strategic plans include the following: ● Execute business operations more fully during the year ended December 31, 2023, ● Explore and execute prospective strategic and partnership opportunities GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2022 AND 2021 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 - Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the financial statements of Greenway and its wholly owned subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. Business Segments The Company uses the “management approach” to identify its reportable segments. The management approach requires companies to report segment financial information consistent with information used by management for making operating decisions and assessing performance as the basis for identifying the Company’s reportable segments. The Company has identified one Use of Estimates Preparing financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates, and those estimates may be material. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and other assumptions, which include both quantitative and qualitative assessments that it believes to be reasonable under the circumstances. Significant estimates during the years ended December 31, 2022 and 2021, respectively, include valuation of stock-based compensation, uncertain tax positions, and the valuation allowance on deferred tax assets. GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2022 AND 2021 Fair Value of Financial Instruments The Company accounts for financial instruments under Financial Accounting Standards Board (“FASB”) ASC 820, Fair Value Measurements The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs, when determining fair value. The three tiers are defined as follows: ● Level 1 - Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets; ● Level 2 - Observable inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities; and ● Level 3 - Unobservable inputs that are supported by little or no market data, which require the Company to develop its own assumptions. The determination of fair value and the assessment of a measurement’s placement within the hierarchy requires judgment. Level 3 valuations often involve a higher degree of judgment and complexity. Level 3 valuations may require the use of various cost, market, or income valuation methodologies applied to unobservable management estimates and assumptions. Management’s assumptions could vary depending on the asset or liability valued and the valuation method used. Such assumptions could include estimates of prices, earnings, costs, actions of market participants, market factors, or the weighting of various valuation methods. The Company may also engage external advisors to assist us in determining fair value, as appropriate. Although the Company believes that the recorded fair value of our financial instruments is appropriate, these fair values may not be indicative of net realizable value or reflective of future fair values. The Company’s financial instruments, including cash, accounts payable and accrued expenses, accounts payable and accrued expenses – related parties, advances and various debt instruments are carried at historical cost. At December 31, 2022 and 2021, respectively, the carrying amounts of these instruments approximated their fair values because of the short-term nature of these instruments. ASC 825-10 “Financial Instruments” GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2022 AND 2021 Equity Method Investment On August 29, 2019, the Company entered into a Material Definitive Agreement related to the formation of 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 As of December 31, 2022 and 2021, respectively, there were no assets within OPMGE. Accordingly, the Company’s receivable with this entity is fully reserved for as of December 31, 2022 and 2021. Cash and Cash Equivalents and Concentration of Credit Risk For purposes of the statements of cash flows, the Company considers all highly liquid instruments with a maturity of three months or less at the purchase date and money market accounts to be cash equivalents. At December 31, 2022 and 2021, respectively, the Company did no The Company is exposed to credit risk on its cash and cash equivalents in the event of default by the financial institutions to the extent account balances exceed the amount insured by the FDIC, which is $ 250,000 no GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2022 AND 2021 Impairment of Long-lived Assets Management evaluates the recoverability of the Company’s identifiable intangible assets and other long-lived assets when events or circumstances indicate a potential impairment exists, in accordance with the provisions of ASC 360-10-35-15 “Impairment or Disposal of Long-Lived Assets.” If impairment is indicated based on a comparison of the assets’ carrying values and the undiscounted cash flows, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. Property and Equipment Expenditures for repair and maintenance which do not materially extend the useful lives of property and equipment are charged to operations. When property and equipment is sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the respective accounts with the resulting gain or loss reflected in operations. Management reviews the carrying value of its property and equipment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Derivative Liabilities The Company analyzes all financial instruments with features of both liabilities and equity under FASB ASC Topic No. 480, (“ASC 480”), “ Distinguishing Liabilities from Equity” Derivatives and Hedging” Upon conversion or repayment of a debt instrument in exchange for shares of common stock, where the embedded conversion option has been bifurcated and accounted for as a derivative liability (generally convertible debt and warrants), the Company records the shares of common stock at fair value, relieves all related debt, derivatives, and debt discounts, and recognizes a net gain or loss on debt extinguishment. Equity instruments that are initially classified as equity that become subject to reclassification under ASC Topic 815 are reclassified to liabilities at the fair value of the instrument on the reclassification date. At December 31 no GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2022 AND 2021 Debt Discount For certain notes issued, the Company may provide the debt holder with an original issue discount. The original issue discount is recorded as a debt discount, reducing the face amount of the note, and is amortized to interest expense over the life of the debt, in the Consolidated Statements of Operations. Debt Issue Cost Debt issuance cost paid to lenders, or third parties are recorded as debt discounts and amortized to interest expense over the life of the underlying debt instrument, in the Consolidated Statements of Operations. Income Taxes The Company accounts for income tax using the asset and liability method prescribed by ASC 740, “Income Taxes”. The Company follows the accounting guidance for uncertainty in income taxes using the provisions of ASC 740 “Income Taxes”. Using that guidance, tax positions initially need to be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. As of December 31, 2022 and December 31, 2021, respectively, the Company had no The Company recognizes interest and penalties related to uncertain income tax positions in other expense. No GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2022 AND 2021 Research and Development The Company accounts for research and development costs in accordance with ASC subtopic 730-10, Research and Development (“ASC 730-10”). Under ASC 730-10, all research and development costs must be charged to expense as incurred. Accordingly, internal research and development costs are expensed as incurred. Third-party research and development costs are expensed when the contracted work has been performed or as milestone results have been achieved as defined under the applicable agreement. Company-sponsored research and development costs related to both present and future products are expensed in the period incurred. The Company incurred research and development expenses of $ 54,275 158,000 Stock-Based Compensation The Company accounts for our stock-based compensation under ASC 718 “Compensation – Stock Compensation” The Company uses the fair value method for equity instruments granted to non-employees and use the Black-Scholes model for measuring the fair value of options. The fair value of stock-based compensation is determined as of the date of the grant or the date at which the performance of the services is completed (measurement date) and is recognized over the vesting periods. When determining fair value, the Company considers the following assumptions in the Black-Scholes model: ● Exercise price, ● Expected dividends, ● Expected volatility, ● Risk-free interest rate; and ● Expected life of option GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2022 AND 2021 Stock Warrants In connection with certain financing, consulting and collaboration arrangements, the Company may issue warrants to purchase shares of its common stock. The outstanding warrants are standalone instruments that are not puttable or mandatorily redeemable by the holder and are classified as equity awards. The Company measures the fair value of the awards using the Black-Scholes option pricing model as of the measurement date. Warrants issued in conjunction with the issuance of common stock are initially recorded at fair value as a reduction in additional paid-in capital of the common stock issued. All other warrants are recorded at fair value as expense over the requisite service period or at the date of issuance if there is not a service period. Basic and Diluted Earnings (Loss) per Share Pursuant to ASC 260-10-45, basic loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding for the periods presented. Diluted loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period. Potentially dilutive common shares may consist of common stock issuable for stock options and warrants (using the treasury stock method), convertible notes and common stock issuable. These common stock equivalents may be dilutive in the future. At December 31, 2022 and 2021, respectively, the Company had the following common stock equivalents outstanding, which are potentially dilutive equity securities: Schedule Of Potentially Dilutive Equity Securities December 31, 2022 December 31, 2021 Convertible debt 3,689,400 2,083,338 Warrants - 3,000,000 Potentially dilutive equity securities 3,689,400 5,083,338 Related Parties Parties are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal with if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. Recent Accounting Standards Changes to accounting principles are established by the Financial Accounting Standards Board in the form of Accounting Standards Updates (“ASU’s”) to the FASB’s Codification. We consider the applicability and impact of all ASU’s on our consolidated financial position, results of operations, stockholders’ deficit, cash flows, or presentation thereof. Management has evaluated all recent accounting pronouncements as issued by the FASB in the form of Accounting Standards Updates (“ASU”) through the date these financial statements were available to be issued and found no recent accounting pronouncements issued, but not yet effective accounting pronouncements, when adopted, will have a material impact on the financial statements of the Company. Reclassifications Certain prior year amounts have been reclassified for consistency with the current year presentation. The Company combined various accrued liabilities into one caption called accounts payable and accrued expenses. The Company combined various accrued liabilities with related parties into one caption called accounts payable and accrued expenses – related parties. The Company separately disclosed its notes payable and convertible notes payable. The Company separately reflected amortization of debt discount from general and administrative expenses. These reclassifications had no effect on the consolidated results of operations, stockholders’ deficit, or cash flows. GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2022 AND 2021 |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Notes Payable | Note 3 – Notes Payable Notes payable and related terms were as follows: Schedule of Notes Payable and Related Terms 1 2 3 Terms Note Payable Note Payable Note Payable Issuance date of note September 2019 March 2019 May 2022 Maturity date September 2022 March 2024 September 2022 Interest rate 7.70 % N/A N/A Default interest rate 18.00 % N/A N/A Collateral Unsecured Unsecured Unsecured Original amount $ 525,000 $ 300,000 $ 67,500 1 2 3 Total In-Default Total In-Default Balance - December 31, 2020 $ 525,000 $ 195,000 $ - $ 720,000 $ - Repayments - (60,000 ) - (60,000 ) Balance - December 31, 2021 525,000 135,000 - 660,000 - Beginning balance 525,000 135,000 - 660,000 - Proceeds - - 67,500 67,500 Debt discount - - (37,500 ) (37,500 ) Amortization of debt discount (interest expense) - - 37,500 37,500 Repayments - (55,000 ) - (55,000 ) Balance - December 31, 2022 $ 525,000 $ 80,000 $ 67,500 $ 672,500 $ 592,500 Ending balance $ 525,000 $ 80,000 $ 67,500 $ 672,500 $ 592,500 1 The Company executed a settlement agreement with a third party for $ 525,000 2 The Company executed a settlement agreement with a third party for $ 300,000 sixty 5,000 3 The Company executed a note for $ 67,500 30,000 37,500 GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2022 AND 2021 |
Notes Payable _ Related Parties
Notes Payable – Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Notes Payable – Related Parties | Note 4 – Notes Payable – Related Parties The Company executed a loan agreement for up to $ 5,000,000 The Company also has executed various loans with other stockholders and members of the Board Directors. The notes bear interest ranging from 10 18 The notes all have initial one-year (1) dates to maturity and are automatically renewed for one-year (1) periods upon maturity. Typically, with each of these notes, the Company has issued shares of common stock, which have been recognized as a debt discount and amortized over the life of the note. During 2022, the Company issued 103,538 1,991 During 2021, the Company issued 858,496 30,791 Notes payable – related parties consist of loans from various members of management and the Board of Directors, typically for use as working capital. Related terms were as follows: Schedule of Notes Payable – Related Parties and Related Terms Balance - December 31, 2020 $ 2,411,605 Debt discount (30,791 ) Amortization of debt discount (interest expense) 35,202 Conversion of stockholder advances to notes payable - related parties 74,920 Proceeds 354,328 Repayments (100,000 ) Balance - December 31, 2021 2,745,264 Beginning balance 2,745,264 Conversion of stockholder advances to notes payable - related parties (see Note 6) 51,769 Debt discount (1,991 ) Amortization of debt discount (interest expense) 10,732 Balance - December 31, 2022 $ 2,805,774 Ending balance $ 2,805,774 GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2022 AND 2021 |
Convertible Note Payable
Convertible Note Payable | 12 Months Ended |
Dec. 31, 2022 | |
Convertible Note Payable | |
Convertible Note Payable | Note 5 – Convertible Note Payable Convertible note payable and related terms were as follows: Schedule of Convertible note payable and Related terms Convertible Terms Note Payable Issuance dates of note 2017 Maturity date 2019 Interest rate 4.50 % Default interest rate 18.00 % Collateral Unsecured Conversion rate $ 0.08 In-Default Balance - December 31, 2020 $ 166,667 $ 166,667 No activity in 2021 - Balance - December 31, 2021 166,667 166,667 No activity in 2022 - Balance - December 31, 2022 $ 166,667 $ 166,667 |
Advances _ Related Parties
Advances – Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Advances – Related Parties | Note 6 – Advances – Related Parties Advances – related parties and related terms were as follows: Schedule of Advances – Related Parties and Related Terms Advances Terms Related Parties Issuance date of advances Prior to 2018 Maturity date Due on Demand Interest rate 0 % Collateral Unsecured Balance - December 31, 2020 $ 142,934 Conversion of stockholder advances to notes payable - related parties (74,920 ) Balance - December 31, 2021 68,014 Proceeds 3,500 Conversion of stockholder advances to notes payable - related parties (see Note 4) (51,769 ) Subscription receivable - warrants (16,245 ) Balance - December 31, 2022 $ 3,500 During 2022, in connection with a settlement, the Company reduced amounts owed to a stockholder for $ 16,245 |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Note 7 – Commitments 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 $ 90,377 On November 17, 2021, Greenway and Mr. Reynolds settled the matter agreeing to cash payments from GWTI totaling $ 20,000 70,377 On September 7, 2021, the Company was served with a demand for mediation and potential arbitration by Gregory Sanders, a previous employee of the Company. The demand claims Mr. Sanders had an employment agreement with the Company entitling him to certain compensation payments under the contract. No conclusion was met during mediation which occurred in the fourth quarter of 2021 or as of December 31, 2022. Greenway is confident in its defenses and counterclaims and intends to vigorously defend its interests and prosecute its claims. GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2022 AND 2021 |
Stockholders_ Deficit
Stockholders’ Deficit | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Stockholders’ Deficit | Note 8 – Stockholders’ Deficit The Company has one (1) class of stock: Common Stock - 500,000,000 - $ 0.0001 - Voting at 1 vote per share Equity Transactions for the Year Ended December 31, 2022 Stock Issued as Debt Issue Costs The Company issued 302,038 1,991 0.01 0.06 Stock Issued for Cash The Company issued 20,667,999 482,200 0.02 0.03 5,000 Stock Issued for Settlement of Liabilities The Company issued 6,200,000 155,000 0.03 Stock Issued for Services The Company issued 380,000 6,500 0.01 0.025 Stock to be Issued The Company sold 250,000 5,000 0.02 Equity Transactions for the Year Ended December 31, 2021 Stock Issued as Debt Issue Costs The Company issued 1,197,758 54,986 0.046 Stock Issued for Cash The Company issued 18,112,501 656,500 0.03 0.05 Stock Issued for Services The Company issued 482,500 14,475 0.03 GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2022 AND 2021 |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Warrants | Note 9 – Warrants Warrant activity for the years ended December 31, 2022 and 2021 is summarized as follows: Schedule of Warrant Activity Weighted Average Weighted Remaining Aggregate Number of Average Contractual Intrinsic Warrants Exercise Price Term (Years) Value Outstanding - December 31, 2020 7,000,000 $ 0.10 1.75 $ - Vested and Exercisable - December 31, 2020 7,000,000 $ 0.10 1.75 $ - Granted - $ - - - Exercised - $ - - - Cancelled/Forfeited (4,000,000 ) $ 0.15 - - Outstanding - December 31, 2021 3,000,000 $ 0.03 0.75 $ - Vested and Exercisable - December 31, 2021 3,000,000 $ 0.03 0.75 $ - Unvested - December 31, 2021 - $ - - $ - Granted - $ - - Exercised - $ - - Cancelled/Forfeited (3,000,000 ) $ 0.03 - Outstanding - December 31, 2022 - $ - - $ - Vested and Exercisable - December 31, 2022 - $ - - $ - Unvested and non-exercisable - December 31, 2022 - $ - - $ - |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10 – Income Taxes The Company’s tax expense differs from the “expected” tax expense for the period (computed by applying the corporate tax rate of 21 Schedule of Components of Income Tax Expense Benefit December 31, 2022 December 31, 2021 Federal income tax benefit - 21% $ (311,000 ) $ (366,000 ) Non-deductible items (15,000 ) - Subtotal (326,000 ) (366,000 ) Change in valuation allowance 326,000 366,000 Income tax benefit $ - $ - GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2022 AND 2021 The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities at December 31, 2022 and 2021 are approximately as follows: Schedule of Deferred Tax Assets and Liabilities December 31, 2022 December 31, 2021 Deferred Tax Assets Amortization of debt discount $ (10,000 ) $ - Share based payments (6,000 ) - Other (1,184,000 ) 1,184,000 Net operating loss carryforwards 4,910,000 5,785,000 Total deferred tax assets 3,710,000 6,969,000 Less: valuation allowance (3,710,000 ) (6,969,000 ) Net deferred tax asset recorded $ - $ - Deferred tax assets and liabilities are computed by applying the federal and state income tax rates in effect to the gross amounts of temporary differences and other tax attributes, such as net operating loss carryforwards. In assessing if the deferred tax assets will be realized, the Company considers whether it is more likely than not that some or all of these deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period in which these deductible temporary differences reverse. During the year ended December 31, 2022 the valuation allowance decreased by approximately $ 3,259,000 At December 31, 2022, the Company has federal net operating loss carryforwards, which are available to offset future taxable income, of approximately $ 23,380,000 NOL carryforwards that were generated after 2017 of approximately $ 23,380,000 80 These carryforwards may be subject to an annual limitation under Section 382 and 383 of the Internal Revenue Code of 1986, and similar state provisions if the Company experienced one or more ownership changes which would limit the amount of NOL and tax credit carryforwards that can be utilized to offset future taxable income and tax, respectively. In general, an ownership change, as defined by Section 382 and 383, results from transactions increasing ownership of certain stockholders or public groups in the stock of the corporation by more than 50 percentage points over a three- year period. The Company has not completed an IRC Section 382/383 analysis. If a change in ownership were to have occurred, NOL and tax credit carryforwards could be eliminated or restricted. If eliminated, the related asset would be removed from the deferred tax asset schedule with a corresponding reduction in the valuation allowance. Due to the existence of the valuation allowance, limitations created by future ownership changes, if any, will not impact the Company’s effective tax rate. The Company files corporate income tax returns in the United States and Texas jurisdictions. Due to the Company’s net operating loss posture, all tax years are open and subject to income tax examination by tax authorities. The Company’s policy is to recognize interest expense and penalties related to income tax matters as tax expense. At December 31, 2022 and 2021, respectively, there were no As of December 31, 2022, the Company had no |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11 – Subsequent Events Subsequent to December 31, 2022, the Company reflects the following: Stock Issued for Cash The Company issued 7,000,000 140,000 0.02 The Company issued 1,333,333 20,000 0.015 Stock Issued for Services The Company issued 2,000,000 20,000 0.01 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the financial statements of Greenway and its wholly owned subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. |
Business Segments | Business Segments The Company uses the “management approach” to identify its reportable segments. The management approach requires companies to report segment financial information consistent with information used by management for making operating decisions and assessing performance as the basis for identifying the Company’s reportable segments. The Company has identified one |
Use of Estimates | Use of Estimates Preparing financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates, and those estimates may be material. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and other assumptions, which include both quantitative and qualitative assessments that it believes to be reasonable under the circumstances. Significant estimates during the years ended December 31, 2022 and 2021, respectively, include valuation of stock-based compensation, uncertain tax positions, and the valuation allowance on deferred tax assets. GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2022 AND 2021 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company accounts for financial instruments under Financial Accounting Standards Board (“FASB”) ASC 820, Fair Value Measurements The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs, when determining fair value. The three tiers are defined as follows: ● Level 1 - Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets; ● Level 2 - Observable inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities; and ● Level 3 - Unobservable inputs that are supported by little or no market data, which require the Company to develop its own assumptions. The determination of fair value and the assessment of a measurement’s placement within the hierarchy requires judgment. Level 3 valuations often involve a higher degree of judgment and complexity. Level 3 valuations may require the use of various cost, market, or income valuation methodologies applied to unobservable management estimates and assumptions. Management’s assumptions could vary depending on the asset or liability valued and the valuation method used. Such assumptions could include estimates of prices, earnings, costs, actions of market participants, market factors, or the weighting of various valuation methods. The Company may also engage external advisors to assist us in determining fair value, as appropriate. Although the Company believes that the recorded fair value of our financial instruments is appropriate, these fair values may not be indicative of net realizable value or reflective of future fair values. The Company’s financial instruments, including cash, accounts payable and accrued expenses, accounts payable and accrued expenses – related parties, advances and various debt instruments are carried at historical cost. At December 31, 2022 and 2021, respectively, the carrying amounts of these instruments approximated their fair values because of the short-term nature of these instruments. ASC 825-10 “Financial Instruments” GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2022 AND 2021 |
Equity Method Investment | Equity Method Investment On August 29, 2019, the Company entered into a Material Definitive Agreement related to the formation of 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 As of December 31, 2022 and 2021, respectively, there were no assets within OPMGE. Accordingly, the Company’s receivable with this entity is fully reserved for as of December 31, 2022 and 2021. |
Cash and Cash Equivalents and Concentration of Credit Risk | Cash and Cash Equivalents and Concentration of Credit Risk For purposes of the statements of cash flows, the Company considers all highly liquid instruments with a maturity of three months or less at the purchase date and money market accounts to be cash equivalents. At December 31, 2022 and 2021, respectively, the Company did no The Company is exposed to credit risk on its cash and cash equivalents in the event of default by the financial institutions to the extent account balances exceed the amount insured by the FDIC, which is $ 250,000 no GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2022 AND 2021 |
Impairment of Long-lived Assets | Impairment of Long-lived Assets Management evaluates the recoverability of the Company’s identifiable intangible assets and other long-lived assets when events or circumstances indicate a potential impairment exists, in accordance with the provisions of ASC 360-10-35-15 “Impairment or Disposal of Long-Lived Assets.” If impairment is indicated based on a comparison of the assets’ carrying values and the undiscounted cash flows, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. |
Property and Equipment | Property and Equipment Expenditures for repair and maintenance which do not materially extend the useful lives of property and equipment are charged to operations. When property and equipment is sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the respective accounts with the resulting gain or loss reflected in operations. Management reviews the carrying value of its property and equipment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. |
Derivative Liabilities | Derivative Liabilities The Company analyzes all financial instruments with features of both liabilities and equity under FASB ASC Topic No. 480, (“ASC 480”), “ Distinguishing Liabilities from Equity” Derivatives and Hedging” Upon conversion or repayment of a debt instrument in exchange for shares of common stock, where the embedded conversion option has been bifurcated and accounted for as a derivative liability (generally convertible debt and warrants), the Company records the shares of common stock at fair value, relieves all related debt, derivatives, and debt discounts, and recognizes a net gain or loss on debt extinguishment. Equity instruments that are initially classified as equity that become subject to reclassification under ASC Topic 815 are reclassified to liabilities at the fair value of the instrument on the reclassification date. At December 31 no GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2022 AND 2021 |
Debt Discount | Debt Discount For certain notes issued, the Company may provide the debt holder with an original issue discount. The original issue discount is recorded as a debt discount, reducing the face amount of the note, and is amortized to interest expense over the life of the debt, in the Consolidated Statements of Operations. |
Debt Issue Cost | Debt Issue Cost Debt issuance cost paid to lenders, or third parties are recorded as debt discounts and amortized to interest expense over the life of the underlying debt instrument, in the Consolidated Statements of Operations. |
Income Taxes | Income Taxes The Company accounts for income tax using the asset and liability method prescribed by ASC 740, “Income Taxes”. The Company follows the accounting guidance for uncertainty in income taxes using the provisions of ASC 740 “Income Taxes”. Using that guidance, tax positions initially need to be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. As of December 31, 2022 and December 31, 2021, respectively, the Company had no The Company recognizes interest and penalties related to uncertain income tax positions in other expense. No GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2022 AND 2021 |
Research and Development | Research and Development The Company accounts for research and development costs in accordance with ASC subtopic 730-10, Research and Development (“ASC 730-10”). Under ASC 730-10, all research and development costs must be charged to expense as incurred. Accordingly, internal research and development costs are expensed as incurred. Third-party research and development costs are expensed when the contracted work has been performed or as milestone results have been achieved as defined under the applicable agreement. Company-sponsored research and development costs related to both present and future products are expensed in the period incurred. The Company incurred research and development expenses of $ 54,275 158,000 |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for our stock-based compensation under ASC 718 “Compensation – Stock Compensation” The Company uses the fair value method for equity instruments granted to non-employees and use the Black-Scholes model for measuring the fair value of options. The fair value of stock-based compensation is determined as of the date of the grant or the date at which the performance of the services is completed (measurement date) and is recognized over the vesting periods. When determining fair value, the Company considers the following assumptions in the Black-Scholes model: ● Exercise price, ● Expected dividends, ● Expected volatility, ● Risk-free interest rate; and ● Expected life of option GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2022 AND 2021 |
Stock Warrants | Stock Warrants In connection with certain financing, consulting and collaboration arrangements, the Company may issue warrants to purchase shares of its common stock. The outstanding warrants are standalone instruments that are not puttable or mandatorily redeemable by the holder and are classified as equity awards. The Company measures the fair value of the awards using the Black-Scholes option pricing model as of the measurement date. Warrants issued in conjunction with the issuance of common stock are initially recorded at fair value as a reduction in additional paid-in capital of the common stock issued. All other warrants are recorded at fair value as expense over the requisite service period or at the date of issuance if there is not a service period. |
Basic and Diluted Earnings (Loss) per Share | Basic and Diluted Earnings (Loss) per Share Pursuant to ASC 260-10-45, basic loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding for the periods presented. Diluted loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period. Potentially dilutive common shares may consist of common stock issuable for stock options and warrants (using the treasury stock method), convertible notes and common stock issuable. These common stock equivalents may be dilutive in the future. At December 31, 2022 and 2021, respectively, the Company had the following common stock equivalents outstanding, which are potentially dilutive equity securities: Schedule Of Potentially Dilutive Equity Securities December 31, 2022 December 31, 2021 Convertible debt 3,689,400 2,083,338 Warrants - 3,000,000 Potentially dilutive equity securities 3,689,400 5,083,338 |
Related Parties | Related Parties Parties are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal with if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. |
Recent Accounting Standards | Recent Accounting Standards Changes to accounting principles are established by the Financial Accounting Standards Board in the form of Accounting Standards Updates (“ASU’s”) to the FASB’s Codification. We consider the applicability and impact of all ASU’s on our consolidated financial position, results of operations, stockholders’ deficit, cash flows, or presentation thereof. Management has evaluated all recent accounting pronouncements as issued by the FASB in the form of Accounting Standards Updates (“ASU”) through the date these financial statements were available to be issued and found no recent accounting pronouncements issued, but not yet effective accounting pronouncements, when adopted, will have a material impact on the financial statements of the Company. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified for consistency with the current year presentation. The Company combined various accrued liabilities into one caption called accounts payable and accrued expenses. The Company combined various accrued liabilities with related parties into one caption called accounts payable and accrued expenses – related parties. The Company separately disclosed its notes payable and convertible notes payable. The Company separately reflected amortization of debt discount from general and administrative expenses. These reclassifications had no effect on the consolidated results of operations, stockholders’ deficit, or cash flows. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule Of Potentially Dilutive Equity Securities | At December 31, 2022 and 2021, respectively, the Company had the following common stock equivalents outstanding, which are potentially dilutive equity securities: Schedule Of Potentially Dilutive Equity Securities December 31, 2022 December 31, 2021 Convertible debt 3,689,400 2,083,338 Warrants - 3,000,000 Potentially dilutive equity securities 3,689,400 5,083,338 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable and Related Terms | Notes payable and related terms were as follows: Schedule of Notes Payable and Related Terms 1 2 3 Terms Note Payable Note Payable Note Payable Issuance date of note September 2019 March 2019 May 2022 Maturity date September 2022 March 2024 September 2022 Interest rate 7.70 % N/A N/A Default interest rate 18.00 % N/A N/A Collateral Unsecured Unsecured Unsecured Original amount $ 525,000 $ 300,000 $ 67,500 1 2 3 Total In-Default Total In-Default Balance - December 31, 2020 $ 525,000 $ 195,000 $ - $ 720,000 $ - Repayments - (60,000 ) - (60,000 ) Balance - December 31, 2021 525,000 135,000 - 660,000 - Beginning balance 525,000 135,000 - 660,000 - Proceeds - - 67,500 67,500 Debt discount - - (37,500 ) (37,500 ) Amortization of debt discount (interest expense) - - 37,500 37,500 Repayments - (55,000 ) - (55,000 ) Balance - December 31, 2022 $ 525,000 $ 80,000 $ 67,500 $ 672,500 $ 592,500 Ending balance $ 525,000 $ 80,000 $ 67,500 $ 672,500 $ 592,500 1 The Company executed a settlement agreement with a third party for $ 525,000 2 The Company executed a settlement agreement with a third party for $ 300,000 sixty 5,000 3 The Company executed a note for $ 67,500 30,000 37,500 |
Notes Payable _ Related Parti_2
Notes Payable – Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable – Related Parties and Related Terms | Notes payable – related parties consist of loans from various members of management and the Board of Directors, typically for use as working capital. Related terms were as follows: Schedule of Notes Payable – Related Parties and Related Terms Balance - December 31, 2020 $ 2,411,605 Debt discount (30,791 ) Amortization of debt discount (interest expense) 35,202 Conversion of stockholder advances to notes payable - related parties 74,920 Proceeds 354,328 Repayments (100,000 ) Balance - December 31, 2021 2,745,264 Beginning balance 2,745,264 Conversion of stockholder advances to notes payable - related parties (see Note 6) 51,769 Debt discount (1,991 ) Amortization of debt discount (interest expense) 10,732 Balance - December 31, 2022 $ 2,805,774 Ending balance $ 2,805,774 GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2022 AND 2021 |
Convertible Note Payable (Table
Convertible Note Payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Convertible Note Payable | |
Schedule of Convertible note payable and Related terms | Convertible note payable and related terms were as follows: Schedule of Convertible note payable and Related terms Convertible Terms Note Payable Issuance dates of note 2017 Maturity date 2019 Interest rate 4.50 % Default interest rate 18.00 % Collateral Unsecured Conversion rate $ 0.08 In-Default Balance - December 31, 2020 $ 166,667 $ 166,667 No activity in 2021 - Balance - December 31, 2021 166,667 166,667 No activity in 2022 - Balance - December 31, 2022 $ 166,667 $ 166,667 |
Advances _ Related Parties (Tab
Advances – Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Advances – Related Parties and Related Terms | Advances – related parties and related terms were as follows: Schedule of Advances – Related Parties and Related Terms Advances Terms Related Parties Issuance date of advances Prior to 2018 Maturity date Due on Demand Interest rate 0 % Collateral Unsecured Balance - December 31, 2020 $ 142,934 Conversion of stockholder advances to notes payable - related parties (74,920 ) Balance - December 31, 2021 68,014 Proceeds 3,500 Conversion of stockholder advances to notes payable - related parties (see Note 4) (51,769 ) Subscription receivable - warrants (16,245 ) Balance - December 31, 2022 $ 3,500 |
Warrants (Tables)
Warrants (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Warrant Activity | Warrant activity for the years ended December 31, 2022 and 2021 is summarized as follows: Schedule of Warrant Activity Weighted Average Weighted Remaining Aggregate Number of Average Contractual Intrinsic Warrants Exercise Price Term (Years) Value Outstanding - December 31, 2020 7,000,000 $ 0.10 1.75 $ - Vested and Exercisable - December 31, 2020 7,000,000 $ 0.10 1.75 $ - Granted - $ - - - Exercised - $ - - - Cancelled/Forfeited (4,000,000 ) $ 0.15 - - Outstanding - December 31, 2021 3,000,000 $ 0.03 0.75 $ - Vested and Exercisable - December 31, 2021 3,000,000 $ 0.03 0.75 $ - Unvested - December 31, 2021 - $ - - $ - Granted - $ - - Exercised - $ - - Cancelled/Forfeited (3,000,000 ) $ 0.03 - Outstanding - December 31, 2022 - $ - - $ - Vested and Exercisable - December 31, 2022 - $ - - $ - Unvested and non-exercisable - December 31, 2022 - $ - - $ - |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense Benefit | The Company’s tax expense differs from the “expected” tax expense for the period (computed by applying the corporate tax rate of 21 Schedule of Components of Income Tax Expense Benefit December 31, 2022 December 31, 2021 Federal income tax benefit - 21% $ (311,000 ) $ (366,000 ) Non-deductible items (15,000 ) - Subtotal (326,000 ) (366,000 ) Change in valuation allowance 326,000 366,000 Income tax benefit $ - $ - |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities at December 31, 2022 and 2021 are approximately as follows: Schedule of Deferred Tax Assets and Liabilities December 31, 2022 December 31, 2021 Deferred Tax Assets Amortization of debt discount $ (10,000 ) $ - Share based payments (6,000 ) - Other (1,184,000 ) 1,184,000 Net operating loss carryforwards 4,910,000 5,785,000 Total deferred tax assets 3,710,000 6,969,000 Less: valuation allowance (3,710,000 ) (6,969,000 ) Net deferred tax asset recorded $ - $ - |
Organization and Nature of Op_2
Organization and Nature of Operations (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net loss | $ 1,512,692 | $ 1,744,376 | |
Net cash used in operations | 496,654 | 791,906 | |
Accumulated deficit | 36,278,869 | 34,766,177 | |
Stockholders' deficit | 10,737,576 | 9,886,820 | $ 8,844,210 |
Working capital deficit | 10,737,576 | ||
Cash | $ 24,595 | $ 60,549 |
Schedule Of Potentially Dilutiv
Schedule Of Potentially Dilutive Equity Securities (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive equity securities | 3,689,400 | 5,083,338 |
Convertible Debt Securities [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive equity securities | 3,689,400 | 2,083,338 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive equity securities | 3,000,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) | 12 Months Ended | ||
Aug. 29, 2019 | Dec. 31, 2022 USD ($) Segment | Dec. 31, 2021 USD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Numberof operating segment | Segment | 1 | ||
Cash equivalents | $ 0 | $ 0 | |
Cash FDIC insured amount | 250,000 | ||
Cash uninsured amount | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Uncertain tax positions | 0 | 0 | |
Interest and penalties related to uncertain income tax | 0 | 0 | |
Research and development expenses | $ 54,275 | $ 158,000 | |
Material Definitive Agreement [Member] | O P M Green Energy L L C [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Equity method 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 remaining 300 of 1,000 member units available. | ||
Equity ownership percentage | 42.86% |
Schedule of Notes Payable and R
Schedule of Notes Payable and Related Terms (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Short-Term Debt [Line Items] | |||
Beginning default amount | |||
Repayments | (55,000) | (60,000) | |
Amortization of debt discount (interest expense) | 48,232 | 35,202 | |
Ending default amount | $ 592,500 | ||
Notes Payable One [Member] | |||
Short-Term Debt [Line Items] | |||
Issuance date of note | [1] | September 2019 | |
Maturity date | [1] | September 2022 | |
Interest rate | [1] | 7.70% | |
Default interest rate | [1] | 18% | |
Collateral | [1] | Unsecured | |
Original amount | [1] | $ 525,000 | |
Beginning balance | [1] | 525,000 | 525,000 |
Repayments | [1] | ||
Proceeds | [1] | ||
Debt discount | [1] | ||
Amortization of debt discount (interest expense) | [1] | ||
Ending balance | [1] | $ 525,000 | 525,000 |
Notes Payable Two [Member] | |||
Short-Term Debt [Line Items] | |||
Issuance date of note | [2] | March 2019 | |
Maturity date | [2] | March 2024 | |
Collateral | [2] | Unsecured | |
Original amount | [2] | $ 300,000 | |
Beginning balance | [2] | 135,000 | 195,000 |
Repayments | [2] | (55,000) | (60,000) |
Proceeds | [2] | ||
Debt discount | [2] | ||
Amortization of debt discount (interest expense) | [2] | ||
Ending balance | [2] | $ 80,000 | 135,000 |
Notes Payable Three [Member] | |||
Short-Term Debt [Line Items] | |||
Issuance date of note | [3] | May 2022 | |
Maturity date | [3] | September 2022 | |
Collateral | [3] | Unsecured | |
Original amount | [3] | $ 67,500 | |
Beginning balance | [3] | ||
Repayments | [3] | ||
Proceeds | [3] | 67,500 | |
Debt discount | [3] | (37,500) | |
Amortization of debt discount (interest expense) | [3] | 37,500 | |
Ending balance | [3] | 67,500 | |
Notes Payable [Member] | |||
Short-Term Debt [Line Items] | |||
Beginning balance | 660,000 | 720,000 | |
Repayments | (55,000) | (60,000) | |
Proceeds | 67,500 | ||
Debt discount | (37,500) | ||
Amortization of debt discount (interest expense) | 37,500 | ||
Ending balance | $ 672,500 | $ 660,000 | |
[1]The Company executed a settlement agreement with a third party for $ 525,000 300,000 sixty 5,000 67,500 30,000 37,500 |
Schedule of Notes Payable and_2
Schedule of Notes Payable and Related Terms (Details) (Parenthetical) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | ||
Short-Term Debt [Line Items] | ||||
Proceeds from note payable | $ 30,000 | |||
Notes Payable One [Member] | ||||
Short-Term Debt [Line Items] | ||||
Debt payment amount | [1] | 525,000 | ||
Original issue discount | [1] | |||
Notes Payable Two [Member] | ||||
Short-Term Debt [Line Items] | ||||
Debt payment amount | [2] | 300,000 | ||
Original issue discount | [2] | |||
Notes Payable Three [Member] | ||||
Short-Term Debt [Line Items] | ||||
Debt payment amount | [3] | 67,500 | ||
Original issue discount | [3] | (37,500) | ||
Settlement Agreement [Member] | Notes Payable One [Member] | ||||
Short-Term Debt [Line Items] | ||||
Debt payment amount | $ 525,000 | |||
Settlement Agreement [Member] | Notes Payable Two [Member] | ||||
Short-Term Debt [Line Items] | ||||
Debt payment amount | $ 300,000 | |||
Debt frequency of periodic payment | sixty | |||
Debt monthly installment amount | $ 5,000 | |||
Settlement Agreement [Member] | Notes Payable Three [Member] | ||||
Short-Term Debt [Line Items] | ||||
Debt payment amount | 67,500 | |||
Proceeds from note payable | 30,000 | |||
Original issue discount | $ 37,500 | |||
[1]The Company executed a settlement agreement with a third party for $ 525,000 300,000 sixty 5,000 67,500 30,000 37,500 |
Schedule of Notes Payable _ Rel
Schedule of Notes Payable – Related Parties and Related Terms (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Short-Term Debt [Line Items] | ||
Beginning balance | $ 2,745,264 | |
Amortization of debt discount (interest expense) | 48,232 | $ 35,202 |
Conversion of stockholder advances to notes payable - related parties (see Note 6) | 51,769 | 429,249 |
Repayments | (55,000) | (60,000) |
Ending balance | 2,805,774 | 2,745,264 |
Notes Payable [Member] | ||
Short-Term Debt [Line Items] | ||
Debt discount | (37,500) | |
Amortization of debt discount (interest expense) | 37,500 | |
Proceeds | 67,500 | |
Repayments | (55,000) | (60,000) |
Notes Payable [Member] | Management And Board Of Directors [Member] | ||
Short-Term Debt [Line Items] | ||
Beginning balance | 2,745,264 | 2,411,605 |
Debt discount | (1,991) | (30,791) |
Amortization of debt discount (interest expense) | 10,732 | 35,202 |
Conversion of stockholder advances to notes payable - related parties (see Note 6) | 51,769 | 74,920 |
Proceeds | 354,328 | |
Repayments | (100,000) | |
Ending balance | $ 2,805,774 | $ 2,745,264 |
Notes Payable _ Related Parti_3
Notes Payable – Related Parties (Details Narrative) - Loan Agreement [Member] - Company Owned By Stockholder [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Debt instrument face amount | $ 5,000,000 | |
Maturity description | The notes all have initial one-year (1) dates to maturity and are automatically renewed for one-year (1) periods upon maturity. | |
Number of shares issued as debt discount | 103,538 | 858,496 |
Debt discount | $ 1,991 | $ 30,791 |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Note interest rate | 10% | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Note interest rate | 18% |
Schedule of Convertible note pa
Schedule of Convertible note payable and Related terms (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Short-Term Debt [Line Items] | ||
Beginning balance | $ 166,667 | |
Beginning default amount | ||
Ending balance | 166,667 | 166,667 |
Ending default amount | $ 592,500 | |
Convertible Notes Payable [Member] | ||
Short-Term Debt [Line Items] | ||
Issuance date of note | 2017 | |
Maturity date | 2019 | |
Note interest rate | 4.50% | |
Default interest rate | 18% | |
Collateral | Unsecured | |
Conversion rate | $ 0.08 | |
Beginning balance | $ 166,667 | 166,667 |
Beginning default amount | 166,667 | 166,667 |
Activity during period | ||
Ending balance | 166,667 | 166,667 |
Ending default amount | $ 166,667 | $ 166,667 |
Schedule of Advances _ Related
Schedule of Advances – Related Parties and Related Terms (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||
Beginning balance | $ 68,014 | |
Conversion of stockholder advances to notes payable - related parties | (51,769) | $ (429,249) |
Proceeds | 3,500 | 354,327 |
Ending balance | $ 3,500 | 68,014 |
Advances Related Parties [Member] | ||
Related Party Transaction [Line Items] | ||
Issuance date of note | Prior to 2018 | |
Maturity date | Due on Demand | |
Note interest rate | 0% | |
Collateral | Unsecured | |
Beginning balance | $ 68,014 | 142,934 |
Conversion of stockholder advances to notes payable - related parties | (51,769) | (74,920) |
Proceeds | 3,500 | |
Subscription receivable - warrants | (16,245) | |
Ending balance | $ 3,500 | $ 68,014 |
Advances _ Related Parties (Det
Advances – Related Parties (Details Narrative) | Dec. 31, 2022 USD ($) |
Related Party Transactions [Abstract] | |
Due to stockholders | $ 16,245 |
Commitments (Details Narrative)
Commitments (Details Narrative) - USD ($) | 12 Months Ended | |||
Nov. 17, 2021 | Oct. 19, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Lawsuit settlement on consulting agreement | $ 90,377 | |||
Cash payment for legal settlement | $ 20,000 | |||
Gain on legal settlement | $ 70,377 |
Stockholders_ Deficit (Details
Stockholders’ Deficit (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Common stock, shares authorized | 500,000,000 | 500,000,000 | |
Common stock, par value | $ 0.0001 | $ 0.0001 | |
Common stockvoting rights | Voting at 1 vote per share | ||
Common stock issued as debt issue costs | $ 1,991 | $ 30,791 | |
Stock issued for cash | 482,200 | 656,500 | |
Stock issued for services | $ 6,500 | 14,475 | |
Equity Transactions Twenty Twenty Two [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock issued for cash, shares | 20,667,999 | ||
Stock issued for cash | $ 482,200 | $ 5,000 | |
Stock issued to settle accrued liabilities, shares | 6,200,000 | ||
Stock issued to settle accrued liabilities | $ 155,000 | ||
Share issued for services, per share | $ 0.03 | ||
Stock issued for services, shares | 380,000 | ||
Stock issued for services | $ 6,500 | ||
Equity Transactions Twenty Twenty Two [Member] | Subsequent Event [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock issued for cash, shares | 250,000 | ||
Stock issued for cash | $ 5,000 | ||
Share issued for services, per share | $ 0.02 | ||
Equity Transactions Twenty Twenty Two [Member] | Minimum [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share issued for cash, per share | $ 0.02 | ||
Share issued for services, per share | 0.01 | ||
Equity Transactions Twenty Twenty Two [Member] | Maximum [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share issued for cash, per share | 0.03 | ||
Share issued for services, per share | $ 0.025 | ||
Equity Transactions Twenty Twenty Two [Member] | Company Owned By Stockholder [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Sstock issued as debt issue costs, shares | 302,038 | ||
Common stock issued as debt issue costs | $ 1,991 | ||
Equity Transactions Twenty Twenty Two [Member] | Company Owned By Stockholder [Member] | Minimum [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share issued for cash, per share | $ 0.01 | ||
Equity Transactions Twenty Twenty Two [Member] | Company Owned By Stockholder [Member] | Maximum [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share issued for cash, per share | $ 0.06 | ||
Equity Transactions Twenty Twenty One [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Sstock issued as debt issue costs, shares | 1,197,758 | ||
Common stock issued as debt issue costs | $ 54,986 | ||
Share issued for cash, per share | $ 0.046 | ||
Stock issued for cash, shares | 18,112,501 | ||
Stock issued for cash | $ 656,500 | ||
Share issued for services, per share | $ 0.03 | ||
Stock issued for services, shares | 482,500 | ||
Stock issued for services | $ 14,475 | ||
Equity Transactions Twenty Twenty One [Member] | Minimum [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share issued for cash, per share | $ 0.03 | ||
Equity Transactions Twenty Twenty One [Member] | Maximum [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share issued for cash, per share | $ 0.05 |
Schedule of Warrant Activity (D
Schedule of Warrant Activity (Details) - Warrant [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Number of Warrants Outstanding, Beginning balance | 3,000,000 | 7,000,000 |
Weighted Average Exercise Price, Beginning balance | $ 0.03 | $ 0.10 |
Weighted Average Remaining Contractual Term (Years) | 1 year 9 months | |
Aggregate Instrinsic Value, Beginning balance | ||
Number of Warrants, Vested and Exercisable, Beginning balance | 3,000,000 | 7,000,000 |
Weighted Average Exercise Price, Vested and Exercisable, Beginning balance | $ 0.03 | $ 0.10 |
Vested and Exercisable, Weighted Average Remaining Contractual Term (Years) | 1 year 9 months | |
Aggregate Instrinsic Value, Vested and Exercisable, Beginning balance | ||
Number of Warrants Outstanding, Granted | ||
Weighted Average Exercise Price, Granted | ||
Number of Warrants Outstanding, Exercised | ||
Weighted Average Exercise Price, Exercised | ||
Number of Warrants Outstanding, Cancelled/Forfeited | (3,000,000) | (4,000,000) |
Weighted Average Exercise Price, Cancelled/Forfeited | $ 0.03 | $ 0.15 |
Weighted Average Remaining Contractual Term (Years) | 9 months | |
Vested and Exercisable, Weighted Average Remaining Contractual Term (Years) | 9 months | |
Number of Warrants, Unvested and non-exercisable, Beginning balance | ||
Weighted Average Exercise Price, Unvested and non-exercisable, Beginning balance | ||
Aggregate Instrinsic Value, Unvested and non-exercisable, Beginning balance | ||
Number of Warrants Outstanding, Ending balance | 3,000,000 | |
Weighted Average Exercise Price, Ending balance | $ 0.03 | |
Aggregate Instrinsic Value, Ending balance | ||
Number of Warrants, Vested and Exercisable, Ending balance | 3,000,000 | |
Weighted Average Exercise Price, Vested and Exercisable, Ending balance | $ 0.03 | |
Aggregate Instrinsic Value, Vested and Exercisable, Ending balance | ||
Number of Warrants, Unvested and non-exercisable, Ending balance | ||
Weighted Average Exercise Price, Unvested and non-exercisable, Ending balance | ||
Aggregate Instrinsic Value, Unvested and non-exercisable, Ending balance |
Schedule of Components of Incom
Schedule of Components of Income Tax Expense Benefit (Details) (Parenthetical) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Corporate tax rate | 21% |
Schedule of Components of Inc_2
Schedule of Components of Income Tax Expense Benefit (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Federal income tax benefit - 21% | $ (311,000) | $ (366,000) |
Non-deductible items | (15,000) | |
Subtotal | (326,000) | (366,000) |
Change in valuation allowance | 326,000 | 366,000 |
Income tax benefit |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Amortization of debt discount | $ (10,000) | |
Share based payments | (6,000) | |
Other | (1,184,000) | 1,184,000 |
Net operating loss carryforwards | 4,910,000 | 5,785,000 |
Total deferred tax assets | 3,710,000 | 6,969,000 |
Less: valuation allowance | (3,710,000) | (6,969,000) |
Net deferred tax asset recorded |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Valuation allowance, decreased | $ 3,259,000 | |
Federal net operating loss carryforwards | 23,380,000 | |
Net operating loss carryforwards | $ 23,380,000 | |
Taxable income, rate | 80% | |
Unrecognized tax benefits | $ 0 | $ 0 |
Corporate tax returns | $ 0 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Subsequent Event [Line Items] | |||
Common stock shares issued, value | $ 482,200 | $ 656,500 | |
Stock Issued During Period, Value, Issued for Services | $ 6,500 | $ 14,475 | |
Common Stock [Member] | |||
Subsequent Event [Line Items] | |||
Common stock shares issued | 20,667,999 | 18,112,501 | |
Common stock shares issued, value | $ 2,068 | $ 1,812 | |
Stock Issued During Period, Shares, Issued for Services | 380,000 | 482,500 | |
Stock Issued During Period, Value, Issued for Services | $ 38 | $ 48 | |
Subsequent Event [Member] | Chief Financial Officer [Member] | |||
Subsequent Event [Line Items] | |||
Price per share | $ 0.01 | ||
Stock Issued During Period, Shares, Issued for Services | 2,000,000 | ||
Stock Issued During Period, Value, Issued for Services | $ 20,000 | ||
Subsequent Event [Member] | Common Stock [Member] | |||
Subsequent Event [Line Items] | |||
Common stock shares issued | 7,000,000 | ||
Common stock shares issued, value | $ 140,000 | ||
Price per share | $ 0.02 | ||
Subsequent Event [Member] | Common Stock One [Member] | |||
Subsequent Event [Line Items] | |||
Common stock shares issued | 1,333,333 | ||
Common stock shares issued, value | $ 20,000 | ||
Price per share | $ 0.015 |