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Greenway Technologies Inc (GWTI-21.39%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss of $1,513,568 for the year, compared to a net loss of $1,580,735 in the previous year. The decrease in net loss is attributed to reductions in legal expenses, mining lease expenses, and professional fees.
The company did not generate any revenue for the fiscal year 2024, similar to the previous year. Operating expenses decreased slightly from $960,692 in 2023 to $894,305 in 2024.
Interest expenses for the year were $619,263, showing a slight decrease from $620,043 in 2023. The company continues to face financial challenges with a working capital deficit of $13,006,449.
Greenway Technologies remains focused on the research and development of its proprietary gas-to-liquids (GTL) technology. The company aims to commercialize its G-Reformer unit, which converts natural gas into synthesis gas and subsequently into liquid fuels.
The company has several patents related to its GTL technology and is in discussions with potential partners to license and commercialize its technology.
Greenway Technologies has a substantial amount of debt, including notes payable and convertible notes, some of which are in default. The company is exploring strategic alternatives to improve its financial position.
The company did not pay any dividends during the fiscal year and does not anticipate paying dividends in the near future.
Greenway Technologies acknowledges its dependence on additional financing to fund ongoing operations and is considering raising funds through public or private offerings.
The filing also notes the company's ongoing legal proceedings and commitments, including employment agreements with key executives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Greenway Technologies Inc annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.