NOTE 1  ORGANIZATION Nature of Operations Greenway Technologies, Inc., (Greenway, GTI or the Company) through its wholly owned subsidiary, Greenway Innovative Energy, Inc., is primarily engaged in the research, development and commercialization of a proprietary Gas-to-Liquids (GTL) syngas conversion system that can be economically scaled to meet individual natural gas field/resource requirements. The Companys proprietary and patented technology has now been realized in Greenways recently completed first generation commercial-scale G-Reformer TM refractory unit, a unique and critical component to the Companys overall GTL technology solution. Greenways objective is to become a material direct and licensed producer of renewable GTL synthesized gasoline, diesel and jet fuels, with a near term focus on U.S. market opportunities. Greenways GTL Technology In August 2012, Greenway Technologies acquired 100% of Greenway Innovative Energy, Inc. (GIE) which owns patents and trade secrets for proprietary technologies to convert natural gas into synthesis gas (syngas). Based on a breakthrough process called Fractional Thermal Oxidation (FTO), the Company believes that its G-Reformer unit, combined with conventional and proprietary Fischer-Tropsch (FT) processes, offers an economical and scalable method to converting natural gas to liquid fuel. To facilitate the commercialization process, Greenway announced in August 2019 that it had entered into an agreement to partially own and operate an existing GTL plant located in Wharton, Texas. Originally acquired by Mabert, a company controlled by director, Kevin Jones, members include OPMGE (a company formed to facilitate the joint venture), Mabert and Tom Phillips, an employee of the Company. The Companys involvement in the venture is intended to facilitate third-party certification of the Companys G-Reformer technology, related equipment and technology. In addition, the Company anticipates that OPMGEs operations will demonstrate that the G-Reformer is a commercially viable technology for producing syngas and marketable fuel products. As the first operating GTL plant to use Greenways proprietary reforming technology and equipment, the Wharton joint venture facility is initially expected to yield a minimum of 75 - 100 barrels per day of gasoline and diesel fuels from converted natural gas. The Company believes that its proprietary G-Reformer is a major innovation in gas reforming and GTL technology in general. Initial tests have demonstrated that the Companys solution appears to be superior to legacy technologies which are more costly, have a larger footprint and cannot be easily deployed at field sites to process associated gas, stranded gas, coal-bed methane, vented gas, or flared gas, all markets the Company seeks to service. The new plant is anticipated to prove out the economics for the Companys technology and GTL processes.