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:

		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

									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			-
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

1 The Company executed a settlement agreement with a third party for $525,000 in 2019. This note requires semi-annual interest payments. At December 31, 2022, the note is in default.

2 The Company executed a settlement agreement with a third party for $300,000 in 2019. This note requires sixty (60) monthly installments of $5,000 each until paid in full.

3 The Company executed a note for $67,500 and received net proceeds of $30,000. The balance of $37,500 was an original issue discount amortized over the life of the note. At December 31, 2022, the note is in default.

GREENWAY TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2022 AND 2021