Notes Payable

9 Months Ended

Sep. 30, 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	Total
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		-		(40,000	)		-		$	(40,000	)
Balance - September 30, 2022	$	525,000	$	95,000		$	67,500		$	687,500		$	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.

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.

GREENWAY TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2022

(UNAUDITED)