Leadership transition: Raymond Wright resigned as President of GIE effective June 11, 2026 (and as a company officer May 28, 2026). Doug Cogan was elected CEO on June 9, 2026 and President of GIE on June 12, 2026, with a three-year employment agreement at $240,000 base salary plus milestone-based bonuses; 2,500,000 shares valued at $67,500 were issued as a sign-on bonus in Q2.
Legal settlement default: The Company failed to pay the $50,000 installment due February 27, 2026 under the October 2025 settlement with Ric Halden and related plaintiffs. On May 4, 2026, the plaintiffs gave notice of formal breach and stated intent to exercise the $1,250,000 Agreed Judgement held in trust. The Company is in active negotiations to avoid exercise; the $950,000 liability remains on the balance sheet, and if the judgement is exercised an additional $300,000 in legal costs would be incurred.
R&D sharply curtailed and no commercial progress: Q2 2026 research and development expense was $113,702, down 62% year-over-year, which the filing attributes to insufficient cash flow. The Company generated no revenue and disclosed no new milestones, partnerships, or deployments of its G-Reformer GTL system. Customer deposits fell from $1,310,000 to $10,000, which the filing states was due to forfeiture under third-party agreements.
Severe liquidity and going-concern condition: Cash stood at $461 and total assets at $3,400 as of June 30, 2026, against total liabilities of $15,230,887 and a working-capital deficit of $15,227,487. All outstanding notes payable (third-party and related-party, totaling ~$3.46 million) are in default except a single $5,000 note issued in Q2. The Company survived the quarter on $25,825 in related-party advances (including the CEO paying $12,105 directly to vendors and funding $10,720 of out-of-pocket expenses) and $16,000 in non-related-party advances; no equity was sold for cash in Q2.
Employment and accrued-compensation exposure: As of June 30, 2026, total accrued salary to related parties reached $2,691,605 ($1,716,438 to former President Wright, $963,167 to CFO Ransom Jones, and $12,000 to new CEO Cogan), reflecting ongoing accruals with limited or no cash payments. The Company reports four employees and two consulting agreements with payables of $216,909.
(Filed on May 20, 2026)
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$7.3K
R&D spending collapsed 87% year-over-year, falling from $142,793 in Q1 2025 to $19,033 in Q1 2026; the filing attributes the cut directly to decreased liquidity, effectively stalling progress on the company's proprietary G-Reformer GTL technology, which remains in the research/commercialization stage with no third-party certification of the technology as of the filing date.
The company defaulted on its $50,000 settlement payment (due February 27, 2026) to Halden/Moseley/Tunstall Canyon/Chisos under the October 2025 legal settlement; on May 4, 2026, plaintiffs issued a 15-day notice of intent to exercise their $1,250,000 Agreed Judgment, which would increase the recorded $950,000 legal settlement liability by $300,000. The company stated it is in negotiations to avoid enforcement, with outcome uncertain.
Operating metrics for the quarter reflected a near-complete standstill: zero revenue (matching Q1 2025), net loss of $444,132, net cash used in operations of $53,579, cash on hand of $7,271, and working capital deficit of $14,468,915. All three third-party notes payable ($647,500) and all related-party notes ($2,805,774, bearing 10%-18% interest) were in default at quarter-end with no new borrowing or repayment activity; total accrued related-party interest reached $2,799,232.
The only financing activity in the quarter was a January 7, 2026 private placement of 6,000,000 shares of Rule 144 restricted common stock to one accredited investor for $60,000 ($0.01/share), raising the share count to 462,361,204 outstanding. Management's stated plans to 'execute business operations more fully' and 'explore and execute prospective strategic and partnership opportunities' in 2026 are forward-looking and not yet reflected in completed actions.
Management concluded that internal control over financial reporting was ineffective as of March 31, 2026, citing a material weakness encompassing inadequate segregation of duties in cash disbursements, the absence of independent review of financial reporting (all accounting performed internally by the same personnel), and the lack of a functioning audit committee due to only two of five board members being independent directors.
(Filed on April 15, 2026)
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$850
Q4 2025 (completed): The company finalized a settlement on October 30, 2025 with former founders Ric Halden, Randy Moseley, Tunstall Canyon Group, and Chisos Equity Consultants, resolving a litigation pending since November 2023. Terms: 2,000,000 restricted shares to Halden (issued by Nov. 6, 2025, valued at ~$83,400); $50,000 cash payment due Feb. 27, 2026; $900,000 in 12 monthly installments beginning Aug. 1, 2026, secured by a $1,250,000 Agreed Judgment held in trust. The court approved dismissal with prejudice on December 9, 2025. The settlement also extinguished the $166,667 convertible note to Tunstall Canyon and cancelled associated warrants; the company recognized a $648,783 gain. (Annual context: this was the principal legal event of FY2025.)
Q4 2025 (completed): On November 21, 2025, Doug Cogan (former PwC partner) was elected Chief Executive Officer and Director, and independent litigation attorney C. Dunham Biles was elected to the Board. On the same date, Robert Kevin Jones—who had been terminated as CEO/President on July 9, 2025 (Q3)—was re-elected as Executive Vice President – Sales. The company ended FY2025 with four full-time employees, several of whom receive no or deferred compensation.
Annual FY2025 (not quarter-specific): The company remained pre-revenue with $0 in revenue. Research and development expense rose to $1,205,335 (from $50,000 in FY2024), driven by bringing the UTA Patent & Technology License Agreement current ($250,000 paid) and continued SRA funding ($196,587 paid), with a $216,212 liability carried at year-end for the SRA period July 2025–June 2026. A $1,700,000 non-refundable deposit received in May 2025 under a term sheet for a G-Reformer purchase was forfeited as income when no definitive agreement was executed; the counterparty did not proceed. The company is in active discussions with oil and gas operators to license technology or form a joint venture for its first third-party GTL plant, but no agreement was disclosed.
Annual FY2025 / Q4-end position: The company's going-concern uncertainty persists. At December 31, 2025: cash of $850, total assets of $46,753, total current liabilities of $14,131,536 (all notes payable and related-party notes in default), and accumulated deficit of $41,330,906. Net loss was $1,957,734 and net cash used in operations was $710,289. The company returned to OTCQB trading after having been delisted to OTC Pink for late 10-K/10-Q filings (FY2023 10-K, Q1 2024 10-Q). Post-period (Jan 1–Mar 11, 2026), 9,973,333 additional restricted shares were issued to 17 accredited investors at $0.02–$0.03 per share.
Q3 2025 (context): The company's ~1,440-acre placer mining claims in Mohave County, Arizona (acquired 2010) were forfeited on August 31, 2025 for failure to pay maintenance fees, as the company elected to focus solely on its GTL technology core. The prior OPMGE joint-venture/licensing relationship was also terminated (timing not specified to a quarter).
(Filed on November 13, 2025)
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$36.6K
Research and development spending rose to $364,496 in Q3 2025 from $25,000 in the prior-year quarter, and $825,789 for the nine months ended September 30, 2025 (vs. $25,000 in the prior-year period). Per the filing, these payments went to The University of Texas at Arlington and other service providers for work advancing the company's G-Reformer GTL technology toward commercialization, including sponsored research on reformers and the purchase of a G-Reformer unit.
A new $1,710,000 customer-deposit liability appeared on the September 30, 2025 balance sheet (zero at December 31, 2024). The filing states the deposits are non-refundable if the company does not enter into definitive agreements with the depositing parties, suggesting commercial or licensing discussions are in progress, though no specific counterparty or agreement terms are disclosed.
The company's approximately 1,440-acre placer mining claim in Mohave County, Arizona (acquired in 2010) was forfeited on August 31, 2025 for failure to pay Bureau of Land Management claim-maintenance fees, eliminating the company's secondary mining-asset interest. G&A expenses reflected a $14,400 reduction in mining maintenance fees as a result.
Subsequent to quarter-end (October 30, 2025), Greenway and plaintiffs Ric Halden, Randy Moseley, Tunstall Canyon Group, and Chisos Equity Consultants executed a Mediated Settlement Agreement resolving the multi-year litigation. Terms: 2,000,000 restricted shares to Halden (valued at $80,000 at $0.04/share, due by November 6, 2025); $50,000 cash payment by March 1, 2026; and $900,000 in twelve monthly installments beginning August 1, 2026, secured by a $1,250,000 Agreed Judgment held in trust. The prior July 9, 2025 partial summary judgment of $335,234 plus 18% prejudgment interest in Tunstall's favor was withdrawn. Management estimates a net positive financial impact of approximately $649,636 versus the $1,672,074 previously accrued liability.
The company generated no revenue for the quarter or nine months. All outstanding notes payable ($647,500), the Tunstall convertible note ($166,667 plus $211,005 accrued interest), and all related-party notes ($2,805,774) remained in default. Cash was $36,632 at quarter-end; working-capital deficit was $15,611,606; and the auditor's going-concern qualification from the prior 10-K persists. No new equity was issued during Q3 2025 (23,523,333 shares for $796,000 were sold in the first two quarters of 2025). The company had three employees as of the filing date.
