What changed in this filing

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Item 1. Business

2021-04-14 compared with 2020-04-14 · 73 added, 27 removed, 201 unchanged (33% of the section changed)

65 unchanged sentences

initially expected to yield a minimum of 75 - 100 barrels per day of gasoline and diesel fuels from converted natural gas.

April 28, 2020, the Company was issued a new U.S.

Patent 10,633,594 B1 for syngas generation for gas-to-liquid fuel conversion.

The Company has several other pending patent applications, both domestic and international, related to various components and

processes involving our proprietary GTL methods, which when granted, will further complement our existing portfolio of issued

patents and pending patent applications.

December 8, 2020, the Company announced an exclusive worldwide patent licensing agreement with the University of Texas at Arlington

(UTA) for all patent applications currently filed with the Patent and Trademark Office relating to GWTI’s natural gas reforming

technologies developed under its sponsored research agreement with UTA.

December 15, 2020, the Company announced additional information regarding valuable outputs produced by the company’s proprietary

G-Reformer ™

catalyst reactor and Fischer-Tropsch (FT) technology which combine to form the “Greer-Wright”

GTL solution.

Originally developed to convert natural gas into ultra-clean synthetic fuel, recent research and development activity

has shown that the technology can also allow the extraction of high-value chemicals and alcohols.

The chemical outputs include

n-Hexane, n-Heptane, n-Octane, n-Decane, n-Dodecane, and n-Tridecane.

Alcohols produced include ethanol and methanol.

has identified worldwide industrial demand for these outputs which will significantly improve the economic return on investment

(ROI) of GTL plants that are based on GWTI’s technology.

GWTI is a development-stage company with plans to commercialize

its unique and patented technology.

we believe that our proprietary G-Reformer is a major innovation in gas reforming and GTL technology in general.

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and nitrogen) that are found in crude oil.

to publicly available industry research from Shell Oil, MarketResearcEngine.com, among others, the market for GTL products is

Company has developed a revolutionary and unique process that converts natural gas of various origins and compositions into a

highly pure variety of chemicals, high cetane diesel fuel, industrial grade pure water and electrical energy.

GTL technology has

existed as a traditional process going back generations.

This process consists of two steps.

First, natural gas is converted into

Synthesis Gas (Syngas) which is a non-naturally occurring blend of Hydrogen and Carbon Monoxide.

The front-end part of the GTL

process is called “Gas Reformation”.

The output of the Gas Reformer is compressed and fed through a secondary process,

called Fischer-Tropsch (FT).

This secondary process is widely used in many forms in the chemical and oil industries.

is a common process, Gas Reformation has been the most difficult step beyond an old and traditional process typically used in

The invention of our software-controlled GTL process fronted by our patented and revolutionary gas reformation unit,

the G-Reformer®, makes us the innovator in GTL technology.

Our patents are based on scalability, transportability, flexibility

and self-sustainment based on a wide variety of input gasses and output mixtures.

Company’s process is made of small sized modularly scalable units which are portable and self-contained unlike other GTL

solutions based on Steam Methane reformation.

While many companies have tried to scale Steam Methane Reformation down for use

in smaller, non-refinery based GTL plants, they have been largely unsuccessful.

As a result, we can build self-sufficient GTL

plants at virtually any location capable of supplying wellhead or pipeline gas of sufficient ongoing volume.

This gives us the

ability to eliminate flaring at the source while keeping remote oil fields in production without flaring.

The conversion of flaring

gas to liquid allows trucks to easily move liquid chemicals, clean diesel fuel, highly clean water and the power grid to move

electricity from virtually any location.

initial ROI studies of the market for high purity chemicals we produce can provide incredibly rapid payback of investments.

should be noted the vast majority of these chemicals produced are made in China.

Further, because they originate from a barrel

of oil at a refinery, they are much lower in purity.

created by the GTL process include High Cetane Diesel, Naphtha, Technical Grade Water, and high value, high purity chemicals.

The chemicals produced in the GWTI GTL plant are vital to many industries including pharmaceutical, cosmetics, fragrances, adhesives,

The vast majority of these chemicals are produced in China.

Such dependency makes America captive to shortfalls whether

they are manufacturing related or intentional.

By making these chemicals in the USA, we reduce that dependency and keep the product,

the jobs, and the profits in America.

to publicly available industry research from Shell Oil, MarketResearchFuture.com, among others, the market for GTL products is

said to have accounted for approximately $11.9 billion in 2019 and is expected to reach $20.4 billion by 2025, growing at a compound

annual growth rate of 7.55% over that period.

Products created by the GTL process include GTL Diesel, GTL Naphtha, GTL Other

(e.g., lubricants), with GTL Diesel accounting for more than 68% of the product market.

Market share of these products has not

changed significantly over the last four years.

Increasing population across the globe have led to an increase in power consumption,

creating a high demand for clean natural gas liquids products (“

NGL ”).

In the commercial sector, there has

been generally high demand for NGL products among petrochemical plants and refineries for blendstock, i.e., a blend of unfinished

oils that creates a refined product, as well as in the automotive and packaging industries, among others.

Due to their relatively

clean burning nature, NGL products may be used as fuel in motor vehicles, in furnaces for heating and cooking and household energy

Our planned focus is in technology licensing for our GTL plant technology, and in some cases, the direct production and

sale of high cetane diesel and jet fuels, a multi-billion-dollar market segment.

of stringent environmental regulations by numerous governments to control pollution and promote cleaner fuel sources is expected

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to a report released in July 2019 by the Global Gas Flaring Reduction Partnership (“GGFRP”), there are currently only

5 small-scale GTL plant technologies that have been proven and are now available for gas flares monetization available in the

5 small-scale GTL plant technologies that have been proven and are now available for flared gas monetization available in the

U.S., including:

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We consider our employee relations to be satisfactory.

accompanying condensed consolidated financial statements to this Form 10-K (our “

Financial Statements ”) have

been prepared on a going concern basis, which contemplates realization of assets and the satisfaction of liabilities in the normal

course of business.

accompanying consolidated financial statements to this Form 10-K (our “

Financial Statements ”) have been prepared

on a going concern basis, which contemplates realization of assets and the satisfaction of liabilities in the normal course of

As of December 31, 2020, we have an accumulated deficit of $33,021,801.

For the year ended December 31, 2019,

we incurred a net loss of $3,661,245 and used $1,332,528 in net cash for operating activities.

As a pre-revenue entity, these

factors raise substantial doubt about the Company’s ability to continue as a going concern.

While we are attempting to commence

revenue generating operations and thereby generate sustainable revenues, our current cash position is not sufficient to support

our ongoing daily operations and requires us to raise addition capital through debt and/or equity sources.

For the year ended December 31, 2020, we incurred

a net loss of $2,541,972 and used $686,032 in net cash for operating activities.

The ability of the Company to continue as a going

concern is in doubt and dependent upon achieving a profitable level of operations or on the ability of the Company to obtain necessary

financing to fund ongoing operations.

While the Company is attempting to commence revenue generating operations and thereby generate

sustainable revenues, the Company’s current cash position is not sufficient to support its ongoing daily operations and

requires the Company to raise addition capital through debt and/or equity sources.

our ability to continue as a going concern is therefore in doubt and dependent upon achieving a profitable level of operations

13 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business