What changed in this filing

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Item 1A. Risk Factors

2023-04-14 compared with 2022-04-11 · 24 added, 23 removed, 363 unchanged (11% of the section changed)

64 unchanged sentences

ability to successfully monetize the intellectual property it owns.

of December 31, 2021, we own United States Patents Nos.

We own United States Patents Nos.

8,574,501 B1, originally issued November 5, 2013 and 8,795,597 B2, issued August

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are dependent on a limited number of key executives, consultants, the loss of any of which could negatively impact our business.

business is led by President, Kent Harer, and our Chief Financial Officer, Ransom Jones, both of whom are also members of our board of

directors (our “ Board of Directors ”).

We use outside consultants to support and perform the majority of the engineering

and production work on our GTL technology.

We have also contracted with consultants to provide financial reporting and governance support.

business is led by our Chairman of the Board of Directors, Raymond Wright, President, Kent Harer, and our Chief Financial Officer,

Ransom Jones, both of whom are also members of our board of directors (our “ Board of Directors ”).

We use outside

consultants to support and perform the majority of the engineering and production work on our GTL technology.

contracted with consultants to provide financial reporting and governance support.

one or more of these senior executives, officers, or consultants are unable or unwilling to continue in their present positions, we may

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in developing our technology.

order to safe guard against this possibility, on December 8, 2020, the Company announced an exclusive worldwide patent licensing agreement

order to safeguard against this possibility, on 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

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relating to potentially increased personal exposure to lawsuits and shareholder claims by virtue of holding those positions.

directors and management of companies are increasingly concerned with the extent of their personal exposure to lawsuits and shareholder

claims, as well as governmental and creditor claims that may be made against them, particularly in view of recent changes in securities

laws imposing additional duties, obligations, and liabilities on management and directors.

Due to these perceived risks, directors and

management are also becoming increasingly concerned with the availability of directors’ and officers’ liability insurance

to timely pay the costs incurred in defending such claims.

We currently carry directors’ and officers’ liability insurance,

but directors’ and officers’ liability insurance has recently become much more expensive and difficult to obtain.

unable to continue or provide liability insurance at affordable rates or at all, it may become increasingly more difficult to attract

and retain qualified outside directors to serve on our board of directors.

directors and management of companies are increasingly concerned with the extent of their personal exposure to lawsuits and

shareholder claims, as well as governmental and creditor claims that may be made against them, particularly in view of recent

changes in securities laws imposing additional duties, obligations, and liabilities on management and directors.

perceived risks, directors and management are also becoming increasingly concerned with the availability of directors’ and

officers’ liability insurance to timely pay the costs incurred in defending such claims.

We currently do not carry

directors’ and officers’ liability insurance, since directors’ and officers’ liability insurance has recently

become much more expensive and difficult to obtain.

If we are unable to continue or provide liability insurance at affordable rates

or at all, it may become increasingly more difficult to attract and retain qualified outside directors to serve on our board of

may lose potential independent board members and management candidates to other companies that have greater directors’ and officers’

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continues to monitor the impact of the COVID-19 outbreak closely.

The extent to which the COVID-19 outbreak will impact our operations, and/or ability to obtain financing or future financial results is uncertain.

The extent to which the COVID-19 outbreak will impact our operations,

and/or ability to obtain financing or future financial results is uncertain.

may fail to establish and maintain strategic relationships.

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Our affiliation with OPMGE was terminated.

We continue to

seek out and have discussions with potential gas producer on both a customer and financing basis.

We continue to seek

out and have discussions with potential gas producer on both a customer and financing basis.

However, we may not be able to maintain

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have not paid any cash dividends on shares of our Common Stock since our inception, and we do not anticipate that we will pay any cash

dividends in the foreseeable future.

dividends in the near future.

Earnings, if any, that we may realize will be retained in the business for further development and

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As of December 31, 2022, we had $10,765,118 of

total accrued current liabilities and $3,571,931 of current debt (net of debt discounts totaling $8,742), bearing an average cash interest

of 17.8% per year when current and 18% default interest when any such loans are not current.

total accrued current liabilities and $3,664,941 of current debt (net of debt discounts totaling $1,991, which were fully amortized as of December 31, 2022), with interest rates ranging from 4.5% - 18%, some of our debt contains

default interest rates at 18% when any such loans are not current.

For more details on our indebtedness,

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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 1A. Risk Factors