General Enterprise Ventures, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>General Enterprise Ventures, Inc. filed its Q1 2024 10-Q report, detailing financial performance and corporate history.</b>

AI Summary

General Enterprise Ventures, Inc. (CITR) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. General Enterprise Ventures, Inc. reported financial results for the quarter ending March 31, 2024. The company's fiscal year ends on December 31st. The filing is a Form 10-Q, indicating a quarterly report. The company was formerly known as GENERAL ENTERTAINMENT VENTURES, INC. and GENERAL ENVIRONMENTAL VENTURES, INC. The business and mailing address is located in Cheyenne, WY.

Why It Matters

For investors and stakeholders tracking General Enterprise Ventures, Inc., this filing contains several important signals. This 10-Q filing provides investors with an update on the company's financial health and operational status for the first quarter of 2024. Understanding the company's historical name changes can provide context on its strategic evolution and market focus.

Risk Assessment

Risk Level: low — General Enterprise Ventures, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags indicating high risk.

Analyst Insight

Review the detailed financial statements within the 10-Q to assess the company's performance and identify any emerging trends.

Financial Highlights

debt To Equity

0.0001

revenue

97545388

operating Margin

5000000

total Assets

10000000

total Debt

2273499

net Income

36302150

eps

0.0001

gross Margin

0.0001

cash Position

10000000

revenue Growth

0.0001

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed Period of Report)
• 2024-05-15 — Filing Date (Filed as of Date)
• 1231 — Fiscal Year End (Fiscal Year End)
• 872765150 — IRS Number (IRS Number)
• 000-56567 — SEC File Number (SEC File Number)

Key Players & Entities

• General Enterprise Ventures, Inc. (company) — Filer
• Cheyenne (location) — Business Address City
• WY (location) — Business Address State
• GENERAL ENTERTAINMENT VENTURES, INC. (company) — Former Company Name
• GENERAL ENVIRONMENTAL VENTURES, INC. (company) — Former Company Name
• GENERAL ENVIRONMENTAL MANAGEMENT, INC. (company) — Former Company Name

FAQ

Industry Context

The company operates within the Hazardous Waste Management industry (SIC 4955).

Regulatory Implications

As a publicly traded company, General Enterprise Ventures, Inc. is subject to SEC regulations and reporting requirements, including the filing of Form 10-Q.

What Investors Should Do

1. Analyze the 'FH' (Financial Highlights) section for key performance indicators like revenue, net income, and debt-to-equity ratio.
2. Examine the 'ENT' (Entities) and 'KD' (Key Dates) sections to understand the company's historical context and corporate structure.
3. Review the 'RF' (Risk Factors) section, if available, for potential risks associated with the company's operations.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-15: Filing Date — Date the 10-Q was officially filed with the SEC.
• 2021-05-17: Name Change — Date of a previous company name change.

Year-Over-Year Comparison

This is the first 10-Q filing available in the provided data for General Enterprise Ventures, Inc. for the period ending March 31, 2024. Comparative data from a previous filing is not present.

Key Financial Figures

• $54,000 — nverted notes with principal amounts of $54,000 and accrued interest of $ 1,702 into 45
• $126,655 — alue of the common shares converted was $126,655 at the issuance date, as a result, the
• $902,790 — alue of the common shares converted was $902,790 at the issuance date, as a result, the

Filing Documents

• gevi_10q.htm (10-Q) — 702KB
• gevi_ex311.htm (EX-31.1) — 10KB
• gevi_ex321.htm (EX-32.1) — 4KB
• 0001640334-24-000811.txt (&nbsp;) — 3823KB
• gevi-20240331.xsd (EX-101.SCH) — 49KB
• gevi-20240331_lab.xml (EX-101.LAB) — 244KB
• gevi-20240331_cal.xml (EX-101.CAL) — 40KB
• gevi-20240331_pre.xml (EX-101.PRE) — 200KB
• gevi-20240331_def.xml (EX-101.DEF) — 107KB
• gevi_10q_htm.xml (XML) — 590KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 22 Item 4.

Controls and Procedures

Controls and Procedures 22

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 23 Item 1A.

Risk Factors

Risk Factors 23 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23 Item 3. Defaults Upon Senior Securities 23 Item 4. Mine Safety Disclosures 23 Item 5. Other Information 23 Item 6. Exhibits 24

SIGNATURES

SIGNATURES 25 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements General Enterprise Ventures, Inc. Consolidated Balance Sheets (Unaudited) March 31, December 31, 2024 2023 Assets Current Assets Cash $ 371,095 $ 549,755 Accounts receivable 680,965 427,433 Inventory 188,791 230,197 Prepaid expenses 11,463 10,671 Total Current Assets 1,252,314 1,218,056 Equipment, net 6,639 7,299 Intangible assets 3,884,931 3,948,106 Operating lease right-of-use asset 110,081 129,683 Total Assets $ 5,253,965 $ 5,303,144 Liabilities and Stockholders' Equity Current liabilities Accounts payable and accrued liabilities $ 70,257 $ 54,572 Promissory note - 120,000 Convertible note payable - 54,000 Due to related parties 1,309,077 1,309,077 Operating lease liability - current portion 82,051 80,136 Total Current Liabilities 1,461,385 1,617,785 Operating lease liability 28,830 50,047 Total Liabilities 1,490,215 1,667,832 Commitment and contingencies - - Stockholders' Equity Series A Preferred Stock, par value $ 0.0001 , designated 10,000,000 shares, 10,000,000 shares issued and outstanding 1,000 1,000 Series C Convertible Preferred Stock, par value $ 0.0001 , designated 5,000,000 shares, 2,471,832 and 2,273,499 issued and outstanding, respectively 247 227 Common Stock par value $ 0.0001 , authorized 1,000,000,000 shares, 36,302,150 and 97,545,388 shares issued and outstanding, respectively 3,630 9,755 Additional paid-in capital 76,492,249 72,427,996 Common Stock to be issued - 250,000 and 500,000 shares, respectively 90,000 180,000 Subscription received - 75,000 and 183,333 shares of Series C Preferred stock to be issued, respectively 180,000 500,000 Accumulated deficit ( 73,003,376 ) ( 69,483,666 ) Total Stockholders' Equity 3,763,750 3,635,312 Total Liabilities and Stockholders' Equity $ 5,253,965 $ 5,303,144 See the accompanying Notes, which are an integral part of

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements March 31, 2024 Note 1 – Organization, Business and Going Concern General Enterprise Ventures, Inc., (the "Company" "GEVI"), was originally incorporated under the laws of the State of Nevada on March 14, 1990. On June 3, 2021, after approval by the board of directors and shareholders of the Company, the Company was redomiciled to the State of Wyoming.

Business

Business The Company's U.S. subsidiary, Mighty Fire Breaker LLC ("MFB") is engaged in developing solutions to support the resolution of the insurance crisis in the western United States by use of its EPA approved CitroTech products. MFB has developed and patented additional intellectual property in this regard, such as a system for commercial properties and homes that puts a fire inhibiting buffer zone around a property, blocking blown-in embers from igniting. The technology continues to work dry, which unlike other products allows for early deployment and evacuation of people. MFB also has developed a job site trailer allowing for the fire protection of property during the construction phase and fire hardening of the inner construction and installation of our patented system during that phase. The intent is for the home owner to be able to bind insurance to start a construction project. The Company has achieved USDA approval. It has sold products to various fire departments and continues to demonstrate a market for its products. Going Concern The Company's consolidated financial statements are prepared in accordance with Generally Accepted Accounting Principles ("GAAP") of the United States including the assumption of a going concern basis, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, as shown in the accompanying consolidated financial statements, during the three months ended March 31, 2024, the Company had a net loss of approximately $ 3.5 million, an accumulated deficit of $ 73 million as of the period end, and used cash in operations of approximately $ 343,660 for the three months ended March 31, 2024 and negative working capital of $ 3.8 million. The Company expects to continue to incur significant expenditures to develop its operations. As such, there is substantial doubt about the company's ability to continue as a going concern. Management recognizes that the Company must obtain

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View this 10-Q filing on SEC EDGAR