General Enterprise Ventures Files 10-Q/A Amendment

TL;DR

GEVI filed an amended 10-Q for Q1 2024, showing cash paid for fees.

AI Summary

General Enterprise Ventures, Inc. filed an amendment (10-Q/A) on August 12, 2024, for the period ending March 31, 2024. The filing details financial activities, including cash paid for management fees and consulting services. The company, previously known as General Environmental Management, Inc., is incorporated in Wyoming and operates in the Hazardous Waste Management sector.

Why It Matters

This amendment provides updated financial information for General Enterprise Ventures, Inc., offering insights into their operational expenses and financial reporting for the first quarter of 2024.

Risk Assessment

Risk Level: low — The filing is a routine amendment to a quarterly report and does not appear to contain significant new risks or disclosures.

Key Numbers

• 20240331 — Reporting Period End Date (The amendment pertains to the financial results up to this date.)
• 20240812 — Filing Date (The date the amendment was officially submitted to the SEC.)

Key Players & Entities

• General Enterprise Ventures, Inc. (company) — Filer of the 10-Q/A
• 872765150 (company) — IRS Number
• 800-401-4535 (company) — Business Phone Number
• General Environmental Management, Inc. (company) — Former Company Name

FAQ

Key Financial Figures

• $47,346 — includes payments to related parties of $47,346 and $12,530, respectively and exclusive
• $12,530 — ments to related parties of $47,346 and $12,530, respectively and exclusive of amortiza

Filing Documents

• gevi_10qa1.htm (10-Q/A) — 885KB
• gevi_ex311.htm (EX-31.1) — 11KB
• gevi_ex321.htm (EX-32.1) — 6KB
• 0001640334-24-001211.txt ( ) — 5237KB
• gevi-20240331.xsd (EX-101.SCH) — 59KB
• gevi-20240331_lab.xml (EX-101.LAB) — 272KB
• gevi-20240331_cal.xml (EX-101.CAL) — 48KB
• gevi-20240331_pre.xml (EX-101.PRE) — 245KB
• gevi-20240331_def.xml (EX-101.DEF) — 144KB
• gevi_10qa1_htm.xml (XML) — 1049KB

– Financial Information

Part I – Financial Information

, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds TABLE OF CONTENTS

- 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

Business

Business We are an environmentally sustainable flame retardant and flame suppression company for the residential home industry throughout the United States and international markets. Management is experienced in business integration and branding potential. The Company is bringing to the marketplace unique, disruptive products with significant environmental impact potential. The Company holds various intellectual property in the form of patents and trademarks in the fields of fire suppression, mapping and tracking of fire-retardant dispersion and fire inhibition chemistry and technology. The Company has obtained multiple certification and accreditations in this industry, such as being the only EPA Safer Choice approved, long-term fire retardant, UL GreenGaurd Gold, California Bioassay water approval, LENS, and in the process of USDA approval. Going Concern Our consolidated financial statements are prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company has incurred losses since inception and has a net loss of 3,519,710 and $ 433,018 in revenues for the three months ended March 31, 2024, and has a working capital deficiency of $ 209,071 as of March 31, 2024. In addition, the Company has been dependent on related parties to fund operations and has an amount owing to related parties of $ 1,309,077 outstanding at March 31, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. Management recognizes that the Company must obtain additional resources to successfully implement its business plans. During the three months ended March 31, 2024, the Company completed financings from the issuance of Series C preferred stock, generating net proceeds of $ 165,000 . However, the Company's existing cash resources and incom

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View this 10-Q/A filing on SEC EDGAR