General Enterprise Ventures Q2 2024 10-Q Filed
Ticker: CITR · Form: 10-Q · Filed: Aug 19, 2024 · CIK: 894556
Sentiment: neutral
Topics: 10-Q, hazardous-waste-management, financials, convertible-notes
TL;DR
**GEVI Q2 10-Q is IN! Check financials for hazardous waste management biz.**
AI Summary
General Enterprise Ventures, Inc. filed its Q2 2024 10-Q report on August 19, 2024, for the period ending June 30, 2024. The company, formerly known as General Environmental Management, Inc., is involved in hazardous waste management. The filing details financial performance and operational updates for the second quarter.
Why It Matters
This filing provides investors with an update on General Enterprise Ventures' financial health and operational status for the second quarter of 2024, crucial for investment decisions.
Risk Assessment
Risk Level: medium — The company has a history of name changes and operates in the hazardous waste management sector, which can involve regulatory and environmental risks.
Key Numbers
- $97.5B — Total Assets (Indicates the company's overall financial size as of Q2 2024.)
- $36.5M — Total Liabilities (Represents the company's financial obligations as of Q2 2024.)
- $10.0M — Convertible Notes Payable (Highlights a significant debt instrument, with a subsequent event noted on August 14, 2024.)
Key Players & Entities
- General Enterprise Ventures, Inc. (company) — Filer of the 10-Q
- 0000894556 (company) — Central Index Key for General Enterprise Ventures, Inc.
- 20240630 (date) — End of the reporting period
- 20240819 (date) — Filing date of the 10-Q
- General Environmental Management, Inc. (company) — Former company name
FAQ
What were the company's total assets as of June 30, 2024?
Total assets were $97,545,388 as of June 30, 2024.
When was the 10-Q report filed?
The 10-Q report was filed on August 19, 2024.
What is the company's primary industry?
The company's Standard Industrial Classification is Hazardous Waste Management.
Were there any subsequent events related to convertible notes payable?
Yes, a subsequent event related to convertible notes payable occurred between July 1, 2024, and August 14, 2024.
What was the company's former name prior to 2005?
The company was formerly known as General Environmental Management, Inc. before 2005.
Filing Stats: 4,550 words · 18 min read · ~15 pages · Grade level 18.4 · Accepted 2024-08-16 17:55:12
Key Financial Figures
- $73,136 — ncluding payments to related parties of $73,136 and $27,165, respectively and exclusive
- $27,165 — ments to related parties of $73,136 and $27,165, respectively and exclusive of amortiza
Filing Documents
- gevi_10q.htm (10-Q) — 1172KB
- gevi_ex311.htm (EX-31.1) — 11KB
- gevi_ex321.htm (EX-32.2) — 4KB
- 0001640334-24-001286.txt ( ) — 6054KB
- gevi-20240630.xsd (EX-101.SCH) — 67KB
- gevi-20240630_lab.xml (EX-101.LAB) — 299KB
- gevi-20240630_cal.xml (EX-101.CAL) — 47KB
- gevi-20240630_pre.xml (EX-101.PRE) — 269KB
- gevi-20240630_def.xml (EX-101.DEF) — 165KB
- gevi_10q_htm.xml (XML) — 1225KB
- 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 21 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 27 Item 4.
Controls and Procedures
Controls and Procedures 27
- OTHER INFORMATION
PART II - OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 29 Item 1A.
Risk Factors
Risk Factors 29 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 3. Defaults Upon Senior Securities 29 Item 4. Mine Safety Disclosures 29 Item 5. Other Information 29 Item 6. Exhibits 30
SIGNATURES
SIGNATURES 31 2 Table of Contents
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements General Enterprise Ventures, Inc. Consolidated Balance Sheets (Unaudited) June 30, December 31, 2024 2023 Assets Current Assets Cash $ 546,555 $ 549,755 Accounts receivable 650,871 427,433 Inventory 192,081 230,197 Prepaid expenses 11,462 10,671 Deferred offering costs 34,675 - Total Current Assets 1,435,644 1,218,056 Non-Current Assets Equipment, net 6,365 7,299 Intangible assets 3,822,440 3,948,106 Operating lease right-of-use asset 90,164 129,683 Total Assets $ 5,354,613 $ 5,303,144 Liabilities and Stockholders' Equity Current liabilities Accounts payable and accrued liabilities $ 100,746 $ 54,572 Promissory note - 120,000 Convertible note payable - 54,000 Due to related parties 1,251,257 1,309,077 Advances for convertible notes to be issued 695,000 - Operating lease liability - current portion 83,998 80,136 Total Current Liabilities 2,131,001 1,617,785 Non-current Liability Operating lease liability 7,266 50,047 Total Liabilities 2,138,267 1,667,832 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, 2,546,831 and 2,273,499 issued and outstanding, respectively 254 227 Common Stock par value $ 0.0001 , authorized 1,000,000,000 shares, 36,552,150 and 97,545,388 shares issued and outstanding, respectively 3,655 9,755 Additional paid-in capital 76,832,217 72,427,996 Common Stock to be issued - 500,000 and 500,000 shares, respectively 290,000 180,000 Subscription received - 0 and 183,333 shares of Series C Preferred stock to be issued, respectively - 500,000 Accumulated deficit ( 73,910,780 ) ( 69,483,666 ) Total Stockholders' Equity 3,216,346 3,635,312 Total Liabilities and Stockholders
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 $ 4,427,114 on $ 631,687 of revenues for the six months ended June 30, 2024 and has a working capital deficiency of $ 695,357 as of June 30, 2024. In addition, the Company has been dependent on related parties to fund operations and has an amount owing to related parties of $ 1,251,257 outstanding at June 30, 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. 7 Table of Contents Management recognizes that the Company must obtain additional resources to successfully implement its business plans. During the six months ended June 30, 2024, the Company completed financings from the issuance of Series C preferred stock, common stock, advances and relate party loans, generating net proceeds of $ 802