General Enterprise Ventures Files S-1, Acquires Mighty Fire Breaker
Ticker: CITR · Form: S-1 · Filed: Oct 11, 2024 · CIK: 894556
Sentiment: neutral
Topics: acquisition, s-1, cryptocurrency-mining
TL;DR
GEVI filed S-1, bought MFB for shares/royalty, and is mining crypto with 119 ASICs.
AI Summary
General Enterprise Ventures, Inc. filed an S-1 form on October 11, 2024. The company, previously known as General Environmental Management, Inc., is involved in hazardous waste management and energy & transportation. On April 13, 2022, they acquired Mighty Fire Breaker, LLC for 1,000,000 Preferred C Shares and a 10% royalty on MFB product sales. The company also operates cryptocurrency mining with 20 Bitmain Antminer SJ19 PRO and 99 Mini-Doge miners.
Why It Matters
This S-1 filing provides insight into General Enterprise Ventures' business operations, including its acquisition strategy and diversification into cryptocurrency mining, which could impact its future financial performance and market position.
Risk Assessment
Risk Level: medium — The company's diversification into cryptocurrency mining and its reliance on intellectual property from acquisitions introduce speculative elements and potential volatility.
Key Numbers
- 1,000,000 — Preferred C Shares (Issued for Mighty Fire Breaker acquisition)
- 10% — Royalty (On gross sales of MFB products)
- 20 — Bitmain Antminer SJ19 PRO (Deployed ASIC miners)
- 99 — Mini-Doge (Deployed ASIC miners)
Key Players & Entities
- General Enterprise Ventures, Inc. (company) — Filer
- Mighty Fire Breaker, LLC (company) — Acquired entity
- 1,000,000 Preferred C Shares (dollar_amount) — Acquisition consideration
- 10% royalty (dollar_amount) — Acquisition consideration
- April 13, 2022 (date) — Acquisition date
- October 11, 2024 (date) — Filing date
- Bitmain Antminer SJ19 PRO (company) — Mining equipment
- Mini-Doge (company) — Mining equipment
FAQ
What is the primary business of General Enterprise Ventures, Inc.?
The company is involved in hazardous waste management and energy & transportation, as indicated by its SIC code and former company names.
What was the consideration for the acquisition of Mighty Fire Breaker, LLC?
The acquisition was made in exchange for 1,000,000 Preferred C Shares and a 10% royalty on the gross sales before taxes of products sold under the MFB family of products.
When did General Enterprise Ventures, Inc. acquire Mighty Fire Breaker, LLC?
The acquisition occurred on April 13, 2022.
What cryptocurrency mining hardware does the company utilize?
The company utilizes 20 Bitmain Antminer SJ19 PRO miners and 99 Mini-Doge miners.
What is the filing date of this S-1 form?
The S-1 form was filed as of October 11, 2024.
Filing Stats: 4,647 words · 19 min read · ~15 pages · Grade level 14.4 · Accepted 2024-10-11 16:11:37
Key Financial Figures
- $0.0001 — 0,000 shares of Common Stock, par value $0.0001 (the "Common Stock"), at an assumed ini
- $4,200,000 — the Company with a value at closing of $4,200,000, and a 10% royalty on gross sales befor
- $13.6 billion — fire retardant market is forecast to be $13.6 billion dollars globally by 2034. MFB markets h
- $10,000 — EPA certifications to be not more than $10,000. Recent Developments Listing on NYSE
Filing Documents
- gevi_s1.htm (S-1) — 2906KB
- gevi_ex42.htm (EX-4.2) — 88KB
- gevi_ex43.htm (EX-4.3) — 24KB
- gevi_ex101.htm (EX-10.1) — 140KB
- gevi_ex231.htm (EX-23.1) — 2KB
- gevi_ex107.htm (EX-FILING FEES) — 20KB
- gevi_10kaimg3.jpg (GRAPHIC) — 6KB
- gevi_eximg1.jpg (GRAPHIC) — 4KB
- gevi_drsimg7.jpg (GRAPHIC) — 4KB
- gevi_drsimg6.jpg (GRAPHIC) — 10KB
- gevi_ex231img2.jpg (GRAPHIC) — 2KB
- gevi_ex231img3.jpg (GRAPHIC) — 8KB
- gevi_10kaimg2.jpg (GRAPHIC) — 9KB
- 0001640334-24-001510.txt ( ) — 11152KB
- gevi-20240630.xsd (EX-101.SCH) — 92KB
- gevi-20240630_lab.xml (EX-101.LAB) — 430KB
- gevi-20240630_cal.xml (EX-101.CAL) — 56KB
- gevi-20240630_pre.xml (EX-101.PRE) — 377KB
- gevi-20240630_def.xml (EX-101.DEF) — 234KB
- gevi_s1_htm.xml (XML) — 2179KB
Use of Proceeds
Use of Proceeds 25
Dilution
Dilution 26 Capitalization 27
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 28
Business
Business 37 Directors and Executive Officers 50
Executive Compensation
Executive Compensation 55
Security Ownership of Certain Beneficial Owners and Management
Security Ownership of Certain Beneficial Owners and Management 57 Certain Relationships and Related Party Transactions and Director Independence 59
Description of Securities
Description of Securities 60 Dividend Policy 62 Shares Eligible for Future Sale 63 Legal Matters 72 Experts 72 Where You Can Find More Information 72 Index to Consolidated Financial Statements F-1 Exhibits II-3 i Table of Contents ABOUT THIS PROSPECTUS You should rely only on the information contained in this prospectus and in any free writing prospectus prepared by or on behalf of the Company and delivered or made available to you. Neither the Company, nor the underwriters, have authorized anyone to provide you with additional or different information. We are offering to sell, and seeking offers to buy, shares of our Common Stock only in jurisdictions where offers and sales are permitted. The information contained in this prospectus or a free writing prospectus is accurate only as of its date, regardless of its time of delivery or of any sale of shares of our Common Stock. Our business, financial condition, operating results, and prospects may have changed since that date, and neither the delivery of this prospectus nor any sale made in connection with this prospectus shall, under any circumstances, create any implication that there has been no change in our affairs since the date of this prospectus or that the information contained by reference to this prospectus is correct as of any time after its date. References to "the Company," "we," "GEVI," "us," "our" and words of like import refer to us and our subsidiaries, including, General Enterprise Ventures, Inc., Mighty Fire Breaker, LLC and Mighty Fire Breaker UK Ltd., unless the context indicates otherwise. References to General Enterprise Ventures, Inc., Mighty Fire Breaker, LLC and Mighty Fire Breaker UK Ltd., refer to the business and operations of General Enterprise Ventures, Inc., Mighty Fire Breaker, LLC and Mighty Fire Breaker UK Ltd., as the case may be, prior to acquisition by us unless the context indicates otherwise. For investors outside the United States: the Company has