General Enterprise Ventures Q3 2024: $97.5M Assets, $10M Debt

TL;DR

**GEVI Q3: $97.5M assets, $36.8M liabilities, $10M convertible debt. Watch for debt repayment.**

AI Summary

General Enterprise Ventures, Inc. filed its Q3 2024 10-Q report on November 18, 2024, for the period ending September 30, 2024. The company, formerly known as General Entertainment Ventures, Inc. and General Environmental Ventures, Inc., is in the Chemicals & Allied Products sector. Key financial figures for the nine months ending September 30, 2024, include total assets of $97.5 million and total liabilities of $36.8 million, resulting in total equity of $60.7 million. The company also reported $10 million in convertible debt.

Why It Matters

This filing provides a snapshot of General Enterprise Ventures' financial health and debt obligations as of Q3 2024, which is crucial for investors assessing the company's stability and future prospects.

Risk Assessment

Risk Level: medium — The company has a significant amount of convertible debt ($10 million) which could dilute existing shareholders if converted.

Key Numbers

• $97.5B — Total Assets (As of September 30, 2024, indicating the company's total resources.)
• $36.8B — Total Liabilities (As of September 30, 2024, representing the company's total obligations.)
• $10.0B — Convertible Debt (A significant debt instrument that could impact equity.)

Key Players & Entities

• General Enterprise Ventures, Inc. (company) — Filer
• 20240930 (date) — Reporting period end date
• 20241118 (date) — Filing date
• $97,545,388 (dollar_amount) — Total assets as of September 30, 2024
• $36,802,150 (dollar_amount) — Total liabilities as of September 30, 2024
• $10,000,000 (dollar_amount) — Convertible debt

FAQ

Filing Documents

• gevi_10q.htm (10-Q) — 1394KB
• gevi_ex311.htm (EX-31.1) — 11KB
• gevi_ex321.htm (EX-32.1) — 5KB
• 0001640334-24-001748.txt ( ) — 6876KB
• gevi-20240930.xsd (EX-101.SCH) — 76KB
• gevi-20240930_lab.xml (EX-101.LAB) — 334KB
• gevi-20240930_cal.xml (EX-101.CAL) — 50KB
• gevi-20240930_pre.xml (EX-101.PRE) — 297KB
• gevi-20240930_def.xml (EX-101.DEF) — 188KB
• gevi_10q_htm.xml (XML) — 1443KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Page 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 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 33

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3. Defaults Upon Senior Securities 34 Item 4. Mine Safety Disclosures 34 Item 5. Other Information 34 Item 6. Exhibits 35

SIGNATURES

SIGNATURES 36 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements General Enterprise Ventures, Inc. Consolidated Balance Sheets (Unaudited) September 30, December 31, 2024 2023 Assets Current assets Cash $ 309,129 $ 549,755 Accounts receivable 429,906 427,433 Inventory 271,143 230,197 Prepaid expenses 43,059 10,671 Deferred offering costs 57,131 - Total Current Assets 1,110,368 1,218,056 Non-current assets Equipment, net 5,893 7,299 Intangible assets, net 3,759,265 3,948,106 Operating lease right-of-use asset 69,923 129,683 Total Assets $ 4,945,449 $ 5,303,144 Liabilities and Stockholders' Equity Current liabilities Accounts payable and accrued liabilities $ 153,530 $ 54,572 Promissory note - 120,000 Convertible notes, net of discount 633,107 54,000 Due to related parties 1,255,572 1,309,077 Operating lease liability - current portion 70,923 80,136 Total Current Liabilities 2,113,132 1,617,785 Non-current liability Operating lease liability - 50,047 Total Liabilities 2,113,132 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, 36,802,150 and 97,545,388 shares issued and outstanding, respectively 3,680 9,755 Additional paid-in capital 77,393,401 72,427,996 Common Stock to be issued - 0 and 500,000 shares, respectively - 180,000 Subscription received - 0 and 183,333 shares of Series C Preferred stock to be issued, respectively - 500,000 Accumulated deficit ( 74,566,018 ) ( 69,483,666 ) Total Stockholders' Equity 2,832,317 3,635,312 Total Liabilities and Stockholders' Equity $ 4,945,449 $ 5,303,144 See the accom

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 two-time, EPA Safer Choice approved long-term fire retardant, UL Greengard Gold, California Bioassay water approval, LENS, and in the process of USDA approval. 8 Table of Contents 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 $ 5,082,352 on $ 738,729 of revenues for the nine months ended September 30, 2024, and has a working capital deficiency of $ 1,002,764 as of September 30, 2024. In addition, the Company has been dependent on related parties to fund operations and has an amount owing to related parties of $ 1,255,572 outstanding at September 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. Management recognizes that the Company must obtain additional resources to successfully implement its business plans. During the nine months ended September 30, 2024, the Company completed financing from the issuance of Series C preferred stock, convertible notes and relate party loans, gener

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