$GEVI
General Enterprise Ventures, Inc.

2022 Q2 Form 10-Q Financial Statement

#000164033422000996 Filed on May 16, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q1
Revenue $41.47K $46.98K $0.00
YoY Change
Cost Of Revenue $0.00 $27.84K $0.00
YoY Change
Gross Profit $41.47K $19.14K $0.00
YoY Change
Gross Profit Margin 100.0% 40.75%
Selling, General & Admin $2.360M $42.77K
YoY Change 22973.41%
% of Gross Profit 5692.12% 223.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $135.00 $15.06K
YoY Change
% of Gross Profit 0.33% 78.67%
Operating Expenses $2.361M $42.77K $0.00
YoY Change
Operating Profit -$2.319M -$23.63K $0.00
YoY Change
Interest Expense $0.00 $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $0.00 -$6.125K $0.00
YoY Change -100.0%
Pretax Income -$2.319M -$29.75K $0.00
YoY Change 442471.18%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.321M -$29.75K $0.00
YoY Change 3542.26%
Net Earnings / Revenue -5597.34% -63.33%
Basic Earnings Per Share -$0.06 $0.00
Diluted Earnings Per Share -$0.06 -$1.297K $0.00
COMMON SHARES
Basic Shares Outstanding 22.95M shares 22.95M shares
Diluted Shares Outstanding 37.75M shares 22.95M shares

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $102.3K $46.67K $0.00
YoY Change 2418.47%
Cash & Equivalents $102.3K $46.67K $0.00
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $114.4K
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $216.7K $46.67K $0.00
YoY Change 5240.52%
LONG-TERM ASSETS
Property, Plant & Equipment $2.572K $276.4K
YoY Change
Goodwill
YoY Change
Intangibles $4.195M $276.4K
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $26.83K
YoY Change
Total Long-Term Assets $4.266M $303.2K $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $216.7K $46.67K $0.00
Total Long-Term Assets $4.266M $303.2K $0.00
Total Assets $4.483M $349.9K $0.00
YoY Change 110389.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.13K $12.29K
YoY Change 2809.62%
Accrued Expenses $9.980K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $518.9K $423.1K $9.355K
YoY Change 572.71% 4423.01%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $57.98K
YoY Change
Total Long-Term Liabilities $57.98K $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $518.9K $423.1K $9.355K
Total Long-Term Liabilities $57.98K $0.00 $0.00
Total Liabilities $576.9K $423.1K $9.355K
YoY Change 647.88% 4423.01%
SHAREHOLDERS EQUITY
Retained Earnings -$58.82M -$56.50M -$56.38M
YoY Change 4.22% 0.22%
Common Stock $93.95K $22.95K $22.95K
YoY Change 309.44% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.906M -$73.25K -$9.355K
YoY Change
Total Liabilities & Shareholders Equity $4.483M $349.9K $0.00
YoY Change 110389.3%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$2.321M -$29.75K $0.00
YoY Change 3542.26%
Depreciation, Depletion And Amortization $135.00 $15.06K
YoY Change
Cash From Operating Activities -$307.8K $33.52K $0.00
YoY Change 2358.39%
INVESTING ACTIVITIES
Capital Expenditures $2.710K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$2.710K
YoY Change -119.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 366.1K $7.677K $0.00
YoY Change 14543.2%
NET CHANGE
Cash From Operating Activities -307.8K $33.52K $0.00
Cash From Investing Activities -2.710K
Cash From Financing Activities 366.1K $7.677K $0.00
Net Change In Cash 55.58K $41.20K $0.00
YoY Change 1268.97%
FREE CASH FLOW
Cash From Operating Activities -$307.8K $33.52K $0.00
Capital Expenditures $2.710K
Free Cash Flow -$310.5K
YoY Change

Facts In Submission

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CY2021Q1 gevi Net Loss Per Common Share Basic And Diluted
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CY2022Q1 us-gaap Use Of Estimates
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<p style="font-size:10pt;font-family:times new roman;margin:0px">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain expenses during the reporting period. Actual results could differ from these good faith estimates and judgments.</p>
CY2022Q1 gevi Increase Decrease In Digital Currency
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CY2021Q1 gevi Increase Decrease In Digital Currency
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CY2021Q1 us-gaap Repayments Of Related Party Debt
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CY2022Q1 us-gaap Nature Of Operations
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<p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Note 1 – Nature of Operations and Going Concern</strong></p><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">General Enterprise Ventures, Inc., (the “Company” “GEVI”), was originally incorporated under the laws of the State of Nevada on March 14, 1990.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">We have expanded our services by building upon its foundation of emerging technology development, by creating a Crypto-Currency mining operation (farm).  Currently, General Enterprise has 20 Bitmain Antminer SJ19 PRO 104t/h and 99 Mini-Doge 185 m/h miners deployed, which are mining, Bitcoin, Doge, and Litecoin through the F2Pool and utilizes its 8,000 Sq Ft Commercial space to house these ASIC Miners.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Series C Preferred Stock</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="font-size:10pt;font-family:times new roman;margin:0px">On April 13, 2022, The Company designated 5,000,000 shares of Series C convertible Preferred Stock (“Series C Preferred Stock”). The Series C Preferred Stock is convertible into twenty (20) shares of Common Stock for each share of Series C Preferred Stock at the option of the stockholder. The Series C Preferred Stock does not have voting rights and is not eligible to receive dividends  </p><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p><p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Going Concern</strong></p><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p><p style="font-size:10pt;font-family:times new roman;margin:0px">The accompanying consolidated financial statements have been prepared (i) in accordance with accounting principles generally accepted in the United States, and (ii) assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has not generated significant income to date. The Company is subject to the risks and uncertainties associated with a business with no substantive revenue, as well as limitations on its operating capital resources. These matters, among others, raise substantial doubt about the ability of the Company to continue as a going concern. These financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. In light of these matters, the Company’s ability to continue as a going concern is dependent upon the Company’s ability to raise capital and generate revenue and profits in the future.</p>
CY2022Q1 gevi Business Description
BusinessDescription
Currently, General Enterprise has 20 Bitmain Antminer SJ19 PRO 104t/h and 99 Mini-Doge 185 m/h miners deployed, which are mining, Bitcoin, Doge, and Litecoin through the F2Pool and utilizes its 8,000 Sq Ft Commercial space to house these ASIC Miner
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CY2022Q1 us-gaap Revenue Recognition Deferred Revenue
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<p style="font-size:10pt;font-family:times new roman;margin:0px">We recognize revenue in accordance with ASC 606, <em>Revenue from Contracts with Customers</em>. The standard’s stated core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, ASC 606 includes provisions within a five-step model that includes identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when, or as, an entity satisfies a performance obligation.</p><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p><p style="font-size:10pt;font-family:times new roman;margin:0px">Our revenues currently consist of cryptocurrency mining revenues. The Company earns its cryptocurrency mining revenues by providing transaction verification services within the digital currency networks of cryptocurrencies, for Bitcoin, Litecoin, and Dogecoin. The Company satisfies its performance obligation at the point in time that the Company is awarded a unit of digital asset through its participation in the applicable network and network participants benefit from the Company’s verification service. In consideration for these services, the Company receives Bitcoin, Litecoin, and Dogecoin, net of applicable network fees, which are recorded as revenue using the closing U.S. dollar price of the digital asset on the date of receipt. Expenses associated with running the cryptocurrency mining operations, which are currently utilities, equipment depreciation and monitoring services are recorded as cost of revenues.</p><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p><p style="font-size:10pt;font-family:times new roman;margin:0px">There is currently no specific definitive guidance in GAAP or alternative accounting frameworks for the accounting for the production and mining of digital assets and management has exercised significant judgment in determining appropriate accounting treatment for the recognition of revenue for mining of digital assets. Management has examined various factors surrounding the substance of the Company’s operations and the guidance in ASC 606, including identifying the transaction price, when performance obligations are satisfied, and collectability is reasonably assured being the completion and addition of a block to a blockchain and the award of a unit of digital currency to the Company. In the event authoritative guidance is enacted by the FASB, the Company may be required to change its policies which could result in a change in the Company’s financial statements.</p>
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CY2021Q4 us-gaap Due To Related Parties Current And Noncurrent
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372349 USD
CY2022Q1 gevi Preferred Stock Exchange
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1000000 shares

Files In Submission

Name View Source Status
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0001640334-22-000996-index.html Edgar Link pending
0001640334-22-000996.txt Edgar Link pending
0001640334-22-000996-xbrl.zip Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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