General Enterprise Ventures, Inc. (GEVI) reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable decrease in revenue for the three months ended September 30, 2024, totaling $107,042, down 39% from $174,710 in the same period of 2023. However, for the nine months ended September 30, 2024, revenue surged to $738,729, a substantial increase of 186% compared to $258,660 for the same period in 2023. This growth was attributed to the EPA approval of MFB Ohio and the launch of proactive wildfire defense systems.
Operating expenses for the three months ended September 30, 2024, were reported at $668,405, a significant reduction from $9,257,765 in the prior year, reflecting a decrease of $8,589,360. For the nine-month period, total operating expenses decreased by 52% to $4,844,042 from $10,174,248 in 2023. The net loss for the three months ended September 30, 2024, was $(655,238), a dramatic improvement of 93% compared to $(9,084,815) in the same quarter of 2023. For the nine months, the net loss was $(5,082,352), down from $(9,918,107) in the previous year, marking a 49% reduction.
The company’s balance sheet showed total assets of $4,945,449 as of September 30, 2024, down from $5,303,144 at the end of 2023. Total liabilities increased to $2,113,132 from $1,667,832, primarily due to a rise in convertible notes, which surged to $633,107 from $54,000. Stockholders' equity also declined to $2,832,317 from $3,635,312.
Strategically, GEVI formed GEVI Insurance Holdings Inc. in June 2024 to explore opportunities in the wildfire insurance market. The company also issued 273,332 shares of Series C Preferred Stock during the nine months ended September 30, 2024, and reported a working capital deficiency of $(1,002,764), worsening from $(399,729) at the end of 2023.
The company has expressed substantial doubts about its ability to continue as a going concern within one year from the issuance of its financial statements, emphasizing the need for additional funding to support operations. Management plans to raise further capital and complete an Initial Public Offering (IPO) in 2024.
About General Enterprise Ventures, Inc.
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