Business context and reporting period
This Form 10-Q covers the three months ended March 31, 2021. The filing identifies the registrant as General Entertainment Ventures, Inc. (formerly General Environmental Management Inc.), not Citrotech Inc. The company says its operations, assets, liabilities, revenue, and expenses had been discontinued from February 2010 until January 2021. It reported itself as a shell company and a smaller reporting company.
Financial results and liquidity
| Metric | Q1 2021 | Q1 2020 / prior date |
|---|---|---|
| Revenue | $0 | $0 |
| Operating expenses | $0 | $0 |
| Net loss | $0 | $0 |
| Cash and total assets, March 31 | $0 | $0 at Dec. 31, 2020 |
| Total liabilities | $9,355 | $9,355 at Dec. 31, 2020 |
| Stockholders’ deficit | $(9,355) | $(9,355) at Dec. 31, 2020 |
| Operating, investing, and financing cash flows | $0 | $0 |
The sole reported liability is $9,355 owed to a related party for salary accrued to the former CEO. No interest or taxes were paid. The filing provides no meaningful margin or debt metrics; it reports no revenue, cash, or interest-bearing debt.
Changes, outlook, and risks
- Results were unchanged from the prior-year quarter: no revenue, expenses, net loss, or cash flows were reported.
- Management states that the absence of substantive revenue and limited operating capital raise substantial doubt about the company’s ability to continue as a going concern. Continued operations depend on raising capital and generating revenue and profits.
- No financial guidance or quantified operating outlook is provided. Management says the future effects of COVID-19 are uncertain and a prolonged outbreak could adversely affect operations and business-plan timing.
- Subsequent events: on April 10, 2021, the company merged into its Delaware subsidiary; on April 14, a transfer of 10 million Series A preferred shares resulted in a change of control. On May 10, the company acquired Strategic Asset Holdings, LLC for $50,000 under a promissory note; the acquired early-stage business owns a provisional patent for a night light and is controlled by the company’s CEO. The company redomiciled to Wyoming on June 3.
- Management concluded disclosure controls were ineffective as of March 31 because of material weaknesses, including no functioning audit committee, insufficient independent board oversight, inadequate segregation of duties, and management concentration in one individual. It expects to rely materially on outside accounting consultants and cautions that errors or restatements may occur.
- The company reported no material pending legal proceedings and no material off-balance-sheet arrangements.
Important facts for investors to verify
- Confirm the filing’s registrant and corporate identity: it names General Entertainment Ventures, Inc., while the request identifies Citrotech Inc.
- Review the going-concern disclosure, cashless balance sheet, related-party salary payable, and the company’s capacity to fund operations.
- Verify the post-quarter merger, preferred-share control rights and transfer, and the $50,000 acquisition financed by promissory note, including related-party implications.
- Assess the disclosed control weaknesses and note that the filing marks “No” for having filed all required reports during the preceding 12 months and for submitting all required Interactive Data Files.