SEC Filing Summary: General Enterprise Ventures, Inc. (10-K)
Business Context and Reporting Period
This Form 10-K covers the fiscal year ended December 31, 2019, for General Enterprise Ventures, Inc. (formerly Ultronics Corporation and General Environmental Management, Inc.). The company was dormant from February 2010 through January 2021 following the sale of its primary operating subsidiaries in 2010. During the reporting period, the company had no active operations, assets, or liabilities. The filing was signed on April 12, 2023, by Joshua Ralston, President and CEO.
Key Financial Metrics
The financial statements reflect a dormant shell company with zero activity for the period.
- Revenue: $0
- Net Income/Loss: $0
- Total Assets: $0
- Total Liabilities: $0 (All prior liabilities were written off in 2017 due to the expiration of the statute of limitations).
- Cash and Cash Equivalents: $0
- Stockholders' Deficit: $(57,381,515)
- Shares Outstanding: 22,945,388 (as of Dec 31, 2019)
Material Changes vs. Prior Period
There were no material changes in financial position or operations between the years ended December 31, 2018, and December 31, 2019. The company remained dormant with no assets, liabilities, or operating expenses in both periods. The accumulated deficit remained constant at $(57,381,515).
Guidance, Risks, and Unusual Items
Audit Opinion: The independent registered public accounting firm (BF Borgers CPA PC) issued a Disclaimer of Opinion. The auditors were unable to obtain sufficient appropriate audit evidence because the company's records were insufficient, and much of the necessary audit evidence had been destroyed or lost prior to their engagement in February 2023.
Going Concern: The financial statements raise substantial doubt about the company's ability to continue as a going concern due to significant historical operating losses and a lack of cash.
Internal Controls: Management concluded that disclosure controls and procedures were ineffective as of December 31, 2019, due to the company's dormant status.
Unusual Items: The company utilized a specific accounting methodology for the dormant period: assets as of March 31, 2010, were deemed disposed of for no value, and all activities were classified as discontinued operations.
Investor Verification Checklist
- Verify the Disclaimer of Opinion issued by the auditor due to missing records and inability to verify assets/liabilities.
- Confirm the company's dormant status and lack of current operations or revenue streams.
- Review the Stockholders' Deficit of approximately $57.4 million and the lack of cash on hand.
- Check for any recent filings post-2019 regarding the company's revival or new business plans, as the 2019 filing reflects a shell entity.
- Note the ineffective internal controls and the potential risks associated with the lack of auditable financial history.