Business Context and Reporting Period
This Form 10-Q covers the quarterly period ended March 31, 2019, for General Enterprise Ventures, Inc. (Note: The input metadata lists "Citrotech Inc.", but the filing text explicitly identifies the issuer as General Enterprise Ventures, Inc.). The Company was dormant from February 2010 through January 2021. During the reporting period, the Company had no assets, no liabilities, and no operating activities. A custodian was awarded to the Company by the Eighth Judicial District Court of Nevada on March 19, 2019.
Key Financial Metrics
| Metric | Q1 2019 | Q1 2018 |
|---|---|---|
| Revenue | $0 | $0 |
| Operating Expenses | $0 | $0 |
| Net Income (Loss) | $0 | $0 |
| Cash and Cash Equivalents | $0 | $0 |
| Total Assets | $0 | $0 |
| Total Liabilities | $0 | $0 |
| Stockholders' Deficit | ($57,381,515) | ($57,381,515) |
| Shares Outstanding | 22,945,388 | 22,945,388 |
Note: The filing states that all assets were deemed disposed of for no value in 2010, and all liabilities were written off in 2017 due to the expiration of the Statute of Limitations.
Material Changes
There were no material changes in financial position or results of operations compared to the prior comparable period. The Company remained dormant with zero revenue, zero expenses, and zero cash flow for both the three months ended March 31, 2019, and March 31, 2018. The accumulated deficit remained unchanged at approximately $57.4 million.
Outlook, Risks, and Management Commentary
- Going Concern: The filing explicitly states that the Company's lack of cash and significant stockholders' deficit raise substantial doubt about its ability to continue as a going concern.
- Management Discussion: No Management's Discussion and Analysis (MD&A) is provided because the Company was dormant during the period.
- Controls and Procedures: Management concluded that disclosure controls and procedures were ineffective as of March 31, 2019, due to the Company's dormant status.
- Legal Proceedings: The Company is subject to ordinary course legal proceedings but believes they will not have a material adverse effect.
- Future Operations: The text notes that operations were discontinued from February 2010 until January 2021, implying no active business plan was in place during the 2019 reporting period.
Investor Verification Checklist
- Verify the Company's current operational status, as the filing indicates dormancy from 2010 to 2021.
- Confirm the validity of the $57.4 million accumulated deficit and whether any debt forgiveness or restructuring has occurred since 2017.
- Investigate the role of the custodian appointed in March 2019 and the Company's revival status in Nevada (May 2019) and subsequent redomiciling to Wyoming (2021).
- Review the discrepancy between the metadata company name ("Citrotech Inc.") and the filing issuer name ("General Enterprise Ventures, Inc.").
- Assess the effectiveness of internal controls, which were explicitly deemed ineffective in this filing.