Business Context and Reporting Period
This Form 10-Q covers the quarterly period ended June 30, 2018, 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 operating assets, no liabilities, and no cash. The filing notes that all assets were deemed disposed of in 2010 and all liabilities were written off in 2017 due to the expiration of the statute of limitations.
Key Financial Metrics
| Metric | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2018 | As of June 30, 2018 |
|---|---|---|---|
| Revenue | $0 | $0 | N/A |
| Net Income (Loss) | $0 | $0 | N/A |
| Cash and Cash Equivalents | $0 | $0 | $0 |
| Total Assets | N/A | N/A | $0 |
| Total Liabilities | N/A | N/A | $0 |
| Stockholders' Deficit | N/A | N/A | $(57,381,515) |
| Shares Outstanding | 22,945,388 | 22,945,388 | 22,945,388 |
Note: The filing reports a significant "Gain on the extinguishment of debt" of $50,422,035 for the six months ended June 30, 2017, but no such activity occurred in the 2018 periods.
Material Changes vs. Prior Period
- Operational Status: The Company remained dormant with no revenue, expenses, or cash flow for the three and six months ended June 30, 2018, consistent with the prior year's operational status (excluding the 2017 debt extinguishment gain).
- Balance Sheet: Total assets and total liabilities remained at $0, unchanged from December 31, 2017.
- Equity: Stockholders' deficit remained constant at $(57,381,515) due to the lack of activity.
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 for the period because the Company was dormant.
- Controls and Procedures: Management concluded that disclosure controls and procedures were ineffective as of June 30, 2018, due to the dormant status of the Company.
- Legal Proceedings: The Company is subject to ordinary course legal proceedings but believes they will not have a material adverse effect.
- Future Plans: The text references a revival in 2019 and a merger/redomiciliation in 2021, indicating the 2018 filing represents a historical snapshot of a shell entity prior to these later events.
Investor Verification Checklist
- Entity Status: Verify the current operational status of General Enterprise Ventures, Inc., as the 2018 filing reflects a dormant shell company with no assets.
- Going Concern Risk: Confirm if the substantial doubt regarding the Company's ability to continue as a going concern has been resolved in subsequent filings.
- Historical Debt: Note that the $50.4 million gain reported in 2017 was a non-cash item related to debt extinguishment; verify if any debt obligations remain.
- Share Count Discrepancy: The filing text lists 22,945,388 shares outstanding as of June 30, 2018, but the cover page mentions 93,945,388 shares as of March 30, 2023. Verify the current authorized and outstanding share count.
- Internal Controls: Review subsequent filings to determine if internal controls over financial reporting have been remediated since being deemed ineffective in 2018.