Business Context and Reporting Period
This Form 10-Q covers the quarterly period ended September 30, 2020, 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 active operations, no assets, and no liabilities.
Key Financial Metrics
| Metric | Value (Sep 30, 2020) |
|---|---|
| Revenue | $0 |
| Net Income (Loss) | $0 |
| Cash and Cash Equivalents | $0 |
| Total Assets | $0 |
| Total Liabilities | $0 |
| Stockholders' Deficit | ($57,381,515) |
| Shares Outstanding | 22,945,388 |
Note: The filing text indicates 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. Consequently, the balance sheet shows zero assets and zero liabilities, with a significant accumulated deficit.
Material Changes vs. Prior Period
There were no material changes in financial position or results of operations compared to the prior comparable period (September 30, 2019) or the prior fiscal year-end (December 31, 2019). The Company remained dormant with:
- Zero operating expenses.
- Zero net income or loss.
- No change in cash balances (remained at $0).
- No change in the number of shares outstanding.
Outlook, Risks, and Management Commentary
Going Concern: The filing explicitly states that the Company's ability to continue as a going concern is in substantial doubt. The Company utilized $0 in cash for operations and had no cash on hand as of September 30, 2020.
Management Commentary: Due to the dormant status of the Company from February 2010 through January 2021, Management's Discussion and Analysis (MD&A) of financial condition and results of operations was not provided.
Controls and Procedures: Management concluded that disclosure controls and procedures were ineffective as of September 30, 2020, citing the Company's dormant status during that period.
Risks and Contingencies: The Company reported no material legal proceedings, defaults on senior securities, or unregistered sales of equity securities. No material changes to risk factors were disclosed.
Investor Verification Checklist
- Dormancy Status: Verify the Company's operational status, as it reported no activity between 2010 and 2021.
- Going Concern Risk: Confirm the Company's ability to fund future operations given the $0 cash balance and significant stockholders' deficit.
- Share Count Discrepancy: Note the discrepancy between the shares outstanding listed in the financial tables (22,945,388) and the cover page text (93,945,388 as of March 30, 2023).
- Internal Controls: Acknowledge the reported ineffectiveness of disclosure controls and procedures during the reporting period.
- Historical Liabilities: Understand that the zero liability balance is due to the write-off of historical debt in 2017, not the absence of historical obligations.