Quarterly Report (Form 10-Q)

gevi_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: March 31, 2022

or

☐	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from ___________ to ___________

Commission File Number: 033-55254-38

General Enterprise Ventures, Inc.

(Exact name of registrant as specified in its charter)

Wyoming		87-2765150
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

1740H Del Range Blvd, Suite 166 Cheyenne, WY	82009
(Address of principal executive offices)	(Zip Code)

(800) 401-4535

(Registrant's telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated Filer	☒	Smaller reporting company	☒
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) YES ☐ NO ☒

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

22,945,388 shares of common stock issued and outstanding as of May 13, 2022.

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements		3
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations		11
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		15
Item 4.	Controls and Procedures		15
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings		16
Item 1A.	Risk Factors		16
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		16
Item 3.	Defaults Upon Senior Securities		16
Item 4.	Mine Safety Disclosures		16
Item 5.	Other Information		16
Item 6.	Exhibits		17
SIGNATURES		18

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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

General Enterprise Ventures, Inc.

Balance Sheets

(Unaudited)

		March 31,			December 31,
		2022			2021
Assets
Current Assets
Cash		$	46,670			$	5,469
Total Current Assets			46,670				5,469
Digital currency equipment, net			276,379				291,438
Digital currency			26,825				33,324
Total Assets		$	349,874			$	330,231
Liabilities and Stockholders' Deficit
Accounts payable and accrued liabilities		$	12,286			$	10,741
Due to related party			410,842				372,349
Total Current Liabilities			423,128				383,090
Total Liabilities			423,128				383,090
Stockholders' Deficit
Convertible Series A Preferred Stock, par value $0.001, authorized 10,000,000 shares, 10,000,000 shares issued and outstanding			10,000				10,000
Convertible Series C Preferred Stock, par value $0.001, authorized 5,000,000 shares, 0 shares issued and outstanding			-				-
Common Stock par value $0.001, authorized 1,000,000,000 shares, 22,945,388 shares issued and outstanding			22,945				22,945
Additional paid-in capital			56,397,123				56,387,768
Accumulated deficit			(56,503,322	)			(56,473,572	)
Total Stockholders' Deficit			(73,254	)			(52,859	)
Total Liabilities and Stockholders' Deficit		$	349,874			$	330,231

See the accompanying Notes, which are an integral part of these unaudited Financial Statements.

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General Enterprise Ventures, Inc.

Statement of Operations

(Unaudited)

		Three Months Ended
		March 31,
		2022			2021
Revenues
Cryptocurrency mining		$	46,976			$	-
Cost of revenue			27,835				-
Gross Profit			19,141				-
Operating Expenses
General and administration			2,595				-
Professional fees			40,171				-
Total operating expenses			42,766				-
Loss from Operations			(23,625	)			-
Other Income (Expense)
Impairment loss on digital currency			(6,125	)
Total other expense			(6,125	)			-
Net Loss		$	(29,750	)		$	-
Net loss per common share - basic and diluted		$	(0.00	)		$	-
Basic and Diluted Weighted Average Number of Common Shares Outstanding			22,945,388				22,945,388

See the accompanying Notes, which are an integral part of these unaudited Financial Statements.

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General Enterprise Ventures, Inc.

Statements of Change in Stockholders' Deficit

(Unaudited)

For the Three Months ended March 31, 2022

		Convertible Series A									Additional						Total Stockholders'
		Preferred stock			Common Stock			Paid-In			Accumulated			Equity
		Shares			Amount			Shares			Amount			Capital			Deficit			(Deficit)
Balance - December 31, 2021			10,000,000			$	10,000				22,945,388			$	22,945			$	56,387,768			$	(56,473,572	)		$	(52,859	)
Debt forgiveness - former related party			-				-				-				-				9,355				-				9,355
Net loss			-				-				-				-				-				(29,750	)			(29,750	)
Balance - March 31, 2022			10,000,000			$	10,000				22,945,388			$	22,945			$	56,397,123			$	(56,503,322	)		$	(73,254	)

For the Three Months ended March 31, 2021

												Total
		Convertible Series A							Additional					Stockholders'
		Preferred stock			Common Stock			Paid-In			Accumulated			Equity
		Shares			Amount			Shares			Amount			Capital			Deficit			(Deficit)
Balance - December 31, 2020			10,000,000			$	10,000				22,945,388			$	22,945			$	56,336,299			$	(56,378,599	)		$	(9,355	)
Net loss			-				-				-				-				-				-				-
Balance - March 31, 2021			10,000,000			$	10,000				22,945,388			$	22,945			$	56,336,299			$	(56,378,599	)		$	(9,355	)

See the accompanying Notes, which are an integral part of these unaudited Financial Statements.

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General Enterprise Ventures, Inc.

Statement of Cash Flows

(Unaudited)

		Three Months Ended
		March 31,
		2022			2021
Cash Flows from Operating Activities:
Net loss		$	(29,750	)		$	-
Adjustments to reconcile net loss to net cash used in operating activities:
Impairment loss on digital assets			6,125				-
Amortization digital assets machines			15,059				-
Changes in operating assets and liabilities:
Digital currency			374				-
Related party advances funding operating expense			40,171				-
Accounts payable and accrued liabilities			1,545				-
Net Cash Provided by Operating Activities			33,524				-
Cash Flows from Financing Activities:
Repayment of loan- related party			(47,323	)			-
Proceed from loan - related party			55,000				-
Net Cash Provided by Financing Activities			7,677				-
Change in cash			41,201				-
Cash, beginning of period			5,469				-
Cash, end of period		$	46,670			$	-
Supplemental Disclosure Information:
Cash paid for interest		$	-			$	-
Cash paid for taxes		$	-			$	-
Non-Cash Financing Disclosure:
Debt forgiveness - related party		$	9,355			$	-

See the accompanying Notes, which are an integral part of these unaudited Financial Statements.

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General Enterprise Ventures, Inc.

Notes to Financial Statements

March 31, 2022

(Unaudited)

Note 1 - Nature of Operations and Going Concern

General Enterprise Ventures, Inc., (the "Company" "GEVI"), was originally incorporated under the laws of the State of Nevada on March 14, 1990.

We have expanded our services by building upon its foundation of emerging technology development, by creating a Crypto-Currency mining operation (farm). Currently, General Enterprise has 20 Bitmain Antminer SJ19 PRO 104t/h and 99 Mini-Doge 185 m/h miners deployed, which are mining, Bitcoin, Doge, and Litecoin through the F2Pool and utilizes its 8,000 Sq Ft Commercial space to house these ASIC Miners.

Series C Preferred Stock

On April 13, 2022, The Company designated 5,000,000 shares of Series C convertible Preferred Stock ("Series C Preferred Stock"). The Series C Preferred Stock is convertible into twenty (20) shares of Common Stock for each share of Series C Preferred Stock at the option of the stockholder. The Series C Preferred Stock does not have voting rights and is not eligible to receive dividends

Going Concern

The accompanying consolidated financial statements have been prepared (i) in accordance with accounting principles generally accepted in the United States, and (ii) assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has not generated significant income to date. The Company is subject to the risks and uncertainties associated with a business with no substantive revenue, as well as limitations on its operating capital resources. These matters, among others, raise substantial doubt about the ability of the Company to continue as a going concern. These financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. In light of these matters, the Company's ability to continue as a going concern is dependent upon the Company's ability to raise capital and generate revenue and profits in the future.

Note 2 - Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the unaudited interim financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the unaudited interim financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year. The accompanying unaudited interim financial statements should be read in conjunction with the financial statements and related notes included in the Company's Annual Report on Form 10-K, for the year ended December 31, 2021, as filed with the SEC on April 12, 2022.

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Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain expenses during the reporting period. Actual results could differ from these good faith estimates and judgments.

Cash and Cash Equivalents

For purposes of balance sheet presentation and reporting of cash flows, the Company considers all unrestricted demand deposits, money market funds and highly liquid debt instruments with an original maturity of less than 90 days to be cash and cash equivalents. The Company had $46,670 and $5,469 cash equivalents at March 31, 2022 and December 31, 2021, respectively.

Property and Equipment

Property and equipment are stated at cost. Depreciation is computed on the straight-line method. Currently our assets consist solely of crypto mining equipment which we amortize over a useful life of 5 years.

Maintenance and repairs are charged to expense as incurred. Improvements of a major nature are capitalized. At the time of retirement or other disposition of property and equipment, the cost and accumulated depreciation are removed from the accounts and any gains or losses are reflected in income.

Long-lived assets are evaluated for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate. Each impairment test is based on a comparison of the undiscounted future cash flows to the recorded value of the asset. If impairment is indicated, the asset is written down to its estimated fair value.

Digital Assets

We currently account for all digital assets held as a result of these transactions as indefinite-lived intangible assets in accordance with ASC 350, Intangibles-Goodwill and Other. We have ownership of and control over our digital assets and we may use third-party custodial services to secure it. The digital assets are initially recorded at cost and are subsequently remeasured on the consolidated balance sheet at cost, net of any impairment losses incurred since acquisition.

We determine the fair value of our digital assets on a nonrecurring basis in accordance with ASC 820, Fair Value Measurement, based on quoted prices on the active exchange(s) that we have determined is the principal market for such assets (Level 1 inputs). We perform an analysis each quarter to identify whether events or changes in circumstances, principally decreases in the quoted prices on active exchanges, indicate that it is more likely than not that our digital assets are impaired. In determining if an impairment has occurred, we consider the lowest market price of one unit of digital asset quoted on the active exchange since acquiring the digital asset. If the then current carrying value of a digital asset exceeds the fair value so determined, an impairment loss has occurred with respect to those digital assets in the amount equal to the difference between their carrying values and the price determined.

Impairment losses are recognized within other income (expense) on the statements of operations in the period in which the impairment is identified. The impaired digital assets are written down to their fair value at the time of impairment and this new cost basis will not be adjusted upward for any subsequent increase in fair value. Gains are not recorded until realized upon sale(s), at which point they are presented net of any impairment losses for the same digital assets held within other income (expense). In determining the gain to be recognized upon sale, we calculate the difference between the sales price and carrying value of the digital assets sold immediately prior to sale.

As of March 31, 2022, the market value of digital currencies was lower than the Company's cost basis by $6,125, which amount is recorded as impairment loss on digital currency.

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Fair Value of Financial Instruments

The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs, when determining fair value. The three tiers are defined as follows:

	●	Level 1-Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets;
	●	Level 2-Observable inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities; and
	●	Level 3-Unobservable inputs that are supported by little or no market data, which require the Company to develop its own assumptions.

The Company's financial instruments, including cash, accounts payable and accrued liabilities, and loans payable, are carried at historical cost. At March 31, 2022 and December 31,2021, the carrying amounts of these instruments approximated their fair values because of the short-term nature of these instruments.

Related Parties

The Company follows ASC 850, "Related Party Disclosures," for the identification of related parties and disclosure of related party transactions (see Note 5).

Revenue

We recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers. The standard's stated core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, ASC 606 includes provisions within a five-step model that includes identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when, or as, an entity satisfies a performance obligation.

Our revenues currently consist of cryptocurrency mining revenues. The Company earns its cryptocurrency mining revenues by providing transaction verification services within the digital currency networks of cryptocurrencies, for Bitcoin, Litecoin, and Dogecoin. The Company satisfies its performance obligation at the point in time that the Company is awarded a unit of digital asset through its participation in the applicable network and network participants benefit from the Company's verification service. In consideration for these services, the Company receives Bitcoin, Litecoin, and Dogecoin, net of applicable network fees, which are recorded as revenue using the closing U.S. dollar price of the digital asset on the date of receipt. Expenses associated with running the cryptocurrency mining operations, which are currently utilities, equipment depreciation and monitoring services are recorded as cost of revenues.

There is currently no specific definitive guidance in GAAP or alternative accounting frameworks for the accounting for the production and mining of digital assets and management has exercised significant judgment in determining appropriate accounting treatment for the recognition of revenue for mining of digital assets. Management has examined various factors surrounding the substance of the Company's operations and the guidance in ASC 606, including identifying the transaction price, when performance obligations are satisfied, and collectability is reasonably assured being the completion and addition of a block to a blockchain and the award of a unit of digital currency to the Company. In the event authoritative guidance is enacted by the FASB, the Company may be required to change its policies which could result in a change in the Company's financial statements.

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Note 3 - Digital Asset Machines

At March 31, 2022 and December 31, 2021, property and equipment consisted of the following:

		March 31,			December 31,
		2022			2021
Cost:
Digital currency equipment		$	301,175			$	301,175
Less: accumulated depreciation			(24,796	)			(9,737	)
Property and equipment, net		$	276,379			$	291,438

During the year ended December 31, 2021, the Company acquired digital asset machines of $301,175. The machines started in operation from November 1, 2021.

During the three months ended March 31, 2022, the Company recorded depreciation of $15,059, as part of the cost of revenue.

Note 4 - Digital currencies intangible assets

The Company mined Crypto currencies with a total aggregate value of $46,976. The Company has accounted for these coins as indefinite life intangible assets. The Company recorded the mining of the coins as revenue from digital currency mining in its result of operations, along with cost of sales (electricity and deprotection of digital assets machines). After impairment of $6,125, the Company's digital currency asset consists of the following at March 31, 2022 and December 31,2021:

		March 31,			December 31,
Digital currencies held		2022			2021
Opening balance		$	33,324			$	-
Additional earned			46,976				38,919
Remittance as operating cost			(27	)			-
Repayment of related party loan			(47,323	)			-
Impairment			(6,125	)			(5,595	)
		$	26,825			$	33,324

Note 5 - Related Party Transactions

During the three months ended March 31, 2022, our former officer forgave $9,355 in accrued salary and the Company recognized it as additional paid-in-capital.

During the three months ended March 31, 2022, a related party advanced to the Company an amount of $55,000 and paid $40,171 for operating expenses on behalf of the Company. The Company repaid $47,323 owing of the loan.

As of March 31, 2022 and December 31, 2021, the Company was obliged to related parties, for unsecured, non-interest-bearing demand loans with a balance of $410,842 and $372,349, respectively.

Note 6 - Subsequent Events

Subsequent to March 31, 2022, and through the date that these financials were made available, the Company had the following subsequent events:

On April 13, 2022, General Enterprise Ventures, Inc. acquired Mighty Fire Breaker LLC and all associated IP, in exchange for 1,000,000 Preferred C Shares.

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Item 2. Management's Discussion and Analysis of Financial Condition or Plan of Operation

FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements. The Securities and Exchange Commission encourages companies to disclose forward-looking information so that investors can better understand a company's future prospects and make informed investment decisions. This report and other written and oral statements that we make from time to time contain such forward-looking statements that set out anticipated results based on management's plans and assumptions regarding future events or performance. We have tried, wherever possible, to identify such statements by using words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "will" and similar expressions in connection with any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance or results of current and anticipated sales efforts, expenses, the outcome of contingencies, such as legal proceedings, and financial results.

We caution that the factors described herein, and other factors could cause our actual results of operations and financial condition to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date

on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Our unaudited financial statements are stated in United States Dollars (USD) and are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this quarterly report.

In this quarterly report, unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to "common shares" refer to the common shares in our capital stock.

As used in this quarterly report, the terms "we", "us", "our" and "our company" mean General Enterprise Ventures, Inc.

General Overview

General Enterprise Ventures, Inc. (the "Company") was originally incorporated under the laws of the State of Nevada on March 14, 1990.

On April 13, 2022, General Enterprise Ventures, Inc. acquired Mighty Fire Breaker LLC and all associated IP, in exchange for 1,000,000 Preferred C Shares.

On April 13, 2022, The Company designated 5,000,000 shares of Series C convertible Preferred Stock ("Series C Preferred Stock"). The Series C Preferred Stock is convertible into twenty (20) shares of Common Stock for each share of Series C Preferred Stock at the option of the stockholder. The Series C Preferred Stock does not have voting rights and is not eligible to receive dividends

On April 28, 2022, Jan Ralston transferred ownership of 10,000,000 Preferred A shares to CEO, Joshua Ralston, making Mr. Ralston the new Majority Shareholder.

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Current operations

Fully Integrated Services

We are a fully integrated technology company structured to provide mergers and acquisitions of new and available technology. Through our services, we incubate first-to-market products and help existing companies accelerate their product development within all regulatory requirements.

Crypto-Currency Services

We have expanded our services by building upon its foundation of emerging technology development, by creating a Crypto-Currency mining operation (farm). Currently, General Enterprise has 20 Bitmain Antminer SJ19 PRO 104t/h and 99 Mini-Doge 185 m/h miners deployed, which are mining, Bitcoin, Doge, and Litecoin through the F2Pool and utilizes its 8,000 Sq Ft Commercial space to house these ASIC Miners.

Additional Operation Information

General Enterprise Ventures is a year-round operation that is not subject to any material cost increases or economic impacts of Government regulations or contracts. The crypto-currency market has had supply and demand issues of micro-processors which have reduced the number of new units available to the retail market for purchase; however, General Enterprise has no intention of expanding the current mining farm at this time rendering the availability of new crypto-currency mining equipment a non-issue.

Environmental Impact

At this time, there are no significant environmental impacts occurring from the services, products, or activities of General Enterprise Ventures.

Human Services

The Company currently employees, 2 people full-time and hosts several consultants, attorneys, and independent contractors that all perform tasks on behalf of the company.

Results of Operations

For the three months ended March 31, 2022, compared to three months ended March 31, 2021

The following summary of our operations should be read in conjunction with our unaudited financial statements for the three months ended March 31, 2022 and 2021.

		Three Months Ended
		March 31,
		2022			2021
Revenue		$	46,976			$	-
Cost of revenue			27,835				-
Operating expenses			42,766				-
Other expenses			6,125				-
Net loss		$	(29,750	)		$	-

Revenue

Our Company generated $46,976 and $0 revenue from Cryptocurrency currency mining for the three months ended March 31, 2022 and 2021, respectively. The Company commenced the mining of Cryptocurrency in November 2021

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Cost of Revenue

The cost of Cryptocurrency mining revenue was $27,835 and $0 for the three months ended March 31, 2022 and 2021, respectively. Cost of revenue consisted of electricity expenses of $12,776 and amortization of digital asset machines of $15,059.

Operating Expenses

For the three months ended March 31, 2022, operating expenses consisted of professional fees of 40,171 and general and administrative expenses of $2,595.

Other expenses

For the three months ended March 31, 2022, the other expenses consisted of $6,125 impairment loss on Cryptocurrency assets.

Net Loss

As a result of the foregoing, we incurred a net loss of $29,750, for the three months ended March 31, 2022, compared to a net loss of $0 for the corresponding the three months ended March 31, 2021.

Liquidity and Capital Resources

		March 31,			December 31,
		2022			2021			Change
Cash		$	46,670			$	5,469			$	41,201
Current Assets		$	46,670			$	5,469			$	41,201
Current Liabilities		$	423,128			$	383,090			$	40,038
Working Capital (Deficiency)		$	(376,458	)		$	(377,621	)		$	1,163

As of March 31, 2022, and December 31, 2021, we had $46,670 and $5,469 in cash, respectively.

As of March 31, 2022, and December 31,2021, we had current assets of $46,670 and $5,469, we had current liabilities of $423,128 and $383,090, and our working capital deficiency were $376,458 and $377,621, respectively. The decrease in working capital deficiency of $1,163, was primarily from an increase in current assets resulting from cash.

As of March 31, 2022, and December 31, 2021, the current assets consisted of cash of $46,670 and $5,469, respectively.

As of March 31,2022, and December 31,2021, the current liabilities consisted of accounts payable and accrued liabilities of $12,286 and $10,741 and due to related parties of $410,842 and $372,349, respectively.

Cash Flows

		Three Months Ended
		March 31,
		2022			2021
Cash provided by operating activities		$	33,524			$	-
Cash used in investing activities		$	-			$	-
Cash provided by financing activities		$	7,677			$	-
Net Change in Cash		$	41,201			$	-

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Cash Flows from Operating Activities

For the three months ended March 31, 2022, net cash flows from operating activities were $33,524, consisting of a net loss of $29,750, reduced by impairment loss on digital assets of $6,125, amortization of digital asset machines of $15,059, related party advances funding operating expenses of $40,171, change in accounts payable and accrued liabilities of $1,545 and an increase in digital assets of $374.

Cash Flows from Investing Activities

The Company did not use any funds for investing activities during the three months ended March 31, 2022, and 2021.

Cash Flows from Financing Activities

For the three months ended March 31,2022 net cash provided by financing activities were $7,677, consisting of $55,000 proceeds from related party's loan and repayment of $47,323 owing of the loan. We have not generated cash flows from financing activities for the three months ended March 31, 2021.

Going Concern

The accompanying financial statements have been prepared (i) in accordance with accounting principles generally accepted in the United States, and (ii) assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has not generated significant income to date. The Company is subject to the risks and uncertainties associated with a business with no substantive revenue, as well as limitations on its operating capital resources. These matters, among others, raise substantial doubt about the ability of the Company to continue as a going concern. These financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. In light of these matters, the Company's ability to continue as a going concern is dependent upon the Company's ability to raise capital and generate revenue and profits in the future.

Critical Accounting Policies

The discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with the accounting principles generally accepted in the United States of America. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses. These estimates and assumptions are affected by management's application of accounting policies. We believe that understanding the basis and nature of the estimates and assumptions involved with the following aspects of our financial statements is critical to an understanding of our financial statements.

Off-balance sheet arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to stockholders.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

As a "smaller reporting company", we are not required to provide the information required by this Item.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer's management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2022. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms as a result of the following material weaknesses: (1) lack of a functioning audit committee, (2) lack of a majority of outside directors on our Board of Directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; (3) inadequate segregation of duties consistent with control objectives; and (4) management is dominated by one individual without adequate compensating controls.

A "material weakness" is a deficiency, or combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements would not be prevented or detected on a timely basis.

We expect to be materially dependent upon a third party to provide us with accounting consulting services for the foreseeable future. Until such time as we have a chief financial officer with the requisite expertise in U.S. GAAP, there are no assurances that the material weaknesses in our disclosure controls and procedures and internal control over financial reporting will not result in errors in our financial statements which could lead to a restatement of those financial statements.

Changes in Internal Controls

There have been no changes in our internal controls over financial reporting identified in connection with the evaluation required by paragraph (d) of Securities Exchange Act Rule 13a-15 or Rule 15d-15 that occurred in the period ended March 31, 2022, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings

From time to time, we may be involved in various claims and legal proceedings relating to claims arising out of our operations. We are not currently a party to any legal proceedings that, in the opinion of our management, are likely to have a material adverse effect on our business, financial condition, and results of operations. Regardless of outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

Item 1A. Risk Factors

As a "smaller reporting company," we are not required to provide the information required by this Item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not Applicable.

Item 5. Other Information

None.

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Item 6. Exhibits

Exhibit Number	Description
31.1*	Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer and Chief Financial Officer
32.1*	Section 1350 Certification of Chief Executive Officer and Chief Financial Officer
101*		Inline XBRL Document Set for the condensed financial statements and accompanying notes in Part I, Item 1, "Financial Statements" of this Quarterly Report on Form 10-Q.
104*		Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL Document Set.

________

* Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	General Enterprise Ventures, Inc.
	(Registrant)
Dated: May 16, 2022		/s/ Joshua Ralston
	Joshua Ralston
	Chief Executive Officer and Chief Financial Officer

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