Wed, May 15, 9:39 PM (305 days ago)
General Enterprise Ventures, Inc. reported a net loss of approximately $3.5 million for the quarter ended March 31, 2024, compared to a net loss of $353,611 in the same period in 2023. The significant increase in loss was driven by a substantial rise in operating expenses, particularly stock-based compensation and marketing expenses. Revenue increased to $433,018 from $55,595, reflecting the company's efforts to commercialize its fire suppression products. However, the cost of revenue also saw a sharp rise. The company’s current assets were $1.25 million, with cash decreasing to $371,095. Current liabilities stood at $1.46 million, leading to a working capital deficiency of $209,071. Cash used in operating activities was $343,660, and financing activities provided $165,000 primarily through the issuance of Series C Preferred Stock. The company faces substantial doubt about its ability to continue as a going concern due to ongoing losses and negative working capital. Management plans to raise additional funds to support operations. No significant changes in internal controls were reported.