Mon, Aug 19, 10:01 AM (148 days ago)
For the quarter ended June 30, 2024, General Enterprise Ventures, Inc. (GEVI) reported revenue of $198,669, a significant increase from $28,355 in the same period last year, attributed to its EPA-approved fire suppression products. However, operating expenses surged to $1,106,073, up from $445,641, leading to a net loss of $907,404 compared to a loss of $417,870 in Q2 2023. The rise in expenses was driven by increased costs of revenue, professional fees, and marketing efforts. For the six months ended June 30, 2024, total revenue reached $631,687, up from $83,950. Operating expenses ballooned to $4,175,637, primarily due to stock-based compensation and professional fees, resulting in a net loss of $4,427,114 versus $833,293 in the prior year. The company reported a working capital deficiency of $695,357 as of June 30, 2024, reflecting an increase in current liabilities. Cash flow from operations was negative at $(768,525). GEVI's ability to continue as a going concern is uncertain, hinging on future capital raises and operational success. The management is actively seeking funding to support ongoing operations and future growth.