General Enterprise Ventures Inc (GEVI)

[ITYS]

Unaudited Q is out ?
Its happening, the fall of Conman and his scam

SO much for MFB being bought in preparation of this fire season.. OH right, its not certified for forest fire use
SALES are for LUMBER

We have not generated positive cash flows from operating activities. For the six months ended June 30, 2024, net cash flows used in operating activities consisted of a net loss of $4.4 million, reduced by stock-based compensation of $2.8 million , loss on settlement of debt of $882,000

Q1 revs $ 433,018 with Gross profit $343,146
Q2 revs $ 198,669 with Gross profit $108,730

6 month total liabilities $ - $ 2,397,619
PLUS As of June 30, 2024, due to related parties of $1.3 million , advances of $695,000 , and operating lease liability-current portion of $84,000 .

THEY LOST 25% of their clients..so now have 4 customers ???
6 USA agent---9 countries--- LMFAO


Issued is
36,387,315
WITH convertible debt converted to common / diluted issued would be
86,996,843

The Company has incurred losses since inception and has a net loss of $4,427,114 on $631,687 of revenues for the six months ended June 30, 2024 and has a working capital deficiency of $695,357 as of June 30, 2024.
In addition, the Company has been dependent on related parties to fund operations and has an amount owing to related parties of $1,251,257 outstanding at June 30, 2024. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the consolidated financial statements are issued.

F $ 214,950 $ - 250,000 shares of common stock issued for advisory fee Professional fees - related party
G $ 429,900 $ - 500,000 shares of common stock issued for advisory fee Professional fees - related party
H $ 128,970 $ - 150,000 shares of common stock issued for advisory fee Professional fees - related party
I $ 214,950 $ - 250,000 shares of common stock issued for advisory fee Professional fees - related party
J $ 348,000 $ - 20,000 shares of Series C preferred stock for advisory fee Professional fees - related party
K $ 85,980 $ - 100,000 shares of common stock issued for advisory fee Professional fees - related party


Note 13 – Subsequent Events
During July and August 2024, the Company issued senior convertible notes (together, the “Convertible Notes”). The Convertible Notes bear interest at an annualized rate of 10%. The Convertible Notes mature twelve (12) months after the original issue date of the Convertible Notes, whereupon all outstanding principal and accrued interest is due to the holders of the Convertible ·
The Company issued convertible notes and warrant, in July and August 2024 for $1,171,000, of which $695,000 was advanced on or before June 30, 2024 (Note 9)

Note 9 – Advances for Convertible Notes to be Issued During the six months ended June 30, 2024, the Company obtained $695,000 from eleven (11) lenders in cash for issuance of convertible promissory notes and warrants. As of June 30, 2024, the Company has not issued convertible promissory notes and warrants agreements, and all of the funds would have been returned if a certain threshold of investment had not been achieved