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General Enterprise Ventures, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $107,042 from $174,710 in the same quarter the previous year. The decrease is attributed to reduced wildfire activity during the summer months.
Operating expenses for the quarter were $668,405, significantly down from $9,257,765 in the previous year, primarily due to a decrease in professional fees.
The company reported a net loss of $655,238 for the quarter, compared to a net loss of $9,084,815 in the previous year. The reduction in net loss is largely due to decreased operating expenses.
For the nine months ended September 30, 2024, revenue increased to $738,729 from $258,660 the previous year, attributed to MFB Ohio's EPA approval and increased marketing efforts.
Operating expenses for the nine months were $4,844,042, down from $10,174,248 in the previous year, with the decrease attributed to lower professional fees.
The company reported a net loss of $5,082,352 for the nine months, compared to $9,918,107 in the previous year, reflecting reduced operating expenses.
Cash used in operating activities was $1,319,815, while cash provided by financing activities was $1,079,189, primarily from convertible notes and preferred stock issuance.
General Enterprise Ventures had a working capital deficiency of $1,002,764 as of September 30, 2024. The company acknowledges its dependence on additional financing to continue operations.
The filing also details various financial agreements, including convertible notes and related party transactions.
The company continues to focus on its environmentally sustainable flame retardant and suppression products, with ongoing efforts to expand its market presence.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the General Enterprise Ventures Inc quarterly 10-Q report dated November 18, 2024. To report an error, please email earnings@qz.com.