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General Enterprise Ventures Inc (GEVI0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations as an environmentally sustainable flame retardant and flame suppression company, focusing on the residential home industry in the United States.
For the year ended December 31, 2024, the company reported revenue of $808,372, an increase from $520,645 in the previous year. The increase is attributed to the commercialization of its CitroTech products.
Operating expenses decreased to $6,113,050 from $10,618,583 in the previous year, primarily due to a reduction in professional fees.
The company recorded a net loss of $6,881,722, compared to a net loss of $10,102,266 in the previous year. The decrease in net loss is attributed to reduced operating expenses.
General Enterprise Ventures Inc reported a working capital deficiency of $544,405 as of December 31, 2024, compared to $399,729 in the previous year.
The company has been raising funds through the issuance of Series C Convertible Preferred Stock and convertible notes to support its operations.
The filing also highlights the company's focus on expanding its market presence and developing new products in the fire retardant and flame suppression industry.
General Enterprise Ventures Inc does not anticipate paying cash dividends to common stockholders in the near future.
The company identified material weaknesses in its internal controls over financial reporting, citing issues with segregation of duties and IT general controls.
Management plans to continue raising funds and is considering an Initial Public Offering (IPO) to support operations in 2025.
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 annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.