# EDGAR Filing Document

**Accession Number:** 0000894556
**File Stem:** 0001640334-23-000526
**Filing Date:** 2023-3
**Character Count:** 124064
**Document Hash:** ecd4f3c491dba691dfa9185222b86855
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001640334-23-000526.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001640334-23-000526

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 75

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** General Enterprise Ventures, Inc.
- **CENTRAL INDEX KEY:** 0000894556
- **STANDARD INDUSTRIAL CLASSIFICATION:** HAZARDOUS WASTE MANAGEMENT [4955]
- **IRS NUMBER:** 872765150
- **STATE OF INCORPORATION:** WY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 033-55254-38
- **FILM NUMBER:** 23788606

**BUSINESS ADDRESS:**
- **STREET 1:** 1740H DEL RANGE BLVD
- **STREET 2:** SUITE 166
- **CITY:** CHEYENNE
- **STATE:** WY
- **ZIP:** 82009
- **BUSINESS PHONE:** 800-401-4535

**MAIL ADDRESS:**
- **STREET 1:** 1740H DEL RANGE BLVD
- **STREET 2:** SUITE 166
- **CITY:** CHEYENNE
- **STATE:** WY
- **ZIP:** 82009

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GENERAL ENTERTAINMENT VENTURES, INC
- **DATE OF NAME CHANGE:** 20210517

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GENERAL ENVIRONMENTAL VENTURES, INC
- **DATE OF NAME CHANGE:** 20210517

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GENERAL ENVIRONMENTAL MANAGEMENT, INC
- **DATE OF NAME CHANGE:** 20050427

?xml version="1.0" encoding="utf-8"?gevi_10k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K**

(Mark one)

**☒** **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the Year Ended December 31, 2022**

or

**☐** **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from ____________ to __________**

Commission File Number: **<u>033-55254-38</u>**

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| |
|:---|
| **General Enterprise Ventures, Inc.** |
| (Exact name of registrant as specified in its charter) |

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|:---|:---|
| **Wyoming** | **87-2765150** |
| (State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) |

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**1740H Del Range Blvd., Suite 166**

**<u>Cheyenne, WY 82009</u>**

(Address of principal executive offices) (Zip Code)

**<u>(888) 278-4669</u>**

Registrant's telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act: **None**

Securities registered pursuant to section 12(g) of the Act: **Common Stock, $0.001 par value** 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated Filer | ☒ | Smaller reporting company | ☒ |
|  |  | Emerging growth company | ☐ |

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Ex- change Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

At June 30, 2022, the aggregate market value of the registrant's common stock held by non-affiliates of the registrant was $4,589,077 based on the closing sale price of the registrant's common stock on June 30, 2022 of $0.20 per share.

The number of shares of registrant's common stock outstanding as of March 30, 2023 was 93,945,388.

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| [FORWARD-LOOKING STATEMENTS](#fo) | [FORWARD-LOOKING STATEMENTS](#fo) | 3 |
|  | PART I |  |
| Item 1. | Business. | 4 |
| Item 1A. | Risk Factors. | 7 |
| Item 1B. | Unresolved Staff Comments. | 7 |
| Item 2. | Properties. | 7 |
| Item 3. | Legal Proceedings. | 7 |
| Item 4. | Mine Safety Disclosures. | 7 |
|  | PART II |  |
| Item 5. | Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. | 8 |
| Item 6. | [Reserved] | 9 |
| Item 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations. | 9 |
| Item 7A. | Quantitative And Qualitative Disclosures About Market Risk. | 12 |
| Item 8. | Financial Statements and Supplemental Data. | 12 |
| Item 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. | 12 |
| Item 9A. | Controls and Procedures. | 12 |
| Item 9B. | Other Information. | 14 |
| Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. | 14 |
|  | PART III |  |
| Item 10. | Directors, Executive Officers and Corporate Governance. | 15 |
| Item 11. | Executive Compensation. | 16 |
| Item 12. | Security Ownership Of Certain Beneficial Owners and Management and Related Stockholder Matters. | 17 |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence. | 18 |
| Item 14. | Principal Accountant Fees and Services. | 19 |
|  | PART IV |  |
| Item 15. | Exhibit and Financial Statement Schedules. | 20 |
| Item 16. | Form 10-K Summary. | 20 |

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| 2 |
| *Table of Contents* |

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**FORWARD-LOOKING STATEMENTS**

This report contains forward-looking statements. The Securities and Exchange Commission encourages companies to disclose forward-looking information so that investors can better understand a company's future prospects and make informed investment decisions. This report and other written and oral statements that we make from time to time contain such forward-looking statements that set out anticipated results based on management's plans and assumptions regarding future events or performance. We have tried, wherever possible, to identify such statements by using words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "will" and similar expressions in connection with any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance or results of current and anticipated sales efforts, expenses, the outcome of contingencies, such as legal proceedings, and financial results.

We caution that the factors described herein and other factors could cause our actual results of operations and financial condition to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

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| 3 |
| *Table of Contents* |

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**PART I**

**Item 1. Business.**

**Corporate History**

The Company was originally incorporated as Ultronics Corporation (the "UC") under the laws of the State of Nevada on March 14, 1990. UC never had operations and was formed to investigate potential companies that would be interested in merging with it.

On December 21, 2004, UC formed a subsidiary, Ultronics Acquisition Corporation ("UAC") for the purpose of facilitating an agreement and plan of merger. UAC was incorporated in the State of Nevada. On December 23, 2004, UC, UAC and General Environmental Management, Inc. ("GEM") entered into an Agreement and Plan of Merger whereby UAC would be merged into GEM ("Merger") with GEM to be the surviving corporation. On February 14, 2005, a Certificate of Merger was filed in Delaware; however, there is no evidence of a Certificate of Merger being filed in Nevada. As such, GEM did not cease to exist in Nevada.

The acquisition was treated as a reverse merger with GEM deemed to be the accounting acquiror, and UAC the legal acquiror. UAC's name was changed to General Environmental Management, Inc. (the "Company") on March 16, 2005. On March 10, 2006, the Company entered into an Agreement with K2M Mobile Treatment Services, Inc. of Long Beach, California ("K2M"), a privately held company, pursuant to which the Company acquired all of the issued and outstanding common stock of K2M.

On August 31, 2008, The Company entered into an agreement with Island Environmental Services, Inc. of Pomona, California ("Island"), a privately held company, pursuant to which The Company acquired all of the issued and outstanding common stock of Island, a California-based provider of hazardous and non-hazardous waste removal and remediation services to a variety of private and public sector establishments.

On November 6, 2009, the Company entered into a Stock Purchase Agreement ("CLW Agreement") with United States Environmental Response, LLC, a California limited liability company pursuant to which the Company purchased all of the issued and outstanding capital stock of California Living Waters, Incorporated ("CLW"), a privately held company. CLW owns all of the issued and outstanding capital stock of Santa Clara Waste Water Company ("SCWW") a California corporation. CLW's only operating subsidiary is SCWW.

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On November 25, 2009, the Company entered into an Agreement with Luntz Acquisition (Delaware), LLC. ("Buyer") pursuant to which the Company sold to Luntz all of the issued and outstanding stock of the Company's primary operating subsidiaries for cash (the "Sale"). On February 26, 2010, after approval of the transaction by the Company's shareholders at a special meeting held on February 19, 2010, the Company completed the sale of the entities created out of GEM DE. The net cash proceeds from the transaction were used by the Company to retire senior debt and other obligations of the Company. The Company was not merged out of Nevada pursuant to this transaction.

Subsequent to the Luntz transaction, the Company's revenues and expenses, operations, assets and liabilities were discontinued from February 2010 until January 2021.

On March 19, 2019, Small Cap Compliance, LLC was awarded custodianship of the Company by the Eighth Judicial District Court of Nevada. On May 19, 2019, the Company was revived in Nevada. On May 30, 2019, the custodian filed an Amendment to the Designations of the Series A Convertible Preferred Shares of the Company, and filed a Custodian's Certification of Amendment certifying the same.

On January 15, 2021, the Company filed a Certificate of Conversion from a Non-Delaware Corporation to a Delaware Corporation, and the associated Certificate of Incorporation, to become a corporation in Delaware. Delaware recognized this domestication of the Company.

On March 31, 2021, the Company formed General Entertainment Ventures, Inc. ("GEVI") in Delaware as a wholly owned subsidiary of the Company. The purpose of the formation of GEVI was to merge the Company into GEVI pursuant to Section 251(g) of the General Corporation Law of the State of Delaware.

On April 10, 2021, after approval by the board of directors and shareholders of the Company, the Company was merged into GEVI pursuant to an Agreement and Plan of Merger dated as of the same date. GEVI is the accounting and legal acquiror of the Company.

On June 3, 2021, after approval by the board of directors and shareholders of the Company, the Company was redomiciled to the State of Wyoming.

On October 11, 2021, after approval by the board of directors and shareholders of the Company, the Company was renamed General Enterprise Ventures, Inc., in the State of Wyoming.

**Current operations**

***Fully Integrated Services***

We are a fully integrated technology company structured to provide mergers and acquisitions of new and available technology. Through our services, we incubate first-to-market products and help existing companies accelerate their product development within all regulatory requirements.

***Corporate changes***

On April 13, 2022 General Enterprise Ventures, Inc. acquired Mighty Fire Breaker, LLC , an Ohio Limited Liability company (" MFB") and all associated IP, in exchange for 1,000,000 Preferred C Shares and a 10% royalty on the gross sales before taxes of products sold under the MFB family of products. MFB has 19 patents centered around its CitroTech MFB 31 Technology for the prevention and spread of wildfires. Its core products can be used for lumber treatments for fire prevention. It has been widely tested and is currently in testing at 3 major us government agencies. When CitroTech Science is sprayed and applied it takes flammable fuels like dry native vegetation and wood and makes them noncombustible. During the third quarter of 2022 the company received EPA Safer Choice status and UL Green-Guard Gold approval on its CitroTech fire inhibitor. It continues to pursue additional accreditations such Missoula Testing approval for selling products to the government. Currently the Company's subsidiary Mighty Fire Breaker LLC Ohio is involved in installing large home and facility Proactive Wildfire Prevention Systems.

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Effective April 1, 2022, the Company implemented a plan to divest its Crypto Mining operations and focus resources on the operations of Mighty Fire Breaker LLC ("MFB"). We expanded our services by building upon its foundation of emerging technology development, by creating a Crypto-Currency mining operation (farm). Previously, the Company had 20 Bitmain Antminer SJ19 PRO 104t/h and 99 Mini-Doge 185 m/h miners deployed, which are mining, Bitcoin, Doge, and Litecoin through the F2Pool and utilized its 8,000 Sq Ft Commercial space to house these ASIC Miners.

Effective November 20, 2022 General Enterprise Ventures Inc. formed a UK branch of its US subsidiary Mighty Fire Breaker LLC, named Mighty Fire Breaker UK Limited. The new Subsidiary headquartered in the United Kingdom, will be used to direct the sales of the Mighty Fire Breaker line of products and technologies in Europe, the Middle East and Africa.

***Change of Control***

On April 28, 2022, Jan Ralston transferred ownership of 10,000,000 Preferred A shares to CEO, Joshua Ralston, making Mr. Ralston the new Majority Shareholder.

**Series C Preferred Stock**

On April 13, 2022, The Company designated 5,000,000 shares of Series C convertible Preferred Stock ("Series C Preferred Stock"). The Series C Preferred Stock is convertible into twenty (20) shares of Common Stock for each share of Series C Preferred Stock at the option of the stockholder. The Series C Preferred Stock does not have voting rights and is not eligible to receive dividends.

***Environmental Impact***

At this time, there are no significant environmental impacts occurring from the services, products, or activities of General Enterprise Ventures.

***Human Services*** 

The Company currently employees, 8 people full-time and hosts several consultants, attorneys, and independent contractors that all perform tasks on behalf of the company.

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| *Table of Contents* |

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**Item 1A. Risk Factors.**

Increases in our effective income tax rate could adversely affect our business, results of operations, liquidity, and net income.

If services we obtain from third parties are unavailable, disrupted, or fail to meet our standards and expectations, our operations could be adversely affected.

Changes in our relationships with our vendors, changes in trade policy, interruptions in our operations or supply chain, or increased commodity or supply chain costs could adversely affect the risks and uncertainties facing our business and their potential impact on our financial position, results of operations, and cash flows.

Another pandemic could *adversely affect*, our operations, supply chains and distribution systems, which could include *unpredictable* demand for our products and services.

**Item 1B. Unresolved Staff Comments.**

None.

**Item 2. Properties.**

Our Company owns no real property. Our physical office is located at 2170 Allentown Rd, Lima OH 45808 which is a 8,000 Square Feet Commercial Space, based on one year lease agreement to pay $500 monthly lease.

**Item 3. Legal Proceedings.**

We currently have no legal proceeding to which we are a party to or to which our property is subject to and, to the best of our knowledge, no adverse legal activity is anticipated or threatened. None

**Item 4. Mine Safety Disclosures.**

Not applicable.

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**PART II**

**Item 5. Market for Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.**

**Market Information**

Our Common Stock is quoted on the OTC Pink under the symbol "GEVI." Our stock is thinly traded on the OTC Markets and there can be no assurance that a liquid market for our common stock will ever develop.

For the periods indicated, the following table sets forth the high and low bid prices per share of common stock based on inter-dealer prices, without retail mark-up, mark-down or commission and may not represent actual transactions.

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| | | |
|:---|:---|:---|
| **Fiscal Year 2022** | **High Bid** | **Low Bid** |
| First Quarter | $0.180 | $0.049 |
| Second Quarter | $0.235 | $0.175 |
| Third Quarter | $0.210 | $0.125 |
| Fourth Quarter | $0.580 | $0.208 |

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| | | |
|:---|:---|:---|
| **Fiscal Year 2021** | **High Bid** | **Low Bid** |
| First Quarter | $0.260 | $0.054 |
| Second Quarter | $0.310 | $0.086 |
| Third Quarter | $0.146 | $0.005 |
| Fourth Quarter | $0.150 | $0.005 |

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**Security Holders**

As of March 30, 2023 we estimate there were approximately 721 holders of record and 93,945,388 shares of our Common Stock were issued and outstanding.

**Dividend Policy**

We have never paid a cash dividend on our common stock. We currently intend to retain all earnings, if any, to finance the growth and development of our business. We do not anticipate paying any cash dividends in the foreseeable future.

**Equity Compensation Plans**

None.

**Recent Sales of Unregistered Securities**

None

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| *Table of Contents* |

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**Item 6. [Reserved]**

**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

*The following discussion and analysis of our results of operations and financial condition for fiscal years ended December 31, 2022 and 2021, should be read in conjunction with our financial statements and the related notes and the other financial information that are included elsewhere in this Annual Report. This discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations, and intentions. Forward-looking statements are statements not based on historical information and which relate to future operations, strategies, financial results, or other developments. Forward-looking statements are based upon estimates, forecasts, and assumptions that are inherently subject to significant business, economic, and competitive uncertainties and contingencies, many of which are beyond our control and many of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those set forth under the Risk Factors, Special Note Regarding Forward-Looking Statements, and Business sections in this Annual Report. We use words such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "believe," "intend," "may," "will," "should," "could," and similar expressions to identify forward-looking statements.*

***Results of Operations for the year ended December 31, 2022 and the year ended December 31, 2021***

Our results of operations for the years ended December 31, 2022 and 2021 are summarized below:

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| | | | |
|:---|:---|:---|:---|
|  | Years Ended  | Years Ended  | |
|  | December 31, | December 31, | |
|  | 2022 | 2021 | <br><br>Change  |
| Revenue | $62732 | $- | $62732 |
| Operating expenses | 2979398 | 58213 | 2921185 |
| Other expenses  | 255 | 7064 | (6809) |
| Net loss from continuing operations | $(2918814) | $(44973) | $2967197 |
| Income (loss) from discontinued operations  | 13016 | (70179) | 83195 |
| Gain on disposition of Strategic Holdings, LLC |  | 20179 | (20179) |
| Loss on disposition of digital currency and digital currency assets | (2030) | - | (2030) |
| Net gain (loss) from discontinued operations | $10986 | $(50000) | $60986 |
| Net loss | $(2907828) | $(94973) | $(2812855) |

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*Revenue*

Our Company generated $67,732 and $0 revenue for the years ended December 31, 2022 and 2021, respectively. The Company's revenue is associated with revenue from MFB which was acquired in April 2022.

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*Operating Expenses*

Operating expenses consisted of stock-based management compensation of $2,100,000, professional fees of 500,875, depreciation of $803 and general and administrative expenses of $377,720 in the year ended December 31, 2022, compared to management fees of $15,000, professional fees of $39,541 and general and administrative of $3,672 in the year ended December 31, 2021. During the years ended December 31, 2022 and 2021, the Company recorded management compensation of $2,100,000 related to Chief Executive Officer (CEO) for 70,000,000 restricted stock award (the holder of the restricted stock shall be entitled to vote but is not entitled to dividends or disposal) and management fees related to former Chief Executive Officer (CEO) for salary of $15,000, respectively.

*Other expenses*

For the year ended December 31, 2022, the other expenses consisted of $255 interest related to loans payable to lender.

For the year ended December 31, 2021, the other expenses consisted of $1,469 interest related to note payable to former Chief Executive Officer (CEO) and $5,595 impairment loss on digital assets. As result of divesture of Strategic Assets Holdings, LLC. (SAH) on October 19, 2021, the accrued interest of $1,469 and note payable of $50,000 released and recognized as additional paid in capital.

*Discontinuing Operating Expenses*

During the year ended December 31, 2021, loss from discontinued operations of $70,179 was the result of the net loss incurred from the operations of Strategic Asset Holdings, which was divested in October 2021, respectively.

On October 19, 2021, the board of Directors approved the divesture of Strategic Assets Holdings, LLC. (SAH). The discontinuing operating expenses of SAH consisted of management compensation of $17,101 and general and administrative of $102. As result of divesture, the Company recognized $20,179 gain from disposition of SAH for the year ended December 31, 2021

During the year ended December 31, 2022, income from discontinued operations of $13,016 was the result of the net income from the operations of crypto mining and $2,030 loss from the disposition of crypto mining which the Company implemented a plan to divest its crypto mining operations to focus its resources on the MFB acquisition (see Notes 3 and 4 Financial Statements).

*Net Loss*

As a result of the foregoing, we incurred a net loss of $2,907,828, for the year ended December 31, 2022, compared to a net loss of $94,973 for the corresponding year ended December 31, 2021.

**Liquidity and Capital Resources**

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| | | | |
|:---|:---|:---|:---|
|  | December 31,<br>2022 | December 31,<br>2021 | <br>Change  |
| Cash  | $55434 | $5469 | $49965 |
| Current Assets | $170079 | $5469 | $164610 |
| Current Liabilities | $1060918 | $383090 | $677828 |
| Working Capital (Deficiency) | $(890839) | $(377621) | $(513218) |

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The increase in working capital deficiency in 2022, was primarily the result of increases in cash on hand and inventory of $164,610 offset by increases in accounts payable and accrued liabilities of $76,657, due to related party of $526,804, convertible note of $35,000 and current portion of operating lease liability of $39,367.

As of December 31, 2022, and 2021, the current assets consisted of cash of $55,434 and $5,469 and inventory of $114,645 and $0, respectively.

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As of December 31, 2022, and 2021, the current liabilities consisted of accounts payable and accrued liabilities of $87,398 and $10,741, due to related parties of $899,153 and $372,349, convertible note of $35,000 and $0, and current portion of operating lease liability of $39,367 and $0, respectively.

*Cash Flows*

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| | | |
|:---|:---|:---|
|  | Years Ended  | Years Ended  |
|  | December 31, | December 31, |
|  | 2022 | 2021 |
| Cash used in operating activities | $(708450) | $(24206) |
| Cash used in investing activities | $(5349) | $(287100) |
| Cash provided by financing activities | $763764 | $316775 |
| Net Change in Cash  | $49965 | $5469 |

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*Cash Flows from Operating Activities*

For the year ended December 31, 2022, net cash flows used in operating activities were $708,450, consisting of a net loss of $2,907,828, reduced by non-cash management compensation of $2,100,000, loss on disposition of digital currency and digital currency assets of $2,029, impairment loss on digital assets of $6,125, non-cash lease expense of $44,647, depreciation of $15,862 and reduced by an increase in changes in operating assets and liabilities of $30,175.

For the year ended December 31, 2021, net cash flows used in operating activities were $24,206, consisting of a net loss of $94,973, reduced by impairment loss of $52,976, impairment loss on digital assets of $5,595, amortization of digital asset machines of $9,737, related party advances funding operating expenses of $51,719 and change in accounts payable and accrued liabilities of $14,837 and increased by a gain on disposition of Strategic Assets Holdings, LLC. of $20,179. an increase in digital assets of $38,919 and due to related party of $4,999.

*Cash Flows from Investing Activities*

For the year ended December 31, 2022, cash flows used in investing activities of $5,349 was the result of the purchase of equipment of $5,350 and reduced by $1 share capital of Mighty Fire Breaker UK Limited (MFB).

For the year ended December 31, 2021, cash flows used in investing activities of $287,100 was the result of $14,075 cash raised from acquisition of Strategic Asset Holdings, LLC and reduced by acquisition digital assets machines of $301,175.

*Cash Flows from Financing Activities*

For the year ended December 31, 2022, net cash provided by financing activities was $763,764, consisting of $784,484 received from related parties, $35,000 from convertible note and repayments of $55,720 to related parties.

For the year ended December 31, 2021 net cash provided by financing activities was $316,775, consisting of $5,500 from proceeds from loan and $311,275 received from related parties.

**Going Concern**

The accompanying consolidated financial statements have been prepared (i) in accordance with accounting principles generally accepted in the United States, and (ii) assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has not generated significant income to date. The Company is subject to the risks and uncertainties associated with a business with no substantive revenue, as well as limitations on its operating capital resources. These matters, among others, raise substantial doubt about the ability of the Company to continue as a going concern. These financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. In light of these matters, the Company's ability to continue as a going concern is dependent upon the Company's ability to raise capital and generate revenue and profits in the future.

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**Off-balance sheet arrangements**

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to stockholders.

**Critical Accounting Policies**

The discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with the accounting principles generally accepted in the United States of America. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses. These estimates and assumptions are affected by management's application of accounting policies. We believe that understanding the basis and nature of the estimates and assumptions involved with the following aspects of our financial statements is critical to an understanding of our financial statements.

**Item 7A. Quantitative and Qualitative Disclosures About Market Risk.**

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act, and are not required to provide the information under this Item.

**Item 8. Financial Statements and Supplementary Data.**

The information required by this Item is incorporated herein by reference to the <u>consolidated financial statements</u> and supplementary data set forth in *Item 15. Exhibits, Financial Statement Schedules* of Part IV of this Annual Report.

**Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.**

None.&nbsp;&nbsp;&nbsp;&nbsp;

**Item 9A. Controls and Procedures.**

**Evaluation of Disclosure Controls and Procedures**

Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer's management, including its principal executive officer(s) and principal financial officer(s), or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

In accordance with Exchange Act Rules 13a-15 and 15d-15, an evaluation was completed under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the fiscal year ended December 31, 2021. Based on that evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were not effective in providing reasonable assurance that information required to be disclosed in our reports filed or submitted under the Exchange Act was recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms.

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| *Table of Contents* |

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**Management's Annual Report on Internal Control over Financial Reporting**

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as such term is defined by Rules 13a-15(f) and 15d-15(f) of the Exchange Act). Internal control over financial reporting is a process, including policies and procedures, designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external reporting purposes in accordance with U.S. generally accepted accounting principles. Our management evaluated the effectiveness of our internal control over financial reporting using the *Internal Control—Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). Our system of internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

Internal control over financial reporting has inherent limitations and may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable, not absolute, assurance with respect to financial statement preparation and presentation. Further, because of changes in conditions, the effectiveness of internal control over financial reporting may vary over time.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

Based on our evaluation under the framework in COSO, our management concluded that our internal control over financial reporting was not effective as of December 31, 2021 based on such criteria. Deficiencies existed in the design or operation of our internal control over financial reporting that adversely affected our internal controls. This is due to the lack of segregation of duties throughout our accounting and finance group as a result of our limited resources and staff, which may be considered a material weakness. We do not have a formal process in reviewing, approving, closing, or finalizing the financial reporting or closing process.

The weaknesses and the related risks are not uncommon in a company of our size because of the limitations in the size and number of staff. We continue to evaluate and implement procedures as deemed appropriate to remediate this weakness. To address these material weaknesses, a number of the procedures have been implemented, including the retention of qualified accounting and finance staff and we are also working with an outside financial firm to assist with the preparation and review of our financial statements and periodic reports, to ensure that the financial statements fairly present, in all material respects, our financial position, results of operations, and cash flows for the periods presented.

A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met under all potential conditions, regardless of how remote, and may not prevent or detect all errors and all fraud. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues, if any, within our Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of a simple error or mistake. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

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**Changes in Internal Controls over Financial Reporting**

In connection with our continued monitoring and maintenance of our controls procedures as part of the implementation of Section 404 of the Sarbanes-Oxley Act, we continue to review, test, and improve the effectiveness of our internal controls. There have not been any changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the year ended December 31, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**Item 9B. Other Information.**

None.

**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.**

Not applicable.

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**PART III**

**Item 10. Directors, Executive Officers and Corporate Governance.** 

**Directors and Executive Officers** 

Each of our directors holds office until the next annual meeting of our stockholders or until his or her successor has been elected and qualified, or until his or her earlier death, resignation, or removal. Our executive officers are appointed by our Board and serve until their respective successors are elected and appointed and qualify until their earlier resignation or removal from office.

Our current directors and executive officers, their ages, positions held, and duration of such, are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Position Held with Our Company** | **Age** | **Date First Elected or Appointed** |
| Joshua Ralston | President, Chief Executive Officer, and Chairman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 34 | 10/19/2021 |

---

**Business Experience**

The following is a brief account of the education and business experience of directors and executive officers during at least the past five years, indicating their principal occupation during the period, the name and principal business of the organization by which they were employed, and certain of their other directorships:

Effective October 17, 2021 Joshua Ralston, age 33, was appointed as CEO and new Chairman of the Board of General Enterprise Ventures, Inc. Mr. Ralston, has been serving in the U.S. Coast Guard for the past 7 years. He is proficient in security network management and business marketing.

**Family Relationships**

None of our directors and executive officers has been involved in any legal or regulatory proceedings, as set forth in Item 401 of Regulation S-K, during the past ten years.&nbsp;&nbsp;&nbsp;&nbsp;

**Involvement in Certain Legal Proceedings**

None of our directors and executive officers has been involved in any legal or regulatory proceedings, as set forth in Item 401 of Regulation S-K, during the past ten years.

**Compliance with Section 16(a) of the Exchange Act** 

Section 16(a) of the Securities Exchange Act of 1934 requires the Company's directors, executive officers and beneficial owners of more than 10% of any class of equity securities of the Company to file reports of ownership and changes in ownership with the SEC. Directors, executive officers and greater than 10% stockholders are required to furnish the Company with copies of all Section 16(a) forms they file. To our knowledge, based solely on review of the copies of such reports furnished to us and written representations that no other reports were required, during the fiscal year ended December 31, 2022, our officers, directors and greater than 10% beneficial owners timely filed all required Section 16(a) reports.

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**Corporate Governance**

Our board of directors has not established any committees, including an audit committee, a compensation committee or a nominating committee, or any committee performing a similar function. The functions of those committees are being undertaken by our board. Because we do not have any independent directors, our board believes that the establishment of committees of our board would not provide any benefits to our company and could be considered more form than substance.

We do not have a policy regarding the consideration of any director candidates that may be recommended by our stockholders, including the minimum qualifications for director candidates, nor has our officers and directors established a process for identifying and evaluating director nominees. We have not adopted a policy regarding the handling of any potential recommendation of director candidates by our stockholders, including the procedures to be followed. Our officers and directors have not considered or adopted any of these policies as we have never received a recommendation from any stockholder for any candidate to serve on our board of directors.

Given our relative size and lack of directors' and officers' insurance coverage, we do not anticipate that any of our stockholders will make such a recommendation in the near future. While there have been no nominations of additional directors proposed, in the event such a proposal is made, all current members of our board will participate in the consideration of director nominees.

As with most small, early stage companies until such time as we further develop our business, achieve a stronger revenue base and have sufficient working capital to purchase directors' and officers' insurance, we do not have any immediate prospects to attract independent directors. When we are able to expand our board to include one or more independent directors, we intend to establish an audit committee of our board of directors. It is our intention that one or more of these independent directors will also qualify as an audit committee financial expert. Our securities are not quoted on an exchange that has requirements that a majority of our board members be independent and we are not currently otherwise subject to any law, rule or regulation requiring that all or any portion of our board of directors include "independent" directors, nor are we required to establish or maintain an audit committee or other committee of our board.

**Code of Ethics**

We expect that we will adopt a code of business conduct and ethics that applies to all of our employees, officers and directors, including those officers responsible for financial reporting. Once adopted, we will make the code of business conduct and ethics available on our website at *www.generalenterpriseventures.com*. We intend to post any amendments to the code, or any waivers of its requirements, on our website.

**Item 11. Executive Compensation.**

**Summary Compensation Table**

The following table summarizes the compensation of our executive officers, directors and President during the fiscal years ended December 31, 2022 and 2021. No other officers or directors received annual compensation in excess of $100,000 during the last fiscal year.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary** | **Stock Awards** | **Option Awards** | **None-Equity Incentive Plan Compensation** | **Nonqualified Deferred Compensation Earrings** | **All Other Compensation** | **Total** |
|  |  |  | **$** | **$** | **$** | **$** | **$** | **$** |
| Joshua Ralston (2) | 2022 |  | 2100000 |  |  |  |  | 2100000 |
| (Chief Executive Officers, Chief Financial Officer) | 2021 |  |  |  |  |  |  |  |
| Jason Tucker (1) (Chief Executive Officers, Chief Financial Officer) | 2021 | 29071 |  |  |  |  |  | 29071 |

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(1) Jason Tucker has served as our Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and Director from December 22, 2020 to October 19, 2021.

(2) Joshua Ralston has server as our Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and Director since October 19, 2021.

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**Stock-Based Compensation**

On June 13, 2022, the Company issued 70,000,000 Restricted Stock Award to a member of the board of directors and President of the Company. The holder of the Restricted stock shall be entitled to vote but is not entitled to dividends or disposal. The Company valued the voting rights associated with the awards at $2,100,000 which is recorded as stock-based compensation during the year ended December 31, 2022.

**Director Compensation**

None.

**Employment Agreement**

We have no employment agreements with any of our officers and have not issued any incentive or other stock options, profit sharing or similar benefits.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.**

***Security Ownership of Certain Beneficial Owners and Management***

Beneficial ownership is determined in accordance with the rules of the SEC and generally includes voting or investment power with respect to securities. In accordance with SEC rules, shares of our Common Stock which may be acquired upon exercise of stock options or warrants which are currently exercisable or which become exercisable within 60 days of the date of the applicable table below are deemed beneficially owned by the holders of such options and warrants and are deemed outstanding for the purpose of computing the percentage of ownership of such person, but are not treated as outstanding for the purpose of computing the percentage of ownership of any other person. Subject to community property laws, where applicable, the persons or entities named in the tables below have sole voting and investment power with respect to all shares of our Common Stock indicated as beneficially owned by them.

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**Beneficial Ownership of Our Common Stock**

The following table sets forth information with respect to the beneficial ownership of our Common Stock as of March 2023 by (i) each stockholder known by us to be the beneficial owner of more than 5% of our Common Stock, (ii) each of our directors and executive officers, and (iii) all of our directors and executive officers as a group. To the best of our knowledge, except as otherwise indicated, each of the persons named in the table has sole voting and investment power with respect to the shares of our Common Stock beneficially owned by such person, except to the extent such power may be shared with a spouse. To our knowledge, none of the shares listed below are held under a voting trust or similar agreement, except as noted. Other than the Share Exchange, to our knowledge, there is no arrangement, including any pledge by any person of securities of the Company or any of its parents, the operation of which may at a subsequent date result in a change in control of the Company.

Unless otherwise indicated in the following table, the address for each person named in the table is c/o 1740H Del Range Blvd., Suite 166 Cheyenne, WY 82009

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| | | | |
|:---|:---|:---|:---|
| **Name and Address of Beneficial Owner** | **Title of**<br>**Class** | **Amounts and nature of Beneficial Owner**  | **Percent of**<br>**Class**  |
| **5% Stockholder** |  | Shares  | % |
| Jan Ralston&nbsp;&nbsp;&nbsp;&nbsp;  | Preferred A Shares | 10000000 | 100% |
| CVC California, LLC | Common stock | 4350000 | 18.95% |

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**Item 13. Certain Relationships and Related Transactions, and Director Independence.**

***Transactions with Related Persons***

During our last fiscal year and except as disclosed below, none of the following persons has had any direct or indirect material interest in any transaction worth more than $120,000 to which our company was or is a party, or in any proposed transaction to which our company proposes to be a party:

(a) any director or officer of our company;

(b) any proposed director of officer of our company;

(c) any person who beneficially owns, directly or indirectly, shares carrying more than 5% of the voting rights attached to our common stock; or,

(d) any member of the immediate family of any of the foregoing persons (including a spouse, parents, children, siblings, and in-laws).

During the year ended December 31, 2020, the Company accrued $9,355 for salary to our former Chief Executive Officer. During the year ended December 31, 2022, our former officer forgave $9,355 in accrued salary and the Company recognized it as additional paid-in-capital.

During the year ended December 31, 2022 a related party advanced to the Company an amount of $784,484 and paid $108,569 for operating expenses on behalf of the Company and $1 for share capital - Mighty Fire Breaker UK Limited. The Company repaid $55,720 owing of the loan.

During the year ended December 31, 2022, as part of the Company's divestiture of its digital asset operations, a related party forgave loans payable of $301,175 in exchange for digital asset equipment with a net book value of $276,379 and digital currency intangible assets of $26,825, of which the Company recorded a loss on disposition of $2,030.

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During the year ended December 31, 2022, the Company paid $126,500 consulting to an entity under common control of a related party and $91,500 commission to a related party.

On June 13, 2022, the Company issued 70,000,000 Restricted Stock Award to a member of the board of directors and President of the Company. The holder of the Restricted stock shall be entitled to vote but is not entitled to dividends or disposal. The Company valued the voting rights associated with the awards at $2,100,000 which is recorded as stock-based compensation during the year ended December 31, 2022.

**Item 14. Principal Accountant Fees and Services.**

The following table shows the fees that were billed for the audit and other services provided by our principal auditor, for the periods presented, as follows:

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| | | |
|:---|:---|:---|
|  | **Fiscal Year**<br>**Ended**<br>**December**<br>**31, 2022** | **Fiscal Year**<br>**Ended**<br>**December**<br>**31, 2021** |
| Audit Fees: | $- | $28500 |
| Audit-Related Fees |  |  |
| Tax Fees: |  |  |
| All Other Fees | - | - |
| Total | $- | $28500 |

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*Audit Fees*

This category includes the audit of our annual financial statements, review of financial statements included in our Quarterly Reports on Form 10-Q and services that are normally provided by the independent registered public accounting firm in connection with engagements for those fiscal years. This category also includes advice on audit and accounting matters that arose during, or as a result of, the audit or the review of interim financial statements.

*Audit-Related Fees*

This category consists of assurance and related services by the independent registered public accounting firm that are reasonably related to the performance of the audit or review of our financial statements and are not reported above under "Audit Fees." The services for the fees disclosed under this category include consultation regarding our correspondence with the SEC and other accounting consulting.

*Tax Fees*

This category consists of professional services rendered by our independent registered public accounting firm for tax compliance and tax advice. The services for the fees disclosed under this category include tax return preparation and technical tax advice.

*All Other Fees*

This category consists of fees for other miscellaneous items.

Our Board of Directors has adopted a procedure for pre-approval of all fees charged by our independent registered public accounting firm. Under the procedure, the Board approves the engagement letter with respect to audit, tax and review services. Other fees are subject to pre-approval by the Board, or, in the period between meetings, by a designated member of the Board. Any such approval by the designated member is disclosed to the entire Board at the next meeting.

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**PART IV**

**Item 15. Exhibit and Financial Statement Schedules.**

(a) 1. Financial Statements

The financial statements and Report of Independent Registered Public Accounting Firm are listed in the "Index to Financial Statements" on page F-1 and included on pages F-2 through F-15.

2. Financial Statement Schedules

All schedules for which provision is made in the applicable accounting regulations of the SEC are either not required under the related instructions, are not applicable (and therefore have been omitted), or the required disclosures are contained in the financial statements included herein.

3. Exhibits

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 4.1\* | Description of Securities |
| 31.1\* | Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer and Chief Financial Officer |
| 32.1\* | Section 1350 Certification of Chief Executive Officer and Chief Financial Officer |
| 101\* | Inline XBRL Document Set for the financial statements and accompanying notes in Part II, Item 8, "Financial Statements and Supplementary Data" of this Annual Report on Form 10-K.&nbsp;&nbsp;&nbsp;&nbsp;  |
| 104\* | Inline XBRL for the cover page of this Annual Report on Form 10-K, included in the Exhibit 101 Inline XBRL Document Set.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

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________

\* Filed herewith.

**Item 16. Form 10-K Summary.**

None.

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&nbsp;&nbsp;&nbsp;&nbsp;

**General Enterprise Ventures, Inc.**

**Index to Audited Financial Statements**

**December 31, 2022 and 2021**

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| | |
|:---|:---|
| **Contents** | **Page** |
| Report of Independent Registered Public Accounting Firm (PCAOB ID: 5041) | F-2 |
| Consolidated Balance Sheets at December 31, 2022 and 2021 | F-3 |
| Consolidated Statements of Operations for the years ended December 31, 2022 and 2021 | F-4 |
| Consolidated Statements of Changes in Stockholders' Deficit for the years ended December 31, 2022 and 2021 | F-5 |
| Consolidated Statements of Cash Flows for the years ended December 31, 2022 and 2021 | F-6 |
| Notes to Audited Consolidated Financial Statements | F-7 |

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| F-1 |
| *Table of Contents* |

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**Report of Independent Registered Public Accounting Firm**

To the shareholders and the board of directors of General Enterprise Ventures, Inc.

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of General Enterprise Ventures, Inc. as of December 31, 2022 and 2021, the related statements of operations, stockholders' equity (deficit), and cash flows for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States.

**Substantial Doubt about the Company's Ability to Continue as a Going Concern**

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

**Critical Audit Matter**

Critical audit matters are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

We determined that there are no critical audit matters.

**/S/ BF Borgers CPA PC (PCAOB ID 5041)**

We have served as the Company's auditor since 2022

Lakewood, CO

March 31, 2023

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| F-2 |
| *Table of Contents* |

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**General Enterprise Ventures, Inc.**

**Consolidated Balance Sheets**

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| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2022** | **December 31,**<br>**2021** |
| **Assets** |  |  |
| Current Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | $55434 | $5469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | 114645 | - |
| Total Current Assets | 170079 | 5469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets | 4195353 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use asset | 39367 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses  | 240 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment, net | 4547 | 291438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital currency | - | 33324 |
| **Total Assets** | $4409586 | $330231 |
| **Liabilities and Stockholders' Equity (Deficit)** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $87398 | $10741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible note | 35000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to related party | 899153 | 372349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability - current portion | 39367 | - |
| Total Current Liabilities | 1060918 | 383090 |
| Total Liabilities | 1060918 | 383090 |
| Stockholders' Equity (Deficit) |  |  |
| Convertible Series A Preferred Stock, par value $0.001, authorized 10,000,000 shares,  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10,000,000 shares and 0 shares issued and outstanding | 10000 | 10000 |
| Convertible Series C Preferred Stock, par value $0.001, authorized 5,000,000 shares,  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;950,000 and 0 shares issued and outstanding, respectively  | 950 |  |
| Common Stock par value $0.001, authorized 1,000,000,000 shares, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;93,945,388 and 22,945,388 shares issued and outstanding, respectively | 93945 | 22945 |
| Additional paid-in capital | 62625173 | 56387768 |
| Accumulated deficit | (59381400) | (56473572) |
| Total Stockholders' Equity (Deficit) | 3348668 | (52859) |
| **Total Liabilities and Stockholders' Equity (Deficit)** | $4409586 | $330231 |

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*See the accompanying Notes, which are an integral part of these Financial Statements.*

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| F-3 |
| *Table of Contents* |

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**General Enterprise Ventures, Inc.**

**Consolidated Statement of Operations**

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| | | |
|:---|:---|:---|
|  | **Years Ended** | **Years Ended** |
|  | **December 31,** | **December 31,** |
|  | **2022**  | **2021** |
| **Revenues** |  |  |
| Revenue | $62732 | $- |
| Cryptocurrency mining revenue |  | 38919 |
| Cost of revenue | 1893 | 18613 |
| Gross Profit | 60839 | 20306 |
| Operating Expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administration | 377720 | 3672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 803 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management compensation | 2100000 | 15000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 500875 | 39541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 2979398 | 58213 |
| Loss from Operations | (2918559) | (37909) |
| Other Expense |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (255) | (1469) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment loss on digital currency | - | (5595) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense | (255) | (7064) |
| Loss from continuing operations before taxes | (2918814) | (44973) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | - | - |
| Loss from continuing operations | $(2918814) | $(44973) |
| Discontinued operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from discontinued operations | $13016 | $(70179) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposition of Strategic Asset Holdings, LLC |  | 20179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on disposition of digital currency and digital currency assets | (2030) | - |
| Gain (loss) from discontinued operations, net of tax | $10986 | $(50000) |
| Net Loss | $(2907828) | $(94973) |
| Loss from continuing operations Per Common Share – Basic | $(0.05) | $(0.00) |
| Gain (loss) from discontinuing operations Per Common Share– Basic | $0.00 | $(0.00) |
| Net loss per common share - Basic | $(0.05) | $(0.00) |
| Loss from continuing operations Per Common Share – Diluted | $(0.04) | $(0.00) |
| Gain (loss) from discontinuing operations Per Common Share– Diluted | $0.00 | $(0.00) |
| Net loss per common share - Diluted | $(0.04) | $(0.00) |
| Basic Weighted Average Number of Common Shares Outstanding | 62254977 | 22945388 |
| Diluted Weighted Average Number of Common Shares Outstanding | 75274155 | 22945388 |

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*See the accompanying Notes, which are an integral part of these Financial Statements.*

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| F-4 |
| *Table of Contents* |

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**General Enterprise Ventures, Inc.**

**Consolidated Statements of Change in Stockholders' Deficit**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Convertible Series A**  | **Convertible Series A**  | **Convertible Series C** | **Convertible Series C** |  |  | | | |
|  | **Preferred stock** | **Preferred stock** | **Preferred stock** | **Preferred stock** | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares**  | **Amount**  | **Additional**<br>**Paid-In**<br> **Capital**  | <br>**Accumulated**<br> **Deficit**  | **Total** <br>**Stockholders'** <br>**Equity** <br> **(Deficit)**  |
| **Balance - December 31, 2020** | 10000000 | $10000 |  | $- | 22945388 | $22945 | $56336299 | $(56378599) | $(9355) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt forgiveness - related party  |  |  |  |  |  |  | 51469 |  | 51469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | - | - | - | - | - | - | - | (94973) | (94973) |
| **Balance - December 31, 2021** | 10000000 | 10000 |  |  | 22945388 | 22945 | 56387768 | (56473572) | (52859) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt forgiveness - former related party  |  |  |  |  |  |  | 9355 |  | 9355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued for acquisition of Mighty Fire Breakers |  |  | 1000000 | 1000 |  |  | 4199000 |  | 4200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Conversion of Convertible Series C Preferred stock of Common stock |  |  | (50000) | (50) | 1000000 | 1000 | (950) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock based compensation |  |  |  |  | 70000000 | 70000 | 2030000 |  | 2100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | - | - | - | - | - | - | - | (2907828) | (2907828) |
| **Balance - December 31, 2022** | 10000000 | $10000 | 950000 | $950 | 93945388 | $93945 | $62625173 | $(59381400) | $3348668 |

---

*See the accompanying Notes, which are an integral part of these Financial Statements.*

---

| |
|:---|
| F-5 |
| *Table of Contents* |

---

**General Enterprise Ventures, Inc.**

**Consolidated Statement of Cash Flows**

---

| | | |
|:---|:---|:---|
|  | **Years Ended** | **Years Ended** |
|  | **December 31,** | **December 31,** |
|  | **2022** | **2021** |
| **Cash Flows from Operating Activities:** |  |  |
| Net loss | $(2907828) | $(94973) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| Stock-based compensation | 2100000 |  |
| Loss on disposition of digital currency and digital currency assets | 2029 |  |
| Impairment loss  |  | 52976 |
| Impairment loss on digital assets | 6125 | 5595 |
| Non-cash lease expense | 44647 |  |
| Depreciation and amortization | 15862 | 9737 |
| Gain on discontinue operation - Strategic Asset Holdings, LLC  |  | (20179) |
| Changes in operating assets and liabilities: |  |  |
| Inventory | (114645) |  |
| Digital currency | 374 | (38919) |
| Prepaid expense | (240) |  |
| Related party advances funding operating expense  | 108569 | 51719 |
| Due to related party  |  | (4999) |
| Accounts payable and accrued liabilities | 76657 | 14837 |
| Fixed cash payments related to operating leases | (40000) | - |
| Net Cash Used in Operating Activities | (708450) | (24206) |
| **Cash Flows from Investing Activities:** |  |  |
| Purchase of equipment | (5350) |  |
| Share capital - Mighty Fire Breaker UK Limited | 1 |  |
| Cash proceeds from acquisition of Strategic Asset Holdings, LLC. |  | 14075 |
| Acquisition digital currency equipment | - | (301175) |
| Net Cash Used in Investing Activities | (5349) | (287100) |
| **Cash Flows from Financing Activities:** |  |  |
| Proceed from convertible note | 35000 |  |
| Proceeds from loan - related party  | 784484 | 311275 |
| Repayment of loan- related party  | (55720) |  |
| Proceeds from loan | - | 5500 |
| Net Cash Provided by Financing Activities | 763764 | 316775 |
| Change in cash | 49965 | 5469 |
| Cash, beginning of period | 5469 | - |
| Cash, end of period | $55434 | $5469 |
| **Supplemental Disclosure Information:** |  |  |
| Cash paid for interest | $- | $- |
| Cash paid for taxes | $- | $- |
| **Non-Cash Financing Disclosure:** |  |  |
| Issuance of common stock for services | $70000 | $- |
| Issuance of Preferred C Stock for acquisition of Mighty Fire Breakers | $4200000 | $- |
| Common stock issued upon conversion of Preferred C stock | $1000 | $- |
| Debt forgiveness - related party  | $9355 | $51469 |
| Issuance of note payable for acquisition of Strategic Asset Holdings, LLC. | $- | $50000 |

---

*See the accompanying Notes, which are an integral part of these Financial Statements.*

---

| |
|:---|
| F-6 |
| *Table of Contents* |

---

**General Enterprise Ventures, Inc.**

**Notes to Consolidated Financial Statements**

**December 31, 2022 and 2021**

**Note 1 – Organization, Business and Going Concern**

General Enterprise Ventures, Inc., (the "Company" "GEVI"), was originally incorporated under the laws of the State of Nevada on March 14, 1990.

In January 2021, Board of Directors of the Company approved redomiciling the Company in Delaware. On March 31, 2021, the Company formed General Entertainment Ventures, Inc. in Delaware as a wholly owned subsidiary of the Company. The purpose of the formation of GEVI was to merge the Company into GEVI pursuant to Section 251(g) of the General Corporation Law of the State of Delaware. On April 10, 2021, after approval by the board of directors and shareholders of the Company, the Company was merged into GEVI pursuant to an Agreement and Plan of Merger dated as of the same date. GEVI is the accounting and legal acquiror of the Company.

On October 17, 2021, the Board of Directors approved the corporate name change from General Entertainment Ventures, Inc. to General Enterprise Ventures, Inc.

***Corporate Changes***

On May 10, 2021, GEVI acquired all the issued and outstanding equity of Strategic Asset Holdings, LLC ("SAH"), a Wyoming limited liability company, for $50,000, pursuant to a promissory note dated as of the same date. SAH is an early-stage company in the home essentials technology space and owns a provisional patent for a safe and secure night light. SAH is controlled by the Company's former Chief Executive Officer.

On June 3, 2021, after approval by the board of directors and shareholders of the Company, the Company was redomiciled to the State of Wyoming.

Effective October 19, 2021 Strategic Asset Holdings, LLC., was divested completely as a wholly owned subsidiary of General Enterprise Ventures, Inc.

On April 13, 2022 General Enterprise Ventures, Inc. acquired Mighty Fire Breaker, LLC, an Ohio Limited Liability company ("MFB") and all associated IP, in exchange for 1,000,000 Preferred C Shares and a 10% royalty on the gross sales before taxes of products sold under the MFB family of products. MFB has 19 patents centered around its CitroTech MFB 31 Technology for the prevention and spread of wildfires. Its core products can be used for lumber treatments for fire prevention. It has been widely tested and is currently in testing at 3 major us government agencies. When CitroTech Science is sprayed and applied it takes flammable fuels like dry native vegetation and wood and makes them noncombustible. During the third quarter of 2022 the company received EPA Safer Choice status and UL Green-Guard Gold approval on its Citro-Tech fire inhibitor. It continues to pursue additional accreditations such Missoula Testing approval for selling products to the government.

Effective April 1, 2022, the Company implemented a plan to divest its Crypto Mining operations and focus resources on the operations of Mighty Fire Breaker LLC ("MFB"). We expanded our services by building upon its foundation of emerging technology development, by creating a Crypto-Currency mining operation (farm). Previously, the Company had 20 Bitmain Antminer SJ19 PRO 104t/h and 99 Mini-Doge 185 m/h miners deployed, which are mining, Bitcoin, Doge, and Litecoin through the F2Pool and utilized its 8,000 Sq Ft Commercial space to house these ASIC Miners.

Effective November 20, 2022 General Enterprise Ventures Inc. formed a UK branch of its US subsidiary Mighty Fire Breaker LLC, named Mighty Fire Breaker UK Limited. The new Subsidiary headquartered in the United Kingdom, will be used to direct the sales of the Mighty Fire Breaker line of products and technologies in Europe, the Middle East and Africa.

---

| |
|:---|
| F-7 |
| *Table of Contents* |

---

***Change of Control***

On April 14, 2021, Jan Ralston acquired 10,000,000 Series A Preferred Stock from our former Chief Executive Officer, in a private transaction. The transaction constituted a change of control in the Company, due to the preferred shares super voting and conversion rights, entitling the holder to one thousand (1,000) shares and votes of common stock for every one (1) share of Convertible Series A Preferred Stock owned.

On April 28, 2022, Jan Ralston transferred ownership of 10,000,000 Preferred A shares to CEO, Joshua Ralston, making Mr. Ralston the new Majority Shareholder.

***Series C Preferred Stock***

On April 13, 2022, The Company designated 5,000,000 shares of Series C convertible Preferred Stock ("Series C Preferred Stock"). The Series C Preferred Stock is convertible into twenty (20) shares of Common Stock for each share of Series C Preferred Stock at the option of the stockholder. The Series C Preferred Stock does not have voting rights and is not eligible to receive dividends.

***Business***

We are a fully integrated technology company structured to provide mergers and acquisitions of new and available technology. Through our services, we incubate first-to-market products and help existing companies accelerate their product development within all regulatory requirements.

**Going Concern**

The accompanying consolidated financial statements have been prepared (i) in accordance with accounting principles generally accepted in the United States, and (ii) assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has generated limited revenues to date. The Company is subject to the risks and uncertainties associated with a business with no substantive revenue, as well as limitations on its operating capital resources. These matters, among others, raise substantial doubt about the ability of the Company to continue as a going concern. These financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. In light of these matters, the Company's ability to continue as a going concern is dependent upon the Company's ability to raise capital and generate revenue and profits in the future.

**Note 2 – Summary of Significant Accounting Policies**

**Basis of Presentation**

The Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles ("GAAP") of the United States.

The Company's fiscal year is December 31.

***Principles of Consolidation***

The consolidated financial statements include the accounts of General Enterprise Ventures, Inc., and its wholly owned subsidiaries. Intercompany transactions and balances have been eliminated.

**Use of Estimates**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain expenses during the reporting period. Actual results could differ from these good faith estimates and judgments.

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| |
|:---|
| F-8 |
| *Table of Contents* |

---

**Business Combinations**

In accordance with ASC 805-10, "Business Combinations", the Company accounts for all business combinations using the acquisition method of accounting. Under this method, assets and liabilities, including any remaining non-controlling interests, are recognized at fair value at the date of acquisition. The excess of the purchase price over the fair value of assets acquired, net of liabilities assumed, and non-controlling interests is recognized as goodwill. Certain adjustments to the assessed fair values of the assets, liabilities, or non-controlling interests made subsequent to the acquisition date, but within the measurement period, which is up to one year, are recorded as adjustments to goodwill. Any adjustments subsequent to the measurement period are recorded in income. Any cost or equity method interest that the Company holds in the acquired company prior to the acquisition is re-measured to fair value at acquisition with a resulting gain or loss recognized in income for the difference between fair value and the existing book value. Results of operations of the acquired entity are included in the Company's results from the date of the acquisition onward and include amortization expense arising from acquired tangible and intangible assets.

**Cash and Cash Equivalents**

For purposes of balance sheet presentation and reporting of cash flows, the Company considers all unrestricted demand deposits, money market funds and highly liquid debt instruments with an original maturity of less than 90 days to be cash and cash equivalents. The Company had no cash equivalents at December 31, 2022 and 2021.

**Inventory**

Inventories consist of raw materials which are stated at lower of cost or net realizable value, with cost being determined on the weighted average method. As of December 31, 2022 and 2021, the Company held inventories of $114,645 and $0, respectively.

**Property and Equipment**

Property and equipment are stated at cost. Depreciation is computed on the straight-line method. Currently our assets consist solely of furniture and equipment which we amortize over a useful life of 5 years. The Company previously held crypto mining equipment which was amortized over a useful life of 5 years. As of December 31, 2022, the Company no longer has any crypto mining operations and had divested all such equipment (see Note 5).

Maintenance and repairs are charged to expense as incurred. Improvements of a major nature are capitalized. At the time of retirement or other disposition of property and equipment, the cost and accumulated depreciation are removed from the accounts and any gains or losses are reflected in income.

Long-lived assets are evaluated for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate. Each impairment test is based on a comparison of the undiscounted future cash flows to the recorded value of the asset. If impairment is indicated, the asset is written down to its estimated fair value.

**Digital Assets**

We currently account for all digital assets held as a result of these transactions as indefinite-lived intangible assets in accordance with ASC 350, *Intangibles—Goodwill and Other*. We have ownership of and control over our digital assets and we may use third-party custodial services to secure it. The digital assets are initially recorded at cost and are subsequently remeasured on the consolidated balance sheet at cost, net of any impairment losses incurred since acquisition.

We determine the fair value of our digital assets on a nonrecurring basis in accordance with ASC 820, *Fair Value Measurement*, based on quoted prices on the active exchange(s) that we have determined is the principal market for such assets (Level 1 inputs). We perform an analysis each quarter to identify whether events or changes in circumstances, principally decreases in the quoted prices on active exchanges, indicate that it is more likely than not that our digital assets are impaired. In determining if an impairment has occurred, we consider the lowest market price of one unit of digital asset quoted on the active exchange since acquiring the digital asset. If the then current carrying value of a digital asset exceeds the fair value so determined, an impairment loss has occurred with respect to those digital assets in the amount equal to the difference between their carrying values and the price determined.

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| |
|:---|
| F-9 |
| *Table of Contents* |

---

Impairment losses are recognized within other income (expense) on the statements of operations in the period in which the impairment is identified. The impaired digital assets are written down to their fair value at the time of impairment and this new cost basis will not be adjusted upward for any subsequent increase in fair value. Gains are not recorded until realized upon sale(s), at which point they are presented net of any impairment losses for the same digital assets held within other income (expense). In determining the gain to be recognized upon sale, we calculate the difference between the sales price and carrying value of the digital assets sold immediately prior to sale.

During the year ended December 31, 2022, the Company recorded an impairment loss of $6,125 associated with market value of digital currencies in excess of the Company's cost basis. As of December 31, 2022, the Company has divested all of its digital currency holdings and the impairment loss has been recorded within the Company's income from discontinued operations.

**Fair Value of Financial Instruments** 

The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs, when determining fair value. The three tiers are defined as follows:

● Level 1—Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets;

● Level 2—Observable inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities; and

● Level 3—Unobservable inputs that are supported by little or no market data, which require the Company to develop its own assumptions.

The Company's financial instruments, including cash, accounts payable and accrued liabilities, and loans payable, are carried at historical cost. At December 31, 2022 and 2021, the carrying amounts of these instruments approximated their fair values because of the short-term nature of these instruments.

***Related Parties***

The Company follows ASC 850*, "Related Party Disclosures,"* for the identification of related parties and disclosure of related party transactions (see Note 5).

**Segments**

Operating segments are defined as components of an enterprise engaging in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company operates and manages its business as one operating segment and all of the Company's revenues and operations are currently in the United States.

**Revenue**

We recognize revenue in accordance with ASC 606, *Revenue from Contracts with Customers*. The standard's stated core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, ASC 606 includes provisions within a five-step model that includes identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when, or as, an entity satisfies a performance obligation.

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| |
|:---|
| F-10 |
| *Table of Contents* |

---

Our revenues currently consist of products used for lumber products for fire prevention. Revenue is recognized at a point in time that is which the risks and rewards of ownership of the products transfer from the Company to the customer.

During the year ended December 31, 2022, the Company earned cryptocurrency mining revenues. The Company earned its cryptocurrency mining revenues by providing transaction verification services within the digital currency networks of cryptocurrencies, for Bitcoin, Litecoin, and Dogecoin. The Company satisfied its performance obligations at the point in time that the Company was awarded a unit of digital asset through its participation in the applicable network and network participants benefit from the Company's verification service. In consideration for these services, the Company received Bitcoin, Litecoin, and Dogecoin, net of applicable network fees, which was recorded as revenue using the closing U.S. dollar price of the digital asset on the date of receipt. Expenses associated with running the cryptocurrency mining operations, which consisted of utilities, equipment depreciation and monitoring services were recorded as cost of revenues. On April 1, 2022, the Company implemented a plan to discontinue its crypto mining operations and divest all related assets. As of December 31, 2022, all of the crypto mining assets had been discarded and as the Company no longer engages in crypto mining all revenue during the year ended December 31, 2022, has been reclassified to income from discontinued operations (see Note 4).

There is currently no specific definitive guidance in GAAP or alternative accounting frameworks for the accounting for the production and mining of digital assets and management has exercised significant judgment in determining appropriate accounting treatment for the recognition of revenue for mining of digital assets. Management has examined various factors surrounding the substance of the Company's operations and the guidance in ASC 606, including identifying the transaction price, when performance obligations are satisfied, and collectability is reasonably assured being the completion and addition of a block to a blockchain and the award of a unit of digital currency to the Company. In the event authoritative guidance is enacted by the FASB, the Company may be required to change its policies which could result in a change in the Company's financial statements.

**Basic and Diluted Net Loss Per Common Share**

Basic earnings (loss) per common share is computed by dividing net income (loss) available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if potentially dilutive securities had been issued.

For the year ended December 31, 2022, the following common stock equivalents were excluded from the computation of diluted net loss per share as the result of the computation was anti-dilutive.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** <br>**2022** | **December 31,** <br>**2022** | **December 31,** <br>**2021** | **December 31,** <br>**2021** |
| Convertible notes |  | 194,444 |  | - |

---

**Income Taxes**

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded to reduce the Company's deferred tax assets to the amount that is more likely than not to be realized.

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| |
|:---|
| F-11 |
| *Table of Contents* |

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**Recently Issued Accounting Pronouncements**

In October 2021, the FASB issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (Topic 805). This ASU requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities (deferred revenue) from acquired contracts using the revenue recognition guidance in Topic 606. At the acquisition date, the acquirer applies the revenue model as if it had originated the acquired contracts. The ASU is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. Adoption of the ASU should be applied prospectively. Early adoption is also permitted, including adoption in an interim period. If early adopted, the amendments are applied retrospectively to all business combinations for which the acquisition date occurred during the fiscal year of adoption. This ASU is currently not expected to have a material impact on our financial statements.

In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. The ASU simplifies the accounting for convertible instruments by removing certain separation models in ASC 470-20, Debt—Debt with Conversion and Other Options, for convertible instruments. The ASU updates the guidance on certain embedded conversion features that are not required to be accounted for as derivatives under Topic 815, Derivatives and Hedging, or that do not result in substantial premiums accounted for as paid-in capital, such that those features are no longer required to be separated from the host contract. The convertible debt instruments will be accounted for as a single liability measured at amortized cost. This will also result in the interest expense recognized for convertible debt instruments to be typically closer to the coupon interest rate when applying the guidance in Topic 835, Interest. Further, the ASU made amendments to the EPS guidance in Topic 260 for convertible debt instruments, the most significant impact of which is requiring the use of the if-converted method for diluted EPS calculation, and no longer allowing the net share settlement method. The ASU also made revisions to Topic 815-40, which provides guidance on how an entity must determine whether a contract qualifies for a scope exception from derivative accounting. The amendments to Topic 815-40 change the scope of contracts that are recognized as assets or liabilities. The ASU is effective for interim and annual periods beginning after December 15, 2021, with early adoption permitted for periods beginning after December 15, 2020. Adoption of the ASU can either be on a modified retrospective or full retrospective basis. On January 1, 2021, we adopted the ASU, but did not have a material impact on our financial statements.

The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its financial statements.

**Note 3 – Acquisition and Divesture** 

*<u>Strategic Assets Holdings, LLC</u>*

On May 10, 2021, the Company acquired 100% of the outstanding common shares of Strategic Assets Holdings, LLC., ("SAH") a company controlled by Jason Tucker, our former sole officer and director, at the time of acquisition. The goodwill arising from the acquisition consisted solely for the cost in excess of company net asset value. The Company impaired goodwill on acquisition and recorded an impairment of $52,976 to operating expenses.

The following table summarizes the consideration paid for SAH and the amounts of the assets acquired, and liabilities assumed recognized at the acquisition date at May 10, 2021:

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| | |
|:---|:---|
|  | **May 10,**<br>**2021** |
| Consideration: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Note payable | $50000 |
| Asset |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 14075 |
| Liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan payable | (14760) |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to related party | (2291) |
| Goodwill | $52976 |

---

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| |
|:---|
| F-12 |
| *Table of Contents* |

---

On October 19, 2021, the Board of Directors approved the divesture of SAH. The separation was amicable, and no severance was determined to be owed to Mr. Jason Tucker or SAH. As result of divesture, the Company recognized $20,179 gain from disposition of SAH during the year ended December 31, 2021.

The following is a summary of the assets and liabilities of SAH as of October 19, 2021:

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| | |
|:---|:---|
|  | **October 19,**<br>**2021** |
| Cash and bank | 81 |
| Total assets from discontinued operations | $81 |
| Loan payable | 20260 |
| Total liabilities from discontinued operations | $20260 |

---

The following is a summary of discontinued operations expenses for the period of ended October 19, 2021:

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| | |
|:---|:---|
|  | **October 19.**<br>**2021** |
| Revenues | $- |
| General and administration | 102 |
| Management compensation | 17101 |
| Impairment loss | 52976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 70179 |
| Loss from discontinued operations | $(70179) |

---

*<u>Mighty Fire Breaker, LLC</u>*

On April 13, 2022 General Enterprise Ventures, Inc. acquired Mighty Fire Breaker, LLC ("MFB') and all associated IP, in exchange for 1,000,000 Preferred C Shares and a 10% royalty on the gross sales before taxes of products sold under the MFB family of products. MFB has 19 patents centered around its CitroTech MFB 31 Technology for the prevention and spread of wildfires. Its core products can be used for lumber treatments for fire prevention. It has been widely tested and is currently in testing at 3 major us government agencies. When CitroTech Science is sprayed and applied it takes flammable fuels like dry native vegetation and wood and makes them noncombustible.

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| |
|:---|
| F-13 |
| *Table of Contents* |

---

The following table summarizes the consideration paid for MFB and the amounts of the assets acquired, and liabilities assumed at the acquisition date of April 13, 2022:

---

| | |
|:---|:---|
| Consideration: |  |
| Convertible Preferred C stock | $4200000 |
| Assets acquired and liabilities assumed: |  |
| Intangible assets | $4195353 |
| Operating lease right-of-use assets | 81967 |
| Operating lease liabilities | (77320) |

---

**Note 4 – Discontinued Operations** 

***<u>Strategic Assets Holdings, LLC. ("SAH")</u>***

On October 19, 2021, the Board of Directors approved the divesture of SAH. The separation was amicable, and no severance was determined to be owed to Mr. Jason Tucker or SAH. As result of divesture, the Company recognized $20,179 gain from disposition of SAH during the year ended December 31, 2021.

The following is a summary of the assets and liabilities of SAH as of October 19, 2021:

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| | |
|:---|:---|
|  | **October 19,**<br>**2021** |
| Cash | 81 |
| Total assets from discontinued operations | $81 |
| Loan payable | 20260 |
| Total liabilities from discontinued operations | $20260 |

---

The following is a summary of discontinued operations of SAH as of October 19, 2021:

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| | |
|:---|:---|
|  | **October 19.**<br>**2021** |
| Revenues | $- |
| General and administration | 102 |
| Management compensation | 17101 |
| Impairment loss | 52976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 70179 |
| Loss from discontinued operations | $(70179) |

---

***<u>Crypto Mining</u>***

On April 1, 2022, the Company implemented a plan to divest its crypto mining operations to focus its resources on the MFB acquisition (see Note 3). The Company recognized a loss of $2,029 from the disposition of its crypto mining operations, which consisted of the relinquishment of the digital currency assets in exchange for settlement of the related party note payable associated with the acquisition of the equipment.

The following is a summary of the assets and liabilities of the Company's crypto mining operations as of April 1, 2022:

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| | |
|:---|:---|
|  | **April 1,**<br>**2022** |
| Digital currency | 26825 |
| Digital currency equipment, net | 276379 |
| Total assets from discontinued operations | $303204 |
| Due to related party | 301175 |
| Total liabilities from discontinued operations | $301175 |

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| |
|:---|
| F-14 |
| *Table of Contents* |

---

The following is a summary of discontinued operations for the period ended April 1, 2022:

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| | |
|:---|:---|
|  | **April 1,**<br>**2022** |
| Revenue | $46976 |
| Cost of revenue | 27835 |
| Gross Profit | 19141 |
| Operating expenses: |  |
| Impairment loss | 6125 |
| Total operating expenses | 6125 |
| Income from discontinued operations | $13016 |

---

**Note 5 – Property and Equipment**

At December 31, 2022 and 2021, property and equipment consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br> **2022** | **December 31,**<br> **2021** |
| Cost: |  |  |
| Digital asset machines | $- | $301175 |
| Furniture and Equipment | 5350 |  |
| Less: accumulated depreciation | (803) | (9737) |
| Property and equipment, net | $4547 | $291438 |

---

On April 1, 2022, the Company implemented a plan to divest its crypto mining operations to focus its resources on the MFB acquisition (see Note 4).

During the year ended December 31, 2022, the Company recorded depreciation of $15,862, of which $15,059 is included within the Company's income from discontinued operations (see Note 4).

---

| |
|:---|
| F-15 |
| *Table of Contents* |

---

**Note 6 – Digital Currencies Intangible Assets**

The Company mined Crypto currencies with a total aggregate value of $46,976. The Company has accounted for these coins as indefinite life intangible assets. The Company recorded the mining of the coins as revenue from digital currency mining in its result of operations, along with cost of sales (electricity and deprotection of digital assets machines). During the year ended December 31, 2022, the Company recorded impairment of $6,125 associated with the fair market value in excess of the cost. On April 1, 2022, the Company sold digital currency intangible assets with a net book value of $26,825 as part of the divestiture of the Company's digital asset operations (see Note 4). The Company's digital currency assets consist of the following at December 31, 2022 and December 31, 2021:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| Digital currencies held | **2022** | **2021** |
| Opening balance | $33324 | $- |
| Additional earned | 46976 | 38919 |
| Remittance as operating cost | (27) |  |
| Repayment of related party loan | (47323) |  |
| Impairment | (6125) | (5595) |
| Disposition | (26825) | - |
|  | $- | $33324 |

---

**Note 7 – Intangible Assets**

The Company has capitalized the costs associated with acquiring the intellectual property of MFB (see Note 3) at a value of $4,195,353 million and $0 as of December 31, 2022, and 2021, respectively.

The amount capitalized consisted of a portion of the fair value of 1,000,000 shares of Convertible Preferred C stock of $4,200,000. During the year ended December 31, 2022, no additional costs met the criteria for capitalization as an intangible asset.

**Note 8 – Lease**

The following summarizes right-of-use asset and lease information about the Company's operating lease as of December 31, 2022:

---

| | |
|:---|:---|
|  | **Year Ended**<br>**December 31,**<br>**2022** |
| Lease cost  |  |
| Operating lease cost | $40000 |
| Other information  |  |
| Cash paid for operating cash flows from operating leases  | $40000 |
| Right - of-use assets obtained upon acquisition  | $81967 |
| Weighted-average remaining lease term - operating leases (year) | 0.67 |
| Weighted-average discount rate — operating leases | 5.50% |

---

Future minimum lease payments under the operating lease liability has the following non-cancellable lease payments as of December 31, 2022:

---

| | |
|:---|:---|
| 2023 | $40000 |
| Thereafter | - |
|  | 40000 |
| Less: Imputed interest  | (633) |
| Operating lease liabilities  | $39367 |
| Operating lease liabilities - current  | $39367 |
| Operating lease liabilities- non-current  | $- |

---

---

| |
|:---|
| F-16 |
| *Table of Contents* |

---

**Note 9 – Convertible Note**

On September 30, 2022, the Company entered a convertible note agreement for amount of $54,000, with term of six (6) months from the date of receipt of the funds, at interest rate of 2% per annum. At the sole option of the Lender, all or part of unpaid principal then outstanding may be converted into shares of common stock at any time starting from 24 hours after payment at fix conversion price of $0.18 per share. As of December 31, 2022, following is the summary of funds received from the lender:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Payment date**  | **Principal**<br>**Amount** | <br>**Maturity date**  | **Interest** <br>**Rate**  | **December 31.** <br>**2022** |
| August 11, 2022 | $18000 | February 11, 2023 | 2% | $18000 |
| September 2, 2022 | $17000 | March 2, 2023 | 2% | 17000 |
| Total Convertible notes |  |  |  | $35000 |
| Current portion  |  |  |  | (35000) |
| Long - term portion  |  |  |  | $- |

---

During the year ended December 31, 2022, the Company recognized $255 interest. As of December 31, 2022, the Company owned principal of $35,000 and accrued interest of $76.

**Note 10 – Related Party Transactions**

*Note Payable*

Pursuant to corporate change (see Note 1), the Company issued a promissory note of $50,000 to the Company's former CEO, bearing interest at an annual rate of 7.5% and matures on May 10, 2022. For the year ended December 31, 2021, the Company recorded interest expense of $1,469. On October 19, 2021, as result of divesture of SAH (see "Note 3), the former CEO waived and cancelled the principal amount $50,000 and accrued interest of $1,469. The Company recognized the forgiveness of note payable and accrued interest of $51,469 as additional paid in capital.

*Other*

During the year ended December 31, 2020, the Company accrued $9,355 for salary to our former Chief Executive Officer. During the year ended December 31, 2022, our former officer forgave $9,355 in accrued salary and the Company recognized it as additional paid-in-capital.

During the years ended December 31, 2021, the Company paid $29,071 in management fees to the former Company's CEO.

During the year ended December 31, 2021, a related party paid $51,719 operating expenses on behalf of the Company and advanced $10,100 cash to the Company.

During the year ended December 31, 2021, the Company acquired digital currency computer equipment value at $301,175, which was financed by a related party. As of December 31, 2021, the Company was obliged for this non-interest bearing and due on demand loans of $301,175.

During the year ended December 31, 2022 a related party advanced to the Company an amount of $784,484 and paid $108,569 for operating expenses on behalf of the Company and $1 for share capital - Mighty Fire Breaker UK Limited. The Company repaid $55,720 owing of the loan.

During the year ended December 31, 2022, as part of the Company's divestiture of its digital asset operations, a related party forgave loans payable of $301,175 in exchange for digital asset equipment with a net book value of $276,379 and digital currency intangible assets of $26,825, of which the Company recorded a loss on disposition of $2,030.

---

| |
|:---|
| F-17 |
| *Table of Contents* |

---

During the year ended December 31, 2022, the Company paid $126,500 consulting to an entity under common control of a related party and $91,500 commission to a related party.

On June 13, 2022, the Company issued 70,000,000 Restricted Stock Award to a member of the board of directors and President of the Company. The holder of the Restricted stock shall be entitled to vote but is not entitled to dividends or disposal. The Company valued the voting rights associated with the awards at $2,100,000 which is recorded as stock-based compensation during the year ended December 31, 2022.

As of December 31, 2022, and 2021, the Company was obliged to related parties, for unsecured, non-interest-bearing demand loans with a balance of $899,153 and $372,349, respectively.

**Note 11 – Stockholders' Equity**

***Preferred Shares***

The Company's preferred shares consist of the following:

---

| |
|:---|
| 10,000,000 authorized shares of Convertible Series A Preferred Stock, par value $0.001. The Series A Preferred Stock are convertible into common stock of the Corporation at a conversion rate of one thousand (1000) shares of common stock and entitled to one thousand (1000) votes of common stock for each share of Series A Preferred Stock. The holders of the Convertible Series A Preferred Stock shall not be entitled to receive dividends. Issued and outstanding Convertible Series A Preferred stock as of December 31, 2022, and 2021, were 10,000,000, respectively. |
| On April 13, 2022, the Company's board of directors approved the issuance of 1,000,000 Convertible Series C Preferred Stock, with a value of $4,200,000 to be issued to the vendor of MFB as consideration for the acquisition of the entity (see Note 3). The holder may exercise shares after an initial lock up period of six (6) months following the date of the agreement and may only exchange a maximum of four (4) million shares in a twelve (12) month period and may not hold or beneficially hold more than 10% of outstanding at any time. On June 7, 2022, the holder of the Convertible Series C Preferred Stock converted 50,000 shares of the Company's Series C Preferred Stock into 1,000,000 shares of the Company's common shares. |
| 5,000,000 authorized shares of non-voting Convertible Series C Preferred Stock, par value $0.001. The Series C Preferred Stock shares are convertible into common stock of the Corporation at a conversion rate of one (1) Preferred C share for twenty (20) shares of common stock. Issued and outstanding Convertible Series C Preferred stock as of December 31, 2022 and 2021, were 950,000 and 0, respectively. |

---

***Common Shares***

The Company has authorized 1,000,000,000 shares of common stock with a par value of $0.001. Each common stock entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought.

As of December 31, 2022, 70,000,000 shares issued to a member of the board of directors and President of the Company are restricted (the "Restricted Stock Award") and shall be released only upon the Company achieving gross revenue in each of the calendar years ended December 31, 2023, 2024, 2025 and 2026, of not less than $100,000,000. The holder of the Restricted stock shall be entitled to vote but is not entitled to dividends or disposal. The Company valued the voting rights associated with the awards at $2,100,000 which is recorded as stock-based compensation during the year ended December 31, 2022.

On June 7, 2022, the holder of the Convertible Series C Preferred Stock converted 50,000 shares of the Company's Series C Preferred Stock into 1,000,000 shares of the Company's common shares.

As of December 31, 2022, and 2021, there were 93,945,388 and 22,945,388 shares of the Company's common stock issued and outstanding, respectively.

---

| |
|:---|
| F-18 |
| *Table of Contents* |

---

***Stock-Based Compensation***

On June 13, 2022, the Company issued 70,000,000 Restricted Stock Award to a member of the board of directors and President of the Company. Set out below is a summary of the changes in the Restricted Shares during the nine months ended September 30, 2022:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,** <br>**2022** | **December 31,** <br>**2022** |
|  | **Restricted Stock Award** | **Weighted-Average Grant Price** |
| Balance, December 31, 2021 |  | $- |
| Granted | 70000000 | 0.03 |
| Vested |  |  |
| Forfeited | - | - |
| Balance, December 31, 2022 | 70000000 | $0.03 |

---

**Note 12 - Income Taxes**

The Company provides for income taxes under ASC 740, "Income Taxes." Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax basis of assets and liabilities and the tax rates in effect when these differences are expected to reverse. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations.

The components of the Company's deferred tax asset and reconciliation of income taxes computed at the statutory rate of 21% to the income tax amount recorded as of December 31, 2022 and 2021 are as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2022** | **December 31,**<br>**2021** |
| Net loss for the year | $(767417) | $(94973) |
| Effective Tax rate | 21% | 21% |
| Tax Recovery | (161158) | (19944) |
| Less: Valuation Allowance | 161158 | 19944 |
| Net deferred asset | $- | $- |

---

Net deferred tax assets consist of the following components as of December 31, 2022 and 2021:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2022** | **2021** |
| Net operating loss carryforward | $12020608 | $11859450 |
| Less: Valuation Allowance | (12020608) | (11859450) |
| Net deferred asset | $- | $- |

---

At December 31, 2022, the Company had approximately $12,020,608 of net operating losses ("NOLs"), which begin to expire beginning in 2040. NOLs generated in tax years prior to July 31, 2018, can be carryforward for twenty years, whereas NOLs generated after July 31, 2018 can be carryforward indefinitely.

The NOL carry forwards are subject to certain limitations due to the change in control of the Company pursuant to Internal Revenue Code Section 382. The Company experienced a change in control for tax purposes in April 14, 2021. Due to change of control, the Company will not be able to carryover approximately $56,378,599 of NOL generated before April 14, 2021 to offset future income.

---

| |
|:---|
| F-19 |
| *Table of Contents* |

---

**Note 13– Commitments and Contingencies**

On November 9, 2022, the Company entered into a consulting agreement with Duchess Group LLC. for propose of obtaining corporate consulting services so as to better serve its shareholders and investment community. The agreement shall be for period of nine months and corporate consulting services to be settled by issuing 300,000 shares of common stock upon execution agreement, 150,000 shares of common stock due three months after execution of agreement and 150,000 shares of common stock due six months after execution of agreement.

As of December 31, 2022, the Company did not issue the first commitment of 300,000 shares of common stock and accrued $34,285 consulting services based on valuation of common stock at market price on November 9, 2022.

On January 25, 2023, the Company issued 300,000 shares of common stock for first commitment. or results of operations.

As part of the consideration for the Company's acquisition of MFB (see Note 3), the vendor will be entitled to a ten (10%) percent royalty on the gross sales before taxes of products sold under the MFB family of products, to be paid on or before the fifteenth (15<sup>th</sup>) day of the following month.

**Note 14 – Subsequent Events**

Management has evaluated subsequent events through the date these financial statements were available to be issued. Based on our evaluation no material events have occurred that require disclosure.

---

| |
|:---|
| F-20 |
| *Table of Contents* |

---

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **General Entertainment Ventures, Inc.** | **General Entertainment Ventures, Inc.** |
| Dated: March 31, 2023 | By: | */s/ Joshua Ralston* |
|  |  | Joshua Ralston |
|  |  | Chief Executive Officer and Chief Financial Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
|  | **General Entertainment Ventures, Inc.** | **General Entertainment Ventures, Inc.** |
| Dated: March 31, 2023 | By: | */s/ Joshua Ralston* |
|  |  | Joshua Ralston |
|  |  | Chief Executive Officer and Chief Financial Officer |

---

## Exhibit 4.1

**EXHIBIT 4.1**

**<u>DESCRIPTION OF SECURITIES</u>**

*References to the "Company" herein are, unless the context otherwise indicates, only to General Enterprise Ventures, Inc. and not to any of its subsidiaries.*

**Description of Capital Stock**

***General***

The following is a summary of information concerning capital stock of the Company. The summaries and descriptions below do not purport to be complete statements of the relevant provisions of the Company's Articles of Incorporation ("**Charter**") and Bylaws (the "**Bylaws**"), and are entirely qualified by these documents.

***Common Stock***

*<u>Shares Outstanding</u>*. The Company is authorized to issue up to 990 million shares of common stock, par value $.0001 per share (the "**Common Stock**").

*<u>Dividends</u>*. Subject to prior dividend rights of the holders of any shares of preferred stock of the Company ("**Preferred Stock**"), holders of shares of Common Stock are entitled to receive dividends when, as and if declared by the Company's Board of Directors (the "**Board**") out of funds legally available for that purpose. Wyoming law allows a corporation to pay dividends only out of surplus, as determined under Wyoming law.

*<u>Voting Rights</u>*. Each share of Common Stock is entitled to one vote on all matters submitted to a vote of stockholders. Holders of shares of Common Stock do not have cumulative voting rights. This means a holder of a single share of Common Stock cannot cast more than one vote for each position to be filled on the Board.

*<u>Other Rights</u>*. In the event of any liquidation, dissolution or winding up of the Company, after the satisfaction in full of the liquidation preferences of holders of any shares of Preferred Stock, holders of shares of Common Stock are entitled to ratable distribution of the remaining assets available for distribution to stockholders. The shares of Common Stock are not subject to redemption by operation of a sinking fund or otherwise.

*<u>Fully Paid</u>*. The issued and outstanding shares of Common Stock are fully paid and non-assessable. This means the full purchase price for the outstanding shares of Common Stock has been paid and the holders of such shares will not be assessed any additional amounts for such shares. Any additional shares of Common Stock that the Company may issue in the future will also be fully paid and non-assessable.

***Preferred Stock***

*<u>Shares Outstanding</u>*. The Company is authorized to issue up to 10 million shares of Preferred Stock, par value $.001 per share. The Company has designated 10 million shares of its Preferred Stock as Series A Convertible Preferred Stock with the following rights and privileges.

*<u>Dividends</u>*. Holders of shares of Series A Convertible Preferred Stock are not entitled to receive dividends.

*<u>Voting Rights</u>*. Each share of Series A Convertible Preferred Stock is entitled to 1,000 votes on all matters submitted to a vote of stockholders. Holders of shares of Series A Convertible Preferred Stock do not have cumulative voting rights. This means a holder of a single share of Series A Convertible Preferred Stock cannot cast more than one vote for each position to be filled on the Board.

*<u>Other Rights</u>*. In the event of any liquidation, dissolution or winding up of the Company, after the satisfaction in full of the liquidation preferences of holders of any shares of senior Preferred Stock, holders of shares of Series A Convertible Preferred Stock are entitled to a liquidation preference of $.001 per share of the remaining assets available for distribution to stockholders. The shares of Series A Convertible Preferred Stock are not subject to redemption by operation of a sinking fund or otherwise.

*<u>Fully Paid</u>*. The issued and outstanding shares of Series A Convertible Preferred Stock are fully paid and non-assessable. This means the full purchase price for the outstanding shares of Series A Convertible Preferred Stock has been paid and the holders of such shares will not be assessed any additional amounts for such shares.

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION**

I, Joshua Ralston certify that:

1. I have reviewed this annual report on Form 10-K of General Enterprise Ventures, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 31, 2023

---

| |
|:---|
| */s/ Joshua Ralston* |
| Joshua Ralston<br> Chief Executive Officer and Chief Financial Officer |

---

## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER**

**PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

I, Joshua Ralston, certify, as of the date hereof, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Annual Report of General Enterprise Ventures, Inc. on Form 10-K for the year ended December 31, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Form 10-K fairly presents in all material respects the financial condition and results of operations of General Enterprise Ventures, Inc. at the dates and for the periods indicated.

---

| | | |
|:---|:---|:---|
| Date: March 31, 2023 | By: | */s/ Joshua Ralston* |
|  |  | Joshua Ralston |
|  |  | Chief Executive Officer and Chief Financial Officer |

---

A signed original of this written statement required by Section 906 has been provided to General Entertainment Ventures, Inc. and will be retained by General Entertainment Ventures, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.