EDGAR 10-K Filing

Company CIK: 894556
Filing Year: 2022
Filename: 894556_10-K_2022_0001640334-22-000739.json

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ITEM 1. BUSINESS
Item 1. Business.
Corporate History
General Enterprise Ventures, Inc. (the “Company”) was originally incorporated under the laws of the State of Nevada on March 14, 1990. The Company did not have operations from its inception until February 2005, because it was formed for the primary purpose of seeking an appropriate merger candidate.
On February 14, 2005, the Company entered into a transaction with General Environmental Management, Inc., a Delaware corporation (“GEM DE”) in exchange for 630,481 shares of class A common stock and as a result, GEM DE became a wholly owned subsidiary of Ultronics Corporation (“Ultronics”). The acquisition was treated as a reverse merger with GEM DE deemed to be the accounting acquiror, and Ultronics the legal acquiror. Ultronics name was changed to General Environmental Management, Inc. 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, GEM DE entered into an agreement with Island Environmental Services, Inc. of Pomona, California (“Island”), a privately held company, pursuant to which GEM DE 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.
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.
Subsequent to the Luntz transaction, the Company’s revenues and expenses, operations, assets and liabilities were discontinued from February 2010 until January 2021.
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. (“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 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 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 a development stage company in the home essentials technology space, and owns a provisional patent for a safe and secure night light.
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 17, 2021, the Board of Directors approved the corporate name change from General Entertainment Ventures, Inc. to General Enterprise Ventures, Inc.
On October 19, 2021 after the approval of the Board of Directors GEVI accepted the appointment of Josh Ralston as the new CEO and Chairman of the board, immediately following the Board of Directors accepted the resignation of Jason R. Tucker from ALL offices. Additionally, in the same resolution GEVI approved the divesting of all equity and ownership of Strategic Asset Holdings, LLC (“SAH”), a Wyoming Limited liability company. A severance payment in the amount of $15,000 was paid to Mr. Tucker to satisfy his tenure with GEVI.
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.
Crypto-Currency Services
We have expanded our services by building upon its foundation of emerging technology development, by creating a Crypto-Currency mining operation (farm). Currently, General Enterprise has 20 Bitmain Antminer SJ19 PRO 104t/h and 99 Mini-Doge 185 m/h miners deployed, which are mining, Bitcoin, Doge, and Litecoin through thePool and utilizes its 8,000 Sq Ft Commercial space to house these ASIC Miners.
Additional Operation Information
General Enterprise Ventures is a year-round operation that is not subject to any material cost increases or economic impacts of Government regulations or contracts. The crypto-currency market has had supply and demand issues of micro-processors which have reduced the number of new units available to the retail market for purchase; however, General Enterprise has no intention of expanding the current mining farm at this time rendering the availability of new crypto-currency mining equipment a non-issue.
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, 2 people full-time and hosts several consultants, attorneys, and independent contractors that all perform tasks on behalf of the company.

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ITEM 1A. RISK FACTORS
Item 1A. Risk Factors.
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.

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ITEM 1B. UNRESOLVED STAFF COMMENTS
Item 1B. Unresolved Staff Comments.
None.

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ITEM 2. PROPERTIES
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 $700 monthly lease.

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ITEM 3. LEGAL PROCEEDINGS
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

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ITEM 4. MINE SAFETY DISCLOSURE
Item 4. Mine Safety Disclosures.
Not applicable.
PART II

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ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY
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.
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
Fiscal Year 2020
High Bid
Low Bid
First Quarter
$ 0.034
$ 0.012
Second Quarter
$ 0.040
$ 0.005
Third Quarter
$ 0.007
$ 0.004
Fourth Quarter
$ 0.220
$ 0.003
Security Holders
As of April 12, 2022 we estimate there were approximately 719 holders of record and 22,945,388 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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ITEM 6. SELECTED FINANCIAL DATA
Item 6. [Reserved]

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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
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 31,2021 and 2020, 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, 2021 and the year ended December 31, 2020
Our results of operations for the years ended December 31, 2021 and 2020 are summarized below:
Years Ended
December 31,
Change
Revenue
$ 38,918
$ -
$ 38,918
Cost of revenue
18,614
-
18,614
Operating expenses
58,213
109,355
(51,142 )
Other expenses
7,064
-
7,064
Net loss from continuing operations
$ (44,973 )
$ (109,355 )
$ 6,390
Loss from discontinued operations
70,179
-
70,179
Gain on disposition of Strategic Asset Holdings, LLC
(20,179 )
-
(20,179 )
Net loss from discontinued operations
$ (50,000 )
$ -
$ (50,000 )
Net loss
$ (94,973 )
$ (109,355 )
$ 14,382
Revenue
Our Company generated $38,919 and $0 revenue from digital currency mining for the years ended December 31,2021 and 2020, respectively. The Company commenced the mining of Cryptocurrency in November 2021
Cost of Revenue
The cost of Cryptocurrency mining revenue was $18,613 and $0 for the years ended December 31,2021 and 2020, respectively. Cost of revenue consisted of electricity expenses of $8,877 and amortization of digital asset machines of $9,736.
Continuing Operating Expenses
Continuing operating expenses consisted of management fees of $15,000, professional fess of 39,541 and general and administrative expenses of $3,672 in the year ended December 31, 2021, compared to management fees of $109,355 in the year ended December 31, 2020. During the years ended December 31,2021 and 2020, the Company recorded management fees related to former Chief Executive Officer (CEO) for salary of $15,000 and $ 9,355 and stock-based compensation of $0 and $100,000 for the issuance of Series A Preferred Shares, respectively.
Other expenses
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
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 (see ‘Note 3” Financial Statements).
Net Loss
As a result of the foregoing, we incurred a net loss of $94,973, for the year ended December 31, 2021, compared to a net loss of $109,355 for the corresponding year ended December 31, 2020.
Liquidity and Capital Resources
December 31,
December 31,
Change
Cash
$ 5,469
$ -
$ 5,469
Current Assets
$ 5,469
$ -
$ 5,469
Current Liabilities
$ 383,090
$ 9,355
$ 373,735
Working Capital (Deficiency)
$ (377,621 )
$ (9,355 )
$ (368,266 )
As of December 31, 2021, and 2020, we had $5,469 and $0 in cash, respectively.
As of December 31, 2021, and 2020, we had current assets of $5,469 and $0, we had current liabilities of $383,090 and $9,355, and our working capital deficiency were $377,621 and $9,355, respectively. The increase in working capital deficiency in 2021, was primarily from the increase in due to related party for the purchase of crypto currency mining equipment.
As of December 31,2021, and 2020, the current assets consisted of cash of $5,469 and $0, respectively.
As of December 31,2021, and 2020, the current liabilities consisted of accounts payable and accrued liabilities of $311,916 and $0 and due to related party of $71,174 and $9,355, respectively.
Cash Flows
Years Ended
December 31,
Cash provided by operating activities
$ 276,969
$ -
Cash used in Investing Activities
$ (287,100 )
$ -
Cash provided by financing activities
$ 15,600
$ -
Net Change In Cash
$ 5,469
$ -
Cash Flows from Operating Activities
For the year ended December 31, 2021, net cash flows from operating activities were $276,969, 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 $316,012 and increased by a gain on disposition of Strategic Assets Holdings, LLC. of $20,179. an increase in digital assets of $38,919 and decreased in due to related party of $4,999.
For the year ended December 31,2020, net cash flows from operating activities were $0, consisting of a net loss of $109,355, reduced by stock -based compensation of 100,000, and due to related party of $9,355.
Cash Flows from Investing Activities
For the year ended December 31, 2021, cash flows from investing activities increased by $14,075 cash raised from acquisition of Strategic Asset Holdings, LLC and reduced by acquisition digital assets machines of $301,175. We have not generated cash flows from investing activities for the year ended December 31, 2020.
Cash Flows from Financing Activities
For the year ended December 31,2021 net cash provided by financing activities were $5,500 from proceeds from loan and $10,100 from related party’s loan. We have not generated cash flows from financing activities for the year ended December 31,2020.
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.
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.

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
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.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Item 8. Financial Statements and Supplementary Data.
The information required by this Item is incorporated herein by reference to the consolidated financial statements and supplementary data set forth in Item 15. Exhibits, Financial Statement Schedules of Part IV of this Annual Report.

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
None.

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ITEM 9A. CONTROLS AND PROCEDURES
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.
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.
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, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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ITEM 9B. OTHER INFORMATION
Item 9B. Other Information.
None.

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ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
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:
Name
Position Held with Our Company
Age
Date First Elected or Appointed
Joshua Ralston
President, Chief Executive Officer, and Chairman
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.
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, 2021, our officers, directors and greater than 10% beneficial owners timely filed all required Section 16(a) reports.
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.

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ITEM 11. EXECUTIVE COMPENSATION
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, 2021 and 2020. No other officers or directors received annual compensation in excess of $100,000 during the last fiscal year.
Name and Principal Position
Year
Salary
Stock Awards
Option Awards
None-Equity Incentive Plan Compensation
Nonqualified Deferred Compensation Earrings
All Other Compensation
Total
$
$
$
$
$
$
Jason Tucker (1)
29,071
-
-
-
-
-
29,071
(Chief Executive Officers, Chief Financial Officer)
-
-
-
-
-
-
-
Jason Black (2)
19,355
-
-
-
-
90,000
109,355
(Chief Executive Officers, Chief Financial Officer)
Joshua Ralston (3)
-
-
-
-
-
-
-
(Chief Executive Officers, Chief Financial Officer)
(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)
Jason Black has server as our Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and Director From March 18, 2019 to December 22, 2020.
(3)
Joshua Ralston has server as our Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and Director since October 19, 2021.
Stock-Based Compensation
In November 2020, the Company recorded $100,000 for stock-based compensation to Jason Black for the issuance of 10,000,000 Series A Preferred Stock. The Compensation was for $10,000 of accrued salary and $90,000 of additional compensation.
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.

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
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.
Beneficial Ownership of Our Common Stock
The following table sets forth information with respect to the beneficial ownership of our Common Stock as of April 12, 2022 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
Name and Address of Beneficial Owner
Title of
Class
Amounts and nature of Beneficial Owner
Percent of
Class
5% Stockholder
Shares
%
Jan Ralston
Preferred A Shares
10,000,000
%
CVC California, LLC
Common stock
4,350,000
18.95
%

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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
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 years ended December 31, 2021 and 2020, the Company paid $29,392 and $0 management fees to the Company’s executive officer, respectively.
During the year ended December 31, 2020, the Company paid $100,000 compensation to our former CEO by issuance of 10,000,000 Convertible Series A Preferred Stock.
During the year ended December 31, 2021, the Company’s Chief Executive Officer paid $29,469 operating expenses on behalf of the Company and advanced $10,100 cash to the Company. As of December 31, 2021, the Company was obliged for this non-interest bearing, due on demand loan of $39,569.

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ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
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:
Fiscal Year
Ended
December
31, 2021
Fiscal Year
Ended
December
31, 2020
Audit Fees:
$ 28,500
$ 7,000
Audit-Related Fees
-
-
Tax Fees:
-
-
All Other Fees
-
-
Total
$ 28,500
$ 7,000
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.
PART IV

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ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
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 and included on pages through.
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
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.
104*
Inline XBRL for the cover page of this Annual Report on Form 10-K, included in the Exhibit 101 Inline XBRL Document Set.
________
* Filed herewith.