UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
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| For the quarterly period ended: |
or
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
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| For the transition period from ___________ to ___________ |
Commission File Number:
(Exact name of registrant as specified in its charter) |
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(State or other jurisdiction of incorporation or organization) |
| (IRS Employer Identification No.) |
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(Address of principal executive offices) | (Zip Code) |
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(Registrant’s telephone number, including area code)
_____________________________________________________________
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act: None
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 ☒
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 ☒
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.
Large accelerated filer | ☐ | Accelerated filer | ☐ |
☒ | Smaller reporting company | ||
Emerging growth company |
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 Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
TABLE OF CONTENTS
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
General Entertainment Ventures, Inc.
Balance Sheets
(Unaudited)
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Cash |
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Total Current Assets |
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Total Assets |
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Liabilities and Stockholders' Equity (Deficit) |
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Due to related party |
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Total Current Liabilities |
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Total Liabilities |
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Stockholders' Equity (Deficit) |
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Convertible Series A Preferred Stock, par value $ |
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Common Stock par value $ |
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Accumulated deficit |
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Total Liabilities and Stockholders' Equity (Deficit) |
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See the accompanying Notes, which are an integral part of these unaudited Financial Statements.
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General Entertainment Ventures, Inc.
Statement of Operations
(Unaudited)
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Operating Expenses |
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Total operating expenses |
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Net Loss before Taxes |
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Provision for income taxes |
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Net Loss |
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Net Loss Per Common Share – Basic and Diluted |
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Basic and Diluted Weighted Average Number of Common Shares Outstanding |
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See the accompanying Notes, which are an integral part of these unaudited Financial Statements.
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General Entertainment Ventures, Inc.
Statements of Change in Stockholders’ Equity (Deficit)
(Unaudited)
For the three months ended March 31, 2021
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Balance - December 31, 2020 |
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Net loss |
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Balance - March 31, 2021 |
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For the three months ended March 31, 2020
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Balance - December 31, 2019 |
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Net loss |
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Balance - March 31, 2020 |
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General Entertainment Ventures, Inc.
Statement of Cash Flows
(Unaudited)
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Cash Flows from Operating Activities: |
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Net loss |
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Changes in operating assets and liabilities: |
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Supplemental Disclosure Information: |
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Cash paid for interest |
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See the accompanying Notes, which are an integral part of these unaudited Financial Statements.
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General Entertainment Ventures, Inc.
Notes to Unaudited Financial Statements
March 31, 2021
(Unaudited)
Note 1 – Organization and Going Concern
General Environmental Management Inc., now General Entertainment 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.
Going Concern
The accompanying 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.
Note 2 – Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the unaudited interim financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.
In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the unaudited interim financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year. The accompanying unaudited interim financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K, for the year ended December 31, 2020, as filed with the SEC on September 29, 2021.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“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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A novel strain of coronavirus (COVID-19) was first identified in December 2019, and subsequently declared a global pandemic by the World Health Organization on March 11, 2020. As a result of the outbreak, many companies have experienced disruptions in their operations and in markets served. The Company considered the impact of COVID-19 on the assumptions and estimates used and determined that there were no material adverse impacts on the Company’s results of operations and financial position at March 31, 2021. The full extent of the future impacts of COVID-19 on the Company’s operations is uncertain. A prolonged outbreak could have a material adverse impact on financial results and business operations of the Company, including the timing and ability of the Company to develop its business plan.
Note 3 – Related Party Transactions
As at March 31, 2021 and December 31, 2020, $
Note 4 – Subsequent Events
The Company has reviewed subsequent events through October 4, 2021 and have the following material events to disclose:
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 $
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.
Change of Control
On April 14, 2021, Jan Ralston acquired
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Item 2. Management’s Discussion and Analysis of Financial Condition or Plan of Operation
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.
Our unaudited financial statements are stated in United States Dollars (USD) and are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this quarterly report.
In this quarterly report, unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to “common shares” refer to the common shares in our capital stock.
As used in this quarterly report, the terms “we”, “us”, “our” and “our company” mean General Entertainment Ventures, Inc.
General Overview
General Environmental Management Inc., now General Entertainment Ventures, Inc. (the “Company”) was originally incorporated under the laws of the State of Nevada on March 14, 1990. 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 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.
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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.
Results of Operations
For three months ended March 31, 2021, compared to three months ended March 31, 2020.
The Company has not generated revenues for the three months ended March 31, 2021 and 2020.
Our net loss for the three months ended March 31, 2021, was $0 compared to a net loss of $0 for three months ended March 31, 2020.
As of March 31,2021 and December 31,2020, the number of shares outstanding was 22,945,388.
LIQUIDITY AND CAPITAL RESOURCES
As of March 31, 2021 and December 31, 2020, our total assets were $0, respectively.
As of March 31, 2021, and December 31, 2020, our total liabilities were $9,355, due to related party for salary to our former Chief Executive Officer, respectively.
Cash Flows from Operating Activities
We have not generated positive cash flows from operating activities for the three months ended March 31, 2021, net cash flows used in operating activities was $0. Cash flows used in operating activities for the three months ended March 31, 2020, was $0.
Cash Flows from Investing Activities
We have not generated cash flows from investing activities for the three months ended March 31, 2021, and 2020.
Cash Flows from Financing Activities
We have financed our operations primarily from either advancements or the issuance of equity and debt instruments. For the three months ended March 31, 2021, net cash provided by financing activities was $0. For the three months ended March 31, 2020, net cash from financing activities was $0.
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 and Estimates
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 GAAP. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, 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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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 revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
As a “smaller reporting company”, we are not required to provide the information required by this Item.
Item 4. 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 that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’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 or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2021. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms as a result of the following material weaknesses: (1) lack of a functioning audit committee, (2) lack of a majority of outside directors on our Board of Directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; (3) inadequate segregation of duties consistent with control objectives; and (4) management is dominated by one individual without adequate compensating controls.
A “material weakness” is a deficiency, or combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements would not be prevented or detected on a timely basis.
We expect to be materially dependent upon a third party to provide us with accounting consulting services for the foreseeable future. Until such time as we have a chief financial officer with the requisite expertise in U.S. GAAP, there are no assurances that the material weaknesses in our disclosure controls and procedures and internal control over financial reporting will not result in errors in our financial statements which could lead to a restatement of those financial statements.
Changes in Internal Controls
There have been no changes in our internal controls over financial reporting identified in connection with the evaluation required by paragraph (d) of Securities Exchange Act Rule 13a-15 or Rule 15d-15 that occurred in the three months ended March 31, 2021, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II - OTHER INFORMATION
Item 1. Legal Proceedings
From time to time, we may be involved in various claims and legal proceedings relating to claims arising out of our operations. We are not currently a party to any legal proceedings that, in the opinion of our management, are likely to have a material adverse effect on our business, financial condition, and results of operations. Regardless of outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.
Item 1A. Risk Factors
As a “smaller reporting company,” we are not required to provide the information required by this Item.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not Applicable.
Item 5. Other Information
None.
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Item 6. Exhibits
Exhibit Number |
Description | |
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Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer and Chief Financial Officer | ||
Section 1350 Certification of Chief Executive Officer and Chief Financial Officer | ||
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101.INS* | XBRL INSTANCE DOCUMENT | |
101.SCH* | XBRL TAXONOMY EXTENSION SCHEMA | |
101.CAL* | XBRL TAXONOMY EXTENSION CALCULATION LINKBASE | |
101.DEF* | XBRL TAXONOMY EXTENSION DEFINITION LINKBASE | |
101.LAB* | XBRL TAXONOMY EXTENSION LABEL LINKBASE | |
101.PRE* | XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE |
________
* Filed herewith.
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SIGNATURES
Pursuant to the requirements 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. | ||
| (Registrant) | ||
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Dated: October 4, 2021 |
| /s/ Jason Tucker | |
| Jason Tucker | ||
| President, Chief Executive Officer, Chief Financial Officer, Treasurer and Director | ||
| (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer) |
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EXHIBIT 31.1
CERTIFICATION
I, Jason Tucker certify that:
1. | I have reviewed this quarterly report on Form 10-Q of General Entertainment Ventures, Inc.; |
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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; |
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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; |
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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: October 4, 2021
/s/ Jason Tucker |
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Jason Tucker Chief Executive Officer and Chief Financial Officer |
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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, Jason Tucker, 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 Quarterly Report of General Entertainment Ventures, Inc. on Form 10-Q for the period ended March 31, 2021 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-Q fairly presents in all material respects the financial condition and results of operations of General Entertainment Ventures, Inc. at the dates and for the periods indicated.
Date: October 4, 2021 | By: | /s/ Jason Tucker | |
Jason Tucker | |||
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.
Balance Sheets - USD ($) |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Balance Sheets | ||
Cash | $ 0 | $ 0 |
Current Assets | ||
Total Current Assets | 0 | 0 |
Total Assets | 0 | 0 |
Liabilities and Stockholders' Equity (Deficit) | ||
Due to related party | 9,355 | 9,355 |
Total Current Liabilities | 9,355 | 9,355 |
Total Liabilities | 9,355 | 9,355 |
Stockholders' Equity (Deficit) | ||
Convertible Series A Preferred Stock, par value $0.001, authorized 10,000,000 shares, 10,000,000 shares and 0 shares issued and outstanding, respectively | 10,000 | 10,000 |
Common Stock par value $0.001, authorized 1,000,000,000 shares, 22,945,388 shares issued and outstanding | 22,945 | 22,945 |
Additional paid-in capital | 56,336,299 | 56,336,299 |
Accumulated deficit | (56,378,599) | (56,378,599) |
Total Stockholders' Equity (Deficit) | (9,355) | (9,355) |
Total Liabilities and Stockholders' Equity (Deficit) | $ 0 | $ 0 |
Balance Sheets (Parenthetical) - $ / shares |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Stockholders' deficit | ||
Common stock, shares par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 22,945,388 | 22,945,388 |
Common stock, shares outstanding | 22,945,388 | 22,945,388 |
Series A Preferred Shares [Member] | ||
Stockholders' deficit | ||
Preferred stock, shares par value | $ 0.001 | $ 0.001 |
Preferred stock, shares outstanding | 10,000,000 | 0 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 10,000,000 | 10,000,000 |
Statement of Operations (Unaudited) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Operating Expenses | ||
Total operating expenses | $ 0 | $ 0 |
Net Loss before Taxes | 0 | 0 |
Provision for income taxes | 0 | 0 |
Net Loss | $ 0 | $ 0 |
Net Loss Per Common Share - Basic and Diluted | $ 0 | $ 0 |
Basic and Diluted Weighted Average Number of Common Shares Outstanding | 22,945,388 | 22,945,388 |
Statements of Change in Stockholders Equity (Deficit) (Unaudited) - USD ($) |
Total |
Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Series A Preferred Stock [Member] |
---|---|---|---|---|---|
Balance, shares at Dec. 31, 2019 | 22,945,388 | ||||
Balance, amount at Dec. 31, 2019 | $ 0 | $ 22,945 | $ 56,246,299 | $ (56,269,244) | $ 0 |
Net loss | 0 | $ 0 | 0 | 0 | 0 |
Balance, shares at Mar. 31, 2020 | 22,945,388 | ||||
Balance, amount at Mar. 31, 2020 | 0 | $ 22,945 | 56,246,299 | (56,269,244) | $ 0 |
Balance, shares at Dec. 31, 2020 | 22,945,388 | 10,000,000 | |||
Balance, amount at Dec. 31, 2020 | (9,355) | $ 22,945 | 56,336,299 | (56,378,599) | $ 10,000 |
Net loss | 0 | $ 0 | 0 | 0 | $ 0 |
Balance, shares at Mar. 31, 2021 | 22,945,388 | 10,000,000 | |||
Balance, amount at Mar. 31, 2021 | $ (9,355) | $ 22,945 | $ 56,336,299 | $ (56,378,599) | $ 10,000 |
Statement of Cash Flows (Unaudited) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Cash Flows from Operating Activities: | ||
Net loss | $ 0 | $ 0 |
Changes in operating assets and liabilities: | ||
Net Cash Provided by (Used in) Operating Activities | 0 | 0 |
Change in cash | 0 | 0 |
Cash, beginning of period | 0 | 0 |
Cash, end of period | 0 | 0 |
Supplemental Disclosure Information: | ||
Cash paid for interest | 0 | 0 |
Cash paid for taxes | $ 0 | $ 0 |
Organization and Going Concern |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Organization and Going Concern | |
Note 1 - Organization and Going Concern | Note 1 – Organization and Going Concern
General Environmental Management Inc., now General Entertainment 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.
Going Concern
The accompanying 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. |
Summary of Significant Accounting Policies |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Summary of Significant Accounting Policies | |
Note 2 - Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the unaudited interim financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.
In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the unaudited interim financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year. The accompanying unaudited interim financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K, for the year ended December 31, 2020, as filed with the SEC on September 29, 2021.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“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. A novel strain of coronavirus (COVID-19) was first identified in December 2019, and subsequently declared a global pandemic by the World Health Organization on March 11, 2020. As a result of the outbreak, many companies have experienced disruptions in their operations and in markets served. The Company considered the impact of COVID-19 on the assumptions and estimates used and determined that there were no material adverse impacts on the Company’s results of operations and financial position at March 31, 2021. The full extent of the future impacts of COVID-19 on the Company’s operations is uncertain. A prolonged outbreak could have a material adverse impact on financial results and business operations of the Company, including the timing and ability of the Company to develop its business plan. |
Related Party Transactions |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Related Party Transactions | |
Note 3 - Related Party Transactions | Note 3 – Related Party Transactions
As at March 31, 2021 and December 31, 2020, $9,355 is accrued for salary to our former Chief Executive Officer. |
Subsequent Events |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Subsequent Events | |
Note 4 - Subsequent Events | Note 4 – Subsequent Events
The Company has reviewed subsequent events through October 4, 2021 and have the following material events to disclose:
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 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.
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. |
Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Summary of Significant Accounting Policies | |
Basis of Presentation | The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the unaudited interim financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.
In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the unaudited interim financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year. The accompanying unaudited interim financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K, for the year ended December 31, 2020, as filed with the SEC on September 29, 2021. |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“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. A novel strain of coronavirus (COVID-19) was first identified in December 2019, and subsequently declared a global pandemic by the World Health Organization on March 11, 2020. As a result of the outbreak, many companies have experienced disruptions in their operations and in markets served. The Company considered the impact of COVID-19 on the assumptions and estimates used and determined that there were no material adverse impacts on the Company’s results of operations and financial position at March 31, 2021. The full extent of the future impacts of COVID-19 on the Company’s operations is uncertain. A prolonged outbreak could have a material adverse impact on financial results and business operations of the Company, including the timing and ability of the Company to develop its business plan. |
Related Party Transactions (Details Narrative) - USD ($) |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Related Party Transactions | ||
Due to related party | $ 9,355 | $ 9,355 |
Subsequent Events (Details Narrative) - Subsequent Event [Member] - USD ($) |
May 10, 2021 |
Apr. 14, 2021 |
---|---|---|
Jan Ralston [Member] | ||
Voting shares | 1,000 | |
Series A Preferred Stock shares | 10,000,000 | |
GEVI [Member] | ||
Limited liability amount | $ 50,000 |
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