Acquisition and Divesture

12 Months Ended

Dec. 31, 2022

Acquisition and Divesture

Acquisition and Divesture

Note 3 – Acquisition and Divesture  

Strategic Assets Holdings, LLC

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:

	May 10,
	2021
Consideration:
Note payable	$	50,000
Asset
Cash		14,075
Liabilities
Loan payable		(14,760	)
Due to related party		(2,291	)
Goodwill	$	52,976

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:

	October 19,
	2021
Cash and bank		81
Total assets from discontinued operations	$	81
Loan payable		20,260
Total liabilities from discontinued operations	$	20,260

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

	October 19.
	2021
Revenues	$	-
General and administration		102
Management compensation		17,101
Impairment loss		52,976
Total operating expenses		70,179
Loss from discontinued operations	$	(70,179	)

Mighty Fire Breaker, LLC

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.

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	$	4,200,000
Assets acquired and liabilities assumed:
Intangible assets	$	4,195,353
Operating lease right-of-use assets		81,967
Operating lease liabilities		(77,320	)