2022 Q3 Form 10-Q Financial Statement

#000121390022048044 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $662.6K $622.2K $593.2K
YoY Change 8.88% 0.82% 6.64%
Cost Of Revenue $107.4K $97.86K $131.7K
YoY Change -57.63% -18.15% -55.15%
Gross Profit $535.4K $502.5K $461.5K
YoY Change 50.79% 39.92% 75.73%
Gross Profit Margin 80.8% 80.76% 77.8%
Selling, General & Admin $582.3K $492.4K $463.6K
YoY Change 32.8% 76.78% 91.01%
% of Gross Profit 108.77% 97.99% 100.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.760K $6.230K $6.220K
YoY Change 724.39% 1539.47%
% of Gross Profit 1.26% 1.24% 1.35%
Operating Expenses $589.1K $498.6K $469.8K
YoY Change 34.34% 79.01% 93.58%
Operating Profit -$53.71K $3.882K -$8.300K
YoY Change -35.65% -95.18% -141.67%
Interest Expense $3.110K
YoY Change
% of Operating Profit
Other Income/Expense, Net $8.031K $8.547K $7.830K
YoY Change -13.37% -100.02% 14.64%
Pretax Income -$45.68K $12.43K -$470.00
YoY Change -38.44% -100.03% -101.76%
Income Tax $8.595K $1.619K $0.00
% Of Pretax Income 13.03%
Net Earnings -$54.27K $10.81K -$465.00
YoY Change -21.13% -100.03% -101.87%
Net Earnings / Revenue -8.19% 1.74% -0.08%
Basic Earnings Per Share $0.00 $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 -$1.14
COMMON SHARES
Basic Shares Outstanding 414.4M shares 414.4M shares 412.9M shares
Diluted Shares Outstanding 414.4M shares 414.4M shares 412.9M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $396.1K $454.8K $296.9K
YoY Change -26.45% 12.03% -27.14%
Cash & Equivalents $396.1K $454.8K $296.9K
Short-Term Investments
Other Short-Term Assets $0.00 $78.45K $61.13K
YoY Change -100.0% 111.0%
Inventory
Prepaid Expenses
Receivables $417.6K $464.0K $518.3K
Other Receivables $445.5K $123.1K $116.1K
Total Short-Term Assets $1.259M $1.120M $992.4K
YoY Change 6.02% 24.38% 10.1%
LONG-TERM ASSETS
Property, Plant & Equipment $18.45K $16.50K $22.33K
YoY Change -73.26% -77.73% -59.17%
Goodwill
YoY Change
Intangibles $286.0K $291.0K
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $339.9K $316.7K $318.4K
YoY Change 392.67% 327.52% 482.15%
TOTAL ASSETS
Total Short-Term Assets $1.259M $1.120M $992.4K
Total Long-Term Assets $339.9K $316.7K $318.4K
Total Assets $1.599M $1.437M $1.311M
YoY Change 27.24% 47.42% 37.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.83K $30.28K $191.8K
YoY Change -86.15% -80.88% -19.12%
Accrued Expenses $26.94K $38.98K $58.66K
YoY Change -22.43% -15.61% 7.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $852.0K $635.0K $519.1K
YoY Change 16.44% 66.58% 10.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.570K $9.160K $9.710K
YoY Change -63.89% -60.94%
Total Long-Term Liabilities $8.565K $9.158K $9.710K
YoY Change -63.91% -60.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $852.0K $635.0K $519.1K
Total Long-Term Liabilities $8.565K $9.158K $9.710K
Total Liabilities $860.6K $644.2K $528.8K
YoY Change 13.92% 59.18% 12.16%
SHAREHOLDERS EQUITY
Retained Earnings -$44.44M -$44.39M
YoY Change
Common Stock $41.45K $41.45K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $738.5K $792.8K $782.0K
YoY Change
Total Liabilities & Shareholders Equity $1.599M $1.437M $1.311M
YoY Change 27.24% 47.42% 37.1%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$54.27K $10.81K -$465.00
YoY Change -21.13% -100.03% -101.87%
Depreciation, Depletion And Amortization $6.760K $6.230K $6.220K
YoY Change 724.39% 1539.47%
Cash From Operating Activities -$87.25K $157.6K $29.27K
YoY Change -162.19% 6465.83% -160.74%
INVESTING ACTIVITIES
Capital Expenditures -$3.650K -$5.110K -$3.270K
YoY Change -47.18% 5.8%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.650K -$5.110K -$3.270K
YoY Change -47.18% 5.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 32.20K 5.480K -37.68K
YoY Change -4026.83% 470.83% -133.69%
NET CHANGE
Cash From Operating Activities -87.25K 157.6K 29.27K
Cash From Investing Activities -3.650K -5.110K -3.270K
Cash From Financing Activities 32.20K 5.480K -37.68K
Net Change In Cash -58.70K 158.0K -11.68K
YoY Change -144.28% -10844.9%
FREE CASH FLOW
Cash From Operating Activities -$87.25K $157.6K $29.27K
Capital Expenditures -$3.650K -$5.110K -$3.270K
Free Cash Flow -$83.60K $162.7K $32.54K
YoY Change -156.79% 2150.21% -167.52%

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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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elvg Common Stock Issued To Reduce Convertible Notes Payable
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elvg Rightofuse Assets Obtained In Exchange For Operating Lease Obligations
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CY2021Q4 us-gaap Stockholders Equity
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CY2022Q1 us-gaap Stock Issued During Period Value Issued For Services
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CY2022Q1 us-gaap Stock Issued During Period Value Acquisitions
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CY2022Q1 us-gaap Net Income Loss
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CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q2 us-gaap Net Income Loss
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CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q1 us-gaap Stock Issued During Period Value New Issues
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CY2021Q1 elvg Issuance Of Convertible Bonds
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CY2021Q1 us-gaap Net Income Loss
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CY2021Q1 us-gaap Stockholders Equity
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CY2021Q2 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
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CY2021Q2 us-gaap Net Income Loss
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CY2021Q2 us-gaap Stockholders Equity
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us-gaap Nature Of Operations
NatureOfOperations
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 – DESCRIPTION OF BUSINESS</b></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elvictor Group, Inc. formerly known as Thenablers, Inc. (“Elvictor Group, Inc.” or the “Company”) was incorporated in the State of Nevada on November 3, 2017. <span>With the change to the Elvictor name came the addition of the brand and a new team in crew management in the shipping industry. The new management team comes from Elvictor (the Greece-based private entity founded in 1977, which is the predecessor to the company whose business became a part of the business of Thenablers in 2019, “Elvictor Greece”) that has been active across various value-adding activities of the shipping sector, such as ship management, technical management, crewing &amp; crew management. Its professional core of activities includes crew management, training and the creation of in-house software related to crew and ship matters, for the amelioration of all its operations, facilitating both its employees and those that depend on them. The Company aims to broaden its scope of activities, expanding on to new areas, while refining the existing ones. Placing prime importance on digitalization, the Company plans on the extensive use of Artificial Intelligence, through the application of Machine and Deep Learning, in concert with the integration of a wide array of cloud systems. The strategic growth of the Group on a horizontal and vertical manner throughout the shipping industry will be reinforced with technologically adept tools, containing know-how and experience. Working on a technologically oriented path, the Company is ideologically flexible and open to other avenues of international business for the successful and profitable diversification of its portfolio.</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">On December 13, 2019, pursuant to the approval of a majority of the voting interests for Thenablers, Inc., the Company filed a Certificate of Amendment with the Secretary of State for Nevada to change its name from “Thenablers, Inc.” to “Elvictor Group, Inc.”,</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to better reflect new business interests and to further apply for a corporate action with FINRA to have the name change approved and to change the symbol of the Company to “ELVG”.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the approval of that application to FINRA, and on February 27, 2020, the name of the Company was changed to Elvictor Group, Inc. on the OTC Markets, and the symbol for trading was changed to “ELVG”.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of July 10, 2020, the Company founded a subsidiary in Vari, Greece to assist the management in facilitating the operations of the Company. Additionally, the Company has purchased Ultra Ship Management, a Company incorporated in the Marshall Islands that is licensed to provide ship management services, who in turn established a subsidiary in Vari, Greece.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2022, the Company established the fully owned subsidiary ELVG Crew Management Ltd., incorporated in Cyprus, to facilitate its crew management operations.</span></p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Use of Estimates</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2021Q4 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
7000000 shares
CY2022Q2 us-gaap Reporting Unit Amount Of Fair Value In Excess Of Carrying Amount
ReportingUnitAmountOfFairValueInExcessOfCarryingAmount
0.043 usd
us-gaap Servicing Asset At Amortized Value Period Increase Decrease
ServicingAssetAtAmortizedValuePeriodIncreaseDecrease
301000 usd
us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P15Y
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
9951 usd
us-gaap Accounts Receivable Sale
AccountsReceivableSale
463953 usd
CY2022Q2 us-gaap Other Receivables
OtherReceivables
123082 usd
CY2022Q2 us-gaap Due From Other Related Parties Current
DueFromOtherRelatedPartiesCurrent
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us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
124801 usd
CY2022Q2 us-gaap Amount Of Embedded Regulatory Liability
AmountOfEmbeddedRegulatoryLiability
28445 usd
us-gaap Cost Of Goods Sold Sales Type Lease
CostOfGoodsSoldSalesTypeLease
87642 usd
CY2022Q2 us-gaap Accounts Payable Trade Current And Noncurrent
AccountsPayableTradeCurrentAndNoncurrent
17313 usd
CY2020Q3 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
the Company entered into a rental lease agreement with the wife of Mr. Stavros Galanakis for its subsidiary in Vari, Greece. The term of the lease is from July 10, 2020, to December 31, 2021, with a fixed monthly rental payment of 5,000€. Then on April 1, 2021, the rental lease agreement was modified with the new term beginning as of April 1, 2021, and ending on December 31, 2022, with a fixed monthly rental payment of 3,500€.
CY2021Q4 elvg Term Of Lease Description
TermOfLeaseDescription
The term of the lease is from October 1, 2021, to September 30, 2024, with a fixed monthly rental of 1,000€.
CY2022Q2 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.0285 pure
CY2022Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
14388 usd
us-gaap Operating Lease Expense
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29542 usd
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
14388 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
29542 usd
us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
1619 usd
CY2022Q2 us-gaap Accounts Payable Other Current And Noncurrent
AccountsPayableOtherCurrentAndNoncurrent
178716 usd
CY2022Q2 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
26674 usd
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
700000000 shares
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Shares Issued
SharesIssued
414448757 shares
CY2022Q2 us-gaap Shares Outstanding
SharesOutstanding
414448757 shares
CY2021Q4 us-gaap Shares Issued
SharesIssued
26384673 shares
CY2021Q4 us-gaap Shares Outstanding
SharesOutstanding
26384673 shares
CY2022Q1 us-gaap Restricted Stock Shares Issued Net Of Shares For Tax Withholdings
RestrictedStockSharesIssuedNetOfSharesForTaxWithholdings
7000000 shares
CY2022Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
900000 shares
CY2021Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
670000 usd
CY2022Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
590000 usd
dei Entity Central Index Key
EntityCentralIndexKey
0001741489
CY2021 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
3142 usd
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
1619 usd
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
3142 usd
us-gaap Other Tax Expense Benefit
OtherTaxExpenseBenefit
1619 usd
CY2021 us-gaap Other Tax Expense Benefit
OtherTaxExpenseBenefit
3142 usd
CY2021Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
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us-gaap Depreciation And Amortization
DepreciationAndAmortization
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CY2022Q2 us-gaap Gain Loss On Investments
GainLossOnInvestments
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us-gaap Gain Loss On Investments
GainLossOnInvestments
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CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
us-gaap Adjustment For Amortization
AdjustmentForAmortization
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elvg Shares Issued For Services
SharesIssuedForServices
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us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
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us-gaap Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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elvg Common Stock Issued To Reduce Convertible Notes Payable
CommonStockIssuedToReduceConvertibleNotesPayable
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us-gaap Stock Issued1
StockIssued1
usd
elvg Rightofuse Assets Obtained In Exchange For Operating Lease Obligations
RightofuseAssetsObtainedInExchangeForOperatingLeaseObligations
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2022

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