2022 Q4 Form 10-Q Financial Statement

#000121390022072786 Filed on November 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $597.7K $662.6K $608.6K
YoY Change -1.22% 8.88% 3925.46%
Cost Of Revenue $121.0K $107.4K $253.6K
YoY Change -43.62% -57.63%
Gross Profit $476.7K $535.4K $355.1K
YoY Change 22.08% 50.79% 2248.37%
Gross Profit Margin 79.76% 80.8% 58.34%
Selling, General & Admin $710.2K $582.3K $438.5K
YoY Change 54.03% 32.8% 426.25%
% of Gross Profit 149.0% 108.77% 123.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $29.11K $6.760K $820.00
YoY Change 2646.23% 724.39%
% of Gross Profit 6.11% 1.26% 0.23%
Operating Expenses $739.3K $589.1K $438.5K
YoY Change 60.34% 34.34% 426.23%
Operating Profit -$262.7K -$53.71K -$83.46K
YoY Change 271.74% -35.65% 22.36%
Interest Expense $2.390K $3.110K
YoY Change
% of Operating Profit
Other Income/Expense, Net $96.34K $8.031K $9.270K
YoY Change 695.54% -13.37%
Pretax Income -$163.9K -$45.68K -$74.19K
YoY Change 180.05% -38.44% 8.77%
Income Tax $31.00K $8.595K -$5.380K
% Of Pretax Income
Net Earnings -$194.9K -$54.27K -$68.81K
YoY Change 232.99% -21.13% 0.88%
Net Earnings / Revenue -32.62% -8.19% -11.31%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 -$169.30
COMMON SHARES
Basic Shares Outstanding 414.4M shares 414.4M shares 406.5M shares
Diluted Shares Outstanding 414.4M shares 406.5M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $504.0K $396.1K $538.5K
YoY Change 63.35% -26.45% 115.88%
Cash & Equivalents $504.0K $396.1K $518.6K
Short-Term Investments
Other Short-Term Assets $0.00 $61.47K
YoY Change -100.0%
Inventory
Prepaid Expenses
Receivables $330.9K $417.6K $463.3K
Other Receivables $435.6K $445.5K $124.4K
Total Short-Term Assets $1.270M $1.259M $1.188M
YoY Change 24.53% 6.02% 337.41%
LONG-TERM ASSETS
Property, Plant & Equipment $19.21K $18.45K $69.00K
YoY Change 80.91% -73.26% -19.68%
Goodwill
YoY Change
Intangibles $168.0K $286.0K
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $208.9K $339.9K $69.00K
YoY Change 522.14% 392.67% -19.68%
TOTAL ASSETS
Total Short-Term Assets $1.270M $1.259M $1.188M
Total Long-Term Assets $208.9K $339.9K $69.00K
Total Assets $1.479M $1.599M $1.257M
YoY Change 40.38% 27.24% 251.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $34.34K $28.83K $208.2K
YoY Change -56.16% -86.15% 516.64%
Accrued Expenses $12.26K $26.94K $34.73K
YoY Change -79.7% -22.43% -64.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.017M $852.0K $731.7K
YoY Change 72.99% 16.44% 82.41%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.390K $8.570K $23.73K
YoY Change -59.08% -63.89% 38.93%
Total Long-Term Liabilities $9.391K $8.565K $23.73K
YoY Change -59.09% -63.91% 38.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.017M $852.0K $731.7K
Total Long-Term Liabilities $9.391K $8.565K $23.73K
Total Liabilities $1.027M $860.6K $755.5K
YoY Change 68.03% 13.92% 80.64%
SHAREHOLDERS EQUITY
Retained Earnings -$44.64M -$44.44M
YoY Change 0.54%
Common Stock $41.45K $41.45K
YoY Change 1.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $452.6K $738.5K $501.3K
YoY Change
Total Liabilities & Shareholders Equity $1.479M $1.599M $1.257M
YoY Change 40.38% 27.24% 251.58%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$194.9K -$54.27K -$68.81K
YoY Change 232.99% -21.13% 0.88%
Depreciation, Depletion And Amortization $29.11K $6.760K $820.00
YoY Change 2646.23% 724.39%
Cash From Operating Activities $110.8K -$87.25K $140.3K
YoY Change -141.48% -162.19% -26.45%
INVESTING ACTIVITIES
Capital Expenditures $2.880K -$3.650K -$6.910K
YoY Change -352.63% -47.18%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.880K -$3.650K -$6.910K
YoY Change 152.63% -47.18%
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 0.000 32.20K -820.0
YoY Change -100.0% -4026.83% -104.3%
NET CHANGE
Cash From Operating Activities 110.8K -87.25K 140.3K
Cash From Investing Activities -2.880K -3.650K -6.910K
Cash From Financing Activities 0.000 32.20K -820.0
Net Change In Cash 107.9K -58.70K 132.6K
YoY Change -146.91% -144.28% -36.83%
FREE CASH FLOW
Cash From Operating Activities $110.8K -$87.25K $140.3K
Capital Expenditures $2.880K -$3.650K -$6.910K
Free Cash Flow $107.9K -$83.60K $147.2K
YoY Change -140.58% -156.79%

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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Income Taxes Paid Net
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us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
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us-gaap Stock Issued1
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us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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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
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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
StockholdersEquity
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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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CY2021Q3 us-gaap Stockholders Equity
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us-gaap Nature Of Operations
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<p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 1 – DESCRIPTION OF BUSINESS</b></p><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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, the “Elvictor Greece”) which has been active across various value-adding activities of the shipping sector, such as ship management, technical management, crewing and 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></p><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span>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> 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”.</p><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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”.</p><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of July 10, 2020, the Company founded a subsidiary in Vari, Greece to assist 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.</p><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On January 2022, the Company established the fully owned subsidiary ELVG Crew Management Ltd, incorporated in Cyprus, to facilitate its crew management operations.</p>
us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P3Y
us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Courier; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><span style="text-decoration:underline">Use of Estimates</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">The preparation of unaudited condensed consolidated 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 unaudited condensed consolidated financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"> </p>
elvg Intangible Assets
IntangibleAssets
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us-gaap Accounts Receivable Sale
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CY2022Q3 us-gaap Other Receivables
OtherReceivables
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CY2022Q3 us-gaap Accounts Receivable Related Parties
AccountsReceivableRelatedParties
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CY2021Q4 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
7000000 shares
CY2022Q3 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 Costs And Expenses Related Party
CostsAndExpensesRelatedParty
20000 usd
CY2022Q3 us-gaap Due From Other Related Parties Current
DueFromOtherRelatedPartiesCurrent
285800 usd
us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
186182 usd
CY2022Q3 us-gaap Amount Of Embedded Regulatory Liability
AmountOfEmbeddedRegulatoryLiability
51518 usd
us-gaap Cost Of Goods Sold Sales Type Lease
CostOfGoodsSoldSalesTypeLease
126676 usd
CY2022Q3 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
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CY2022Q3 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
79858 usd
CY2020Q3 elvg Lease Agreement Payment Description
LeaseAgreementPaymentDescription
On July 10, 2020, 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€.
CY2022Q3 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.0285 pure
CY2022Q3 us-gaap Operating Lease Expense
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us-gaap Operating Lease Expense
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CY2022Q3 us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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CY2022Q3 us-gaap Accounts Payable Other Current And Noncurrent
AccountsPayableOtherCurrentAndNoncurrent
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CY2022Q3 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
9439 usd
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
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CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q3 us-gaap Shares Issued
SharesIssued
414448757 shares
CY2022Q3 us-gaap Shares Outstanding
SharesOutstanding
414448757 shares
CY2021Q4 us-gaap Shares Issued
SharesIssued
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CY2021Q4 us-gaap Shares Outstanding
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26384673 shares
CY2022Q1 us-gaap Restricted Stock Shares Issued Net Of Shares For Tax Withholdings
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7000000 shares
CY2022Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
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900000 shares
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
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CY2021Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
670000 usd
CY2022Q3 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
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us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
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CY2021 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
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us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
6372 usd
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
3142 usd
us-gaap Other Tax Expense Benefit
OtherTaxExpenseBenefit
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CY2021 us-gaap Other Tax Expense Benefit
OtherTaxExpenseBenefit
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CY2022Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
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us-gaap Depreciation And Amortization
DepreciationAndAmortization
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CY2022Q3 us-gaap Gain Loss On Investments
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us-gaap Adjustment For Amortization
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elvg Shares Issued For Services
SharesIssuedForServices
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
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us-gaap Current Federal Tax Expense Benefit
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CY2021 us-gaap Current Federal Tax Expense Benefit
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us-gaap Current State And Local Tax Expense Benefit
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CY2021 us-gaap Current State And Local Tax Expense Benefit
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us-gaap Deferred Federal Income Tax Expense Benefit
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CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
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us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
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us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
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CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
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us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2021 us-gaap Deferred Income Tax Expense Benefit
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dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001741489

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