2023 Q3 Form 10-Q Financial Statement

#000121390023065947 Filed on August 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $551.8K $601.4K $622.2K
YoY Change -16.72% -3.33% 0.82%
Cost Of Revenue $116.8K $108.0K $97.86K
YoY Change 8.7% 10.33% -18.15%
Gross Profit $435.1K $475.5K $502.5K
YoY Change -18.74% -5.37% 39.92%
Gross Profit Margin 78.84% 79.07% 80.76%
Selling, General & Admin $475.1K $589.9K $492.4K
YoY Change -18.42% 19.81% 76.78%
% of Gross Profit 109.2% 124.06% 97.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.49K $13.27K $6.230K
YoY Change 99.56% 113.0% 1539.47%
% of Gross Profit 3.1% 2.79% 1.24%
Operating Expenses $488.6K $603.2K $498.6K
YoY Change -17.06% 20.97% 79.01%
Operating Profit -$53.54K -$127.7K $3.882K
YoY Change -0.3% -3388.43% -95.18%
Interest Expense $1.280K $1.390K
YoY Change -58.84%
% of Operating Profit
Other Income/Expense, Net $1.281K $1.391K $8.547K
YoY Change -84.05% -83.73% -100.02%
Pretax Income -$52.26K -$126.3K $12.43K
YoY Change 14.42% -1115.9% -100.03%
Income Tax $2.285K $1.619K
% Of Pretax Income 13.03%
Net Earnings -$54.55K -$126.3K $10.81K
YoY Change 0.5% -1268.05% -100.03%
Net Earnings / Revenue -9.88% -20.99% 1.74%
Basic Earnings Per Share $0.00 $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 414.4M shares 414.4M shares 414.4M shares
Diluted Shares Outstanding 414.4M shares 414.4M shares 414.4M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $152.0K $172.0K $454.8K
YoY Change -61.63% -62.19% 12.03%
Cash & Equivalents $152.0K $172.0K $454.8K
Short-Term Investments
Other Short-Term Assets $78.45K
YoY Change 111.0%
Inventory
Prepaid Expenses
Receivables $398.2K $441.4K $464.0K
Other Receivables $575.9K $566.8K $123.1K
Total Short-Term Assets $1.126M $1.180M $1.120M
YoY Change -10.57% 5.35% 24.38%
LONG-TERM ASSETS
Property, Plant & Equipment $16.20K $18.82K $16.50K
YoY Change -12.2% 14.02% -77.73%
Goodwill
YoY Change
Intangibles $139.5K $150.4K $291.0K
YoY Change -51.22% -48.33%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $433.6K $466.7K $316.7K
YoY Change 27.55% 47.36% 327.52%
TOTAL ASSETS
Total Short-Term Assets $1.126M $1.180M $1.120M
Total Long-Term Assets $433.6K $466.7K $316.7K
Total Assets $1.560M $1.647M $1.437M
YoY Change -2.47% 14.61% 47.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.56K $26.62K $30.28K
YoY Change 9.48% -12.1% -80.88%
Accrued Expenses $243.3K $44.60K $38.98K
YoY Change 803.11% 14.42% -15.61%
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 $1.062M $1.076M $635.0K
YoY Change 24.65% 69.46% 66.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $234.2K $252.9K $9.160K
YoY Change 2632.91% 2661.03% -60.94%
Total Long-Term Liabilities $234.2K $252.9K $9.158K
YoY Change 2634.47% 2661.6% -60.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.062M $1.076M $635.0K
Total Long-Term Liabilities $234.2K $252.9K $9.158K
Total Liabilities $1.296M $1.329M $644.2K
YoY Change 50.63% 106.31% 59.18%
SHAREHOLDERS EQUITY
Retained Earnings -$44.83M -$44.77M -$44.39M
YoY Change 0.86% 0.86%
Common Stock $45.09M $41.45K $41.45K
YoY Change 108700.41% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $263.4K $317.9K $792.8K
YoY Change
Total Liabilities & Shareholders Equity $1.560M $1.647M $1.437M
YoY Change -2.47% 14.61% 47.42%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$54.55K -$126.3K $10.81K
YoY Change 0.5% -1268.05% -100.03%
Depreciation, Depletion And Amortization $13.49K $13.27K $6.230K
YoY Change 99.56% 113.0% 1539.47%
Cash From Operating Activities -$19.97K -$283.9K $157.6K
YoY Change -77.11% -280.19% 6465.83%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $4.130K -$5.110K
YoY Change -100.0% -180.82% 5.8%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$4.130K -$5.110K
YoY Change -100.0% -19.18% 5.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 5.480K
YoY Change -100.0% 470.83%
NET CHANGE
Cash From Operating Activities -19.97K -283.9K 157.6K
Cash From Investing Activities 0.000 -4.130K -5.110K
Cash From Financing Activities 0.000 5.480K
Net Change In Cash -19.97K -288.1K 158.0K
YoY Change -65.98% -282.38% -10844.9%
FREE CASH FLOW
Cash From Operating Activities -$19.97K -$283.9K $157.6K
Capital Expenditures $0.00 $4.130K -$5.110K
Free Cash Flow -$19.97K -$288.1K $162.7K
YoY Change -76.11% -277.07% 2150.21%

Facts In Submission

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us-gaap Nature Of Operations
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 – DESCRIPTION OF BUSINESS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="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. With the change to the Elvictor name came the addition of the Company’s brand and a new crew management team in 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”) that has been active across various value-adding shipping sector activities, such as ship management, technical management, crewing &amp; crew management. The Company’s 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 Company's strategic growth 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 flexible and open to other avenues of international business for the successful and profitable diversification of its portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 13, 2019, the Company filed a Certificate of Amendment with the Nevada Secretary of State to change its name from “Thenablers, Inc.” to “Elvictor Group, Inc.” (the “Name Change”), to better reflect its new business interests. On February 25, 2020, FINRA approved the Name Change and the Company’s new stock symbol “ELVG”.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of July 10, 2020, the Company founded Elvictor Group Hellas Single Member S.A., a subsidiary in Vari, Greece, to assist the Company’s management in facilitating the Company’s operations. Additionally, the Company purchased Ultra Ship Management, a Marshall Islands company that is licensed to provide ship management services, and which established their own subsidiary in Vari, Greece.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2022, the Company established its fully owned subsidiary, ELVG Crew Management Ltd, incorporated in Cyprus, to facilitate its crew management operations.</span></p>
us-gaap Use Of Estimates
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Use of Estimates</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>
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