2023 Q4 Form 10-Q Financial Statement

#000121390023086835 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q4
Revenue $576.3K $551.8K $597.7K
YoY Change -3.58% -16.72% -1.22%
Cost Of Revenue $121.8K $116.8K $121.0K
YoY Change 0.63% 8.7% -43.62%
Gross Profit $454.5K $435.1K $476.7K
YoY Change -4.65% -18.74% 22.08%
Gross Profit Margin 78.87% 78.84% 79.76%
Selling, General & Admin $532.9K $475.1K $710.2K
YoY Change -24.97% -18.42% 54.03%
% of Gross Profit 117.25% 109.2% 149.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.73K $13.49K $29.11K
YoY Change -52.83% 99.56% 2646.23%
% of Gross Profit 3.02% 3.1% 6.11%
Operating Expenses $546.6K $488.6K $739.3K
YoY Change -26.06% -17.06% 60.34%
Operating Profit -$92.13K -$53.54K -$262.7K
YoY Change -64.93% -0.3% 271.74%
Interest Expense -$1.880K $1.280K $2.390K
YoY Change -178.66% -58.84%
% of Operating Profit
Other Income/Expense, Net $90.13K $1.281K $96.34K
YoY Change -6.45% -84.05% 695.54%
Pretax Income -$3.880K -$52.26K -$163.9K
YoY Change -97.63% 14.42% 180.05%
Income Tax $29.62K $2.285K $31.00K
% Of Pretax Income
Net Earnings -$33.50K -$54.55K -$194.9K
YoY Change -82.81% 0.5% 232.99%
Net Earnings / Revenue -5.81% -9.88% -32.62%
Basic Earnings Per Share $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

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $699.4K $152.0K $504.0K
YoY Change 38.77% -61.63% 63.35%
Cash & Equivalents $699.3K $152.0K $504.0K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $369.9K $398.2K $330.9K
Other Receivables $595.3K $575.9K $435.6K
Total Short-Term Assets $1.664M $1.126M $1.270M
YoY Change 31.01% -10.57% 24.53%
LONG-TERM ASSETS
Property, Plant & Equipment $293.1K $16.20K $19.21K
YoY Change 1425.58% -12.2% 80.91%
Goodwill
YoY Change
Intangibles $130.3K $139.5K $168.0K
YoY Change -22.46% -51.22%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $423.4K $433.6K $208.9K
YoY Change 102.69% 27.55% 522.14%
TOTAL ASSETS
Total Short-Term Assets $1.664M $1.126M $1.270M
Total Long-Term Assets $423.4K $433.6K $208.9K
Total Assets $2.088M $1.560M $1.479M
YoY Change 41.13% -2.47% 40.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $379.3K $31.56K $34.34K
YoY Change 1004.53% 9.48% -56.16%
Accrued Expenses $42.79K $243.3K $12.26K
YoY Change 249.02% 803.11% -79.7%
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 $1.622M $1.062M $1.017M
YoY Change 59.44% 24.65% 72.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $235.9K $234.2K $9.390K
YoY Change 2412.57% 2632.91% -59.08%
Total Long-Term Liabilities $235.9K $234.2K $9.391K
YoY Change 2412.3% 2634.47% -59.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.622M $1.062M $1.017M
Total Long-Term Liabilities $235.9K $234.2K $9.391K
Total Liabilities $1.858M $1.296M $1.027M
YoY Change 80.96% 50.63% 68.03%
SHAREHOLDERS EQUITY
Retained Earnings -$44.86M -$44.83M -$44.64M
YoY Change 0.5% 0.86% 0.54%
Common Stock $45.09M $45.09M $41.45K
YoY Change 108700.41% 108700.41% 1.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $229.9K $263.4K $452.6K
YoY Change
Total Liabilities & Shareholders Equity $2.088M $1.560M $1.479M
YoY Change 41.13% -2.47% 40.38%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q4
OPERATING ACTIVITIES
Net Income -$33.50K -$54.55K -$194.9K
YoY Change -82.81% 0.5% 232.99%
Depreciation, Depletion And Amortization $13.73K $13.49K $29.11K
YoY Change -52.83% 99.56% 2646.23%
Cash From Operating Activities $550.0K -$19.97K $110.8K
YoY Change 396.52% -77.11% -141.48%
INVESTING ACTIVITIES
Capital Expenditures $2.660K $0.00 $2.880K
YoY Change -7.64% -100.0% -352.63%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.660K $0.00 -$2.880K
YoY Change -7.64% -100.0% 152.63%
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 0.000
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities 550.0K -19.97K 110.8K
Cash From Investing Activities -2.660K 0.000 -2.880K
Cash From Financing Activities 0.000 0.000
Net Change In Cash 547.3K -19.97K 107.9K
YoY Change 407.31% -65.98% -146.91%
FREE CASH FLOW
Cash From Operating Activities $550.0K -$19.97K $110.8K
Capital Expenditures $2.660K $0.00 $2.880K
Free Cash Flow $547.3K -$19.97K $107.9K
YoY Change 407.31% -76.11% -140.58%

Facts In Submission

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 1 – DESCRIPTION OF BUSINESS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 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, referred to herein as “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 to facilitate 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; text-align: justify; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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”.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 its 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">In January 2022, the Company established its fully owned subsidiary, ELVG Crew Management Ltd, incorporated in Cyprus, to facilitate its crew management operations.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration:underline">Use of Estimates</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; 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>
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CY2023Q3 us-gaap Finite Lived Intangible Assets Net
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CY2022Q4 us-gaap Finite Lived Intangible Assets Net
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CY2021Q4 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
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CY2021Q4 us-gaap Common Unit Issuance Value
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CY2021Q4 us-gaap Temporary Equity Par Or Stated Value Per Share
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CY2022Q1 elvg Equity Par Or Stated Value Per Share
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us-gaap Servicing Asset At Amortized Value Period Increase Decrease
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CY2023Q3 us-gaap Finite Lived Intangible Asset Useful Life
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CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
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CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2023Q3 us-gaap Finite Lived Intangible Assets Net
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us-gaap Amortization Of Rate Deferral
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CY2022 us-gaap Amortization Of Rate Deferral
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us-gaap Revenues Net Of Interest Expense
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us-gaap Payments For Rent
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us-gaap Payments For Rent
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us-gaap Subordinated Borrowing Interest Rate
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CY2023Q3 us-gaap Lease Deposit Liability
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CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
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CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
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CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Two Years
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CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Three Years
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CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Four Years
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CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
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CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received
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CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q3 us-gaap Operating Lease Liability
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CY2023Q3 us-gaap Operating Lease Liability Current
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CY2023Q3 us-gaap Operating Lease Liability Noncurrent
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us-gaap Direct Costs Of Leased And Rented Property Or Equipment
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CY2023Q3 us-gaap Other Notes Payable
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CY2022Q4 us-gaap Other Notes Payable
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CY2023Q3 us-gaap Common Stock Shares Authorized
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CY2022Q4 us-gaap Common Stock Shares Outstanding
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CY2020Q3 us-gaap Revenues Net Of Interest Expense
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CY2020Q3 us-gaap Investment Company Debt Instrument Amount Repaid To Principal Excess Less
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CY2022Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
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CY2022Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
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CY2022Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
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CY2022Q1 elvg Shares Issued For Services
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us-gaap Long Term Purchase Commitment Amount
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CY2023Q1 us-gaap Lessee Operating Lease Lease Not Yet Commenced Renewal Term1
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CY2023Q3 us-gaap Rental Properties
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CY2023Q3 elvg Professional Fees Related Party
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dei Document Fiscal Period Focus
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Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001741489

Files In Submission

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0001213900-23-086835-index-headers.html Edgar Link pending
0001213900-23-086835-index.html Edgar Link pending
0001213900-23-086835.txt Edgar Link pending
0001213900-23-086835-xbrl.zip Edgar Link pending
elvg-20230930.xsd Edgar Link pending
f10q0923ex31-1_elvictor.htm Edgar Link pending
f10q0923ex32-1_elvictor.htm Edgar Link pending
f10q0923_elvictor.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
f10q0923_elvictor_htm.xml Edgar Link completed
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elvg-20230930_lab.xml Edgar Link unprocessable
elvg-20230930_cal.xml Edgar Link unprocessable
elvg-20230930_def.xml Edgar Link unprocessable
elvg-20230930_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable