2024 Q1 Form 10-K Financial Statement

#000121390024028567 Filed on April 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $572.7K $576.3K $2.362M
YoY Change -9.42% -3.58% -4.6%
Cost Of Revenue $127.1K $121.8K $493.4K
YoY Change 15.56% 0.63% 23.45%
Gross Profit $445.6K $454.5K $1.868M
YoY Change -11.45% -4.65% -5.45%
Gross Profit Margin 77.81% 78.87% 79.11%
Selling, General & Admin $359.1K $532.9K $2.090M
YoY Change -26.99% -24.97% -7.21%
% of Gross Profit 80.58% 117.25% 111.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.873K $13.73K $53.40K
YoY Change 12.53% -52.83% 745.07%
% of Gross Profit 0.64% 3.02% 2.86%
Operating Expenses $372.9K $546.6K $2.143M
YoY Change -26.11% -26.06% -6.84%
Operating Profit $72.70K -$92.13K -$274.8K
YoY Change -4988.9% -64.93% -15.28%
Interest Expense $4.360K -$1.880K -$6.130K
YoY Change -163.01% -178.66% -167.36%
% of Operating Profit 6.0%
Other Income/Expense, Net $4.415K $90.13K $90.13K
YoY Change -163.77% -6.45% -28.89%
Pretax Income $77.11K -$3.880K -$190.8K
YoY Change -1016.92% -97.63% -3.45%
Income Tax $29.62K $31.91K
% Of Pretax Income
Net Earnings $77.11K -$33.50K -$222.7K
YoY Change -1016.92% -82.81% -6.75%
Net Earnings / Revenue 13.46% -5.81% -9.43%
Basic Earnings Per Share $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

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $420.3K $699.4K $699.4K
YoY Change -8.65% 38.77% 38.77%
Cash & Equivalents $420.3K $699.3K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $568.8K $369.9K $369.9K
Other Receivables $463.8K $595.3K $595.3K
Total Short-Term Assets $1.453M $1.664M $1.664M
YoY Change -7.98% 31.01% 31.01%
LONG-TERM ASSETS
Property, Plant & Equipment $13.87K $293.1K $293.1K
YoY Change -32.97% 1425.58% 617.28%
Goodwill
YoY Change
Intangibles $121.6K $130.3K
YoY Change -22.86% -22.46%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $397.2K $423.4K $423.4K
YoY Change -18.19% 102.69% 102.7%
TOTAL ASSETS
Total Short-Term Assets $1.453M $1.664M $1.664M
Total Long-Term Assets $397.2K $423.4K $423.4K
Total Assets $1.850M $2.088M $2.088M
YoY Change -10.38% 41.13% 41.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.43K $379.3K $379.3K
YoY Change 71.78% 1004.53% -5.58%
Accrued Expenses $270.1K $42.79K $42.79K
YoY Change 514.23% 249.02% 249.02%
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 $1.320M $1.622M $1.622M
YoY Change -2.69% 59.44% 59.44%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $222.5K $235.9K $235.9K
YoY Change -15.44% 2412.57% 2412.57%
Total Long-Term Liabilities $222.5K $235.9K $235.9K
YoY Change -15.44% 2412.3% 2412.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.320M $1.622M $1.622M
Total Long-Term Liabilities $222.5K $235.9K $235.9K
Total Liabilities $1.543M $1.858M $1.858M
YoY Change -4.76% 80.96% 80.96%
SHAREHOLDERS EQUITY
Retained Earnings -$44.79M -$44.86M
YoY Change 0.31% 0.5%
Common Stock $45.09M $45.09M
YoY Change 108700.41% 108700.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $307.0K $229.9K $229.9K
YoY Change
Total Liabilities & Shareholders Equity $1.850M $2.088M $2.088M
YoY Change -10.38% 41.13% 41.13%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $77.11K -$33.50K -$222.7K
YoY Change -1016.92% -82.81% -6.75%
Depreciation, Depletion And Amortization $2.873K $13.73K $53.40K
YoY Change 12.53% -52.83% 745.07%
Cash From Operating Activities -$274.4K $550.0K $206.2K
YoY Change 587.57% 396.52% -1.99%
INVESTING ACTIVITIES
Capital Expenditures $2.380K $2.660K $10.82K
YoY Change -40.91% -7.64% -27.44%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$4.689K -$2.660K -$10.82K
YoY Change 16.41% -7.64% -27.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities -$274.4K 550.0K 206.2K
Cash From Investing Activities -$4.689K -2.660K -10.82K
Cash From Financing Activities
Net Change In Cash -$279.1K 547.3K 195.4K
YoY Change 535.2% 407.31% 0.1%
FREE CASH FLOW
Cash From Operating Activities -$274.4K $550.0K $206.2K
Capital Expenditures $2.380K $2.660K $10.82K
Free Cash Flow -$276.8K $547.3K $195.4K
YoY Change 529.95% 407.31% -0.05%

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CY2023 us-gaap Nature Of Operations
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>NOTE 1 – DESCRIPTION OF BUSINESS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b> </b></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 Nevada on November 3, 2017. With the change to the Elvictor name came the addition of the brand and 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”) 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.</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">On December 13, 2019, pursuant to the approval of a majority consent vote 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.”, 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="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">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="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 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.</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">On January 2022, the Company established the 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"><span style="text-decoration:underline">Use of Estimates</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the 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 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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CY2023Q4 us-gaap Common Stock Shares Authorized
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