$ELVG
Elvictor Group, Inc.

2024 Q2 Form 10-Q Financial Statement

#000121390024043310 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $574.1K $572.7K
YoY Change -4.54% -9.42%
Cost Of Revenue $128.8K $127.1K
YoY Change 19.27% 15.56%
Gross Profit $445.4K $445.6K
YoY Change -6.34% -11.45%
Gross Profit Margin 77.57% 77.81%
Selling, General & Admin $402.6K $359.1K
YoY Change -31.75% -26.99%
% of Gross Profit 90.4% 80.58%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.80K $2.873K
YoY Change 3.99% 12.53%
% of Gross Profit 3.1% 0.64%
Operating Expenses $416.4K $372.9K
YoY Change -30.96% -26.11%
Operating Profit $28.93K $72.70K
YoY Change -122.66% -4988.9%
Interest Expense $4.200K $4.360K
YoY Change 202.16% -163.01%
% of Operating Profit 14.52% 6.0%
Other Income/Expense, Net $10.94K $4.415K
YoY Change 686.48% -163.77%
Pretax Income $39.87K $77.11K
YoY Change -131.58% -1016.92%
Income Tax $7.801K
% Of Pretax Income 19.57%
Net Earnings $32.07K $77.11K
YoY Change -125.4% -1016.92%
Net Earnings / Revenue 5.59% 13.46%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 414.4M shares 414.4M shares
Diluted Shares Outstanding 414.4M shares 414.4M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $194.4K $420.3K
YoY Change 13.04% -8.65%
Cash & Equivalents $194.4K $420.3K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $468.8K $568.8K
Other Receivables $457.4K $463.8K
Total Short-Term Assets $1.700M $1.453M
YoY Change 44.02% -7.98%
LONG-TERM ASSETS
Property, Plant & Equipment $13.55K $13.87K
YoY Change -28.0% -32.97%
Goodwill
YoY Change
Intangibles $112.1K $121.6K
YoY Change -25.47% -22.86%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $373.6K $397.2K
YoY Change -19.95% -18.19%
TOTAL ASSETS
Total Short-Term Assets $1.700M $1.453M
Total Long-Term Assets $373.6K $397.2K
Total Assets $2.073M $1.850M
YoY Change 25.89% -10.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.15K $28.43K
YoY Change -43.07% 71.78%
Accrued Expenses $262.7K $270.1K
YoY Change 489.12% 514.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.411M $1.320M
YoY Change 31.1% -2.69%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $220.4K $222.5K
YoY Change -12.86% -15.44%
Total Long-Term Liabilities $220.4K $222.5K
YoY Change -12.86% -15.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.411M $1.320M
Total Long-Term Liabilities $220.4K $222.5K
Total Liabilities $1.631M $1.543M
YoY Change 22.73% -4.76%
SHAREHOLDERS EQUITY
Retained Earnings -$44.75M -$44.79M
YoY Change -0.05% 0.31%
Common Stock $45.20M $45.09M
YoY Change 108949.29% 108700.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $442.2K $307.0K
YoY Change
Total Liabilities & Shareholders Equity $2.073M $1.850M
YoY Change 25.89% -10.38%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $32.07K $77.11K
YoY Change -125.4% -1016.92%
Depreciation, Depletion And Amortization $13.80K $2.873K
YoY Change 3.99% 12.53%
Cash From Operating Activities -$221.9K -$274.4K
YoY Change -21.85% 587.57%
INVESTING ACTIVITIES
Capital Expenditures $3.960K $2.380K
YoY Change -4.12% -40.91%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.960K -$4.689K
YoY Change -4.12% 16.41%
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 -221.9K -$274.4K
Cash From Investing Activities -3.960K -$4.689K
Cash From Financing Activities
Net Change In Cash -225.9K -$279.1K
YoY Change -21.6% 535.2%
FREE CASH FLOW
Cash From Operating Activities -$221.9K -$274.4K
Capital Expenditures $3.960K $2.380K
Free Cash Flow -$225.9K -$276.8K
YoY Change -21.6% 529.95%

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>NOTE 1 – DESCRIPTION OF BUSINESS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </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 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”) that has been active across various value-adding activities of the shipping sector, 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; text-align: justify"> </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 management in facilitating the Company’s operations. Additionally, the Company purchased Ultra Ship Management, a Marshall Islands company that became the Company’s subsidiary in Vari, Greece and is licensed to provide ship management services.</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">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 0pt 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 0pt 0pt 0; text-align: justify">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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PaymentsForRent
5000 eur
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PaymentsForRent
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P8Y
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CY2023Q1 us-gaap Operating Lease Expense
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CY2023Q4 us-gaap Other Notes Payable Current
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CY2024Q1 us-gaap Common Stock Shares Authorized
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CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
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CY2021 us-gaap Proceeds From Issuance Of Common Stock
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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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CY2019Q4 us-gaap Stock Issued During Period Value Purchase Of Assets
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CY2021Q2 us-gaap Conversion Of Stock Shares Issued1
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375459000 shares
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5000 eur
us-gaap Lease Cost
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CY2023Q1 us-gaap Lessee Operating Lease Lease Not Yet Commenced Renewal Term1
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P8Y
CY2021Q4 us-gaap Rental Properties
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CY2023Q4 us-gaap Operating Loss Carryforwards
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CY2024Q1 us-gaap Operating Loss Carryforwards
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CY2024Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2024Q1 us-gaap Deferred Tax Assets Gross
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CY2024Q1 us-gaap Deferred Tax Assets Valuation Allowance
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221243 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2023 us-gaap Current Foreign Tax Expense Benefit
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CY2023 elvg Current Foreign Prior Year
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CY2023 us-gaap Current Income Tax Expense Benefit
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CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
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CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
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false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
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false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
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false
CY2023Q1 us-gaap Other Income
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CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
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CY2024Q1 us-gaap Issuance Of Stock And Warrants For Services Or Claims
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CY2023Q1 us-gaap Payments For Software
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CY2024Q1 us-gaap Deferred Tax Assets Liabilities Net
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CY2024Q1 us-gaap Current Federal Tax Expense Benefit
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CY2024Q1 us-gaap Current State And Local Tax Expense Benefit
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CY2024Q1 us-gaap Current Income Tax Expense Benefit
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CY2024Q1 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2024Q1 dei Amendment Flag
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false
CY2024Q1 dei Current Fiscal Year End Date
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CY2024Q1 dei Document Fiscal Period Focus
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Q1
CY2024Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001741489

Files In Submission

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0001213900-24-043310.txt Edgar Link pending
0001213900-24-043310-xbrl.zip Edgar Link pending
ea0205859-10q_elvictor.htm Edgar Link pending
ea0205859-10q_elvictor_htm.xml Edgar Link completed
ea020585901ex31-1_elvictor.htm Edgar Link pending
ea020585901ex32-1_elvictor.htm Edgar Link pending
elvg-20240331.xsd Edgar Link pending
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R1.htm Edgar Link pending
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elvg-20240331_def.xml Edgar Link unprocessable
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elvg-20240331_lab.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
elvg-20240331_pre.xml Edgar Link unprocessable