10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

☒  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2023

☐  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from           to          

Commission file number 333-225239

Elvictor Group, Inc.

(Exact name of registrant as specified in its charter)

Nevada	82-3296328
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

Vassileos Constantinou 79

Vari, 16672, Attiki, Greece

(Address of principal executive offices)

Registrant’s telephone number, including area code: (877) 374-4196

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Exchange Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act ☐ Yes ☒ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ☒ Yes ☐ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒  Yes  ☐  No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☐ Yes ☒ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer    ☒	Smaller reporting company ☒
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b) ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

The aggregate market value of the Company’s common stock outstanding, other than shares held by persons who may be deemed affiliates of the registrant, computed by reference to the closing price for the common stock on June 30, 2023, as reported on the OTC Markets on that date, was $8,040,306.

The number of shares of the registrant’s common stock, $0.0001 par value per share, outstanding as of March 29, 2024 was 414,448,757.

DOCUMENTS INCORPORATED BY REFERENCE: NONE.

TABLE OF CONTENTS

GENERAL INFORMATION

PART I
Item 1.	Business	1
Item 1A.	Risk Factors	5
Item 1B.	Unresolved Staff Comments	5
Item 1C.	Cybersecurity	5
Item 2.	Properties	5
Item 3.	Legal Proceedings	5
Item 4.	Mine Safety Disclosure	5
PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	6
Item 6.	[Reserved]	7
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	7
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	12
Item 8.	Financial Statements and Supplementary Data	F-1
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	13
Item 9A.	Controls and Procedures	13
Item 9B.	Other Information	14
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	14
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	15
Item 11.	Executive Compensation	17
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	18
Item 13.	Certain Relationships and Related Transactions, and Director Independence	19
Item 14.	Principal Accounting Fees and Services	20
PART IV
Item 15.	Exhibits and Financial Statement Schedules	21
Item 16.	Form 10-K Summary	21
SIGNATURES		22

i

SPECIAL NOTE

Unless the context indicates otherwise, as used in this Annual Report on Form 10-K, the terms “we,” “us,” “our,” “the Company,” “Elvictor,” “ELVG” or “our business” refer to Elvictor Group, Inc.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements concerning management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters involve significant known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of results to differ materially from any such forward-looking statements that are not statements of current or historical facts. It is not possible to predict or identify all factors, future events or circumstances that may have an impact on the Company’s operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Consequently, the following should not be considered to be a complete discussion of all potential factors, risks or uncertainties. The words “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are based on management’s current expectations, but actual results may differ materially due to various factors, including, but not limited to:

● the inability to attract or retain qualified seafarers due to the war in the Ukraine or civil unrests in our key operating markets;

● significant geopolitical risks, similar to the Red Sea crisis, potentially escalating operational and security challenges, impacting shipping routes and insurance costs in the region;

● effect of rising inflation materially affecting our business due to increases in seafarer salaries and to our customers;

● our ability to compete effectively within our industry since many of our competitors have significantly greater financial, operational, marketing and geographic presence resources than we do;

● Future occurrence of the COVID-19 pandemic, which previously impacted our operations, including crew member related regulations pertaining to COVID-19;

● fluctuations in global economic conditions may significantly reduce the demand for our services and adversely impact our business and results of operations;

● changing regulatory, economic, political and governmental conditions may materially impact industries and markets in which the Company currently operates;

● the effect of fluctuations of oil and natural gas prices, which may negatively impact the economic conditions of our clients and consequently our business and results of operations;

● impact of the war in the Ukraine on crewing and the global shipping industry, including our ability to continue effectively serving our clients due to a shortage of qualified seafarers;

● whether the reliability and capacity of our technology systems positively or negatively affects our ability to effectively manage our business and deliver services to our customers;

● reliance on our technology and cybersecurity procedures to effectively collect, protect and store sensitive and confidential information, including our proprietary business, customer, employee, and business partner information; and

● increased regulatory cost of compliance, including data privacy regulations enacted in the U.S. and throughout the world.

ii

The forward-looking statements contained in this Report reflect our current expectations and beliefs concerning future developments and their potential impact on our operations and business. Future developments affecting us may be unanticipated. Should one or more of these factors, risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may materially vary from those discussed in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

iii

PART I

Elvictor Group, Inc. is referred to herein as “we,” “us,” “our,” “the Company,” “Elvictor,” or “our business”. Services and other matters pertaining to our subsidiaries are referred to collectively referred to herein under the same abbreviations “we”, “us”, and “our”.

Item 1. Business

Overview

We were incorporated in Nevada on November 3, 2017 under the name of Thenablers, Inc. (“Thenablers”) and initially operated as an international business development organization with a focus on design and execution of market strategies for our clients. In October 2019, Konstantinos Galanakis, our Chief Executive Officer, Stavros Galanakis, our Vice President/Chairman of the Board), Christodoulos Tzoutzakis, our Chief Operating/ Technology Officer) and Theodoros Chouliaras, our then Chief Financial Officer were appointed as our directors, and all of our then directors resigned (Panagiotis Lazaretos, Sotirios Foutsis and Theofylaktos Petros Oikonomou). Our management changes were adopted to promote, operate and expand our new business with management specific knowledge of crew management services to vessels around the world. At the time of the new director appointments. Thenablers issued to Konstantinos Galanakis, Stavros Galanakis, Aikaterini Galanaki and Theodoros Chouliaras an aggregate of 80,000,000 shares of newly designated “Series A Convertible Preferred Stock in exchange for an aggregate purchase price of $30,000 and the transfer of all of Elvictor Crew Management Ltd.’s business to the Company, including all existing crew management contracts, the transfer of which began in the fourth quarter of 2020 and concluded at the end of 2021. The 80,000,000 shares of Series A Convertible Preferred Stock, which voted with the Company’s common stock, on an as-converted basis, were converted into 395,220,000 shares of common stock issued to Messrs. Konstantinos Galanakis and Stavros Galanakis on April 8, 2021, pursuant to the terms of a Settlement Agreement that resulted in a change of control.

On November 5, 2019, Konstantinos Galanakis was appointed as our Chief Executive Officer and Stavros Galanakis as our Chairman. On December 13, 2019, by a shareholder consent vote, our name was changed from “Thenablers, Inc.” to “Elvictor Group, Inc.” with the Nevada Secretary of State. On February 27, 2020, upon receipt of FINRA’s approval, our trading symbol in the OTC Pink Open Market was changed to “ELVG.”

On August 8, 2020, we formed a wholly owned subsidiary in Vari, Greece, Elvictor Group Hellas Single Member SA., which provides us with back-office services and its crew management subsidiaries pertaining to human resources issues, agreements, tax and other accounting advice, and administrative support.

In September 2020, we began our business operations to provide crew management services to vessels around the world. In October 2021, we acquired 100% of the outstanding equity interests of Ultra Shipmanagement, Inc., a Marshall Islands company (“Ultra Shipmanagement”) owned by Messrs. Konstantinos Galanakis and Stavros Galanakis in return for our payment of $2,500, upon which Ultra Shipmanagement, Inc. became our wholly owned subsidiary to offer ship management services. On January 10, 2022, we formed a wholly owned subsidiary in Cyprus, ELVG Crew Management Limited, which provides crew management services.

On January 2022, we established our wholly owned subsidiary, ELVG Crew Management Ltd, incorporated in Cyprus, to facilitate our crew management operations.

We are a crewing and crew management company that sources, recruits, selects, deploys, schedules, trains, the on-going management of seafarers. Our services also include administrative functions related to crew management services, including payroll services, travel arrangements, and verification of insurance coverage information of all onboarded seafarers. We have the benefit of over 65 years of combined experience in various value-adding activities of the shipping sector such as ship management, technical management, ship agency, crewing and crew management of Stavros Galanakis and Konstantinos Galanakis.

We currently manage over 2,300 seafarers of ten different nationalities who are aboard seven different ship types.

1

Recent Developments

On November 15, 2021, and effective as of January 1, 2022, we entered into a Software License Agreement with Seatrix Software Production Single Member S.A., the Licensor. The license grants us an exclusive and non-transferable license to use the Licensor’s artificial intelligence software in connection with managing shipping crews. On January 19, 2022, we issued 7,000,000 Common Stock Restricted shares (the “License Shares”) to the Licensor as consideration for the license. Seatrix Software Production Single Member S.A. is a related party company fully owned and controlled by our CEO, Konstantinos Galanakis.

On January 19, 2022, we issued an aggregate of 900,000 shares of our Common Stock to certain directors and former directors for services previously provided to us.

On September 28, 2022, the Company notified its independent registered public accounting firm, BF Borgers CPA PC (“Borgers”), that we were dismissing Borgers as our independent auditors effective immediately, which decision was approved by our board of directors, acting in lieu of an audit committee. Concurrently with Borgers dismissal, our board of directors appointed RBSM LLP as our new independent registered public accounting firm effective September 28, 2022. Borgers’ s audit reports on our financial statements for the fiscal years ended December 31, 2020, and 2021 did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles. During the fiscal years ended December 31, 2020 and 2021 and through the September 28, 2022, there were (i) no disagreements between us and Borgers (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions to Item 304 of Regulation S-K) on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Borgers, would have caused Borgers to make reference to the subject matter of such disagreements in connection with its audit reports on our Company’s financial statements for such years, and (ii) no reportable events as that term is defined in Item 304(a)(1)(v) of Regulation S-K.

On October 26, 2022, we determined that it would be in our bests interests to pay on behalf of certain Board members and executive officers the applicable income taxes payable, related to the payment of their compensation for the year ended December 31, 2021. The Board approved the income tax payment of $29,676 on behalf of Konstantinos Galanakis, the CEO/Director $15,514 on behalf of Christodoulos Tzoutzakis, our Chief Operating Officer, and $7,783 on behalf of Stavros Galanakis, our Vice President and Chairman of the Board. We have accrued for these expenses in our Consolidated Statement of Operations under Salaries as of December 31, 2022.

On January 3, 2023, a majority of our outstanding shares of capital stock entitled to vote voted to remove Lampros Theodorou as our Director. Lampros Theodorou’s removal as our Director was not for cause or due to any disagreement with our Board of Directors or management or otherwise in connection with our operations, policies or practices. The effective date of the Lampros Theodorou removal was December 31, 2022.

On January 3, 2023, the Board removed Aikaterini (“Katerina”) Bokou as our Chief Financial Officer (“CFO”) and simultaneously appointed Kostantinos Galanakis as our CFO. Aikaterini Bokou’s removal as our CFO was not for cause and not the result of any disagreement with the Board or the management or otherwise in connection with our operations, policies or practices. Konstantinos Galanakis has been our Chief Executive Officer since November 5, 2019.

2

Our Services

Crewing and Crew Management Services

Crewing is a key ship management service and is defined as the selection, recruitment and training of the essential on-board crews. Crew managers source crew members for particular periods considering the specific needs on-board our clients’ vessels, the availability of crew members at the location of the vessels, and the vessels’ schedules.

We provide services that cover various types of crew management activities, including sourcing and preliminary screening of seafarers, the matching of crew members with ship owning companies, and submission of employment proposals. We also direct seafarers to health clinics, record in our databases the results of their medical examinations thereby helping verify that the seafarers are fit and ready to perform their assignments. We also maintain records of the travel and Standards of Training, Certification and Watchkeeping (“STCW”) documents which are required for the seafarers to board our clients’ vessels and perform their services thereon. This is a highly complex procedure, given the number of seafarers handled on a daily basis, and requires us to process and store sensitive information (such as, but not limited to, the health records of the seafarers). Because of this, we are obligated to comply with data privacy regulations in the United States, as well as the General Data Protection Regulation (“GDPR”) of the EU.

We brief the seafarers on the details of their new assignment to ensure their familiarization with their respective tasks, after which we make the necessary travel arrangements, including booking of tickets, to ensure that the seafarers reach their destination port and embark the vessel safely and in a timely manner. Upon completion of the assigned trip, each seafarer undergoes a disembarkation and briefing procedure, during which seafarers may submit complaints related to previous assignments, state whether they would like to rejoin the specific ship company for further assignments, request to be promoted and/or effectively communicate any other issues.

For each of the aforementioned services, we charge our clients a fee based on the salary of each seafarer, the seafarer’s rank, and the type of the vessel in which the seafarer is employed (i.e. bulker, tanker, liquefied petroleum gas tanker or container ship). Most of our revenues are recognized under long-term contracts, including those for which revenues are based on either a fixed price, or cost-plus-fee basis, and primarily as performance obligations are satisfied. Revenue from crew manning and management services where we act as a principle is recognized as gross revenue and when acting as an agent, revenue is recognized as net revenue in the accounting period in which the services are rendered.

Until the first quarter of 2022, we outsourced the provision of crewing and crew management services to Elvictor Crew Management Ltd, our related party based in Cyprus. In April 2022, we reduced the amount of crewing and crew management services that we outsource by providing such services directly through our subsidiaries. Our wholly owned subsidiary ELVG Crew Management Ltd, was formed in January of 2022 with the intent of providing such services through this subsidiary.

3

Ship Management Services

Ship management services include technical and financial fleet management, crew management and procurement process, as well as compliance with quality and safety standards, as follows:

● The technical management includes the maintenance of the machinery and repair work of the ship to ensure the technical availability of the vessel.

● Crew management is also a key ship management service and refers to the recruitment, composition and employment of the essential on-board crews. Ship managers hire crew members for particular periods considering the specific needs on-board, the availability of crew members at the location of the vessel and the vessel schedules.

● Financial management includes finance and accounting, provision of data and performance measurement of the vessel.

● Finally, ship managers provide spare parts, supplies and services to keep the vessel ready to sail, and also arrange compliance with regulations and quality standards, health, safety and environment standards, insurance and claims handling services.

We intend to expand our services by also providing ship management services. In furtherance of this plan, we acquired Ultra Shipmanagement from Stavros Galanakis and Konstantinos Galanakis, which has received its Det Norske Veritas AS approved Interim Document of Compliance provided under the authority granted by the Government of the Republic of the Marshall Islands, and we have also employed specialized personnel. The Interim Document of Compliance is the license required for a ship management company to start providing its services.

Competition

Many of our competitors have significantly greater financial and operational resources, longer operating histories, greater marketing and advertising capabilities, and broader geographic presence than we and our subsidiaries do. Our competitors may be better positioned to outmaneuver us in the market by offering more competitive pricing and by spending significantly greater advertising resources. on advertising. Our current and potential competitors may be able to expand into markets in which we and our subsidiaries currently operate, and we and our subsidiaries are vulnerable to the marketing power and potentially significantly higher level of customer brand recognition of our larger competitors. Many of our competitors offer services that are more extensive than the services we together with our subsidiaries currently offer and such competitors may offer such services at a price point that we may be unable to compete with.

Our competitors in ship and crew management can be separated into three broad categories:

(a)	Local manning companies focused on specific geographical markets situated in their countries of domicile (Ukraine, Sri Lanka, Philippines, etc.), which provide isolated services encompassing ship personnel.
(b)	In-house ship and crew management departments of ship owning companies that usually own a substantial number of vessels.
(c)	Crew & Ship management companies providing crew management services to third parties.

We believe that we can compete effectively with our competitors through:

(i) Our access to seafarer-supplying countries, through established relations with related or third-party companies;

(ii) Our smaller size and simpler internal structure can be more flexible to the specific requirements of each client and can offer a tailor-made approach both in the services and pricing allowing to present an attractive alternative solution to many larger ship owning companies;

(iii) Our crew management platform designed to allow our personnel to collaborate with different cultures in different time zones with ever rising complexities, presenting a uniform service level to our clients regardless of the point of origin of the crew; and

(iv) Our public status that provides transparency to our operations and financial performance covering our clients ESG (ESG stands for Environmental, Social and Governance or sustainability, which is about how a company’s products and services contribute to sustainable development) requirements.

As we grow our operations and venture into new products and solutions, we anticipate that competitive pressures will increase, particularly from established firms that find our solutions disruptive.

Government Regulation

We are subject to numerous laws and regulations in the United States, Europe and other jurisdictions in which we operate. The laws and regulations govern many issues related to our business practices, including, but not limited to those regarding privacy, data security, intellectual property, taxation, wage and hour, sick pay and leaves of absence, anti-discrimination and harassment, whistleblower protections. We are obligated to have compliance procedures in place and to remain diligent in keeping abreast of changes in labor regulations, maritime regulations, and other trade regulations that affect our customers in order to amend our procedures. Because we are performing cash transfers to and on behalf of the crew members, we need to comply with banking regulations that applies for EU, UN and OFAC sanctions as provided to us by the banks.

4

The General Data Protection Regulation (“GDPR”) that has been adopted by the European Union is considered in our operations and all required consents from the crew members are provided at the local offices on behalf of the Company for processing personal data.

As we begin to roll out additional services and solutions, we may find certain aspects of our operations fall under regulatory regimes governing the specific products or us, as a whole. For example, if we begin to provide ship management services, we may fall under certain shipping regulations.

Employees and Consultants

As of December 31, 2023, we had 20 full time employees, not including our Chief Executive Officer and our Chairman of the Board of Directors.

Item 1A. Risk Factors

As a “smaller reporting company” as defined by Item 10(f)(1) of Regulation S-K, the Company is not required to include the disclosure required under this Item 1A.

Item 1B. Unresolved Staff Comments

None.

Item 1C. Cybersecurity

Risk management and strategy

Our Company is committed to continuously assessing cybersecurity risks, including the prevention, detection, and response to unauthorized actions within our information systems that may compromise the confidentiality, integrity, or availability of our data or systems. We are using Layer 7 firewall solutions which monitor all kind of web traffic and any kind of data leaks which may occur as well as a centralized automatic antivirus/antimalware/patch system in order to make sure that all servers and clients hold the latest patches in order to avoid security breaches. The Company has developed its own internal cloud system to avoid dependence on external parties and its email server is hosted on this cloud system therefore is not relying to third party solutions that may have a negative impact on security and reliability of data. The Company’s data are stored daily on high quality magnetic tapes to ensure recovery in case of a serious malfunction. On a monthly basis, all the tapes are being transferred to a fireproof safe location and are replaced with new tapes.

As we grow, we plan to refine our cybersecurity strategy in line with global best practices and standards. Importantly, our Board receives regular updates from our Company’s Chief Operating & Technology Officer, Christodoulos Tzoutzakis, regarding potential cybersecurity risks and monitors these risks closely. All potential incidents, regardless of their materiality, are required to be reported immediately to the Board. To date, our proactive risk management has allowed us to navigate cybersecurity challenges without material impairment to our operations or financial condition.

Governance

Acknowledging the critical importance of cybersecurity, our management and Board are dedicated to maintaining the trust and confidence of our business partners and employees. This includes managing cybersecurity risks as an integral component of our overall risk management framework. While cybersecurity responsibility is shared across all employees, our Board plays a pivotal role in the oversight of our risk management processes, including cybersecurity threats. Our executive officers manage the day-to-day material risks we face, adopting a cross-functional approach to address cybersecurity risks by identifying, preventing, and mitigating cybersecurity threats and effectively responding to incidents when they occur. 

Item 2. Properties

Our principal business and corporate address is Vassileos Constantinou 79, Vari, 16672, Attiki, Greece, which is being provided to the Company through a lease agreement with Aikaterini Galanaki, our Chairman’s, Stavros Galanakis’ wife, at a monthly cost of €3,500).  The specific lease has been renewed for a period starting from 01/01/2023 until 12/31/2030. We consider our office space adequate for our current operations.

On October 1, 2021, the Company entered into a second lease agreement with the wife of Stavros Galanakis for its then new subsidiary in Vari, Greece for Ultra Ship Management. The term of the lease is from October 1, 2021, to December 31, 2024, with a fixed monthly rental of 1,000€.

Item 3. Legal Proceedings

Currently, we are not involved in any pending or threatened material litigation or other material legal proceedings, nor have we been made aware of any pending or threatened regulatory audits.

Item 4. Mine Safety Disclosures

Not applicable.

5

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Market Information

Our Common Stock is quoted on the Pink Open Market under the symbol “ELVG.” The following table sets forth the quarterly high and low daily close for our Common Stock for the two years ended December 31, 2023, and 2022. The bids reflect interdealer prices without adjustments for retail mark-ups, mark-downs or commissions and may not represent actual transactions. There is a limited market for our Common Stock.

	Price Range
	High		Low
Year ended December 31, 2022
First Quarter	$	0.0780	$	0.0250
Second Quarter	$	0.0700	$	0.0200
Third Quarter	$	0.0379	$	0.0180
Fourth Quarter	$	0.0500	$	0.0130
Year ended December 31, 2023
First Quarter	$	0.0730	$	0.0090
Second Quarter	$	0.0401	$	0.0190
Third Quarter	$	0.0360	$	0.0110
Fourth Quarter	$	0.0120	$	0.0090

The over-the-counter market does not impose listing standards or requirements, does not provide automatic trade executions and does not maintain relationships with quoted issuers. A company traded on the over-the-counter market may face loss of market makers and lack of readily available bid and ask prices for its stock and may experience a greater spread between the bid and ask price of its stock and a general loss of liquidity with its stock. In addition, certain investors have policies against purchasing or holding over the counter market. Both trading volume and the market value of our securities have been, and will continue to be, materially affected by the trading on the over-the-counter market.

Holders

As of December 31, 2023, we had 414,448,757 outstanding shares of Common Stock and 87 shareholders of record.

Dividend Policy

Holders of Common Stock are entitled to receive dividends as may be declared by the Company’s Board of Directors. Our Board of Directors is not restricted from paying any dividends but is not obligated to declare a dividend. We have never declared or paid any cash dividends, and we do not anticipate paying cash dividends on the Common Stock at any time in the foreseeable future. Our Board of Directors currently plans to retain earnings for the development and expansion of our business. Any future determination as to the payment of dividends will be at the discretion of our Board of Directors and will depend on a number of factors including future earnings, capital requirements, financial conditions and such other factors as the Board of Directors may deems relevant.

Securities Authorized for Issuance under Equity Compensation Plans

The Company has not adopted an equity compensation plan.

6

Recent Sales of Unregistered Securities

We did not issue any securities in unregistered transactions during the fiscal year covered by this report that have not been previously reported in a Form 10-Q or Form 8-K.

Repurchases of Equity Securities

We did not repurchase any equity securities during the year ended December 31, 2023.

Item 6. [Reserved].

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the notes thereto, which are included in “Item 8. Consolidated Financial Statements and Supplementary Data” of this Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those set forth under “Forward-Looking Statements,” above.

Organizational Overview

Together with our wholly owned crew management subsidiaries, we are a crewing and crew management company responsible for sourcing, recruitment, selection, deployment, scheduling, training, and on-going management of seafarers. Our services also include administrative functions related to crew management services, including payroll services, travel arrangements, and verifying the insurance coverage information of all onboarded seafarers. We benefit from over 65 years of the combined experience of Stavros Galanakis and. Konstantinos Galanakis in various value adding activities of the shipping sector such as ship management, technical management, ship agency, crewing and crew management.

Through the crew management platform developed by our affiliate, Seatrix, our personnel can collaborate with many different cultures in many different time zones with ever rising complexities, presenting a uniform service level to our principals, regardless of the point of origin of the crew. This innovation allows us to hire junior operators, who after a short training procedure are able to serve our principals with high quality standards, helping Elvictor be cost effective while maintaining the highest possible service level.

We currently manage over 2,300 seafarers of ten different nationalities who are aboard seven different ship types.

We expanded our services by providing ship management services when we acquired Ultra Shipmanagement from Stavros Galanakis and Konstantinos Galanakis for that purpose, which has received its Det Norske Veritas AS approved Interim Document of Compliance provided under the authority granted by the Government of the Republic of the Marshall Islands, and we have also employed specialized personnel. The Interim Document of Compliance is the license required for a ship management company to start providing its services.

Results of Operations

Critical Accounting Policies and Estimates

Our significant accounting policies are more fully described in the notes to our consolidated financial statements. Those material accounting estimates that we believe are the most critical to an investor’s understanding of our financial results and condition are discussed immediately below and are particularly important to the portrayal of our financial position and results of operations and require the application of significant judgment by our management to determine the appropriate assumptions to be used in the determination of certain estimates.

7

Basis of Presentation

The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars, unless indicated otherwise.

The accompanying consolidated notes reflect the application of certain significant accounting policies as described below and elsewhere in these notes to the consolidated financial statements.

Principles of Consolidation

The consolidated financial statements incorporate the assets and liabilities of all entities controlled by Elvictor Group, Inc as of December 31, 2023, and the results of the controlled subsidiaries in Vari Greece, the Marshall Islands and Cyprus for the year then ended. Elvictor Group, Inc and its subsidiaries together are referred to in this financial report as the consolidated entity. The effects of all transactions between entities in the consolidated entity are eliminated in full. The consolidated financial statements of subsidiaries are prepared for the same reporting period as the parent entity, using consistent accounting policies.

Accounting Basis

The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“US GAAP”). The Company has adopted a December 31 fiscal year end.

Use of Estimates

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.

Cash and Cash Equivalents

The company considers all cash on hand and in banks, certificates of deposit and other highly liquid investments with maturities of a year or less, when purchased, to be cash and cash equivalents.

Accounts Receivable and Allowance for Doubtful Accounts

For the year ended December 31, 2023, the Company has operations of crew manning and management and has accounts receivable due from its customers in the shipping industry. Contracts receivable from crew manning in the shipping industry are based on contracted prices. The Company provides an allowance for doubtful collections, which is based upon a review of outstanding receivables, historical collection information, individual credit evaluation and specific circumstances of the customer, and existing economic conditions. The Company does not have an allowance for doubtful accounts as of December 31, 2023. Normal contracts receivable is due 30 days after the issuance of the invoice, normally at the month’s end. Receivables past due more than 120 days are considered delinquent and they are included in the provision for doubtful account. There is no interest charged on past due accounts.

Property and Equipment

Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The office equipment is depreciated over 3 years.

Intangible Assets

Intangible assets acquired are initially recognized at their fair value on the acquisition date. Subsequent to initial recognition, intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, if any. These assets are being amortized over their useful life of five years.

Fair Value of Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these consolidated financial statements.

Income Taxes

Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.

8

Revenue Recognition

The Company recognizes revenue in accordance with FASB ASC 606 upon the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue recognized from contracts with customers is disclosed separately from other sources of revenue. ASC 606 includes guidance on when revenue should be recognized on a Gross (Principal) or Net (Agent) basis.

Most of the Company’s revenues are recognized primarily under long-term contracts, including those for which revenues are based on either a fixed price, or cost-plus-fee basis, and primarily as performance obligations are satisfied. Professional services and other ancillary services are delivered, generally on a monthly basis and are separate and distinct deliverables. The Company’s performance obligation is generally satisfied on a monthly basis when its agency and related services are delivered.

The Company has the performance obligation to provide a crew for its customers, the shipping companies, and their ship managers. The Company utilizes its proprietary crew management platform to deliver crew management services to the ship owners. This crew management service is a monthly obligation that starts with the first stage of recruitment, to their transfer of crew to the vessel and continues to monitor the crew during the course of the contract until they disembark.

Revenue from crew manning services, agency fees and recruiting fees where Elvictor acts as a principal is recognized as gross revenue. When the company is acting as an agent, revenue is recognized as net revenue in the accounting period in which the services are rendered. Such revenues are from Allotment fees, communication, training fees, covid-19 fees, and other sundry fees. For all fixed-price contracts, revenue is recognized based on the actual service provided to the end of the reporting period. The accounting treatment for the reporting of revenues may vary materially between whether the revenue is reported on a Principal (Gross) or an Agent (Net) basis.

Stock-Based Compensation

The measurement and recognition of stock - based compensation expense is based on estimated fair values for all share-based awards made to employees and directors, including stock options and for non-employee equity transactions as per ASC 718 rules.

For transactions in which we obtain certain services of employees, directors, and consultants in exchange for an award of equity instruments, we measure the cost of the services based on the grant date fair value of the award. We recognize the cost over the vesting period.

Basic Loss Per Share

Basic loss per share is calculated by dividing the Company’s net income/(loss) applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of December 31, 2023.

Recent Accounting Pronouncements

From time to time, the Financial Accounting Standards Board (the “FASB”) or other standards setting bodies issue new accounting pronouncements. The FASB issues updates to new accounting pronouncements through the issuance of an Accounting Standards Update (“ASU”). Unless otherwise discussed, the Company believes that the impact of recently issued guidance, whether adopted or to be adopted in the future, is not expected to have a material impact on the Company’s consolidated financial statements upon adoption. 

9

Foreign Currency Translation

The Company considers the U.S. dollar to be its functional currency as it is the currency of the primary economic environment in which the Company operates. Accordingly, monetary assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect at the balance sheet date and non-monetary assets and liabilities are translated at the exchange rates in effect at the time of acquisition or issue. Revenues and expenses are translated at rates approximating the exchange rates in effect at the time of the transactions. All exchange gains and losses are included in operations.

Subsequent Events

The Company has analyzed the transactions from December 31, 2023, to the date these consolidated financial statements were issued for subsequent event disclosure purposes.

Plan of Operations

In order to meet business goals, we must (a) execute effectively our current business of crew management; and (b) continue to focus on new business development in order to acquire new agreements.

In order to raise sufficient funds to proceed with the implementation of our business plan, we may have to find alternative sources of funds, like a second public offering, a private placement of securities, or loans from third parties (such as banks or other institutional lenders). Equity financing could result in additional dilution of the existing shareholders. If we are unable to meet our needs for cash from either the money that we raise from private placements, or possible alternative sources, then we may be unable to continue to maintain, develop or expand our operations.

Results of Operations

Revenues and Cost of Revenues

For the years ended December 31, 2023, and December 31, 2022, we generated $2,361,793 and $2,475,660 in revenues, respectively, representing a decrease in revenue of $113,867, or 4.6% which is mainly attributable to the decrease in crew management services provided by the Company.

For the years ended December 31, 2023, and December 31, 2022, we incurred $493,436 and $499,607 in costs of revenues, respectively, representing a decrease in revenue of $6,171, or 1.2% which is mainly attributable to the decrease in crew management services provided by the Company.

Operating Expenses

For the years ended December 31, 2023 and December 31, 2022, we incurred $2,143,175 and $2,300,442 in operating expenses, respectively, representing a decrease in operating expenses between the two years of $157,267, or 6.8%. The decrease in operating expenses in 2023 is due to the decreased professional fees further to a number of cost restructuring initiatives implemented by the company. For the year ended December 31, 2023, salaries totaled $1,524,442, as compared to $1,316,905 for the year ended December 31, 2022, an increase of $207,537, or 15.8%.

Net Loss

For the years ended December 31, 2023 and December 31, 2022, we incurred a net loss of $222,727 and $238,858, respectively, representing a decrease in the net loss of $16,131 between the two periods, or 6.8%.   

10

Liquidity, Capital Resources, and Off-Balance Sheet Arrangements

Liquidity is the ability of an enterprise to generate adequate amounts of cash to meet its needs for cash requirements. We had a working capital surplus during the year ended December 31, 2023 of $42,454 compared to a surplus of $253,118 for the year ended December 31, 2022, which is calculated as current assets minus current liabilities.

Cash flows for the year ended December 31, 2023

Net cash flow provided by operating activities was $206,181 for the year ended December 31, 2023, compared to cash flow of $210,365 used in operating activities during the year ended December 31, 2022.

Net cash flow used in investing activities was $10,816, for the purchase of office equipment and software, and $14,911 for the years ended December 31, 2023, and December 31, 2022, respectively.

Net cash provided by financing activities was Nil for the years ended December 31, 2023, and December 31, 2022.

Cash Requirements

We require additional capital to implement our business development and fund our operations.

Since the inception of our crew management business, we have funded our operations primarily through equity financings and we expect that we will continue to fund our business through the equity and debt financing, either alone or through strategic alliances. Additional funding may not be available on favorable terms, if at all, which could harm our business plans, financial condition and operating results. We intend to continue to fund our business by way of equity or debt financing along with the revenues that can support the Company. If we raise additional capital through the issuance of equity or convertible debt securities, the percentage ownership of our company held by existing shareholders will be reduced and those shareholders may experience significant dilution. In addition, new securities may contain certain rights, preferences or privileges that are senior to those of our common stock.

Cost Savings Measures

During 2023, the Company has undergone material cost saving efforts to improve its potential profitability and increase its cash flow. For example, the Company’s professional fees have decreased from $677,420 for the year ended December 31, 2022, to $337,547 for the year ended December 31, 2023, representing a decrease of 50.2%.

The Company’s payroll is a material expense, which we focused on during the last two financial quarters of the year ended December 31, 2023. Recent improvements in payroll management include: (a) the payroll cost for Ultra Ship Management has been reduced to zero since its personnel responsibilities have been seamlessly incorporated into Elvictor Group Hellas, resulting in a saving on an annual basis of approximately $145,000, factoring in the extra two annual salaries in Greece; (b) the payroll for Elvictor Group Hellas has been reduced by 28.7%, from $90,417 in June, 2023, to $64,502 in December, 2023, leading to estimated savings on annual basis of approximately $362,810 as adjusted for 14 salaries per year.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to our stockholders.

Contractual Obligations

As of January 1, 2024, our obligations and commitments to make future payments under a lease agreement that the Company pays on behalf of its subsidiaries, Elvictor Group Hellas and Ultra Shipmanagement, is $334,482 with $56,299 payable for the year of 2024, and $278,183 payable during the following years until 2030.

Outlook

The shipping industry and especially the crew management segments will likely continue to face increasing pressures, further due to the ongoing COVID-19 crisis, as well as due to the conflict in Ukraine and the crisis in Red Sea. According to the International Chamber of Shipping (the “ICS”), which represents approximately 80% of the worlds’ merchant fleet, Ukrainian and Russian seafarers make up 14.5% of the global shipping workforce, with 198,123 Russian seafarers and 76,442 Ukrainians.

11

In connection with shipping industry pressures, ICS secretary general Guy Platten said: “The conflict in Ukraine is having a significant impact upon the safety and security of seafarers and shipping in the area. As with COVID, seafarers are being exposed to issues not of their making. Multiple ships have been hit by munitions, seafarers have been killed and injured and seafarers of all nationalities are trapped on ships berthed in ports. It is of the utmost urgency that their evacuation from these areas of threat should be ensured by those States with the power to do so. The impact upon innocent seafarers and their families cannot be underestimated.”

Our management team is assessing alternative plans to mitigate potential challenges arising from the ongoing war in the Ukraine, among other things.

The demand for our services depends on the demand for maritime shipping services which are subject to normal economic cycles affecting the general economy including the effect of increased inflation. Inflationary pressures may result in material increases to our operating costs that we may not be able to fully transfer to our clients thus affecting our potential profitability. Additionally, increase in operating costs of our clients may lead to delays in payments for our services and accumulation of bad debt, although we closely monitor their credit behavior to avoid such incidents. Additionally, significant deteriorations of economic conditions over a prolonged period could produce a material adverse effect on the demand for our services.

Item 7A. Quantitative and Qualitative Disclosures about Market Risk

As a “smaller reporting company” as defined by Item 10(f)(1) of Regulation S-K, the Company is not required to provide the information required by this Item 7A.

12

Item 8. Financial Statements and Supplementary Data

ELVICTOR GROUP, INC.

TABLE OF CONTENTS – CONSOLIDATED FINANCIAL STATEMENTS

	Page
Report of Independent Registered Public Accounting Firm (RBSM PCAOB ID #587)	F-2
Consolidated Balance Sheets as of December 31, 2023, and December 31, 2022	F-3
Consolidated Statements of Operations for the years ended December 31, 2023, and December 31, 2022	F-4
Consolidated Statements of Cash Flows for the years ended December 31, 2023, and December 31, 2022	F-5
Statements of Changes in Shareholder’s Equity for the years ended December 31, 2023, and December 31, 2022	F-6
Notes to the Consolidated Financial Statements	F-7

F-1

  New York Office:
805 Third Avenue
New York, NY 10022
212.838-5100
www.rbsmllp.com

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and
Stockholders of Elvictor Group, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Elvictor Group, Inc. (the Company) as of December 31, 2023 and 2022, and the related consolidated statements of operations, consolidated statements cash flows, and statements of the changes in stockholders’ equity, for the year then ended, and the related notes (collectively referred to as the financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the result of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

We determined that there are no critical audit matters.

/s/ RBSM LLP

We have served as the Company’s auditor since 2022.

New York, NY

April 1, 2024

PCAOB ID: 587 

New York, NY Washington DC Mumbai & Pune, India Boca Raton, FL

San Francisco, CA Las Vegas, NV Beijing, China Athens, Greece

Member: ANTEA International with affiliated offices worldwide

F-2

ELVICTOR GROUP, INC

Consolidated Balance Sheets

	December 31, 2023 Audited			December 31, 2022 Audited
ASSETS
Current Assets
Cash	$	699,346		$	503,981
Accounts Receivable		369,904			330,864
Other Receivables		37,857			7,194
Other Receivables - Related Party		418,904			369,800
Prepaid expenses and other current assets		138,482			58,628
Total Current Assets		1,664,493			1,270,467
Non-current Assets
ROU Asset - Related Party		278,718			21,653
Intangible Assets, Net		130,266			168,000
Office Equipment, net		14,358			19,211
Total Non-current Assets		423,342			208,864
Total Assets	$	2,087,835		$	1,479,331
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts Payable	$	32,312		$	34,336
Trade Accounts Payable		152,461			310,892
Trade Accounts Payable - Related Parties		194,481			56,434
Other Payables		861,878			485,675
Lease Liability - Current - Related Parties		42,786			12,262
Accrued and Other Liabilities		247,926			68,759
Due to related party		90,195			48,991
Total Current Liabilities		1,622,039			1,017,349
Long-term Liabilities
Lease Liability - Non-Current - Related Parties		235,932			9,391
Total Long-term Liabilities		235,932			9,391
Total Liabilities		1,857,971			1,026,740
Stockholders’ Equity
Common stock, par value $0.0001; 700,000,000 common shares authorized; 414,448,757 common shares issued and outstanding both at December 31, 2023 and December 31, 2022		41,445			41,445
Additional paid in capital		45,050,884			45,050,884
Accumulated deficit		(44,862,465	)		(44,639,738	)
Total Stockholders’ Equity		229,864			452,591
Total Liabilities and Stockholders’ Equity	$	2,087,835		$	1,479,331

The accompanying notes are an integral part of these consolidated financial statements.

F-3

ELVICTOR GROUP, INC

Consolidated Statements of Operations

	For the Year Ended			For the Year Ended
	December 31, 2023			December 31, 2022
	Audited			Audited
Gross Revenue	$	1,841,180		$	2,045,558
Net Revenue		520,613			430,102
Total Revenue		2,361,793			2,475,660
Less: Cost of Revenue		423,616			399,717
Cost of Revenue - Related Party		69,820			99,890
Total Cost of Revenue		493,436			499,607
Gross Profit		1,868,357			1,976,053
Operating expenses
Professional fees		275,103			540,416
Professional fees - Related Party		62,444			137,004
Salaries		1,524,442			1,316,906
Rent -Related Party		58,428			56,931
Bad Debt Expense		3,113			17,070
Depreciation and Amortization		53,404			48,319
Other general and administrative costs		166,241			183,796
Total operating expenses		2,143,175			2,300,442
Loss from operations		(274,818	)		(324,389	)
Foreign Currency Translation Adjustment		(6,128	)		9,101
Other Income		90,125			117,642
Total other income		83,997			126,743
Net Loss before income tax	$	(190,821	)	$	(197,646	)
Provision for income taxes		31,906			41,212
Net Loss	$	(222,727	)	$	(238,858	)
Net Loss Per Common Stock - basic and fully diluted	$	(0.00	)	$	(0.00	)
Weighted-average number of shares of common stock outstanding - basic and fully diluted		414,448,757			414,059,168

The accompanying notes are an integral part of these consolidated financial statements.

F-4

ELVICTOR GROUP, INC

Consolidated Statements of Cash Flows

	For the Year Ended			For the Year Ended
	December 31, 2023			December 31, 2022
	Audited			Audited
Cash Flows from Operating Activities
Net loss	$	(222,727	)	$	(238,858	)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation		10,292			6,319
Amortization		43,112			42,000
Amortization of ROU Asset		34,402			-
Shares Issued for Services		-			38,700
Changes in assets and liabilities
Accounts Receivable		(39,040	)		96,618
Other Receivables		(30,663	)		52,436
Other Receivables - Related Party		(49,104	)		(208,069	)
Prepaid expenses and other current assets		(79,854	)		(56,159	)
Accounts Payable		(2,024	)		(43,986	)
Trade Accounts Payable		(158,430	)		222,639
Trade Accounts Payable - Related Party		138,047			(27,789	)
Other Payables		376,203			279,475
Accrued and Other Liabilities		179,165			38,146
Lease Liability		(34,402	)		-
Due to related party		41,204			8,894
Net cash provided by operating activities		206,181			210,365
Cash Flows from Investing Activities
Office Equipment		(5,438	)		(14,911	)
Software		(5,378	)		-
Net cash used in investing activities		(10,816	)		(14,911	)
Net Increase in Cash		195,365			195,455
Cash at beginning of year		503,981			308,526
Cash at end of year	$	699,346		$	503,981
Supplemental Cash Flow Information:
Cash paid for:
Income Taxes	$	-		$	10,217
Supplemental Non-Cash Investing and Financing Transactions
Shares exchanged for Intangible Asset	$	-		$	210,000
Right-of-use assets obtained in exchange for operating lease obligations	$	291,467		$	-

The accompanying notes are an integral part of these consolidated financial statements.

F-5

ELVICTOR GROUP, INC

Statements of the Changes in Stockholders’ Equity

	Year Ended December 31, 2023
	Common Stock				Preferred Stock				Additional Paid-in		Accumulated			Total Stockholders’
	Shares		Amount		Shares		Amount		Capital		Deficit			Equity
Balance, January 1, 2023		414,448,757	$	41,445		-	$	-	$	45,050,884	$	(44,639,738	)	$	452,591
Net Loss		-		-		-		-		-		(8,410	)		(8,410	)
Balance, March 31, 2023		414,448,757		41,445		-		-		45,050,884		(44,648,148	)		444,181
Net Loss		-		-		-		-		-		(126,266	)		(126,266	)
Balance, June 30, 2023		414,448,757		41,445		-		-		45,050,884		(44,774,414	)		317,915
Net Loss		-		-		-		-		-		(54,547	)		(54,547	)
Balance, September 30, 2023		414,448,757		41,445		-		-		45,050,884		(44,828,961	)		263,368
Net Loss		-		-		-		-		-		(33,503	)		(33,503	)
Balance, December 31, 2023		414,448,757	$	41,445		-	$	-	$	45,050,884	$	(44,862,465	)	$	229,864

	Year Ended December 31, 2022
	Common Stock				Preferred Stock				Additional Paid-in			Accumulated			Total Stockholders’
	Shares		Amount		Shares		Amount		Capital			Deficit			Equity
Balance, January 1, 2022		406,548,757	$	40,655		-	$	-	$	44,802,974		$	(44,400,880	)	$	442,749
Shares issued for services		900,000		90		-		-		38,610			-			38,700
Shares exchanged for Intangible Asset		7,000,000		700		-		-		300,300			-			301,000
Net Loss		-		-		-		-		-			(465	)		(465	)
Balance, March 31, 2022		414,448,757		41,445		-		-		45,141,884			(44,401,346	)		781,984
Net Profit		-		-		-		-		-			10,810			10,810
Balance, June 30, 2022		414,448,757		41,445		-		-		45,141,884			(44,390,535	)		792,794
Net Profit		-		-		-		-		-			(54,273	)		(54,273	)
Balance, September 30, 2022		414,448,757		41,445		-		-		45,141,884			(44,444,808	)		738,521
Shares exchanged for Intangible Asset										(91,000	)					(91,000	)
Net Profit		-		-		-		-		-			(194,930	)		(194,930	)
Balance, December 31, 2022		414,448,757	$	41,445		-	$	-	$	45,050,884		$	(44,639,738	)	$	452,591

The accompanying notes are an integral part of these consolidated financial statements.

F-6

ELVICTOR GROUP, INC

Notes to the Consolidated Financial Statements

NOTE 1 – DESCRIPTION OF BUSINESS

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 & 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.

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”.

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”.

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.

On January 2022, the Company established the fully owned subsidiary ELVG Crew Management Ltd, incorporated in Cyprus, to facilitate its crew management operations.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING AND BENEFICIAL CONVERSION FEATURES POLICIES

Basis of Presentation

The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars, unless indicated otherwise.

The accompanying consolidated notes reflect the application of certain significant accounting policies as described below and elsewhere in these notes to the consolidated financial statements.

Principles of Consolidation

The consolidated financial statements incorporate the assets and liabilities of all entities controlled by Elvictor Group, Inc as of December 31, 2023, and the results of the controlled subsidiaries in Vari Greece, the Marshall Islands and Cyprus for the year then ended. Elvictor Group, Inc and its subsidiaries together are referred to in this financial report as the consolidated entity. The effects of all transactions between entities in the consolidated entity are eliminated in full. The consolidated financial statements of subsidiaries are prepared for the same reporting period as the parent entity, using consistent accounting policies.

Accounting Basis

The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“US GAAP”). The Company has adopted a December 31 fiscal year end.

F-7

Use of Estimates

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.

Cash and Cash Equivalents

The company considers all cash on hand and in banks, certificates of deposit and other highly liquid investments with maturities of a year or less, when purchased, to be cash and cash equivalents.

Accounts Receivable and Allowance for Doubtful Accounts

For the year ended December 31, 2023, the Company has operations of crew manning and management and has accounts receivable due from its customers in the shipping industry. Contracts receivable from crew manning in the shipping industry are based on contracted prices. The Company provides an allowance for doubtful collections, which is based upon a review of outstanding receivables, historical collection information, individual credit evaluation and specific circumstances of the customer, and existing economic conditions. The Company does not have an allowance for doubtful accounts as of December 31, 2023. Normal contracts receivable is due 30 days after the issuance of the invoice, normally at the month’s end. Receivables past due more than 120 days are considered delinquent and they are included in the provision for doubtful account. There is no interest charged on past due accounts.

Property and Equipment

Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The office equipment is depreciated over 3 years.

Intangible Assets

Intangible assets acquired are initially recognized at their fair value on the acquisition date. Subsequent to initial recognition, intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, if any. These assets are being amortized over their useful life of five years.

Fair Value of Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these consolidated financial statements.

Income Taxes

Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.

Revenue Recognition

The Company recognizes revenue in accordance with FASB ASC 606 upon the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue recognized from contracts with customers is disclosed separately from other sources of revenue. ASC 606 includes guidance on when revenue should be recognized on a Gross (Principal) or Net (Agent) basis.

Most of the Company’s revenues are recognized primarily under long-term contracts, including those for which revenues are based on either a fixed price, or cost-plus-fee basis, and primarily as performance obligations are satisfied. Professional services and other ancillary services are delivered, generally on a monthly basis and are separate and distinct deliverables. The Company’s performance obligation is generally satisfied on a monthly basis when its agency and related services are delivered.

The Company has the performance obligation to provide a crew for its customers, the shipping companies, and their ship managers. The Company utilizes its proprietary crew management platform to deliver crew management services to the ship owners. This crew management service is a monthly obligation that starts with the first stage of recruitment, to their transfer of crew to the vessel and continues to monitor the crew during the course of the contract until they disembark.

F-8

Revenue from crew manning services, agency fees and recruiting fees where Elvictor acts as a principal is recognized as gross revenue. When the company is acting as an agent, revenue is recognized as net revenue in the accounting period in which the services are rendered. Such revenues are from Allotment fees, communication, training fees, covid-19 fees, and other sundry fees. For all fixed-price contracts, revenue is recognized based on the actual service provided to the end of the reporting period. The accounting treatment for the reporting of revenues may vary materially between whether the revenue is reported on a Principal (Gross) or an Agent (Net) basis.

Stock-Based Compensation

The measurement and recognition of stock - based compensation expense is based on estimated fair values for all share-based awards made to employees and directors, including stock options and for non-employee equity transactions as per ASC 718 rules.

For transactions in which we obtain certain services of employees, directors, and consultants in exchange for an award of equity instruments, we measure the cost of the services based on the grant date fair value of the award. We recognize the cost over the vesting period.

Basic loss Per Share

Basic loss per share is calculated by dividing the Company’s net income/(loss) applicable to common stockholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of December 31, 2023.

Recent Accounting Pronouncements

From time to time, the Financial Accounting Standards Board (the “FASB”) or other standards setting bodies issue new accounting pronouncements. The FASB issues updates to new accounting pronouncements through the issuance of an Accounting Standards Update (“ASU”). Unless otherwise discussed, the Company believes that the impact of recently issued guidance, whether adopted or to be adopted in the future, is not expected to have a material impact on the Company’s consolidated financial statements upon adoption.

Foreign Currency Translation

The Company considers the U.S. dollar to be its functional currency as it is the currency of the primary economic environment in which the Company operates. Accordingly, monetary assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect at the balance sheet date and non-monetary assets and liabilities are translated at the exchange rates in effect at the time of acquisition or issue. Revenues and expenses are translated at rates approximating the exchange rates in effect at the time of the transactions. All exchange gains and losses are included in operations.

Subsequent Events

The Company has analyzed the transactions from December 31, 2023, to the date these consolidated financial statements were issued for subsequent event disclosure purposes.

NOTE 3 – RECEIVABLES

Trade receivables are amounts due from customers for services performed in the ordinary course of business.

Other receivables are mainly for the payments of items such as Home Allotments and Cash Advances to the crews where the Company collects funds from the shipping companies and then facilitates the payments to the crew on their behalf.

As of December 31, 2023, the Company has trade Accounts Receivable of $369,904, Other Receivables of $37,857 and Other Receivables from Related Parties of $418,904 compared to Accounts Receivable of $330,864, Other Receivables of $7,194 and Other Receivables from Related Parties of $369,800 for the year ended December 31, 2022.

F-9

NOTE 4 – INTANGIBLE ASSETS

As of December 31, 2023, and 2022, Intangible assets consisted of the following:

	Useful life	December 31, 2023			December 31, 2022
At cost:
Software platform	5 years	$	210,000		$	210,000
Software programs	3 years		5,378			-
Less: accumulated amortization			(85,112	)		(42,000	)
		$	130,266		$	168,000

On November 15, 2021, the Company entered into a subscription agreement with Seatrix Software Production Single Member S.A, a related party company, to issue 7,000,000 restricted common stock shares for the purchase of license software, equal to the aggregate of $210,000 at the stated value of $0.03 per share. Under this agreement Seatrix grants the Company an exclusive and non-transferable license to use their artificial intelligence software managing shipping crews. The term of this agreement began on January 1, 2022.

The value of each common share was stated at $0.030, the FMV that the shares were trading as of January 3, 2022. The total value of $210,000 was amortized over its useful life of 5 years and the amortization began on January 1, 2022. Intangible assets are measured initially at cost. After initial recognition, an entity usually measures an intangible asset at cost less accumulated amortization.

Additionally, during 2023 the company proceeded to acquisitions of software programs with a total cost of $5,378.

Amortization of intangible assets attributable to future periods is as follows:

Schedule of Amortization of intangible assets

Year ending December 31:	Amount
2024	$	43,930
2025		43,807
2026		42,529
	$	130,266

The amortization of Intangible assets was $43,112 and $42,000 as of December 31, 2023, and December 31, 2022, respectively.

F-10

NOTE 5 – RELATED PARTY TRANSACTIONS

The Company has related party transactions with companies that are owned or controlled by either Stavros Galanakis, the Vice-President and Chairman of the Board of Directors, and Konstantinos Galanakis, the CEO and Director.

The Company entered into an agreement in October 2020 with related party Elvictor Crew Management Services Ltd in Cyprus to provide human resources services as well as to perform the running and management of the Company’s contracts with third parties and provide key personnel for these services. However, this agreement has been terminated in the first quarter of 2022 since the formation of the new wholly owned Cypriot subsidiary. A total amount of $0 has been expensed for the related party Elvictor Crew Management Services Ltd as of December 31, 2023, for the cost of services sold, included in the Cost of Revenue- Related Party. As of December 31, 2023, the Company has other receivables - related party of $418,904 from Elvictor Crew Management Ltd Cyprus compared to $369,800 as of December 31, 2022.

On September 11, 2020, the Company entered into a Manning Agency Agreement with Elvictor Crew Management Service Ltd in Georgia. During the year ended December 31, 2023, the latter provided manning services to the Company of $239,999, included in the Cost of Revenue – Related Party and Net Revenue, while as of December 31, 2023, the Company had a liability of $112,801 compared to a liability of $42,289 as of December 31, 2022.

On September 1, 2020, the Company signed an agreement with Qualship Georgia Ltd for the latter to provide training of the qualified personnel. For the year ended December 31, 2023, we incurred $142,226 in Cost of Goods Sold that offset Net Revenue, and the amount due to Qualship Georgia Ltd as of December 31, 2023, was $81,680 included under Trade Accounts Payable – Related Party compared to an amount due equal to $13,575 as of December 31,2022.

On September 11, 2020, the Company entered into a Manning Agency Agreement with Elvictor Odessa. During the year ended December 31, 2023, the latter provided manning services to the Company of $19,240, included in the Cost of Revenue – Related Party and Net Revenue, and amount due to Elvictor Odessa as of December 31, 2023, was $0 included under Trade Accounts Payable – Related Party compared to an amount due equal to $30 as of December 31, 2022.

As disclosed in Note 4 above, the company entered into an agreement with Seatrix Software Production Single Member S.A. to provided software development services. For the year ended December 31, 2023, the company has a balance of $0 due which was equal to the $0 balance due as of December 31, 2022.

NOTE 6 – LEASES

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€.

Then on October 1, 2021, the Company entered into a second lease agreement with the wife of Mr. Stavros Galanakis for its new subsidiary in Vari, Greece for Ultra Ship Management. The term of the lease is from October 1, 2021, to December 31, 2024, with a fixed monthly rental of 1,000€.

In January 2023, the Company renewed the office lease for its subsidiary in Vari, Greece. The Company accounted for its new lease as an operating lease under the guidance of Topic 872. The new lease is 3,500€ per month, with no annual increase during the 8-year term. The Company used an incremental borrowing rate of 4.92% based on the average interest rate of corporate loans in Greece from the Bank of Greece. At the lease inception the company recorded a Right of Use Asset of $291,467 and a corresponding Lease Liability of $291,467.

F-11

Total future minimum payments required under the lease agreements are as follows:

	ELVG Hellas			Ultra Mgmt			Total
	Amount						Amount
2024	$	46,364		$	9,935		$	56,299
2025		46,364						46,364
2026		46,364						46,364
2027		46,364						46,364
Thereafter		139,091						139,091
Total undiscounted minimum future lease payments		324,547			9,935			334,482
Less Imputed interest		(55,489	)		(275	)		(55,764	)
Present value of operating lease liabilities	$	269,058		$	9,660		$	278,718
Disclosed as:
Current portion		32,136			9,660			42,786
Non-current portion		235,932			-			235,932

The Company recorded rent expense of $58,428 and $56,931 for the year ended December 31, 2023, and 2022, respectively.

NOTE 7 – OTHER PAYABLES

As part of one of the services in the manning of a crew provided by the Company to the shipping companies is the Company making bank transfers of the wages to the crew, on the customer’s behalf. The shipping companies transfer the funds to the Company’s bank account and then the Company makes each payment to indicated crew. In its capacity, the Company will show the balance of the funds received and not yet transferred to the crew as Other Payables on the Balance Sheet. The amount of Other Payables was $861,878 as of December 31, 2023 compared to $485,675 as of December 31, 2022.

NOTE 8 – STOCKHOLDERS’ EQUITY

Issuance of Common Stock

The Company has 700,000,000, ($0.0001 par value) authorized shares of common stock. On December 31, 2023, and December 31, 2022, there were 414,448,757 and 414,448,757 common shares issued and outstanding, respectively.

On July 7, 2020 the Company entered into a Settlement Agreement and Release with the holders of the Series A Preferred Stock, Konstantinos Galanakis and Stavros Galanakis, having 46,702,857 and 33,297,143 shares each, respectively (the “Preferred Holders”), whereby the Preferred Holders agreed to cancel all shares of Series A Preferred in exchange for 95% of the common stock held as an aggregate of the holdings of the founding shareholders plus the shares to be issued to the Preferred Holders the earliest of a) the Company showing pro forma 12 month revenues in excess of $3,000,000; b) the successful raising of funds through equity or debt in excess of $10,000,000; or 9 months from the date of execution (the “Settlement Agreement”). The Settlement Agreement is further conditioned upon the execution of a non-compete agreement between the Company and the Preferred Holders preventing them from competing in crew and ship management. In conjunction therewith, on April 8, 2021, the Company issued 375,459,000 common stock shares to the holders of the Series A Preferred Stock pursuant to the July 7, 2020 Settlement Agreement, and further to the conversion of those preferred stock shares to common stock shares. Specifically, 217,310,305 restricted common stock shares were issued to Konstantinos Galanakis, 156,271,400 restricted common stock shares were issued to Stavros Galanakis, and 1,877,295 restricted common stock shares were issued to Theofanis Anastasiadis. As a result, there were no shares of Series A Preferred Stock issued and outstanding as of December 31, 2023 and as of December 31, 2022.

On February 5, 2021, the Company issued 3,668,419 shares of common stock for convertible notes payable of $405,725.

On April 8, 2021, the Company issued 375,459,000 shares of common stock to the holders of the Series A Preferred Stock pursuant to the Settlement Agreement, dated July 7, 2020. Specifically, 217,310,305 shares of restricted common stock were issued to Konstantinos Galanakis, 156,271,400 shares of restricted common were issued to Stavros Galanakis, and 1,877,295 shares of restricted common were issued to Theofanis Anastasiadis.  As a result, there are no shares of Series A Preferred Stock issued and outstanding as of December 31, 2023.

Additionally, for the year ended December 31, 2021, the Company issued 1,016,665 shares of common stock for cash proceeds of $111,833.

F-12

On January 19, 2022, the Company issued 7,000,000 restricted shares of common stock with a value of $210,000 to Seatrix Software Production Single Member S.A., a Company owned and controlled by Konstantinos Galanakis, pursuant to the November 15, 2021, Software License Agreement, for the exclusive and non-transferable license to use the Licensor’s artificial intelligence software in connection with the managing of shipping crews.

On January 19, 2022, the Company issued an aggregate of 900,000 shares of Common Stock with a value equal to $38,700 at the time to certain directors and former directors for past services provided to the Company.

Issuance of Preferred Stock

On October 7, 2019, the Company entered into four separate “Series A Convertible Preferred Stock Purchase Agreements” for 80,000,000 shares of a newly designated Series A Preferred Stock, in exchange for an aggregate purchase price of $30,000.00 pursuant to Regulation S of the Securities Act of 1933, as amended. These agreements provide that these shares cannot be converted for one year after they were issued. The shares were automatically converted into 375,459,000 shares of Common Stock on April 8, 2021, which was 18 months after their issuance. As a result, there are no shares of Series A Preferred Stock issued and outstanding as of December 31, 2023.

NOTE 9 – COMMITMENTS AND CONTINGENCIES

The Company entered in a long-term rental lease agreement for offices of its subsidiary branch in Vari, Greece for the period commencing from July 10, 2020, through December 31, 2021, in the amount of 5,000€ per month, the first month July was adjusted for the shortened period. The lessor, Aikaterini Galanakis, is the wife of the Company’s president, Stavros Galanakis.

Then as of April 1, 2021, the Company terminated the lease and entered into a new lease for the period commencing from April 1, 2021, to December 31, 2022, with an amount of 3,500€ per month. This specific lease was renewed for an 8-year term commencing on January 1, 2023, and terminating on December 31, 2030.

On October 1, 2021, the Company entered into a second lease agreement with the wife of Stavros Galanakis for its new subsidiary, Ultra Ship Management, in Vari, Greece. The term of the lease is from October 1, 2021, to December 31, 2024, with a fixed monthly rental of 1,000€.

NOTE 10 – INCOME TAXES

The Company’s has an overall net loss and as a result there exists doubt as to the ultimate realization of the deferred tax assets. Accordingly, a valuation allowance equal to the total deferred tax assets has been recorded.

The Company had federal net operating loss carry forwards for tax purposes of approximately $900,000 on December 31, 2022, and approximately $1,118,000 on December 31, 2023, which may be available to offset future taxable income. Utilization of the net operating loss carry forwards may be subject to substantial annual limitations due to the ownership change limitations provided by Section 381 of the Internal Revenue Code of 1986, as amended. The annual limitation may result in the expiration of net operating loss carry forwards before utilization.

F-13

Net deferred tax assets consist of the following components as of December 31, 2023, and December 31, 2022

	2023		%	2022
Deferred tax assets:
NOL Carryover	$	237,437		$	190,664
Sub Total	$	237,437		$	190,664
Valuation Allowance	$	(237,437	)	$	(190,664	)
Net Deferred Tax Asset	$	-		$	-

The provision for income taxes consists of the following for the subsidiaries in Greece and Cyprus:

	December 31,		December 31,
	2023		2022
Current:
Federal	$	-	$	-
State		-		-
Foreign - Current		29,621		30,995
Foreign - Prior Year		2,285		10,217
Total current tax provision	$	31,906	$	41,212
Deferred:
Federal		-		-
State		-		-
Foreign		-		-
Total deferred benefit		-		-
Total provision (benefit) for income tax	$	31,906	$	41,212

NOTE 11 – SUBSEQUENT EVENT

There are no material subsequent events to disclose in these consolidated financial statements.

F-14

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures

Disclosure Controls and Procedure

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports, filed under the Securities Exchange Act of 1934, as amended (“Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.

Framework used by Management to Evaluate the Effectiveness of Internal Control over Financial Reporting

As required by Section 404 of the Sarbanes-Oxley Act of 2002 and the related rule of the SEC, management assessed the effectiveness of our internal control over financial reporting using the Internal Control-Integrated Framework (2013) developed by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment and for the reasons described below, management concluded that our internal control over financial reporting was not effective as of December 31, 2023.

Management’s Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Exchange Act. This rule defines internal control over financial reporting as a process designed by, or under the supervision of, the Company’s Chief Executive Officer and Chief Financial Officer, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. GAAP. Our internal control over financial reporting includes those policies and procedures that:

● Refer to the upkeep of records which, with reasonable detail, accurately and fairly reflect our transactions and dispositions;

● Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of management and directors of the Company;

● Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements;

● Provide reasonable assurance that any unauthorized cash transactions are detected and prevented; and

● Provide reasonable assurance, that potential erroneous accounting entries are identified and corrected on a timely manner.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. In addition, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

13

Evaluation of Disclosure Controls and Procedures

In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable and not absolute assurance of achieving the desired control objectives. In reaching a reasonable level of assurance, management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. In addition, the design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, a control may become inadequate because of changes in conditions or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

As required by the SEC Rules 13a-15(b) and 15d-15(b), we carried out an evaluation under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on the foregoing, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were not effective at the reasonable assurance level due to material weaknesses in internal controls over financial reporting (as described below).

Deficiencies and Significant Deficiencies

A material weakness is a deficiency, or a combination of deficiencies, within the meaning of Public Company Accounting Oversight Board (“PCAOB”) Audit Standard No. 5, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. Management has identified the following material weaknesses which have caused management to conclude that as of December 31, 2023, our internal controls over financial reporting were not effective at the reasonable assurance level:

1. We do not have sufficient written documentation of our internal control policies and procedures. Written documentation of key internal controls over financial reporting is a requirement of the Sarbanes-Oxley Act which is applicable to us for the year ended December 31, 2023. Management evaluated the impact of our failure to have sufficient written documentation of our internal controls and procedures on our assessment of our disclosure controls and procedures and has concluded that the control deficiency that resulted represented a material weakness.

2. We do not have sufficient resources in our accounting function, which restricts the Company’s ability to gather, analyze and properly review information related to financial reporting in a timely manner. In addition, due to our size and nature, segregation of all conflicting duties may not always be possible and may not be economically feasible. However, to the extent possible, the initiation of transactions, the custody of assets and the recording of transactions should be performed by separate individuals. Management evaluated the impact of our failure to have segregation of duties on our assessment of our disclosure controls and procedures and has concluded that the control deficiency that resulted represented a material weakness.

We have taken steps to remediate some of the weaknesses described above and we are in discussions with the risk advisory departments of reputable accounting firms to assist us in the COSO framework documentation and testing of the internal controls. We intend to continue to address these weaknesses as resources permit, including the employment of new qualified employees.

Remediation of Deficiencies and Significant Deficiencies

To address these material weaknesses, management engaged financial consultants, performed additional analyses and other procedures to ensure that the financial statements included herein fairly present, in all material respects, our financial position, results of operations and cash flows for the periods presented.

Additionally, we will continue to establish and implement proper processes and systems to remediate the deficiencies we have had, including preventive controls with the segregation of duties on main areas such as payroll, billing, cash recording, and IT control and detective controls involving account reconciliations on a monthly basis.

Changes in internal control over financial reporting

There were no changes in our internal control over financial reporting during the year ended December 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. Other Information

None.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable.

14

PART III

Item 10. Directors, Executive Officers, and Corporate Governance;

The current Directors and Officers of the Company are as follows:

Name	Age	Position
Konstantinos Galanakis	44	Chief Executive Officer and Director
Stavros Galanakis	72	Chairman of the Board of Directors and Vice President
Christodoulos Tzoutzakis	53	Chief Operating Officer and Chief Technology Officer

Stavros Galanakis – Chairman of the Board of Directors and Vice President

Stavros Galanakis founded Elvictor in 1977 as a Greece-based private entity (the predecessor to the company whose business becoming a part of the business of Thenablers in 2019, the “Elvictor Greece”), and has been a ship owner and ship manager for over 20 vessels, primarily bulk carriers and chemical tankers. Mr. Galanakis currently serves as our Chairman and Vice President. He is widely recognized as a pioneer in the field of crewing, having set up the oldest crew services company in Greece, and leading the exploration of new markets when it comes to the supply of labor onboard. During his time with Elvictor Greece and Elvictor Group, Inc., he has offered unparalleled solutions to the crewing needs of some of the most reputable ship owners in Greece and abroad, establishing himself as a highly respectable member in the global shipping value network. For such reasons, he was given the honor of the title of Consul General of the Republic of Maldives from 1995 through 2017. Stavros Galanakis has served as a director of Elvictor since October 2019 and as a Chairman of the Board of Directors since November 2019. In May 2021, the Board approved the appointment of Stavros Galanakis to the position of Vice President of the Company. His main role as Chairman and Vice President of Elvictor is to ensure that all activities of Elvictor are deployed in sustainable, professional, and strictly following ethical norms in relation to client-driven activities, as well as ensuring the well-being and fair treatment of the seafarers. Stavros Galanakis studied at the University of Athens. Mr. Galanakis has a familial relationship with the Chief Executive Officer and Director of Elvictor, Kostantinos Galanakis.

Konstantinos Galanakis – Chief Executive Officer and Director

Konstantinos Galanakis has been the Chief Executive Officer and Director of Elvictor Group, Inc. since November 2019. Following a thorough training in various U.S. and British Universities and organizations with a dedicated focus and personal interest in Business Administration, Mergers and Acquisitions, Quality, and continuous innovation he joined Elvictor Greece in 2001. He is well known for being an early adopter of digitalization in the shipping industry. His focus is on proactiveness and developing new practices, always focusing on Best Practice compliance bringing disruption to his field. Konstantinos Galanakis started his training in the business by embarking onboard ships, visiting and living in countries where Elvictor had branch offices, going through every department, gaining knowledge, and blueprinting all operations of each unit separately. He had attended dry docks and special surveys of the ships owned by the family. He was eager to get the expertise of various vertical and horizontal shipping businesses to approach the service from a superior state. This detailed knowledge worked on orchestrating the smooth inter-functional coordination of Elvictor’s diverse value chain activities and building the robust cloud system that Elvictor possesses today. He took part in various shipping forums as a guest speaker and specialized speaker in crew management and manning, making him widely recognized as one of the pioneers and multitasking personalities in shipping. He is fully committed to promoting the agenda of quality, ethics, and onboard safety ships. He is a holder of a Bachelor’s in Business Administration from Richmond University, the American University in London, and Masters in Shipping from London Metropolitan University.

15

Christodoulos Tzoutzakis – Chief Operating Officer and Chief Technology Officer

Christodoulos Tzoutzakis is the Chief Operating Officer (COO) and Chief Technical Officer (CTO) of Elvictor Group. He has 24 years of experience in the maritime sector. From 1996 to 2001, he worked as a Software Developer in Oceanmaris Management, who possessed a fleet of 18 multipurpose vessels. From 2001 to 2013, he worked as a Senior Software Developer and IT Manager for DND Management shipping company, who possessed a fleet of 12 dry cargo vessels. He joined our management in 2002, and in his current role he focuses on digital transformation of the procedures of a company, while refining procedures that aim to lower human error and provide customer satisfaction. His involvement with a variety of projects has given him a wide knowledge base of the maritime industry, which makes him very versatile when coming up with solutions on how to deal with the challenges found at the intersection of the maritime sector and the human resources sector. Christodoulos Tzoutzakis has a Bachelor’s degree in Computer Science and a Master’s degree in Information Management and Analytics from Coventry University.

Committees

We do not currently have an audit, compensation, or nominating committee.

Legal Proceedings

There are currently no legal proceedings, as well as since the incorporation of the company on November 3, 2017, there have been no legal proceedings, that are material to the evaluation of the ability or integrity of any of our directors.

Involvement in Certain Legal Proceedings

To our knowledge, since the incorporation of the Company on November 3, 2017, none of our directors and executive officers has:

● Had a bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time.

● Been convicted in a criminal proceeding or been subject to a pending criminal proceeding, excluding traffic violations and other minor offenses.

● Been subject to any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities.

● Been found by a court of competent jurisdiction (in a civil action), the SEC, or the Commodities Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated.

● Been the subject to, or a party to, any sanction or order, not subsequently reverse, suspended or vacated, of any self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.

Code of Ethics

On January 12, 2023, the Board approved the Company’s Code of Ethics and Insider Trading Policies. We have posted those documents on our website at www.elvictorgroup.com.

Section 16(a) Beneficial Ownership Reporting Compliance

Since we do not have any securities registered under Section 12(b) or 12(g) of the Exchange, our executive officers, directors and holders of 10% or more of our shares of issued and outstanding Common Stock are not required to file reports pursuant to Section 16(a) of the Exchange Act.

16

Item 11. Executive Compensation

Summary Compensation Table for Fiscal Years 2023 and 2022

The following table sets forth all plan and non-plan compensation for the last two completed fiscal years paid to all individuals who served as the Company’s principal executive officer or acted in a similar capacity and the Company’s two other most highly compensated executive officers during the last completed fiscal year whose total compensation was in excess of $100,000, as required by Item 402(m)(2) of Regulation S-K of the Securities Act (“Named Executive Officers”). Based on the foregoing, our Chief Executive Officer was the only Named Executive Officer.

									Non-Equity
Name and Principal Position	Year		Salary ($)		Bonus ($)		Stock Awards ($)(1)		Incentive Plan Compensation ($)		All Other Compensation ($)		Total ($)
Konstantinos Galanakis		2023	$	144,000	$	-	$	-		-		-	$	144,000
Chief Executive Officer		2022	$	162,522	$	-	$	6,450		-		-	$	168,972

(1) Amounts reported in this column do not reflect the amounts actually received by our named executive officer. Instead, these amounts reflect the aggregate grant date fair value of each stock award granted to the named executive officer during the fiscal years ended December 31, 2023 and 2022, as computed in accordance with Financial Accounting Standards Board (“FASB”) ASC 718. The stock-based compensation is measured at the grant date, based on the fair value of the award, which is determined by the closing price of the Company’s Common Stock traded on the OTC markets on the grant date.

Executive Employment Agreements and Arrangements

The Company did not have an employment agreement with Konstantinos Galanakis during the years ended December 31, 2023 or 2022 and no employment agreement exists as of the date hereof.

Outstanding Equity Awards as of December 31, 2023

There are no outstanding equity awards as of December 31, 2023.

Director Compensation

The table below sets forth the compensation paid to our directors other than Konstantinos Galanakis during the fiscal year ended December 31, 2023.

	Fees Earned or
Director	Paid in Cash		Stock Awards		All Other Compensation		Total
Stavros Galanakis	$	60,000	$	-	$	-	$	60,000	(1)

(1) Stavros Galanakis also served as executive officer and fees paid to him also includes compensation paid as an executive officer.

17

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The following table sets forth, as of April 1, 2024, information regarding beneficial ownership of our Common Stock for:

● each person, or group of affiliated persons, known by us to beneficially own more than 5% of our Common Stock;

● each of our executive officers;

● each of our directors; and

● all of our current executive officers and directors as a group

Beneficial ownership is determined according to the rules of the SEC and generally means that a person has beneficial ownership of a security if he, she or it possesses sole or shared voting or investment power of that security, including securities that are currently exercisable or exercisable within sixty (60) days of April 1, 2024. Except as indicated by the footnotes below, we believe, based on the information furnished to us, that the persons named in the table below have sole voting and investment power with respect to all shares of Common Stock shown that they beneficially own, subject to community property laws where applicable.

Common Stock subject to securities currently exercisable or exercisable within sixty (60) days of April 1, 2024 are deemed to be outstanding for computing the percentage ownership of the person holding such securities and the percentage ownership of any group of which the holder is a member but are not deemed outstanding for computing the percentage of any other person.

Unless otherwise indicated, the address of each beneficial owner listed in the table below is c/o Elvictor Group, Inc. Vassileos Constantinou 79, Vari, 16672, Attiki, Greece.

	Number of Shares of Common Stock Beneficially Owned (1)					% of Total Voting
	Shares		%			Power
5% or Greater Stockholders:
Executive Officers and Directors:
Konstantinos Galanakis		217,838,487		52.56	%		52.56	%
Stavros Galanakis		156,421,400		37.74	%		37.74	%
Christodoulos Tzoutzakis		109,091		*			*
All executive officers and directors as a group (five individuals)		374,368,978		90.30	%		90.30	%

* Less than 1%

18

Item 13. Certain Relationships and Related Transactions and Director Independence

The following is a description of transactions since January 1, 2022 to which we were a party in which (i) the amount involved exceeded or will exceed the lesser of (A) $120,000 or (B) one percent of our average total assets at year-end for the last two completed fiscal years and (ii) any of our directors, executive officers or holders of more than 5% of our capital stock, or any member of the immediate family of, or person sharing the household with, any of the foregoing persons, who had or will have a direct or indirect material interest, other than equity and other compensation, termination, change in control and other similar arrangements, which are described under “Executive Compensation.”

Manning Agency Agreement with Elvictor Crew Management Service Ltd

On September 11, 2020, the Company entered into a Manning Agency Agreement with Elvictor Crew Management Service Ltd (the “Agent”) whereby we appointed the Agent as manning agent for the territory of Georgia. The Company is affiliated through ownership and control with Elvictor Crew Management Service Ltd of Mr. Stavros Galanakis and his relatives.

We have agreed to pay the Agent a per-seaman agency fee and a per-seaman recruitment fee for new seaman hires. We also agreed to cover administrative expenses with documented evidence or vouchers. The Manning Agency Agreement had a term until September 10, 2022 at which point it had automatically been renewed for a successive period of one year since neither party provides written notice to terminate.

Subcontracting Agreement with Elvictor Crew Management Limited (Cyprus)

On October 1, 2020, the Company entered into a human resources agreement with Elvictor Crew Management Limited (the “Subcontractor”), company owned and controlled by relatives of Mr. Stavros Galanakis under which the latter performs the running and management of the Company’s contracts and (or) provides certain key personnel of the Subcontractor to be at the disposal of the Company.

For the services provided the parties mutually agreed that the Subcontractor is entitled to fees that will be determined on ad hoc basis. The agreement has an indefinite term, provided that it may be cancelled by either party at any time with written notice provided sixty days prior to cancellation.

Training Services Agreement with Qualship Georgia Ltd

On September 1, 2020, the Company signed an agreement with Qualship Georgia Ltd, a company partially owned by Konstantinos Galanakis and his relatives. Under the agreement, the contractor is responsible for successful training of the qualified personnel. The agreement remains in full force and effect for twelve months, with an automatic renewal thereafter, unless terminated before by the mutual agreement of both parties.

Software License Agreement with Seatrix Software Production Single Member S.A.

On April 1, 2021, we entered into a Software License Agreement with the Licensor in order to have the rights to use crew software that facilitates our operations. On November 15, 2021, we proceeded with the signing of another agreement that became effective on January 1, 2022. Pursuant to the terms of the License Agreement, the Licensor granted the Company the exclusive and non-transferable license to use the Licensor’s artificial intelligence software in connection with the managing of shipping crews. In consideration for this license, the Company agreed to issue to the Licensor 7,000,000 License shares of the Company’s common stock, par value $0.0001 per share. The License Shares were issued to the Licensor on January 19, 2022. Seatrix Software Production Single Member S.A. is a related party company fully owned and controlled by the Company’s CEO, Konstantinos Galanakis.

19

Manning Agency Agreement with Elvictor Shipping and Trading Odessa Ltd

On September 11, 2020, the Company entered into a Manning Agency Agreement with Elvictor Shipping and Trading Odessa Ltd (or the Elvictor Odessa), a company fully owned and controlled by Mr. Stavros Galanakis. Elvictor Odessa provides manning services to the Company for the territory of Ukraine. These operations have been reduced currently due to the war in the country of Ukraine and have been substituted by and agreement with Elvictor Crew Management Service Ltd.

Familial Relationships

Konstantinos Galanakis, our Chief Executive Officer, is the son of Stavros Galanakis, the Chairman of the Board of Directors.

Item 14. Principal Accounting Fees and Services.

The aggregate fees incurred for each of the last two years for professional services rendered by RBSM LLP the independent registered public accounting firm for the audit of the Company’s annual financial statements included in the Company’s Form 10-K and review of financial statements for its quarterly report (Form 10-Q) as well as for its predecessor, BF Borgers CPA, PC, are reported below.

Audit-Related Fees

The total fees charged by RBSM LLP in 2023 and 2022 aggregated $66,000 and $12,000 respectively, which include fees for the review of the 2022 audited financial statements and review for the periods ended March 31, June 30 and September 2023 as well as fees for the review of the quarterly financial statements for the period ended September 30, 2022.

The total fees charged by BF Borgers CPA, PC in 2023 and 2022 aggregated $16,500 and $70,500, respectively, which include fees for the 2021 audited financial statements as well as for the periods March 31, June 30, 2022.

All Other Fees

There were no other fees billed for products or services provided by our principal accountant for the fiscal years ended December 31, 2023 and 2022.

20

PART IV

Item 15. Exhibits, Financial Statement Schedules

Financial Statements

Our financial statements and the notes thereto, together with the report of our independent registered public accounting firm on those financial statements, are hereby filed as part of this report beginning on page 13.

Exhibits

Exhibit Number	Description of Exhibit
3.1	Amended and Restated Articles of Incorporation (incorporated by reference to Exhibit 3.1 on the Company’s Form 10-K filed on April 19, 2021).
3.2	Bylaws (incorporated by reference to Exhibit 3.2 on the Company’s Form 10-K filed on April 19, 2021).
21.1	Subsidiaries of the Company.*
31.1	Certification of the Principal Executive and Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1	Certification of the Principal Executive and Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
101.INS	Inline XBRL Instance Document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*	Filed herewith
**	Furnished herewith

Item 16. Form 10-K Summary

None.

21

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Elvictor Group, Inc.

Date: April 1, 2024	By:	/s/ Konstantinos Galanakis
	Name:	Konstantinos Galanakis
	Title:	Chief Executive Officer (Principal Executive and Financial Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Name	Position	Date
/s/ Konstantinos Galanakis	Chief Executive Officer, Chief Financial Officer and Director	April 1, 2024
Konstantinos Galanakis	(Principal Executive and Financial Officer)
/s/ Stavros Galanakis	Vice President and Chairman	April 1, 2024
Stavros Galanakis

22

EX-21.1

Exhibit 21.1

ELVICTOR GROUP, INC.

List of Subsidiaries

Subsidiary	Place of Incorporation
Elvictor Group Hellas Single Member S.A.	Greece
Ultra Shipmanagement Inc.	Marshall Island
ELVG Crew Management Ltd.	Cyprus

EX-31.1

Exhibit 31.1

CERTIFICATION OF THE PRINCIPAL EXECUTIVE AND FINANCIAL OFFICER

PURSUANT TO RULE 13a-14(a) AND RULE 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Konstantinos Galanakis, Chief Executive and Financial Officer of Elvictor Group, Inc., certify that:

1. I have reviewed this annual report on Form 10-K of Elvictor Group, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors:

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 1, 2024	/s/ Konstantinos Galanakis
	Konstantinos Galanakis
	Chief Executive and Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION OF THE PRINCIPAL EXECUTIVE AND FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the annual report of Elvictor Group, Inc. (the “Company”) on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Konstantinos Galanakis, Chief Executive and Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: April 1, 2024	/s/ Konstantinos Galanakis
	Konstantinos Galanakis
	Chief Executive and Financial Officer

XML

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 29, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Financial Statement Error Correction [Flag]	false
Entity Interactive Data Current	No
ICFR Auditor Attestation Flag	false
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Documents Incorporated by Reference [Text Block]	NONE
Entity Information [Line Items]
Entity Registrant Name	Elvictor Group, Inc.
Entity Central Index Key	0001741489
Entity File Number	333-225239
Entity Tax Identification Number	82-3296328
Entity Incorporation, State or Country Code	NV
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	Yes
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Public Float			$ 8,040,306
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	Vassileos Constantinou 79
Entity Address, Address Line Two	Vari
Entity Address, City or Town	Attiki
Entity Address, Country	GR
Entity Address, Postal Zip Code	16672
Entity Phone Fax Numbers [Line Items]
City Area Code	(877)
Local Phone Number	374-4196
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		414,448,757

XML

Audit Information	12 Months Ended
	Dec. 31, 2023
Auditor [Table]
Auditor Name	RBSM LLP
Auditor Firm ID	587
Auditor Location	New York, NY

XML

Consolidated Balance Sheets - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Current Assets
Cash	$ 699,346	$ 503,981
Accounts Receivable	369,904	330,864
Other Receivables	37,857	7,194
Prepaid expenses and other current assets	138,482	58,628
Total Current Assets	1,664,493	1,270,467
Non-current Assets
Intangible Assets, Net	130,266	168,000
Office Equipment, net	14,358	19,211
Total Non-current Assets	423,342	208,864
Total Assets	2,087,835	1,479,331
Current Liabilities
Accounts Payable	32,312	34,336
Trade Accounts Payable	152,461	310,892
Other Payables	861,878	485,675
Lease Liability – Current - Related Parties	42,786
Accrued and Other Liabilities	247,926	68,759
Total Current Liabilities	1,622,039	1,017,349
Long-term Liabilities
Lease Liability - Non-Current - Related Parties	235,932
Total Long-term Liabilities	235,932	9,391
Total Liabilities	1,857,971	1,026,740
Stockholders’ Equity
Common stock, par value $0.0001; 700,000,000 common shares authorized; 414,448,757 common shares issued and outstanding both at December 31, 2023 and December 31, 2022	41,445	41,445
Additional paid in capital	45,050,884	45,050,884
Accumulated deficit	(44,862,465)	(44,639,738)
Total Stockholders’ Equity	229,864	452,591
Total Liabilities and Stockholders’ Equity	2,087,835	1,479,331
Related Party
Current Assets
Other Receivables - Related Party	418,904	369,800
Non-current Assets
ROU Asset - Related Party	278,718	21,653
Current Liabilities
Trade Accounts Payable - Related Parties	194,481	56,434
Lease Liability – Current - Related Parties	42,786	12,262
Due to related party	90,195	48,991
Long-term Liabilities
Lease Liability - Non-Current - Related Parties	$ 235,932	$ 9,391

XML

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	700,000,000	700,000,000
Common stock, shares issued	414,448,757	414,448,757
Common stock, shares outstanding	414,448,757	414,448,757

XML

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Gross Revenue	$ 1,841,180	$ 2,045,558
Net Revenue	520,613	430,102
Total Revenue	2,361,793	2,475,660
Less: Cost of Revenue	423,616	399,717
Cost of Revenue - Related Party	69,820	99,890
Total Cost of Revenue	493,436	499,607
Gross Profit	1,868,357	1,976,053
Operating expenses
Professional fees	275,103	540,416
Professional fees - Related Party	62,444	137,004
Salaries	1,524,442	1,316,906
Rent -Related Party	58,428	56,931
Bad Debt Expense	3,113	17,070
Depreciation and Amortization	53,404	48,319
Other general and administrative costs	166,241	183,796
Total operating expenses	2,143,175	2,300,442
Loss from operations	(274,818)	(324,389)
Foreign Currency Translation Adjustment	(6,128)	9,101
Other Income	90,125	117,642
Total other income	83,997	126,743
Net Loss before income tax	(190,821)	(197,646)
Provision for income taxes	31,906	41,212
Net Loss	$ (222,727)	$ (238,858)
Net Loss Per Common Stock - basic (in Dollars per share)	$ 0	$ 0
Weighted-average number of shares of common stock outstanding - basic (in Shares)	414,448,757	414,059,168

XML

Consolidated Statements of Operations (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Net Loss Per Common Stock - fully diluted	$ 0.00	$ 0.00
Weighted-average number of shares of common stock outstanding - fully diluted	414,448,757	414,059,168

XML

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash Flows from Operating Activities
Net loss	$ (222,727)	$ (238,858)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation	10,292	6,319
Amortization	43,112	42,000
Amortization of ROU Asset	34,402
Shares Issued for Services		38,700
Changes in assets and liabilities
Accounts Receivable	(39,040)	96,618
Other Receivables	(30,663)	52,436
Other Receivables - Related Party	(49,104)	(208,069)
Prepaid expenses and other current assets	(79,854)	(56,159)
Accounts Payable	(2,024)	(43,986)
Trade Accounts Payable	(158,430)	222,639
Trade Accounts Payable - Related Party	138,047	(27,789)
Other Payables	376,203	279,475
Accrued and Other Liabilities	179,165	38,146
Lease Liability	(34,402)
Due to related party	41,204	8,894
Net cash provided by operating activities	206,181	210,365
Cash Flows from Investing Activities
Office Equipment	(5,438)	(14,911)
Software	(5,378)
Net cash used in investing activities	(10,816)	(14,911)
Net Increase in Cash	195,365	195,455
Cash at beginning of year	503,981	308,526
Cash at end of year	699,346	503,981
Cash paid for:
Income Taxes		10,217
Supplemental Non-Cash Investing and Financing Transactions
Shares exchanged for Intangible Asset		210,000
Right-of-use assets obtained in exchange for operating lease obligations	$ 291,467

XML

Statements of the Changes in Stockholders’ Equity - USD ($)	Common Stock	Preferred Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2021	$ 40,655		$ 44,802,974	$ (44,400,880)	$ 442,749
Balance (in Shares) at Dec. 31, 2021	406,548,757
Shares issued for services	$ 90		38,610		38,700
Shares issued for services (in Shares)	900,000
Shares exchanged for Intangible Asset	$ 700		300,300		301,000
Shares exchanged for Intangible Asset (in Shares)	7,000,000
Net Profit (Loss)				(465)	(465)
Balance at Mar. 31, 2022	$ 41,445		45,141,884	(44,401,346)	781,984
Balance (in Shares) at Mar. 31, 2022	414,448,757
Balance at Dec. 31, 2021	$ 40,655		44,802,974	(44,400,880)	442,749
Balance (in Shares) at Dec. 31, 2021	406,548,757
Net Profit (Loss)					(238,858)
Balance at Dec. 31, 2022	$ 41,445		45,050,884	(44,639,738)	452,591
Balance (in Shares) at Dec. 31, 2022	414,448,757
Balance at Mar. 31, 2022	$ 41,445		45,141,884	(44,401,346)	781,984
Balance (in Shares) at Mar. 31, 2022	414,448,757
Net Profit (Loss)				10,810	10,810
Balance at Jun. 30, 2022	$ 41,445		45,141,884	(44,390,535)	792,794
Balance (in Shares) at Jun. 30, 2022	414,448,757
Net Profit (Loss)				(54,273)	(54,273)
Balance at Sep. 30, 2022	$ 41,445		45,141,884	(44,444,808)	738,521
Balance (in Shares) at Sep. 30, 2022	414,448,757
Shares exchanged for Intangible Asset			(91,000)		(91,000)
Net Profit (Loss)				(194,930)	(194,930)
Balance at Dec. 31, 2022	$ 41,445		45,050,884	(44,639,738)	452,591
Balance (in Shares) at Dec. 31, 2022	414,448,757
Net Profit (Loss)				(8,410)	(8,410)
Balance at Mar. 31, 2023	$ 41,445		45,050,884	(44,648,148)	444,181
Balance (in Shares) at Mar. 31, 2023	414,448,757
Balance at Dec. 31, 2022	$ 41,445		45,050,884	(44,639,738)	452,591
Balance (in Shares) at Dec. 31, 2022	414,448,757
Net Profit (Loss)					(222,727)
Balance at Dec. 31, 2023	$ 41,445		45,050,884	(44,862,465)	229,864
Balance (in Shares) at Dec. 31, 2023	414,448,757
Balance at Mar. 31, 2023	$ 41,445		45,050,884	(44,648,148)	444,181
Balance (in Shares) at Mar. 31, 2023	414,448,757
Net Profit (Loss)				(126,266)	(126,266)
Balance at Jun. 30, 2023	$ 41,445		45,050,884	(44,774,414)	317,915
Balance (in Shares) at Jun. 30, 2023	414,448,757
Net Profit (Loss)				(54,547)	(54,547)
Balance at Sep. 30, 2023	$ 41,445		45,050,884	(44,828,961)	263,368
Balance (in Shares) at Sep. 30, 2023	414,448,757
Net Profit (Loss)				(33,503)	(33,503)
Balance at Dec. 31, 2023	$ 41,445		$ 45,050,884	$ (44,862,465)	$ 229,864
Balance (in Shares) at Dec. 31, 2023	414,448,757

XML

Description of Business

12 Months Ended

Dec. 31, 2023

Description of Business [Abstract]

DESCRIPTION OF BUSINESS

NOTE 1 – DESCRIPTION OF BUSINESS

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 & 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.

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”.

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”.

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.

On January 2022, the Company established the fully owned subsidiary ELVG Crew Management Ltd, incorporated in Cyprus, to facilitate its crew management operations.

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Summary of Significant Accounting and Beneficial Conversion Features Policies

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting and Beneficial Conversion Features Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING AND BENEFICIAL CONVERSION FEATURES POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING AND BENEFICIAL CONVERSION FEATURES POLICIES

Basis of Presentation

The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars, unless indicated otherwise.

The accompanying consolidated notes reflect the application of certain significant accounting policies as described below and elsewhere in these notes to the consolidated financial statements.

Principles of Consolidation

The consolidated financial statements incorporate the assets and liabilities of all entities controlled by Elvictor Group, Inc as of December 31, 2023, and the results of the controlled subsidiaries in Vari Greece, the Marshall Islands and Cyprus for the year then ended. Elvictor Group, Inc and its subsidiaries together are referred to in this financial report as the consolidated entity. The effects of all transactions between entities in the consolidated entity are eliminated in full. The consolidated financial statements of subsidiaries are prepared for the same reporting period as the parent entity, using consistent accounting policies.

Accounting Basis

The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“US GAAP”). The Company has adopted a December 31 fiscal year end.

Use of Estimates

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.

Cash and Cash Equivalents

The company considers all cash on hand and in banks, certificates of deposit and other highly liquid investments with maturities of a year or less, when purchased, to be cash and cash equivalents.

Accounts Receivable and Allowance for Doubtful Accounts

For the year ended December 31, 2023, the Company has operations of crew manning and management and has accounts receivable due from its customers in the shipping industry. Contracts receivable from crew manning in the shipping industry are based on contracted prices. The Company provides an allowance for doubtful collections, which is based upon a review of outstanding receivables, historical collection information, individual credit evaluation and specific circumstances of the customer, and existing economic conditions. The Company does not have an allowance for doubtful accounts as of December 31, 2023. Normal contracts receivable is due 30 days after the issuance of the invoice, normally at the month’s end. Receivables past due more than 120 days are considered delinquent and they are included in the provision for doubtful account. There is no interest charged on past due accounts.

Property and Equipment

Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The office equipment is depreciated over 3 years.

Intangible Assets

Intangible assets acquired are initially recognized at their fair value on the acquisition date. Subsequent to initial recognition, intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, if any. These assets are being amortized over their useful life of five years.

Fair Value of Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these consolidated financial statements.

Income Taxes

Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.

Revenue Recognition

The Company recognizes revenue in accordance with FASB ASC 606 upon the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue recognized from contracts with customers is disclosed separately from other sources of revenue. ASC 606 includes guidance on when revenue should be recognized on a Gross (Principal) or Net (Agent) basis.

Most of the Company’s revenues are recognized primarily under long-term contracts, including those for which revenues are based on either a fixed price, or cost-plus-fee basis, and primarily as performance obligations are satisfied. Professional services and other ancillary services are delivered, generally on a monthly basis and are separate and distinct deliverables. The Company’s performance obligation is generally satisfied on a monthly basis when its agency and related services are delivered.

The Company has the performance obligation to provide a crew for its customers, the shipping companies, and their ship managers. The Company utilizes its proprietary crew management platform to deliver crew management services to the ship owners. This crew management service is a monthly obligation that starts with the first stage of recruitment, to their transfer of crew to the vessel and continues to monitor the crew during the course of the contract until they disembark.

Revenue from crew manning services, agency fees and recruiting fees where Elvictor acts as a principal is recognized as gross revenue. When the company is acting as an agent, revenue is recognized as net revenue in the accounting period in which the services are rendered. Such revenues are from Allotment fees, communication, training fees, covid-19 fees, and other sundry fees. For all fixed-price contracts, revenue is recognized based on the actual service provided to the end of the reporting period. The accounting treatment for the reporting of revenues may vary materially between whether the revenue is reported on a Principal (Gross) or an Agent (Net) basis.

Stock-Based Compensation

The measurement and recognition of stock - based compensation expense is based on estimated fair values for all share-based awards made to employees and directors, including stock options and for non-employee equity transactions as per ASC 718 rules.

For transactions in which we obtain certain services of employees, directors, and consultants in exchange for an award of equity instruments, we measure the cost of the services based on the grant date fair value of the award. We recognize the cost over the vesting period.

Basic loss Per Share

Basic loss per share is calculated by dividing the Company’s net income/(loss) applicable to common stockholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of December 31, 2023.

Recent Accounting Pronouncements

From time to time, the Financial Accounting Standards Board (the “FASB”) or other standards setting bodies issue new accounting pronouncements. The FASB issues updates to new accounting pronouncements through the issuance of an Accounting Standards Update (“ASU”). Unless otherwise discussed, the Company believes that the impact of recently issued guidance, whether adopted or to be adopted in the future, is not expected to have a material impact on the Company’s consolidated financial statements upon adoption.

Foreign Currency Translation

The Company considers the U.S. dollar to be its functional currency as it is the currency of the primary economic environment in which the Company operates. Accordingly, monetary assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect at the balance sheet date and non-monetary assets and liabilities are translated at the exchange rates in effect at the time of acquisition or issue. Revenues and expenses are translated at rates approximating the exchange rates in effect at the time of the transactions. All exchange gains and losses are included in operations.

Subsequent Events

The Company has analyzed the transactions from December 31, 2023, to the date these consolidated financial statements were issued for subsequent event disclosure purposes.

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Receivables

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

RECEIVABLES

NOTE 3 – RECEIVABLES

Trade receivables are amounts due from customers for services performed in the ordinary course of business.

Other receivables are mainly for the payments of items such as Home Allotments and Cash Advances to the crews where the Company collects funds from the shipping companies and then facilitates the payments to the crew on their behalf.

As of December 31, 2023, the Company has trade Accounts Receivable of $369,904, Other Receivables of $37,857 and Other Receivables from Related Parties of $418,904 compared to Accounts Receivable of $330,864, Other Receivables of $7,194 and Other Receivables from Related Parties of $369,800 for the year ended December 31, 2022.

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Intangible Assets

12 Months Ended

Dec. 31, 2023

Intangible Assets [Abstract]

INTANGIBLE ASSETS

NOTE 4 – INTANGIBLE ASSETS

As of December 31, 2023, and 2022, Intangible assets consisted of the following:

	Useful life	December 31, 2023			December 31, 2022
At cost:
Software platform	5 years	$	210,000		$	210,000
Software programs	3 years		5,378			-
Less: accumulated amortization			(85,112	)		(42,000	)
		$	130,266		$	168,000

On November 15, 2021, the Company entered into a subscription agreement with Seatrix Software Production Single Member S.A, a related party company, to issue 7,000,000 restricted common stock shares for the purchase of license software, equal to the aggregate of $210,000 at the stated value of $0.03 per share. Under this agreement Seatrix grants the Company an exclusive and non-transferable license to use their artificial intelligence software managing shipping crews. The term of this agreement began on January 1, 2022.

The value of each common share was stated at $0.030, the FMV that the shares were trading as of January 3, 2022. The total value of $210,000 was amortized over its useful life of 5 years and the amortization began on January 1, 2022. Intangible assets are measured initially at cost. After initial recognition, an entity usually measures an intangible asset at cost less accumulated amortization.

Additionally, during 2023 the company proceeded to acquisitions of software programs with a total cost of $5,378.

Amortization of intangible assets attributable to future periods is as follows:

Schedule of Amortization of intangible assets

Year ending December 31:	Amount
2024	$	43,930
2025		43,807
2026		42,529
	$	130,266

The amortization of Intangible assets was $43,112 and $42,000 as of December 31, 2023, and December 31, 2022, respectively.

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Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 5 – RELATED PARTY TRANSACTIONS

The Company has related party transactions with companies that are owned or controlled by either Stavros Galanakis, the Vice-President and Chairman of the Board of Directors, and Konstantinos Galanakis, the CEO and Director.

The Company entered into an agreement in October 2020 with related party Elvictor Crew Management Services Ltd in Cyprus to provide human resources services as well as to perform the running and management of the Company’s contracts with third parties and provide key personnel for these services. However, this agreement has been terminated in the first quarter of 2022 since the formation of the new wholly owned Cypriot subsidiary. A total amount of $0 has been expensed for the related party Elvictor Crew Management Services Ltd as of December 31, 2023, for the cost of services sold, included in the Cost of Revenue- Related Party. As of December 31, 2023, the Company has other receivables - related party of $418,904 from Elvictor Crew Management Ltd Cyprus compared to $369,800 as of December 31, 2022.

On September 11, 2020, the Company entered into a Manning Agency Agreement with Elvictor Crew Management Service Ltd in Georgia. During the year ended December 31, 2023, the latter provided manning services to the Company of $239,999, included in the Cost of Revenue – Related Party and Net Revenue, while as of December 31, 2023, the Company had a liability of $112,801 compared to a liability of $42,289 as of December 31, 2022.

On September 1, 2020, the Company signed an agreement with Qualship Georgia Ltd for the latter to provide training of the qualified personnel. For the year ended December 31, 2023, we incurred $142,226 in Cost of Goods Sold that offset Net Revenue, and the amount due to Qualship Georgia Ltd as of December 31, 2023, was $81,680 included under Trade Accounts Payable – Related Party compared to an amount due equal to $13,575 as of December 31,2022.

On September 11, 2020, the Company entered into a Manning Agency Agreement with Elvictor Odessa. During the year ended December 31, 2023, the latter provided manning services to the Company of $19,240, included in the Cost of Revenue – Related Party and Net Revenue, and amount due to Elvictor Odessa as of December 31, 2023, was $0 included under Trade Accounts Payable – Related Party compared to an amount due equal to $30 as of December 31, 2022.

As disclosed in Note 4 above, the company entered into an agreement with Seatrix Software Production Single Member S.A. to provided software development services. For the year ended December 31, 2023, the company has a balance of $0 due which was equal to the $0 balance due as of December 31, 2022.

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Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

LEASES

NOTE 6 – LEASES

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€.

Then on October 1, 2021, the Company entered into a second lease agreement with the wife of Mr. Stavros Galanakis for its new subsidiary in Vari, Greece for Ultra Ship Management. The term of the lease is from October 1, 2021, to December 31, 2024, with a fixed monthly rental of 1,000€.

In January 2023, the Company renewed the office lease for its subsidiary in Vari, Greece. The Company accounted for its new lease as an operating lease under the guidance of Topic 872. The new lease is 3,500€ per month, with no annual increase during the 8-year term. The Company used an incremental borrowing rate of 4.92% based on the average interest rate of corporate loans in Greece from the Bank of Greece. At the lease inception the company recorded a Right of Use Asset of $291,467 and a corresponding Lease Liability of $291,467.

Total future minimum payments required under the lease agreements are as follows:

	ELVG Hellas			Ultra Mgmt			Total
	Amount						Amount
2024	$	46,364		$	9,935		$	56,299
2025		46,364						46,364
2026		46,364						46,364
2027		46,364						46,364
Thereafter		139,091						139,091
Total undiscounted minimum future lease payments		324,547			9,935			334,482
Less Imputed interest		(55,489	)		(275	)		(55,764	)
Present value of operating lease liabilities	$	269,058		$	9,660		$	278,718
Disclosed as:
Current portion		32,136			9,660			42,786
Non-current portion		235,932			-			235,932

The Company recorded rent expense of $58,428 and $56,931 for the year ended December 31, 2023, and 2022, respectively.

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Other Payables

12 Months Ended

Dec. 31, 2023

Other Payables [Abstract]

OTHER PAYABLES

NOTE 7 – OTHER PAYABLES

As part of one of the services in the manning of a crew provided by the Company to the shipping companies is the Company making bank transfers of the wages to the crew, on the customer’s behalf. The shipping companies transfer the funds to the Company’s bank account and then the Company makes each payment to indicated crew. In its capacity, the Company will show the balance of the funds received and not yet transferred to the crew as Other Payables on the Balance Sheet. The amount of Other Payables was $861,878 as of December 31, 2023 compared to $485,675 as of December 31, 2022.

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Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Stockholders' Equity [Abstract]

STOCKHOLDERS' EQUITY

NOTE 8 – STOCKHOLDERS’ EQUITY

Issuance of Common Stock

The Company has 700,000,000, ($0.0001 par value) authorized shares of common stock. On December 31, 2023, and December 31, 2022, there were 414,448,757 and 414,448,757 common shares issued and outstanding, respectively.

On July 7, 2020 the Company entered into a Settlement Agreement and Release with the holders of the Series A Preferred Stock, Konstantinos Galanakis and Stavros Galanakis, having 46,702,857 and 33,297,143 shares each, respectively (the “Preferred Holders”), whereby the Preferred Holders agreed to cancel all shares of Series A Preferred in exchange for 95% of the common stock held as an aggregate of the holdings of the founding shareholders plus the shares to be issued to the Preferred Holders the earliest of a) the Company showing pro forma 12 month revenues in excess of $3,000,000; b) the successful raising of funds through equity or debt in excess of $10,000,000; or 9 months from the date of execution (the “Settlement Agreement”). The Settlement Agreement is further conditioned upon the execution of a non-compete agreement between the Company and the Preferred Holders preventing them from competing in crew and ship management. In conjunction therewith, on April 8, 2021, the Company issued 375,459,000 common stock shares to the holders of the Series A Preferred Stock pursuant to the July 7, 2020 Settlement Agreement, and further to the conversion of those preferred stock shares to common stock shares. Specifically, 217,310,305 restricted common stock shares were issued to Konstantinos Galanakis, 156,271,400 restricted common stock shares were issued to Stavros Galanakis, and 1,877,295 restricted common stock shares were issued to Theofanis Anastasiadis. As a result, there were no shares of Series A Preferred Stock issued and outstanding as of December 31, 2023 and as of December 31, 2022.

On February 5, 2021, the Company issued 3,668,419 shares of common stock for convertible notes payable of $405,725.

On April 8, 2021, the Company issued 375,459,000 shares of common stock to the holders of the Series A Preferred Stock pursuant to the Settlement Agreement, dated July 7, 2020. Specifically, 217,310,305 shares of restricted common stock were issued to Konstantinos Galanakis, 156,271,400 shares of restricted common were issued to Stavros Galanakis, and 1,877,295 shares of restricted common were issued to Theofanis Anastasiadis.  As a result, there are no shares of Series A Preferred Stock issued and outstanding as of December 31, 2023.

Additionally, for the year ended December 31, 2021, the Company issued 1,016,665 shares of common stock for cash proceeds of $111,833.

On January 19, 2022, the Company issued 7,000,000 restricted shares of common stock with a value of $210,000 to Seatrix Software Production Single Member S.A., a Company owned and controlled by Konstantinos Galanakis, pursuant to the November 15, 2021, Software License Agreement, for the exclusive and non-transferable license to use the Licensor’s artificial intelligence software in connection with the managing of shipping crews.

On January 19, 2022, the Company issued an aggregate of 900,000 shares of Common Stock with a value equal to $38,700 at the time to certain directors and former directors for past services provided to the Company.

Issuance of Preferred Stock

On October 7, 2019, the Company entered into four separate “Series A Convertible Preferred Stock Purchase Agreements” for 80,000,000 shares of a newly designated Series A Preferred Stock, in exchange for an aggregate purchase price of $30,000.00 pursuant to Regulation S of the Securities Act of 1933, as amended. These agreements provide that these shares cannot be converted for one year after they were issued. The shares were automatically converted into 375,459,000 shares of Common Stock on April 8, 2021, which was 18 months after their issuance. As a result, there are no shares of Series A Preferred Stock issued and outstanding as of December 31, 2023.

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 9 – COMMITMENTS AND CONTINGENCIES

The Company entered in a long-term rental lease agreement for offices of its subsidiary branch in Vari, Greece for the period commencing from July 10, 2020, through December 31, 2021, in the amount of 5,000€ per month, the first month July was adjusted for the shortened period. The lessor, Aikaterini Galanakis, is the wife of the Company’s president, Stavros Galanakis.

Then as of April 1, 2021, the Company terminated the lease and entered into a new lease for the period commencing from April 1, 2021, to December 31, 2022, with an amount of 3,500€ per month. This specific lease was renewed for an 8-year term commencing on January 1, 2023, and terminating on December 31, 2030.

On October 1, 2021, the Company entered into a second lease agreement with the wife of Stavros Galanakis for its new subsidiary, Ultra Ship Management, in Vari, Greece. The term of the lease is from October 1, 2021, to December 31, 2024, with a fixed monthly rental of 1,000€.

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Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

INCOME TAXES

NOTE 10 – INCOME TAXES

The Company’s has an overall net loss and as a result there exists doubt as to the ultimate realization of the deferred tax assets. Accordingly, a valuation allowance equal to the total deferred tax assets has been recorded.

The Company had federal net operating loss carry forwards for tax purposes of approximately $900,000 on December 31, 2022, and approximately $1,118,000 on December 31, 2023, which may be available to offset future taxable income. Utilization of the net operating loss carry forwards may be subject to substantial annual limitations due to the ownership change limitations provided by Section 381 of the Internal Revenue Code of 1986, as amended. The annual limitation may result in the expiration of net operating loss carry forwards before utilization.

Net deferred tax assets consist of the following components as of December 31, 2023, and December 31, 2022

	2023		%	2022
Deferred tax assets:
NOL Carryover	$	237,437		$	190,664
Sub Total	$	237,437		$	190,664
Valuation Allowance	$	(237,437	)	$	(190,664	)
Net Deferred Tax Asset	$	-		$	-

The provision for income taxes consists of the following for the subsidiaries in Greece and Cyprus:

	December 31,		December 31,
	2023		2022
Current:
Federal	$	-	$	-
State		-		-
Foreign - Current		29,621		30,995
Foreign - Prior Year		2,285		10,217
Total current tax provision	$	31,906	$	41,212
Deferred:
Federal		-		-
State		-		-
Foreign		-		-
Total deferred benefit		-		-
Total provision (benefit) for income tax	$	31,906	$	41,212

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Subsequent Event

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

SUBSEQUENT EVENT

NOTE 11 – SUBSEQUENT EVENT

There are no material subsequent events to disclose in these consolidated financial statements.

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Pay vs Performance Disclosure - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (33,503)	$ (54,547)	$ (126,266)	$ (8,410)	$ (194,930)	$ (54,273)	$ 10,810	$ (465)	$ (222,727)	$ (238,858)

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Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Accounting Policies, by Policy (Policies)

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting and Beneficial Conversion Features Policies [Abstract]

Basis of Presentation

Basis of Presentation

The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars, unless indicated otherwise.

The accompanying consolidated notes reflect the application of certain significant accounting policies as described below and elsewhere in these notes to the consolidated financial statements.

Principles of Consolidation

Principles of Consolidation

The consolidated financial statements incorporate the assets and liabilities of all entities controlled by Elvictor Group, Inc as of December 31, 2023, and the results of the controlled subsidiaries in Vari Greece, the Marshall Islands and Cyprus for the year then ended. Elvictor Group, Inc and its subsidiaries together are referred to in this financial report as the consolidated entity. The effects of all transactions between entities in the consolidated entity are eliminated in full. The consolidated financial statements of subsidiaries are prepared for the same reporting period as the parent entity, using consistent accounting policies.

Accounting Basis

Accounting Basis

The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“US GAAP”). The Company has adopted a December 31 fiscal year end.

Use of Estimates

Use of Estimates

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.

Cash and Cash Equivalents

Cash and Cash Equivalents

The company considers all cash on hand and in banks, certificates of deposit and other highly liquid investments with maturities of a year or less, when purchased, to be cash and cash equivalents.

Accounts Receivable and Allowance for Doubtful Accounts

Accounts Receivable and Allowance for Doubtful Accounts

For the year ended December 31, 2023, the Company has operations of crew manning and management and has accounts receivable due from its customers in the shipping industry. Contracts receivable from crew manning in the shipping industry are based on contracted prices. The Company provides an allowance for doubtful collections, which is based upon a review of outstanding receivables, historical collection information, individual credit evaluation and specific circumstances of the customer, and existing economic conditions. The Company does not have an allowance for doubtful accounts as of December 31, 2023. Normal contracts receivable is due 30 days after the issuance of the invoice, normally at the month’s end. Receivables past due more than 120 days are considered delinquent and they are included in the provision for doubtful account. There is no interest charged on past due accounts.

Property and Equipment

Property and Equipment

Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The office equipment is depreciated over 3 years.

Intangible Assets

Intangible Assets

Intangible assets acquired are initially recognized at their fair value on the acquisition date. Subsequent to initial recognition, intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, if any. These assets are being amortized over their useful life of five years.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these consolidated financial statements.

Income Taxes

Income Taxes

Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.

Revenue Recognition

Revenue Recognition

The Company recognizes revenue in accordance with FASB ASC 606 upon the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue recognized from contracts with customers is disclosed separately from other sources of revenue. ASC 606 includes guidance on when revenue should be recognized on a Gross (Principal) or Net (Agent) basis.

Most of the Company’s revenues are recognized primarily under long-term contracts, including those for which revenues are based on either a fixed price, or cost-plus-fee basis, and primarily as performance obligations are satisfied. Professional services and other ancillary services are delivered, generally on a monthly basis and are separate and distinct deliverables. The Company’s performance obligation is generally satisfied on a monthly basis when its agency and related services are delivered.

The Company has the performance obligation to provide a crew for its customers, the shipping companies, and their ship managers. The Company utilizes its proprietary crew management platform to deliver crew management services to the ship owners. This crew management service is a monthly obligation that starts with the first stage of recruitment, to their transfer of crew to the vessel and continues to monitor the crew during the course of the contract until they disembark.

Revenue from crew manning services, agency fees and recruiting fees where Elvictor acts as a principal is recognized as gross revenue. When the company is acting as an agent, revenue is recognized as net revenue in the accounting period in which the services are rendered. Such revenues are from Allotment fees, communication, training fees, covid-19 fees, and other sundry fees. For all fixed-price contracts, revenue is recognized based on the actual service provided to the end of the reporting period. The accounting treatment for the reporting of revenues may vary materially between whether the revenue is reported on a Principal (Gross) or an Agent (Net) basis.

Stock-Based Compensation

Stock-Based Compensation

The measurement and recognition of stock - based compensation expense is based on estimated fair values for all share-based awards made to employees and directors, including stock options and for non-employee equity transactions as per ASC 718 rules.

For transactions in which we obtain certain services of employees, directors, and consultants in exchange for an award of equity instruments, we measure the cost of the services based on the grant date fair value of the award. We recognize the cost over the vesting period.

Basic loss Per Share

Basic loss Per Share

Basic loss per share is calculated by dividing the Company’s net income/(loss) applicable to common stockholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of December 31, 2023.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

From time to time, the Financial Accounting Standards Board (the “FASB”) or other standards setting bodies issue new accounting pronouncements. The FASB issues updates to new accounting pronouncements through the issuance of an Accounting Standards Update (“ASU”). Unless otherwise discussed, the Company believes that the impact of recently issued guidance, whether adopted or to be adopted in the future, is not expected to have a material impact on the Company’s consolidated financial statements upon adoption.

Foreign Currency Translation

Foreign Currency Translation

The Company considers the U.S. dollar to be its functional currency as it is the currency of the primary economic environment in which the Company operates. Accordingly, monetary assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect at the balance sheet date and non-monetary assets and liabilities are translated at the exchange rates in effect at the time of acquisition or issue. Revenues and expenses are translated at rates approximating the exchange rates in effect at the time of the transactions. All exchange gains and losses are included in operations.

Subsequent Events

Subsequent Events

The Company has analyzed the transactions from December 31, 2023, to the date these consolidated financial statements were issued for subsequent event disclosure purposes.

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Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Intangible Assets [Abstract]

Schedule of Intangible Assets

As of December 31, 2023, and 2022, Intangible assets consisted of the following:

	Useful life	December 31, 2023			December 31, 2022
At cost:
Software platform	5 years	$	210,000		$	210,000
Software programs	3 years		5,378			-
Less: accumulated amortization			(85,112	)		(42,000	)
		$	130,266		$	168,000

Schedule of Amortization of intangible assets

Schedule of Amortization of intangible assets

Year ending December 31:	Amount
2024	$	43,930
2025		43,807
2026		42,529
	$	130,266

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Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Lease Agreements

Total future minimum payments required under the lease agreements are as follows:

	ELVG Hellas			Ultra Mgmt			Total
	Amount						Amount
2024	$	46,364		$	9,935		$	56,299
2025		46,364						46,364
2026		46,364						46,364
2027		46,364						46,364
Thereafter		139,091						139,091
Total undiscounted minimum future lease payments		324,547			9,935			334,482
Less Imputed interest		(55,489	)		(275	)		(55,764	)
Present value of operating lease liabilities	$	269,058		$	9,660		$	278,718
Disclosed as:
Current portion		32,136			9,660			42,786
Non-current portion		235,932			-			235,932

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Schedule of Net Deferred Tax Assets

Net deferred tax assets consist of the following components as of December 31, 2023, and December 31, 2022

	2023		%	2022
Deferred tax assets:
NOL Carryover	$	237,437		$	190,664
Sub Total	$	237,437		$	190,664
Valuation Allowance	$	(237,437	)	$	(190,664	)
Net Deferred Tax Asset	$	-		$	-

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following for the subsidiaries in Greece and Cyprus:

	December 31,		December 31,
	2023		2022
Current:
Federal	$	-	$	-
State		-		-
Foreign - Current		29,621		30,995
Foreign - Prior Year		2,285		10,217
Total current tax provision	$	31,906	$	41,212
Deferred:
Federal		-		-
State		-		-
Foreign		-		-
Total deferred benefit		-		-
Total provision (benefit) for income tax	$	31,906	$	41,212

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Summary of Significant Accounting and Beneficial Conversion Features Policies (Details)	Dec. 31, 2023
Summary of Significant Accounting and Beneficial Conversion Features Policies [Abstract]
Office equipment is depreciated	3 years
Amortized useful life	5 years

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Receivables (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Receivables [Line Items]
Accounts receivable	$ 369,904	$ 330,864
Other receivables	37,857	7,194
Related Party [Member]
Receivables [Line Items]
Other receivables	$ 418,904	$ 369,800

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Intangible Assets (Details) - USD ($)	1 Months Ended		12 Months Ended
	Jan. 19, 2022	Nov. 15, 2021	Dec. 31, 2023	Dec. 31, 2022	Jan. 03, 2022
Intangible Assets [Line Items]
Restricted common shares (in Shares)	7,000,000
Restricted common share value	$ 210,000
Stated value (in Dollars per share)			$ 0.0001	$ 0.0001
Total value of amortized			$ 210,000
Amortized over life			5 years
Software programs			$ 5,378
Amortization of Intangible assets			$ 43,112	$ 42,000
Common Stock [Member]
Intangible Assets [Line Items]
Stated value (in Dollars per share)					$ 0.03
License software [Member]
Intangible Assets [Line Items]
Restricted common shares (in Shares)		7,000,000
Restricted common share value		$ 210,000
Stated value (in Dollars per share)		$ 0.03

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Intangible Assets (Details) - Schedule of Intangible Assets - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Schedule of Intangible Assets [Line Items]
Less: accumulated amortization	$ (85,112)	$ (42,000)
Intangible Assets	$ 130,266	168,000
Software platform [Member]
Schedule of Intangible Assets [Line Items]
Intangible Assets, useful life	5 years
Intangible Assets, gross	$ 210,000	210,000
Software programs [Member]
Schedule of Intangible Assets [Line Items]
Intangible Assets, useful life	3 years
Intangible Assets, gross	$ 5,378

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Intangible Assets (Details) - Schedule of Amortization of Intangible Assets - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Schedule of Amortization of Intangible Assets [Abstract]
2024	$ 43,930
2025	43,807
2026	42,529
Amortization of intangible assets	$ 130,266	$ 168,000

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Related Party Transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Related Party Transactions [Line Items]
Balance due	$ 0	$ 0
Related Party [Member]
Related Party Transactions [Line Items]
Other receivables	418,904	369,800
Cost of revenue	239,999
Cost of goods sold	142,226
Elvictor Crew Management Services Ltd [Member]
Related Party Transactions [Line Items]
Expensed related party	0
Elvictor Crew Management Ltd Cyprus [Member]
Related Party Transactions [Line Items]
Other receivables		369,800
Elvictor Crew Management Service Ltd [Member]
Related Party Transactions [Line Items]
Liability	112,801	42,289
Qualship Georgia Ltd [Member]
Related Party Transactions [Line Items]
Trade accounts payable related party	81,680	13,575
Elvictor Odessa [Member]
Related Party Transactions [Line Items]
Trade accounts payable related party	0	$ 30
Elvictor Odessa [Member] | Related Party [Member]
Related Party Transactions [Line Items]
Cost of revenue	$ 19,240

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Leases (Details)			1 Months Ended	12 Months Ended		18 Months Ended
	Oct. 01, 2021 EUR (€)	Apr. 01, 2021 EUR (€)	Jan. 31, 2023 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Leases (Details) [Abstract]
Rental payment	€ 1,000	€ 3,500				$ 5,000
Lease cost				$ 58,428	$ 56,931
Lease term			8 years
Incremental borrowing rate				4.92%
Lease liability				$ 291,467
Greece [Member]
Leases (Details) [Abstract]
Lease cost | €			€ 3,500
Right of use assets lease liability				$ 291,467

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Leases (Details) - Schedule of Lease Agreements	Dec. 31, 2023 USD ($)
Schedule of Lease Agreements [Line Items]
2024	$ 56,299
2025	46,364
2026	46,364
2027	46,364
Thereafter	139,091
Total undiscounted minimum future lease payments	334,482
Less Imputed interest	(55,764)
Present value of operating lease liabilities	278,718
Disclosed as:
Current portion	42,786
Non-current portion	235,932
ELVG Hellas [Member]
Schedule of Lease Agreements [Line Items]
2024	46,364
2025	46,364
2026	46,364
2027	46,364
Thereafter	139,091
Total undiscounted minimum future lease payments	324,547
Less Imputed interest	(55,489)
Present value of operating lease liabilities	269,058
Disclosed as:
Current portion	32,136
Non-current portion	235,932
Ultra Mgmt [Member]
Schedule of Lease Agreements [Line Items]
2024	9,935
Total undiscounted minimum future lease payments	9,935
Less Imputed interest	(275)
Present value of operating lease liabilities	9,660
Disclosed as:
Current portion	9,660
Non-current portion

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Other Payables (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Other Payables [Abstract]
Other payables	$ 861,878	$ 485,675

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Stockholders' Equity (Details) - USD ($)					1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 08, 2021	Apr. 08, 2021	Jul. 07, 2020	Oct. 07, 2019	Jan. 19, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Feb. 05, 2021
Stockholders' Equity [Line Items]
Common stock, shares authorized								700,000,000	700,000,000
Common stock, par value (in Dollars per share)								$ 0.0001	$ 0.0001
Common shares issued								414,448,757	414,448,757
Revenues (in Dollars)			$ 3,000,000
Debt excess (in Dollars)			$ 10,000,000
Converted shares	375,459,000
Restricted common stock					7,000,000
Cash proceeds (in Dollars)							$ 111,833
Restricted share of common stock, value (in Dollars)					$ 210,000
Shares issued for services (in Dollars)						$ 38,700
Purchase agreements shares				80,000,000
Aggregate purchase price (in Dollars)				$ 30,000
Common shares outstanding								414,448,757	414,448,757
Common Stock [Member]
Stockholders' Equity [Line Items]
Common shares issued							1,016,665			3,668,419
Convertible notes payable (in Dollars)										$ 405,725
Aggregate shares						900,000
Shares issued for services (in Dollars)						$ 90
Series A Preferred Stock [Member]
Stockholders' Equity [Line Items]
Common shares issued	375,459,000	375,459,000
Preferred stock, issued
Series A preferred exchange percentage			95.00%
Preferred stock, outstanding
Series A Preferred Stock [Member] | Common Stock [Member]
Stockholders' Equity [Line Items]
Common shares issued	375,459,000	375,459,000
Directors and former directors [Member]
Stockholders' Equity [Line Items]
Aggregate shares					900,000
Shares issued for services (in Dollars)					$ 38,700
Konstantinos Galanakis [Member]
Stockholders' Equity [Line Items]
Converted shares		217,310,305
Restricted common stock	217,310,305
Konstantinos Galanakis [Member] | Series A Preferred Stock [Member]
Stockholders' Equity [Line Items]
Preferred stock, issued			46,702,857
Stavros Galanakis [Member]
Stockholders' Equity [Line Items]
Converted shares		156,271,400
Restricted common stock	156,271,400
Stavros Galanakis [Member] | Series A Preferred Stock [Member]
Stockholders' Equity [Line Items]
Preferred stock, issued			33,297,143
Theofanis Anastasiadis [Member]
Stockholders' Equity [Line Items]
Converted shares		1,877,295
Restricted common stock	1,877,295

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Commitments and Contingencies (Details) - EUR (€)		33 Months Ended
	Jul. 10, 2020	Dec. 31, 2023	Jan. 01, 2023	Oct. 01, 2021
Commitments and Contingencies [Abstract]
New lease	€ 5,000	€ 3,500
Lease renewed term			8 years
Rental expense				€ 1,000

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Income Taxes (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Abstract]
Operating loss carry forwards	$ 1,118,000	$ 900,000

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Income Taxes (Details) - Schedule of Net Deferred Tax Assets - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
NOL Carryover	$ 237,437	$ 190,664
Sub Total	237,437	190,664
Valuation Allowance	$ (237,437)	$ (190,664)

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Income Taxes (Details) - Schedule of Provision for Income Taxes - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal
State
Foreign - Current	29,621	30,995
Foreign - Prior Year	2,285	10,217
Total current tax provision	31,906	41,212
Deferred:
Federal
State
Foreign
Total deferred benefit
Total provision (benefit) for income tax	$ 31,906	$ 41,212