Elvictor (ELVG) 10-Q 14 Nov 23 2023 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 13, 2023
Document Information Line Items
Entity Registrant Name	ELVICTOR GROUP, INC.
Trading Symbol	ELVG
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		414,448,757
Amendment Flag	false
Entity Central Index Key	0001741489
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	333-225239
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	82-3296328
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
City Area Code	(877)
Local Phone Number	374-4196
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock
Security Exchange Name	NONE

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Current Assets
Cash	$ 151,998	$ 503,981
Accounts Receivable	398,164	330,864
Other Receivables	20,481	7,194
Prepaid expenses and other current assets	143,083	58,628
Total Current Assets	1,126,087	1,270,467
Non-current Assets
Intangible Assets, Net	139,498	168,000
Office Equipment, net	16,198	19,211
Total Non-current Assets	433,587	208,864
Total Assets	1,559,674	1,479,331
Current Liabilities
Accounts Payable	31,564	34,336
Trade Accounts Payable	172,402	310,892
Other Payables	399,524	485,675
Lease Liability – Current - Related Parties	43,684	12,262
Accrued and Other Liabilities	243,298	68,759
Due to related party	22,275	48,991
Total Current Liabilities	1,062,099	1,017,349
Long-term Liabilities
Lease Liability – Non-Current - Related Party	234,207	9,391
Total Long-term Liabilities	234,207	9,391
Total Liabilities	1,296,306	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 September 30, 2023 and December 31, 2022	41,445	41,445
Additional paid in capital	45,050,884	45,050,884
Accumulated deficit	(44,828,961)	(44,639,738)
Total Stockholders’ Equity	263,368	452,591
Total Liabilities and Stockholders’ Equity	1,559,674	1,479,331
Related Party [Member]
Current Assets
Other Receivables - Related Party	412,361	369,800
Non-current Assets
ROU Asset - Related Party	277,891	21,653
Current Liabilities
Trade Accounts Payable - Related Parties	$ 149,352	$ 56,434

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 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

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Gross Revenue	$ 429,914	$ 542,790	$ 1,410,523	$ 1,549,221
Net Revenue	121,922	119,857	375,012	328,781
Total Revenue	551,836	662,647	1,785,535	1,878,002
Less: Cost of Revenue	100,724	107,436	318,642	297,031
Cost of Revenue - Related Parties	16,058	19,820	53,048	81,590
Total Cost of Revenue	116,782	127,256	371,690	378,621
Gross Profit	435,054	535,391	1,413,845	1,499,381
Operating expenses
Professional fees	34,893	142,624	198,206	433,255
Professional fees - Related Party		6,000		31,634
Salaries	391,537	381,043	1,179,882	892,212
Rent -Related Party	14,694	13,610	43,897	43,152
Bad Debt Expense			3,113
Depreciation and Amortization	13,503	6,760	39,677	19,206
Other general and administrative costs	33,970	39,060	131,758	141,644
Total operating expenses	488,597	589,097	1,596,533	1,561,103
Loss from operations	(53,543)	(53,706)	(182,688)	(61,722)
Foreign Currency Translation Adjustment	1,281	3,106	(4,250)	6,709
Other Income		4,925		21,302
Total other income (expense)	1,281	8,031	(4,250)	28,011
Net loss before income tax	(52,262)	(45,675)	(186,938)	(33,711)
Provision for income taxes (benefit)	2,285	8,598	2,285	10,217
Net loss	$ (54,547)	$ (54,273)	$ (189,223)	$ (43,928)
Net Loss Per Common Stock
Basic and fully diluted (in Dollars per share)	$ 0	$ 0	$ 0	$ 0
Weighted-average number of shares of common stock outstanding
Basic and fully diluted (in Shares)	414,448,757	414,448,757	414,448,757	413,927,878

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Operations (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net loss per common stock basic and fully diluted	$ 0	$ 0	$ 0	$ 0
Weighted-average number of shares of common stock outstanding basic and fully diluted	414,448,757	414,448,757	414,448,757	413,927,878

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities
Net loss	$ (189,223)	$ (43,928)
Adjustments to reconcile net loss to net cash (used in)/provided by operating activities
Depreciation	7,524	4,197
Amortization	32,154	15,009
Amortization of ROU Asset	22,709
Shares Issued for Services		38,700
Changes in assets and liabilities
Accounts Receivable	(67,301)	9,894
Other Receivables	(13,288)	41,253
Other Receivables - Related Party	(42,562)	(203,927)
Prepaid expenses and other current assets	(84,455)	(59,004)
Accounts Payable	(2,773)	(49,490)
Trade Accounts Payable	(138,490)	72,860
Trade Accounts Payable - Related Party	92,919	(13,791)
Other Payables	(86,150)	266,252
Accrued and Other Liabilities	174,539	41,135
Lease Liability	(22,709)
Due to related party	(26,715)	(19,562)
Net cash (used in)/provided by operating activities	(343,821)	99,598
Cash Flows from Investing Activities
Office Equipment	(4,510)	(12,025)
Software	(3,652)
Net cash used in investing activities	(8,162)	(12,025)
Net (Decrease)/Increase in Cash	(351,983)	87,573
Cash at beginning of period	503,981	308,526
Cash at end of period	151,998	396,099
Cash paid for:
Income Taxes
Transactions
Shares exchanged for Intangible Asset		301,000
Right-of-use assets obtained in exchange for operating lease obligations	$ 291,467

Unaudited Condensed Statements

Unaudited Condensed 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)					(43,928)
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
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
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)					(189,223)
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
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

Description of Business

Description of Business	9 Months Ended
	Sep. 30, 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 the State of Nevada on November 3, 2017. With the change to the Elvictor name came the addition of the Company’s brand and a new crew management team in the shipping industry. The new management team comes from Elvictor (the Greece-based private entity founded in 1977, which is the predecessor to the Company whose business became a part of the business of Thenablers in 2019, referred to herein as “Elvictor Greece”) that has been active across various value-adding shipping sector activities, such as ship management, technical management, crewing & crew management. The Company’s professional core of activities includes crew management, training and the creation of in-house software related to crew and ship matters, for the amelioration of all its operations to facilitate both its employees and those that depend on them. The Company aims to broaden its scope of activities, expanding on to new areas, while refining the existing ones. Placing prime importance on digitalization, the Company plans on the extensive use of Artificial Intelligence, through the application of Machine and Deep Learning, in concert with the integration of a wide array of cloud systems. The Company’s strategic growth on a horizontal and vertical manner throughout the shipping industry will be reinforced with technologically adept tools, containing know-how and experience. Working on a technologically oriented path, the Company is flexible and open to other avenues of international business for the successful and profitable diversification of its portfolio. On December 13, 2019, the Company filed a Certificate of Amendment with the Nevada Secretary of State to change its name from “Thenablers, Inc.” to “Elvictor Group, Inc.” (the “Name Change”), to better reflect its new business interests. On February 25, 2020, FINRA approved the Name Change and the Company’s new stock symbol “ELVG”. As of July 10, 2020, the Company founded Elvictor Group Hellas Single Member S.A., a subsidiary in Vari, Greece, to assist the Company’s management in facilitating its operations. Additionally, the Company purchased Ultra Ship Management, a Marshall Islands company that is licensed to provide ship management services, and which established their own subsidiary in Vari, Greece. In January 2022, the Company established its fully owned subsidiary, ELVG Crew Management Ltd, incorporated in Cyprus, to facilitate its crew management operations.

Summary of Significant Accounti

Summary of Significant Accounting and Beneficial Conversion Features Policies	9 Months Ended
	Sep. 30, 2023
Accounting 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 accompanying unaudited condensed consolidated financial statements (“financial statements”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and have been consistently applied. Certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP, but which are not required for interim reporting purposes, have been omitted. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary to present fairly the financial position as of September 30, 2023 and the results of operations and cash flows for the interim periods ended September 30, 2023 and 2022, have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 31, 2023. Operating results for the nine months ended September 30, 2023, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2023. Principles of Consolidation The unaudited condensed consolidated financial statements incorporate the assets and liabilities of all entities controlled by Elvictor Group, Inc as of September 30, 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 unaudited condensed consolidated entity. The effects of all transactions between entities in the unaudited condensed consolidated entity are eliminated in full. The unaudited condensed 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 (“GAAP”). The Company has adopted a December 31 fiscal year end. Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses and disclosure of contingent assets and liabilities at the date the unaudited condensed consolidated financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. 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 nine months or less, when purchased, to be cash and cash equivalents. Accounts Receivable and Allowance for Doubtful Accounts For the nine months ended September 30, 2023, the Company has operations of crew manning and management and has accounts receivable due from its 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 September 30, 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 unaudited condensed 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. 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 the Company 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 Income/(Loss) Per Share Basic income 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 September 30, 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 unaudited condensed 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 September 30, 2023, to the date these unaudited condensed consolidated financial statements were issued for subsequent event disclosure purposes.

Receivables

Receivables	9 Months Ended
	Sep. 30, 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 September 30, 2023, the Company has trade accounts receivable of $398,164, Other Receivables of $20,481, and Other Receivables from Related Parties of $412,361.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2023
Intangible Assets [Abstract]
INTANGIBLE ASSETS	NOTE 4 – INTANGIBLE ASSETS As of September 30, 2023, and December 31, 2022, Intangible assets consisted of the following: Useful life September 30, (Unaudited) December 31, At cost: Software platform 5 years $ 210,000 $ 210,000 Accounting software 3,652 Less: accumulated amortization (74,154 ) (42,000 ) $ 139,498 $ 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. Amortization of intangible assets attributable to future periods is as follows: Schedule of Amortization of intangible assets Year ending December 31: Amount 2023 $ 10,885 2024 43,302 2025 43,182 2026 43,129 $ 139,498 The amortization of Intangible assets was $74,154 and $42,000 as of September 30, 2023, and December 31, 2022, respectively.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 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 Company’s Chief Executive and Financial Officer and Director. In October 2020, the Company entered into an agreement 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. The October 2020 agreement was 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 September 30, 2023, for the cost of services sold, included in the Cost of Revenue- Related Party. As of September 30, 2023, the Company has other receivables of $412,361 from related party, Elvictor Crew Management Ltd Cyprus. On September 11, 2020, the Company entered into a Manning Agency Agreement with Elvictor Crew Management Service Ltd in Georgia. During the nine months ended September 30, 2023, the latter provided manning services to the Company of $179,880, included in the Cost of Revenue – Related Party ($ 38,328) and Net Revenue ($141,552), while as of September 30, 2023, the Company had a liability of $95,954. 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 nine months ended September 30, 2023, we incurred $109,644 in expenses that offset Net Revenue, and the amount due to Qualship Georgia Ltd as of September 30, 2023, was $52,128 included under Trade Accounts Payable – Related Party. On September 11, 2020, the Company entered into a Manning Agency Agreement with Elvictor Odessa. During the nine months ended September 30, 2023, the latter provided manning services to the Company of $14,720, included in the Cost of Revenue – Related Party, and amount due to Elvictor Odessa as of September 30, 2023, was $1,270 included under Trade Accounts Payable – Related Party. 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 nine months ended September 30, 2023, the Company has a balance of $0 due.

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
LEASES	NOTE 6 – LEASES On July 10, 2020, the Company entered into a rental lease agreement with Stavros Galanakis’ wife (Aikaterini Galanaki), 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€. On October 1, 2021, the Company entered into a second lease with Stavros Galanakis’ wife (Aikaterini Galanaki), 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 842. 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 Lese Liability of $291,467. Total future minimum payments required under the lease agreements are as follows: ELVG Hellas Ultra Mgmt Total Amount Amount 2023 11,116 3,176 14,292 2024 44,464 9,528 53,992 2025 44,464 44,464 2026 44,464 44,464 2027 44,464 44,464 Thereafter 133,392 133,392 Total undiscounted minimum future lease payments 322,364 12,704 335,068 Less Imputed interest (56,761 ) (415 ) (57,176 ) Present value of operating lease liabilities 265,603 12,289 277,891 Disclosed as: Current portion 31,396 12,289 43,684 Non-current portion 234,207 - 234,207 The Company recorded rent expenses of $43,897 and $43,152 for the nine months ended September 30, 2023, and 2022, respectively.

Other Payables

Other Payables	9 Months Ended
	Sep. 30, 2023
Other Payables [Abstract]
OTHER PAYABLES	NOTE 7 - OTHER PAYABLES The services in the manning of a crew provided by the Company to the shipping companies include 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 followed by the Company making each payment to the indicated crew, in this 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 $399,524 as of September 30, 2023 compared to $485,675 as of December 31, 2022.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 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, 2022, there were 414,448,757 common shares issued and outstanding. 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 On January 19, 2022, the Company issued 7,000,000 restricted common stock shares 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 restricted common stock shares with a value equal to $38,700 at the time to certain directors and former directors for past services provided to the Company.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 of which, 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 Stavros Galanakis’ wife 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€.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENT	NOTE 10 – SUBSEQUENT EVENT The Company has analyzed its operations subsequent to September 30, 2023, through the date of this filing of these unaudited condensed consolidated financial statements and has determined that there are no material subsequent events to these unaudited condensed consolidated financial statements.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements (“financial statements”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and have been consistently applied. Certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP, but which are not required for interim reporting purposes, have been omitted. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary to present fairly the financial position as of September 30, 2023 and the results of operations and cash flows for the interim periods ended September 30, 2023 and 2022, have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 31, 2023. Operating results for the nine months ended September 30, 2023, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2023.
Principles of Consolidation	Principles of Consolidation The unaudited condensed consolidated financial statements incorporate the assets and liabilities of all entities controlled by Elvictor Group, Inc as of September 30, 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 unaudited condensed consolidated entity. The effects of all transactions between entities in the unaudited condensed consolidated entity are eliminated in full. The unaudited condensed 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 (“GAAP”). The Company has adopted a December 31 fiscal year end.
Use of Estimates	Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses and disclosure of contingent assets and liabilities at the date the unaudited condensed consolidated financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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 nine months 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 nine months ended September 30, 2023, the Company has operations of crew manning and management and has accounts receivable due from its 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 September 30, 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 unaudited condensed 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. 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 the Company 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 Income/(Loss) Per Share	Basic Income/(Loss) Per Share Basic income 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 September 30, 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 unaudited condensed 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 September 30, 2023, to the date these unaudited condensed consolidated financial statements were issued for subsequent event disclosure purposes.

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Intangible Assets [Abstract]
Schedule of Intangible Assets	As of September 30, 2023, and December 31, 2022, Intangible assets consisted of the following: Useful life September 30, (Unaudited) December 31, At cost: Software platform 5 years $ 210,000 $ 210,000 Accounting software 3,652 Less: accumulated amortization (74,154 ) (42,000 ) $ 139,498 $ 168,000
Schedule of Amortization of intangible assets	Schedule of Amortization of intangible assets Year ending December 31: Amount 2023 $ 10,885 2024 43,302 2025 43,182 2026 43,129 $ 139,498

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Schedule of Lease	Total future minimum payments required under the lease agreements are as follows: ELVG Hellas Ultra Mgmt Total Amount Amount 2023 11,116 3,176 14,292 2024 44,464 9,528 53,992 2025 44,464 44,464 2026 44,464 44,464 2027 44,464 44,464 Thereafter 133,392 133,392 Total undiscounted minimum future lease payments 322,364 12,704 335,068 Less Imputed interest (56,761 ) (415 ) (57,176 ) Present value of operating lease liabilities 265,603 12,289 277,891 Disclosed as: Current portion 31,396 12,289 43,684 Non-current portion 234,207 - 234,207

Summary of Significant Accoun_2

Summary of Significant Accounting and Beneficial Conversion Features Policies (Details)	Sep. 30, 2023
Accounting Policies [Abstract]
Office equipment is depreciated	3 years
Amortized useful life	5 years

Receivables (Details)

Receivables (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Receivables (Details) [Line Items]
Accounts receivable	$ 398,164	$ 330,864
Other receivables	20,481	7,194
Related Party [Member]
Receivables (Details) [Line Items]
Other receivables	$ 412,361	$ 369,800

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	1 Months Ended	9 Months Ended	12 Months Ended
	Nov. 15, 2021	Sep. 30, 2023	Dec. 31, 2022	Jan. 03, 2022
Intangible Assets [Abstract]
Restricted shares of common stock (in Shares)	7,000,000
Aggregate of share value	$ 210,000
Stated value of per share (in Dollars per share)	$ 0.03
Common share stated per value (in Dollars per share)				$ 0.03
Total value of amortized		$ 210,000
Amortized over life		5 years
Amortization of Intangible assets		$ 74,154	$ 42,000

Intangible Assets (Details) - S

Intangible Assets (Details) - Schedule of Intangible Assets - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Software platform, Useful life	5 years
Less: accumulated amortization	$ (74,154)	$ (42,000)
Intangible Assets	$ 139,498	168,000
Software patform [Member]
Finite-Lived Intangible Assets [Line Items]
Software platform, Useful life	5 years
Software platform	$ 210,000	$ 210,000
Accounting software [Member]
Finite-Lived Intangible Assets [Line Items]
Software platform	$ 3,652

Intangible Assets (Details) -_2

Intangible Assets (Details) - Schedule of Amortization of Intangible Assets - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Schedule of Amortization of Intangible Assets [Abstract]
2023	$ 10,885
2024	43,302
2025	43,182
2026	43,129
Amortization of intangible assets	$ 139,498	$ 168,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)		9 Months Ended
	Jul. 07, 2020	Sep. 30, 2023	Dec. 31, 2022
Related Party Transactions (Details) [Line Items]
Related party		$ 38,328
Net revenue	$ 3,000,000	(141,552)
Trade accounts payable related party		172,402	$ 310,892
Seatrix Software [Member]
Related Party Transactions (Details) [Line Items]
Balance due		0
Elvictor Crew Management Services Ltd [Member]
Related Party Transactions (Details) [Line Items]
Expensed related party		0
Other receivables		412,361
Elvictor Crew Management Service Ltd [Member]
Related Party Transactions (Details) [Line Items]
Cost of revenue		179,880
Liability amount		95,954
Qualship Georgia Ltd [Member]
Related Party Transactions (Details) [Line Items]
Cost of goods sold		109,644
Trade accounts payable related party		52,128
Elvictor Odessa [Member]
Related Party Transactions (Details) [Line Items]
Cost of revenue		14,720
Trade accounts payable related party		$ 1,270

Leases (Details)

Leases (Details)	1 Months Ended	3 Months Ended		9 Months Ended		18 Months Ended	21 Months Ended	39 Months Ended
	Jan. 31, 2023 EUR (€)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 EUR (€)	Dec. 31, 2022 EUR (€)	Dec. 31, 2024 USD ($)
Leases (Details) [Abstract]
Rental payment | €						€ 5,000	€ 3,500
Lease (in Euro)		$ 14,694	$ 13,610	$ 43,897	$ 43,152
Incremental borrowing rate				4.92%
Right of use assets lease liability				$ 291,467
Lease liability		$ 291,467		291,467
Rent expenses				43,897	$ 43,152
Greece [Member]
Leases (Details) [Abstract]
Lease (in Euro) | €	€ 3,500
Right of use assets lease liability				$ 291,467
Forecast [Member]
Leases (Details) [Abstract]
Rental payment								$ 1,000

Leases (Details) - Schedule of

Leases (Details) - Schedule of Lease - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Leases (Details) - Schedule of Lease [Line Items]
2023	$ 14,292
2024	53,992
2025	44,464
2026	44,464
2027	44,464
Thereafter	133,392
Total undiscounted minimum future lease payments	335,068
Less Imputed interest	(57,176)
Present value of operating lease liabilities	277,891
Disclosed as:
Current portion	43,684	$ 12,262
Non-current portion	234,207	$ 9,391
ELVG Hellas [Member]
Leases (Details) - Schedule of Lease [Line Items]
2023	11,116
2024	44,464
2025	44,464
2026	44,464
2027	44,464
Thereafter	133,392
Total undiscounted minimum future lease payments	322,364
Less Imputed interest	(56,761)
Present value of operating lease liabilities	265,603
Disclosed as:
Current portion	31,396
Non-current portion	234,207
Ultra Mgmt [Member]
Leases (Details) - Schedule of Lease [Line Items]
2023	3,176
2024	9,528
Total undiscounted minimum future lease payments	12,704
Less Imputed interest	(415)
Present value of operating lease liabilities	12,289
Disclosed as:
Current portion	$ 12,289

Other Payables (Details)

Other Payables (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Other Payables [Abstract]
Other Notes Payable	$ 399,524	$ 485,675

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)			1 Months Ended	9 Months Ended
	Apr. 08, 2021	Jul. 07, 2020	Jan. 19, 2022	Sep. 30, 2023	Dec. 31, 2022
Stockholders' Equity (Details) [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
Common shares outstanding.				414,448,757	414,448,757
Revenues (in Dollars)		$ 3,000,000		$ (141,552)
Debt excess (in Dollars)		$ 10,000,000
Restricted share of common stock			7,000,000
Restricted share of common stock, value (in Dollars)			$ 210,000
Aggregate of shares of common stock			900,000
Shares issued for services (in Dollars)			$ 38,700
Issuance of Common Stock [Member]
Stockholders' Equity (Details) [Line Items]
Common stock for convertible notes payable, shares	375,459,000
Series A Preferred Stock [Member]
Stockholders' Equity (Details) [Line Items]
Series A preferred exchange percentage		95%
Konstantinos Galanakis [Member] | Issuance of Common Stock [Member]
Stockholders' Equity (Details) [Line Items]
Common stock issued for preferred stock, shares	217,310,305
Stavros Galanakis [Member] | Issuance of Common Stock [Member]
Stockholders' Equity (Details) [Line Items]
Common stock issued for preferred stock, shares	156,271,400
Theofanis Anastasiadis [Member] | Issuance of Common Stock [Member]
Stockholders' Equity (Details) [Line Items]
Common stock issued for preferred stock, shares	1,877,295
Konstantinos Galanakis [Member] | Series A Preferred Stock [Member]
Stockholders' Equity (Details) [Line Items]
Series A preferred stock		46,702,857
Stavros Galanakis [Member] | Series A Preferred Stock [Member]
Stockholders' Equity (Details) [Line Items]
Series A preferred stock		33,297,143

Commitments and Contingencies (

Commitments and Contingencies (Details) - EUR (€)	9 Months Ended
	Sep. 30, 2023	Jan. 01, 2023
Commitments and Contingencies [Abstract]
Long-term rental lease agreement	€ 5,000
New lease	3,500
Lease renewed term		8 years
Rental expense	€ 1,000