Cover
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 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor [Table] | |
Auditor Name | RBSM LLP |
Auditor Firm ID | 587 |
Auditor Location | New York, NY |
Consolidated Balance Sheets
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 |
Consolidated Balance Sheets (Pa
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 |
Consolidated Statements of Oper
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 |
Consolidated Statements of Op_2
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 | $ 0 |
Weighted-average number of shares of common stock outstanding - fully diluted | 414,448,757 | 414,059,168 |
Consolidated Statements of Cash
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 |
Statements of the Changes in St
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 |
Description of Business
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. |
Summary of Significant Accounti
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. 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. |
Receivables
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. |
Intangible Assets
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, December 31, 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. |
Related Party Transactions
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 - 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. |
Leases
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 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. |
Other Payables
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. |
Stockholders' Equity
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 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. |
Commitments and Contingencies
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€. |
Income Taxes
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 |
Subsequent Event
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. |
Pay vs Performance Disclosure
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) |
Insider Trading Arrangements
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 |
Accounting Policies, by Policy
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. 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. |
Intangible Assets (Tables)
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, December 31, 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 |
Leases (Tables)
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 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 |
Income Taxes (Tables)
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 |
Summary of Significant Accoun_2
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 |
Receivables (Details)
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 |
Intangible Assets (Details)
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 |
Intangible Assets (Details) - S
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 |
Intangible Assets (Details) -_2
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 |
Related Party Transactions (Det
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 |
Leases (Details)
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 |
Leases (Details) - Schedule of
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 |
Other Payables (Details)
Other Payables (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Other Payables [Abstract] | ||
Other payables | $ 861,878 | $ 485,675 |
Stockholders' Equity (Details)
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% | |||||||||
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 |
Commitments and Contingencies (
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 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Income Taxes [Abstract] | ||
Operating loss carry forwards | $ 1,118,000 | $ 900,000 |
Income Taxes (Details) - Schedu
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) |
Income Taxes (Details) - Sche_2
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 |