Elvictor Group, Inc 10-K for FY2025
Elvictor Group, Inc. (ELVG)
About this 10-K
Elvictor Group, Inc filed this 10-K on April 6, 2026, covering the fiscal year ended December 31, 2025 (FY2025).
Headline figures
Fiscal year ended December 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.
- Revenue
- $2.43M
- up 0.3% from $2.42M a year earlier
- Net loss
- $175.72K
- compared with net income of $199.78K a year earlier
- Diluted EPS
- -$0.21
- compared with $0.24 a year earlier
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Mark One)
For the fiscal year ended
For the transition period from to
Commission file number
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of | (I.R.S. Employer | |
| incorporation or organization) | Identification No.) |
(Address of principal executive offices)
Registrant’s telephone number, including area code:
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Exchange Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act ☐ Yes ☒
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☐ Yes ☒
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large Accelerated filer ☐ | Accelerated filer ☐ |
| Smaller reporting company | |
| Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b) ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes
The aggregate market value of the Company’s common stock outstanding, other than shares held by persons who may be deemed affiliates of the registrant, computed by reference to the closing price for the common stock on June 30, 2025, as reported on the OTC Markets on that date, was $
The number of shares of the registrant’s common stock, $0.0001 per share, outstanding as of April 6, 2026 was
DOCUMENTS INCORPORATED BY REFERENCE:
TABLE OF CONTENTS
GENERAL INFORMATION
i
SPECIAL NOTE
Unless the context indicates otherwise, as used in this Annual Report on Form 10-K, the terms “we,” “us,” “our,” “the Company,” “Elvictor,” “ELVG” or “our business” refer to Elvictor Group, Inc.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Annual Report on Form 10-K contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements concerning management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters involve significant known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of results to differ materially from any such forward-looking statements that are not statements of current or historical facts. It is not possible to predict or identify all factors, future events or circumstances that may have an impact on the Company’s operations, financial condition, business, prospects, growth strategy and liquidity. Consequently, the following should not be considered to be a complete discussion of all potential factors, risks or uncertainties. The words “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are based on management’s current expectations, but actual results may differ materially due to various factors, including, but not limited to:
| ● | significant geopolitical risks, similar to the Red Sea crisis, potentially escalating operational and security challenges, impacting shipping routes and insurance costs in the region; | |
| ● | effect of rising inflation materially affecting our business due to increases in seafarer salaries and to our customers; | |
| ● | our ability to compete effectively within our industry since many of our competitors have significantly greater financial, operational, marketing and geographic presence resources than we do; | |
| ● | fluctuations in global economic conditions may significantly reduce the demand for our services and adversely impact our business and results of operations; | |
| ● | changing regulatory, economic, political and governmental conditions may materially impact industries and markets in which the Company currently operates; |
| ● | the effect of fluctuations of oil and natural gas prices, which may negatively impact the economic conditions of our clients and consequently our business and results of operations; | |
| ● | impact of the war in the Ukraine and Iran or civil unrests on crewing and the global shipping industry, including the inability to attract or retain qualified seafarers and our ability to continue effectively serving our clients due to the resulting shortage of qualified seafarers; | |
| ● | the impact of the conflict involving Iran, the United States, and Israel, which has disrupted maritime traffic through the Strait of Hormuz and the Persian Gulf, contributed to sharp increases in energy prices and war risk insurance premiums, and resulted in direct threats to commercial vessels and seafarers operating in the region; the conflict has also prompted the Houthis to resume attacks on commercial shipping in the Red Sea and Gulf of Aden, further compounding operational risks and rerouting costs for vessels serving our clients; | |
| ● | whether the reliability and capacity of our technology systems positively or negatively affects our ability to effectively manage our business and deliver services to our customers; | |
| ● | increasing threat of AI-driven cyberattacks and data breaches in the maritime industry that may affect our or our clients’ operations; | |
| ● | reliance on our technology and cybersecurity procedures to effectively collect, protect and store sensitive and confidential information, including our proprietary business, customer, employee, and business partner information; and | |
| ● | increased regulatory cost of compliance, including US, European, and other countries data privacy regulations enacted. |
The above forward-looking statements and others contained in this Report reflect our current expectations and beliefs concerning future developments and their potential impact on our operations and business. Future developments may be unanticipated. Should one or more of these factors, risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may materially vary from those discussed in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
ii
PART I
Elvictor Group, Inc. is referred to herein as “we,” “us,” “our,” “the Company,” “Elvictor,” or “our business”. Services and other matters pertaining to our subsidiaries are referred to collectively referred to herein under the same abbreviations “we”, “us”, and “our”.
Item 1. Business
Overview
We were incorporated in Nevada on November 3, 2017 under the name of Thenablers, Inc. (“Thenablers”). We initially operated as an international business development organization with a focus on design and execution of market strategies for our clients. In October 2019, Konstantinos Galanakis, our Chief Executive Officer, Stavros Galanakis, our Vice President/Chairman of the Board, Christodoulos Tzoutzakis, our Chief Operating/ Technology Officer, and Theodoros Chouliaras, our then Chief Financial Officer were appointed as our directors, at which time all of our then directors resigned (Panagiotis Lazaretos, Sotirios Foutsis, and Theofylaktos Petros Oikonomou). Our change in management was adopted to promote, operate and expand our new business with management specific knowledge of crew management services to vessels around the world. In connection with these management changes, Thenablers issued Konstantinos Galanakis, Stavros Galanakis, Aikaterini Galanaki and Theodoros Chouliaras an aggregate of 80,000,000 shares of newly designated “Series A Convertible Preferred Stock” (the “80,000,000 Shares) in exchange for an aggregate purchase price of $30,000; additionally, Thenablers transferred all of Elvictor Crew Management Ltd.’s business to us , including all existing crew management contracts, the transfer of which began in the fourth quarter of 2020 and concluded at the end of 2021. 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 750,918 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, 434,621 restricted common stock shares were issued to Konstantinos Galanakis, 312,543 restricted common stock shares were issued to Stavros Galanakis, and 3,755 restricted common stock shares were issued to Theofanis Anastasiadis.
On November 5, 2019, Konstantinos Galanakis was appointed as our Chief Executive Officer and Stavros Galanakis as our Chairman of our Board of Directors.
On December 13, 2019, by a shareholder consent vote, our name was changed from “Thenablers, Inc.” to “Elvictor Group, Inc.” with the Nevada Secretary of State. On February 27, 2020, upon receipt of FINRA’s approval, our trading symbol in the OTC Pink Open Market was changed to “ELVG.”
On August 8, 2020, we formed a wholly owned subsidiary in Vari, Greece, Elvictor Group Hellas Single Member SA., which provides us with back-office services and its crew management subsidiaries pertaining to human resources issues, agreements, tax and other accounting advice, and administrative support.
In September 2020, we began our business operations to provide crew management services to vessels around the world. In October 2021, we acquired 100% of the outstanding equity interests of Ultra Shipmanagement, Inc., a Marshall Islands company (“Ultra Shipmanagement”) owned by Messrs. Konstantinos Galanakis and Stavros Galanakis in return for our payment of $2,500, upon which Ultra Shipmanagement, Inc. became our wholly owned subsidiary to offer ship management services. On January 10, 2022, we formed a wholly owned subsidiary in Cyprus, ELVG Crew Management Limited, which provides crew management services.
In January 2022, we established our wholly owned subsidiary, ELVG Crew Management Ltd, incorporated in Cyprus, to facilitate our crew management operations.
On December 23, 2024, we have announced that we have entered into an engagement agreement with CIM Securities, LLC, a FINRA member broker-dealer as the Managing Placement Agent to raise up to $7,000,000 in a Regulation D, Rule 506(c) offering open only to verified accredited investors and subject to securing a Lead Investor. The financing would be used to purchase a bulker vessel, most likely a “Handy size” type of vessel with a deadweight tonnage ranging from 30,000 to 40,000 tons with an age of approximately five to eight years. We estimated that the total vessel cost will range between $20,000,000 to $22,000,000 while the overall equity participation would be between $5,500,000 and $6,500,000, including initial working capital costs. We plan to use any excess amount for working capital and revenue expanding measures. We plan to continue our crew and ship management services and (subject to adequate financing) plan to expand in Turkey and other countries. By integrating our operations into ship ownership, we will attempt to develop diversified revenue streams. There are no assurances that we will secure the financing required or be successful in any of the foregoing plans.
On January 30, 2026, our Board of Directors and Majority Stockholder approved a 1-for-500 reverse stock split of our authorized, issued, and outstanding common stock, par value $0.0001 per share (the “Common Stock”). To effectuate the Reverse Stock Split, we filed a Certificate of Change with the Secretary of State of the State of Nevada. Pursuant to Nevada Revised Statutes Section 78.209, the Reverse Stock Split did not require a change to the Company’s authorized share capital, which remains at 700,000,000 Common Stock Shares. On March 16, 2026, the Financial Industry Regulatory Authority (“FINRA”) published the Reverse Stock Split on its Daily List. The Reverse Stock Split became effective for trading purposes on the OTC Markets at the opening of business on March 17, 2026.
1
Our Current Business
We currently manage over 2,000 seafarers of five different nationalities who are aboard bulk carriers and tankers. We are able to provide a full complement of crew, covering both ratings and officers, as well as specialized seafarers such as cooks, electricians, fitters, and other technical specialists. Through our recruitment, training, and performance-management systems, we seek to supply ship owners with qualified, safety-certified personnel capable of meeting the operational, technical, and regulatory requirements of modern maritime transportation.
Our Services
Crewing and Crew Management Services
Crewing is a key ship management service and is defined as the selection, recruitment and training of the essential on-board crews. Crew managers source crew members for particular periods considering the specific needs on-board our clients’ vessels, the availability of crew members at the location of the vessels, and the vessels’ schedules.
We provide services that cover various types of crew management activities, including sourcing and preliminary screening of seafarers, the matching of crew members with ship owning companies, and submission of employment proposals. We also direct seafarers to health clinics, record in our databases the results of their medical examinations thereby helping verify that the seafarers are fit and ready to perform their assignments. We also maintain records of the travel and Standards of Training, Certification and Watchkeeping (“STCW”) documents which are required for the seafarers to board our clients’ vessels and perform their services thereon. This is a highly complex procedure, given the number of seafarers handled on a daily basis, and requires us to process and store sensitive information (such as, but not limited to, the health records of the seafarers). Because of this, we are obligated to comply with data privacy regulations in the United States, as well as the General Data Protection Regulation (“GDPR”) of the EU.
We brief the seafarers on the details of their new assignment to ensure their familiarization with their respective tasks, after which we make the necessary travel arrangements, including booking of tickets, to ensure that the seafarers reach their destination port and embark the vessel safely and in a timely manner. Upon completion of the assigned trip, each seafarer undergoes a disembarkation and briefing procedure, during which seafarers may submit complaints related to previous assignments, state whether they would like to rejoin the specific ship company for further assignments, request to be promoted and/or effectively communicate any other issues.
For each of the aforementioned services, we charge our clients a fee based on the salary of each seafarer, the seafarer’s rank, and the type of the vessel in which the seafarer is employed (i.e. bulker, tanker, liquefied petroleum gas tanker or container ship). Most of our revenues are recognized under long-term contracts, including those for which revenues are based on either a fixed price, or cost-plus-fee basis, and primarily as performance obligations are satisfied. Revenue from crew manning and management services where we act as a principle is recognized as gross revenue and when acting as an agent, revenue is recognized as net revenue in the accounting period in which the services are rendered.
Until the first quarter of 2022, we outsourced the provision of crewing and crew management services to Elvictor Crew Management Ltd, our wholly owned subsidiary party based in Cyprus and which we formed in January 2022. In April 2022, we reduced the amount of crewing and crew management services that we outsource by providing such services directly through our subsidiaries.
Ship Management Services
Ship management services include technical and financial fleet management, crew management and procurement process, as well as compliance with quality and safety standards, as follows:
| ● | The technical management includes the maintenance of the machinery and repair work of the ship to ensure the technical availability of the vessel. | |
| ● | Crew management is also a key ship management service and refers to the recruitment, composition and employment of the essential on-board crews. Ship managers hire crew members for particular periods considering the specific needs on-board, the availability of crew members at the location of the vessel and the vessel schedules. | |
| ● | Financial management includes finance and accounting, provision of data and performance measurement of the vessel. | |
| ● | Finally, ship managers provide spare parts, supplies and services to keep the vessel ready to sail, and also arrange compliance with regulations and quality standards, health, safety and environment standards, insurance and claims handling services. |
2
We intend to expand our services by also providing ship management services. In furtherance of this plan, we acquired Ultra Shipmanagement from Stavros Galanakis and Konstantinos Galanakis, which has received its Det Norske Veritas AS approved Interim Document of Compliance provided under the authority granted by the Government of the Republic of the Marshall Islands. The Interim Document of Compliance is the license required for a ship management company to start providing its services.
Competition
Many of our competitors have significantly greater financial and operational resources, longer operating histories, greater marketing and advertising capabilities, and broader geographic presence than we and our subsidiaries do. Our competitors may be better positioned to outmaneuver us in the market by offering more competitive pricing and by spending significantly greater advertising resources. Our current and potential competitors may be able to expand into markets in which we and our subsidiaries currently operate, and we are vulnerable to the marketing power and potentially significantly higher level of customer brand recognition of our larger competitors. Many of our competitors offer services that are more extensive than the services we together with our subsidiaries currently offer and such competitors may offer such services at a price point that we may be unable to compete with.
Our competitors in ship and crew management can be separated into three broad categories:
| (a) | Local manning companies focused on specific geographical markets situated in their countries of domicile (Ukraine, Sri Lanka, Philippines, etc.), which provide isolated services encompassing ship personnel. | |
| (b) | In-house ship and crew management departments of ship owning companies that usually own a substantial number of vessels. | |
| (c) | Crew & Ship management companies providing crew management services to third parties. |
We believe that we can compete effectively with our competitors through:
| (i) | Our access to seafarer-supplying countries, through established relations with related or third-party companies; |
| (ii) | Our smaller size and simpler internal structure can be more flexible to the specific requirements of each client and can offer a tailor-made approach both in the services and pricing allowing to present an attractive alternative solution to many larger ship owning companies; |
| (iii) | Our crew management platform designed to allow our personnel to collaborate with different cultures in different time zones with ever rising complexities, presenting a uniform service level to our clients regardless of the point of origin of the crew; and |
| (iv) | Our public status that provides transparency to our operations and financial performance covering our clients ESG (ESG stands for Environmental, Social and Governance or sustainability, which is about how a company’s products and services contribute to sustainable development) requirements. |
As we grow our operations and venture into new products and solutions, we anticipate that competitive pressures will increase, particularly from established firms that find our solutions disruptive.
Government Regulation
We are subject to numerous laws and regulations in the United States, Europe and other jurisdictions in which we operate. The laws and regulations govern many issues related to our business practices, including, but not limited to those regarding privacy, data security, intellectual property, taxation, wage and hour, sick pay and leaves of absence, anti-discrimination and harassment, whistleblower protections. We are obligated to have compliance procedures in place and to remain diligent in keeping abreast of changes in labor regulations, maritime regulations, and other trade regulations that affect our customers in order to amend our procedures. Because we are performing cash transfers to and on behalf of the crew members, we need to comply with banking regulations that applies for EU, UN and OFAC sanctions as provided to us by the banks.
The General Data Protection Regulation (“GDPR”) that has been adopted by the European Union is considered in our operations and all required consents from the crew members are provided at the local offices on behalf of the Company for processing personal data.
As we begin to roll out additional services and solutions, we may find certain aspects of our operations fall under regulatory regimes governing the specific products or us, as a whole. For example, if we begin to provide ship management services, we may fall under certain shipping regulations.
3
Employees and Consultants
As of December 31, 2025, we had 25 full time employees, not including our Chief Executive Officer and our Chairman of the Board of Directors.
Item 1A. Risk Factors
As a “smaller reporting company” as defined by Item 10(f)(1) of Regulation S-K, the Company is not required to include the disclosure required under this Item 1A.
Item 1B. Unresolved Staff Comments
None.
Item 1C. Cybersecurity
As we grow, we plan to refine our cybersecurity strategy in line with global best practices and standards. Importantly, our Board receives regular updates from our Chief Operating & Technology Officer, Christodoulos Tzoutzakis, of potential cybersecurity risks and monitors these risks closely. All potential incidents, regardless of their materiality, are required to be reported immediately to the Board. To date, our proactive risk management has allowed us to navigate cybersecurity challenges without material impairment to our operations or financial condition.
Governance
Acknowledging the critical importance of cybersecurity, our management and Board are dedicated to maintaining the trust and confidence of our business partners and employees. This includes managing cybersecurity risks as an integral component of our overall risk management framework.
Item 2. Properties
Our principal business and corporate address is Vassileos Constantinou 79, Vari, 16672, Attiki, Greece, which is being provided to the Company through a lease agreement with Aikaterini Galanaki, our Chairman’s, Stavros Galanakis’ wife, at a monthly cost of €3,500). The specific lease has been renewed for a period starting from January 1, 2023, to December 31, 2030. We consider our office space adequate for our current operations.
On October 1, 2021, the Company entered into a second lease agreement with the wife of Stavros Galanakis for its then new subsidiary in Vari, Greece for Ultra Ship Management. The lease is from October 1, 2021, to December 31, 2024, with a fixed monthly rental of 1,000€.In October 2024, the Company renewed this office lease and the lease was extended until September 30, 2027.
Item 3. Legal Proceedings
Currently, we are not involved in any pending or threatened material litigation or other material legal proceedings, nor have we been made aware of any pending or threatened regulatory audits.
Item 4. Mine Safety Disclosures
Not applicable.
4
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
Our Common Stock is quoted on the Pink Open Market under the symbol “ELVG.” The following table sets forth the quarterly high and low daily close for our Common Stock for the two years ended December 31, 2025, and 2024. The bids reflect interdealer prices without adjustments for retail mark-ups, mark-downs or commissions and may not represent actual transactions. There is a limited market for our Common Stock.
| Price Range | ||||||||
| High | Low | |||||||
| Year ended December 31, 2024 | ||||||||
| First Quarter | $ | 20.00 | $ | 0.65 | ||||
| Second Quarter | $ | 13.80 | $ | 4.40 | ||||
| Third Quarter | $ | 13.90 | $ | 7.00 | ||||
| Fourth Quarter | $ | 16.45 | $ | 2.85 | ||||
| Year ended December 31, 2025 | ||||||||
| First Quarter | $ | 14.00 | $ | 4.35 | ||||
| Second Quarter | $ | 12.45 | $ | 5.00 | ||||
| Third Quarter | $ | 10.00 | $ | 5.55 | ||||
| Fourth Quarter | $ | 11.40 | $ | 5.95 | ||||
The over-the-counter market does not impose listing standards or requirements, does not provide automatic trade executions and does not maintain relationships with quoted issuers. A company traded on the over-the-counter market may face loss of market makers and lack of readily available bid and ask prices for its stock and may experience a greater spread between the bid and ask price of its stock and a general loss of liquidity with its stock. In addition, certain investors have policies against purchasing or holding over the counter market. Both trading volume and the market value of our securities have been, and will continue to be, materially affected by the trading on the over-the-counter market.
Holders
As of December 31, 2025, we had 828,914 outstanding shares of Common Stock and 87 shareholders of record.
Dividend Policy
Holders of Common Stock are entitled to receive dividends as may be declared by the Company’s Board of Directors. Our Board of Directors is not restricted from paying any dividends but is not obligated to declare a dividend. We have never declared or paid any cash dividends, and we do not anticipate paying cash dividends on the Common Stock at any time in the foreseeable future. Our Board of Directors currently plans to retain earnings for the development and expansion of our business. Any future determination as to the payment of dividends will be at the discretion of our Board of Directors and will depend on a number of factors including future earnings, capital requirements, financial conditions and such other factors as the Board of Directors may deem relevant.
Securities Authorized for Issuance under Equity Compensation Plans
The Company has not adopted an equity compensation plan.
5
Recent Sales of Unregistered Securities
We did not issue any securities in unregistered transactions during the fiscal year covered by this report that have not been previously reported in a Form 10-Q or Form 8-K.
Repurchases of Equity Securities
We did not repurchase any equity securities during the year ended December 31, 2025.
Item 6. [Reserved].
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the notes thereto, which are included in “Item 8. Consolidated Financial Statements and Supplementary Data” of this Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those set forth under “Forward-Looking Statements,” above.
Organizational Overview
Together with our wholly owned crew management subsidiaries, we are a crewing and crew management company responsible for sourcing, recruitment, selection, deployment, scheduling, training, and on-going management of seafarers. Our services also include administrative functions related to crew management services, including payroll services, travel arrangements, and verifying the insurance coverage information of all onboarded seafarers. We benefit from over 65 years of the combined experience of Stavros Galanakis and. Konstantinos Galanakis in various value adding activities of the shipping sector such as ship management, technical management, ship agency, crewing and crew management.
Through the crew management platform developed by our affiliate, Seatrix, our personnel can collaborate with many different cultures in many different time zones with ever rising complexities, presenting a uniform service level to our principals, regardless of the point of origin of the crew. This innovation allows us to hire junior operators, who after a short training procedure are able to serve our principals with high quality standards, helping Elvictor be cost effective while maintaining the highest possible service level.
We currently manage over 2,000 seafarers of ten different nationalities who are aboard seven different ship types.
We expanded our services by providing ship management services when we acquired Ultra Shipmanagement from Stavros Galanakis and Konstantinos Galanakis for that purpose, which has received its Det Norske Veritas AS approved Interim Document of Compliance provided under the authority granted by the Government of the Republic of the Marshall Islands, and we have also employed specialized personnel. The Interim Document of Compliance is the license required for a ship management company to start providing its services.
6
Results of Operations
Critical Accounting Policies and Estimates
Our significant accounting policies are more fully described in the notes to our consolidated financial statements. Those material accounting estimates that we believe are the most critical to an investor’s understanding of our financial results and condition are discussed immediately below and are particularly important to the portrayal of our financial position and results of operations and require the application of significant judgment by our management to determine the appropriate assumptions to be used in the determination of certain estimates.
Plan of Operations
In order to meet business goals, we must (a) execute effectively our current business of crew management; and (b) continue to focus on new business development in order to acquire new agreements.
In order to raise sufficient funds to proceed with the implementation of our business plan, we may have to find alternative sources of funds, like a second public offering, a private placement of securities, or loans from third parties (such as banks or other institutional lenders). Equity financing could result in additional dilution of the existing shareholders. If we are unable to meet our needs for cash from either the money that we raise from private placements, or possible alternative sources, then we may be unable to continue to maintain, develop or expand our operations.
Results of Operations
Revenues and Cost of Revenues
For the years ended December 31, 2025, and December 31, 2024, we generated $2,427,968 and $2,421,308 in revenues, respectively, representing an increase in revenue of $6,660, or 0.3%, which is mainly attributable to an increase in fees such as agency and allotment fees.
For the years ended December 31, 2025, and December 31, 2024, we incurred $622,745 and $552,739 in costs of revenues, respectively, representing an increase in cost of revenues of $70,006, or 12.7%, which is primarily attributable to the increased revenue of the Company along with increased costs due to inflationary pressures.
Operating Expenses
For the years ended December 31, 2025, and December 31, 2024, we incurred $2,014,960 and $1,691,050 in operating expenses, respectively, representing an increase in operating expenses between the two years of $323,910, or 19.1%. The increase in operating expenses in 2025 is mainly due to the increase in salaries and higher professional fees. For the year ended December 31, 2025, salaries totaled $1,256,420, as compared to $1,061,610 for the year ended December 31, 2024, an increase of $194,810, or 18.4%.
Net Income (Loss)
For the years ended December 31, 2025, and December 31, 2024, we recorded a net loss of $175,719 and net income of $199,780, respectively, representing a deterioration in net income of $375,499 between the two years. This negative shift is primarily due to increased operating expenses, in particular higher salaries and professional fees, which outpaced the modest growth in revenues.
7
Liquidity, Capital Resources, and Off-Balance Sheet Arrangements
Liquidity is the ability of an enterprise to generate adequate amounts of cash to meet its needs for cash requirements. We had a working capital deficit during the year ended December 31, 2025, of $512,958 compared to a deficit of $481,912 for the year ended December 31, 2024, which is calculated as current assets minus current liabilities.
Cash flows for the year ended December 31, 2024
Net cash provided by operating activities was $418,351 for the year ended December 31, 2025, compared to net cash used in operating activities of $583,519 during the year ended December 31, 2024.
Net cash used in investing activities was $28,466, for the purchase of office equipment and software, compared to $14,738 for the year ended December 31, 2024.
Net cash provided by financing activities was Nil for the years ended December 31, 2025, and December 31, 2024.
Cash Requirements
We require additional capital to implement our business development and fund our operations.
Since the inception of our crew management business, we have funded our operations primarily through equity financings and we expect that we will continue to fund our business through the equity and debt financing, either alone or through strategic alliances. Additional funding may not be available on favorable terms, if at all, which could harm our business plans, financial condition and operating results. We intend to continue to fund our business by way of equity or debt financing along with the revenues that can support the Company. If we raise additional capital through the issuance of equity or convertible debt securities, the percentage ownership of our company held by existing shareholders will be reduced and those shareholders may experience significant dilution. In addition, new securities may contain certain rights, preferences or privileges that are senior to those of our common stock.
Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to our stockholders.
8
Contractual Obligations
As of January 1, 2026, our obligations and commitments to make future payments under a lease agreement that the Company pays on behalf of its subsidiaries, Elvictor Group Hellas and Ultra Shipmanagement, is $237,093 with $51,752 payable for the year of 2026, and $185,341 payable during the following years until 2030.
Going Concern
The accompanying consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred substantial operating losses for the year ended December 31, 2025 and, as discussed in the Report of Independent Registered Public Accounting Firm, these conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of twelve months from the date these financial statements are issued.
In response to these conditions, management has developed and is actively executing a plan intended to alleviate substantial doubt. The principal elements of management’s plan are as follows:
| (i) | Revenue Growth: During the first quarter of 2026, the Company executed nine new crew management contracts with a reputable shipping client, with billing commencing in Q1 2026. These contracts are expected to represent a material improvement to the Company’s revenue base. Management continues to actively pursue additional contracts with creditworthy counterparties that are expected to further strengthen the Company’s revenue trajectory during the twelve-month assessment period. |
| (ii) | Cost Rationalization: The Company is implementing an operational enhancement program leveraging artificial intelligence tools, expected to result in a meaningful reduction in operating costs beginning in the second half of 2026. |
| (iii) | Balance Sheet and Liquidity Position: As of the date of issuance of these financial statements, the Company carries no debt obligations. Management believes this debt-free capital structure materially reduces the risk of a near-term liquidity shortfall. |
| (iv) | Additional Capital: Management is actively pursuing additional capital through equity and other financing arrangements. The proceeds of any such capital raise are intended to diversify the Company’s revenue base, through the expansion into new geographical markets and broadening of the Company’s portfolio of services, enhance working capital, and further reduce the risk of liquidity shortfall during the twelve-month period following the issuance of these financial statements. |
While management believes the foregoing plans are reasonable and achievable, there can be no assurance that these plans will be successfully executed or that the Company will generate sufficient revenues or obtain sufficient capital to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
9
Outlook
The shipping industry and especially the crew management segments will likely continue to face increasing pressures, due to residual impacts from the COVID-19 pandemic, in addition to continued geopolitical instability related to the Ukraine conflict and the Red Sea crisis. According to the International Chamber of Shipping (the “ICS”), which represents approximately 80% of the worlds’ merchant fleet, Ukrainian and Russian seafarers make up 14.5% of the global shipping workforce, with 198,123 Russian seafarers and 76,442 Ukrainians.
In connection with shipping industry pressures, ICS secretary general Guy Platten said: “The conflict in Ukraine is having a significant impact upon the safety and security of seafarers and shipping in the area. As with COVID, seafarers are being exposed to issues not of their making. Multiple ships have been hit by munitions, seafarers have been killed and injured and seafarers of all nationalities are trapped on ships berthed in ports. It is of the utmost urgency that their evacuation from these areas of threat should be ensured by those States with the power to do so. The impact upon innocent seafarers and their families cannot be underestimated.”
Our management team is assessing alternative plans to mitigate potential challenges arising from the ongoing war in the Ukraine, among other things.
The impact of the conflict involving Iran, the United States, and Israel, which has disrupted maritime traffic through the Strait of Hormuz and the Persian Gulf, contributed to sharp increases in energy prices and war risk insurance premiums, and resulted in direct threats to commercial vessels and seafarers operating in the region; the conflict has also prompted the Houthis to resume attacks on commercial shipping in the Red Sea and Gulf of Aden, further compounding operational risks and rerouting costs for vessels serving our clients. Our management monitors closely the situation and is ready to proceed to all required actions in order to safeguard our operations and revenue.
The demand for our services depends on the demand for maritime shipping services which are subject to normal economic cycles affecting the general economy including the effect of increased inflation. Inflationary pressures may result in material increases to our operating costs that we may not be able to fully transfer to our clients thus affecting our potential profitability. Additionally, increase in operating costs of our clients may lead to delays in payments for our services and accumulation of bad debt, although we closely monitor their credit behavior to avoid such incidents. Additionally, significant deteriorations of economic conditions over a prolonged period could produce a material adverse effect on the demand for our services.
Item 7A. Quantitative and Qualitative Disclosures about Market Risk
As a “smaller reporting company” as defined by Item 10(f)(1) of Regulation S-K, the Company is not required to provide the information required by this Item 7A.
10
Item 8. Financial Statements and Supplementary Data
ELVICTOR GROUP, INC.
TABLE OF CONTENTS – CONSOLIDATED FINANCIAL STATEMENTS
F-1
 |
New York Office: | |
| 805 Third Avenue | ||
| New York, NY 10022 | ||
| www.rbsmllp.com |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Board of Directors and
Stockholders of Elvictor Group, Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Elvictor Group, Inc. (the Company) as of December 31, 2025 and 2024, and the related consolidated statements of operations, consolidated statements cash flows, and statements of the changes in stockholders’ equity, for the year then ended, and the related notes (collectively referred to as the financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the result of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
The Company’s Ability to Continue as a Going Concern
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has incurred substantial operating losses and will require additional capital to continue as a going concern. This raises substantial doubt about the Company’s ability to continue as a going concern. Management’s plans regarding these matters are also described in Note 1. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.
We determined that there are no critical audit matters.
/s/
We have served as the Company’s auditor since 2022.
April 6, 2026
PCAOB ID:
New York, NY Washington DC Mumbai & Pune, India Boca Raton, FL
San Francisco, CA Las Vegas, NV Beijing, China Athens, Greece
Member: ANTEA International with affiliated offices worldwide
F-2
ELVICTOR GROUP, INC
Consolidated Balance Sheets
| As of December 31, 2025 | As of December 31, 2024 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash | $ | $ | ||||||
| Accounts Receivable | ||||||||
| Other Receivables | ||||||||
| Other Receivables - Related Party | ||||||||
| Prepaid expenses and other current assets | ||||||||
| Total Current Assets | ||||||||
| Non-current Assets | ||||||||
| ROU Asset - Related Party | ||||||||
| Intangible Assets, Net | ||||||||
| Office Equipment, net | ||||||||
| Other Receivables - Related Party | ||||||||
| Total Non-current Assets | ||||||||
| Total Assets | $ | $ | ||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ | $ | ||||||
| Trade Accounts Payable | ||||||||
| Trade Accounts Payable - Related Parties | ||||||||
| Other Payables | ||||||||
| Lease Liability - Current - Related Parties | ||||||||
| Accrued and Other Liabilities | ||||||||
| Due to related party | ||||||||
| Total Current Liabilities | ||||||||
| Long-term Liabilities | ||||||||
| Lease Liability - Non-Current - Related Parties | ||||||||
| Total Long-term Liabilities | ||||||||
| Total Liabilities | ||||||||
| Stockholders’ Equity | ||||||||
| Common stock, par value $ | ||||||||
| Additional paid-in capital | ||||||||
| Accumulated deficit | ( | ) | ( | ) | ||||
| Total Stockholders’ Equity | ||||||||
| Total Liabilities and Stockholders’ Equity | $ | $ | ||||||
The accompanying notes are an integral part of these consolidated financial statements.
F-3
ELVICTOR GROUP, INC
Consolidated Statements of Operations
| YEAR ENDED | YEAR ENDED | |||||||
| December 31, 2025 | December 31, 2024 | |||||||
| Gross Revenue | $ | $ | ||||||
| Net Revenue | ||||||||
| Total Revenue | ||||||||
| Less: Cost of Revenue | ||||||||
| Cost of Revenue - Related Party | ||||||||
| Total Cost of Revenue | ||||||||
| Gross Profit | ||||||||
| Operating expenses | ||||||||
| Professional fees | ||||||||
| Professional fees - Related Party | ||||||||
| Salaries | ||||||||
| Rent -Related Party | ||||||||
| Bad Debt Expense | ||||||||
| Depreciation and Amortization | ||||||||
| Other general and administrative costs | ||||||||
| Total operating expenses | ||||||||
| Profit/(Loss) from operations | ( | ) | ||||||
| Foreign Currency Translation Adjustment | ( | ) | ||||||
| Other Income | ||||||||
| Total other income (expense) | ||||||||
| Net Income/(Loss) before income tax | $ | ( | ) | $ | ||||
| Provision for income taxes | ||||||||
| Net Income/(Loss) | $ | ( | ) | $ | ||||
| Net Income/(Loss) Per Common Stock | ||||||||
| - basic and fully diluted | $ | ( | ) | $ | ||||
| Weighted-average number of shares of common stock outstanding | ||||||||
| - basic and fully diluted | ||||||||
The accompanying notes are an integral part of these consolidated financial statements.
F-4
ELVICTOR GROUP, INC
Consolidated Statements of Cash Flows
| YEAR ENDED | YEAR ENDED | |||||||
| December 31, 2025 | December 31, 2024 | |||||||
| Cash Flows from Operating Activities | ||||||||
| Net Income/ (Loss) | $ | ( | ) | $ | ||||
| Adjustments to reconcile net income/ (loss) to net cash provided by/(used in) operating activities | ||||||||
| Depreciation | ||||||||
| Amortization | ||||||||
| Amortization of ROU Asset | ||||||||
| Adjustment to Additional Paid-In-Capital for cancellation of debt | ||||||||
| Changes in assets and liabilities | ||||||||
| Accounts Receivable | ( | ) | ( | ) | ||||
| Other Receivables | ||||||||
| Other Receivables - Related Party | ( | ) | ||||||
| Prepaid expenses and other current assets | ||||||||
| Accounts Payable | ( | ) | ||||||
| Trade Accounts Payable | ||||||||
| Trade Accounts Payable - Related Party | ( | ) | ||||||
| Other Payables | ( | ) | ||||||
| Accrued and Other Liabilities | ( | ) | ||||||
| Lease Liability | ( | ) | ( | ) | ||||
| Due to related party | ( | ) | ||||||
| Net cash provided by/(used in) operating activities | ( | ) | ||||||
| Cash Flows from Investing Activities | ||||||||
| Office Equipment | ( | ) | ( | ) | ||||
| Software | ( | ) | ( | ) | ||||
| Net cash used in investing activities | ( | ) | ( | ) | ||||
| Net Increase (Decrease) in Cash | ( | ) | ||||||
| Cash at beginning of year | ||||||||
| Cash at end of year | $ | $ | ||||||
| Supplemental Cash Flow Information: | ||||||||
| Cash paid for: | ||||||||
| Income Taxes | $ | $ | ||||||
| Supplemental Non-Cash Investing and Financing Transactions | ||||||||
| Right-of-use assets obtained in exchange for operating lease obligations | $ | $ | ||||||
The accompanying notes are an integral part of these consolidated financial statements.
F-5
ELVICTOR GROUP, INC
Statements of the Changes in Stockholders’ Equity
| Year Ended December 31, 2025 | ||||||||||||||||||||
| Common Stock | Additional Paid-in | Accumulated | Total Stockholders’ | |||||||||||||||||
| Shares | Amount | Capital | Deficit | Equity | ||||||||||||||||
| Balance, January 1, 2025 | $ | $ | $ | ( | ) | $ | ||||||||||||||
| Net Income | - | |||||||||||||||||||
| Balance, March 31, 2025 | $ | $ | $ | ( | ) | $ | ||||||||||||||
| Net Loss | - | ( | ) | ( | ) | |||||||||||||||
| Balance, June 30, 2025 | $ | $ | $ | ( | ) | $ | ||||||||||||||
| Net Income | - | |||||||||||||||||||
| Balance, September 30, 2025 | $ | $ | $ | ( | ) | $ | ||||||||||||||
| Net Loss | - | ( | ) | ( | ) | |||||||||||||||
| Balance, December 31, 2025 | $ | $ | $ | ( | ) | $ | ||||||||||||||
| Year Ended December 31, 2024 | ||||||||||||||||||||
| Common Stock | Additional Paid-in | Accumulated | Total Stockholders’ | |||||||||||||||||
| Shares | Amount | Capital | Deficit | Equity | ||||||||||||||||
| Balance, January 1, 2024 | $ | $ | $ | ( | ) | $ | ||||||||||||||
| Net Income | - | |||||||||||||||||||
| Balance, March 31, 2024 | $ | $ | $ | ( | ) | $ | ||||||||||||||
| Adjustment for Cancellation of debt | - | |||||||||||||||||||
| Net Income | - | |||||||||||||||||||
| Balance, June 30, 2024 | $ | $ | $ | ( | ) | $ | ||||||||||||||
| Net Income | - | |||||||||||||||||||
| Balance, September 30, 2024 | $ | $ | $ | ( | ) | $ | ||||||||||||||
| Net Loss | - | ( | ) | ( | ) | |||||||||||||||
| Balance, December 31, 2024 | $ | $ | $ | ( | ) | $ | ||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements.
F-6
ELVICTOR GROUP, INC
Notes to the Consolidated Financial Statements
NOTE 1 – DESCRIPTION OF BUSINESS, ORGANIZATION AND GOING CONCERN
Elvictor Group, Inc., formerly known as Thenablers, Inc. (“Elvictor Group, Inc.” or the “Company”), was incorporated in the State of Nevada on
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 management in facilitating the Company’s 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.
On January 30, 2026, the Company completed a 1-for-500 reverse stock split of its issued and outstanding common stock.
The total number of authorized shares of common stock was not adjusted as a result of the Reverse Stock Split. Accordingly, the authorized share count remained at
All share and per share data presented in these consolidated financial statements and accompanying notes, including earnings per share and weighted-average shares outstanding, have been retroactively adjusted to reflect the Reverse Stock Split for all periods presented, in accordance with ASC 260-10-55-12.
The accompanying consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred substantial operating losses for the year ended December 31, 2025 and, as discussed in the Report of Independent Registered Public Accounting Firm, these conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of twelve months from the date these financial statements are issued.
In response to these conditions, management has developed and is actively executing a plan intended to alleviate substantial doubt. The principal elements of management’s plan are as follows:
| (i) | Revenue Growth: During the first quarter of 2026, the Company executed nine new crew management contracts with a reputable shipping client, with billing commencing in Q1 2026. These contracts are expected to represent a material improvement to the Company’s revenue base. Management continues to actively pursue additional contracts with creditworthy counterparties that are expected to further strengthen the Company’s revenue trajectory during the twelve-month assessment period. |
| (ii) | Cost Rationalization: The Company is implementing an operational enhancement program leveraging artificial intelligence tools, expected to result in a meaningful reduction in operating costs beginning in the second half of 2026. |
| (iii) | Balance Sheet and Liquidity Position: As of the date of issuance of these financial statements, the Company carries no debt obligations. Management believes this debt-free capital structure materially reduces the risk of a near-term liquidity shortfall. |
| (iv) | Additional Capital: Management is actively pursuing additional capital through equity and other financing arrangements. The proceeds of any such capital raise are intended to diversify the Company’s revenue base, through the expansion into new geographical markets and broadening of the Company’s portfolio of services, enhance working capital, and further reduce the risk of liquidity shortfall during the twelve-month period following the issuance of these financial statements. |
While management believes the foregoing plans are reasonable and achievable, there can be no assurance that these plans will be successfully executed or that the Company will generate sufficient revenues or obtain sufficient capital to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
F-7
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 audited consolidated financial statements incorporate the assets and liabilities of all entities controlled by Elvictor Group, Inc as of December 31, 2025 and 2024, 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 audited consolidated entity. The effects of all transactions between entities in the audited consolidated entity are eliminated in full. The audited 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 audited 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 audited 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, 2025, 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 have an allowance for doubtful accounts as of December 31, 2025. 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
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
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 audited consolidated financial statements.
F-8
Segments
Income Taxes
Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.
Revenue Recognition
The Company recognizes revenue in accordance with FASB ASC 606 upon the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue recognized from contracts with customers is disclosed separately from other sources of revenue. ASC 606 includes guidance on when revenue should be recognized on a Gross (Principal) or Net (Agent) basis.
Most of the Company’s revenues are recognized primarily under long-term contracts, including those for which revenues are based on either a fixed price, or cost-plus-fee basis, and primarily as performance obligations are satisfied. Professional services and other ancillary services are delivered, generally on a monthly basis and are separate and distinct deliverables. The Company’s performance obligation is generally satisfied on a monthly basis when its agency and related services are delivered.
The Company has the performance obligation to provide a crew for its customers, the shipping companies, and their ship managers. The Company utilizes its proprietary crew management platform to deliver crew management services to the ship owners. This crew management service is a monthly obligation that starts with the first stage of recruitment, to their transfer of crew to the vessel and continues to monitor the crew during the course of the contract until they disembark.
Revenue from crew manning services, agency fees and recruiting fees where Elvictor acts as a principal is recognized as gross revenue. When the company is acting as an agent, revenue is recognized as net revenue in the accounting period in which the services are rendered. Such revenues are from Allotment fees, communication, training fees, 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 such common stock equivalents outstanding as of December 31, 2025 and 2024.
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 audited consolidated financial statements upon adoption.
F-9
Foreign Currency Translation
The Company considers the U.S. dollar to be its functional currency as it is the currency of the primary economic environment in which the Company operates. Accordingly, monetary assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect at the balance sheet date and non-monetary assets and liabilities are translated at the exchange rates in effect at the time of acquisition or issue. Revenues and expenses are translated at rates approximating the exchange rates in effect at the time of the transactions. All exchange gains and losses are included in operations.
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, 2025, the Company has trade accounts receivable of $
NOTE 4 – INTANGIBLE ASSETS
As of December 31, 2025, and December 31, 2024, Intangible assets consisted of the following:
| Useful life | December 31, 2025 | December 31, 2024 | ||||||||
| At cost: | ||||||||||
| Software platform | $ | $ | ||||||||
| Software Programs | ||||||||||
| Less: accumulated amortization | ( | ) | ( | ) | ||||||
| $ | $ | |||||||||
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
Under the November 15, 2021 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 $
Additionally, the Company has acquired software programs with a total cost of $
F-10
Amortization of intangible assets attributable to future periods is as follows:
Schedule of Amortization of intangible assets
| Year ending December 31: | Amount | |||
| 2026 | ||||
| 2027 | ||||
| 2028 | ||||
| $ | ||||
The accumulated amortization of Intangible assets is $
NOTE 5 – RELATED PARTY TRANSACTIONS
The Company has related party transactions with companies that are owned or controlled by either Mr. Stavros Galanakis, the Vice-President and Chairman of the Board of Directors, and Mr. Konstantinos Galanakis, the Company’s 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. The agreement was terminated in the first quarter of 2022; a new agreement was signed in April 2025 for the provision of accounting and back-office services as well as general HR advisory and crewing support services. A total amount of $
On September 11, 2020, the Company entered into a Manning Agency Agreement with Elvictor Crew Management Service Ltd in Georgia. During the period ended December 31, 2025, the latter provided manning services to the Company of $
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, 2025, we incurred $
On September 11, 2020, the Company entered into a Manning Agency Agreement with Elvictor Odessa. During the period ended December 31, 2025, the latter provided manning services to the Company of $
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, 2025, the Company has a due from balance due of $
NOTE 6 – LEASES
The Company entered into a rental lease agreement with the wife of Mr. Stavros Galanakis for its subsidiary in Vari, Greece.
F-11
In October 2024, the Company renewed the office lease for its subsidiary, Ultra Ship Management, in Vari, Greece. The Company accounted for its new lease as an operating lease under the guidance of Topic 842. The new lease is
Total future minimum payments required under the lease agreements are as follows:
| ELVG Hellas | Ultra Mgmt. | Total | ||||||||||
| Amount | Amount | |||||||||||
| 2026 | $ | $ | $ | |||||||||
| 2027 | ||||||||||||
| 2028 | ||||||||||||
| 2029 | ||||||||||||
| Thereafter | ||||||||||||
| Total undiscounted minimum future lease payments | ||||||||||||
| Less Imputed interest | ( | ) | ( | ) | ( | ) | ||||||
| Present value of operating lease liabilities | $ | $ | $ | |||||||||
| Disclosed as: | ||||||||||||
| Current portion | ||||||||||||
| Non-current portion | $ | $ | $ | |||||||||
The Company recorded rent expenses of $
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 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 $
NOTE 8 – STOCKHOLDERS’ EQUITY
The Company has
There are shares of Preferred Stock issued and outstanding as of December 31, 2025.
F-12
NOTE 9 – COMMITMENTS AND CONTINGENCIES
In October 2024, the Company renewed the office lease for its subsidiary, Ultra Ship Management, in Vari, Greece. The Company accounted for its new lease as an operating lease under the guidance of Topic 842. The new lease is
NOTE 10 – INCOME TAXES
As of December 31, 2025, the Company has available for federal income tax purposes a net operating loss carry forward of approximately $
Due to changes in the Company’s ownership, the Internal Revenue Code may limit the future use of its existing net operating losses. All or a portion of the remaining valuation allowance may be reduced in future years based on an assessment of earnings sufficient to fully utilize these potential tax benefits.
The Company has increased the valuation allowance by $
Net deferred tax assets consist of the following components as of December 31, 2025 and 2024
| 2025 | 2024 | |||||||
| Deferred tax assets: | ||||||||
| Bad debt Expense | $ | $ | ||||||
| NOL Carryover | $ | $ | ||||||
| Sub Total | $ | $ | ||||||
| Valuation Allowance | $ | ( | ) | $ | ( | ) | ||
| Net Deferred Tax Asset | $ | $ | ||||||
F-13
The provision for income taxes consists of the following:
| December 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Current: | ||||||||
| Federal | $ | $ | ||||||
| State | ||||||||
| Foreign - Current | ||||||||
| Foreign - Prior Year | ( | ) | ||||||
| Total current tax provision | $ | $ | ||||||
| Deferred: | ||||||||
| Federal | ||||||||
| State | ||||||||
| Foreign | ||||||||
| Total deferred benefit | ||||||||
| Total provision (benefit) for income tax | $ | $ | ||||||
NOTE 11 – SEGMENTS
The Company operates and manages its business as
The Company’s CODM reviews financial information presented and decides how to allocate resources based on net income (loss). Net income (loss) is used for evaluating financial performance.
Significant segment expenses include professional fees, salaries, rent and other general and administrative expenses. Operating expenses include all remaining costs necessary to operate our business, which primarily include payroll costs, external professional services and other administrative expenses.
| Operating expenses | YEAR ENDED December 31, 2025 | YEAR ENDED December 31, 2024 | ||||||
| Professional fees | $ | $ | ||||||
| Professional fees - Related Party | ||||||||
| Salaries | ||||||||
| Rent -Related Party | ||||||||
| Bad Debt Expense | ||||||||
| Depreciation and Amortization | ||||||||
| Other general and administrative costs | ||||||||
| Total operating expenses | $ | $ | ||||||
NOTE 12 – SUBSEQUENT EVENT
On January 30, 2026, our Board of Directors and Majority Stockholder approved a
The Company has analyzed its operations subsequent to December 31, 2025, through the date of this filing of these audited condensed consolidated financial statements and has determined that there are no other material subsequent events to these audited condensed consolidated financial statements.
F-14
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
Disclosure Controls and Procedure
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports, filed under the Securities Exchange Act of 1934, as amended (“Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.
Framework used by Management to Evaluate the Effectiveness of Internal Control over Financial Reporting
As required by Section 404 of the Sarbanes-Oxley Act of 2002 and the related rule of the SEC, management assessed the effectiveness of our internal control over financial reporting using the Internal Control-Integrated Framework (2013) developed by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment and for the reasons described below, management concluded that our internal control over financial reporting was not effective as of December 31, 2025.
Management’s Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Exchange Act. This rule defines internal control over financial reporting as a process designed by, or under the supervision of, the Company’s Chief Executive Officer and Chief Financial Officer, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. GAAP. Our internal control over financial reporting includes those policies and procedures that:
| ● | Refer to the upkeep of records which, with reasonable detail, accurately and fairly reflect our transactions and dispositions; |
| ● | Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of management and directors of the Company; |
| ● | Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements; |
| ● | Provide reasonable assurance that any unauthorized cash transactions are detected and prevented; and |
| ● | Provide reasonable assurance that potential erroneous accounting entries are identified and corrected on a timely manner. |
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. In addition, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Evaluation of Disclosure Controls and Procedures
In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable and not absolute assurance of achieving the desired control objectives. In reaching a reasonable level of assurance, management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. In addition, the design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, a control may become inadequate because of changes in conditions or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
11
As required by the SEC Rules 13a-15(b) and 15d-15(b), we carried out an evaluation under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on the foregoing, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were not effective at the reasonable assurance level due to material weaknesses in internal controls over financial reporting (as described below).
Deficiencies and Significant Deficiencies
A material weakness is a deficiency, or a combination of deficiencies, within the meaning of Public Company Accounting Oversight Board (“PCAOB”) Audit Standard No. 5, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. Management has identified the following material weaknesses which have caused management to conclude that as of December 31, 2025, our internal controls over financial reporting were not effective at the reasonable assurance level:
| 1. | We do not have sufficient written documentation of our internal control policies and procedures. Written documentation of key internal controls over financial reporting is a requirement of the Sarbanes-Oxley Act which is applicable to us for the year ended December 31, 2025. Management evaluated the impact of our failure to have sufficient written documentation of our internal controls and procedures on our assessment of our disclosure controls and procedures and has concluded that the control deficiency that resulted represented a material weakness. |
| 2. | We do not have sufficient resources in our accounting function, which restricts the Company’s ability to gather, analyze and properly review information related to financial reporting in a timely manner. In addition, due to our size and nature, segregation of all conflicting duties may not always be possible and may not be economically feasible. However, to the extent possible, the initiation of transactions, the custody of assets and the recording of transactions should be performed by separate individuals. Management evaluated the impact of our failure to have segregation of duties on our assessment of our disclosure controls and procedures and has concluded that the control deficiency that resulted represented a material weakness. |
We have taken steps to remediate some of the weaknesses described above and we are in discussions with the risk advisory departments of reputable accounting firms to assist us in the COSO framework documentation and testing of the internal controls. We intend to continue to address these weaknesses as resources permit, including the employment of new qualified employees.
Remediation of Deficiencies and Significant Deficiencies
To address these material weaknesses, management engaged financial consultants, performed additional analyses and other procedures to ensure that the financial statements included herein fairly present, in all material respects, our financial position, results of operations and cash flows for the periods presented.
Additionally, we will continue to establish and implement proper processes and systems to remediate the deficiencies we have had, including preventive controls with the segregation of duties on main areas such as payroll, billing, cash recording, and IT control and detective controls involving account reconciliations on a monthly basis.
Changes in internal control over financial reporting
There were no changes in our internal control over financial reporting during the year ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Item 9B. Other Information
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.
12
PART III
Item 10. Directors, Executive Officers, and Corporate Governance;
The current Directors and Officers of the Company are as follows:
| Name | Age | Position | ||
| Konstantinos Galanakis | 46 | Chief Executive Officer and Director | ||
| Stavros Galanakis | 74 | Chairman of the Board of Directors and Vice President | ||
| Christodoulos Tzoutzakis | 55 | Chief Operating Officer and Chief Technology Officer |
Stavros Galanakis – Chairman of the Board of Directors and Vice President
Stavros Galanakis founded Elvictor in 1977 as a Greece-based private entity (the predecessor to the company whose business becoming a part of the business of Thenablers in 2019, the “Elvictor Greece”), and has been a ship owner and ship manager for over 20 vessels, primarily bulk carriers and chemical tankers. Mr. Galanakis currently serves as our Chairman and Vice President. He is widely recognized as a pioneer in the field of crewing, having set up the oldest crew services company in Greece, and leading the exploration of new markets when it comes to the supply of labor onboard. During his time with Elvictor Greece and Elvictor Group, Inc., he has offered unparalleled solutions to the crewing needs of some of the most reputable ship owners in Greece and abroad, establishing himself as a highly respectable member in the global shipping value network. For such reasons, he was given the honor of the title of Consul General of the Republic of Maldives from 1995 through 2017. Stavros Galanakis has served as a director of Elvictor since October 2019 and as a Chairman of the Board of Directors since November 2019. In May 2021, the Board approved the appointment of Stavros Galanakis to the position of Vice President of the Company. His main role as Chairman and Vice President of Elvictor is to ensure that all activities of Elvictor are deployed in sustainable, professional, and strictly following ethical norms in relation to client-driven activities, as well as ensuring the well-being and fair treatment of the seafarers. Stavros Galanakis studied at the University of Athens. Mr. Galanakis has a familial relationship with the Chief Executive Officer and Director of Elvictor, Kostantinos Galanakis.
Konstantinos Galanakis – Chief Executive Officer and Director
Konstantinos Galanakis has been the Chief Executive Officer and Director of Elvictor Group, Inc. since November 2019. Following a thorough training in various U.S. and British Universities and organizations with a dedicated focus and personal interest in Business Administration, Mergers and Acquisitions, Quality, and continuous innovation he joined Elvictor Greece in 2001. He is well known for being an early adopter of digitalization in the shipping industry. His focus is on proactiveness and developing new practices, always focusing on Best Practice compliance bringing disruption to his field. Konstantinos Galanakis started his training in the business by embarking onboard ships, visiting and living in countries where Elvictor had branch offices, going through every department, gaining knowledge, and blueprinting all operations of each unit separately. He had attended dry docks and special surveys of the ships owned by the family. He was eager to get the expertise of various vertical and horizontal shipping businesses to approach the service from a superior state. This detailed knowledge worked on orchestrating the smooth inter-functional coordination of Elvictor’s diverse value chain activities and building the robust cloud system that Elvictor possesses today. He took part in various shipping forums as a guest speaker and specialized speaker in crew management and manning, making him widely recognized as one of the pioneers and multitasking personalities in shipping. He is fully committed to promoting the agenda of quality, ethics, and onboard safety ships. He is a holder of a bachelor’s degree in business administration from Richmond University, the American University in London, and Masters in Shipping from London Metropolitan University.
13
Christodoulos Tzoutzakis – Chief Operating Officer and Chief Technology Officer
Christodoulos Tzoutzakis is the Chief Operating Officer (COO) and Chief Technical Officer (CTO) of Elvictor Group. He has 24 years of experience in the maritime sector. From 1996 to 2001, he worked as a Software Developer in Oceanmaris Management, who possessed a fleet of 18 multipurpose vessels. From 2001 to 2013, he worked as a Senior Software Developer and IT Manager for DND Management shipping company, who possessed a fleet of 12 dry cargo vessels. He joined our management in 2002, and in his current role he focuses on digital transformation of the procedures of a company, while refining procedures that aim to lower human error and provide customer satisfaction. His involvement with a variety of projects has given him a wide knowledge base of the maritime industry, which makes him very versatile when producing solutions on how to deal with the challenges found at the intersection of the maritime sector and the human resources sector. Christodoulos Tzoutzakis has a bachelor’s degree in computer science and a master’s degree in information management and Analytics from Coventry University.
Committees
We do not currently have an audit, compensation, or nominating committee.
Legal Proceedings
There are currently no legal proceedings, as well as since the incorporation of the company on November 3, 2017, there have been no legal proceedings, that are material to the evaluation of the ability or integrity of any of our directors.
Involvement in Certain Legal Proceedings
To our knowledge, since the incorporation of the Company on November 3, 2017, none of our directors and executive officers has:
| ● | Had a bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time. |
| ● | Been convicted in a criminal proceeding or been subject to a pending criminal proceeding, excluding traffic violations and other minor offenses. |
| ● | Been subject to any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities. |
| ● | Been found by a court of competent jurisdiction (in a civil action), the SEC, or the Commodities Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated. |
| ● | Been the subject to, or a party to, any sanction or order, not subsequently reverse, suspended or vacated, of any self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member. |
Code of Ethics
On January 12, 2023, the Board
Section 16(a) Beneficial Ownership Reporting Compliance
Since we do not have any securities registered under Section 12(b) or 12(g) of the Exchange, our executive officers, directors and holders of 10% or more of our shares of issued and outstanding Common Stock are not required to file reports pursuant to Section 16(a) of the Exchange Act.
14
Item 11. Executive Compensation
Summary Compensation Table for Fiscal Years 2025 and 2024
The following table sets forth all plan and non-plan compensation for the last two completed fiscal years paid to all individuals who served as the Company’s principal executive officer or acted in a similar capacity and the Company’s two other most highly compensated executive officers during the last completed fiscal year whose total compensation was in excess of $100,000, as required by Item 402(m)(2) of Regulation S-K of the Securities Act (“Named Executive Officers”). Based on the foregoing, our Chief Executive Officer was the only Named Executive Officer.
| Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards ($)(1) | Non-Equity Incentive Plan Compensation ($) | All Other Compensation ($) | Total ($) | |||||||||||||||||||
| Konstantinos Galanakis | 2025 | $ | 144,000 | $ | - | $ | - | - | - | $ | 144,000 | |||||||||||||||
| Chief Executive Officer | 2024 | $ | 144,000 | $ | - | $ | - | - | - | $ | 144,000 | |||||||||||||||
| (1) | Amounts reported in this column do not reflect the amounts actually received by our named executive officer. Instead, these amounts reflect the aggregate grant date fair value of each stock award granted to the named executive officer during the fiscal years ended December 31, 2025 and 2024, as computed in accordance with Financial Accounting Standards Board (“FASB”) ASC 718. The stock-based compensation is measured at the grant date, based on the fair value of the award, which is determined by the closing price of the Company’s Common Stock traded on the OTC markets on the grant date. |
Executive Employment Agreements and Arrangements
The Company did not have an employment agreement with Konstantinos Galanakis during the years ended December 31, 2025 or 2024 and no employment agreement exists as of the date hereof.
Outstanding Equity Awards as of December 31, 2025
There are no outstanding equity awards as of December 31, 2025.
Director Compensation
The table below sets forth the compensation paid to our directors other than Konstantinos Galanakis during the fiscal year ended December 31, 2025.
| Director | Fees Earned or Paid in Cash | Stock Awards | All Other Compensation | Total | ||||||||||||
| Stavros Galanakis | $ | 24,000 | $ | - | $ | - | $ | 24,000 | (1) | |||||||
| (1) | Stavros Galanakis also served as executive officer and fees paid to him also includes compensation paid as an executive officer. |
15
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The following table sets forth, as of April 6, 2026, information regarding beneficial ownership of our Common Stock for:
| ● | each person, or group of affiliated persons, known by us to beneficially own more than 5% of our Common Stock; |
| ● | each of our executive officers; |
| ● | each of our directors; and |
| ● | all of our current executive officers and directors as a group |
Beneficial ownership is determined according to the rules of the SEC and generally means that a person has beneficial ownership of a security if he, she or it possesses sole or shared voting or investment power of that security, including securities that are currently exercisable or exercisable within sixty (60) days of April 6, 2026. Except as indicated by the footnotes below, we believe, based on the information furnished to us, that the persons named in the table below have sole voting and investment power with respect to all shares of Common Stock shown that they beneficially own, subject to community property laws where applicable.
Common Stock subject to securities currently exercisable or exercisable within sixty (60) days of April 6, 2026 are deemed to be outstanding for computing the percentage ownership of the person holding such securities and the percentage ownership of any group of which the holder is a member but are not deemed outstanding for computing the percentage of any other person.
Unless otherwise indicated, the address of each beneficial owner listed in the table below is c/o Elvictor Group, Inc. Vassileos Constantinou 79, Vari, 16672, Attiki, Greece.
| Number of Shares of Common Stock Beneficially Owned (1) | % of Total Voting | |||||||||||
| Shares | % | Power | ||||||||||
| 5% or Greater Stockholders: | ||||||||||||
| Executive Officers and Directors: | ||||||||||||
| Konstantinos Galanakis | 435,678 | 52.56 | % | 52.56 | % | |||||||
| Stavros Galanakis | 312,843 | 37.74 | % | 37.74 | % | |||||||
| Christodoulos Tzoutzakis | 219 | * | * | |||||||||
| All executive officers and directors as a group (three individuals) | 748,740 | 90.33 | % | 90.33 | % | |||||||
| * | Less than 1% |
16
Item 13. Certain Relationships and Related Transactions and Director Independence
The following is a description of transactions since January 1, 2022 to which we were a party in which (i) the amount involved exceeded or will exceed the lesser of (A) $120,000 or (B) one percent of our average total assets at year-end for the last two completed fiscal years and (ii) any of our directors, executive officers or holders of more than 5% of our capital stock, or any member of the immediate family of, or person sharing the household with, any of the foregoing persons, who had or will have a direct or indirect material interest, other than equity and other compensation, termination, change in control and other similar arrangements, which are described under “Executive Compensation.”
Manning Agency Agreement with Elvictor Crew Management Service Ltd
On September 11, 2020, the Company entered into a Manning Agency Agreement with Elvictor Crew Management Service Ltd (the “Agent”) whereby we appointed the Agent as manning agent for the territory of Georgia. The Company is affiliated through ownership and control with Elvictor Crew Management Service Ltd of Mr. Stavros Galanakis and his relatives.
We have agreed to pay the Agent a per-seaman agency fee and a per-seaman recruitment fee for new seaman hires. We also agreed to cover administrative expenses with documented evidence or vouchers. The Manning Agency Agreement had a term until September 10, 2022 at which point it had automatically been renewed for a successive period of one year since neither party provides written notice to terminate.
Subcontracting Agreement with Elvictor Crew Management Limited (Cyprus)
On October 1, 2020, the Company entered into a human resources agreement with Elvictor Crew Management Limited (the “Subcontractor”), company owned and controlled by relatives of Mr. Stavros Galanakis under which the latter performs the running and management of the Company’s contracts and (or) provides certain key personnel of the Subcontractor to be at the disposal of the Company.
The agreement was terminated in the first quarter of 2022; a new agreement was signed in April 2025 for the provision of accounting and back-office services as well as general HR advisory and crewing support services.
Training Services Agreement with Qualship Georgia Ltd
On September 1, 2020, the Company signed an agreement with Qualship Georgia Ltd, a company partially owned by Konstantinos Galanakis and his relatives. Under the agreement, the contractor is responsible for successful training of the qualified personnel. The agreement remains in full force and effect for twelve months, with an automatic renewal thereafter, unless terminated before by the mutual agreement of both parties.
17
Software License Agreement with Seatrix Software Production Single Member S.A.
On April 1, 2021, we entered into a Software License Agreement with the Licensor in order to have the rights to use crew software that facilitates our operations. On November 15, 2021, we proceeded with the signing of another agreement that became effective on January 1, 2022. Pursuant to the terms of the License Agreement, the Licensor granted the Company the exclusive and non-transferable license to use the Licensor’s artificial intelligence software in connection with the managing of shipping crews. In consideration for this license, the Company agreed to issue to the Licensor 7,000,000 License shares of the Company’s common stock, par value $0.0001 per share. The License Shares were issued to the Licensor on January 19, 2022. Seatrix Software Production Single Member S.A. is a related party company fully owned and controlled by the Company’s CEO, Konstantinos Galanakis.
Manning Agency Agreement with Elvictor Shipping and Trading Odessa Ltd
On September 11, 2020, the Company entered into a Manning Agency Agreement with Elvictor Shipping and Trading Odessa Ltd (or the Elvictor Odessa), a company fully owned and controlled by Mr. Stavros Galanakis. Elvictor Odessa provides manning services to the Company for the territory of Ukraine. These operations have been reduced currently due to the war in the country of Ukraine and have been substituted by and agreement with Elvictor Crew Management Service Ltd.
Familial Relationships
Konstantinos Galanakis, our Chief Executive Officer, is the son of Stavros Galanakis, the Chairman of the Board of Directors.
Item 14. Principal Accounting Fees and Services.
The aggregate fees incurred for each of the last two years for professional services rendered by RBSM LLP the independent registered public accounting firm for the audit of the Company’s annual financial statements included in the Company’s Form 10-K and review of financial statements for its quarterly report (Form 10-Q), are reported below.
Audit-Related Fees
The total fees charged by RBSM LLP in 2025 and 2024 aggregated $73,174 and $97,541 respectively, which include fees for the review of the periods ended March 31, June 30 and September 2024 and 2025 as well as fees for the review of the annual financial statements for the year ended December 31, 2024 and 2025.
All Other Fees
There were no other fees billed for products or services provided by our principal accountant for the fiscal years ended December 31, 2025 and 2024.
18
PART IV
Item 15. Exhibits, Financial Statement Schedules
Financial Statements
Our financial statements and the notes thereto, together with the report of our independent registered public accounting firm on those financial statements, are hereby filed as part of this report beginning on page F-1.
Exhibits
| * | Filed herewith |
| ** | Furnished herewith |
Item 16. Form 10-K Summary
None.
19
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Elvictor Group, Inc. |
| Date: April 6, 2026 | By: | /s/ Konstantinos Galanakis |
| Name: | Konstantinos Galanakis | |
| Title: | Chief Executive Officer (Principal Executive and Financial Officer) |
Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| Name | Position | Date | ||
| /s/ Konstantinos Galanakis | Chief Executive Officer, Chief Financial Officer and Director | April 6, 2026 | ||
| Konstantinos Galanakis | (Principal Executive and Financial Officer) | |||
| /s/ Stavros Galanakis | Vice President and Chairman | April 6, 2026 | ||
| Stavros Galanakis |
20
Exhibit 21.1
ELVICTOR GROUP, INC.
List of Subsidiaries
| Subsidiary | Place of Incorporation | |
| Elvictor Group Hellas Single Member S.A. | Greece | |
| Ultra Shipmanagement Inc. | Marshall Island | |
| ELVG Crew Management Ltd. | Cyprus |
Exhibit 31.1
CERTIFICATION OF THE PRINCIPAL EXECUTIVE AND FINANCIAL OFFICER
PURSUANT TO RULE 13a-14(a) AND RULE 15d-14(a)
UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Konstantinos Galanakis, Chief Executive and Financial Officer of Elvictor Group, Inc., certify that:
| 1. | I have reviewed this annual report on Form 10-K of Elvictor Group, Inc.; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| 4. | I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared; |
| b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
| d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
| 5. | I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors: |
| a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
| b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
| Date: April 6, 2026 | /s/ Konstantinos Galanakis |
| Konstantinos Galanakis | |
| Chief Executive and Financial Officer |
Exhibit 32.1
CERTIFICATION OF THE PRINCIPAL EXECUTIVE AND FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the annual report of Elvictor Group, Inc. (the “Company”) on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Konstantinos Galanakis, Chief Executive and Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
| 1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| 2. | The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. |
| Date: April 6, 2026 | /s/ Konstantinos Galanakis |
| Konstantinos Galanakis | |
| Chief Executive and Financial Officer |