Notes to the Financial Statements
NOTE 1 – DESCRIPTION OF BUSINESS
Elvictor Group, Inc. formerly known as Thenablers,
Inc. (“Elvictor Group, Inc.” or the “Company”) was incorporated in the State of Nevada on November 3, 2017.
The Company is an International Business Development organization focused in the development and execution of New Market Strategies
for its clients by providing access to distributors and strategic partners for growing their brand and customer base. With
the change to the Elvictor name came the addition of the brand and new team in crew management in the shipping industry. The company
looks to grow their crew management division by providing new markets to the already established expertise of their management
team in the market of international crew management.
On December 13, 2019,
pursuant to the approval of a majority of the voting interests for Thenablers, Inc. (hereinafter the “Company”), the
Company filed a Certificate of Amendment with the Secretary of State for Nevada to change its name from “Thenablers, Inc.”
to “Elvictor Group, Inc.”, to better reflect new business interests and to further take steps to make
application of a corporate action with FINRA to have the name change approved and to change the symbol of the Company to “ELVG”
or such symbol that is available and approved by the officers of the Company.
Pursuant to the approval of that application to FINRA, and
on February 27, 2020, the name of the Company was changed to Elvictor Group, Inc. on OTC Markets, and the symbol for trading was
changed to “ELVG”.
NOTE 2 – SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The financial statements have been prepared in accordance
with generally accepted accounting principles in the United States of America and are presented in US dollars. In the opinion of
management, the financial statements and notes have been prepared on the same basis as the audited financial statements for the
year ended December 31, 2019 and include all adjustments, consisting of normal recurring adjustments, necessary for a fair
presentation of the Company’s financial position at March 31, 2020 and statements of operations and cash flows for the three
months ended March 31, 2020 and 2019. The accompanying financial statements reflect the application of certain significant accounting
policies as described below and elsewhere in these notes to the financial statements. As of March 31, 2020, the Company’s
significant accounting policies and estimates, which are detailed in the Company’s audited financial statements for the year
ended December 31, 2019, have not changed.
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.
ELVICTOR GROUP, INC
(formerly Thenablers, Inc)
Notes to the Financial Statements
NOTE 2 – SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Use of Estimates
The preparation of 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 and disclosure of contingent assets and liabilities at the date the financial
statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those
estimates.
Reclassification
Certain prior
period amounts have been reclassified to conform with the current period presentation.
Cash and Cash Equivalents
Company considers all cash
on hand and in banks, certificates of deposit and other highly liquid investments with maturities of three months or less, when
purchased, to be cash and cash equivalents.
Accounts Receivable
The company has entered into
related party transactions with companies owned or subject to significant influence by management, directors and principle shareholders.
The balance in accounts receivable are payable upon demand and have arisen from the provision of services based on contracts with
customers.
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 financial
statements.
Income Taxes
Income taxes are computed using
the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined
based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently
enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence,
are not expected to be realized.
Revenue Recognition
The Company recognizes revenue in accordance with
FASB ASC 606 upon the transfer of goods or services to customers in an amount that reflects the consideration to which the entity
expects to be entitled in exchange for those goods or services. Revenue recognized from contracts with customers is disclosed separately
from other sources of revenue.
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.
ELVICTOR GROUP, INC
(formerly Thenablers, Inc)
Notes to the Financial Statements
NOTE 2 – SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Basic Income (Loss) Per Share
Basic income (loss) per share is calculated by
dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during
the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders
by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding
is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents
outstanding as of December 31, 2019
Recent Accounting Pronouncements
The Company does not expect
the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations,
financial position or cash flow.
The FASB’s new standard
on accounting for leases that came into effect as of January 1, 2019 for US public companies that enter into lease arrangements
or sign contracts containing leases to support their business had no effect on the company as they do not have any leases.
Subsequent Events
The Company has analyzed the
transactions from March 31, 2020 to the date these financial statements were issued for subsequent event disclosure purposes.
NOTE 3 – GOING CONCERN
The accompanying financial statements have been
prepared in conformity with generally accepted accounting principles, which contemplates the continuation of the Company as a going
concern. The Company had no revenues for the three months ended March 31, 2020 but had revenues of $473 for the three months ended
March 31, 2019. The Company currently has limited working capital and is continuing its efforts to establish a stabilized source
of revenues sufficient to cover operating costs over an extended period of time.
Management anticipates that the Company will be
dependent, for the near future, on additional investment capital to fund operating expenses The Company intends to position itself
so that it may be able to raise additional funds through the capital markets. In light of management’s efforts, there are
no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as
a going concern.
NOTE 4 – DUE TO RELATED PARTY
During the period from November 3, 2017 to December
31, 2019, Mr. Panagiotis Lazaretos, the Company’s Director and Chief International Development Officer, Mr. Panagiotis Tolis,
the Company’s Director and Chief Investment Relations Officer , Mr. Theofylaktos P. Oikonomou, the Company’s CFO and
Mr. Eleftherios Kontos, have periodically advanced the Company funds as unsecured obligations. The funds were used to pay travel
and operating expenses of the Company. The obligations bear no interest, have no fixed term and are not evidenced by any written
agreement. The amounts due to related parties were forgiven by the respective related parties as of September 30, 2019, thereby
resulting in an increase in Additional Paid in Capital.
Currently, the balance in due to related party is $2,288 as of March 31, 2020.
During the quarter ended March
31, 2020, Mr. Konstantinos Galanakis, the company’s Director and Chief Executive Officer, Mr. Panagiotis Lazaretos, the Company’s
Director and Chief International Development Officer, Mr. Panagiotis Tolis, the Company’s Director and Chief Investment Relations
Officer and Mr. Theofylaktos P. Oikonomou, the Company’s CFO had advanced the Company funds as unsecured obligations. The
funds were used to pay travel and operating expenses on behalf of the Company. The obligations bear no interest, have no fixed
term and are not evidenced by any written agreement. As of March 31, 2020, the balance in due to related party is $2,288.
ELVICTOR GROUP, INC
(formerly Thenablers, Inc)
Notes to the Financial Statements
NOTE 5 – ACCOUNTS
RECEIVABLE
During
the past year the company had accounts receivable of $3,000 due from related party, Thenablers Ltd Cyprus, derived from the commission
agreement signed on May 7, 2018 for sales and marketing assistance. The full amount has been paid and as of December 31, 2019 and
there are no further receivables.
NOTE 6 – RELATED PARTY
TRANSACTIONS
On December 11, 2019, the Board
of Directors voted to pay compensation to the then Chief Financial Officer, Mr. Thodoris Chouliaras, in the form of professional
fees, the amount of $2,000 per month, retroactively from November 1, 2019 and paid bi-weekly. Mr. Chouliaras resigned on January
18, 2020. The total amount of $6,010 has been paid to him as of March 31, 2020.
On January 21, 2020, Mr. Theofylaktos
P. Oikonomou was elected as Chief Financial Officer and it was agreed to continue the compensation for the CFO in the amount of
$2,000 per month beginning on February 1, 2020. The total amount of $4,000 has been paid to him as of March 31, 2020.
NOTE 6– ACCOUNTS RECEIVABLE
During
the past year the company had accounts receivable of $3,000 due from related party, Thenablers Ltd Cyprus, derived from the commission
agreement signed on May 7, 2018 for sales and marketing assistance. The full amount has been paid and as of December 31, 2019 and
there are no further receivables.
NOTE 7 – COMMON STOCK
Issuance of Common Stock
The Company has 200,000,000,
$0.0001 par value shares of common stock authorized. At March 31, 2020 and December 31, 2019 there were 21,196,100 and 20,781,700 common shares issued and outstanding respectively.
The Company issued 20,000,000
to its founders valued at $2000 ($0.0001 per share).
On January 15, 2018, the Company issued 10,000
shares of common stock to Prodromos Nikolaidis for cash proceeds of $2,000.00 at $0.20 per share.
ELVICTOR GROUP, INC
(formerly Thenablers, Inc)
Notes to the Financial Statements
NOTE 7 – COMMON STOCK (CONTINUED)
On January 15, 2018, the Company issued 10,000
shares of common stock to Stavros Nikolaidis for cash proceeds of $2,000.00 at $0.20 per share.
On January 17, 2018, the Company issued 25,000
shares of common stock to Anargyros Vasilakos for cash proceeds of $5,000.00 at $0.20 per share.
On January 18, 2018, the Company issued 10,000
shares of common stock to Alexandros Koukas for cash proceeds of $2,000.00 at $0.20 per share.
On January 29, 2018, the Company issued 15,000
shares of common stock to Georgios Kapaniris for cash proceeds of $3,000.00 at $0.20 per share.
On February 9, 2018, the Company issued 10,000
shares of common stock to Marina Brisimi for cash proceeds of $2,000.00 at $0.20 per share.
On February 9, 2018, the Company issued 10,000
shares of common stock to Evangelos Brisimis for cash proceeds of $2,000.00 at $0.20 per share.
On February 9, 2018, the Company issued 15,000
shares of common stock to Dessislav Krumov Djarkov for cash proceeds of $3,000.00 at $0.20 per share.
On February 12, 2018, the Company issued 50,000
shares of common stock to Athanasios Tolis for cash proceeds of $10,000.00 at $0.20 per share.
On February 14, 2018, the Company issued 10,000
shares of common stock to George Mengos for cash proceeds of $2,000.00 at $0.20 per share.
On February 19, 2018, the Company issued 15,000
shares of common stock to Nektarios Tzortzoglou for cash proceeds of $3,000.00 at $0.20 per share.
On February 19, 2018, the Company issued 10,000
shares of common stock to Vilelmini Fatourou for cash proceeds of $2,000.00 at $0.20 per share.
On February 22, 2018, the Company issued 10,000
shares of common stock to Dogan Omer Ozyigit for cash proceeds of $2,000.00 at $0.20 per share.
On February 28, 2018, the Company issued 10,000
shares of common stock to Robert Brown for cash proceeds of $2,000.00 at $0.20 per share.
On March 1, 2018, the Company issued 16,000 shares
of common stock to Dragon Ventures Management, Inc. for services rendered of $3,200.00 at fair market value of $0.20 per share.
On March 1, 2018, the Company issued 16,000 shares
of common stock to GMPraxis Inc. for services rendered of $3,200.00 at fair market value of $0.20 per share.
On March 1, 2018, the Company issued 16,000 shares
of common stock to Field Insights CEE, SRL Inc. for services rendered of $3,200.00 at fair market value of $0.20 per share.
On March 5, 2018, the Company issued 10,000 shares
of common stock to First Call Holding Cyprus for cash proceeds of $2,000.00 at $0.20 per share.
ELVICTOR GROUP, INC
(formerly Thenablers, Inc)
Notes to the Financial Statements
NOTE 7 – COMMON STOCK (CONTINUED)
On March 5, 2018, the Company issued 11,700 shares
of common stock to Efthymia Lioulia for cash proceeds of $2,340.00 at $0.20 per share.
On March 8, 2018, the Company issued 10,000 shares
of common stock to Donald Ruan for cash proceeds of $2,000.00 at $0.20 per share.
On March 9, 2018, the Company issued 10,000 shares
of common stock to Peter Brown for cash proceeds of $2,000.00 at $0.20 per share.
On March 12, 2018, the Company issued 10,000 shares
of common stock to Predica Constanta for cash proceeds of $2,000.00 at $0.20 per share.
On March 23, 2018, the Company issued 10,000 shares
of common stock to Patricia Franco for cash proceeds of $2,000.00 at $0.20 per share.
On March 23, 2018, the Company issued 25,000 shares
of common stock to Filippo Giacomo for cash proceeds of $5,000.00 at $0.20 per share.
On March 26, 2018, the Company issued 10,000 shares
of common stock to Renee Deschaine for cash proceeds of $2,000.00 at $0.20 per share.
On March 28, 2018, the Company issued 12,500 shares
of common stock to Konstantinos Piperas for cash proceeds of $2,500.00 at $0.20 per share.
On March 28, 2018, the Company issued 16,000 shares
of common stock to CEO Medya Pazarlama Ve Ajans Hizmetleri, Ltd. for services rendered of $3,200.00 at fair market value of $0.20
per share.
On March 30, 2018, the Company issued 10,000 shares
of common stock to William Bartels for cash proceeds of $2,000.00 at $0.20 per share.
On April 2, 2018, the Company issued 25,000 shares
of common stock to Mehmet Metin Yilmaz for cash proceeds of $5,000.00 at $0.20 per share.
On April 3, 2018, the Company issued 10,000 shares
of common stock to George Sakoulas for cash proceeds of $2,000.00 at $0.20 per share.
On April 4, 2018, the Company issued 32,000 shares
of common stock to Spar PTY Ltd for cash proceeds of $6,400.00 at $0.20 per share.
On April 4, 2018, the Company issued 24,000 shares
of common stock to Floor Graphics BG Ltd for cash proceeds of $4,800.00 at $0.20 per share.
On April 10 30, 2018, the Company issued 25,000
shares of common stock to Michael Stefanidis for cash proceeds of $5,000.00 at $0.20 per share.
On April 11, 2018, the Company issued 12,500 shares
of common stock to Ilias Bouzalas for cash proceeds of $2,500.00 at $0.20 per share.
On April 23, 2018, the Company issued 10,000 shares
of common stock to Kimberly Villani for cash proceeds of $2,000.00 at $0.20 per share.
ELVICTOR GROUP, INC
(formerly Thenablers, Inc)
Notes to the Financial Statements
NOTE 7 – COMMON STOCK (CONTINUED)
On April 23, 2018, the Company issued 25,000 shares
of common stock to James Daniel Williams for cash proceeds of $5,000.00 at $0.20 per share.
On May 1, 2019, the Company issued 5,000 shares
of common stock to Theodore Giamias for services rendered of $1,250.00 at fair market value of $0.25 per share.
On May 20, 2019, the Company issued 40,000 shares
of common stock to Panagiotis Avramidis for cash proceeds of $10,000.00 at $0.25 per share.
On May 20, 2019, the Company issued 20,000 shares
of common stock to Savvas Dimopoulos for cash proceeds of $5,000.00 at $0.25 per share.
On May 22, 2019, the Company issued 20,000 shares
of common stock to Anargyris Vasilakos for cash proceeds of $5,000.00 at $0.25 per share.
On May 29, 2019, the Company issued 20,000 shares
of common stock to Dimitrios Agapitos for cash proceeds of $5,000.00 at $0.25 per share.
On July 10, 2019, the Company issued 20,000 shares
of common stock to Nikolaos Zavras for cash proceeds of $5,000.00 at $0.25 per share
On October 7, 2019, the Company issued 100,000
shares of common stock to Eilers Law Group, P.A. for services rendered of $25,000.00 at fair market value of $0.25 per share
On January 9, 2020, the Company issued 60,000
shares of common stock to Georgios Tzevachiridis for cash proceeds of $30,000 at fair market value of $0.50 per share
On January 13, 2020, the Company issued 16,000
shares of common stock to Georgios Kaloritis for cash proceeds of $8,000 at fair market value of $0.50 per share
On January 14, 2020, the Company issued 4,000
shares of common stock to Georgios Maschonas for cash proceeds of $2,000 at fair market value of $0.50 per share
On January 16, 2020, the Company issued 4,200
shares of common stock to Grigorios Koutsoliakos for cash proceeds of $2,100 at fair market value of $0.50 per share
On January 16, 2020, the Company issued 5,000
shares of common stock to Georgios Galanakis for cash proceeds of $2,500 at fair market value of $0.50 per share
On January 16, 2020, the Company issued 5,000
shares of common stock to Alexandros Galanakis for cash proceeds of $2,500 at fair market value of $0.50 per share
On January 17, 2020, the Company issued 4,000
shares of common stock to Dimitrios Kalosakas for cash proceeds of $2,000 at fair market value of $0.50 per share
On January 17, 2020, the Company issued 6,000
shares of common stock to Alexandros Ntoutsoulis for cash proceeds of $3,000 at fair market value of $0.50 per share
ELVICTOR GROUP, INC
(formerly Thenablers, Inc)
Notes to the Financial Statements
NOTE 7 – COMMON STOCK (CONTINUED)
On January 20, 2020, the Company issued 20,000
shares of common stock to Chkhaidze Soslan for cash proceeds of $10,000 at fair market value of $0.50 per share
On January 20, 2020, the Company issued 10,000
shares of common stock to Aikaterini Pagoni for cash proceeds of $5,000 at fair market value of $0.50 per share
On January 21, 2020, the Company issued 10,000
shares of common stock to Christos Soultatis for cash proceeds of $5,000 at fair market value of $0.50 per share
On January 21, 2020, the Company issued 10,000
shares of common stock to Vasileios Iliopoulos for cash proceeds of $5,000 at fair market value of $0.50 per share
On January 22, 2020, the Company issued 50,000
shares of common stock to Maria Petraki for cash proceeds of $25,000 at fair market value of $0.50 per share
On January 27, 2020, the Company issued 50,000
shares of common stock to Loukas Moschos for cash proceeds of $25,000 at fair market value of $0.50 per share
On January 27, 2020, the Company issued 4,000
shares of common stock to Foteini Chalamandari for cash proceeds of $2,000 at fair market value of $0.50 per share
On January 31, 2020, the Company issued 4,200
shares of common stock to Areti Magaliou for cash proceeds of $2,100 at fair market value of $0.50 per share
On February 3, 2020, the Company issued 50,000
shares of common stock to Georgios Siderakis for cash proceeds of $25,000 at fair market value of $ per share
On February 4, 2020, the Company issued 10,000
shares of common stock to Athanasios Malliaros for cash proceeds of $5,000 at fair market value of $0.50 per share
On February 5, 2020, the Company issued 10,000
shares of common stock to Branko Krznaric for cash proceeds of $5,000 at fair market value of $0.50 per share
On February 5, 2020, the Company issued 10,000
shares of common stock to Pantelis Dimitroglou for cash proceeds of $5,000 at fair market value of $0.50 per share
On February 10, 2020, the Company issued 10,000
shares of common stock to Konstantinos Papagalos for cash proceeds of $5,000 at fair market value of $0.50 per share
ELVICTOR GROUP, INC
(formerly Thenablers, Inc)
Notes to the Financial Statements
NOTE 7 – COMMON STOCK (CONTINUED)
On February 24, 2020, the Company issued 20,000
shares of common stock to Antonios Bitounis for cash proceeds of $10,000 at fair market value of $0.50 per share
On March 17, 2020, the Company issued 6,000 shares
of common stock to Nicoletta Ashiotou for cash proceeds of $3,000 at fair market value of $0.50 per share
On March 20, 2020, the Company issued 10,000 shares
of common stock to Christakis Komodromos for cash proceeds of $5,000 at fair market value of $0.50 per share
On March 20, 2020, the Company issued 6,000 shares
of common stock to Pavlina Kattiki Assiotou for cash proceeds of $3,000 at fair market value of $0.50 per share
On March 23, 2020, the Company issued 20,000 shares
of common stock to Kleon Manakidis for cash proceeds of $10,000 at fair market value of $0.50 per share
At March 31, 2020 and December
31, 2019 there were 80,000,000 Preferred shares issued and outstanding.
Issuance of Preferred Stock
On October 7, 2019, Elvictor Group, Inc. entered into
four separate “Series A Convertible Preferred Stock Purchase Agreements” for exactly 80,000,000 shares of a newly designated
Series A Preferred Stock, in exchange for an aggregate purchase price of $30,000.00 pursuant to Regulation S of the Securities
Act of 1933, as amended. Per the terms of the Agreements, these shares may not be converted for one year after they are issued
and shall automatically convert exactly 18 months after the issuance of each share into a number of shares of Common Stock to be
determined based on the Company’s performance. The holders of Series A Preferred Stock shall be entitled to vote with the
shares of the Company’s Common Stock on any vote in which holders of the Common Stock are entitled to vote and shall have
voting rights equal to exactly one vote per share of Series A Preferred Stock. The stocks were issued to:
On October 7, 2019, the Company issued 24,000,000
shares of preferred stock to Aikaterini Galanaki for cash proceeds of $6,600.00 at 0.000375 per share
On October 7, 2019, the Company issued 28,000,000
shares of preferred stock to Konstantinos Galanakis for cash proceeds of $7,700.00 at 0.000375 per share
On October 7, 2019, the Company issued 27,800,000
shares of preferred stock to Stavros Galanakis for cash proceeds of $7,645.00 at 0.000375 per share
On October 7, 2019, the Company issued 200,000
shares of preferred stock to Theodoros Chouliaras for cash proceeds of $55.00 at 0.000375 per share
ELVICTOR GROUP, INC
(formerly Thenablers, Inc)
Notes to the Financial Statements
NOTE 8 – CHANGES IN EQUITY
For the year beginning January 1, 2020 the company
had a shareholders’ deficit balance of $16,761. With the sale of 414,400 shares of common stock for a value of $207,200,
the increase of $10,000 in subscription receivables, and the net loss of $110,151 for the three months ended March 31, 2020 the
ending balance in equity is $103,811 as of March 31, 2020.
For the year beginning January 1, 2019 the company
had a shareholder’s deficit balance of $7,786. With the receipt of $6,000 in subscription receivable and the net loss of
$21,125 for the three months ended March 31, 2019 the ending balance in equity is $7,339 as of March 31, 2019.
NOTE 9 – COMMITMENTS AND CONTINGENCIES
The Company neither owns nor leases any real or
personal property. Such costs are immaterial to the financial statements and accordingly are not reflected herein. The officers
and directors are involved in other business activities and most likely will become involved in other business activities in the
future.
NOTE 10 – INCOME TAXES
Due to the Company’s
net loss position, there was no provision for income taxes recorded. As a result of the Company’s losses to date, there exists
doubt as to the ultimate realization of the deferred tax assets. Accordingly, a valuation allowance equal to the total deferred
tax assets has been recorded.
The components of net deferred
tax assets are as follows:
|
|
March 31,
|
|
March 31,
|
|
|
2020
|
|
2019
|
|
|
|
|
|
Net operating loss carry-forward
|
|
$
|
314,448
|
|
|
$
|
120,679
|
|
Less: valuation allowance
|
|
|
(314,448
|
)
|
|
|
(120,679
|
)
|
Net deferred tax asset
|
|
$
|
—
|
|
|
$
|
—
|
|
The Company had federal net
operating loss carry forwards for tax purposes of approximately $120,679 at March 31, 2019 and approximately $314,448 at March
31, 2020, which may be available to offset future taxable income. Utilization of the net operating loss carry forwards may be
subject to substantial annual limitations due to the ownership change limitations provided by Section 381 of the Internal Revenue
Code of 1986, as amended. The annual limitation may result in the expiration of net operating loss carry forwards before utilization.
NOTE 11 – SUBSEQUENT
EVENT
In accordance with SFAS 165 (ASC 855-10) the Company has
analyzed its operations subsequent to March 31, 2020 through May 14, 2020, the date
these financial statements were issued, and has determined that the following are material subsequent events to these financial
statements.