Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 25, 2021 | |
Document And Entity Information | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 333-225239 | |
Entity Registrant Name | Elvictor Group, Inc. | |
Entity Central Index Key | 0001741489 | |
Entity Tax Identification Number | 82-3296328 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 30 Wall Street | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10005 | |
Country Region | 646 | |
City Area Code | 491-6601 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 31,089,757 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash | $ 407,445 | $ 343,804 |
Accounts Receivable | 443,178 | 258,990 |
Other Receivables - Related Party | 48,600 | |
Value added tax (VAT) Receivable | 2,183 | 2,183 |
Total Current Assets | 901,406 | 604,977 |
Long-term Assets | ||
ROU Asset - Related Party | 54,693 | 70,214 |
Total Long-term Assets | 54,693 | 70,214 |
Total Assets | 956,099 | 675,191 |
Current Liabilities | ||
Accounts Payable | 71,215 | 11,988 |
Trade Accounts Payable | 129,343 | 63,231 |
Trade Accounts Payable - Related Party | 36,606 | 22,538 |
Other Payables | 174,751 | 156,308 |
Convertible Bond Payable | 405,725 | |
Lease Liability - Related Party | 54,693 | 70,214 |
Income Tax Payable | 3,079 | 1,246 |
Due to related party | 1,798 | 1,798 |
Total Current Liabilities | 471,485 | 733,048 |
Total Liabilities | 471,485 | 733,048 |
Stockholders' Equity | ||
Common stock, par value $0.0001; 200,000,000 common shares authorized; 31,089,757 and 26,384,673 common shares issued and outstanding at March 31, 2021 and December 31, 2020 respectively | 3,109 | 2,637 |
Preferred stock, par value $0.0001; 100,000,000 preferred shares authorized; 80,000,000 preferred shares issued and outstanding at March 31, 2021 and December 31, 2020 respectively | 8,000 | 8,000 |
Additional paid in capital | 1,684,734 | 1,167,646 |
Accumulated deficit | (1,211,229) | (1,236,140) |
Total Stockholders' Equity | 484,614 | (57,857) |
Total Liabilities and Stockholders' Equity | $ 956,099 | $ 675,191 |
Consolidated Balance Sheet (U_2
Consolidated Balance Sheet (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par Value | $ 0.0001 | $ .0001 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares Issued | 31,089,757 | 26,384,673 |
Common Stock, Shares Outstanding | 31,089,757 | 26,384,673 |
Preferred Stock, Par Value | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock, Shares Issued | 80,000,000 | 80,000,000 |
Preferred Stock, Shares Outstanding | 80,000,000 | 80,000,000 |
Consolidated Statement of Opera
Consolidated Statement of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Gross Revenue | $ 496,492 | |
Revenue, net | 59,738 | |
Total Revenue | 556,230 | |
Less: COSS | 118,337 | |
COSS - Related Party | 175,278 | |
Gross Profit | 262,615 | |
Operating expenses | ||
Professional fees | 95,569 | 81,236 |
Professional fees - Related Party | 8,000 | 5,460 |
Salaries - Officers | 93,024 | 9,000 |
Rent - Related Party | 18,283 | |
Other general and administrative costs | 27,821 | 14,455 |
Total operating expenses | 242,697 | 110,151 |
Loss from operations | 19,918 | (110,151) |
Other Income and (Expenses) | ||
Other Income | 6,826 | |
Net profit/(loss) before income tax | 26,744 | (110,151) |
Provision for income taxes (benefit) | 1,832 | |
Net profit/(loss) | $ 24,911 | $ (110,151) |
Net Loss Per Common Stock - basic and fully diluted | $ 0 | $ 0 |
Weighted-average number of shares of common stock outstanding - basic and fully diluted | 29,432,209 | 21,057,342 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flows from Operating Activities | ||
Net loss for the period | $ 24,911 | $ (110,151) |
Changes in assets and liabilities | ||
Accounts Receivable | (184,187) | |
Other Receivables - Related Party | (48,600) | |
Accounts Payable | 59,227 | 702 |
Trade Accounts Payable | 66,112 | |
Trade Accounts Payable - Related Party | 14,068 | |
Other Payables | 18,445 | |
Income Tax Payable | 1,832 | |
Accrued Payroll | 9,000 | |
Net cash used in operating activities | (48,192) | (100,449) |
Cash Flows from Investing Activities | ||
Cash Flows from Investing Activities | ||
Cash Flows from Financing Activities Cash (Used) or provided by: | ||
Due to related party | 2,126 | |
Sale of common stock | 111,833 | 207,200 |
Subscription Receivable | (10,000) | |
Net cash provided by financing activities | 111,833 | 199,326 |
Increase (Decrease) in Cash | 63,641 | 98,877 |
Increase in Cash | ||
Cash at beginning of period | 343,804 | 24,360 |
Cash at end of period | 407,445 | 123,237 |
Supplemental Cash Flow Information: | ||
Income Taxes | 1,832 | |
Non-Cash Investing and Financing Transactions | ||
Common Stock issued to reduce convertible notes payable | 405,725 | |
Right-of-use assets obtained in exchange for operating lease obligations | $ 54,693 |
Statement of the Changes in Sha
Statement of the Changes in Shareholder's Equity (Unaudited) - USD ($) | Common Stock | Preferred Stock | Additional Paid-In Capital | Accumulated Deficit | Subscription Receivable | Total |
Beginning Balance at Dec. 31, 2019 | $ 2,078 | $ 8,000 | $ 210,980 | $ (204,297) | $ 16,761 | |
Beginning Balance, Shares at Dec. 31, 2019 | 20,781,700 | 80,000,000 | ||||
Shares issued for cash | $ 41 | 207,159 | 207,200 | |||
Shares issued for cash, Shares | 414,400 | |||||
Subscription receivable | (10,000) | (10,000) | ||||
Net Loss | (110,151) | (110,151) | ||||
Ending Balance at Mar. 31, 2020 | $ 2,120 | $ 8,000 | 418,139 | (314,448) | (10,000) | 103,811 |
Ending Balance, Shares at Mar. 31, 2020 | 21,196,100 | 80,000,000 | ||||
Beginning Balance at Dec. 31, 2020 | $ 2,637 | $ 8,000 | 1,167,646 | (1,236,140) | (57,857) | |
Beginning Balance, Shares at Dec. 31, 2020 | 26,384,673 | 80,000,000 | ||||
Shares issued for cash | $ 102 | 111,731 | 111,833 | |||
Shares issued for cash, Shares | 1,016,665 | |||||
Shares issued for Convertible Bonds | $ 370 | 405,357 | 405,727 | |||
Shares issued for Convertible Bonds, in shares | 3,688,419 | |||||
Subscription receivable | ||||||
Net Loss | 24,911 | 24,911 | ||||
Ending Balance at Mar. 31, 2021 | $ 3,109 | $ 8,000 | $ 1,684,734 | $ (1,211,229) | $ 484,614 | |
Ending Balance, Shares at Mar. 31, 2021 | 31,089,757 | 80,000,000 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS | NOTE 1 – DESCRIPTION OF BUSINESS Elvictor Group, Inc. formerly known as Thenablers, Inc. (“Elvictor Group, Inc.” or the “Company”) was incorporated in the State of Nevada on November 3, 2017. With the change to the Elvictor name came the addition of the brand and new team in crew management in the shipping industry. “Elvictor (est. 1977) has been active across various value-adding activities of the shipping sector, such as ship management, technical management, crewing & crew management. This decades-long spanning experience has been distilled into the listed company Elvictor Group, Inc. a Nevada corporation, the first crew management company historically to be listed on a stock market. Its professional core of activities includes crew management, training and the creation of in-house software related to crew and ship matters, for the amelioration of all its operations, facilitating both its employees and those that depend on them. With the gradual transfer of existing business from the private entity to the public, Elvictor aims to broaden its scope of activities, expanding on to new areas, while refining the existing ones. Placing prime importance on the subject of digitalization, Elvictor’s plans run parallel with the extensive use of Artificial Intelligence, through the application of Machine and Deep Learning, in concert with the integration of a wide array of cloud systems. The strategic growth of the Group on a horizontal and vertical manner throughout the shipping industry will be reinforced with technologically adept tools, containing know-how and experience. As Elvictor is set on a technologically oriented path, the Group is ideologically flexible and would be open to other avenues of international business for the successful and profitable diversification of its portfolio.” On December 13, 2019, pursuant to the approval of a majority 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.”, 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”. As of July 10, 2020, the company founded a subsidiary in Vari, Greece to assist the management in facilitating the operations of the company. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING AND BENEFICIAL CONVERSION FEATURES POLICIES | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING AND BENEFICIAL CONVERSION FEATURES POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING AND BENEFICIAL CONVERSION FEATURES POLICIES Basis of Presentation The 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 company believes that the disclosures in these financial statements are adequate and not misleading. In the opinion of management, the financial statements and notes contain all adjustments necessary for a fair presentation of the Company’s financial position as of March 31, 2021 and statements of operations and cash flows for the three months ended March 31, 2021 and 2020. The accompanying financial statements reflect the application of certain significant accounting policies as described below and elsewhere in these notes to the financial statements. Principles of Consolidation The consolidated financial statements incorporate the assets and liabilities of all entities controlled by Elvictor Group, Inc as of March 31, 2021 and the results of the controlled subsidiary for the three months then ended. Elvictor Group, Inc and its subsidiary together are referred to in this financial report as the consolidated entity. The effects of all transactions between entities in the consolidated entity are eliminated in full. The 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 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 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 and Allowance for Doubtful Accounts For the three months ended March 31, 2021 the company has operations of crew manning and training 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, and existing economic conditions. Normal contracts receivable are 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 written off based on individual credit evaluation and specific circumstances of the customer and there is no interest charged on past due accounts. The company has not entered into related party transactions with companies owned or subject to significant influence by management, directors, and principle shareholders. The company does not have an allowance for doubtful accounts. 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. Beneficial Conversion Features The company issued convertible bonds that resulted in a beneficial conversion feature. A beneficial conversion feature arises when the conversion price of a convertible instrument is below the per share fair value of the underlying stock into which it is convertible. The holder realizes a benefit to the extent of the price difference and the issuer of the convertible instrument realizes a cost based on the theory that the intrinsic value of the price difference represents an additional financing cost. See Note 8 for further discussion of the convertible notes and the embedded derivative liability. 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. ASC 6060 includes guidance 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. Stock-Based Compensation The measurement and recognition of stock - based compensation expense is based on estimated fair values for all share-based awards made to employees and directors, including stock options and for non-employee equity transactions as per ASC 718 rules. For transactions in which we obtain certain services of employees, directors, and consultants in exchange for an award of equity instruments, we measure the cost of the services based on the grant date fair value of the award. We recognize the cost over the vesting period. Basic Income (Loss) Per Share Basic income (loss) per share 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 March 31, 2021. Recent Accounting Pronouncements The Company has adopted the recently issued accounting pronouncements for 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. Under ASC 842, all leases must be recognized on a company’s balance sheet. For operating leases, ASC 842 requires recognition of a right of use (ROU) asset and a corresponding lease liability This standard has affected the financials in their presentation as recognizes right-of-use (“ROU”) assets and related lease liabilities on the balance sheet for all arrangements with terms longer than 12 months. In December 2019, the FASB issued ASU 2019-12: Simplifying the Accounting for Income Taxes (Topic 740), which removes certain exceptions to the general principles in Topic 740 and improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This ASU is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years, with early adoption permitted. The Company is adopting this new accounting guidance which has resulted an interim tax payable for the foreign subsidiary. Foreign Currency Translation The Company considers the U.S. dollar to be its functional currency as it is the currency of the primary economic environment in which the Company operates. Accordingly, monetary assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect at the balance sheet date and non-monetary assets and liabilities are translated at the exchange rates in effect at the time of acquisition or issue. Revenues and expenses are translated at rates approximating the exchange rates in effect at the time of the transactions. All exchange gains and losses are included in operations. Subsequent Events The Company has analyzed the transactions from March 31, 2021 to the date these financial statements were issued for subsequent event disclosure purposes. On April 8, 2021, the Company issued exactly 395,220,000 shares of common stock to the holders of the Series A Preferred Stock pursuant to the Settlement Agreement, dated July 7, 2020. Specifically, exactly 230,723,789 shares of restricted common stock were issued to Mr. Konstantinos Galanakis and 164,396 shares of restricted common stock were issued to Mr. Stavros Galanakis. As a result, there are no shares of Series A Preferred Stock issued and outstanding. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
GOING CONCERN | 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 $0 in revenue for the three months ended March 31, 2020 and revenues of $556,230 for the three months ended March 31, 2021. The Company has begun its crew manning operations and currently has sufficient working capital but is continuing its efforts to establish a stabilized source of revenues 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. |
DUE TO RELATED PARTY
DUE TO RELATED PARTY | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
DUE TO RELATED PARTY | NOTE 4 – DUE TO RELATED PARTY During the period from November 3, 2017 to December 31, 2019, Mr. Panagiotis Lazaretos, the then 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. During the three months ended March 31, 2021, Mr. Stavros Galanakis, the company’s president, Mr. Konstantinos Galanakis, the company’s Director and Chief Executive 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. Additionally, the company formed a subsidiary in Vari, Greece and the Mrs. Aikaterini Galanakis, wife of Stavros Galanakis, is the owner of the building where the company leases its office and due to her is the rent as of March 31, 2021. Mr. Alexander Galanakis, the son of Stavros Galanakis, has advanced he subsidiary company funds for operations. As of March 31, 2021, the balance in due to related party is $1,798. |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
ACCOUNTS RECEIVABLE | NOTE 5 – ACCOUNTS RECEIVABLE Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. As of March 31, 2021, the company has trade accounts receivable of $443,178. The company has a Value added tax (VAT) receivable in the amount of $2,183 as of March 31, 2021 The company also had Other Receivables – Related Party of $48,600. |
OTHER RECEIVABLES
OTHER RECEIVABLES | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
OTHER RECEIVABLES | NOTE 6 – OTHER RECEIVABLES As of February 1, 2021 the company has other receivables from Elvictor Crew Management Ltd Cyprus, related party. These other receivables originate from the new customer Salmar Shipping Ltd that had prepaid amounts to Elvictor Crew Management Ltd Cyprus for their shipping contracts which were terminated as of January 31, 2021. The customer Salmar shipping Ltd then signed new contracts with the company on February 1, 2021. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 7 – 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 $22,000 has been accrued or paid to him as of March 31, 2021. As of the same board meeting of December 11, 2019 it was decided that the company would pay the Chief Operation Officer, Mr. Christodoulos Tzoutzakis and the Chief Investor Relations Officer, Mr. Panagiotis Tolis, compensation of $2000 per month for each starting on July 1, 2020. A total amount of $24,000 has been accrued in total for both and paid as of March 31, 2021. The company has entered into an agreement in October 2020 with related party Elvictor Crew Management Services Ltd in Cyprus to provide consultancy 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 A total amount of $169,558 has been accrued for the related party Elvictor Crew Management Services Ltd are as of March 31, 2021 as Cost of Services Sold. |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
LEASES | NOTE 8 – LEASES As of March 31, 2021, the company has entered into one rental lease agreement for its subsidiary in Vari, Greece. The term of the lease is from July 10, 2020 to December 31, 2020 with a fixed monthly rental payment. Lease Operating Expense is as follows: For the three months ended March 31, 2021 $ 18,088 Because we generally do not have access to the rate implicit in the lease, we utilize our incremental borrowing rate as the discount rate. As of March 31, 2021, the discount rate was 2.95%. The Operating Lease Liabilities are as follows: Three Months Ended For the Year Ended Total Undiscounted Total Operating December 31, 2020 December 31, 2021 Payments Less: Interest Lease Liabilities $18,033 $31,321 $49,354 $5,339 $54,693 The ROU Asset is as follows: Three Months Ended For the Year Ended Total Undiscounted Total Operating December 31, 2020 December 31, 2021 Payments Less: Interest Lease Liabilities $18,033 $31,321 $49,354 $5,339 $54,693 |
CONVERTIBLE DEBT
CONVERTIBLE DEBT | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE DEBT | NOTE 9 – CONVERTIBLE NOTES PAYABLE From October to December 2020, the Company entered into subordinated convertible notes with various investors, whereby the Company borrowed $405,725. The funds were all received in 2020 and had maturity dates three months from their respective issuance dates with no interest accruing throughout the term of the notes. The convertible notes were convertible at a fixed conversion price of $0.11 and the principal amount of the convertible notes was payable at the Company’s option in stock, by requiring the holders to convert their convertible notes into shares of the Company’s common stock, automatically at a) the end of the three months or b) the company issues certain dividends in the form of common stock to existing shareholders. In February 2021, the carrying value of the convertible notes was converted into shares of common stock and therefore, the balance in convertible bonds is zero as March 31, 2021. |
OTHER PAYABLES
OTHER PAYABLES | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
OTHER PAYABLES | NOTE 10 - OTHER PAYABLES As part of one of the services in the manning of a crew provided by the company to the shipping companies is that the company makes the bank transfers of the wages to the crew, on the customer ’s behalf. The shipping companies transfer the funds to the company’s bank account and then the company makes each payment to indicated crew. In its capacity, the company will show the balance of the funds received and not yet transferred to the crew as Other Payables on the Balance Sheet. The amount of Other Payables for crew wages is $70,681 as of March 31, 2021. The balance in Other Payables also consist of $79,628 in Other Creditors and $24,442 in Payroll and Sales Tax Payable as of March 31, 2021. |
COMMON STOCK
COMMON STOCK | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Common Stock Abstract | |
COMMON STOCK | NOTE 11 – COMMON STOCK Issuance of Common Stock The Company has 200,000,000, $0.0001 par value shares of common stock authorized. At December 31, 2020 and December 31, 2019 there were 26,384,673 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). For the year ended 2018, the Company issued a total of 492,700 shares of common stock for cash proceeds of $98,540.00 at $0.20 per share. For the year ended 2018, the Company issued a total of 64,000 shares of common stock for services rendered of $12,800.00 at fair market value of $0.20 per share. For the year 2019, the Company issued a total of 120,000 shares of common stock for cash proceeds of $25,000.00 at $0.25 per share. For the year 2019, the Company issued a total of 105,000 shares of common stock for services rendered of $26,250.00 at fair market value of $0.25 per share. For the year ended 2020, the Company issued a total of 428,400 shares of common stock for cash proceeds of $214,200.00 at $0.50 per share. For the year ended 2020, the Company issued a total of 25,000 shares of common stock services rendered of $12,500 at fair market value of $0.50 per share. For the year ended 2020, the Company issued a total of 487,273 shares of common stock for services rendered of $53,600.00 at fair market value of $0.11 per share. On January 1, 2021, the Company issued 227,273 shares of common stock to Jamal Nakhleh for cash proceeds of $25,000.03 at $0.11 per share. On January 20, 2021, the Company issued 90,909 shares of common stock to Athanasios Tolis for cash proceeds of $9,999.99 at $0.11 per share. On January 25, 2021, the Company issued 163,636 shares of common stock to Alexandros Lampoglou for cash proceeds of $17,999.96 at $0.11 per share. On January 25, 2021, the Company issued 45,491 shares of common stock to Konstantinos Lampoglou for cash proceeds of $5,004.01 at $0.11 per share. On January 25, 2021, the Company issued 45,455 shares of common stock to Konstantinos Pournaras for cash proceeds of $5,000.05 at $0.11 per share. On January 27, 2021, the Company issued 45,455 shares of common stock to Maria Chatzinikolaki for cash proceeds of $5,000.05 at $0.11 per share. On January 27, 2021, the Company issued 45,455 shares of common stock to Elisavet Chatzinikolaki for cash proceeds of $5,000.05 at $0.11 per share. On January 29, 2021, the Company issued 54,000 shares of common stock to Nikolaos Togkas-Fifis for cash proceeds of $5,940.00 at $0.11 per share. On January 29, 2021, the Company issued 56,363 shares of common stock to Andreas Michailidis for cash proceeds of $6,199.93 at $0.11 per share. On January 29, 2021, the Company issued 197,173 shares of common stock to Charis Mylonas for cash proceeds of $21,689.03 at $0.11 per share. On January 29, 2021, the Company issued 45,455 shares of common stock to Georgios Kyriazopoulos for cash proceeds of $5,000.05 at $0.11 per share. On February 5, 2021, the Company issued 547,273 shares of common stock to Seatrix S.A. for convertible notes payable of $60,200.00 at $0.1103 per share. On February 5, 2021, the Company issued 90,910 shares of common stock to Gia Asambadze for convertible notes payable of $10,000.00 at $0.1103 per share. On February 5, 2021, the Company issued 90,910 shares of common stock to Nodar Goguadze for convertible notes payable of $10,000.00 at $0.1103 per share. On February 5, 2021, the Company issued shares of 90,910 common stock to Irakli Serjveladze for convertible notes payable of $10,000.00 at $0.1103 per share. On February 5, 2021, the Company issued 263,637 shares of common stock to Dimitrios Fountoulakis for convertible notes payable of $29,000.00 at $0.1103 per share. On February 5, 2021, the Company issued 104,546 shares of common stock to Grigorios Koutsoliakos for convertible notes payable of $11,500.00 at $0.1103 per share. On February 5, 2021, the Company issued 90,910 shares of common stock to Christos Asimakopoulos for convertible notes payable of $10,000.00 at $0.1103 per share. On February 5, 2021, the Company issued 570,319 shares of common stock to Vasileios Karalis for convertible notes payable of $62,735.00 at $0.1103 per share. On February 5, 2021, the Company issued 73,000 shares of common stock to Marinos Vourgos for convertible notes payable of $8,030.00 at $0.1103 per share. On February 5, 2021, the Company issued 73,000 shares of common stock to Anna Vourgou for convertible notes payable of $8,030.00 at $0.1103 per share. On February 5, 2021, the Company issued 45,455 shares of common stock to Maghar Gandhi for convertible notes payable of $5,000.00 at $0.1103 per share. On February 5, 2021, the Company issued 454,546 shares of common stock to Load Line Marine S.A. for convertible notes payable of $50,000.00 at $0.1103 per share. On February 5, 2021, the Company issued 373,637 shares of common stock to Theofanis Anastasiadis for convertible notes payable of $41,100.00 at $0.1103 per share. On February 5, 2021, the Company issued 86,637 shares of common stock to Sotirios Moundreas for convertible notes payable of $9,530.00 at $0.1103 per share. On February 5, 2021, the Company issued 218,182 shares of common stock to Jasper Daan Willem Heikens for convertible notes payable of $24,000.00 at $0.1103 per share. On February 5, 2021, the Company issued 60,000 shares of common stock to Georgios Tzevachiridis for convertible notes payable of $6,600.00 at $0.1103 per share. On February 5, 2021, the Company issued 45,455 shares of common stock to Elisavet Zichna for convertible notes payable of $5,000.00 at $0.1103 per share. On February 5, 2021, the Company issued 318,182 shares of common stock to Ioannis Aloupis for convertible notes payable of $35,000.00 at $0.1103 per share. On February 5, 2021, the Company issued 90,910 shares of common stock to SQ Learn for convertible notes payable of $10,000.00 at $0.1103 per share. 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 Galanakis 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. Issuance of Dividends On December 14, 2020, the Company issued 4,662,300 shares of common stock as dividends to the shareholders on record excluding the founders of the Company who have agreed to waive their rights to this dividend. The authorized dividend was 3 shares of common capital stock for each one share of common stock held of the effective on record date of August 5, 2020 at the fair market value of $0.1250 per share. |
CHANGES IN EQUITY
CHANGES IN EQUITY | 3 Months Ended |
Mar. 31, 2021 | |
Changes In Equity | |
CHANGES IN EQUITY | NOTE 12 – CHANGES IN EQUITY For the year beginning January 1, 2021 the company had a shareholders’ deficit balance of $57,857. With the sale of 1,016,665 shares of common stock for a value of $111,833, and the issuance of 3,688,419 shares of common stock to reduce convertible notes of $405,727, and the net profit of $24,911 for the three months ended March 31, 2021 the ending balance in equity is $484,614 as of March 31, 2021. 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 receipt 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 a deficit of $103,811 as of March 31, 2020. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 13 – COMMITMENTS AND CONTINGENCIES The Company entered in a long-term rental lease agreement for offices of its subsidiary branch in Vari, Greece for the period commencing from July 10, 2020 through December 31, 2021 in the amount of $5,180 per month, the first month July was adjusted for the shortened period. The lessor is the wife of the company’s president, Mr. Stavros Galanakis. The lease liability is included in Current liabilities on the accompanying Balance Sheet as of March 31, 2021. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 14 – INCOME TAXES The Company’s has an overall net loss and as a result there exists doubt as to the ultimate realization of the deferred tax assets. Accordingly, a valuation allowance equal to the total deferred tax assets has been recorded. The components of net deferred tax assets are as follows: March 31, March 31, Deferred Tax Assets 2021 2020 Deferred tax assets by jurisdiction Federal $ 1,211,229 $ 314,448 State Foreign Valuation Allowance (1,211,229) (314,448) Net deferred tax assets — — Deferred tax assets by components Net operating loss 1,211,229 314,448 Valuation Allowance (1,211,229) (314,448) Net deferred tax assets $ — $ — The Company had federal net operating loss carry forwards for tax purposes of approximately $314,448 at March 31, 2020, and approximately $1,211,229 at March 31, 2021, 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. The provision for income taxes consists of the following: March December 2021 2020 Current: Federal $ — $ — State — — Foreign 1,832 1,020 Total current tax provision $ 1,832 $ 1,020 Deferred: Federal — — State — — Foreign — — Total deferred benefit — — Total provision (benefit) for income tax $ 1,832 $ 1,020 |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | NOTE 15 – SUBSEQUENT EVENT In accordance with SFAS 165 (ASC 855-10) the Company has analyzed its operations subsequent to March 31, 2021 through May 12, 2021, the date these financial statements were issued, and has determined that the following are material subsequent events to these financial statements. On April 8, 2021, the Company issued exactly 395,220,000 shares of common stock to the holders of the Series A Preferred Stock pursuant to the Settlement Agreement, dated July 7, 2020. Specifically, exactly 230,723,789 shares of restricted common stock were issued to Mr. Konstantinos Galanakis and 164,396, 211 shares of restricted common were issued to Mr. Stavros Galanakis. As a result, there are no shares of Series A Preferred Stock issued and outstanding. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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, unless indicated otherwise. The company believes that the disclosures in these financial statements are adequate and not misleading. In the opinion of management, the financial statements and notes contain all adjustments necessary for a fair presentation of the Company’s financial position as of March 31, 2021 and statements of operations and cash flows for the three months ended March 31, 2021 and 2020. The accompanying financial statements reflect the application of certain significant accounting policies as described below and elsewhere in these notes to the financial statements. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements incorporate the assets and liabilities of all entities controlled by Elvictor Group, Inc as of March 31, 2021 and the results of the controlled subsidiary for the three months then ended. Elvictor Group, Inc and its subsidiary together are referred to in this financial report as the consolidated entity. The effects of all transactions between entities in the consolidated entity are eliminated in full. The financial statements of subsidiaries are prepared for the same reporting period as the parent entity, using consistent accounting policies. |
Accounting Basis | Accounting Basis The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP”). The Company has adopted a December 31 fiscal year end. |
Reclassification | Reclassification Certain prior period amounts have been reclassified to conform with the current period presentation. |
Cash and Cash Equivalents | 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 | Accounts Receivable and Allowance for Doubtful Accounts For the three months ended March 31, 2021 the company has operations of crew manning and training 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, and existing economic conditions. Normal contracts receivable are 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 written off based on individual credit evaluation and specific circumstances of the customer and there is no interest charged on past due accounts. The company has not entered into related party transactions with companies owned or subject to significant influence by management, directors, and principle shareholders. The company does not have an allowance for doubtful accounts. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. |
Beneficial Conversion Features | Beneficial Conversion Features The company issued convertible bonds that resulted in a beneficial conversion feature. A beneficial conversion feature arises when the conversion price of a convertible instrument is below the per share fair value of the underlying stock into which it is convertible. The holder realizes a benefit to the extent of the price difference and the issuer of the convertible instrument realizes a cost based on the theory that the intrinsic value of the price difference represents an additional financing cost. See Note 8 for further discussion of the convertible notes and the embedded derivative liability. |
Income Taxes | Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with FASB ASC 606 upon the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue recognized from contracts with customers is disclosed separately from other sources of revenue. ASC 606 includes guidance on when revenue should be recognized on a Gross (Principal) or Net (Agent) basis. ASC 6060 includes guidance 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. |
Stock-Based Compensation | Stock-Based Compensation The measurement and recognition of stock - based compensation expense is based on estimated fair values for all share-based awards made to employees and directors, including stock options and for non-employee equity transactions as per ASC 718 rules. For transactions in which we obtain certain services of employees, directors, and consultants in exchange for an award of equity instruments, we measure the cost of the services based on the grant date fair value of the award. We recognize the cost over the vesting period. |
Basic Income (Loss) Per Share | Basic Income (Loss) Per Share Basic income (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 March 31, 2021. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company has adopted the recently issued accounting pronouncements for 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. Under ASC 842, all leases must be recognized on a company’s balance sheet. For operating leases, ASC 842 requires recognition of a right of use (ROU) asset and a corresponding lease liability This standard has affected the financials in their presentation as recognizes right-of-use (“ROU”) assets and related lease liabilities on the balance sheet for all arrangements with terms longer than 12 months. In December 2019, the FASB issued ASU 2019-12: Simplifying the Accounting for Income Taxes (Topic 740), which removes certain exceptions to the general principles in Topic 740 and improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This ASU is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years, with early adoption permitted. The Company is adopting this new accounting guidance which has resulted an interim tax payable for the foreign subsidiary. |
Foreign Currency Translation | Foreign Currency Translation The Company considers the U.S. dollar to be its functional currency as it is the currency of the primary economic environment in which the Company operates. Accordingly, monetary assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect at the balance sheet date and non-monetary assets and liabilities are translated at the exchange rates in effect at the time of acquisition or issue. Revenues and expenses are translated at rates approximating the exchange rates in effect at the time of the transactions. All exchange gains and losses are included in operations. |
Subsequent Events | Subsequent Events The Company has analyzed the transactions from March 31, 2021 to the date these financial statements were issued for subsequent event disclosure purposes. On April 8, 2021, the Company issued exactly 395,220,000 shares of common stock to the holders of the Series A Preferred Stock pursuant to the Settlement Agreement, dated July 7, 2020. Specifically, exactly 230,723,789 shares of restricted common stock were issued to Mr. Konstantinos Galanakis and 164,396 shares of restricted common stock were issued to Mr. Stavros Galanakis. As a result, there are no shares of Series A Preferred Stock issued and outstanding. |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Schedule of Operating Lease Liabilities | The Operating Lease Liabilities are as follows: Three Months Ended For the Year Ended Total Undiscounted Total Operating December 31, 2020 December 31, 2021 Payments Less: Interest Lease Liabilities $18,033 $31,321 $49,354 $5,339 $54,693 |
Schedule of ROU Asset | The ROU Asset is as follows: Three Months Ended For the Year Ended Total Undiscounted Total Operating December 31, 2020 December 31, 2021 Payments Less: Interest Lease Liabilities $18,033 $31,321 $49,354 $5,339 $54,693 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets | The components of net deferred tax assets are as follows: March 31, March 31, Deferred Tax Assets 2021 2020 Deferred tax assets by jurisdiction Federal $ 1,211,229 $ 314,448 State Foreign Valuation Allowance (1,211,229) (314,448) Net deferred tax assets — — Deferred tax assets by components Net operating loss 1,211,229 314,448 Valuation Allowance (1,211,229) (314,448) Net deferred tax assets $ — $ — |
Schedule of Provision for Income Taxes | The provision for income taxes consists of the following: March December 2021 2020 Current: Federal $ — $ — State — — Foreign 1,832 1,020 Total current tax provision $ 1,832 $ 1,020 Deferred: Federal — — State — — Foreign — — Total deferred benefit — — Total provision (benefit) for income tax $ 1,832 $ 1,020 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Notes to Financial Statements | ||
Revenue | $ 556,230 |
DUE TO RELATED PARTY (Details N
DUE TO RELATED PARTY (Details Narrative) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Related Party Transactions [Abstract] | ||
Due to Related Party | $ 1,798 | $ 1,798 |
ACCOUNTS RECEIVABLE (Details na
ACCOUNTS RECEIVABLE (Details narrative) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Disclosure Accounts Receivable Details Narrative Abstract | ||
Accounts Receivable | $ 443,178 | $ 258,990 |
LEASES (Details)
LEASES (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Notes to Financial Statements | ||
Total Undiscounted Payments | $ 49,354 | |
Less: Interest | 5,339 | |
Total Operating Lease Liabilities | $ 54,693 | $ 70,214 |
LEASES (Details Narrative)
LEASES (Details Narrative) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Notes to Financial Statements | |
Lease Operating Expense | $ 18,088 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2021 | Feb. 05, 2021 | Jan. 29, 2021 | Jan. 27, 2021 | Jan. 25, 2021 | Jan. 20, 2021 | Jan. 02, 2021 | Oct. 07, 2019 | |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 | |||||||||
Common Stock, Shares Issued | 26,384,673 | 31,089,757 | |||||||||
Common Stock, Value | $ 2,637 | $ 3,109 | |||||||||
Common Stock, Par Value | $ .0001 | $ 0.0001 | |||||||||
Shares issued for Cash | $ 214,200 | $ 25,000 | |||||||||
Shares issued for Cash, shares | 428,400 | 120,000 | |||||||||
Shares issued for services, Value | $ 12,500 | $ 26,250 | $ 12,800 | ||||||||
Shares issued for services, Shares | 25,000 | 105,000 | 64,000 | ||||||||
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 | |||||||||
Preferred Stock, Shares Outstanding | 80,000,000 | 80,000,000 | |||||||||
Preferred Stock, Shares Issued | 80,000,000 | 80,000,000 | |||||||||
Preferred Stock, Value | $ 8,000 | $ 8,000 | |||||||||
Preferred Stock, Par Value | $ 0.0001 | $ 0.0001 | |||||||||
Aikaterini Galanaki [Member] | |||||||||||
Preferred Stock, Shares Outstanding | 6,600 | ||||||||||
Preferred Stock, Shares Issued | 24,000,000 | ||||||||||
Preferred Stock, Par Value | $ 0.000375 | ||||||||||
Konstantinos Galanakis [Member] | |||||||||||
Preferred Stock, Shares Outstanding | 7,700 | ||||||||||
Preferred Stock, Shares Issued | 28,000,000 | ||||||||||
Preferred Stock, Par Value | $ 0.000375 | ||||||||||
Stavros Galanakis [Member] | |||||||||||
Preferred Stock, Shares Outstanding | 7,645 | ||||||||||
Preferred Stock, Shares Issued | 27,800,000 | ||||||||||
Preferred Stock, Par Value | $ 0.000375 | ||||||||||
Theodoros Chouliaras [Member] | |||||||||||
Preferred Stock, Shares Outstanding | 55 | ||||||||||
Preferred Stock, Shares Issued | 200,000 | ||||||||||
Preferred Stock, Par Value | $ 0.000375 | ||||||||||
Jamal Nakhleh [Member] | |||||||||||
Common Stock, Shares Issued | 227,273 | ||||||||||
Common Stock, Value | $ 25,000 | ||||||||||
Common Stock, Issue price per share | $ 0.11 | ||||||||||
Athanasios Tolis [Member] | |||||||||||
Common Stock, Shares Issued | 90,909 | ||||||||||
Common Stock, Value | $ 10,000 | ||||||||||
Common Stock, Issue price per share | $ 0.11 | ||||||||||
Alexandros Lampoglou [Member] | |||||||||||
Common Stock, Shares Issued | 163,636 | ||||||||||
Common Stock, Value | $ 18,000 | ||||||||||
Common Stock, Issue price per share | $ 0.11 | ||||||||||
Konstantinos Lampoglou [Member] | |||||||||||
Common Stock, Shares Issued | 45,491 | ||||||||||
Common Stock, Value | $ 5,004 | ||||||||||
Common Stock, Issue price per share | $ 0.11 | ||||||||||
Konstantinos Pournaras [Member] | |||||||||||
Common Stock, Shares Issued | 45,455 | ||||||||||
Common Stock, Value | $ 5,000 | ||||||||||
Common Stock, Issue price per share | $ 0.11 | ||||||||||
Maria Chatzinikolaki [Member] | |||||||||||
Common Stock, Shares Issued | 45,455 | ||||||||||
Common Stock, Value | $ 5,000 | ||||||||||
Common Stock, Issue price per share | $ 0.11 | ||||||||||
Elisavet Chatzinikolaki [Member] | |||||||||||
Common Stock, Shares Issued | 45,455 | ||||||||||
Common Stock, Value | $ 5,000 | ||||||||||
Common Stock, Issue price per share | $ 0.11 | ||||||||||
Nikolaos Togkas-Fifis [Member] | |||||||||||
Common Stock, Shares Issued | 54,000 | ||||||||||
Common Stock, Value | $ 5,940 | ||||||||||
Common Stock, Issue price per share | $ 0.11 | ||||||||||
Andreas Michailidis [Member] | |||||||||||
Common Stock, Shares Issued | 56,363 | ||||||||||
Common Stock, Value | $ 6,200 | ||||||||||
Common Stock, Issue price per share | $ 0.11 | ||||||||||
Charis Mylonas [Member] | |||||||||||
Common Stock, Shares Issued | 197,173 | ||||||||||
Common Stock, Value | $ 21,689 | ||||||||||
Common Stock, Issue price per share | $ 0.11 | ||||||||||
Georgios Kyriazopoulos [Member] | |||||||||||
Common Stock, Shares Issued | 45,455 | ||||||||||
Common Stock, Value | $ 5,000 | ||||||||||
Common Stock, Issue price per share | $ 0.11 | ||||||||||
Seatrix S.A. [Member] | |||||||||||
Common Stock, Shares Issued | 547,273 | ||||||||||
Common Stock, Value | $ 60,200 | ||||||||||
Common Stock, Issue price per share | $ 0.1103 | ||||||||||
Gia Asambadze [Member] | |||||||||||
Common Stock, Shares Issued | 90,910 | ||||||||||
Common Stock, Value | $ 10,000 | ||||||||||
Common Stock, Issue price per share | $ 0.1103 | ||||||||||
Nodar Goguadze [Member] | |||||||||||
Common Stock, Shares Issued | 90,910 | ||||||||||
Common Stock, Value | $ 10,000 | ||||||||||
Common Stock, Issue price per share | $ 0.1103 | ||||||||||
Irakli Serjveladze [Member] | |||||||||||
Common Stock, Shares Issued | 90,910 | ||||||||||
Common Stock, Value | $ 10,000 | ||||||||||
Common Stock, Issue price per share | $ 0.1103 | ||||||||||
Dimitrios Fountoulakis [Member] | |||||||||||
Common Stock, Shares Issued | 263,637 | ||||||||||
Common Stock, Value | $ 29,000 | ||||||||||
Common Stock, Issue price per share | $ 0.1103 | ||||||||||
Grigorios Koutsoliakos [Member] | |||||||||||
Common Stock, Shares Issued | 104,546 | ||||||||||
Common Stock, Value | $ 11,500 | ||||||||||
Common Stock, Issue price per share | $ 0.1103 | ||||||||||
Christos Asimakopoulos [Member] | |||||||||||
Common Stock, Shares Issued | 90,910 | ||||||||||
Common Stock, Value | $ 10,000 | ||||||||||
Common Stock, Issue price per share | $ 0.1103 | ||||||||||
Vasileios Karalis [Member] | |||||||||||
Common Stock, Shares Issued | 570,319 | ||||||||||
Common Stock, Value | $ 62,735 | ||||||||||
Common Stock, Issue price per share | $ 0.1103 | ||||||||||
Marinos Vourgos [Member] | |||||||||||
Common Stock, Shares Issued | 73,000 | ||||||||||
Common Stock, Value | $ 8,030 | ||||||||||
Common Stock, Issue price per share | $ 0.1103 | ||||||||||
Anna Vourgou [Member] | |||||||||||
Common Stock, Shares Issued | 73,000 | ||||||||||
Common Stock, Value | $ 8,030 | ||||||||||
Common Stock, Issue price per share | $ 0.1103 | ||||||||||
Maghar Gandhi [Member] | |||||||||||
Common Stock, Shares Issued | 45,455 | ||||||||||
Common Stock, Value | $ 5,000 | ||||||||||
Common Stock, Issue price per share | $ 0.1103 | ||||||||||
Load Line Marine S.A. [Member] | |||||||||||
Common Stock, Shares Issued | 454,546 | ||||||||||
Common Stock, Value | $ 50,000 | ||||||||||
Common Stock, Issue price per share | $ 0.1103 | ||||||||||
Theofanis Anastasiadis [Member] | |||||||||||
Common Stock, Shares Issued | 373,637 | ||||||||||
Common Stock, Value | $ 41,100 | ||||||||||
Common Stock, Issue price per share | $ 0.1103 | ||||||||||
Sotirios Moundreas [Member] | |||||||||||
Common Stock, Shares Issued | 86,637 | ||||||||||
Common Stock, Value | $ 9,530 | ||||||||||
Common Stock, Issue price per share | $ 0.1103 | ||||||||||
Jasper Daan Willem Heikens [Member] | |||||||||||
Common Stock, Shares Issued | 218,182 | ||||||||||
Common Stock, Value | $ 24,000 | ||||||||||
Common Stock, Issue price per share | $ 0.1103 | ||||||||||
GeorgiosTzevachiridis [Member] | |||||||||||
Common Stock, Shares Issued | 60,000 | ||||||||||
Common Stock, Value | $ 6,600 | ||||||||||
Common Stock, Issue price per share | $ 0.1103 | ||||||||||
Elisavet Zichna [Member] | |||||||||||
Common Stock, Shares Issued | 45,455 | ||||||||||
Common Stock, Value | $ 5,000 | ||||||||||
Common Stock, Issue price per share | $ 0.1103 | ||||||||||
Ioannis Aloupis [Member] | |||||||||||
Common Stock, Shares Issued | 318,182 | ||||||||||
Common Stock, Value | $ 35,000 | ||||||||||
Common Stock, Issue price per share | $ 0.1103 | ||||||||||
SQ Learn [Member] | |||||||||||
Common Stock, Shares Issued | 90,910 | ||||||||||
Common Stock, Value | $ 10,000 | ||||||||||
Common Stock, Issue price per share | $ 0.1103 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carry-forward | $ 1,211,229 | $ 314,448 |
Less: valuation allowance | (1,211,229) | (314,448) |
Net deferred tax asset |