Related Party Transactions	3 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 5 – RELATED PARTY TRANSACTIONS The Company has related party transactions with companies that are owned or controlled by either Mr. Stavros Galanakis, the Vice-President and Chairman of the Board of Directors, and Mr. Konstantinos Galanakis, the CEO and Director. The Company has entered into an agreement in October 2020 with related party Elvictor Crew Management Services Ltd in Cyprus to provide human resources services as well as to perform the running and management of the Company’s contracts with third parties and provide key personnel for these services. However, this agreement was terminated in the first quarter of 2022 since the formation of the new wholly owned Cypriot subsidiary. A total amount of $0 has been expensed for the related party, Elvictor Crew Management Services Ltd, as of March 31, 2025, for the cost of services sold, included in the Cost of Revenue- Related Party. As of March 31, 2025, the Company has other receivables - related party of $844,580 from Elvictor Crew Management Ltd Cyprus compared to $867,070 as of December 31, 2024. On September 11, 2020, the Company entered into a Manning Agency Agreement with Elvictor Crew Management Service Ltd in Georgia. During the period ended March 31, 2025, the latter provided manning services to the Company of $43,836 included in the Cost of Revenue – Related Party and Net Revenue, while as of March 31, 2025 the Company had a liability of $26,925 compared to a liability of $25,474 as of December 31, 2024. On September 1, 2020, the Company signed an agreement with Qualiship Georgia Ltd for the latter to provide training of the qualified personnel. For the three months ended March 31, 2025, the Company incurred $43,868 in Cost of Goods Sold that offset Net Revenue, and the amount due to Qualiship Georgia Ltd as of March 31, 2025, was $150,802 included under Trade Accounts Payable – Related Party compared to an amount equal to $126,470 as of December 31, 2024. On September 11, 2020, the Company entered into a Manning Agency Agreement with Elvictor Odessa. During the period ended March 31, 2025, the latter provided manning services to the Company of $3,470, included in the Cost of Revenue – Related Party and Net Revenue, and amount due to Elvictor Odessa as of March 31, 2025, was $20 included under Trade Accounts Payable – Related Party compared to an amount equal to $0 as of December 31, 2024. 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 three months ended March 31, 2025, the Company has a balance of $78 due which was compared to the $5,078 balance as of December 31, 2024.

Related Party Transactions

3 Months Ended

Mar. 31, 2025

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 CEO and Director.

The Company has entered into an agreement in October 2020 with related party Elvictor Crew Management Services Ltd in Cyprus to provide human resources services as well as to perform the running and management of the Company’s contracts with third parties and provide key personnel for these services. However, this agreement was terminated in the first quarter of 2022 since the formation of the new wholly owned Cypriot subsidiary. A total amount of $0 has been expensed for the related party, Elvictor Crew Management Services Ltd, as of March 31, 2025, for the cost of services sold, included in the Cost of Revenue- Related Party. As of March 31, 2025, the Company has other receivables - related party of $844,580 from Elvictor Crew Management Ltd Cyprus compared to $867,070 as of December 31, 2024.

On September 11, 2020, the Company entered into a Manning Agency Agreement with Elvictor Crew Management Service Ltd in Georgia. During the period ended March 31, 2025, the latter provided manning services to the Company of $43,836 included in the Cost of Revenue – Related Party and Net Revenue, while as of March 31, 2025 the Company had a liability of $26,925 compared to a liability of $25,474 as of December 31, 2024.

On September 1, 2020, the Company signed an agreement with Qualiship Georgia Ltd for the latter to provide training of the qualified personnel. For the three months ended March 31, 2025, the Company incurred $43,868 in Cost of Goods Sold that offset Net Revenue, and the amount due to Qualiship Georgia Ltd as of March 31, 2025, was $150,802 included under Trade Accounts Payable – Related Party compared to an amount equal to $126,470 as of December 31, 2024.

On September 11, 2020, the Company entered into a Manning Agency Agreement with Elvictor Odessa. During the period ended March 31, 2025, the latter provided manning services to the Company of $3,470, included in the Cost of Revenue – Related Party and Net Revenue, and amount due to Elvictor Odessa as of March 31, 2025, was $20 included under Trade Accounts Payable – Related Party compared to an amount equal to $0 as of December 31, 2024.

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 three months ended March 31, 2025, the Company has a balance of $78 due which was compared to the $5,078 balance as of December 31, 2024.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Elvictor Group, Inc. 10-Q