UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

 FORM 10-K

 (Mark One)

 ANNUAL REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended December 31, 2024

 TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from to

 Commission file number 000-56508

 Elvictor Group, Inc.

 (Exact name of registrant as specified in its charter)

 Nevada

 82-3296328

 (State or other jurisdiction of

 (I.R.S. Employer

 incorporation or organization)

 Identification No.)

 Vassileos Constantinou 79

 Vari, 16672, Attiki, Greece

 (Address of principal executive offices)

 Registrant's telephone number, including
area code: (877) 374-4196

 Securities registered pursuant to Section 12(b)
of the Act: None

 Securities registered pursuant to Section 12(g)
of the Exchange Act: None

 Indicate by check mark if the registrant is a
well-known seasoned issuer, as defined in Rule 405 of the Securities Act Yes No

 Indicate by check mark if the registrant is not
required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No

(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes No

has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted
pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit and post such files). Yes No

is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
See the definitions of "large accelerated filer," "accelerated filer," "non-accelerated filer," "smaller
reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 Large Accelerated filer
 Accelerated filer

 Non-accelerated filer
 Smaller reporting company

 Emerging growth company

 If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.

has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or
issued its audit report.

 If securities are registered pursuant to Section
12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction
of an error to previously issued financial statements.

 Indicate by check mark whether any of those error
corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's
executive officers during the relevant recovery period pursuant to §240.10D-1(b)

is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 The aggregate market value of the Company's
common stock outstanding, other than shares held by persons who may be deemed affiliates of the registrant, computed by reference to the
closing price for the common stock on June 30, 2024, as reported on the OTC Markets on that date, was $ 10,361,219.

 The number of shares of the registrant's common stock, $0.0001
per share, outstanding as of April 14, 2025 was 414,448,757.

 DOCUMENTS INCORPORATED BY REFERENCE: NONE.

 GENERAL INFORMATION

 Item 1.

 Business

 Item 1A.

 Risk Factors

 Item 1B.

 Unresolved Staff Comments

 Item 1C.

 Cybersecurity

 Item 2.

 Properties

 Item 3.

 Legal Proceedings

 Item 4.

 Mine Safety Disclosure

 Item 5.

 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 Item 6.

 [Reserved]

 Item 7.

 Management's Discussion and Analysis of Financial Condition and Results of Operations

 Item 7A.

 Quantitative and Qualitative Disclosures About Market Risk

 Item 8.

 Financial Statements and Supplementary Data

 Item 9.

 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 Item 9A.

 Controls and Procedures

 Item 9B.

 Other Information

 Item 9C.

 Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

 Item 10.

 Directors, Executive Officers and Corporate Governance

 Item 11.

 Executive Compensation

 Item 12.

 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 Item 13.

 Certain Relationships and Related Transactions, and Director Independence

 Item 14.

 Principal Accounting Fees and Services

 Item 15.

 Exhibits and Financial Statement Schedules

 Item 16.

 Form 10-K Summary

 SIGNATURES

 i

 SPECIAL NOTE

 Unless the context indicates otherwise, as
used in this Annual Report on Form 10-K, the terms "we," "us," "our," "the Company," "Elvictor,"
"ELVG" or "our business" refer to Elvictor Group, Inc.

 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 This Annual Report on Form 10-K contains certain
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements
concerning management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition
and other similar matters involve significant known and unknown risks, uncertainties and other important factors that could cause the
actual results, performance or achievements of results to differ materially from any such forward-looking statements that are not statements
of current or historical facts. It is not possible to predict or identify all factors, future events or circumstances that may have an
impact on the Company's operations, financial condition, business, prospects, growth strategy and liquidity. Consequently, the following
should not be considered to be a complete discussion of all potential factors, risks or uncertainties. The words "anticipate,"
"estimate," "expect," "project," "intend," "believe," "plan,"
"target," "forecast" and similar expressions are intended to identify forward-looking statements. Such forward-looking
statements are based on management's current expectations, but actual results may differ materially due to various factors, including,
but not limited to:

 significant geopolitical risks, similar to the Red Sea crisis, potentially escalating operational and security challenges, impacting shipping routes and insurance costs in the region;

 effect of rising inflation materially affecting our business due to increases in seafarer salaries and to our customers;

 our ability to compete effectively within our industry since many of our competitors have significantly greater financial, operational, marketing and geographic presence resources than we do;

 fluctuations in global economic conditions may significantly reduce the demand for our services and adversely impact our business and results of operations;

 changing regulatory, economic, political and governmental conditions may materially impact industries and markets in which the Company currently operates;

 the effect of fluctuations of oil and natural gas prices, which may negatively impact our clients' the economic conditions of our clients and consequently our business and results of operations;

 impact of the war in the Ukraine or civil unrests on crewing and the global shipping industry, including the inability to attract or retain qualified seafarers and our ability to continue effectively serving our clients due to the resulting shortage of qualified seafarers;

 whether the reliability and capacity of our technology systems positively or negatively affects our ability to effectively manage our business and deliver services to our customers;

 increasing threat of AI-driven cyberattacks and data breaches in the maritime industry that may affect our or our clients' operations;

 reliance on our technology and cybersecurity procedures to effectively collect, protect and store sensitive and confidential information, including our proprietary business, customer, employee, and business partner information; and

 increased regulatory cost of compliance, including US, European, and other countries data privacy regulations enacted.

 ii

 The above forward-looking statements and others
contained in this Report reflect our current expectations and beliefs concerning future developments and their potential impact on our
operations and business. Future developments may be unanticipated. Should one or more of these factors, risks or uncertainties materialize,
or should any of our assumptions prove incorrect, actual results may materially vary from those discussed in these forward-looking statements.
We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or
otherwise, except as may be required under applicable securities laws.

 iii

 Elvictor Group, Inc. is referred to herein
as "we," "us," "our," "the Company," "Elvictor," or "our business".
Services and other matters pertaining to our subsidiaries are referred to collectively referred to herein under the same abbreviations
"we", "us", and "our".

 Item 1. Business

 Overview

 We were incorporated in Nevada on November 3,
2017 under the name of Thenablers, Inc. ("Thenablers"). We initially operated as an international business development organization
with a focus on design and execution of market strategies for our clients. In October 2019, Konstantinos Galanakis, our Chief Executive
Officer, Stavros Galanakis, our Vice President/Chairman of the Board, Christodoulos Tzoutzakis, our Chief Operating/ Technology Officer,
and Theodoros Chouliaras, our then Chief Financial Officer were appointed as our directors, at which time all of our then directors resigned
(Panagiotis Lazaretos, Sotirios Foutsis, and Theofylaktos Petros Oikonomou). Our change in management was adopted to promote, operate
and expand our new business with management specific knowledge of crew management services to vessels around the world. In connection
with these management changes, Thenablers issued Konstantinos Galanakis, Stavros Galanakis, Aikaterini Galanaki and Theodoros Chouliaras
an aggregate of 80,000,000 shares of newly designated "Series A Convertible Preferred Stock" (the "80,000,000 Shares)
in exchange for an aggregate purchase price of $30,000; additionally, Thenablers transferred all of Elvictor Crew Management Ltd.'s
business to us, including all existing crew management contracts, the transfer of which began in the fourth quarter of 2020 and concluded
at the end of 2021. On July 7, 2020, the Company entered into a Settlement Agreement and Release with the holders of the Series A Preferred
Stock, Konstantinos Galanakis and Stavros Galanakis, having 46,702,857 and 33,297,143 shares each, respectively (the "Preferred
Holders"), whereby the Preferred Holders agreed to cancel all shares of Series A Preferred in exchange for 95% of the common stock
held as an aggregate of the holdings of the founding shareholders plus the shares to be issued to the Preferred Holders the earliest of
a) the Company showing pro forma 12 month revenues in excess of $3,000,000; b) the successful raising of funds through equity or debt
in excess of $10,000,000; or 9 months from the date of execution (the "Settlement Agreement"). The Settlement Agreement is
further conditioned upon the execution of a non-compete agreement between the Company and the Preferred Holders preventing them from competing
in crew and ship management. In conjunction therewith, on April 8, 2021, the Company issued 375,459,000 common stock shares to the holders
of the Series A Preferred Stock pursuant to the July 7, 2020, Settlement Agreement, and further to the conversion of those preferred stock
shares to common stock shares. Specifically, 217,310,305 restricted common stock shares were issued to Konstantinos Galanakis, 156,271,400
restricted common stock shares were issued to Stavros Galanakis, and 1,877,295 restricted common stock shares were issued to Theofanis
Anastasiadis.

 On November 5, 2019, Konstantinos Galanakis was
appointed as our Chief Executive Officer and Stavros Galanakis as our Chairman of our Board of Directors.

 On December 13, 2019, by a shareholder consent
vote, our name was changed from "Thenablers, Inc." to "Elvictor Group, Inc." with the Nevada Secretary of State.
On February 27, 2020, upon receipt of FINRA's approval, our trading symbol in the OTC Pink Open Market was changed to "ELVG."

 On August 8, 2020, we formed a wholly owned subsidiary
in Vari, Greece, Elvictor Group Hellas Single Member SA., which provides us with back-office services and its crew management subsidiaries
pertaining to human resources issues, agreements, tax and other accounting advice, and administrative support.

 In September 2020, we began our business operations
to provide crew management services to vessels around the world. In October 2021, we acquired 100% of the outstanding equity interests
of Ultra Shipmanagement, Inc., a Marshall Islands company ("Ultra Shipmanagement") owned by Messrs. Konstantinos Galanakis
and Stavros Galanakis in return for our payment of $2,500, upon which Ultra Shipmanagement, Inc. became our wholly owned subsidiary to
offer ship management services. On January 10, 2022, we formed a wholly owned subsidiary in Cyprus, ELVG Crew Management Limited, which
provides crew management services.

 In January 2022, we established our wholly owned
subsidiary, ELVG Crew Management Ltd, incorporated in Cyprus, to facilitate our crew management operations.

 On December 23, 2024, we have announced that we have entered into an
engagement agreement with CIM Securities, LLC, a FINRA member broker-dealer as the Managing Placement Agent to raise up to $7,000,000
in a Regulation D, Rule 506(c) offering open only to verified accredited investors and subject to securing a Lead Investor. The financing
would be used to purchase a bulker vessel, most likely a "Handy size" type of vessel with a deadweight tonnage ranging from
30,000 to 40,000 tons with an age of approximately five to eight years. We estimated that the total vessel cost will range between $20,000,000
to $22,000,000 while the overall equity participation would be between $5,500,000 and $6,500,000, including initial working capital costs.
We plan to use any excess amount for working capital and revenue expanding measures. We plan to continue our crew and ship management
services and (subject to adequate financing) plan to expand in Turkey and other countries. By integrating our operations into ship ownership,
we will attempt to develop diversified revenue streams. There are no assurances that we will secure the financing required or be successful
in any of the foregoing plans.

 Our Current Business

 We are a crewing and crew management company
that sources, recruits, selects, deploys, schedules, trains, the on-going management of seafarers. Our services also include
administrative functions related to crew management services, including payroll services, travel arrangements, and verification of
insurance coverage information of all onboarded seafarers. We have the benefit of over 65 years of combined experience in various
value-adding activities of the shipping sector such as ship management, technical management, ship agency, crewing and crew
management of Stavros Galanakis and Konstantinos Galanakis. We currently manage over 4,000 seafarers of nine different nationalities
who are aboard seven different ship types.

 Our Services

 Crewing and Crew Management Services

 Crewing is a key ship management service and is
defined as the selection, recruitment and training of the essential on-board crews. Crew managers source crew members for particular periods
considering the specific needs on-board our clients' vessels, the availability of crew members at the location of the vessels, and
the vessels' schedules.

 We provide services that cover various types of
crew management activities, including sourcing and preliminary screening of seafarers, the matching of crew members with ship owning companies,
and submission of employment proposals. We also direct seafarers to health clinics, record in our databases the results of their medical
examinations thereby helping verify that the seafarers are fit and ready to perform their assignments. We also maintain records of the
travel and Standards of Training, Certification and Watchkeeping ("STCW") documents which are required for the seafarers to
board our clients' vessels and perform their services thereon. This is a highly complex procedure, given the number of seafarers
handled on a daily basis, and requires us to process and store sensitive information (such as, but not limited to, the health records
of the seafarers). Because of this, we are obligated to comply with data privacy regulations in the United States, as well as the General
Data Protection Regulation ("GDPR") of the EU.

 We brief the seafarers on the details of their
new assignment to ensure their familiarization with their respective tasks, after which we make the necessary travel arrangements, including
booking of tickets, to ensure that the seafarers reach their destination port and embark the vessel safely and in a timely manner. Upon
completion of the assigned trip, each seafarer undergoes a disembarkation and briefing procedure, during which seafarers may submit complaints
related to previous assignments, state whether they would like to rejoin the specific ship company for further assignments, request to
be promoted and/or effectively communicate any other issues.

 For each of the aforementioned services, we charge
our clients a fee based on the salary of each seafarer, the seafarer's rank, and the type of the vessel in which the seafarer is
employed (i.e. bulker, tanker, liquefied petroleum gas tanker or container ship). Most of our revenues are recognized under long-term
contracts, including those for which revenues are based on either a fixed price, or cost-plus-fee basis, and primarily as performance
obligations are satisfied. Revenue from crew manning and management services where we act as a principle is recognized as gross revenue
and when acting as an agent, revenue is recognized as net revenue in the accounting period in which the services are rendered.

 Until the first quarter of 2022, we outsourced
the provision of crewing and crew management services to Elvictor Crew Management Ltd, our wholly owned subsidiary party based in Cyprus
and which we formed in January 2022. In April 2022, we reduced the amount of crewing and crew management services that we outsource by
providing such services directly through our subsidiaries.

 Ship Management Services

 Ship management services include technical and
financial fleet management, crew management and procurement process, as well as compliance with quality and safety standards, as follows:

 The technical management includes the maintenance of the machinery and repair work of the ship to ensure the technical availability of the vessel.

 Crew management is also a key ship management service and refers to the recruitment, composition and employment of the essential on-board crews. Ship managers hire crew members for particular periods considering the specific needs on-board, the availability of crew members at the location of the vessel and the vessel schedules.

 Financial management includes finance and accounting, provision of data and performance measurement of the vessel.

 Finally, ship managers provide spare parts, supplies and services to keep the vessel ready to sail, and also arrange compliance with regulations and quality standards, health, safety and environment standards, insurance and claims handling services.

 We intend to expand our services by also providing
ship management services. In furtherance of this plan, we acquired Ultra Shipmanagement from Stavros Galanakis and Konstantinos Galanakis,
which has received its Det Norske Veritas AS approved Interim Document of Compliance provided under the authority granted by the Government
of the Republic of the Marshall Islands. The Interim Document of Compliance is the license required for a ship management company to start
providing its services.

 Competition

 Many of our competitors have significantly greater
financial and operational resources, longer operating histories, greater marketing and advertising capabilities, and broader geographic
presence than we and our subsidiaries do. Our competitors may be better positioned to outmaneuver us in the market by offering more competitive
pricing and by spending significantly greater advertising resources. Our current and potential competitors may be able
to expand into markets in which we and our subsidiaries currently operate, and we are vulnerable to the marketing power and potentially
significantly higher level of customer brand recognition of our larger competitors. Many of our competitors offer services that are more
extensive than the services we together with our subsidiaries currently offer and such competitors may offer such services at a price
point that we may be unable to compete with.

 Our competitors in ship and crew management can
be separated into three broad categories:

 (a)

 Local manning companies focused on specific geographical markets situated in their countries of domicile (Ukraine, Sri Lanka, Philippines, etc.), which provide isolated services encompassing ship personnel.

 (b)

 In-house ship and crew management departments of ship owning companies that usually own a substantial number of vessels.

 (c)

 Crew & Ship management companies providing crew management services to third parties.

 We believe that we can compete effectively with
our competitors through:

 (i)

 Our access to seafarer-supplying countries, through established relations with related or third-party companies;

 (ii)

 Our smaller size and simpler internal structure can be more flexible to the specific requirements of each client and can offer a tailor-made approach both in the services and pricing allowing to present an attractive alternative solution to many larger ship owning companies;

 (iii)

 Our crew management platform designed to allow our personnel to collaborate with different cultures in different time zones with ever rising complexities, presenting a uniform service level to our clients regardless of the point of origin of the crew; and

 (iv)

 Our public status that provides transparency to our operations and financial performance covering our clients ESG (ESG stands for Environmental, Social and Governance or sustainability, which is about how a company's products and services contribute to sustainable development) requirements.

 As we grow our operations and venture into new
products and solutions, we anticipate that competitive pressures will increase, particularly from established firms that find our solutions
disruptive.

 Government Regulation

 We are subject to numerous laws and regulations
in the United States, Europe and other jurisdictions in which we operate. The laws and regulations govern many issues related to our business
practices, including, but not limited to those regarding privacy, data security, intellectual property, taxation, wage and hour, sick
pay and leaves of absence, anti-discrimination and harassment, whistleblower protections. We are obligated to have compliance procedures
in place and to remain diligent in keeping abreast of changes in labor regulations, maritime regulations, and other trade regulations
that affect our customers in order to amend our procedures. Because we are performing cash transfers to and on behalf of the crew members,
we need to comply with banking regulations that applies for EU, UN and OFAC sanctions as provided to us by the banks.

 The General Data Protection Regulation ("GDPR")
that has been adopted by the European Union is considered in our operations and all required consents from the crew members are provided
at the local offices on behalf of the Company for processing personal data.

 As we begin to roll out additional services and
solutions, we may find certain aspects of our operations fall under regulatory regimes governing the specific products or us, as a whole.
For example, if we begin to provide ship management services, we may fall under certain shipping regulations.

 Employees and Consultants

 As of December 31, 2024, we had 22 full time employees,
not including our Chief Executive Officer and our Chairman of the Board of Directors.

 Item 1A. Risk Factors

 As a "smaller reporting company" as
defined by Item 10(f)(1) of Regulation S-K, the Company is not required to include the disclosure required under this Item 1A.

 Item 1B. Unresolved Staff Comments

 None.

 Item 1C. Cybersecurity

 Risk management and strategy

 We are committed to continuously assessing cybersecurity
risks, including the prevention, detection, and response to unauthorized actions within our information systems that may compromise the
confidentiality, integrity, or availability of our data or systems. We are using Layer 7 firewall solutions which monitor web traffic
and data leaks which may occur as well as a centralized automatic antivirus/antimalware/patch system in order to make sure that all servers
and clients hold the latest patches in order to avoid security breaches. We have developed our own internal cloud system to avoid dependence
on external parties and its email server is hosted on this cloud system; consequently, we do not rely on third party solutions that may
have a negative impact on security and reliability of data. Our data is stored daily on high quality magnetic tapes to ensure recovery
in case of a serious malfunction. On a monthly basis, all the tapes are being transferred to a fireproof safe location and are replaced
with new tapes.

 As we grow, we plan to refine our cybersecurity
strategy in line with global best practices and standards. Importantly, our Board receives regular updates from our Chief Operating &
Technology Officer, Christodoulos Tzoutzakis, of potential cybersecurity risks and monitors these risks closely. All potential incidents,
regardless of their materiality, are required to be reported immediately to the Board. To date, our proactive risk management has allowed
us to navigate cybersecurity challenges without material impairment to our operations or financial condition.

 Governance

 Acknowledging the critical importance of cybersecurity,
our management and Board are dedicated to maintaining the trust and confidence of our business partners and employees. This includes managing
cybersecurity risks as an integral component of our overall risk management framework. While cybersecurity responsibility is shared across
all employees, our Board plays a pivotal role in the oversight of our risk management processes, including cybersecurity threats. Our
executive officers manage the day-to-day material risks we face, adopting a cross-functional approach to address cybersecurity risks by
identifying, preventing, and mitigating cybersecurity threats and effectively responding to incidents when they occur.

 Item 2. Properties

 Our principal business and corporate address is
Vassileos Constantinou 79, Vari, 16672, Attiki, Greece, which is being provided to the Company through a lease agreement with Aikaterini
Galanaki, our Chairman's, Stavros Galanakis' wife, at a monthly cost of 3,500). The specific lease has been renewed
for a period starting from 01/01/2023 until 12/31/2030. We consider our office space adequate for our current operations.

 On October 1, 2021, the Company entered into a
second lease agreement with the wife of Stavros Galanakis for its then new subsidiary in Vari, Greece for Ultra Ship Management. The term
of the lease is from October 1, 2021, to December 31, 2024, with a fixed monthly rental of 1,000.In October 2024, the Company renewed this office lease and the lease was extended until September 30, 2027.

 Item 3. Legal Proceedings

 Currently, we are not involved in any pending
or threatened material litigation or other material legal proceedings, nor have we been made aware of any pending or threatened regulatory
audits.

 Item 4. Mine Safety Disclosures

 Not applicable.

 Item 5. Market for Registrant's Common
Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 Market Information

 Our Common Stock is quoted on the Pink Open Market
under the symbol "ELVG." The following table sets forth the quarterly high and low daily close for our Common Stock for the
two years ended December 31, 2023, and 2022. The bids reflect interdealer prices without adjustments for retail mark-ups, mark-downs or
commissions and may not represent actual transactions. There is a limited market for our Common Stock.

 Price Range

 High

 Low

 Year ended December 31, 2023

 First Quarter

 $
 0.0730

 $
 0.0090

 Second Quarter

 $
 0.0401

 $
 0.0190

 Third Quarter

 $
 0.0360

 $
 0.0110

 Fourth Quarter

 $
 0.0120

 $
 0.0090

 Year ended December 31, 2024

 First Quarter

 $
 0.0400

 $
 0.0013

 Second Quarter

 $
 0.0276

 $
 0.0088

 Third Quarter

 $
 0.0278

 $
 0.0140

 Fourth Quarter

 $
 0.0329

 $
 0.0057

 The over-the-counter market does not impose listing
standards or requirements, does not provide automatic trade executions and does not maintain relationships with quoted issuers. A company
traded on the over-the-counter market may face loss of market makers and lack of readily available bid and ask prices for its stock and
may experience a greater spread between the bid and ask price of its stock and a general loss of liquidity with its stock. In addition,
certain investors have policies against purchasing or holding over the counter market. Both trading volume and the market value of our
securities have been, and will continue to be, materially affected by the trading on the over-the-counter market.

 Holders

 As of December 31, 2024, we had 414,448,757 outstanding
shares of Common Stock and 87 shareholders of record.

 Dividend Policy

 Holders of Common Stock are entitled to receive
dividends as may be declared by the Company's Board of Directors. Our Board of Directors is not restricted from paying any dividends
but is not obligated to declare a dividend. We have never declared or paid any cash dividends, and we do not anticipate paying cash dividends
on the Common Stock at any time in the foreseeable future. Our Board of Directors currently plans to retain earnings for the development
and expansion of our business. Any future determination as to the payment of dividends will be at the discretion of our Board of
Directors and will depend on a number of factors including future earnings, capital requirements, financial conditions and such other
factors as the Board of Directors may deems relevant.

 Securities Authorized for Issuance under
Equity Compensation Plans

 The Company has not adopted an equity compensation
plan.

 Recent Sales of Unregistered Securities

 We did not issue any securities in unregistered
transactions during the fiscal year covered by this report that have not been previously reported in a Form 10-Q or Form 8-K.

 Repurchases of Equity Securities

 We did not repurchase any equity securities during
the year ended December 31, 2024.

 Item 6. [Reserved].

 Item 7. Management's Discussion and Analysis
of Financial Condition and Results of Operations

 The following discussion and analysis of the
Company's financial condition and results of operations should be read in conjunction with our audited consolidated financial statements
and the notes thereto, which are included in "Item 8. Consolidated Financial Statements and Supplementary Data" of this Report.
Certain information contained in the discussion and analysis set forth below includes forward-looking statements. Our actual results may
differ materially from those anticipated in these forward-looking statements as a result of many factors, including those set forth under
"Forward-Looking Statements," above.

 Organizational Overview

 Together with our wholly owned crew management
subsidiaries, we are a crewing and crew management company responsible for sourcing, recruitment, selection, deployment, scheduling, training,
and on-going management of seafarers. Our services also include administrative functions related to crew management services, including
payroll services, travel arrangements, and verifying the insurance coverage information of all onboarded seafarers. We benefit from over
65 years of the combined experience of Stavros Galanakis and. Konstantinos Galanakis in various value adding activities of the shipping
sector such as ship management, technical management, ship agency, crewing and crew management.

 Through the crew management platform developed
by our affiliate, Seatrix, our personnel can collaborate with many different cultures in many different time zones with ever rising complexities,
presenting a uniform service level to our principals, regardless of the point of origin of the crew. This innovation allows us to hire
junior operators, who after a short training procedure are able to serve our principals with high quality standards, helping Elvictor
be cost effective while maintaining the highest possible service level.

 We currently manage over 2,300 seafarers of ten
different nationalities who are aboard seven different ship types.

 We expanded our services by providing ship management
services when we acquired Ultra Shipmanagement from Stavros Galanakis and Konstantinos Galanakis for that purpose, which has received
its Det Norske Veritas AS approved Interim Document of Compliance provided under the authority granted by the Government of the Republic
of the Marshall Islands, and we have also employed specialized personnel. The Interim Document of Compliance is the license required for
a ship management company to start providing its services.

 Results of Operations

 Critical Accounting Policies and Estimates

 Our significant accounting policies are more fully
described in the notes to our consolidated financial statements. Those material accounting estimates that we believe are the most critical
to an investor's understanding of our financial results and condition are discussed immediately below and are particularly important
to the portrayal of our financial position and results of operations and require the application of significant judgment by our management
to determine the appropriate assumptions to be used in the determination of certain estimates.

 Basis of Presentation

 The consolidated financial statements have been
prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars,
unless indicated otherwise.

 The accompanying consolidated notes reflect the
application of certain significant accounting policies as described below and elsewhere in these notes to the consolidated financial statements.

 Principles of Consolidation

 The consolidated financial statements incorporate
the assets and liabilities of all entities controlled by Elvictor Group, Inc as of December 31, 2024, and the results of the controlled
subsidiaries in Vari Greece, the Marshall Islands and Cyprus for the year then ended. Elvictor Group, Inc and its subsidiaries together
are referred to in this financial report as the consolidated entity. The effects of all transactions between entities in the consolidated
entity are eliminated in full. The consolidated financial statements of subsidiaries are prepared for the same reporting period as the
parent entity, using consistent accounting policies.

 Accounting Basis

 The Company uses the accrual basis of accounting
and accounting principles generally accepted in the United States of America ("US GAAP"). The Company has adopted a December
31 fiscal year end.

 Use of Estimates

 The preparation of the consolidated financial
statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities, revenue and expenses and disclosure of contingent assets and liabilities at the date the
consolidated financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ
from those estimates.

 Cash and Cash Equivalents

 The company considers all cash on hand and in
banks, certificates of deposit and other highly liquid investments with maturities of a year or less, when purchased, to be cash and cash
equivalents.

 Accounts Receivable and Allowance for Doubtful
Accounts

 For the year ended December 31, 2024, the Company
has operations of crew manning and management and has accounts receivable due from its customers in the shipping industry. Contracts receivable
from crew manning in the shipping industry are based on contracted prices. The Company provides an allowance for doubtful collections,
which is based upon a review of outstanding receivables, historical collection information, individual credit evaluation and specific
circumstances of the customer, and existing economic conditions. The Company does not have an allowance for doubtful accounts as of December
31, 2024. Normal contracts receivable is due 30 days after the issuance of the invoice, normally at the month's end. Receivables
past due more than 120 days are considered delinquent and they are included in the provision for doubtful account. There is no interest
charged on past due accounts.

 Property and Equipment

 Property and equipment are stated at cost. Depreciation
is computed using the straight-line method over the estimated useful lives of the assets. The office equipment is depreciated over 3 years.

 Intangible Assets

 Intangible assets acquired are initially recognized
at their fair value on the acquisition date. Subsequent to initial recognition, intangible assets are reported at cost less accumulated
amortization and accumulated impairment losses, if any. These assets are being amortized over their useful life of five years.

 Fair Value of Financial Instruments

 The Company's financial instruments consist
of cash and cash equivalents. The carrying amount of these financial instruments approximates fair value due either to length of maturity
or interest rates that approximate prevailing market rates unless otherwise disclosed in these consolidated financial statements.

 Income Taxes

 Income taxes are computed using the asset and
liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences
between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws.
A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.

 Revenue Recognition

 The Company recognizes revenue in accordance with
FASB ASC 606 upon the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects
to be entitled in exchange for those goods or services. Revenue recognized from contracts with customers is disclosed separately from
other sources of revenue. ASC 606 includes guidance on when revenue should be recognized on a Gross (Principal) or Net (Agent) basis.

 Most of the Company's revenues are recognized
primarily under long-term contracts, including those for which revenues are based on either a fixed price, or cost-plus-fee basis, and
primarily as performance obligations are satisfied. Professional services and other ancillary services are delivered, generally on a monthly
basis and are separate and distinct deliverables. The Company's performance obligation is generally satisfied on a monthly basis
when its agency and related services are delivered.

 The Company has the performance obligation to
provide a crew for its customers, the shipping companies, and their ship managers. The Company utilizes its proprietary crew management
platform to deliver crew management services to the ship owners. This crew management service is a monthly obligation that starts with
the first stage of recruitment, to their transfer of crew to the vessel and continues to monitor the crew during the course of the contract
until they disembark.

 Revenue from crew manning services, agency fees
and recruiting fees where Elvictor acts as a principal is recognized as gross revenue. When the company is acting as an agent, revenue
is recognized as net revenue in the accounting period in which the services are rendered. Such revenues are from Allotment fees, communication,
training fees, covid-19 fees, and other sundry fees. For all fixed-price contracts, revenue is recognized based on the actual service
provided to the end of the reporting period. The accounting treatment for the reporting of revenues may vary materially between whether
the revenue is reported on a Principal (Gross) or an Agent (Net) basis.

 Stock-Based Compensation

 The measurement and recognition of stock - based
compensation expense is based on estimated fair values for all share-based awards made to employees and directors, including stock options
and for non-employee equity transactions as per ASC 718 rules.

 For transactions in which we obtain certain services
of employees, directors, and consultants in exchange for an award of equity instruments, we measure the cost of the services based on
the grant date fair value of the award. We recognize the cost over the vesting period.

 Basic Loss Per Share

 Basic loss per share is calculated by dividing
the Company's net income/(loss) applicable to common 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, 2024.

 Recent Accounting Pronouncements

 From time to time, the Financial Accounting Standards
Board (the "FASB") or other standards setting bodies issue new accounting pronouncements. The FASB issues updates to new accounting
pronouncements through the issuance of an Accounting Standards Update ("ASU"). Unless otherwise discussed, the Company believes
that the impact of recently issued guidance, whether adopted or to be adopted in the future, is not expected to have a material impact
on the Company's consolidated financial statements upon adoption.

 Foreign Currency Translation

 The Company considers the U.S. dollar to be its
functional currency as it is the currency of the primary economic environment in which the Company operates. Accordingly, monetary assets
and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect at the balance sheet
date and non-monetary assets and liabilities are translated at the exchange rates in effect at the time of acquisition or issue. Revenues
and expenses are translated at rates approximating the exchange rates in effect at the time of the transactions. All exchange gains and
losses are included in operations.

 Subsequent Events

 The Company has analyzed the transactions from
December 31, 2024, to the date these consolidated financial statements were issued for subsequent event disclosure purposes.

 Plan of Operations

 In order to meet business goals, we must (a) execute
effectively our current business of crew management; and (b) continue to focus on new business development in order to acquire new agreements.

 In order to raise sufficient funds to proceed
with the implementation of our business plan, we may have to find alternative sources of funds, like a second public offering, a private
placement of securities, or loans from third parties (such as banks or other institutional lenders). Equity financing could result
in additional dilution of the existing shareholders. If we are unable to meet our needs for cash from either the money that we raise from
private placements, or possible alternative sources, then we may be unable to continue to maintain, develop or expand our operations.

 Results of Operations

 Revenues and Cost of Revenues

 For the years ended December 31, 2024, and December
31, 2023, we generated $2,421,308 and $2,361,793 in revenues, respectively, representing an increase in revenue of $59,515, or 2.5%, which
is mainly attributable to an increase in fees such as allotment and communication fees.

 For the years ended December 31, 2024, and December
31, 2023, we incurred $552,739 and $493,436 in costs of revenues, respectively, representing an increase in cost of revenues of $59,303,
or 12.0%, which is primarily attributable to the increased revenue of the Company along with increased costs due to inflationary pressures.

 Operating Expenses

 For the years ended December 31, 2024, and December
31, 2023, we incurred $1,691,050 and $2,143,175 in operating expenses, respectively, representing a decrease in operating expenses between
the two years of $452,125 or 21.1%. The decrease in operating expenses in 2024 is mainly due to the reduction in salaries and restructuring
of operational costs. For the year ended December 31, 2024, salaries totaled $1,061,610, as compared to $1,524,442 for the year ended
December 31, 2023, a decrease of $462,832, or 30.4%.

 Net Income (Loss)

 For the years ended December 31, 2024, and December 31, 2023, we recorded
a net income of $199,780 and a net loss of $222,727, respectively, representing an improvement in net income of $422,507 between the two
years. This positive shift is primarily due to increased revenues and significant cost reductions in operating expenses.

 Liquidity, Capital Resources, and Off-Balance
Sheet Arrangements

 Liquidity is the ability of an enterprise to generate
adequate amounts of cash to meet its needs for cash requirements. We had a working capital surplus during the year ended December 31,
2024, of $393,627 compared to a surplus of $42,454 for the year ended December 31, 2023, which is calculated as current assets minus current
liabilities.

 Cash flows for the year ended December 31,
2024

 Net cash flow used in operating activities was
$583,519 for the year ended December 31, 2024, compared to cash flow of $206,181 provided by operating activities during the year ended
December 31, 2023.

 Net cash flow used in investing activities was
$14,738, for the purchase of office equipment and software, compared to $10,816 for the year ended December 31, 2023.

 Net cash provided by financing activities was
Nil for the years ended December 31, 2024, and December 31, 2023.

 Cash Requirements

 We require additional capital to implement our
business development and fund our operations.

 Since the inception of our crew management business,
we have funded our operations primarily through equity financings and we expect that we will continue to fund our business through the
equity and debt financing, either alone or through strategic alliances. Additional funding may not be available on favorable terms, if
at all, which could harm our business plans, financial condition and operating results. We intend to continue to fund our business by
way of equity or debt financing along with the revenues that can support the Company. If we raise additional capital through the issuance
of equity or convertible debt securities, the percentage ownership of our company held by existing shareholders will be reduced and those
shareholders may experience significant dilution. In addition, new securities may contain certain rights, preferences or privileges that
are senior to those of our common stock.

 Cost Savings Measures

 During 2023, the Company has undergone material
cost saving efforts to improve its potential profitability and increase its cash flow. For example, the Company's professional fees
have decreased from $677,420 for the year ended December 31, 2022, to $337,547 for the year ended December 31, 2023, representing a decrease
of 50.2%.

 The Company's payroll is a material
expense, which we focused on during the last two financial quarters of the year ended December 31, 2023. Recent improvements in
payroll management include: (a) the payroll cost for Ultra Ship Management has been reduced to zero since its personnel
responsibilities have been seamlessly incorporated into Elvictor Group Hellas, resulting in a saving on an annual basis of
approximately $145,000, factoring in the extra two annual salaries in Greece; (b) the payroll for Elvictor Group Hellas has been
reduced by 28.7%, from $90,417 in June, 2023, to $64,502 in December, 2023, leading to estimated savings on annual basis of
approximately $362,810 as adjusted for 14 salaries per year. The full impact of the payroll related cost saving initiatives were fully realized during the financial year 2024, during which no further
material payroll initiatives were undertaken.

 Off-Balance Sheet Arrangements

 We have no off-balance sheet arrangements that
have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues
or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to our stockholders.

 Contractual Obligations

 As of January 1, 2025, our obligations and commitments
to make future payments under a lease agreement that the Company pays on behalf of its subsidiaries, Elvictor Group Hellas and Ultra Shipmanagement,
is $294,990 with $55,893 payable for the year of 2025, and $239,097 payable during the following years until 2030.

 Outlook

 The shipping industry and especially the crew management segments will likely continue to face increasing pressures, due to residual impacts
from the COVID-19 pandemic, in addition to continued geopolitical instability related to the Ukraine conflict and the Red Sea crisis.
According to the International Chamber of Shipping (the "ICS"), which represents approximately 80% of the worlds' merchant
fleet, Ukrainian and Russian seafarers make up 14.5% of the global shipping workforce, with 198,123 Russian seafarers and 76,442 Ukrainians.

 In connection with shipping industry pressures,
ICS secretary general Guy Platten said: "The conflict in Ukraine is having a significant impact upon the safety and security of
seafarers and shipping in the area. As with COVID, seafarers are being exposed to issues not of their making. Multiple ships have been
hit by munitions, seafarers have been killed and injured and seafarers of all nationalities are trapped on ships berthed in ports. It
is of the utmost urgency that their evacuation from these areas of threat should be ensured by those States with the power to do so. The
impact upon innocent seafarers and their families cannot be underestimated."

 Our management team is assessing alternative plans
to mitigate potential challenges arising from the ongoing war in the Ukraine, among other things.

 The demand for our services depends on the demand
for maritime shipping services which are subject to normal economic cycles affecting the general economy including the effect of increased
inflation. Inflationary pressures may result in material increases to our operating costs that we may not be able to fully transfer to
our clients thus affecting our potential profitability. Additionally, increase in operating costs of our clients may lead to delays in
payments for our services and accumulation of bad debt, although we closely monitor their credit behavior to avoid such incidents. Additionally,
significant deteriorations of economic conditions over a prolonged period could produce a material adverse effect on the demand for our
services.

 Item 7A. Quantitative and Qualitative Disclosures
about Market Risk

 As a "smaller reporting company" as
defined by Item 10(f)(1) of Regulation S-K, the Company is not required to provide the information required by this Item 7A.

 Item 8. Financial Statements and Supplementary
Data

 ELVICTOR GROUP, INC.

 TABLE OF CONTENTS – CONSOLIDATED FINANCIAL
STATEMENTS

 Page

 Report of Independent Registered Public Accounting Firm (RBSM PCAOB ID #587)

 Consolidated Balance Sheets as of December 31, 2024, and December 31, 202 3

 Consolidated Statements of Operations for the years ended December 31, 2024, and December 31, 2023

 Consolidated Statements of Cash Flows for the years ended December 31, 2024, and December 31, 2023

 Statements of Changes in Shareholder's Equity for the years ended December 31, 2024, and December 31, 2023

 Notes to the Consolidated Financial Statements

 F- 1

 New York Office:

 805 Third Avenue

 New York, NY 10022

 www.rbsmllp.com

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

 To the Board of Directors and

Stockholders' of Elvictor Group, Inc.

 Opinion on the Financial Statements

 We have audited the accompanying consolidated
balance sheets of Elvictor Group, Inc. and Subsidiaries (collectively, the "Company") as of December 31, 2024 and 2023, and
the related consolidated statements of operations, consolidated statements cash flows, and statements of the changes in stockholders'
equity, for the year then ended, and the related notes (collectively referred to as the consolidated financial statements). In our opinion,
the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31,
2024 and 2023, and the result of its operations and its cash flows for the years then ended, in conformity with accounting principles
generally accepted in the United States of America.

 Basis for Opinion

 These consolidated financial statements are the
responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (PCAOB) and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the
applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we
engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's
internal control over financial reporting. Accordingly, we express no such opinion.

 Our audits included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide
a reasonable basis for our opinion.

 Critical Audit Matters

 Critical audit matters are matters arising from
the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and
that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging,
subjective, or complex judgments.

 We determined that there are no critical audit matters.

 /s/ RBSM LLP

 We have served as the Company's auditor since 2022.

 New York, NY

 April 14, 2025

 PCAOB ID: 587

 New York, NY Washington DC Mumbai & Pune, India Boca Raton, FL

 Houston, TX San Francisco, CA Las Vegas, NV Beijing, China Athens, Greece

 Member:
ANTEA International with affiliated offices worldwide

 F- 2

 Consolidated Balance Sheets

2024

2023

 ASSETS

 Current Assets

 Cash

 $

 101,089

 $

 699,346

 Accounts Receivable

 389,922

 369,904

 Other Receivables

 29,892

 37,857

 Other Receivables - Related Party

 867,070

 418,904

 Prepaid expenses and other current assets

 96,337

 138,482

 Total Current Assets

 1,484,310

 1,664,493

 Non-current Assets

 ROU Asset - Related Party

 252,371

 278,718

 Intangible Assets, Net

 93,151

 130,266

 Office Equipment, net

 11,029

 14,358

 Total Non-current Assets

 356,551

 423,342

 Total Assets

 $

 1,840,861

 $

 2,087,835

 LIABILITIES AND STOCKHOLDERS' EQUITY

 Current Liabilities

 Accounts Payable

 $

 17,465

 $

 32,312

 Trade Accounts Payable

 176,612

 152,461

 Trade Accounts Payable - Related Parties

 151,944

 194,481

 Other Payables

 371,820

 861,878

 Lease Liability - Current - Related Parties

 43,457

 42,786

 Accrued and Other Liabilities

 274,238

 247,926

 Due to related party

 63,616

 90,195

 Total Current Liabilities

 1,099,152

 1,622,039

 Long-term Liabilities

 Lease Liability - Non-Current - Related Parties

 208,914

 235,932

 Total Long-term Liabilities

 208,914

 235,932

 Total Liabilities

 1,308,066

 1,857,971

 Stockholders' Equity

 Common stock, par value $ 0.0001; 700,000,000 common shares authorized; 414,448,757 common shares issued and outstanding both at December 31, 2024 and December 31, 2023

 Additional paid in capital

 45,154,034

 Accumulated deficit

 ( 44,662,684

)

 ( 44,862,465

)

 Total Stockholders' Equity

 532,795

 229,864

 Total Liabilities and Stockholders' Equity

 $

 1,840,861

 $

 2,087,835

 The accompanying notes are an integral part
of these consolidated financial statements.

 F- 3

 Consolidated Statements of Operations

 YEAR ENDED

 YEAR ENDED

2024

2023

 Gross Revenue

 $

 1,844,387

 $

 1,841,180

 Net Revenue

 576,921

 520,613

 Total Revenue

 2,421,308

 2,361,793

 Less: Cost of Revenue

 485,739

 423,616

 Cost of Revenue - Related Party

 67,000

 69,820

 Total Cost of Revenue

 552,739

 493,436

 Gross Income

 1,868,569

 1,868,357

 Operating expenses

 Professional fees

 286,215

 275,103

 Professional fees - Related Party

 66,017

 62,444

 Salaries

 1,061,610

 1,524,442

 Rent -Related Party

 58,385

 58,428

 Bad Debt Expense

 10,370

 3,113

 Depreciation and Amortization

 55,182

 53,404

 Other general and administrative costs

 153,271

 166,241

 Total operating expenses

 1,691,050

 2,143,175

 Income/(Loss) from operations

 177,519

 ( 274,818

)

 Foreign Currency Translation Adjustment

 5,914

 ( 6,128

)

 Other Income

 60,309

 90,125

 Total other income

 66,223

 83,997

 Net Income/(Loss) before income tax

 $

 243,742

 $

 ( 190,821

)

 Provision for income taxes (benefit)

 43,962

 31,906

 Net Income/(Loss)

 $

 199,780

 $

 ( 222,727

)

 Net Income/(Loss) Per Common Stock

 - basic and fully diluted

 $

 0.00

 $

 ( 0.00

)

 Weighted-average number of

 shares of common stock outstanding

 - basic and fully diluted

 The accompanying notes are an integral part
of these consolidated financial statements.

 F- 4

 Consolidated Statements of Cash Flows

 YEAR ENDED

 YEAR ENDED

2024

2023

 Cash Flows from Operating Activities

 Net Income/ (Loss)

 $

 199,780

 $

 ( 222,727

)

 Adjustments to reconcile net income/(loss) to net cash (used in)/provided by operating activities

 Depreciation

 10,180

 10,292

 Amortization

 45,002

 43,112

 Amortization of ROU Asset

 62,143

 31,572

 Adjustment to Additional Paid-In-Capital for cancellation of debt

 103,150

 -

 Changes in assets and liabilities

 Accounts Receivable

 ( 20,018

)

 ( 39,040

)

 Other Receivables

 7,965

 ( 30,663

)

 Other Receivables - Related Party

 ( 448,167

)

 ( 49,104

)

 Prepaid expenses and other current assets

 42,145

 ( 79,854

)

 Accounts Payable

 ( 14,847

)

 ( 2,024

)

 Trade Accounts Payable

 24,151

 ( 158,430

)

 Trade Accounts Payable - Related Party

 ( 42,537

)

 138,047

 Other Payables

 ( 490,058

)

 376,203

 Accrued and Other Liabilities

 26,312

 179,165

 Lease Liability

 ( 62,143

)

 ( 31,572

)

 Due to related party

 ( 26,577

)

 41,204

 Net cash (used in)/provided by operating activities

 ( 583,519

)

 206,181

 Cash Flows from Investing Activities

 Office Equipment

 ( 6,851

)

 ( 5,438

)

 Software

 ( 7,887

)

 ( 5,378

)

 Net cash used in investing activities

 ( 14,738

)

 ( 10,816

)

 Net (Decrease)/Increase in Cash

 ( 598,257

)

 195,365

 Cash at beginning of year

 699,346

 503,981

 Cash at end of year

 $

 101,089

 $

 699,346

 Supplemental Cash Flow Information:

 Cash paid for:

 Income Taxes

 $

 -

 $

 -

 Supplemental Non-Cash Investing and Financing Transactions

 Right-of-use assets obtained in exchange for operating lease obligations

 $

 31,153

 $

 291,467

 The accompanying notes are an integral part
of these consolidated financial statements.

 F- 5

 Statements of the Changes in Stockholders'
Equity

 Year
Ended December 31, 2024

 Additional

 Total

 Common Stock

 Paid-in

 Accumulated

 Stockholders'

 Shares

 Capital

 Deficit

 Equity

 Balance, January 1, 2024

 $

 $

 $

 $

 ( 44,862,465

)

 $

 229,864

 Net Income

 -

 -

 -

 77,113

 77,113

 Balance, March 31, 2024

 $

 $

 $

 $

 ( 44,785,352

)

 $

 306,977

 Adjustment for Cancellation of debt

 -

 -

 103,150

 -

 103,150

 Net Income

 -

 -

 -

 32,071

 32,071

 Balance, June 30, 2024

 $

 $

 $

 45,154,034

 $

 ( 44,753,281

)

 $

 442,198

 Net Income

 -

 -

 -

 125,138

 125,138

 Balance, September 30, 2024

 $

 $

 $

 45,154,034

 $

 ( 44,628,143

)

 $

 567,336

 -

 -

 -

 ( 34,541

)

 ( 34,541

)

 Balance, December 31, 2024

 $

 $

 $

 45,154,034

 $

 ( 44,662,684

)

 $

 532,795

 Year
Ended December 31, 2023

 Additional

 Total

 Common Stock

 Paid-in

 Accumulated

 Stockholders'

 Shares

 Capital

 Deficit

 Equity

 Balance, January 1, 2023

 $

 $

 $

 $
 ( 44,639,738
)

 $
 452,591

 -

 -

 -

 ( 8,410
)

 ( 8,410
)

 Balance, March 31, 2023

 $

 $

 $

 $
 ( 44,648,148
)

 $
 444,181

 -

 -

 -

 ( 126,266
)

 ( 126,266
)

 Balance, June 30, 2023

 $

 $

 $

 $
 ( 44,774,414
)

 $
 317,915

 -

 -

 -

 ( 54,547
)

 ( 54,547
)

 Balance, September 30, 2023

 $

 $

 $

 $
 ( 44,828,961
)

 $
 263,368

 -

 -

 -

 ( 33,504
)

 ( 33,504
)

 Balance, December 31, 2023

 $

 $

 $

 $
 ( 44,862,465
)

 $
 229,864

 The accompanying notes are an integral part
of these consolidated financial statements.

 F- 6

 Notes to the Consolidated 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. With
the change to the Elvictor name came the addition of the brand and a new team in crew management in the shipping industry. The new management
team comes from Elvictor (the Greece-based private entity founded in 1977, which is the predecessor to the company whose business became
a part of the business of Thenablers in 2019, the "Elvictor Greece") that has been active across various value-adding activities
of the shipping sector, such as ship management, technical management, crewing & crew management. The Company's professional
core of activities includes crew management, training and the creation of in-house software related to crew and ship matters, for the
amelioration of all its operations, facilitating both its employees and those that depend on them. The Company aims to broaden its scope
of activities, expanding to new areas, while refining the existing ones. Placing prime importance on digitalization, the Company plans
on the extensive use of Artificial Intelligence, through the application of Machine and Deep Learning, in concert with the integration
of a wide array of cloud systems. The strategic growth of the Company on a horizontal and vertical manner throughout the shipping industry
will be reinforced with technologically adept tools, containing know-how and experience. Working on a technologically oriented path, the
Company is flexible and open to other avenues of international business for the successful and profitable diversification of its portfolio.

 On December 13, 2019, the Company filed a
Certificate of Amendment with the Nevada Secretary of State to change its name from "Thenablers, Inc." to
"Elvictor Group, Inc." (the "Name Change"), to better reflect its new business interests. On February 25,
2020, FINRA approved the Name Change and the Company's new stock symbol "ELVG".

 As of July 10, 2020, the Company founded Elvictor
Group Hellas Single Member S.A., a subsidiary in Vari, Greece, to assist the management in facilitating the Company's operations.
Additionally, the Company purchased Ultra Ship Management, a Marshall Islands company that is licensed to provide ship management services,
and which established their own subsidiary in Vari, Greece.

 In January 2022, the Company established its fully
owned subsidiary, ELVG Crew Management Ltd, incorporated in Cyprus, to facilitate its crew management operations.

 NOTE 2 – SUMMARY OF SIGNIFICANT
ACCOUNTING AND BENEFICIAL CONVERSION FEATURES POLICIES

 Basis of Presentation

 The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States
of America and are presented in US dollars, unless indicated otherwise.

 The accompanying consolidated notes reflect the
application of certain significant accounting policies as described below and elsewhere in these notes to the consolidated financial
statements.

 Principles of Consolidation

 The audited
consolidated financial statements incorporate the assets and liabilities of all entities controlled by Elvictor Group, Inc as of December
31, 2024, and the results of the controlled subsidiaries in Vari Greece, the Marshall Islands and Cyprus for the year then ended. Elvictor
Group, Inc and its subsidiaries together are referred to in this financial report as the audited consolidated entity. The effects of all
transactions between entities in the audited consolidated entity are eliminated in full. The audited consolidated financial statements
of subsidiaries are prepared for the same reporting period as the parent entity, using consistent accounting policies.

 F- 7

 Accounting Basis

 The Company uses the accrual basis of
accounting and accounting principles generally accepted in the United States of America ("GAAP"). The Company has adopted
a December 31 fiscal year end.

 Use of Estimates

 The preparation of audited consolidated financial
statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities, revenue and expenses and disclosure of contingent assets and liabilities at the date the
audited consolidated financial statements and the reported amount of revenues and expenses during the reporting period. Actual results
could differ from those estimates.

 Cash and Cash Equivalents

 The company considers all cash on hand
and in banks, certificates of deposit and other highly liquid investments with maturities of a year or less, when purchased, to be cash
and cash equivalents.

 Accounts Receivable and Allowance
for Doubtful Accounts

 For the Year Ended December 31, 2024,
the Company has operations of crew manning and management and has accounts receivable due from its customers in the shipping industry.
Contracts receivable from crew manning in the shipping industry are based on contracted prices. The Company provides an allowance for
doubtful collections, which is based upon a review of outstanding receivables, historical collection information, individual credit evaluation
and specific circumstances of the customer, and existing economic conditions. The Company does not have an allowance for doubtful accounts
as of December 31, 2024. Normal contracts receivable is due 30 days after the issuance of the invoice, normally at the month's end.
Receivables past due more than 120 days are considered delinquent and they are included in the provision for doubtful account. There is
no interest charged on past due accounts.

 Property and Equipment

 Property and equipment are stated at
cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The office equipment is depreciated
over 3 years.

 Intangible Assets

 Intangible assets acquired are initially
recognized at their fair value on the acquisition date. Subsequent to initial recognition, intangible assets are reported at cost less
accumulated amortization and accumulated impairment losses, if any. These assets are being amortized over their useful life of five years.

 Fair Value of Financial Instruments

 The Company's financial instruments consist
of cash and cash equivalents. The carrying amount of these financial instruments approximates fair value due either to length of maturity
or interest rates that approximate prevailing market rates unless otherwise disclosed in these audited consolidated financial statements.

 Segments

 The Company's Chief Executive & Financial
Officer is the Company's Chief Operating Decision Maker ("CODM") and evaluates performance and makes operating decisions
about allocating resources based on internal financial data. The Company has determined that it operates in a single reportable segment,
which consists of the provision of crew management, training and software creation services and comprises the financial results of the
Company. The required segment information, including significant segment expenses, is presented at Note 11.

 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.

 F- 8

 Most
of the Company's revenues are recognized primarily under long-term contracts, including those for which revenues are based on either
a fixed price, or cost-plus-fee basis, and primarily as performance obligations are satisfied. Professional services and other
ancillary services are delivered, generally on a monthly basis and are separate and distinct deliverables. The Company's performance
obligation is generally satisfied on a monthly basis when its agency and related services are delivered.

 The Company has the performance obligation
to provide a crew for its customers, the shipping companies, and their ship managers. The Company utilizes its proprietary crew management
platform to deliver crew management services to the ship owners. This crew management service is a monthly obligation that starts with
the first stage of recruitment, to their transfer of crew to the vessel and continues to monitor the crew during the course of the contract
until they disembark.

 Revenue from crew manning services, agency fees and recruiting fees
where Elvictor acts as a principal is recognized as gross revenue. When the company is acting as an agent, revenue is recognized as net
revenue in the accounting period in which the services are rendered. Such revenues are from Allotment fees, communication, training fees,
and other sundry fees. For all fixed-price contracts, revenue is recognized based on the actual service provided to the end of the reporting
period. The accounting treatment for the reporting of revenues may vary materially between whether the revenue is reported on a Principal
(Gross) or an Agent (Net) basis.

 Stock-Based Compensation

 The measurement and recognition of stock
- based compensation expense is based on estimated fair values for all share-based awards made to employees and directors, including stock
options and for non-employee equity transactions as per ASC 718 rules.

 For transactions in which we obtain certain
services of employees, directors, and consultants in exchange for an award of equity instruments, we measure the cost of the services
based on the grant date fair value of the award. We recognize the cost over the vesting period.

 Basic Income/(Loss) Per Share

 Basic income per share is calculated by
dividing the Company's net income/(loss) applicable to common shareholders by the weighted average number of common shares during
the period. Diluted earnings per share is calculated by dividing the Company's net income available to common shareholders by the
diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the
basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding
as of December 31, 2024.

 Recent Accounting Pronouncements

 From time to time, the Financial Accounting Standards
Board (the "FASB") or other standards setting bodies issue new accounting pronouncements. The FASB issues updates to new accounting
pronouncements through the issuance of an Accounting Standards Update ("ASU"). Unless otherwise discussed, the Company believes
that the impact of recently issued guidance, whether adopted or to be adopted in the future, is not expected to have a material impact
on the Company's audited consolidated financial statements upon adoption.

 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 subsequent to the balance
sheet date to the date these consolidated financial statements were issued for subsequent event disclosure purposes.

 F- 9

 NOTE 3 – RECEIVABLES

 Trade receivables are amounts due from
customers for services performed in the ordinary course of business.

 Other receivables are mainly for the payments
of items such as Home Allotments and Cash Advances to the crews where the Company collects funds from the shipping companies and then
facilitates the payments to the crew on their behalf.

 As of December 31, 2024, the Company has trade
accounts receivable of $ 389,922, Other Receivables of $ 29,892 and Other Receivables from Related Parties of $ 867,070.

 NOTE 4 – INTANGIBLE ASSETS

 As of December 31, 2024, and December
31, 2023, Intangible assets consisted of the following:

 Useful life

2024

2023

 At cost:

 Software platform

 5 years

 $
 210,000

 $
 210,000

 Software programs

 3 years

 13,265

 5,378

 Less: accumulated amortization

 ( 130,114
)

 ( 85,112
)

 $
 93,151

 $
 130,266

 On November 15, 2021, the company entered
into a subscription agreement with Seatrix Software Production Single Member S.A, a related party company, to issue 7,000,000 restricted
common shares for the purchase of license software, equal to the aggregate of $ 210,000 at the stated value of $ 0.03 per share.

 Under this agreement Seatrix grants
the company an exclusive and non-transferable license to use their artificial intelligence software managing shipping crews. The term
of this agreement began on January 1, 2022.

 The value of each common share was
stated at $ 0.03, the FMV that the shares were trading as of January 3, 2022. The total value of $ 210,000 was amortized over its useful
life of 5 years and the amortization began on January 1, 2022. Intangible assets are measured initially
at cost. After initial recognition, an entity usually measures an intangible asset at cost less accumulated amortization.

 Additionally, the company has acquired software programs
with a total cost of $ 13,265 as of December 31, 2024.

 Amortization of intangible assets attributable to
future periods is as follows:

 Schedule of Amortization of intangible assets

 Year ending December 31:

 2025

 46,244

 2026

 45,035

 2027

 1,872

 $
 93,151

 The amortization of Intangible assets is $ 130,114
and $ 85,112 as of December 31, 2024, and December 31, 2023, respectively.

 F- 10

 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 has been terminated in the first quarter of 2022 since the formation of the new wholly owned Cypriot subsidiary. A total
amount of $ 0 has been expensed for the related party Elvictor Crew Management Services Ltd as of December 31, 2024, for the cost of services
sold, included in the Cost of Revenue- Related Party. As of December 31, 2024, the Company has other receivables - related party
of $ 867,070 from Elvictor Crew Management Ltd Cyprus compared to $ 418,904 as of December 31, 2023.

 On September 11, 2020, the Company entered into
a Manning Agency Agreement with Elvictor Crew Management Service Ltd in Georgia. During the year ended December 31, 2024, the latter provided
manning services to the Company of $ 303,174, included in the Cost of Revenue – Related Party and Net Revenue, while as of December
31, 2024, the Company had a liability of $ 25,474 compared to a liability of $ 112,801 as of December 31, 2023.

 On September 1, 2020, the Company signed an agreement
with Qualship Georgia Ltd for the latter to provide training of the qualified personnel. For the Year Ended December 31, 2024, we incurred
$ 84,581 in Cost of Goods Sold that offset Net Revenue, and the amount due to Qualship Georgia Ltd as of December 31, 2024, was $ 126,470
included under Trade Accounts Payable – Related Party compared to an amount equal to $ 81,860 as of December 31, 2023.

 On September 11, 2020, the Company entered into
a Manning Agency Agreement with Elvictor Odessa. During the year ended December 31, 2024, the latter provided manning services to the
Company of $ 15,900, included in the Cost of Revenue – Related Party and Net Revenue, and amount due to Elvictor Odessa as of December
31, 2024, was $ 0 included under Trade Accounts Payable – Related Party compared to an amount equal to $ 0 as of December 31, 2023.

 As disclosed in Note 4 above, the company
entered into an agreement with Seatrix Software Production Single Member S.A. to provided software development services. For the Year
Ended December 31, 2024, the company has a balance of $ 5,078 due which was compared to the $ 0 balance as of December 31, 2023.

 NOTE 6 – LEASES

 On July 10, 2020, the Company entered into a rental
lease agreement with the wife of Mr. Stavros Galanakis for its subsidiary, Elvictor Group Hellas Single Member S.A., in Vari, Greece.
The term of the lease was from July 10, 2020, to December 31, 2021, with a fixed monthly rental payment of 5,000. Then on April
1, 2021, the rental lease agreement was modified with the new term beginning as of April 1, 2021, and ending on December 31, 2022, with
a fixed monthly rental payment of 3,500.

 Then on October 1, 2021, the Company entered into
a second lease agreement with the wife of Mr. Stavros Galanakis for its new subsidiary, Elvictor Group Hellas Single Member S.A., in Vari,
Greece. The term of the lease is from October 1, 2021, to December 31, 2024, with a fixed monthly rental of 1,000.

 In January 2023, the Company renewed the office
lease for its subsidiary, Elvictor Group Hellas Single Member S.A., in Vari, Greece. The Company accounted for its new lease as an operating
lease under the guidance of Topic 842. The new lease is 3,500 per month, with no annual increase during the 8 -year term. The Company
used an incremental borrowing rate of 4.92 % based on the average interest rate of corporate loans in Greece from the Bank of Greece. At
the lease inception the company recorded a Right of Use Asset of $ 291,467 and a corresponding Lease Liability of $ 291,467.

 In October 2024, the Company renewed the office
lease for its subsidiary, Ultra Ship Management, in Vari, Greece. The Company accounted for its new lease as an operating lease under
the guidance of Topic 842. The new lease is 1,000 per month, with no annual increase during the 3 -year term. The Company used an
incremental borrowing rate of 4.98 % based on the average interest rate of corporate loans in Greece from the Bank of Greece. At the lease
inception the company recorded a Right of Use Asset of $ 34,377 and a corresponding Lease Liability of $ 34,377.

 F- 11

 Total future minimum payments required under the lease agreements are as follows:

 ELVG Hellas

 Ultra Ship Management

 Total

 2025

 12,421

 55,893

 2026

 12,421

 55,893

 2027

 9,315

 52,788

 2028

 -

 Thereafter

 86,944

 -

 86,944

 Total undiscounted minimum future lease payments

 260,834

 34,157

 294,990

 Less Imputed interest

 ( 39,616
)

 ( 3,004
)

 ( 42,620
)

 Present value of operating lease liabilities

 $
 221,218

 $
 31,153

 $
 252,371

 Disclosed as:

 Current portion

 32,589

 10,868

 43,457

 Non-current portion

 $
 188,629

 $
 20,285

 $
 208,914

 The Company recorded rent expenses of $ 58,385 and $ 58,428 for
the years ended December 31, 2024, and 2023, respectively.

 NOTE 7 - OTHER PAYABLES

 As part of one of the services in the
manning of a crew provided by the Company to the shipping companies is the Company making bank transfers of the wages to the crew,
on the customer's behalf. The shipping companies transfer the funds to the Company's bank account and then the Company
makes each payment to indicated crew. In its capacity, the Company will show the balance of the funds received and not yet
transferred to the crew as Other Payables on the Balance Sheet. The amount of Other Payables was $ 371,820 as of December 31, 2024,
compared to $ 861,878 as of December 31, 2023.

 NOTE 8 – STOCKHOLDERS'
EQUITY

 Issuance of Common Stock

 The Company has 700,000,000, ($ 0.0001
par value) authorized shares of common stock. On December 31, 2024, there were 414,448,757 common shares issued and outstanding, respectively.

 On February 5, 2021, the Company issued
 3,668,419 shares of common stock for convertible notes payable of $ 405,725.

 On July 7, 2020, the Company entered into a Settlement
Agreement and Release with the holders of the Series A Preferred Stock, Konstantinos Galanakis and Stavros Galanakis, having 46,702,857
and 33,297,143 shares each, respectively (the "Preferred Holders"), whereby the Preferred Holders agreed to cancel all shares
of Series A Preferred in exchange for 95 % of the common stock held as an aggregate of the holdings of the founding shareholders plus the
shares to be issued to the Preferred Holders the earliest of a) the Company showing pro forma 12 month revenues in excess of $ 3,000,000;
b) the successful raising of funds through equity or debt in excess of $ 10,000,000; or 9 months from the date of execution (the "Settlement
Agreement"). The Settlement Agreement is further conditioned upon the execution of a non-compete agreement between the Company and
the Preferred Holders preventing them from competing in crew and ship management. In conjunction therewith, on April 8, 2021, the Company
issued 375,459,000 common stock shares to the holders of the Series A Preferred Stock pursuant to the July 7, 2020, Settlement Agreement,
and further to the conversion of those preferred stock shares to common stock shares. Specifically, 217,310,305 restricted common stock
shares were issued to Konstantinos Galanakis, 156,271,400 restricted common stock shares were issued to Stavros Galanakis, and 1,877,295
restricted common stock shares were issued to Theofanis Anastasiadis. As a result, there were no shares of Series A Preferred Stock issued
and outstanding as of December 31, 2024, and as of December 31, 2023.

 On February 5, 2021, the Company issued
 3,668,419 shares of common stock for convertible notes payable of $ 405,725.

 On April 8, 2021, the Company issued 375,459,000
shares of common stock to the holders of the Series A Preferred Stock pursuant to the Settlement Agreement, dated July 7, 2020. Specifically,
 217,310,305 shares of restricted common stock were issued to Konstantinos Galanakis, 156,271,400 shares of restricted common were issued
to Stavros Galanakis, and 1,877,295 shares of restricted common were issued to Theofanis Anastasiadis. As a result, there are no
shares of Series A Preferred Stock issued and outstanding as of December 31, 2024.

 F- 12

 Additionally, for the year ended December
31, 2021, the Company issued 1,016,665 shares of common stock for cash proceeds of $ 111,833.

 On January 19, 2022, the Company issued 7,000,000
restricted shares of common stock with a value of $ 210,000 to Seatrix Software Production Single Member S.A., a Company owned and controlled
by Konstantinos Galanakis, pursuant to the November 15, 2021, Software License Agreement, for the exclusive and non-transferable license
to use the Licensor's artificial intelligence software in connection with the managing of shipping crews.

 On January 19, 2022, the Company issued an aggregate
of 900,000 shares of Common Stock with a value equal to $ 38,700 at the time to certain directors and former directors for past services
provided to the Company.

 Issuance of Preferred Stock

 On October 7, 2019, the Company entered into four
separate "Series A Convertible Preferred Stock Purchase Agreements" for 80,000,000 shares of a newly designated Series A Preferred
Stock, in exchange for an aggregate purchase price of $ 30,000.00 pursuant to Regulation S of the Securities Act of 1933, as amended. These
agreements provide that these shares cannot be converted for one year after they were issued. The shares were automatically converted
into 375,459,000 shares of Common Stock on April 8, 2021, which was 18 months after their issuance. As a result, there are no shares of
Series A Preferred Stock issued and outstanding as of December 31, 2024.

 NOTE 9 – COMMITMENTS AND CONTINGENCIES

 On July 10, 2020, the Company entered into a rental lease agreement
with the wife of Mr. Stavros Galanakis for its subsidiary, Elvictor Group Hellas Single Member S.A., in Vari, Greece. The term of the
lease was from July 10, 2020, to December 31, 2021, with a fixed monthly rental payment of 5,000. Then on April 1, 2021, the rental
lease agreement was modified with the new term beginning as of April 1, 2021, and ending on December 31, 2022, with a fixed monthly rental
payment of 3,500.

 Then on October 1, 2021, the Company entered into
a second lease agreement with the wife of Mr. Stavros Galanakis for its new subsidiary, Elvictor Group Hellas Single Member S.A., in Vari,
Greece. The term of the lease is from October 1, 2021, to December 31, 2024, with a fixed monthly rental of 1,000.

 In January 2023, the Company renewed the office
lease for its subsidiary, Elvictor Group Hellas Single Member S.A., in Vari, Greece. The Company accounted for its new lease as an operating
lease under the guidance of Topic 842. The new lease is 3,500 per month, with no annual increase during the 8 -year term. The Company
used an incremental borrowing rate of 4.92 % based on the average interest rate of corporate loans in Greece from the Bank of Greece. At
the lease inception the company recorded a Right of Use Asset of $ 291,467 and a corresponding Lease Liability of $ 291,467.

 In October 2024, the Company renewed the office
lease for its subsidiary, Ultra Ship Management, in Vari, Greece. The Company accounted for its new lease as an operating lease under
the guidance of Topic 842. The new lease is 1,000 per month, with no annual increase during the 3 -year term. The Company used an
incremental borrowing rate of 4.98 % based on the average interest rate of corporate loans in Greece from the Bank of Greece. At the lease
inception the company recorded a Right of Use Asset of $ 34,377 and a corresponding Lease Liability of $ 34,377.

 NOTE 10 – INCOME TAXES

 As of December 31, 2024, the Company has available for federal income
tax purposes a net operating loss carry forward of approximately $ 941,795 that may be used to offset future taxable income. The company
has provided a valuation reserve against the full amount of the net operating loss benefits, since in the opinion of management based
upon the earnings history of the Company, it is more likely than not that the benefits will not be realized.

 Due to changes in the Company's ownership, the Internal Revenue
Code may limit the future use of its existing net operating losses. All or a portion of the remaining valuation allowance may be reduced
in future years based on an assessment of earnings sufficient to fully utilize these potential tax benefits.

 During the year ended December 31, 2024, the Company has decreased
the valuation allowance by $ 50,387 from $ 250,341 to $ 199,955. We have adopted the provision of ASC 740-10-25, which provides recognition
criteria and a related measurement model for uncertain tax positions taken or expected to be taken in income tax returns. ASC 740-10-25
requires that a position taken or expected to be taken in a tax return be recognized in the financial statements when it is more likely
than not that the position would be sustained upon examination by tax authorities. Tax positions that meet the more likely than not threshold
is then measured using a probability weighted approach recognizing the largest amount of tax benefit that is greater than 50% likely of
being realized upon ultimate settlement. The Company had no tax positions relating to open income tax returns that were considered to
be uncertain.

 F- 13

 Net deferred tax assets consist of
the following components as of December 31, 2024 and December 31, 2023

 2024

 2023

 Deferred tax assets:

 Bad debt Expense

 $
 2,178

 $
 -

 NOL Carryover

 $
 197,777

 $
 250,341

 Sub Total

 $
 199,955

 $
 250,341

 Valuation Allowance

 $
 ( 199,955
)

 $
 ( 250,341
)

 Net Deferred Tax Asset

 $
 -

 $
 -

 $
 50,387

 $
 ( 40,883
)

 Domestic pre-tax Book Income/(loss)

 $
 43,195

 $
 ( 48,433
)

 Permanent Difference:

 GILTI

 $
 7,192

 $
 7,550

 Change in valuation

 $
 ( 50,387
)

 $
 40,883

 $
 -

 $
 -

 Book Gain/(Loss)

 $
 288,358

 $
 ( 154,871
)

 The provision for income taxes consists
of the following:

 2024

 2023

 Current:

 Federal

 $
 8,471

 $
 -

 State

 -

 -

 Foreign - Current

 24,286

 29,621

 Foreign - Prior Year

 11,205

 2,285

 Total current tax provision

 $
 43,962

 $
 31,906

 Deferred:

 Federal

 -

 -

 State

 -

 -

 Foreign

 -

 -

 Total deferred benefit

 -

 -

 Total provision (benefit) for income tax

 $
 43,962

 $
 31,906

 NOTE 11 – SEGMENTS

 The Company operates and manages its business
as one reportable and operating segment as a provider of crew management, training and software creation services. The measure
of segment assets is reported on the balance sheet as total assets.

 The Company's CODM reviews financial information
presented and decides how to allocate resources based on net income (loss). Net income (loss) is used for evaluating financial performance.

 Significant segment expenses include professional
fees, salaries, rent and other general and administrative expenses. Operating expenses include all remaining costs necessary to
operate our business, which primarily include payroll costs, external professional services and other administrative expenses. The following
table presents the significant segment expenses reviewed by our CODM.

 2024

 2023

 Operating expenses

 Professional fees

 286,215

 275,103

 Professional fees - Related Party

 66,017

 62,444

 Salaries

 1,061,610

 1,524,442

 Rent -Related Party

 58,385

 58,428

 Bad Debt Expense

 10,370

 3,113

 Depreciation and Amortization

 55,182

 53,404

 Other general and administrative costs

 153,271

 166,241

 Total operating expenses

 1,691,050

 2,143,175

 NOTE 12 – SUBSEQUENT EVENT

 The Company has analyzed its operations subsequent
to December 31, 2024, through the date of this filing of these audited consolidated financial statements and has determined that there
are no material subsequent events to these audited consolidated financial statements.

 F- 14

 Item 9. Changes in and Disagreements with Accountants
on Accounting and Financial Disclosure

 None.

 Item 9A. Controls and Procedures

 Disclosure Controls and Procedure

 We maintain disclosure controls and procedures
that are designed to ensure that information required to be disclosed in our reports, filed under the Securities Exchange Act of 1934,
as amended ("Exchange Act"), is recorded, processed, summarized and reported within the time periods specified in the SEC's
rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and
chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.

 Framework used by Management to Evaluate
the Effectiveness of Internal Control over Financial Reporting

 As required by Section 404 of the Sarbanes-Oxley
Act of 2002 and the related rule of the SEC, management assessed the effectiveness of our internal control over financial reporting using
the Internal Control-Integrated Framework (2013) developed by the Committee of Sponsoring Organizations of the Treadway Commission. Based
on this assessment and for the reasons described below, management concluded that our internal control over financial reporting was not
effective as of December 31, 2024.

 Management's Report on Internal
Control over Financial Reporting

 Our management is responsible for establishing
and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Exchange Act. This rule defines
internal control over financial reporting as a process designed by, or under the supervision of, the Company's Chief Executive Officer
and Chief Financial Officer, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with U.S. GAAP. Our internal control over financial reporting includes those policies and
procedures that:

 Refer
to the upkeep of records which, with reasonable detail, accurately and fairly reflect our transactions and dispositions;

 Provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S.
GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of management and directors of the
Company;

 Provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could
have a material effect on the financial statements;

 Provide
reasonable assurance that any unauthorized cash transactions are detected and prevented; and

 Provide
reasonable assurance, that potential erroneous accounting entries are identified and corrected on a timely manner.

 Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. In addition, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.

 Evaluation of Disclosure Controls and
Procedures

 In designing and evaluating the disclosure controls
and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable
and not absolute assurance of achieving the desired control objectives. In reaching a reasonable level of assurance, management necessarily
was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. In addition, the design
of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance
that any design will succeed in achieving its stated goals under all potential future conditions. Over time, a control may become inadequate
because of changes in conditions or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations
in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

 As required by the SEC Rules 13a-15(b) and 15d-15(b),
we carried out an evaluation under the supervision and with the participation of our management, including our principal executive officer
and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the
end of the period covered by this report. Based on the foregoing, our principal executive officer and principal financial officer concluded
that our disclosure controls and procedures were not effective at the reasonable assurance level due to material weaknesses in internal
controls over financial reporting (as described below).

 Deficiencies and Significant Deficiencies

 A material weakness is a deficiency, or a combination
of deficiencies, within the meaning of Public Company Accounting Oversight Board ("PCAOB") Audit Standard No. 5, in internal
control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company's annual
or interim financial statements will not be prevented or detected on a timely basis. Management has identified the following material
weaknesses which have caused management to conclude that as of December 31, 2024, our internal controls over financial reporting were
not effective at the reasonable assurance level:

 1.
 We
do not have sufficient written documentation of our internal control policies and procedures. Written documentation of key internal controls
over financial reporting is a requirement of the Sarbanes-Oxley Act which is applicable to us for the year ended December 31, 2024. Management
evaluated the impact of our failure to have sufficient written documentation of our internal controls and procedures on our assessment
of our disclosure controls and procedures and has concluded that the control deficiency that resulted represented a material weakness.

 2.
 We
do not have sufficient resources in our accounting function, which restricts the Company's ability to gather, analyze and properly
review information related to financial reporting in a timely manner. In addition, due to our size and nature, segregation of all conflicting
duties may not always be possible and may not be economically feasible. However, to the extent possible, the initiation of transactions,
the custody of assets and the recording of transactions should be performed by separate individuals. Management evaluated the impact
of our failure to have segregation of duties on our assessment of our disclosure controls and procedures and has concluded that the control
deficiency that resulted represented a material weakness.

 We have taken steps to remediate some of the weaknesses
described above and we are in discussions with the risk advisory departments of reputable accounting firms to assist us in the COSO framework
documentation and testing of the internal controls. We intend to continue to address these weaknesses as resources permit, including the
employment of new qualified employees.

 Remediation of Deficiencies and Significant
Deficiencies

 To address these material weaknesses, management
engaged financial consultants, performed additional analyses and other procedures to ensure that the financial statements included herein
fairly present, in all material respects, our financial position, results of operations and cash flows for the periods presented.

 Additionally, we will continue to establish and
implement proper processes and systems to remediate the deficiencies we have had, including preventive controls with the segregation of
duties on main areas such as payroll, billing, cash recording, and IT control and detective controls involving account reconciliations
on a monthly basis.

 Changes in internal control over financial reporting

 There were no changes in our internal control
over financial reporting during the year ended December 31, 2024 that have materially affected, or are reasonably likely to materially
affect, our internal control over financial reporting.

 Item 9B. Other Information

 None.

 Item 9C. Disclosure Regarding Foreign Jurisdictions
that Prevent Inspections

 Not applicable.

 Item 10. Directors, Executive Officers, and Corporate
Governance;

 The current Directors and Officers of the Company
are as follows:

 Name

 Age

 Position

 Chief Executive Officer and Director

 Stavros Galanakis

 Chairman of the Board of Directors and Vice President

 Christodoulos Tzoutzakis

 Chief Operating Officer and Chief Technology Officer

 Stavros Galanakis – Chairman of the Board
of Directors and Vice President

 Stavros Galanakis founded Elvictor in 1977 as
a Greece-based private entity (the predecessor to the company whose business becoming a part of the business of Thenablers in 2019, the
"Elvictor Greece"), and has been a ship owner and ship manager for over 20 vessels, primarily bulk carriers and chemical tankers.
Mr. Galanakis currently serves as our Chairman and Vice President. He is widely recognized as a pioneer in the field of crewing, having
set up the oldest crew services company in Greece, and leading the exploration of new markets when it comes to the supply of labor onboard.
During his time with Elvictor Greece and Elvictor Group, Inc., he has offered unparalleled solutions to the crewing needs of some of the
most reputable ship owners in Greece and abroad, establishing himself as a highly respectable member in the global shipping value network.
For such reasons, he was given the honor of the title of Consul General of the Republic of Maldives from 1995 through 2017. Stavros Galanakis
has served as a director of Elvictor since October 2019 and as a Chairman of the Board of Directors since November 2019. In May 2021,
the Board approved the appointment of Stavros Galanakis to the position of Vice President of the Company. His main role as Chairman and
Vice President of Elvictor is to ensure that all activities of Elvictor are deployed in sustainable, professional, and strictly following
ethical norms in relation to client-driven activities, as well as ensuring the well-being and fair treatment of the seafarers. Stavros
Galanakis studied at the University of Athens. Mr. Galanakis has a familial relationship with the Chief Executive Officer and Director
of Elvictor, Kostantinos Galanakis.

 Konstantinos Galanakis – Chief Executive
Officer and Director

 Konstantinos Galanakis has been the Chief Executive
Officer and Director of Elvictor Group, Inc. since November 2019. Following a thorough training in various U.S. and British Universities
and organizations with a dedicated focus and personal interest in Business Administration, Mergers and Acquisitions, Quality, and continuous
innovation he joined Elvictor Greece in 2001. He is well known for being an early adopter of digitalization in the shipping industry.
His focus is on proactiveness and developing new practices, always focusing on Best Practice compliance bringing disruption to his field.
Konstantinos Galanakis started his training in the business by embarking onboard ships, visiting and living in countries where Elvictor
had branch offices, going through every department, gaining knowledge, and blueprinting all operations of each unit separately. He had
attended dry docks and special surveys of the ships owned by the family. He was eager to get the expertise of various vertical and horizontal
shipping businesses to approach the service from a superior state. This detailed knowledge worked on orchestrating the smooth inter-functional
coordination of Elvictor's diverse value chain activities and building the robust cloud system that Elvictor possesses today. He
took part in various shipping forums as a guest speaker and specialized speaker in crew management and manning, making him widely recognized
as one of the pioneers and multitasking personalities in shipping. He is fully committed to promoting the agenda of quality, ethics, and
onboard safety ships. He is a holder of a Bachelor's in Business Administration from Richmond University, the American University
in London, and Masters in Shipping from London Metropolitan University.

 Christodoulos Tzoutzakis – Chief Operating
Officer and Chief Technology Officer

 Christodoulos Tzoutzakis is the Chief Operating
Officer (COO) and Chief Technical Officer (CTO) of Elvictor Group. He has 24 years of experience in the maritime sector. From 1996 to
2001, he worked as a Software Developer in Oceanmaris Management, who possessed a fleet of 18 multipurpose vessels. From 2001 to 2013,
he worked as a Senior Software Developer and IT Manager for DND Management shipping company, who possessed a fleet of 12 dry cargo vessels.
He joined our management in 2002, and in his current role he focuses on digital transformation of the procedures of a company, while refining
procedures that aim to lower human error and provide customer satisfaction. His involvement with a variety of projects has given him a
wide knowledge base of the maritime industry, which makes him very versatile when coming up with solutions on how to deal with the challenges
found at the intersection of the maritime sector and the human resources sector. Christodoulos Tzoutzakis has a Bachelor's degree
in Computer Science and a Master's degree in Information Management and Analytics from Coventry University.

 Committees

 We do not currently have an audit, compensation,
or nominating committee.

 Legal Proceedings

 There are currently no legal proceedings, as well
as since the incorporation of the company on November 3, 2017, there have been no legal proceedings, that are material to the evaluation
of the ability or integrity of any of our directors.

 Involvement in Certain Legal Proceedings

 To our knowledge, since the incorporation of the
Company on November 3, 2017, none of our directors and executive officers has:

 Had
a bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the
time of the bankruptcy or within two years prior to that time.

 Been
convicted in a criminal proceeding or been subject to a pending criminal proceeding, excluding traffic violations and other minor offenses.

 Been
subject to any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently
or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities.

 Been
found by a court of competent jurisdiction (in a civil action), the SEC, or the Commodities Futures Trading Commission to have violated
a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated.

 Been
the subject to, or a party to, any sanction or order, not subsequently reverse, suspended or vacated, of any self-regulatory organization,
any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary authority over its members
or persons associated with a member.

 Code of Ethics

 On January 12, 2023, the Board approved the Company's
Code of Ethics and Insider Trading Policies. We have posted those documents on our website at www.elvictorgroup.com.

 Section 16(a) Beneficial Ownership Reporting Compliance

 Since we do not have any securities registered
under Section 12(b) or 12(g) of the Exchange, our executive officers, directors and holders of 10% or more of our shares of issued and
outstanding Common Stock are not required to file reports pursuant to Section 16(a) of the Exchange Act.

 Item 11. Executive Compensation

 Summary Compensation Table for Fiscal Years
2024 and 2023

 The following table sets forth all plan and non-plan
compensation for the last two completed fiscal years paid to all individuals who served as the Company's principal executive officer
or acted in a similar capacity and the Company's two other most highly compensated executive officers during the last completed
fiscal year whose total compensation was in excess of $100,000, as required by Item 402(m)(2) of Regulation S-K of the Securities Act
("Named Executive Officers"). Based on the foregoing, our Chief Executive Officer was the only Named Executive Officer.

 Name and Principal Position

 Year

 Salary

 ($)

 Bonus

 ($)

 Stock

Awards

($) (1)

 Non-Equity
 Incentive Plan Compensation

 ($)

 All Other Compensation

 ($)

 Total

 ($)

 2024

 $
 144,000

 $
 -

 $
 -

 -

 -

 $
 144,000

 Chief Executive Officer

 2023

 $
 144,000

 $
 -

 $
 -

 -

 -

 $
 144,000

 (1)
 Amounts
reported in this column do not reflect the amounts actually received by our named executive officer. Instead, these amounts reflect the
aggregate grant date fair value of each stock award granted to the named executive officer during the fiscal years ended December 31,
2024 and 2023, as computed in accordance with Financial Accounting Standards Board ("FASB") ASC 718. The stock-based compensation
is measured at the grant date, based on the fair value of the award, which is determined by the closing price of the Company's
Common Stock traded on the OTC markets on the grant date.

 Executive Employment Agreements and Arrangements

 The Company did not have an employment agreement
with Konstantinos Galanakis during the years ended December 31, 2024 or 2023 and no employment agreement exists as of the date hereof.

 Outstanding Equity Awards as of December 31, 2024

 There are no outstanding equity awards as of December
31, 2024.

 Director Compensation

 The table below sets forth the compensation paid
to our directors other than Konstantinos Galanakis during the fiscal year ended December 31, 2024.

 Director

 Fees Earned

or Paid in

 Cash

 Stock

Awards

 All Other

Compensation

 Total

 Stavros Galanakis

 $
 33,000

 $
 -

 $
 -

 $
 60,000
 (1)

 (1)
 Stavros
Galanakis also served as executive officer and fees paid to him also includes compensation paid as an executive officer.

 Item 12. Security Ownership of Certain Beneficial
Owners and Management and Related Stockholder Matters

 The following table sets forth, as of April 14,
2025, information regarding beneficial ownership of our Common Stock for:

 each
person, or group of affiliated persons, known by us to beneficially own more than 5% of our Common Stock;

 each
of our executive officers;

 each
of our directors; and

 all
of our current executive officers and directors as a group

 Beneficial ownership is determined according to
the rules of the SEC and generally means that a person has beneficial ownership of a security if he, she or it possesses sole or shared
voting or investment power of that security, including securities that are currently exercisable or exercisable within sixty (60) days
of April 14, 2025. Except as indicated by the footnotes below, we believe, based on the information furnished to us, that the persons named
in the table below have sole voting and investment power with respect to all shares of Common Stock shown that they beneficially own,
subject to community property laws where applicable.

 Common Stock subject to securities currently exercisable
or exercisable within sixty (60) days of April 14, 2025 are deemed to be outstanding for computing the percentage ownership of the person
holding such securities and the percentage ownership of any group of which the holder is a member but are not deemed outstanding for computing
the percentage of any other person.

 Unless otherwise indicated, the address of each
beneficial owner listed in the table below is c/o Elvictor Group, Inc. Vassileos Constantinou 79, Vari, 16672, Attiki, Greece.

 Number of Shares of
 Common
 Stock Beneficially
 Owned (1)

 % of Total
 Voting

 Shares

 %

 Power

 5% or Greater Stockholders:

 Executive Officers and Directors:

 217,838,487

 52.56
 %

 52.56
 %

 Stavros Galanakis

 156,421,400

 37.74
 %

 37.74
 %

 Christodoulos Tzoutzakis

 109,091

 *

 *

 All executive officers and directors as a group (three individuals)

 374,368,978

 90.30
 %

 90.30
 %

 *
 Less
than 1%

 Item 13. Certain Relationships and Related
Transactions and Director Independence

 The following is a description of transactions
since January 1, 2022 to which we were a party in which (i) the amount involved exceeded or will exceed the lesser of (A) $120,000 or
(B) one percent of our average total assets at year-end for the last two completed fiscal years and (ii) any of our directors, executive
officers or holders of more than 5% of our capital stock, or any member of the immediate family of, or person sharing the household with,
any of the foregoing persons, who had or will have a direct or indirect material interest, other than equity and other compensation, termination,
change in control and other similar arrangements, which are described under "Executive Compensation."

 Manning Agency Agreement with Elvictor Crew Management
Service Ltd

 On September 11, 2020, the Company entered into
a Manning Agency Agreement with Elvictor Crew Management Service Ltd (the "Agent") whereby we appointed the Agent as manning
agent for the territory of Georgia. The Company is affiliated through ownership and control with Elvictor Crew Management Service Ltd
of Mr. Stavros Galanakis and his relatives.

 We have agreed to pay the Agent a per-seaman agency
fee and a per-seaman recruitment fee for new seaman hires. We also agreed to cover administrative expenses with documented evidence or
vouchers. The Manning Agency Agreement had a term until September 10, 2022 at which point it had automatically been renewed for a successive
period of one year since neither party provides written notice to terminate.

 Subcontracting Agreement with Elvictor Crew Management
Limited (Cyprus)

 On October 1, 2020, the Company entered into a
human resources agreement with Elvictor Crew Management Limited (the "Subcontractor"), company owned and controlled by relatives
of Mr. Stavros Galanakis under which the latter performs the running and management of the Company's contracts and (or) provides
certain key personnel of the Subcontractor to be at the disposal of the Company.

 For the services provided the parties mutually
agreed that the Subcontractor is entitled to fees that will be determined on ad hoc basis. The agreement has an indefinite term, provided
that it may be cancelled by either party at any time with written notice provided sixty days prior to cancellation.

 Training Services Agreement with Qualship Georgia
Ltd

 On September 1, 2020, the Company signed an agreement
with Qualship Georgia Ltd, a company partially owned by Konstantinos Galanakis and his relatives. Under the agreement, the contractor
is responsible for successful training of the qualified personnel. The agreement remains in full force and effect for twelve months, with
an automatic renewal thereafter, unless terminated before by the mutual agreement of both parties.

 Software License Agreement with Seatrix Software
Production Single Member S.A.

 On April 1, 2021, we entered into a Software
License Agreement with the Licensor in order to have the rights to use crew software that facilitates our operations. On November 15,
2021, we proceeded with the signing of another agreement that became effective on January 1, 2022. Pursuant to the terms of the License
Agreement, the Licensor granted the Company the exclusive and non-transferable license to use the Licensor's artificial intelligence
software in connection with the managing of shipping crews. In consideration for this license, the Company agreed to issue to the Licensor
7,000,000 License shares of the Company's common stock, par value $0.0001 per share. The License Shares were issued to the Licensor
on January 19, 2022. Seatrix Software Production Single Member S.A. is a related party company fully owned and controlled by the Company's
CEO, Konstantinos Galanakis.

 Manning Agency Agreement with Elvictor Shipping
and Trading Odessa Ltd

 On September 11, 2020, the Company entered into
a Manning Agency Agreement with Elvictor Shipping and Trading Odessa Ltd (or the Elvictor Odessa), a company fully owned and controlled
by Mr. Stavros Galanakis. Elvictor Odessa provides manning services to the Company for the territory of Ukraine. These operations have
been reduced currently due to the war in the country of Ukraine and have been substituted by and agreement with Elvictor Crew Management
Service Ltd.

 Familial Relationships

 Konstantinos Galanakis, our Chief Executive Officer,
is the son of Stavros Galanakis, the Chairman of the Board of Directors.

 Item 14. Principal Accounting Fees and Services.

 The aggregate fees incurred for each of the last
two years for professional services rendered by RBSM LLP the independent registered public accounting firm for the audit of the Company's
annual financial statements included in the Company's Form 10-K and review of financial statements for its quarterly report (Form
10-Q), are reported below.

 Audit-Related Fees

 The total fees charged by RBSM LLP in 2024 and
2023 aggregated $97,541 and $66,000 respectively, which include fees for the review of the periods ended March 31, June 30 and September
2023 and 2024 as well as fees for the review of the annual financial statements for the year ended December 31, 2023 and 2024.

 All Other Fees

 There were no other fees billed for products or
services provided by our principal accountant for the fiscal years ended December 31, 2024 and 2023.

 Item 15. Exhibits, Financial Statement Schedules

 Financial Statements

 Our financial statements and the notes thereto,
together with the report of our independent registered public accounting firm on those financial statements, are hereby filed as part
of this report beginning on page 13.

 Exhibits

 Exhibit

 Number

 Description
 of Exhibit

 3.1

 Amended
 and Restated Articles of Incorporation (incorporated by reference to Exhibit 3.1 on the Company's Form 10-K filed on April
 19, 2021).

 3.2

 Bylaws
 (incorporated by reference to Exhibit 3.2 on the Company's Form 10-K filed on April 19, 2021).

 21.1

 Subsidiaries
 of the Company.*

 31.1

 Certification
 of the Principal Executive and Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act
 of 1934, as amended pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

 32.1

 Certification
 of the Principal Executive and Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
 Act of 2002.**

 101.INS

 101.SCH

 Schema Document.

 101.CAL

 Calculation Linkbase Document.

 101.DEF

 Definition Linkbase Document.

 101.LAB

 Label Linkbase Document.

 101.PRE

 Presentation Linkbase Document.

 Cover Page Interactive

 *

 Filed herewith

 **

 Furnished herewith

 Item 16. Form 10-K Summary

 None.

 SIGNATURES

 Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 Elvictor Group, Inc.

 Date: April 14, 2025

 By:

 /s/ Konstantinos Galanakis

 Name:

 Title:

 Chief Executive Officer

(Principal Executive and Financial Officer)

 Pursuant to the requirements of the Securities
Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and
on the dates indicated.

 Name

 Position

 Date

 /s/ Konstantinos Galanakis

 Chief Executive Officer, Chief Financial Officer and Director

 April 14, 2025

 (Principal Executive and Financial Officer)

 /s/ Stavros Galanakis

 Vice President and Chairman

 April 14, 2025

 Stavros Galanakis

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