Elvictor Group, Inc. (ELVG) is a micro-cap crew management services company with total assets of $2.03M and total liabilities of $1.68M as of December 31, 2025. Under a liquidation lens, equity recovery is deeply negative. Applying standard recovery haircuts to the asset side: cash of $491K recovers at 100% ($491K); trade AR of $411K at 90-95% ($370-390K); other receivables current of $19K at 90% ($17K); prepaid/other current of $58K at minimal recovery (~$0-10K); PP&E net of $14K at 50-70% ($7-10K); intangibles net of $61K at 0% ($0); ROU asset of $237K at 0% ($0); and the largest non-cash asset — Other Receivables from Related Party (non-current) of $744K — is a long-term receivable from a related party (Elvictor Crew Management Ltd Cyprus), for which recovery in liquidation is uncertain and likely discounted heavily, at best 50% ($372K), possibly zero given related-party concentration and lack of independent credit support disclosed. Gross liquidated asset value range: approximately $870K-$920K. Against this, liabilities stand at face value: current liabilities of $1.49M include $707K of Other Payables (client funds held in transit for crew wage disbursements — a pass-through liability that would need to be settled in full), $209K trade AP, $176K related-party trade AP, $203K accrued liabilities, $104K due to related party, and $52K current lease. Non-current lease of $185K must also be settled. Total face-value liabilities: $1.68M. Net liquidation recovery to equity is negative — roughly ($760K) to ($810K) under base assumptions, consistent with MFFAIS's latest LLV of approximately ($590K). The working capital deficit widened from ($482K) at year-end 2024 to ($513K) at year-end 2025. RBSM LLP issued a going-concern qualification. The company flipped from net income of $200K in 2024 to a net loss of $176K in 2025, driven by a 19% increase in opex (salary run-rate now $1.26M/year) against flat revenue of $2.43M. Cash improved materially to $491K (from $101K), reflecting operating cash inflow of $418K primarily from a $336K build in Other Payables — these are client funds held in trust, not company cash generation, and do not reduce the liability they offset. The $744K related-party receivable from Elvictor Crew Management Ltd Cyprus is the single largest non-cash asset and is disclosed in MD&A but its recoverability, collateral, and terms are not separately tagged in XBRL beyond the custom tag elvg:OtherReceivablesNonCurrent. No debt obligations are reported; the liability stack is entirely trade payables, accruals, related-party balances, and operating lease obligations.
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