Company: AVNI
Filing Date: 2025-07-15
Form Type: 10-Q/A
Source: 0001713282-25-000561
Chunk: 18

Company: ARVANA INC
Filing Date: 2025-07-15
Form: 10-Q/A
Chunk 18
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 Company is traded on the OTC Markets Group, Inc.’s Pink Sheets Current Information market platform under the symbol “AVNI.”

The Company has continued to seek business opportunities in real estate development while continuing to operates its fishing charter business. On December 12, 2023, the Company announced a non-binding memorandum of understanding to acquire a Nevada-based company which is intent on expanding its specialty use concept to acquire and repurpose vacant shopping malls, outlet locations, and big box stores to attract new tenants from targeted industries that offer goods or services that are not available online. The parties have ended their discussions of the proposed transaction, and management is evaluating alternative options for pursuing this business model.

Plan of Operation

The Company’s plan of operation is to support the development of its business, and to build on its existing business model. The Company believes an expansion of marketing efforts around Tampa Bay to offer a wider range of services, such as dolphin tours, will help establish the Down2Fish brand, attract more customers and increase revenues. Expansion into new service offerings will however require capital sufficient to finance the purchase of another vessel and additional boating equipment. The Company believes dolphin tours can return net revenue on a consistent basis if Down2Fish is able to attract sufficient customers to each excursion. Down2Fish is currently licensed and equipped to carry no more than six customers on each fishing charter. A vessel designed primarily for dolphin tours can carry from fifty to one hundred customers. The Company’s primary impediment for equipment procurement and installation is cost. The Company is presently considering financing options that might become available in the near term, but it has no assurance that financing options will become available or that the financing terms would be tenable for the Company’s business. Unless or until the Company can offer excursions catering to a greater number of customers on each excursion, the Company will continue to focus on offering more fishing charter excursions to build revenue and improve the results of operations.

Restatement Impact

As discussed in Note 12, the Company identified errors in its application of certain accounting policies including the capitalization of website development costs, accrual of professional fees, and accounting for stock-based compensation. These errors resulted in the misstatement of net loss for the first three quarters of 2024. As a result, the Company has restated its financial statements for the affected periods.

The financial statements and related disclosures presented in this Quarterly Report reflect revised and corrected amounts. The Management’s Discussion and Analysis (MD&A) section below reflects restated results for all affected periods.

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