Company: AVNI
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001713282-25-000654
Chunk: 10

Company: ARVANA INC
Filing Date: 2025-08-15
Form: 10-Q
Item: Item 1
Chunk 10
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2025 maturity date, therefore, the debt discount was $0 as of June 30, 2025. Subsequent to June 30, 2025 the note was further amended to extend the maturity date (see Note 11), therefore the note was not considered to be in default as of June 30, 2025. 
 
Note 9 – Common Stock
 
The Company is authorized to issue 500,000,000 shares of common stock. As of June 30, 2025 a total of 108,345,554 shares were issued and outstanding. As of December 31, 2024, a total of 107,845,554 shares were issued and outstanding.
 
The Company conducted an examination of its stock records and determined 6,255 shares previously reported as treasury stock were no longer held by the Company as of January 1, 2024. The Company concluded the shares were reissued in a prior period, and the impact is immaterial. For the six months ended June 30, 2024, the Company removed the 6,255 shares from treasury stock and made a corresponding adjustment to additional paid-in capital on January 1, 2024. The impact of this adjustment is immaterial, and it did not affect net loss or cash flows in any period presented.
 
The Company issued 12,500,000 shares of restricted common stock at an approximate price of $0.008 per share as part of executing a consulting services agreement with its majority stockholder. The Company accounts for stock-based compensation awards in accordance with the provisions of ASC 718, which requires that the cost of all equity-based compensation be reflected in the financial statements over the vesting period based on the estimated fair value of the awards. Before December 31, 2024, the Board of Directors exercised the claw-back provision included in the consulting services agreement for all 12,500,000 shares. Due to the exercise of the claw-back provision, the Company did not report the shares as issued and the stock-based compensation expense associated with this award was fully reversed and no net expense was recorded for any period.
 
During the six months ended June 30, 2025, the Company issued 500,000 restricted shares of common stock to a related party in connection with executing an addendum to a secured promissory note that extended the note’s maturity date (see Note 8). The shares were valued at $0.40 per share for aggregate non-cash consideration of $200