Company: AVNI
Filing Date: 2025-07-17
Form Type: 10-K
Source: 0001713282-25-000574
Chunk: 27

Company: ARVANA INC
Filing Date: 2025-07-17
Form: 10-K
Item: Item 8
Chunk 27
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 be material.

Assets
acquired and liabilities assumed are based on their fair values as of the Closing Date, with the excess of cost over fair value of $ 771,009.
For the period ended December 31, 2023 the Company recorded an impairment loss of $ 771,009 on the excess amount. Assets acquired are as follows:

  Schedule                                                  
  Assets:                                                   
  Cash                                               4,089  
  Trade                                              5,100  
  Marine                                           178,706  
  Commercial                                        26,000  
  Total                                            213,895  
  Liabilities:                                              
  Accounts                                           4,910  
  Customer                                             644  
  Notes                                            166,716  
  Related-Party                                     62,634  
  Total                                            234,904  
  Loss on Asset Acquisition:                                
  Purchase Price                                   750,000  
  Excess                                            21,009  
  Net                                              771,009  

The
Company did not incur any acquisition related costs during the period. Property and equipment acquired consisted primarily of offshore
support vessels. The Company recorded property and equipment acquired at an estimated fair value of $ 178,706.
The fair values of the offshore support vessels were estimated by applying a replacement cost approach. These assets will be tested for
impairment upon the occurrence of a triggering event. The Company estimates the remaining useful lives for the vessels acquired are seven
years, based on an original estimated useful life of ten years. The charter fishing license acquired is a perpetual federal fishing license,
which grants the Company access to fish in federally regulated waters off the coast of Florida. This asset is not amortized and is tested
for impairment at least annually.

Note
4 - Property and Equipment

Property
and equipment consist of the following:

  Schedule                                                                           
                                 December                    December                
                                 2024                        2023                    
  Marine Equipment               $              181,675      $              181,675  
  Furniture                                       5,672                       5,672  
  Total                                         187,347                     187,347  
  Less:                                        ( 50,814                    ( 23,969  
  Property                       $              136,533      $              163,378  

Depreciation
expense was $ 26,845and
$ 23,969 for
the years ended December 31, 2024 and 2023. Depreciation expense is included in operating expenses on the Consolidated Statements