Company: AVNI
Filing Date: 2025-07-17
Form Type: 10-K
Source: 0001713282-25-000574
Chunk: 20

Company: ARVANA INC
Filing Date: 2025-07-17
Form: 10-K
Item: Item 8
Chunk 20
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 plan and perform the audit to obtain
reasonable assurance about whether the 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 audit,
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 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 financial statements. Our audit also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides
a reasonable basis for our opinion.

/S/ MICHAEL GILLESPIE & ASSOCIATES, PLLC

We
have served as the Company’s auditor since 2024.

PCAOB
ID: 6108

Vancouver,
Washington

July16, 2025

REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To
the Stockholders’ of Arvana Inc.

Opinion
on the Financial Statements

We
have audited the accompanying consolidated balance sheet of Arvana Inc. (the Company) as of December 31, 2023, and the related consolidated
statements of operations, stockholders’ deficit, and cash flows for the year ended December 31, 2023, and the related consolidated
notes (collectively referred to as the 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, 2023 and the results of its operations and its cash flows
for year ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

Explanatory
Paragraph - Going Concern

The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed
in Note 2 to the consolidated financial statements, the Company has incurred recurring operating losses, has incurred negative cash flows
from operations and has an accumulated deficit. For the year ended December 31,