Company: AVNI
Filing Date: 2025-07-15
Form Type: 10-Q/A
Source: 0001713282-25-000559
Chunk: 15

Company: ARVANA INC
Filing Date: 2025-07-15
Form: 10-Q/A
Chunk 15
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. As of December 31, 2023, 107,845,554shares were issued, of which 107,839,299shares were outstanding and 6,255shares were classified as treasury stock.

During the year ended December 31, 2022, the Company issued 4,800,000shares of its restricted common stock at a price of $ 0.067per share for total gross proceeds of $ 320,000. The Company incurred $ 32,237in share issuance costs related to this transaction.

During the year ended December 31, 2022, the Company issued 600,000shares of common stock at a price of $ 0.067with a fair value of $ 40,000to settle accounts payable of $ 40,000owed to a company controlled by the Company’s Chief Executive Officer at the time. No gain or loss was recognized on the settlement, and noshare-issuance costs were incurred.

On April 19, 2023, the Company effected a 3-for-1 forward stock split for shareholders of record as of March 31, 2023. All share and per-share data have been retroactively adjusted to reflect the impact of the stock split in all periods presented.

Subsequent to the issuance of the previous financial statements, the Company conducted an examination of its stock records and determined 6,255shares 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. The Company has removed the 6,255shares from treasury stock and made a corresponding adjustment to additional paid-in capital. The impact of this adjustment is immaterial, and it did not affect net loss or cash flows in any period presented.

Noother shares of common stock were issued during the three months ended March 31, 2024 or the year ended December 31, 2023.

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Note 10 – Stock Options

The Company adopted the 2022 Stock Incentive Plan (the “Plan”) effective September 30, 2022. The Plan provides for awards of stock options and restricted stock to officers, directors, key employees, and consultants. Under the Plan option prices are set by the Compensation Committee and may not be less than the fair market value of the stock on the grant date. The Company accounts for stock-based compensation awards in accordance with the provisions of ASC