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

Company: ARVANA INC
Filing Date: 2025-07-15
Form: 10-Q/A
Chunk 10
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 reclassifications had no impact on net loss, total assets, or total liabilities for the period presented.

To conform with the current year presentation on the statement of cash flows, the Company reclassified $ 10,200related to the change in related-party payables from financing activities to operating activities for the three months ended March 31, 2023. This reclassification had no impact on the net change in cash or the ending balance of cash and cash equivalents for the period presented.

Note 2 – Going Concern

The Company incurred a net loss of $ 123,714and $ 928,400for the three months ended March 31, 2024 and 2023, respectively, and a net loss of $ 1,316,573for the year ended December 31, 2023. The Company had a working capital deficit of $ 20,333and an accumulated deficit of $ 37,703,670as of March 31, 2024. The Company has incurred significant losses since inception and will require additional funding from external sources to further implement its business development strategy. Currently, the Company has no firm commitments for such funding. These factors raise substantial doubt about the Company’s ability to continue as a going concern for a period of one year from the date these consolidated financial statements are issued. The accompanying financial statements do not include any adjustments relating to the recoverability or classification of recorded assets or liabilities that may result from this uncertainty.

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Note 3 – Asset Acquisition

On February 3, 2023 (“Closing Date”), the Company acquired the assets and assumed the liabilities of Down 2 Fish Charters, LLC, a limited liability company organized under the laws of Florida, which operates a charter fishing business. On the Closing Date, the Company paid $ 50,000in cash and issued a note for $ 700,000for total consideration of $ 750,000. The Company’s consolidated statements of operations from the Closing Date through December 31, 2023 indicate a net loss of $ 1,316,573.

Assets acquired and liabilities assumed were recorded at their estimated fair values as of the Closing Date under the acquisition method of accounting. The estimated fair values of certain assets and liabilities including long-lived assets require judgment and assumptions. Adjustments may be made to these estimates during the measurement period and those adjustments could 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 $