Company: AVNI
Filing Date: 2025-07-17
Form Type: 10-K
Source: 0001713282-25-000574
Chunk: 31

Company: ARVANA INC
Filing Date: 2025-07-17
Form: 10-K
Item: Item 8
Chunk 31
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 various parties to modify
the terms of the notes including extensions of their respective maturity dates (see Note 7 for more information). The terms of the
amended agreement for one promissory note related to the purchase of Down2Fish, with a principal amount of $ 700,000,
resulted in the issuance of 500,000 restricted
shares of common stock to the seller of Down2Fish to hold as additional collateral for the fulfillment of the note. As a result of
the share issuance, the seller became a related party to the Company, and certain other parties became related parties due to
ownership attribution. The restated financial statements have been updated to reflect the reclassification of the relevant
promissory notes from long-term notes payable to related-party notes payable, and corresponding adjustments were also made to the
current portion of long-term notes payable and current portion of related-party notes payable to reflect the amended terms of the
notes.

Note
9 - Common Stock

The
Company is authorized to issue 500,000,000 shares of common stock. As of December 31, 2024, a total of 107,845,554 shares
were issued and outstanding. As of December 31, 2023, 107,845,554 shares were issued, of which 107,839,299 shares were outstanding and 6,255 shares were classified as treasury stock.

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

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

During
the three months