Company: AVNI
Filing Date: 2025-07-15
Form Type: 10-Q/A
Source: 0001713282-25-000561
Chunk: 21

Company: ARVANA INC
Filing Date: 2025-07-15
Form: 10-Q/A
Chunk 21
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 including current assets, property and equipment, and intangible assets, compared to $209,283 as of September 30, 2023 and $216,549 as of December 31, 2023.

The Company had current liabilities of $859,323 as of September 30, 2024 consisting of accounts payable, deferred revenue, related-party payables, and the current portion of long-term debt, compared to current liabilities of $201,136 as of September 30, 2023 and to $338,487 as of December 31, 2023, with a similar composition. Total liabilities were $1,387,951 as of September 30, 2024, consisting of current liabilities and notes payable, compared to $201,136 as of September 30, 2023 and to $1,178,675 as of December 31, 2023. The increase in current liabilities in the nine months ended September 30, 2024 was attributed primarily to funds borrowed from related parties partially offset by repayments of notes payable and the transition of notes payable from long-term debt to the current portion of notes payable as the maturity dates of certain promissory notes draw near.

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The Company had a working capital deficit of $848,529 as of September 30, 2024, compared to $184,750 as of September 30, 2023, and to $311,316 as of December 31, 2023. The fluctuation in these deficits was primarily attributed to the transition of long-term debt to current liabilities as notes payable reached their maturity dates and were paid off using funds received from the issuance of new related-party notes payable.

Stockholders’ deficit was $1,185,43 as of September 30, 2024, compared to $871,437 as of September 30, 2023, and to $962,126 as of December 31, 2023. The stockholders’ deficit has continued to increase as the Company incurs professional fees and other expenses related to developing management’s business plans.

Cash Flows from Operating Activities

Net cash used in operating activities was $208,123 for the nine months ended September 30, 2024, compared to $148,773 for the nine months ended September 30, 2023. Non-cash items impacting net cash used in operating activities included depreciation, stock-based compensation, and loss on asset purchase. In addition, changes in