Company: AVNI
Filing Date: 2025-07-15
Form Type: 10-Q/A
Source: 0001713282-25-000559
Chunk: 11

Company: ARVANA INC
Filing Date: 2025-07-15
Form: 10-Q/A
Chunk 11
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 |     | 2024 |   March 
     31, |   |     | 2023 | December 
      31, |   |
|:--------------------------|:----|:-----|--------:|:--|:----|:-----|---------:|:--|
| Marine Equipment          |     | $    | 181,675 |   |     | $    |  181,675 |   |
| Furniture                 
 and Fixtures              |     |      |   5,672 |   |     |      |    5,672 |   |
| Total Property            
 and Equipment             |     |      | 187,347 |   |     |      |  187,347 |   |
| Less:                     
 Accumulated Depreciation  |     |      | (30,681 | ) |     |      |  (23,969 | ) |
| Property                  
 and Equipment, Net        |     | $    | 156,666 |   |     | $    |  163,378 |   |

Depreciation expense was $ 6,712and $ 5,850for the three months ended March 31, 2024 and 2023. Depreciation expense for the three months ended March 31, 2024 and 2023 is included in operating expenses on the Consolidated Statements of Operations.

Marine equipment is subject to an operating lease agreement ending on December 31, 2025. See Note 6 for more information.

Note 5 – Intangible Assets

The Company acquired a perpetual federal fishing license as part of the acquisition of Down2Fish’s assets (see Note 3 for more information), which grants the Company access to fish in federally regulated waters off the coast of Florida. This asset is not amortized and is tested for impairment at least annually. As of March 31, 2024 and 2023, the Company determined no impairment of this asset had occurred.

The Company maintains a website and capitalizes website development costs under ASC 350-50, Website Development Costs. In December 2023, the Company capitalized $ 10,000of website development costs and then wrote off the capitalized asset as a $ 10,000impairment loss in December 2023 because the website was discontinued and replaced with a new website placed in service in April 2024. The impairment loss was included in general and administrative expenses for the year ended December 31, 202