Company: AVNI
Filing Date: 2025-07-17
Form Type: 10-K
Source: 0001713282-25-000574
Chunk: 3

Company: ARVANA INC
Filing Date: 2025-07-17
Form: 10-K
Item: Item 1
Chunk 3
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. However, Down2Fish will need a larger vessel that can carry more
clients to initiate dolphin watching charters. North Atlantic right whales can be sporadically spotted from November to April calving
in waters off the Florida Gulf coast. Given that right whales potting in Florida is a rarity, we are unaware of any fishing charter companies
in Florida that offer whale watching tours so to offer this service could quickly help us distinguish the Down2Fish brand.

Industry

The
fishing charter industry consists of businesses that engage in services such as inshore/coastal fishing, offshore fishing, and tournament
fishing. Operators provide charter boat services for individuals, parties, and companies. Operators may vary greatly in size, ranging
from large operators with a fleet of vessels to single boat owner-operators and part-time charter companies. The industry has seen faltering
growth over the past five years. COVID-19was the primary disruption that resulted in a significant decline in domestic tourism.

The
IBISWorld report dated to September 2023 explains the fishing charter industry has experienced a moderate decline over the last five
years. Overall revenue was estimated to drop at an annualized rate of 4.8% through that period to $440.3 million. Despite the fall in
revenue, the IBIS World report added that the number of charter boat businesses grew by 2.4% to 3,649, and the number of charter boat
employees grew by 1.4% to 5,753 during the prior five years to September 2023. While the fishing charter industry benefited from a recovering
economy in 2021 post pandemic, rising inflation in 2022, dampened growth through 2023. The reports notes that the fishing charter industry
continues to face stiff competition from other recreational activities such as hiking, running, and video games along with a negative
shift in consumer confidence. Inflation has caused consumers to save more of their earnings in response economic uncertainty which sentiment
has had a chilling effect on the demand for fishing charter boat services.

Looking
ahead, the IBIS World report for the fishing charter business has forecast an increase in revenue at an annualized rate of 3.0% to $511.3
over the next five years as disposable income is expected to increase in a tight labor market, which development will likely provide
consumers with more discretionary income for recreational services such as fishing charters.

Competition

While
no single participant in the fishing charter