Company: AVNI
Filing Date: 2025-07-15
Form Type: 10-Q/A
Source: 0001713282-25-000560
Chunk: 6

Company: ARVANA INC
Filing Date: 2025-07-15
Form: 10-Q/A
Chunk 6
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 30, 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.

| 11 |

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 $ 771,009. For the period ended December 31, 2023, the Company recorded an impairment loss of $ 771,009on the excess amount. Assets acquired and liabilities assumed are as follows:

| Schedule                                    
 of assets acquired and liabilities assumed  
 Assets:                                     |     |   |         |
|:--------------------------------------------|:----|:--|--------:|
| Cash and Cash                               
 Equivalents                                 |     | $ |   4,089 |
| Trade and Other Receivables                 |     |   |   5,100 |
| Marine Operating Equipment                  |     |   | 178,706 |
| Commercial                                  
 Fishing License                             |     |   |  26,000 |
| Total Assets                                |     |   | 213,895 |
| Liabilities:                                |     |   |         |
| Accounts Payable                            |     |   |   4,910 |
| Customer Depos