Company: AVNI
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001713282-25-000654
Chunk: 6

Company: ARVANA INC
Filing Date: 2025-08-15
Form: 10-Q
Item: Item 1
Chunk 6
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Note 4 – Property and Equipment
 
Property and equipment consist of the following:
 
Schedule of property and equipment                                                      
----------------------------------------------------------------------------------------
                                                    June 30,                December 31,
                                     2025                      2024                     
Marine equipment                               $188,484                  $181,675       
Furniture and fixtures                            5,672                     5,672       
Total property and equipment                    194,156                   187,347       
Less: accumulated depreciation                  (64,714    )              (50,814      )
Property and Equipment, Net                    $129,442                  $136,533       
 
Depreciation expense was $13,900 and $13,423 for the six months ended June 30, 2025 and 2024, and was $6,950 and $6,711 for the three months ended June 30, 2025 and 2024. 
 
 14

Note 5 – Intangible Assets
 
Intangible assets consist of the following:
 
    Schedule of intangible Assets                                                       
----------------------------------------------------------------------------------------
                                                     June 30,               December 31,
                                        2025                    2024                    
Federal commercial fishing licenses              $26,000                  $26,000       
Capitalized website development costs             25,000                   25,000       
Total intangible assets                           51,000                   51,000       
Less: accumulated amortization                    (6,250    )              (3,750      )
Intangible Assets, Net                           $44,750                  $47,250       
 
The Company acquired a perpetual federal fishing license as part of the acquisition of Down2Fish’s assets 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 June 30, 2025 and 2024, 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 April 2024, the Company capitalized $25,000 of website development costs, which is amortized on a straight-line basis over its estimated useful life of five years. 
 
Amortization expense was $2,500 and $1,250 for the six months ended June 30, 2025 and 2024, respectively, and was $1,250 for the three months ended June 30, 2025 and 2024.
 
Note 6 –