Company: AVNI
Filing Date: 2025-07-15
Form Type: 10-Q/A
Source: 0001713282-25-000561
Chunk: 12

Company: ARVANA INC
Filing Date: 2025-07-15
Form: 10-Q/A
Chunk 12
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 the stock split in all periods presented.

During the nine months ended September 30, 2024, the Company issued 12,500,000shares of restricted common stock at an approximate price of $ 0.008per share as part of executing a consulting services agreement with its majority stockholder. The Company accounts for stock-based compensation awards in accordance with the provisions of ASC 718, which requires that the cost of all equity-based compensation be reflected in the financial statements over the vesting period based on the estimated fair value of the awards. Subsequent to the end of the reporting period, the Board of Directors approved the decision to exercise the claw-back provision included in the consulting services agreement, and the claw-back provision was formally exercised by the Company for all 12,500,000shares before December 31, 2024. Due to the exercise of the claw-back provision, the stock-based compensation expense associated with this award was fully reversed and no net expense was recorded.

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Note 9 – Common Stock– ( continued)

Subsequent to the issuance of the previous financial statements, the Company conducted an examination of its stock records and determined 6,255shares previously reported as treasury stock were no longer held by the Company as of January 1, 2024. The Company concluded the shares were reissued in a prior period, and the impact is immaterial. The Company has removed the 6,255shares from treasury stock and made a corresponding adjustment to additional paid-in capital. The impact of this adjustment is immaterial, and it did not affect net loss or cash flows in any period presented.

Noother shares of common stock were issued during the nine months ended September 30, 2024 or the year ended December 31, 2023.

Note 10 – Stock Options

The Company adopted the 2022 Stock Incentive Plan (the “Plan”) effective September 30, 2022. The Plan provides for awards of stock options and restricted stock to officers, directors, key employees, and consultants. Under the Plan option prices are set by the Compensation Committee and may not be less than the fair market value of the stock on the grant date. The Company accounts for stock-based compensation awards in accordance with the provisions of ASC 718, Compensation—S tock Compensation, which addresses the accounting for employee stock options and requires that the cost of all employee stock options, as well as other equity-based compensation arrangements, be reflected in the financial statements over the vesting period based on the estimated fair