Company: AVNI
Filing Date: 2025-07-15
Form Type: 10-Q/A
Source: 0001713282-25-000559
Chunk: 19

Company: ARVANA INC
Filing Date: 2025-07-15
Form: 10-Q/A
Chunk 19
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160 |   |     |             |    23,150 |   |     |          |  36,573,310 |   |
| Accumulated Deficit                                              |     |                      | (37,686,378 | ) |     |             |   (17,292 | ) |     |          | (37,703,670 | ) |
| Less: Treasury Stock                                             |     |                      |      (3,336 | ) |     |             |     3,336 |   |     |          |           — |   |
| Total Stockholders' Deficit                                      |     |                      |  (1,031,707 | ) |     |             |     9,194 |   |     |          |  (1,022,513 | ) |
| Total Liabilities and Stockholders' Deficit                      |     | $                    |     321,804 |   |     | $           |      (245 | ) |     | $        |     321,559 |   |

| 19 |

Note 12 – Restatements– ( continued)

Restatements to Condensed Consolidated Statements of Operations

The Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 was restated. The table included in the following page shows the effects of the restatements for both years, which include the following significant items for the three months ended March 31, 2024:

| • | Lease                                                                                                  
 Revenue, as included in Gross Profit, was increased by $12,000 to report $12,000. Lease Income,        
 as included in Other Income and Expenses, was decreased by $12,000 to report $0. This reclassification 
 was done after determining the lease of the Company’s marine equipment is a significant                
 component of the Company’s business operations; therefore, proceeds from the lease                     
 are reflected as Lease Revenue included in Gross Profit instead of as Lease Income included            
 in Other Income and Expenses.                                                                          |

| • | Cost                                                                                                 
 of Services, as included in Gross Profit, was increased by $4,621 to report $4,621. Previously,      
 Cost of Sales was included in General and Administrative expenses on the statement of operations.    
 Cost of Sales was relabeled Cost of Services to conform to industry standards, and then it           
 was reclassified for inclusion in Gross Profit. This reclassification was done to bring presentation 
 on the statement of operations in line with industry standards and