Company: AVNI
Filing Date: 2025-07-17
Form Type: 10-K
Source: 0001713282-25-000574
Chunk: 32

Company: ARVANA INC
Filing Date: 2025-07-17
Form: 10-K
Item: Item 8
Chunk 32
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 ended June 30, 2024, the Company issued 12,500,000 0.008 12,500,000

The
Company conducted an examination of its stock records and determined 6,255 6,255

No other shares of common stock were issued during the years ended
December 31, 2024 and 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 - Stock 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 value of the awards.

At
December 31, 2024 the Company had 6,150,000 options outstanding and at December 31, 2023 the Company had 7,950,000 options outstanding with vesting periods ranging from 2 to 5 years and exercise prices of approximately $ 0.087 per share. During the three months ended September 30, 2024,
a total of 1,800,000 options - consisting of 810,000 vested options and 990,000 unvested options - were forfeited by the former Chief Executive
Officer and a former member of the board. In addition, the Board of Directors approved a resolution to modify the terms of the options
granted to the former Chief Executive Officer to cancel any vested options not exercised within 30 days of termination for cause. The
Company accounts for forfeitures when they occur; accordingly, a reduction in stock-based compensation expense of $ 59,602 was recorded in the three months ending September
30, 2024.

Subsequent to the end of the reporting period, the Company conducted an examination of its accounting policies for stock-based
compensation and determined certain awards were not properly expensed in prior periods due to the application of incorrect vesting periods
and other computational errors. As a result, the cumulative stock-based compensation expense was understated