Company: AVNI
Filing Date: 2025-07-17
Form Type: 10-K
Source: 0001713282-25-000574
Chunk: 35

Company: ARVANA INC
Filing Date: 2025-07-17
Form: 10-K
Item: Item 9
Chunk 35
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ITEM
9A. CONTROLS AND PROCEDURES

Evaluation
of Disclosure Controls and Procedures

In
connection with the preparation of this annual report, an evaluation was carried out by management, with the participation of our chief
executive officer and chief financial officer, of the effectiveness of Arvana’s disclosure controls and procedures (as defined
in Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of December31, 2024.

Disclosure
controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange
Act is recorded, processed, summarized, and reported within the time periods specified in the Commission’s rules and forms, and
that such information is accumulated and communicated to management, including the chief executive officer and chief financial officer,
to allow timely decisions regarding required disclosures.

Based
on that evaluation, management concluded that Arvana’s disclosure controls and procedures were not effective as of December 31,
2024 in recording, processing, summarizing, and reporting information required to be disclosed, within the time periods specified in
the Commission’s rules and forms, due to material weaknesses in internal controls related to the application of certain accounting
policies, including the capitalization of website development costs, accrual of professional fees, and accounting for stock-based compensation.

To
support the implementation of remedial actions and strengthen the Company’s financial reporting process, the Board of Directors
appointed Andrew E. Morrison as the new Chief Financial Officer on May 20, 2025.

Management's
Annual Report on Internal Control over Financial Reporting

We
maintain a system of internal controls over financial reporting designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles (GAAP). Management has assessed the effectiveness of these internal controls as of the end of the fiscal year covered by this
report based on the criteria set forth in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations
of the Treadway Commission.

Based
on this assessment, our chief executive officer identified the following material weakness in connection with his review of our financial
statements as of December 31, 2024.

As
of December 31, 2024 Arvana relied on one individual who had sole responsibility for the preparation of financial reporting disclosure
in his capacity as chief executive officer and acting chief financial officer. The Company’s inaction to