Company: AVNI
Filing Date: 2025-07-15
Form Type: 10-Q/A
Source: 0001713282-25-000561
Chunk: 6

Company: ARVANA INC
Filing Date: 2025-07-15
Form: 10-Q/A
Chunk 6
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 2016-13 Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 is intended to provide financial statement users with more decision-useful information about expected credit losses on financial instruments and other commitments and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company adopted ASU 2016-13 effective January 1, 2023, which adoption has not had a material effect on its financial statements.

Reclassifications

To conform with the current year presentation on the statement of operations, the Company made the following reclassifications for the three and nine months ended September 30, 2023:

| • | Lease                                                                                     
 Revenue: $12,000 and $32,000 were reclassified from other income and expenses to revenue. |

| • | Cost                                                                                          
 of Services: $14,973 and $23,384 were reclassified from cost of sales, as previously included 
 in operating expenses, to cost of services and included in gross profit.                      |

These reclassifications had no impact on net loss, total assets, or total liabilities for the period presented.

Note 2 – Going Concern

The Company incurred a net loss of $ 336,141and $ 1,163,396for the nine months ended September 30, 2024 and 2023, respectively, and a net loss of $ 1,316,573for the year ended December 31, 2023. The Company had a working capital deficit of $ 848,529and an accumulated deficit of $ 37,916,097as of September 30, 2024. The Company has incurred significant losses since inception and will require additional funding from external sources to further implement its business development strategy. Currently, the Company has no firm commitments for such funding. These factors raise substantial doubt about the Company’s ability to continue as a going concern for a period of one year from the date these consolidated financial statements are issued. The accompanying financial statements do not include any adjustments relating to the recoverability or classification of recorded assets or liabilities that may result from this uncertainty.

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Note 3 – Asset Acquisition

On February 3, 2023 (“Closing Date”), the Company acquired the assets and assumed the liabilities of Down 2 Fish Charters, LLC, a limited liability company organized under the laws of Florida, which operates a charter fishing business. On the Closing Date, the Company paid $