Company: AVNI
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001713282-25-000654
Chunk: 9

Company: ARVANA INC
Filing Date: 2025-08-15
Form: 10-Q
Item: Item 1
Chunk 9
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 no interest, matures December 31, 2025, unsecured.                                                                   10,000                      10,000       
Note payable to a related party, bearing no interest, matures December 31, 2025, secured by federal commercial fishing licenses.                              26,000                      26,000       
Total Related-Party Notes Payable                                                                                                                          1,110,644                   1,110,644       
Less: Current Portion Related-Party Notes Payable                                                                                                         (1,110,644    )               (760,644      )
Related-Party Notes Payable, Net Current Portion                                                                                                     $—                                 $350,000       
  
[1] This note had an original interest rate of 5% and an original maturity date of February 21, 2025. The note was amended on June 5, 2025 to increase the interest rate to 10% from the original maturity date forward and to extend the maturity date to January 31, 2026.
 
[2] This note had an original interest rate of 0% and an original maturity date of April 29, 2025. The note was amended on June 5, 2025 to increase the interest rate to 5% from the original maturity date forward and to extend the maturity date to January 31, 2026.
 
 17

Note 8 – Related-Party Transactions and Notes Payable – (continued)
 
[3] This note had an original interest rate of 7.25% and an original maturity date of January 1, 2025. The note was amended on April 28, 2025 to extend the maturity date to May 30, 2025, wherein a fixed $50,000 interest payment would be due at maturity and constitute payment in full of all unpaid interest accrued on the note. Additionally, the Company issued 500,000 restricted shares of common stock to the lender to hold as additional collateral for the fulfillment of the note (see Note 9). The Company accounted for this amendment as a debt extinguishment, therefore recorded the issuance of shares, the note principal, and the fixed interest at fair value ($200,000, $700,000, and $50,000, respectively) and recorded a gain on debt extinguishment of $130,708. The value of the shares and the accrued interest were recorded as a debt discount on the modification date and amortized into interest expense through the amended May 30,